The Real Deal - New York Real Estate News

Rezonings will require racial equity report next year

Posted: 17 Jun 2021 03:00 PM PDT

Starting next year, some rezoning applications will need to include a “racial equity report.” The City Council passed a bill Thursday that requires certain applications to include reports detailing affordability of proposed projects and, in some cases, two years’ worth of information on displacement trends and economic security of residents. Data for the latter would be taken from a database that the bill requires city agencies to create. The database will include information on neighborhood

Mayoral hopefuls waver on Local Law 97

Posted: 17 Jun 2021 02:00 PM PDT

During the final mayoral debate on Wednesday, candidates were asked if they support requiring owners to retrofit their properties to cut down on greenhouse gas emissions. The answer, unanimously, was no. “Can we finance it?” Andrew Yang asked in reply. “We need PACE, we need other investments to partner with building owners to make this real,” Shaun Donovan said, referring to the newly implemented financing program intended to make emissions-reducing building upgrades more affordable to

Here’s what tenants pay at the Crescent mixed-use tower in Dallas

Posted: 17 Jun 2021 01:30 PM PDT

The following is a preview of one of the hundreds of data sets that will be available on TRD Pro, the one-stop real estate terminal that provides you with all the data and market information you need. Crescent Real Estate took its name from one of the Texas-based firm’s earliest acquisitions — a mixed-use office complex in Dallas named the Crescent. The company has managed the 1.3 million-square-foot property in Uptown for decades, but ownership

Inwood affordable housing project moves forward after rezoning fight

Posted: 17 Jun 2021 12:40 PM PDT

After a legal battle that lasted nearly three years, Inwood’s first affordable housing project since the revival of the neighborhood’s controversial rezoning is moving ahead. The 14-story development at 4790 Broadway, known as The Eliza, will feature 174 affordable housing units and a 20,000 square-foot public library upon its completion in 2023. Financed by the city as well as a $5 million grant from the Robin Hood Foundation, the project is expected to cost around $100

Sedesco seeks rezoning for new Billionaires’ Row skyscraper

Posted: 17 Jun 2021 12:00 PM PDT

Apparently 400,000 square feet on Billionaires’ Row isn’t quite enough space for one builder’s ambitious vision. Turkish developer Sedesco is seeking a zoning authorization that would increase the floor area for its proposed 63-story mixed-use development at 41-47 West 57th Street, PincusCo reported. A floor area bonus of 52,075 zoning square feet would give the developer more room for mass transit station improvements, the publication reported. Sedesco has also proposed improvements to the F train’s

Brookfield scores $224M refi on Battery Park office tower

Posted: 17 Jun 2021 11:15 AM PDT

Brookfield Property Partners secured a $224 million refinancing on its Battery Park City office tower. Standard Chartered Bank provided the debt on the waterfront property at 300 Vesey Street — also known as 1 North End Avenue. Brookfield acquired the 15-story building in 2013 for $200 million, and incorporated it into the sprawling Brookfield Place campus. The refinancing replaces an existing $180 million mortgage on the building — and adds $44 million of new debt,

Gary Barnett throws $50K behind PAC supporting Kathryn Garcia

Posted: 17 Jun 2021 10:45 AM PDT

Gary Barnett is hedging his bets in the New York City mayoral race. In addition to dropping $250,000 on the pro-Eric Adams PAC Strong Leadership NYC, the Extell Development president quietly contributed $50,000 to a separate PAC backing former sanitation commissioner Kathryn Garcia, public records show. The PAC, New Generation Leadership, has spent $45,000 to date, all on digital advertisements, including two 15-second video spots. In total, the group has reported raising $206,000. Barnett is

“Open House” host Sara Gore joins Ryan Serhant’s brokerage

Posted: 17 Jun 2021 10:15 AM PDT

As longtime host of NBC’s “Open House,” Sara Gore has toured through hundreds of luxury properties. Now she’ll also help clients buy and sell them. The TV personality is joining Ryan Serhant’s brokerage as one of the few agents dealing with high-net-worth clients, she and Serhant told The Real Deal. Gore will handle properties asking $10 million or more, they said. For the nationally syndicated “Open House,” Gore visits compelling homes throughout the U.S., in

William Vale hotel in new dispute with Zelig Weiss, Yoel Goldman

Posted: 17 Jun 2021 09:57 AM PDT

The shiny William Vale Hotel is among the trendiest spots in Williamsburg. It boasts the longest outdoor pool in New York City, a $6,000-a-night room and a cocktail bar with $18 drinks. “The Bachelor” shot a ceremony there. But behind the scenes, the hotel and office complex’s leaseholders have been involved in a bitter legal battle. It centers around Brooklyn developer Yoel Goldman, whose portfolio has been plagued by defaulted loans and claims of fraud.

CMBS loan for Chetrit’s 850 Third Avenue enters special servicing

Posted: 17 Jun 2021 09:30 AM PDT

Chetrit Group’s $177.2 million CMBS loan on the firm’s 21-story office building at 850 Third Avenue is in special servicing after slipping dangerously close to default, the Commercial Observer reported. The Midtown East property is the collateral behind the single-asset CMBS deal, known as NCMS 2018 850T, originated in July 2018, the publication reported. It was started on behalf of a joint venture led by Chinese conglomerate HNA Group. Natixis provided a $242 million loan

Christie’s NJ affiliate claims “big win” in agent-poaching dispute with Compass

Posted: 17 Jun 2021 07:30 AM PDT

An ongoing agent-poaching lawsuit between a Christie’s affiliate and Compass has yet to be resolved — but that hasn’t stopped both sides from claiming victory. Christie’s International Real Estate’s Ridgewood, New Jersey-based affiliate celebrated a preliminary victory against Compass — and four former agents who jumped to the rival brokerage earlier this year — after the defendants signed a consent order certifying that they do not possess confidential Christie’s information. The Christie’s affiliate sued Compass

Ex-WeWork CEO Adam Neumann inks $44M deal for Bal Harbour properties

Posted: 17 Jun 2021 07:01 AM PDT

So long, Bay Area: Adam Neumann is headed to South Florida. The WeWork co-founder and ex-CEO inked an off-market deal for two properties on the Bal Harbour Marina, just north of Miami Beach, for $44 million, the Wall Street Journal reported. The purchase comes roughly two months after Neumann sold his northern California estate for $22.4 million. Local investor Joseph Imbesi is the seller behind the off-market deal, which includes two parcels spanning 50,000 square

Former Turner Construction exec sentenced to 4 years in prison

Posted: 17 Jun 2021 06:32 AM PDT

You do the crime, you do the time — at least, that’s the case for these ex-construction heads. A former Turner Construction executive was sentenced to 46 months in prison for evading taxes on more than $1.5 million in bribes, the DOJ revealed Tuesday. Ronald Olson, who was vice president and deputy operations manager at Turner Construction between 2011 and 2017, was accused of receiving bribes from construction subcontractors in exchange for work on projects

Workforce Housing Group solar deal will also pay for broadband

Posted: 17 Jun 2021 06:00 AM PDT

An affordable housing developer will use solar energy savings to provide free Wi-Fi for tenants in 22 buildings in Brooklyn. New York-based Workforce Housing Group secured a $500,000, low-interest loan from New York Green Bank to install solar panels on 18 of its buildings in Crown Heights, Bedford-Stuyvesant and East New York. The New York State Housing Finance Agency worked with New York Green Bank to finance the $736,000 solar arrays. The utility bill savings

Wall Street scores first C-PACE deal in New York City’s history

Posted: 17 Jun 2021 05:30 AM PDT

Wall Street nabbed the first C-PACE deal in New York City’s history, two years after the program to finance environmental improvements was passed. Wafra Capital Partners and Nightingale Properties scored $89 million in C-PACE financing for its 1.2 million square-foot, 25-story office building at 111 Wall Street, according to a release from City Hall. Austin, Texas-based Petros PACE provided the financing, which was part of a larger $500 million acquisition and construction financing package from

A neglected pier deteriorated for decades. Now it’s NYC’s hottest attraction.

Posted: 17 Jun 2021 05:00 AM PDT

The grand reopening: As restrictions lift, CRE markets race toward recovery

Posted: 17 Jun 2021 04:30 AM PDT

It wasn’t the pan-roasted halibut that drew a small crowd to Blu Mar on a recent Thursday afternoon. One after another, guests on the splashy Southampton seafood spot’s outdoor patio removed the face coverings they had been wearing for the better part of a year and tossed them into a fire pit, which was then doused with fuel and set ablaze to the tune of “Disco Inferno” by the Trammps. The gathering — convened just

Housing rush: In-person school adds fire to rapidly heating market

Posted: 17 Jun 2021 04:00 AM PDT

Stephanie Hatzakos knew in May she’d need a place in the city come September. A single-mom-by-choice to twin boys, Hatzakos had bounced around throughout the pandemic. Wintering in Florida when Covid hit, she sublet in Cobble Hill last summer, then moved to Greece for the fall, before landing in the Hudson Valley last month to check up on the bed and breakfast she runs. Her New York layover had a second objective — to find