The Real Deal - New York Real Estate News

Witnick, Namdar, Gorjian buy 30 East 14th Street for $23.5M

Posted: 24 Jun 2021 03:50 PM PDT

The Dushey Family, who own the discount chain store Shoppers World, and the Dadon Family have sold a 20-unit apartment building in the West Village for $23.5 million. The buyer is Witnick Real Estate Partners, Namdar Realty Group and Gorjian Real Estate Group, who took 60 percent, 30 percent and 10 percent ownership stakes in the building, respectively. They did not respond to requests for comment. Long Island–based Namdar is best known for owning malls,

REBNY taps CoreLogic’s Trestle to manage RLS feed transmissions

Posted: 24 Jun 2021 03:36 PM PDT

The Real Estate Board of New York selected CoreLogic’s Trestle as its data syndication management tool to send its syndicated feed of home listing feed data to approved vendors and Residential Listing Service members, it announced Thursday. All RLS vendors and members with a direct feed from the RLS will be required to migrate to the new syndication tool starting July 6. REBNY declined to provide details about how the selection process worked or why

Proptech startup Lessen raises $35M in Series A funding

Posted: 24 Jun 2021 03:04 PM PDT

Lessen, a rental property management platform, raised $35 million in Series A funding. The two-year-old company connects single-family and multifamily owners to plumbers, electricians and related service and maintenance businesses. Venture capital firm Fifth Wall led the round as it continues to place big bets on the proptech industry. Other investors in the round included Khosla Ventures, General Catalyst and Navitas Capital. Lessen CEO Jay McKee previously founded single-family rental company Colony American Homes, which

The Florida condo collapse: What we know

Posted: 24 Jun 2021 02:30 PM PDT

When the ocean-facing portion of the 12-story Champlain Tower South condo building in Surfside partially collapsed around 2 a.m. Thursday, it injured dozens and likely killed many more. One has been confirmed dead. Ninety-nine people remained missing 15 hours after the collapse with 102 people accounted for, said Miami-Dade Mayor Daniella Levine Cava. More than 70 of 135 units were destroyed or damaged. As the investigation continues, experts speculate that the complex, built in 1981

Biden extends CDC eviction moratorium one more time

Posted: 24 Jun 2021 12:26 PM PDT

The Biden administration Thursday extended the federal ban on evictions for a fourth and likely final time, pushing a moratorium set to sunset at the end of the month until July 31. Landlord groups like the National Multifamily Housing Council criticized the extension, calling the move “out of step with the significant progress made in controlling Covid-19 and restoring the economy.” The National Apartment Association said “flawed eviction moratoriums” have left renters with insurmountable debt

Parkway Hospital buyers land bridge loan from Madison Realty Capital

Posted: 24 Jun 2021 12:05 PM PDT

A joint venture has secured $29.4 million in bridge financing for its purchase of the former Parkway Hospital in Forest Hills, which will be redeveloped into a residential complex. Madison Realty Capital provided the floating-rate loan to SYU Properties, Top Rock Holdings and RJ Capital, which closed last month on the long-shuttered property at 70-35 113th Street. The purchase price was $31.7 million for the 360,000-square-foot lot. The architect on the project is SLCE. The

Architect Richard Meier retires amid restructuring at his firm

Posted: 24 Jun 2021 11:15 AM PDT

Following a series of high-profile departures from his firm and allegations of misconduct, architect Richard Meier has retired. George Miller, the former managing partner of Pei Cobb Freed & Partners, will join the firm as chief operating officer and partner, and Dukho Yeon, a 30-year veteran of Richard Meier & Partners, was also named partner and is taking over as lead designer. Meanwhile, the firm is rebranding as Meier Partners and spinning off its Los

Compass stock down nearly 30% since IPO

Posted: 24 Jun 2021 10:39 AM PDT

Less than three months after going public amid a wave of investor optimism about housing markets and enthusiasm for real estate technology, Compass shares have dropped almost 30 percent. Compass, the second-biggest residential brokerage in the U.S., closed at $14.35 a share in New York trading Thursday, up 34 cents for the day, but down 29% from its $20.15 at its April 1 initial public offering. The company’s rapid growth has come at too high

Joe Jonas and Sophie Turner put LA mansion on market

Posted: 24 Jun 2021 10:15 AM PDT

Nearly two years ago, the Jonas brothers and their wives bought a pair of mansions in Encino, spending a combined $35 million on the properties. Now, it seems, the band of neighbors is breaking up. Joe Jonas and Sophie Turner listed their 15,000-square-foot mansion on Valley Meadow Road for $16.8 million, according to the Wall Street Journal. They paid $14.1 million for the home in late 2019. Around that time, Nick Jonas and his wife

Sylvia Deutsch, NYC’s first female land-use czar, dies at 96

Posted: 24 Jun 2021 09:40 AM PDT

Sylvia Deutsch, the first woman to lead the New York City Planning Commission as well as the Board of Standards and Appeals, died Monday in Monroe Township, NJ. She was 96. During her tenure as head of the planning commission in the late 1980s, Deutsch encouraged the development of squatter residential buildings over the narrow towers favored by luxury builders as a way to promote affordable housing. She introduced lower-density residential areas to many neighborhoods,

Rare vintage: Long Island’s oldest winery hits the market

Posted: 24 Jun 2021 08:46 AM PDT

After abandoning a partial sale in March, this long-running North Fork vineyard is hoping to attract a wine aficionado with deep pockets. The 84-acre Castello di Borghese Vineyard in Cutchogue, the first winery on Long Island, is for sale for $6.5 million, Newsday reported. Owner Giovanni Borghese had placed a 60-acre portion of the vineyard on the market for $3.7 million in January, but pulled the listing two months later, reasoning that it was best

Universe Holdings buys NJ townhomes for $60M in national expansion

Posted: 24 Jun 2021 07:17 AM PDT

A California multifamily investor is making its way to the East Coast. Los Angeles-based Universe Holdings acquired Mariners Cove, a 226-unit townhome community in Toms River, New Jersey, for $60 million, Real Estate Weekly reported. The deal coincides with the opening of Universe Holdings’ New York office under the leadership of Aaron Manoucheri, son of CEO Henry Manoucheri. It’s the first step in a national expansion for the firm, which says it owns and manages

Biden ousts Fannie, Freddie overseer, leaving them in government’s hands

Posted: 24 Jun 2021 06:30 AM PDT

Investors who bet that Fannie Mae and Freddie Mac would soon be privatized have another thing coming. The Biden administration ousted the head of the Federal Housing Finance Agency after the Supreme Court ruled that its current structure is unconstitutional, the Wall Street Journal reported. The move will allow Biden to replace Trump-appointee Mark Calabria with his own pick to oversee Fannie Mae and Freddie Mac, which the agency regulates. Deputy director and longtime FHFA

Fifth Wall, Robert Downey invest in climate tech financing firm

Posted: 24 Jun 2021 06:00 AM PDT

Venture capital firm Fifth Wall and actor Robert Downey Jr. are investing in a firm that offers financing incentives for homeowners who want to reduce their energy consumption. The company, Sealed, scored $16 million in Series B funding, led by Fifth Wall. Investors include Downey’s newly-created FootPrint Coalition Ventures, Cyrus Capital and CityRock Ventures. New York-based Sealed seeks to reduce homeowner energy use by paying upfront costs of upgrades for insulation, heating and cooling. Homeowners

Surfside condo building collapse leaves at least one dead, more fatalities expected

Posted: 24 Jun 2021 05:53 AM PDT

UPDATED, June 24, 5:15 p.m.: A condominium tower just north of Miami Beach collapsed overnight, leaving multiple residents seriously injured and at least one dead, with more fatalities expected. Nearly 100 people are still unaccounted for and 102 have been accounted for, according to authorities. The northeast portion of the Champlain Towers South Condo at 8777 Collins Avenue in Surfside collapsed shortly before 2 a.m. Thursday. The 12-story tower was built in 1981 with 135

Nightingale, Wafra pay $220M for land under 111 Wall

Posted: 24 Jun 2021 05:30 AM PDT

In the poker game of real estate development, two investors are going all-in on 111 Wall Street. After acquiring the leasehold interest in the 24-story office building for $175 million last year, Nightingale Properties and Wafra Capital Partners have now added the building’s fee interest to their holdings as well — a $220 million purchase, according to property records. The deal for the land under the building, sold by Omnispective Management, follows an announcement made

Target is coming to Long Island City

Posted: 24 Jun 2021 05:00 AM PDT

Long Island City is getting its first Target store. The private equity fund Savanna will lease 31,000 square feet of space at the bottom of its 53-story One Court Square office tower to the retail chain. The new store will occupy both the ground and second floors. It will be the seventh Target location in Queens. The tower is the first office-and-retail building in Long Island City after a decade of residential development and industrial-to-office

Beaches, ponds, views: What water access costs in the Hamptons

Posted: 24 Jun 2021 04:30 AM PDT

From the canal to the ocean, from the bay to the pond, Hamptonites really love water. “Oceanfront, bayfront, pond-front and even water-view properties continue to be the holy grail of Hamptons offerings for East End buyers,” said Corcoran Group’s Gary DePersia. This desire remains true despite the inherent difficulties associated with building or owning properties near the water, which include but are not limited to the whims of the Federal Emergency Management Agency’s flood zone

As confidence grows, more office tenants shun short-term renewals

Posted: 24 Jun 2021 04:00 AM PDT

In the depth of the pandemic last year, a majority of New York City office tenants facing lease expirations didn’t want to commit to a long-term deal. Instead, they opted for shorter extensions. The number of short-term renewals — defined as a deal shorter than five years — was up 46 percent in 2020 compared to the year before, according to a CBRE market report. But in recent months, as more New Yorkers got vaccinated,