The Real Deal - New York Real Estate News

County, cities rush to inspect older buildings in wake of Surfside collapse

Posted: 28 Jun 2021 04:26 PM PDT

Miami-Dade County, Miami and Miami Beach are reviewing older buildings in the wake of the Surfside condo collapse that left residents concerned for their safety. Champlain Towers South, a 12-story, 136-unit oceanfront condo, partially collapsed last week, killing at least 11 people and trapping more than 150. The building was in the midst of its 40-year recertification, a required process in Miami-Dade and Broward counties that brings aging buildings up to code. The collapse has

Side nabs $50M in latest funding round

Posted: 28 Jun 2021 02:56 PM PDT

Side, the white-label brokerage with VC backing, has secured $50 million in its latest funding round, raising its valuation to $2.5 billion. Hedge fund Tiger Global Management led the round, Side announced Monday. Family office ICONIQ Capital, known for managing Mark Zuckerberg, Sheryl Sandberg and Jack Dorsey’s money, also participated; along with D1 Capital Partners. The investment comes a few months after the Guy Gal-led firm closed $150 million in Series D funding at a

All Year settles with partner in Prospect Heights deed dispute

Posted: 28 Jun 2021 02:05 PM PDT

Embattled development firm All Year Holdings has one less lawsuit to worry about, at least. Yoel Goldman’s company, which in March accused partner Zoltan Berkowitz of executing “illegitimate” deed transfers on 14 Prospect Heights apartment properties, has entered into a series of agreements to resolve the dispute. The Sunday filing was record on the Tel Aviv Stock Exchange. The settlement entails the sale of the portfolio to a third party, and a sale agreement has

Two penthouses set records for Tribeca, FiDi last week

Posted: 28 Jun 2021 02:02 PM PDT

Manhattan’s luxury market broke at least one record last week, possibly two, though only the final closing price will determine for sure. One contract set the record for the highest asking price in Tribeca, according to the Olshan Report, which tracks weekly the number of contracts signed for Manhattan homes asking $4 million or more. A second contract is among the highest asking prices ever signed in the Financial District and could become the biggest

Emails, condo meeting minutes show Surfside official turned a blind eye to structural issues

Posted: 28 Jun 2021 01:15 PM PDT

UPDATED, June 28, 6:47 p.m.: Residents of the collapsed Surfside condominium were told in 2018 that their building was in good condition. The town’s main building official at that time offered them the assurance even though he had received a report raising red flags about the tower’s integrity. Months later, in 2019, a Champlain Towers South board member expressed concern to that official about the potential effects on the structural integrity of the building, as

For mortgage sector stocks, Fannie and Freddie ruling was positive

Posted: 28 Jun 2021 10:53 AM PDT

The stock prices of Fannie Mae and Freddie Mac plunged following a recent Supreme Court ruling, but some big players in the mortgage sector could end up benefiting from the decision, the Wall Street Journal reported. In its ruling last week, the Supreme Court declined to dismantle the Federal Housing Finance Agency, which was created in the wake of the Great Recession to oversee Fannie Mae and Freddie Mac. The ruling also made it easier

UBS Group going hybrid as workers return

Posted: 28 Jun 2021 09:32 AM PDT

Not every bank is giving love to office landlords: UBS Group AG plans to deploy a hybrid work model. The Swiss multinational investment bank said about two-thirds of its employees will have flexibility to work at home for part of the week after they return to their workplace, according to an internal memo reviewed by Bloomberg News. The date for a return hasn’t been set. “Hybrid work options will be introduced on a country-by-country basis,

ReAlpha plans to spend $1.5B to buy short-term rental homes

Posted: 28 Jun 2021 08:35 AM PDT

Invigorated by Airbnb’s success, more investors are entering the short-term rental market. Ohio-based asset management company ReAlpha plans to spend as much as $1.5 billion to buy short-term rentals, Bloomberg News reported. The amount is enough to purchase about 5,000 homes, Giri Devanur, the company’s CEO, told the outlet. Over the past decade, a herd of entrepreneurs joined the short-term vacation rental sector. As the industry matures, large-scale investors are joining the pool, hoping to

Saudi retail magnate lists 432 Park pad for $170M

Posted: 28 Jun 2021 07:45 AM PDT

Saudi retail magnate Fawaz Alhokair is shopping his lofty penthouse at 432 Park Avenue with a sky-high price tag. The founder and chairman of Saudi-based hospitality and entertainment conglomerate Fawaz Alhokair Group has listed his penthouse at the tower for $170 million, according to the Wall Street Journal. Celebrity broker Ryan Serhant is handling the listing. Alhokair paid $87.7 million for the six-bedroom pad, which is the highest unit in the supertall tower, in 2016.

Mondrian Park Ave hotel looks to negotiate a lifeline

Posted: 28 Jun 2021 07:20 AM PDT

As the city’s hospitality industry looks to recover from the pandemic, the owner of NoMad’s Mondrian hotel is trying to negotiate a path forward with its new lender. Moin Development is in talks with Eyal Ofer’s Global Holdings Group to work out a solution to its debt at the boutique hotel. “We’re in discussions with them at this time, trying to work something out with the Global people,” Moin president David Moin told The Real

Hamptons retailers struggle to fill job openings as housing cost soars

Posted: 28 Jun 2021 06:40 AM PDT

The shortage of affordable housing is costing business owners in the Hamptons. Retailers can’t fill job openings because they can’t pay workers enough to live in the community, according to the New York Times. What has been a perennial issue is now a major problem, as demand for housing continues to surge. Eric Lemonides, co-owner of French bistro Almond in Bridgehampton, said three seasonal workers are staying at his two-bedroom house but he still doesn’t

Upper East Side penthouse sells for $30M

Posted: 28 Jun 2021 05:45 AM PDT

A mystery buyer purchased a $30 million penthouse at 20 East End Avenue this month, property records show. The seller had asked $35 million for the 6,050-square-foot unit in December. Still, the sale price works out to an impressive $5,785 per square foot. Six years ago, shortly before the building was constructed, the penthouse prices were pegged at $20 million. The limestone condo building, about a 30-second walk from the East River, was designed by

Sprawling Southampton estate in need of TLC still lists for $75M

Posted: 28 Jun 2021 05:00 AM PDT

Could a 22,000-square-foot Tudor-style “fixer-upper” be the East End’s priciest deal of the year? It could if the Carter family’s Southampton estate on Meadow Lane sells near its $75 million, according to the Wall Street Journal. The 8-acre property includes the mansion dating to the late 1920s. Listing agent Tim Davis with Corcoran Group said the 15-bedroom home is in “fair to good condition” and expects any buyer to take up an extensive renovation. So

Trouble in EB-5 land: Congress at impasse on extension

Posted: 28 Jun 2021 04:00 AM PDT

Last week was a roller coaster for the cash-for-visas EB-5 program. Its backers celebrated Tuesday when a federal judge struck down a Trump administration rule that experts say nearly killed the program. The judge’s ruling reduced the minimum investment amount to $500,000 from $900,000, although it also reduced the number of areas that qualified for the program. But that news was tempered by word out of Capitol Hill on Thursday afternoon. Lawmakers could not agree