The Real Deal - New York Real Estate News

BREAKING: North Miami Beach condo tower ordered evacuated months after engineer deems structure unsafe

Posted: 02 Jul 2021 06:31 PM PDT

More than 300 residents of a North Miami Beach condominium were evacuated late Friday, months after an inspection report determined the building was structurally unsafe. The move came hours after Miami-Dade County Mayor Daniella Levine Cava said she signed an order for the portion of the Champlain Towers South that did not collapse to be demolished. No timeframe was given. Levine Cava assured families of the missing during a press conference that the demolition will

Judge OKs insurance disbursements to victims of fatal Surfside condo collapse

Posted: 02 Jul 2021 01:17 PM PDT

The collapsed Surfside condominium’s association is handing over financial decisions to a receiver who can disburse up to $10,000 in insurance funds for new housing to each surviving family. Another $2,000 could be given to relatives of the deceased for funeral expenses and related costs, a judge ruled. The tower has a total of at least $48 million in insurance coverage, an attorney for the insurers said, although more could be available. The coverage “would

5 pool party–ready homes in the Hamptons

Posted: 02 Jul 2021 01:00 PM PDT

Anyone can schlep out to the beach on the LIRR –– or, for those brave enough to drive, the Long Island Expressway. Or, you could avoid the screaming toddlers and commoners of the beach and simply admire the water from your own private pool in the Hamptons. From family get-togethers to decadent afterparties, our editorial team has sized up the best homes for every type of pool party. Check out our picks below for your

Madonna gets into the groove at her 58-acre Bridgehampton estate

Posted: 02 Jul 2021 12:45 PM PDT

Madonna looks to be gearing up to lay down tracks at her sprawling Bridgehampton estate. The Queen of Pop hired designer-builder Jeffrey Collé to add a recording studio to the 58-acre property, according to the New York Post. The estate has a two-story, eight-bedroom mansion by Farrell Building Company. It was completed in 2015. The property also includes a horse farm. The 58-year-old star also bought a Los Angeles mansion from musician The Weeknd in

Big push by preservationists saves Wainscott’s “Little House”

Posted: 02 Jul 2021 12:15 PM PDT

Wainscott’s “Little House” has been carefully dismantled after a successful push from preservationists to save the 100-year-old shack. The 400-square-foot structure sat on a piece of land once used as farmland by the Strong family, according to the Southampton Press, which first reported the news. The family housed migrant farm workers there, but the house has been unoccupied for several decades. The parcel — technically in the Town of East Hampton — was recently sold

Chetrit lands $265M in financing for former Queens hospital site

Posted: 02 Jul 2021 11:37 AM PDT

Joe Chetrit’s real estate firm had no trouble finding financing for the massive apartment project it plans for the former site of the Mary Immaculate Hospital in Jamaica, Queens. Chetrit Group scored a $225 million CMBS loan from Starwood Capital and BMO to refinance its 481-unit multifamily complex known as Parkhill City, according to a source familiar with the deal. The package will replace a $200 million refinancing loan provided by Square Mile Capital in

Housing market gets more new listings than expected

Posted: 02 Jul 2021 10:25 AM PDT

The super-tight housing market got an influx of new listings in June — an unexpected turn of events as U.S. homes have been in short supply since even before the pandemic. The number of new listings in June rose 5.5 percent compared to a year ago, and 10.9 percent from May, CNBC reported, citing data from Realtor.com. More listings alone won’t end the housing shortage; strong demand has also powered housing prices to record highs

DOJ pulls out of NAR antitrust settlement to pursue further investigation

Posted: 02 Jul 2021 09:52 AM PDT

The Justice Department has abandoned its settlement with the National Association of Realtors, signaling that it intends to conduct a “broader investigation” into the trade group’s practices. In an abrupt reversal Thursday, the DOJ withdrew its consent to a proposed settlement of an antitrust action brought against the NAR last year and instead filed to voluntarily dismiss its civil complaint without prejudice. The complaint was filed last November, alongside a proposed settlement that would require

As inventory shrinks, suburban NYC home market calms down a bit

Posted: 02 Jul 2021 08:11 AM PDT

The buying frenzy in New York City suburbs is finally slowing down. A June housing market report shows year-over-year growth slowing in the number of single-family home contracts signed in Greenwich, Westchester and Long Island, Bloomberg News reported. For example, the annual increase on Long Island last month was 14 percent versus 162 percent in May, according to the Elliman Report by Jonathan Miller of appraisal firm Miller Samuel. He theorized that the decline has

Single-family data startup Entera raises $32M

Posted: 02 Jul 2021 07:05 AM PDT

A data startup that helps investors buy single-family homes got $32 million in backing led by Goldman Sachs. Entera, founded by CEO Martin Kay, develops software that lets investors analyze property records to find homes that match their purchase criteria. Its clients include single-family-rental giant Invitation Homes. Entera’s software has helped buyers acquire about $1 billion worth of properties since it launched in 2018, Bloomberg News reported. “We’ve had insatiable demand from our customers, who

Restaurant aid runs dry, leaving most applicants with nothing

Posted: 02 Jul 2021 06:39 AM PDT

The federal pandemic relief fund for struggling restaurants fell short, helping less than a third of eateries that sought assistance. The $28.6 billion Restaurant Revitalization Fund, which was established as part of the federal $1.9 trillion coronavirus relief package, closed on Wednesday because it ran out of money, the New York Times reported. More than 370,000 restaurant owners filed the applications, seeking $75 billion in assistance. But only 105,000 were approved for grants, averaging about

Campaign against co-op discrimination notches win in Westchester

Posted: 02 Jul 2021 05:00 AM PDT

Victories in advocates’ quest to curb co-op discrimination have been sporadic, as trade groups argued that disclosing why propsective buyers are rejected would prompt many to sue. But in the absence of evidence for that claim, another county in New York has added some transparency to the opaque process of buying into a co-operative building. Westchester County amended its co-op disclosure law this week to require co-op boards to provide a written reason for denying

Buyers return to Manhattan co-ops and condos with a vengeance

Posted: 02 Jul 2021 04:00 AM PDT

After the pandemic sent droves of Manhattanites into the suburbs, the borough’s housing market appears to be on the mend. The median sales price for Manhattan co-ops and condos reached $1.1 million in the second quarter, its highest level in two years, according to a new report by Miller Samuel on behalf of Douglas Elliman. As prices soared, inventory couldn’t keep up with demand: 3,400 sales closed between April and June, a nearly 40 percent

Recovery budget throws homeowners a bone, skimps on tenant legal services

Posted: 01 Jul 2021 03:55 PM PDT

After major cuts last year, New York City’s budget for fiscal 2022 — dubbed the “recovery budget” by the mayor’s office— passed Wednesday, hiking spending to a record $98.7 billion in an effort to fast track the city’s economic comeback, including $14 billion in Covid aid from the federal government. Real estate went unmentioned in the budget’s “core goals.” But within the $17 million allocated to the Department of Housing Preservation and Development, the city

Trump Org, CFO systematically cheated on taxes, prosecutors say

Posted: 01 Jul 2021 03:47 PM PDT

Prosecutors on Thursday charged the Trump Organization and its chief financial officer with systematically and illegally evading taxes for years, largely by failing to report compensation. The former president’s development firm and CFO Allen Weisselberg used a variety of schemes to cheat the government, according to an indictment that Manhattan District Attorney Cyrus Vance unveiled. One, the company’s alleged payment of tuition for Weisselberg’s grandchildren, has already been reported; that amount was specified Thursday as

Surfside officials focused on turtle disruption, overgrown hedges in years leading to deadly collapse

Posted: 01 Jul 2021 03:40 PM PDT

Surfside officials investigated overgrown hedges, lighting that disturbed turtles at the beach and possible short-term rental violations in the years leading to the condominium’s collapse — but not the building’s structural integrity, records released by the town show. The letter citing overgrown hedges at Champlain Towers South was sent in May, a month before the 12-story condominium at 8777 Collins Avenue pancaked last Thursday. The death toll now stands at 18, with 145 unaccounted for.

Chetrit’s lender alleges it stole $2M insurance payout for South Beach hotel damage

Posted: 01 Jul 2021 01:30 PM PDT

UPDATED, July 2, 11 a.m.: Chetrit Group’s new lender alleges that the New York real estate firm stole $2 million in insurance money tied to damages at the long-shuttered Tides South Beach hotel, court filings show. The latest allegations are part of a $45 million foreclosure lawsuit filed earlier this year by Safe Harbor Equity affiliate SHEDDF3 VNB LLC against CG Tides and other companies linked to the Chetrit Group over the loan backing the

iStar buys into ground under 32 Old Slip for $91M

Posted: 01 Jul 2021 10:59 AM PDT

iStar has bought a stake in the ground underneath RXR Realty’s 32 Old Slip office building in the Financial District for $90.5 million. The publicly traded investment firm bought the interest from the family trust of developer Leon Melohn, property records filed with the city Wednesday show. A spokesperson for iStar declined to comment and a representative for Melohn Properties could not be immediately reached. Melohn purchased the fee interest for $197.5 million in 2015

Manhattan office rents under pressure with 17% availability

Posted: 01 Jul 2021 09:52 AM PDT

Manhattan’s office availability rate was 17 percent at the end of June, just 0.1 percentage point less than the record-high May figure, 17.1 percent. With many office workers still working from home, demand for available space is falling short of supply, said Franklin Wallach, Colliers’ senior managing director for New York research. Only 21.4% of Manhattan office workers were going into their offices as of June 23, according to Kastle Systems, which tracks employees’ card

Lumber prices are splintering

Posted: 01 Jul 2021 09:15 AM PDT

Someone yell timber. June was the worst month on record for the lumber futures as prices for the homebuilding commodity are falling fast after an unprecedented run-up. The lumber bubble has finally popped because demand eased and supply grew, CNBC reported. Lumber futures tanked by more than 40 percent in June, the biggest monthly drop in data kept since 1978, according to the publication. This comes after prices hit an all-time high closing price of

Trump CFO surrenders to authorities in Manhattan DA probe

Posted: 01 Jul 2021 08:16 AM PDT

Cameras flashed as the Trump Organization’s chief financial officer surrendered to authorities at the Manhattan district attorney’s office Thursday. Allen Weisselberg, 73, ducked into a freight entrance a day after a Manhattan grand jury indicted him and the organization in a yearslong criminal probe, Bloomberg News reported. Weisselberg’s charges will be released later today and are expected to involve unpaid taxes on benefits, a source told the publication. The case could pressure Weisselberg to cooperate

After $71M building purchase, Naftali tells tenants to scram

Posted: 01 Jul 2021 06:20 AM PDT

The new owner of 215 West 84th Street wants tenants out when their leases expire. Naftali Group purchased the building last week for $71 million. The property has 128 units and spans 100,000 square feet. The firm warned residents they would face eviction if they don’t vacate once their leases are up, one tenant told the Commercial Observer. The tenant, Candice Solomon, said that when she tried to introduce herself to new management, a property

Number of new agents soars past pre-pandemic levels

Posted: 01 Jul 2021 05:42 AM PDT

UPDATED July 1, 2021, 3 p.m.: More real estate agents entered the New York City market in May than in any month since the pandemic began, according to Corofy, a data firm that tracks agent movement. The 912 new residential and commercial agents represented a 7 percent increase from April, when numbers neared pre-pandemic levels for the first time. The monthly average two years ago was 886 agents. The number of new faces has been

A Tribeca co-op’s odd struggle with the man who created it

Posted: 01 Jul 2021 05:00 AM PDT

Oh man, Omansky. Shareholders of a landmarked co-op building in Tribeca where controversial attorney Lawrence Omansky resides says he took on millions of dollars in debt using the building’s ground-floor commercial unit as collateral. Omanksy’s dealings have so tarnished the credit of the building, 160 Chambers Street, that it cannot obtain a loan to repair the roof, which has long leaked into Omanksy’s top-floor apartment, the co-op claims in a lawsuit. “These mortgages and financing

Proptech firm Lemonade says condo board left sour taste in mouth

Posted: 01 Jul 2021 04:30 AM PDT

The saying “when life gives you lemons, make lemonade” may not be applicable for a Chelsea condo board being sued by a high-flying insurance provider. The tech-oriented insurer Lemonade and its policy holder Par-Jorgen Parson, a general partner at venture capital fund Northzone who owns a condo in the building, are suing Chelsea Flats Condominium at 126 West 22nd Street. They allege that the condo board mismanaged a water tower that led to $400,000 in

Lawsuit accuses Westchester landlords, brokers of Section 8 discrimination

Posted: 01 Jul 2021 04:00 AM PDT

After accusing 88 landlords and brokerages of discriminating against Section 8 voucher holders in New York City, an advocacy group is taking its fight to Westchester. Housing Rights Initiative and law firm Newman Ferrara sued 36 landlords and brokers in Westchester County for allegedly discriminating against tenants attempting to rent with a Section 8 voucher. The Wednesday filing, first reported by Vox, lists Keller Williams Realty and a franchise of Century 21 among the defendants.