The Real Deal - New York Real Estate News

SVN partners with Walton Global on build-to-rent venture

Posted: 08 Jul 2021 03:57 PM PDT

SVN | SFR Capital Management and Walton Global Holdings USA are charging head first into the single family rental space. The firms on Thursday announced a joint venture to construct and operate communities of single-family rentals nationwide. The partnership said it will work with a homebuilder to build a large-scale portfolio of such communities and will complete its first ones in Colorado and Texas next year. Investment is flooding into the single family rental space,

@properties acquires lead generator Suburban Jungle

Posted: 08 Jul 2021 03:21 PM PDT

Expansion plans for @properties got a boost from its acquisition of Suburban Jungle, the New York-based residential concierge that matches buyers with agents. Suburban Jungle, which helps home buyers identify suburbs or neighborhoods where they want to live and then teams them with vetted real estate agents, will continue to operate independently of Chicago-based @properties, the two companies said. No terms of the deal were announced. By joining forces, @properties gets a profitable lead generator

Surfside collapse a “come to Jesus moment” for South Florida’s condo market

Posted: 08 Jul 2021 02:30 PM PDT

The condo collapse in Surfside has put older buildings under the microscope: pausing deals, propelling associations to move forward with repairs, and generally creating trepidation for buyers and sellers. The partial collapse of Champlain Towers South, a 12-story, 136-unit condo on the southern border of Surfside near Miami Beach, is expected to lead to lower pricing in older buildings, experts say. Buyers, lenders and insurers will likely demand more information on inspections, repairs and recertifications

Brookfield pays $31M for Brooklyn senior living facility

Posted: 08 Jul 2021 02:00 PM PDT

Brookfield Asset Management has acquired a senior living facility in Brooklyn, part of its strategy to invest more heavily in a sector that was ravaged early on by the pandemic. The firm paid $31 million for Sunrise at Mill Basin, at 5905 Strickland Avenue, according to public records. The seller was Healthpeak Properties, a real estate investment trust based in Irvine California. The 142-bed Sunrise at Mill Basin is part of a growing trend of

These were the largest Manhattan real estate loans in June

Posted: 08 Jul 2021 01:10 PM PDT

The 10 largest Manhattan real estate loans recorded in June totaled $4.5 billion — the largest sum since June 2019 and almost as much as the previous three months combined. Most of that total came from a single massive deal — SL Green’s $3 billion refinancing of One Vanderbilt, which was the largest single-property commercial mortgage backed security loan ever. CMBS refinancings for office buildings have now topped Manhattan’s loan rankings for eight of the

Judge chucks lawsuit seeking to halt Soho rezoning

Posted: 08 Jul 2021 12:14 PM PDT

One hurdle is out of the way for the planned rezoning of Soho and Noho. Judge Arthur Engoron on Wednesday tossed a lawsuit that sought to halt the rezoning, finding that the de Blasio administration had provided adequate notice that it was launching the land use review process. The lawsuit had accused the city of failing to give legally required information about its intent to certify the rezoning application — the first step of the

Tenant skipped rent for a year amid “parade” of illegal Airbnb guests: lawsuit

Posted: 08 Jul 2021 12:00 PM PDT

The Brodsky Organization is suing a tenant in its Columbus Circle luxury apartment building, claiming months of missed rent payments — despite illegally renting the unit on Airbnb. In a lawsuit filed last week, Brodsky alleges that tenant Aleksandra Melnik has been renting out a One Columbus Place apartment to strangers for more than six months, violating both the lease and a multiple dwelling law that bans short-term rentals in units designated for permanent residence.

CPW penthouse sells at $5M discount after snafu trips up owners

Posted: 08 Jul 2021 11:30 AM PDT

It already had a recital hall, golf simulator and panoramic views of Central Park. And now, after years of legal battles, the penthouse triplex of 115 Central Park West finally has a buyer. Jane and Norman Alpert, a co-president of Vestar Capital Partners, have purchased the apartment for $13.2 million, according to public records. The unit tops the Majestic, a two-towered, 29-story co-op bordering the park. The Art Deco high-rise stands opposite West 72nd Street

Brooklyn and Queens see record sale prices, bustling sale activity

Posted: 08 Jul 2021 11:00 AM PDT

Homes in Brooklyn and Queens sold at record-breaking prices in the second quarter. The median price for a home in Brooklyn was $910,000, the third all-time high in as many quarters, according to a report by Douglas Elliman compiled by appraiser Miller Samuel. In Queens it was $680,000 — the highest on record for that borough, too. Meanwhile, the number of sales in Brooklyn clocked in at 3,427, the most for a second quarter since

Diamond magnate Beny Steinmetz backed HFZ’s Belnord: documents

Posted: 08 Jul 2021 10:30 AM PDT

For years, New York condo developer HFZ Capital Group denied any ties to one of the world’s most successful and notorious investors: diamond magnate Beny Steinmetz Steinmetz, sources told The Real Deal in 2016, was a major backer of HFZ’s projects, including the XI, its twisting High Line condo project in West Chelsea. That year, HFZ had denied any investment ties or business relationship to Steinmetz. The Israeli businessman had faced allegations of bribing the

Boomers’ grip on housing market leaves younger buyers out in the cold

Posted: 08 Jul 2021 09:30 AM PDT

Baby boomers are holding on to their homes ‘til death do them part. Members of the cohort born between 1946 and 1964 have now held more real estate wealth than any other generation for 20 consecutive years, the New York Times reported — with no end to the streak in sight. Years ago, that title belonged to the Silent Generation, who generally sold later in life and moved in with extended families or to assisted

KKR shatters CRE lending record as construction, borrower demand pick up

Posted: 08 Jul 2021 07:20 AM PDT

The year’s only half over, but KKR & Co. has already broken a personal record. The private equity giant has committed to $8 billion in commercial property loans so far this year, Bloomberg reported, more than doubling its previous full-year record of $3.1 billion, set in 2019. Such gains come at a time when construction is picking back up and so is demand for new loans as low interest rates facilitate refinancing. Total debt on

Equinox owes $3.3M in skipped rent on Soho gym, landlord says

Posted: 08 Jul 2021 06:15 AM PDT

Equinox is on the run from landlords all over Manhattan. The upscale fitness chain is being sued for skipping out on more than $3.3 million in rent and other charges at its Soho location, Crain’s New York reported Wednesday. Rent for the luxury gym at 568 Broadway runs at $172,000 per month, not including taxes and utilities, the publication reported, citing a lawsuit filed Tuesday. But a group of investors led by Allied Partners say

Why rent will rise by 2.8% this year

Posted: 08 Jul 2021 05:30 AM PDT

The white-hot housing market is now heating up the rental market too. Nationally, the average effective rent is expected to increase 2.8 percent this year to $1,451, according to a Marcus & Millichap report. Experts say as high home prices have made ownership inaccessible for many Americans, more have resorted to renting. In turn, the increased demand has led to higher rents. “The driving factor is we’ve got historically high home costs,” said Erin Sykes,

New condo sales slow down in June, but still outpace prior years

Posted: 08 Jul 2021 05:00 AM PDT

The once-dizzying pace of new development condo sales in New York City is coming back to reality. After setting records in April and May, the number of deals signed dropped slightly in June, according to Marketproof, a real estate analytics company that tracks sponsor sales across all price points in the city. There were 386 contracts signed last month, or about 97 per week, down from the 477 contracts recorded in May and 474 in

Competition for NYC rentals intensifies as listings dwindle

Posted: 08 Jul 2021 04:00 AM PDT

Lease signings for New York City apartments hit record highs in June, leaving far fewer available than is customary at this time of year. With vaccinations underway, leasing activity has continued to rise and inventory can’t keep up, according to the latest report by Douglas Elliman, compiled by appraiser Miller Samuel. For the third month in a row, Manhattan broke records with 9,642 new leases signed in June — the most since Miller Samuel began