The Real Deal - New York Real Estate News

CoStar Q2 net income down 17%

Posted: 27 Jul 2021 03:26 PM PDT

CoStar Group’s second quarter profits fell after a strong first quarter even as traffic on its analytics and online marketplace jumped. The real estate data giant posted $61 million in net income from April through June, down 17.5 percent from the $74 million in Q1, it reported Tuesday afternoon. Second quarter profits were about flat compared to the same period in 2020, when the pandemic first took hold. Before the start of 2021, the company

Chetrits to invest $200M in Manhattan apartment portfolio

Posted: 27 Jul 2021 02:25 PM PDT

The Chetrit brothers are using some of their Uniqlo cash to buy a stake in a $400 million apartment portfolio. Isaac and Eli Chetrit are in contract to acquire a roughly 50 percent interest in a group of Manhattan multifamily buildings owned by Josh Gotlib’s Black Spruce Management for approximately $200 million, sources told The Real Deal. The recapitalization values the 60-building portfolio at about $400 million, and comes as the city’s investment sales market

Matt Lauer exposes Hamptons estate to the market

Posted: 27 Jul 2021 01:48 PM PDT

If at first you don’t succeed, try, try again. At least, that’s Matt Lauer’s plan for selling his massive Hamptons estate on the Peconic River. The disgraced former “Today” show host has attempted to unload his home in North Haven on and off for years. He has now put it back on the market with a price of $44 million, according to the New York Post. The home covers almost 14,000 square feet and sits

Proptech revolution grows as landlords turn to big data to manage properties

Posted: 27 Jul 2021 12:30 PM PDT

The proptech revolution is accelerating as building operators turn to big data to monitor everything from tenant relations to their properties’ energy use. “Companies are making every piece of information available to every single person in the organization,” Anita Kramer, senior vice president at the Urban Land Institute Center for Capital Markets and Real Estate, said in an interview. “That’s powerful.” In a new ULI survey, real estate owners and operators cited data analytics as

Birch Group buys Princeton office portfolio from BentallGreenOak

Posted: 27 Jul 2021 11:30 AM PDT

UPDATED, 6:30 p.m., July 27: The Birch Group has acquired a two-building office portfolio totaling 200,000 square feet in Princeton, New Jersey, as the company says it’s moving forward with its suburban office expansion. The investment firm paid $47.3 million for a pair of three-story buildings at 600 and 700 Alexander Park Drive, it announced. The seller was BentallGreenOak. Natixis provided the $37.8 million acquisition loan. JLL’s Kevin O’Hearn and Jose Cruz represented the seller

Dumbo penthouse leads Brooklyn’s luxury market

Posted: 27 Jul 2021 10:06 AM PDT

Brooklyn’s luxury market activity continued its downward slide last week. There were 19 luxury contracts inked last week in Brooklyn, according to Compass’s weekly report on contracts for homes in the borough at asking prices of $2 million or higher. The combined value of the contracts was $60 million, with a median asking price of $2.89 million. Of the 19 transactions, apart from three condos, all properties were townhouses. The prior week saw 21 contracts

Firm offer: Casper co-founder pays $500K over ask in Park Slope

Posted: 27 Jul 2021 09:37 AM PDT

A mattress magnate has found a new place to lay his head at night. The co-founder of mattress company Casper, Luke Sherwin, and his chef wife Clare De Boer have purchased a Park Slope townhouse at 605 3rd Street in all cash for $5.25 million, according to newly released property records. The 4,000-square-foot property is located in a historic district on a tree-lined street that is steps away from Prospect Park. It is surrounded by

Elliman CEO: ‘People are afraid to walk in NYC’

Posted: 27 Jul 2021 08:48 AM PDT

Watch the latest video at foxbusiness.com Video via FOX The CEO of Douglas Elliman is tying New York City’s real estate recovery to public safety amid concerns over rising crime. “People are afraid to actually walk in the city anymore,” Dottie Herman said while a guest on FOX Business’ “Cavuto: Coast to Coast” Monday. “From everything I hear — and I’m out there all the time — the biggest problem is crime.” Herman also raised

Manhattan CB2 votes against Soho/Noho rezoning

Posted: 27 Jul 2021 08:24 AM PDT

Manhattan Community Board 2 voted overwhelmingly Monday night to reject the Soho/Noho rezoning proposed by the de Blasio administration. The 50-member board’s vote is only advisory, but its resolution against the plan represents a speed bump in the seven-month land use review, which will ultimately be decided by City Council members Margaret Chin and Carlina Rivera. The two members have said they want changes to ensure more affordable housing is built and preserved. Board member

Nowhere to go but up? Home prices smash another record in May

Posted: 27 Jul 2021 07:56 AM PDT

As home sales stagnated in the spring, a nationwide seller’s market saw prices continue to skyrocket. Housing prices broke records for the third consecutive month in May, surging 16.6 percent over May 2020 — the highest year-over-year jump in more than 30 years of data collected by the S&P CoreLogic Case-Shiller index. “A month ago, I described April’s performance as ‘truly extraordinary,’ and this month I find myself running out of superlatives,” said Craig Lazzara,

Lightstone receives $130M construction loan for new Moxy hotel on LES

Posted: 27 Jul 2021 07:07 AM PDT

The newest Moxy Hotel in New York City is moving forward with the assistance of a $130 million construction loan. Developer Lightstone Group recently secured a $90 million senior loan from MSD Partners for the planned Lower East Side hotel at 145 Bowery, in addition to $40 million in mezzanine debt from Lionheart Strategic Management, Commercial Observer reported. The 303-key hotel will be the fourth in New York City under the Moxy brand. Once completed,

Shorewood plans 227K-sq ft mixed-use project in Jackson Heights

Posted: 27 Jul 2021 06:30 AM PDT

Shorewood Real Estate Group is cooking up a mixed-use development at the site of a Food Bazaar in Jackson Heights. Shorewood filed plans with the Department of Buildings for a six story, 227,000 square foot development at 34-20 Junction Boulevard. The project would include 125 residential units and 108 parking spots, according to Crain’s. Food Bazaar parent Bogopa purchased the property for $21 million last year. It’s not clear whether the supermarket currently at the

Landis raises $165M with funding from Will Smith, Jay-Z–backed company

Posted: 27 Jul 2021 06:00 AM PDT

Will Smith and a company backed by Jay-Z are betting on a startup that seeks to make homeownership easier to obtain. Will Smith’s Dreamers VC and a company backed by Jay-Z’s Roc Nation participated in a $165 million capital raise for Landis, which seeks to help renters become owners. The funding round was led by venture capital firm Sequoia Capital and included debt and Series A equity financing. Landis has now raised $182 million since

The shopping district that banned retail: Soho’s incoherent zoning

Posted: 27 Jul 2021 05:00 AM PDT

Ichiro Ohta held his 3-month-old daughter up to the window so she could see the astronauts. Ticker tape rained down over Buzz Aldrin and Neil Armstrong as the Apollo 11 parade rolled over the cobblestone below his bare-bones Soho loft. It was August 1969, and Soho was not yet Soho. Ohta was one of the pioneers. Today, Yukie Ohta still lives in the same apartment with the huge glass panes where her father showed her

Cuomo vows to speed rent relief after pressure from Schumer

Posted: 27 Jul 2021 04:00 AM PDT

After a public lashing by Senate Majority Leader Charles Schumer over New York’s failure to disperse rent relief, Gov. Andrew Cuomo laid out a list of fresh goals Monday to distribute $2.7 billion before the eviction ban expires Aug. 31. Schumer took to the podium Sunday to chastise the state for releasing a pittance in the two months that the emergency rental assistance program has been live. “Thousands and thousands of New York tenants could

Former Gold Coast estate of John McEnroe, Tatum O’Neal hits market

Posted: 26 Jul 2021 02:00 PM PDT

A Gold Coast estate once owned by tennis great John McEnroe is on the market for $6.8 million, according to Newsday. McEnroe owned the five-building estate in Cove Neck from 1982 until 2000, when he sold it to record producer Ric Wake. The now-retired tennis star lived there for a time with his former wife, the actress Tatum O’Neal. McEnroe had perhaps the most dominant year in tennis history in 1984, but only two years