The Real Deal - New York Real Estate News

Floor & Decor moving into site of shuttered Target in Commack

Posted: 30 Jul 2021 01:30 PM PDT

Target has a history of taking over abandoned locations left behind by other retailers. This time, however, another chain is moving into the site where a Target once stood. Hard-surface flooring retailer Floor & Decor is opening up its second Long Island location at 4 Henry Street in Commack, Newsday reported. The new location includes a 95,000-square-foot warehouse store and a design center. The store is expected to employ 50 people, both part-time and full-time.

Treasury Department must give Trump’s tax returns to Congress: DOJ

Posted: 30 Jul 2021 12:54 PM PDT

The Department of Justice has ruled that the Treasury Department must surrender former president Donald Trump’s tax returns to congressional investigators. The House Ways and Means Committee requested returns from Trump’s taxes dating back to the years before his presidency. The Trump administration was unwilling to hand over the taxes, so the committee sued for them, according to the New York Times. The committee asked for the documents as part of a review of the

Gloria Vanderbilt’s Beekman Place apartment lists for $1.1M

Posted: 30 Jul 2021 11:45 AM PDT

Those looking to live like a Vanderbilt may be interested in a new listing in Turtle Bay. Gloria Vanderbilt’s son, CNN anchor Anderson Cooper, is selling the apartment at 30 Beekman Place where his late mother lived for more than two decades, the New York Times reported. Listed by Ileen Schoenfeld and Aracely Moran of Brown Harris Stevens, the apartment is asking $1.125 million, plus $4,311 in monthly maintenance. Vanderbilt’s home comes with two bedrooms,

Columbia Property Trust reports first net loss of pandemic

Posted: 30 Jul 2021 11:18 AM PDT

For the first time since the onset of the pandemic, Columbia Property Trust reported a net quarterly loss. Revenue for the second quarter was $63.4 million — down 20 percent from a year ago and down 1.5 percent from the first quarter — and the firm lost about $6 million. The real estate investment trust’s normalized funds from operations per share was $0.32, down 20 percent from a year ago, and down 8.6 percent from

Jersey City to provide up to $10K more rent relief per tenant

Posted: 30 Jul 2021 10:45 AM PDT

More rent relief is on the way for some Jersey City tenants and landlords, but with caveats. The mayor’s office and housing authority will provide up to $10,000 in rental assistance per household to low-income families in small-unit buildings. Qualifying families in owner-occupied buildings with fewer than five apartments will get priority, the mayor’s office announced last week. Participating landlords cannot evict the tenant or raise rent for a minimum of one year after receiving

Some say foreign buyers are back, but evidence is anecdotal

Posted: 30 Jul 2021 10:20 AM PDT

Signs abound that foreign home buyers are returning to the New York City market. Data to verify what some real estate agents are saying are scant, though. The pandemic made it unrealistic for international buyers to purchase real estate in the United States, given the travel restrictions and uncertainty about how high-end markets such as Manhattan would fare post-Covid. Some realtors are seeing a rebound in international interest, however, according to the New York Post.

Robert Durst “too sick to continue” murder trial, defense claims

Posted: 30 Jul 2021 09:26 AM PDT

Robert Durst’s lead attorney wants the real estate scion’s murder trial to be stopped, claiming he is “too sick to continue.” Dick DeGuerin made another request for a mistrial to Los Angeles County Superior Court Judge Mark Windham on Thursday, according to the Los Angeles Daily News. The trial restarted with opening statements on May 18. Durst is on trial for the 2000 killing of friend Susan Berman at her home in Benedict Canyon. The

Susan Rice to co-chair home appraisal inequity task force

Posted: 30 Jul 2021 08:18 AM PDT

Susan Rice is taking up the mantle of fighting housing inequity, serving as co-chair for a task force studying inequity in home appraisals. The former U.N. ambassador and Obama administration national security advisor will lead the new interagency task force along with HUD Secretary Marcia Fudge, HousingWire reported Thursday. The Property Appraisal and Valuation Equity task force, which will also include the secretaries of Agriculture, Labor, Education and Veterans Affairs, is expected to deliver a

Tenant advocates frustrated with Biden’s eviction response

Posted: 30 Jul 2021 07:30 AM PDT

As President Joe Biden scrambles to save the federal eviction moratorium, some tenant advocates are expressing frustration that he waited until the 11th hour. The eviction moratorium is set to expire Saturday, which could leave millions of Americans in danger of being kicked out of their homes. Rep. Alexandria Ocasio-Cortez is among those lashing out at Biden, according to Bloomberg News. Ocasio-Cortez said the situation could have been avoided with “more forthright leadership from the

Atlas plans 401-room hotel at 711 Seventh Avenue

Posted: 30 Jul 2021 07:00 AM PDT

Atlas Hospitality is diving into the pool of uncertainty that is New York City’s hotel industry, planning a 401-key establishment in the heart of Midtown. The hospitality firm filed plans with the Department of Buildings for a hotel at 711 Seventh Avenue. The approximately 140,000-square-foot hotel will be 32 stories and 343 feet tall, Crain’s reported. Prolific hotel architect Gene Kaufman is the designer of the building, which has no brand yet. The goal for

Proptech startup Social Construct shutting down

Posted: 30 Jul 2021 06:09 AM PDT

Proptech startup Social Construct is shutting down operations, The Real Deal has learned. The construction-tech outfit, which aimed to streamline building planning and assembly with software and automation, will officially wind down in the fourth quarter, but the staff’s last day will be Aug. 1. Co-founders Ben Huh and Michael Yarne will stay on through the end of the year “to make sure our customers will be supported,” Huh said, adding that remaining employees were

Dumped by Macklowe and Churchill, Core Real Estate demands fees

Posted: 30 Jul 2021 05:30 AM PDT

Shaun Osher has launched a war on two fronts against developer Harry Macklowe and investment firm Churchill Real Estate. Osher, the founder and CEO of Core Real Estate, is seeking $950,000 in termination fees that he says they collectively owe him after removing Core as the exclusive firm handling sales at three projects. Osher sued Macklowe July 16, alleging that Core was owed $750,000 because its agreement to lead condo sales at One Wall Street

AEW purchases boutique Soho office building for $86.2M

Posted: 30 Jul 2021 05:00 AM PDT

AEW Capital Management purchased a half-new, half-renovated boutique office building in Soho for $86.2 million. The Boston-based global real estate investment manager purchased the 98,400 square-foot building at 163 Varick Street, also known as 60 Charlton Street, from APF Properties this month, according to property records. APF had purchased the property in 2017 for about $65 million when it was half its current size. After gutting the former six-story industrial building, it added six floors

iBuyers upping offers as housing market rises

Posted: 30 Jul 2021 04:00 AM PDT

Trust for iBuyers is not the only thing rising in the industry, as the prices they are offering for homes is also surging. A new report from real estate technology company zavvie on iBuying transactions over the first half of 2021 found that offers from iBuyers were on average 104.1 percent of market value, according to Inman. That’s a marked increase from 2020, when iBuyers offers were coming in at 97.6 percent. Offerpad, Opendoor, Zillow