The Real Deal - New York Real Estate News

Simon Property raises full-year guidance as shoppers return to stores

Posted: 02 Aug 2021 05:31 PM PDT

Simon Property Group raised its full-year earnings guidance as consumers returned to shopping centers and malls after Covid-19 lockdowns were mostly lifted across the country in the second quarter. Funds from operations rose to $1.21 billion, 53 percent higher than the year-ago period when some stores were just beginning to reopen after months of pandemic-related closures. On a per-share basis, that accounted for $3.24, compared with $2.12 in the prior year for the retail real

Despite rent-deferral agreement, landlord claims Equinox still won’t pay

Posted: 02 Aug 2021 02:36 PM PDT

Paramount Group says its bargain with Equinox is off. While other landlords across Manhattan have turned to the court system to recoup rent the fitness chain allegedly skipped out on during the pandemic, Paramount claimed in a lawsuit Friday that it was willing to work with its tenant — only to be spurned in return. Paramount wants Equinox to pay $1.57 million under its original lease, including $1.3 million which Paramount was willing to defer

Hero Construction lands $20M loan to build East Orange apartments

Posted: 02 Aug 2021 01:38 PM PDT

A residential project that broke ground two years ago in East Orange has landed a $19.5 million construction loan. Hero Construction, led by Dennis McNeil, got the 18-month, interest-only loan from Metropolitan Bank. Brad Domenico of Progress Capital arranged the financing. The multifamily development at 45 South Grove Street, called The Modern, will replace the Blood Center of New Jersey, which closed in 2014. The Modern will stand five stories and have 119 units —

Manhattan office rents hit 4-year low as availability remains at record-high

Posted: 02 Aug 2021 11:48 AM PDT

Manhattan’s office availability rate held steady at 17.1 percent in July, matching the record-high set two months ago, as asking rents dipped to their lowest level in years. The high availability rate was despite the fact that Manhattan’s office leasing volume in July was up 15 percent compared to June, according to Colliers International’s monthly market snapshot. July’s leasing volume of 2.35 million square feet was well above last year’s monthly average of 1.58 million

Cardboard demand could fuel an industrial real estate boom

Posted: 02 Aug 2021 11:00 AM PDT

In the industrial real estate sector, e-commerce is the rising tide that lifts all boats — even those made of cardboard. As consumers and retailers alike rely more heavily on e-commerce during the pandemic, the demand for packaging has increased too, from cardboard boxes to plastic bags and padded envelopes. With production increasing, more cardboard factories will be needed in the coming years, according to Fast Company. Corrugated cardboard represents around 80 percent of packaging

MSCI to acquire Real Capital Analytics for $950M

Posted: 02 Aug 2021 10:15 AM PDT

MSCI is set to acquire commercial real estate data provider Real Capital Analytics for $950 million. The New York-based index publisher and stock market analytics firm announced the acquisition Monday. Through the deal, MSCI will gain access to Real Capital Analytics’ database of more than $20 trillion in commercial property transactions, which MSCI plans to add to its own commercial real estate products. Since its founding in 2000, Real Capital Analytics has built out its

De Blasio bumps up city vouchers as state increase stalls

Posted: 02 Aug 2021 09:40 AM PDT

Mayor Bill de Blasio bumped up the value of city housing vouchers to federal levels Friday, then highlighted that Gov. Andrew Cuomo has yet to do the same for the state’s program. “Assemblymember Linda Rosenthal and State Senator Brian Kavanagh successfully sponsored legislation to similarly increase state vouchers, but the bill has not yet been signed by the governor,” a press release from the mayor’s office said. The release did not mention that the bill

Donald Trump is owed $1M tax refund on Chicago skyscraper

Posted: 02 Aug 2021 09:00 AM PDT

Donald Trump has received a rare tax ruling in his favor. The Illinois Property Tax Appeal Board said the former president should receive a $1.03 million refund for overpaying on a 2011 tax bill at the hotel and long-vacant retail portions of Trump International Hotel & Tower in Chicago, according to the Chicago Sun-Times. That order is based on a decision that the Cook County Board of Review overestimated the combined value of those portions

Walker Tower pad to sell at loss as Manhattan luxury market hits 7-month low

Posted: 02 Aug 2021 08:25 AM PDT

The number of contracts signed for Manhattan luxury homes last week was the lowest since late January. To add insult to injury, one of them, for a condo at Walker Tower, presages a roughly $2 million loss for the seller. Buyers and sellers hammered out 21 deals for properties asking more than $4 million, according to Olshan Realty’s weekly report. It marked the lowest total since 14 were signed during the third week of January.

Democrats urge Biden to extend eviction ban after House effort falls short

Posted: 02 Aug 2021 06:50 AM PDT

Hours after a federal stay on evictions lapsed, Democratic lawmakers pleaded with President Joe Biden to extend the ban, warning that millions of Americans are now at risk of being put out on the street. The moratorium officially expired at midnight on Saturday, threatening an estimated 3.6 million renters. In response, Congressional Democrats are calling on the White House to extend the moratorium through mid-October, according to the Associated Press. House Speaker Nancy Pelosi was

Condé Nast pays back rent at One WTC, ending standoff with Durst

Posted: 02 Aug 2021 06:10 AM PDT

A protracted standoff between the landlords at One World Trade Center and the parent company of Condé Nast appears to have finally reached a conclusion … for now. Advance Publications executives Steven and Donald Newhouse have agreed to pay almost $10 million in back rent owed to co-developers the Durst Organization and the Port Authority, the New York Post reported. Advance Publications began withholding rent in January, drawing criticism from Durst Organization chairman Douglas Durst,

Affordable housing developer Camber Property buys 60-unit Harlem complex

Posted: 02 Aug 2021 05:00 AM PDT

Camber Property Group has acquired a 60-unit, project-based Section 8 apartment complex in Central Harlem for $30 million. Camber, a mixed-use and workforce housing developer, closed on a deal to buy the four-building Johanna Apartments complex at 104-110 West 114th Street from Renaissance Realty Group. “Building new units is not the only way we can preserve affordable housing in New York City,” said Camber principal and co-founder Rick Gropper, adding that the acquisition was partially

NIMBYs plague rezonings in the Hamptons, too

Posted: 02 Aug 2021 04:00 AM PDT

Plans to revitalize the Hampton Bays downtown district hit a snag after an unlikely legal challenge to halt rezoning succeeded in state court. On July 20, a state court judge reversed the Southampton town board’s decision to adopt new zoning plans for the hamlet that would encourage development of a new mixed-use downtown modeled after Sag Harbor and Southampton Village, according to Southampton Press. The decision came after Gayle Lombardi, a Hampton Bays resident with