The Real Deal - New York Real Estate News

Industrious hires new COO to lead IPO prep, international expansion

Posted: 23 Aug 2021 02:34 PM PDT

Industrious has a new chief operating officer. The flex-office provider has tapped Liz Simon, chief operating officer at tech-focused continuing education school General Assembly, as its new COO, The Real Deal has learned. Tasked with overseeing Industrious’ legal department, cross-functional operations and “people function,” according to the company, Simon fills a vacancy left by Michael Robson, who moved to KKR Capstone in October. As COO, Simon will also oversee the New York-based startup’s preparation for

Maddd Equities receives approval for 611-unit Inwood affordable housing project

Posted: 23 Aug 2021 01:45 PM PDT

Six years after purchasing the site, Maddd Equities has finally received approval from the Department of Buildings for a 611-unit affordable housing project in Inwood once jeopardized by the legal fight over the neighborhood’s rezoning. After Maddd acquired the site for $4.25 million in 2015, plans for the project — made in conjunction with Joy Construction — were first filed three years ago. Controversy surrounding Inwood’s rezoning put the project in doubt prior to last

To vax or not to vax: group sues de Blasio over Key to NYC

Posted: 23 Aug 2021 01:14 PM PDT

A group of individuals including right-wing political candidates have filed a lawsuit against Mayor Bill de Blasio, claiming that his requirement that customers show their vaccine cards in order to partake in indoor activities is unjust and discriminatory. The plaintiffs vary from restaurant owners who claim to have lost business, to customers who don’t want anyone aside from their doctors to know about their vaccination status. Under the executive order — known as the Key

“Million Dollar Listing” star Josh Flagg jumps to Elliman

Posted: 23 Aug 2021 12:45 PM PDT

Josh Flagg, a top agent and star of “Million Dollar Listing,” is moving from Rodeo Realty to Douglas Elliman, sources confirmed to The Real Deal. The move is a coup for Elliman, which has been ramping up its presence on the West Coast and in Texas. Flagg, one of the biggest luxury brokers in Los Angeles, declined to comment. It was unclear whether he was bringing his team along. Douglas Elliman declined to comment. Elliman,

Rose Associates lands $182M loan for White Plains multifamily project

Posted: 23 Aug 2021 12:15 PM PDT

Rose Associates’ planned multifamily housing complex in downtown White Plains is one step closer to reality after the developer secured a $182 million financing package. Once completed, the redeveloped 13-story building at 440 Hamilton Avenue — currently a vacant office tower — will have 255 units, as well as 3,400 square feet of ground floor retail space, according to Real Estate Weekly. Construction of an additional seven-story building on the property will add another 213

Two-family, 10-bedroom townhouse was one of Brooklyn’s top contracts last week

Posted: 23 Aug 2021 11:45 AM PDT

Two townhouses topped Brooklyn’s luxury contracts last week, but only one of them had bedrooms in the double digits. A five-story two-family townhouse in Brooklyn Heights went into contract last week with a last asking price of $7.25 million, according to Compass’ weekly report. The 25-foot wide home at 143 Willow Street has 10 bedrooms and four-and-a-half bathrooms. It has 13-foot ceilings and a backyard garden 50 feet deep. The home was one of 25

Cuomo touts record, urges progress on infrastructure projects in farewell

Posted: 23 Aug 2021 11:43 AM PDT

On his final day in office, Gov. Andrew Cuomo touted his progressive bonafides, criticized a former political ally and underscored the importance of transforming a “hellacious” Penn Station. In a pre-taped farewell speech Monday, Cuomo again framed his departure not as an admission of wrongdoing, but as a move that is in the best interest of keeping government functioning. He called a report by state Attorney General Letitia James, which found that he sexually harassed

200-unit luxury senior housing complex coming to Bergen County office park

Posted: 23 Aug 2021 10:55 AM PDT

A nearly 200-unit luxury senior housing community is coming to Bergen County. Reuten Associates and developer Metropolis Property Group announced plans for the 195-unit facility in Closter, New Jersey, which will be called The Residences at Reuten Park. The proposed complex will replace post-war manufacturing buildings at Reuten Corporate Park, a more than 200,000-square-foot office and warehouse park owned by the Reuten family since 1945. The developers did not reveal the expected cost of the

Existing home sales rise for second-straight month

Posted: 23 Aug 2021 10:05 AM PDT

Yet again, rising home prices had nothing on existing home sales. Sales of existing homes rose for the second consecutive month in July, according to the latest monthly report from the National Association of Realtors. Single-family homes, co-ops, condominiums and townhouses saw sales rise by 2 percent from June to a seasonally adjusted rate of about 6 million. That’s 1.5 percent higher than the same period last year. Inventory of homes was at 1.32 million

Demand for private-label mortgages on the rise

Posted: 23 Aug 2021 09:15 AM PDT

After virtually disappearing following the financial crisis more than a decade ago, private-label mortgages are back. Private-label mortgages are loans bought and sold without the backing of government guarantors. Last quarter, more than $42 billion in private-label mortgages were issued, the most since the pandemic and one of the biggest quarters since the 2008 financial crisis, according to the Wall Street Journal. Private-label mortgages still aren’t a large swath of the mortgage market, making up

Madison Avenue’s shopping sorrows

Posted: 23 Aug 2021 08:30 AM PDT

New York is back. Madison Avenue retail, not so much. The iconic shopping corridor, which stretches from 57th Street to 72nd Street and has historically commanded some of the priciest retail rents in the city, is only seeing 71 percent of its 2019 foot traffic, according to an estimate from location analytics firm Orbital Insight. By contrast, Upper Fifth Avenue is at 92 percent of its 2019 levels, according to the analysis, cited by Bloomberg.

Target adding more Disney shops within its stores

Posted: 23 Aug 2021 07:00 AM PDT

Target is upping its Mickey Mouse quotient. The retail giant will be adding more than 100 new Disney shops to its stores across the country, roughly tripling the amount that were already in place. By the end of the year, there will be more than 160 Disney stores within Target locations, according to CNBC. The two companies began partnering together on the mini-shops back in 2019. Target, which has about 1,900 stores across the U.S.,

Eviction ban heads back to Supreme Court

Posted: 23 Aug 2021 06:22 AM PDT

Joe Biden’s new eviction moratorium is set to face its biggest challenge yet: the Supreme Court. Real estate groups and property owners petitioned to the nation’s highest court on Friday to strike down the ban on evictions, which applies to most of the country. Chief Justice John Roberts has asked the government to respond to the petition by Monday at noon, according to Politico. The realtors have faced several setbacks in their quest to block

Why affordable apartments are so hard to build

Posted: 23 Aug 2021 05:00 AM PDT

The edifice rises suddenly, its sheer brick masonry cut with floor-to-ceiling windows — a stunning contrast to the low-rise pizza and chicken shack next door. In a gentrifying neighborhood like Bedford-Stuyvesant, projects like this seem inevitable: a handsome, mid-sized apartment building for young, white-collar transplants, with eight of the 26 units income-restricted and within reach of local residents. But nothing about 1425 Fulton Street was inevitable. Merely getting the project to pencil out took developer

As rent relief finally flows, landlords hold criticism over fear of reprisal

Posted: 23 Aug 2021 04:00 AM PDT

Apparently, the checks roll in on Fridays. That’s when long-awaited rent relief payments have reached the bank account of one Bronx landlord with over $1 million in arrears — the first on August 6, a few more on Friday the 13th and another two last week. Emails meant to accompany the payments detailing which tenants’ debts the money resolved didn’t hit his inbox until the following Mondays — another delay for a program sullied by

Maddd Joy: Madruga, Weiss file plan for DoBro tower

Posted: 20 Aug 2021 03:46 PM PDT

DoBro can expect mo’ housing – a lot mo’. Maddd Equities and Joy Construction plan to build a massive mixed-use building at 202 Tillary Street in Downtown Brooklyn. The structure will have 465 apartments and span 436,600 square feet, according to records filed Thursday with the Department of Buildings, and cost $132 million to construct, a separate filing indicated. It will include 4,000 square feet of retail space and 40 or 50 parking spaces. The