The Real Deal - New York Real Estate News

Manhattan luxury contracts dip, but units move at Hudson Yards, 53W53

Posted: 25 Aug 2021 03:19 PM PDT

Manhattan’s luxury market took a summer vacation last week. Buyers and sellers inked just 24 contracts for homes asking more than $4 million, according to Olshan Realty’s weekly luxury contract report. It marks just the third week since February that there were fewer than 30 such contracts signed. Donna Olshan, the report’s author, said the dip is “typical” of summer and doesn’t indicate waning strength of the luxury market. On the contrary, 2021 is on

Related scores $258M Blackstone loan for luxury Tribeca apartment building

Posted: 25 Aug 2021 01:44 PM PDT

Truffles Tribeca is due for a new sugary coating, with Related planning to refurbish the luxury apartment building overlooking the Hudson River at 34 Desbrosses Street. The Stephen Ross-led developer landed a $258 million construction loan from Blackstone for the project, the Financial Times reported. Related will work on updating both the interior and exterior of the 291-unit building, which has already been emptied ahead of a gut renovation. While New York City’s luxury market

Westchester ponders right-to-counsel for tenants

Posted: 25 Aug 2021 01:00 PM PDT

Westchester County is considering the idea of a right-to-counsel policy for tenants facing eviction. The country has budgeted $45,000 to study the policy at a local level. But a timeline for actually conducting the study — let alone acting on it — remains unclear, according to LoHud. That worries housing advocates with eviction moratoriums soon to end. Right-to-counsel involves providing attorneys to tenants for eviction proceedings. Prior to the pandemic, it was estimated that more

CenterPoint buys second warehouse in Hunts Point

Posted: 25 Aug 2021 12:31 PM PDT

CenterPoint Properties has snapped up a second warehouse in the South Bronx in three months. The Oak Brook, Illinois-based company acquired the 81,000-square-foot warehouse at 511 Barry Street in Hunts Point, which is adjacent to its 145,144-square-foot logistics facility at 1080 Leggett Avenue that the firm purchased in May. CenterPoint declined to disclose the acquisition price, citing a confidentiality agreement. But sources said it was similar to what it paid for the 1080 Leggett property,

Indulge your extravagant home fantasies with TRD’s Select Spaces

Posted: 25 Aug 2021 12:05 PM PDT

Scrolling through Zillow on your lunch break? We’ll do you one better. Starting in September, TRD will launch Select Spaces, a weekly curation of New York’s most opulent luxury home listings. So far, we’ve looked at some of the most Gatsby-esque mansions on the Gold Coast and pool-party-ready homes in the Hamptons. If you’re a CEO or simply fantasizing about being one, you’ll get a kick out of these curated listings tailored to all kinds

NYC newcomer Grubb Properties plans 317 units in LIC

Posted: 25 Aug 2021 11:21 AM PDT

A North Carolina development firm thinks now is the time to break into New York City’s housing market. Grubb Properties filed plans Tuesday to build a 290,000-square-foot, mixed-use building at 41-34 27th Street in Long Island City. The Charlotte-based developer went into contract in March to acquire the property, also known as 25-01 Queens Plaza North, and an adjacent lot from Vasiliki Falidas of Estia Realty LLC. The 17-story building would devote approximately 230,000 square

Transformco pushes redevelopment of Long Island shopping center

Posted: 25 Aug 2021 10:13 AM PDT

Transformco, the owner of Sears and Kmart stores, has acquired a large retail building on Long Island that once housed one of its Kmarts. The Illinois-based company is now the owner of the 237,000-square-foot retail building in the Sayville Plaza shopping center in Bohemia, The Real Deal has learned. The company had held a master lease on the building until recently. In February 2020, Transformco shut down the Kmart store in that building — along

Sweetgreen buys robotic restaurant startup Spyce

Posted: 25 Aug 2021 08:45 AM PDT

Salad chain Sweetgreen is moving into the tech space, acquiring automated restaurant firm Spyce for an undisclosed price. Based in Boston, Spyce uses a robotic kitchen to replace cooks, using conveyor belts to serve up dishes like kale salads and banh mi bowls. Sweetgreen told Insider that it envisions using Spyce’s technology to power its restaurants. Spyce was not without its issues after its founding by MIT graduates in 2018. After raising $21 million in

Rotem Rosen plans 28-story Billionaires’ Row condo building

Posted: 25 Aug 2021 07:54 AM PDT

Billionaires’ Row is about to get even bigger. Real estate mogul Rotem Rosen’s MRR Capital has filed plans for a 28-story condo building in the famous corridor, according to Crain’s. According to the plans, the building at 126 East 57th Street will consist of 145 condo units, all of which will be sold at market rate. The building will stand 346 feet tall and span approximately 205,000 square feet. Demolition at the site has begun,

Here’s what’s next for victims of the Surfside condo collapse and the property

Posted: 25 Aug 2021 07:00 AM PDT

The rest of the world has largely moved on since the oceanfront Surfside condo collapsed in late June, killing 98 people. But for the survivors and families of those who died, the devastation is ever-present, as they try to pick up the pieces and move forward. Though the official causes of the partial collapse on June 24 are still under investigation, and likely will be for some time, the tragedy is playing out in the

3D home printer ICON raises $207M Series B

Posted: 25 Aug 2021 06:33 AM PDT

Austin-based construction startup ICON is ready to further expand its 3D printing after raising $207 million in Series B funding. The company has raised $266 million in equity since it was founded in 2017. Norwest Venture Partners led the latest funding round, according to TechCrunch, with participation from other companies including 8VC, Fifth Wall, Moderne Ventures and Oakhouse Partners. The firm did not reveal a valuation. ICON launched in March 2018 with the first permitted

Canadian PM Trudeau pledges two-year ban on foreign home buyers

Posted: 25 Aug 2021 06:06 AM PDT

Canada’s soaring housing market has left some domestic buyers priced out, leading the country’s prime minister to make a radical pledge on the campaign trail: a temporary ban on foreign home buyers. Justin Trudeau, the Liberal Party head who is running for re-election, proposed the two-year ban as a means to boost housing affordability for Canadians. “You shouldn’t lose a bidding war on your home to speculators. It’s time for things to change,” Trudeau said

School’s still out but Construction Authority buys in Brooklyn

Posted: 25 Aug 2021 05:30 AM PDT

Maybe the city School Construction Authority was gearing up for the start of classes with its $21 million purchase of a building in Fort Hamilton. The deal was the priciest in the city amid a light week of investment sales involving mid-market properties between $10 million and $30 million. The seller was developer Tim Ziss, who sold the property for $6 million more than he shelled out in 2017. A couple of years ago, he

LI builder sues controversial developer Arik Kislin over unpaid fees

Posted: 25 Aug 2021 04:00 AM PDT

A Long Island luxury home builder claims its business venture with a controversial New York hotel developer went bust and now two projects are in jeopardy. Uri and David Hason of Pinewood Development sued Arik Kislin in Nassau County court Monday, alleging breach of “common law partnership” over joint ventures to build three luxury housing projects on Long Island. The lawsuit alleges that as a result of Kislin’s actions, subcontractors have gone unpaid and two