The Real Deal - New York Real Estate News

Hochul, legislature call emergency session on evictions

Posted: 27 Aug 2021 05:01 PM PDT

When the Supreme Court voided President Biden’s federal eviction moratorium Thursday, Gov. Kathy Hochul kicked New York’s tenant protection efforts into overdrive. The governor said in a statement Friday that she plans to hold a special session, effectively pulling the Legislature out of recess, to address evictions. The state’s own moratorium expires Tuesday. It was not immediately clear if she intends to act on legislation introduced earlier this month by Sen. Alessandra Biaggi and Assembly

Play some real estate ‘Jeopardy!’ with TRD’s weekend edition

Posted: 27 Aug 2021 03:15 PM PDT

No one can hold a candle to the beloved Alex Trebek — it’d be foolish to even try. Still, as “Jeopardy!” has been having some issues auditioning replacement hosts, we thought we’d try our hand in the real estate category with some previews of our upcoming weekend edition coverage: This 11-time NBA champion just listed his Pacific Northwest home complete with a huge bathroom and open shower — presumably large enough to accommodate someone nearly

“Hardest project in my career to capitalize”: Diversity fund proves tough test for Peebles

Posted: 27 Aug 2021 03:00 PM PDT

More than two years after Don Peebles launched a $500 million fund to support minority and women developers, he has had little success so far garnering support from investors. The developer launched a fund in June 2019, aimed at projects ranging from $10 million to $70 million throughout the country. The fund intends to help established developers as well as those just starting, aiming at multifamily and commercial projects in New York, South Florida, Los

Jackson Pollock Hamptons house sells in just days

Posted: 27 Aug 2021 02:30 PM PDT

A home once owned by famed painters Jackson Pollock and Lee Kranser is in contract just days after hitting the market at $6.5 million. The East Hampton home in the Springs neighborhood was purchased by Pollock and Krasner in 1945 for $5,000 — about $76,000 in today’s dollars. The property has been renovated in the decades since, according to American Luxury, which reported the contract. Dirt reports that the Springs Fireplace Road home features views

KKR plans $3B triple-net-lease portfolio

Posted: 27 Aug 2021 02:04 PM PDT

Global investment firm KKR is diving deeper into real estate, launching a platform designed for triple-net lease investments. The company announced the formation of Strategic Lease Partners this week. KKR has plans for a portfolio that will exceed $3 billion with diversified assets, according to Commercial Property Executive. The platform intends to rely on KKR’s credit and real estate funds. In a statement from company partners, KKR singled out SLP as a potential partner for

Hamptons sales power 115% increase in preservation fund

Posted: 27 Aug 2021 01:24 PM PDT

Revenues for the East End’s community preservation fund are smashing totals from last year, thanks to the hot housing market, according to Behind the Hedges. The Peconic Bay Community Preservation Fund is replenished by a 2 percent real estate transfer tax on deals in East Hampton, Southampton, Riverhead, Shelter Island and Southold. Revenues from the first seven months of 2021 exceed $131 million, a 115 percent increase from the $61.1 million generated during the same

IRS probes promoters of tax-deductible property easements

Posted: 27 Aug 2021 10:54 AM PDT

The IRS is hot on the tail of promoters of tax-deductible easements who are allegedly inflating values to increase those deductions. The agency is challenging $21 billion in deductions over a three-year period from 2016 to 2018, Bloomberg reported. It is going after promoters who sell deals through brokers, accountants and lawyers, and who market the projects as tax-deduction generators. The issue has become an enforcement priority, according to the publication. Syndicated conservation easements reward

WeWork awarded $10M federal contract to provide office space to gov’t workers

Posted: 27 Aug 2021 09:59 AM PDT

WeWork’s newest tenant is the country’s largest office space occupant: the federal government. The U.S. General Services Administration awarded the coworking company a $10 million contract to provide office space for government workers. The contract marks the first time the government has looked for coworking space, according to Commercial Observer. Under the terms of the deal, when the government requests space from WeWork, the company will either use its existing properties or find new space

NJ Transit eyes new service to American Dream mall

Posted: 27 Aug 2021 08:15 AM PDT

The American Dream mall could be receiving a new transit line capable of bringing tens of thousands of people to the beleaguered shopping center. NJ Transit officials approved a $3.5 million study exploring a potential transit system that would serve both the mall and nearby MetLife Stadium. According to NJ.com, a conceptual design is set to be delivered by infrastructure firm HNTB by December 2022. The type of transit has not been determined. Many options

West Village townhouse asking $28M eyes record sale

Posted: 27 Aug 2021 07:49 AM PDT

Prepare the bubbly: A record is on the verge of falling in the West Village. A townhouse at 30 Grove Street asking $28 million is in contract. If the deal closes at that price, it would be the most expensive home sale in the history of the neighborhood, according to the New York Post. The area has seen big-ticket sales in the past. In May, a townhouse at 159 West 12th Street closed for $19.75

Manhattan’s “walkable areas” missed housing boom

Posted: 27 Aug 2021 06:37 AM PDT

Walkability appears to have lost some importance to homebuyers, who are walking straight out of Manhattan’s priciest neighborhoods. Most areas of Manhattan are considered to be “walkable” because people can walk to commercial amenities or a transit hub within 10 minutes. A new study, however, shows that 18 of the 20 zip codes that have seen the sharpest home value declines in the metro area since 2018 are in Manhattan, according to Bloomberg. AEI Housing

Two Trees’ massive project eyes “mad dash” to approval

Posted: 27 Aug 2021 05:00 AM PDT

Eight years ago, a politically savvy developer made a beginner’s mistake. Two Trees Management waited too long to get its rezoning application into the city’s public review, and by the time it reached the end, a new mayor was waiting with a meat cleaver. Instead of flying through City Hall with Michael Bloomberg’s blessing, Two Trees’ Domino Sugar Factory redevelopment hit a roadblock in Bill de Blasio. Fresh off his unlikely election and eager to

Walmart supercenter coming soon to Yaphank

Posted: 27 Aug 2021 04:00 AM PDT

Walmart never could get a store open in New York City, but it’s still making inroads on Long Island. The retail giant is poised to launch its third supercenter there as part of a massive development in Yaphank. The 197,000-square-foot store is set to open in The Boulevard — a 322-acre, mixed-use complex — in November. Walmart expects to hire more than 400 employees at the Suffolk County site, according to Newsday. Plans for the

The rent is finally due: Supreme Court ends moratorium

Posted: 26 Aug 2021 08:47 PM PDT

The Supreme Court dropped the hammer on nonpaying tenants Thursday, ruling President Joe Biden’s latest eviction ban unconstitutional. The decision frees landlords to move forward with eviction proceedings, except in the few places where local moratoriums remain in place. New York’s ban, which was severely weakened by the high court this month, is due to expire Aug. 31. It might still be many months before landlords can get tenants out, given the backlog of cases