The Real Deal - New York Real Estate News

REEF Technology and Archer Aviation to run air taxis from parking garages

Posted: 29 Aug 2021 11:00 AM PDT

REEF Technology has unused flat rooftops. Archer Aviation has electric mini-helicopters. Together, they might have something. The two firms are partnering to run Archer’s proposed air taxis from REEF’s parking garages in Miami and Los Angeles. The partners aim to launch air taxi service from REEF garage rooftops by 2024, according to the Commercial Observer. Archer is still negotiating with the Federal Aviation Administration to get its aircraft into service. The deal will give Archer

Property wing of world’s most indebted developer posts rare earnings loss

Posted: 29 Aug 2021 09:00 AM PDT

China Evergrande Group warned that its real estate wing recorded a loss in the first half of the year for the first time since at least 2009. The company’s property business incurred a loss equivalent to about $618 million, according to the Wall Street Journal. The parent company is the world’s most indebted developer with around $300 billion in liabilities and around $7.4 billion in bonds maturing next year. Evergrande started discounting apartments at its

California town buys land to create fire break

Posted: 29 Aug 2021 06:00 AM PDT

A California town devastated in the 2018 Camp Fire is buying up its most vulnerable properties to stave off future fires. Paradise city officials want to turn those properties into fire-resistant green spaces, according to KCRW. If the buyers are willing to sell them, the town will connect them to existing park land, providing more park space and a built-in fire break. The program is voluntary. So far the town has purchased about 300 acres