The Real Deal - New York Real Estate News

Caldor Fire prompts more evacuations amid high temps, low humidity

Posted: 30 Aug 2021 03:32 PM PDT

As the Caldor Fire rages, California residents near Lake Tahoe’s south shore have been told to be prepared to evacuate their homes. The whole Desolation Wilderness has been ordered to be evacuated in addition to all of the areas surrounding the southern end of Lake Tahoe, up to the Nevada border, the San Francisco Chronicle reported. The fire, which has been roaring for two weeks, is currently at 168,387 acres and has destroyed almost 500

“Heartbreaking:” Astoria Sports Complex sells to self-storage developer

Posted: 30 Aug 2021 03:15 PM PDT

Local residents could have enjoyed a new ice skating rink and soccer field above the popular batting cages at the Astoria Sports Complex in Queens. Instead, the 53,500-square foot building will be replaced by a self-storage facility. Storage Deluxe bought the building at 34-38 38th Street on Aug. 17 for $20 million, property records show. The company plans to add seven stories atop the structure, opening 125,000 square feet of storage by early 2023, a

LA is nation’s second least affordable housing market: report

Posted: 30 Aug 2021 02:46 PM PDT

No surprise here: Los Angeles is still extremely unaffordable. The City of Angels again ranked as the country’s second least affordable city for prospective homebuyers, according to a report published Monday by the website RealtyHop. “It’s essentially telling us a story that we’ve been hearing for a while,” said Shane Lee, a data scientist with the company. “People often can’t afford to buy. And especially in Los Angeles.” A family making the median income would

Rechler Equity project would be first in rezoned Patchogue

Posted: 30 Aug 2021 02:23 PM PDT

Rechler Equity Partners’ Greybarn Patchogue project could be the first major development to kick off in a stretch that Brookhaven rezoned last year, according to Newsday. Rechler aims to break ground later this year, approvals pending. The Town of Brookhaven approved an “incentive overlay district” to encourage new development on a quarter mile of East Main Street. Like many “revitalization” developments, the luxury apartments will come at a price: Some local businesses need to go.

West Village deals bring Manhattan close to annual townhouse sales record

Posted: 30 Aug 2021 01:24 PM PDT

Two West Village townhouses each seeking more than $26 million have found buyers, bringing the number of deals for luxury single-family homes in the borough this year closer to a record. Some 146 luxury townhouse contracts, defined as properties asking $4 million or more, have been signed this year. That includes a record nine last week, the most in that period since Olshan Realty’s weekly report began tracking the market in 2006. Just eight more

Hurricane Ida batters Louisiana coast, leaving 1 million without power

Posted: 30 Aug 2021 12:43 PM PDT

Hundreds of helicopters and boats ferried rescuers through New Orleans to save people trapped by floodwaters in the wake of Ida, a Category 4 hurricane that battered Louisiana and Mississippi with winds up to 150 miles per hour from Sunday evening into Monday. Making landfall on the 16th anniversary of Hurricane Katrina, Ida made roads impassable, knocked out cell service and left approximately 1 million residents without power — including all of those in New

A home built using shipping containers tops Brooklyn contracts

Posted: 30 Aug 2021 11:40 AM PDT

Living in a shipping container has never been so glamorous — or expensive. A Williamsburg townhouse made out of 21 shipping containers was the most expensive home that went into contract in Brooklyn last week, according to Compass’ weekly report. The 6,000-square-foot single-family home at 2 Monitor Street was last asking $5 million, or $833 per square foot. Designed by architect-firm LOT-EK, it has five bedrooms, four bathrooms, three terraces and a media room with

Vornado to sell five Manhattan retail properties, takes loss of $7M

Posted: 30 Aug 2021 10:56 AM PDT

Vornado Realty Trust has agreed to sell off five struggling retail properties in Soho and the Upper East Side for $184.5 million, resulting in a loss of about $7 million. The New York-based real estate firm, led by Steve Roth, is selling properties at 677-679 Madison Avenue, 759-771 Madison Avenue, 828-850 Madison Avenue, 478-482 Broadway and 155 Spring Street, according to a statement from the company. Vornado declined to comment beyond the statement. Vornado, which

Fewer homes, fewer contracts: pending home sales dip again in July

Posted: 30 Aug 2021 10:07 AM PDT

The U.S. housing market still lacks inventory, leaving prospective buyers on the outside looking in despite their best efforts to snatch up homes. New contract signings fell in July for the second straight month, according to the latest report from the National Association of Realtors. The NAR’s Pending Home Sales Index, which looks at contracts signed for single family homes, condos and co-ops, fell 1.8 percent month-over-month and 8.5 percent from last July, according to

Constellation Agency leases 21st floor of One WTC

Posted: 30 Aug 2021 09:23 AM PDT

Advertising company Constellation Agency has signed a lease for 48,000 square feet at One World Trade Center — the entire 21st floor. The agency is subleasing the space from Advance, which is offering some 400,000 square feet of space for sublease at One World Trade. In total, the company, which is the parent of Conde Nast, has 1.1 million square feet. Constellation Agency is moving from 110 William Street. Recently Reddit signed a sublease for

Emirati wealth fund launches $1B U.S. industrial real estate venture

Posted: 30 Aug 2021 08:40 AM PDT

An Abu Dhabi-based sovereign wealth fund is betting big to capitalize on the hot industrial real estate market in the U.S. Mubadala Investment Co. has partnered with Dallas-based real estate investment firm Crow Holdings to develop $1 billion of Class A industrial properties across the country, according to Pensions & Investments. “Mubadala is seeking to invest directly in industrial real estate in the U.S., and to do so at scale,” Michael Levy, CEO of Crow

Tishman Speyer gets $425M loan for The Jacx in Long Island City

Posted: 30 Aug 2021 07:00 AM PDT

Tishman Speyer has refinanced The Jacx, its 1.2 million-square-foot office and retail development in Long Island City, with a $425 million CMBS loan originated by Bank of America on Aug. 20, Commercial Observer reported. The loan replaces around $200 million in existing debt, returning $150 million in EB-5 financing and allowing Tishman to regain nearly $40 million in equity, according to the publication. The 26-story, two-building complex, which opened fully leased in 2019, cost Tishman

House Dems pressure Hochul to extend NY eviction moratorium

Posted: 30 Aug 2021 06:34 AM PDT

House Democrats representing the five boroughs are pressing Gov. Kathy Hochul to extend the state’s eviction moratorium. The newly sworn-in governor received a letter Saturday by Rep. Hakeem Jeffries and co-signed by a dozen lawmakers, including Reps. Nydia Velazquez, Carolyn Maloney, Alexandria Ocasio-Cortez and Jerry Nadler, urging her to prolong the state-level ban, which is set to expire Tuesday. “With the sharp rise in COVID-19 cases, the beginning of the school year and continued issues

What’s next for a 50-year-old parking lot in NYC’s oldest neighborhood?

Posted: 30 Aug 2021 06:01 AM PDT

Large, undeveloped sites in Manhattan are rare. But even by that standard, the 48,000-square-foot parcel at 250 Water Street is exceptional. It sits in the South Street Seaport historic district and on the border of the Financial District, one of the priciest real estate markets on the planet. The site is not empty for lack of trying. A previous owner, Milstein Properties, made several attempts to develop it, only to fail because of opposition from

What WeWork and others pay at 1450 Broadway

Posted: 30 Aug 2021 05:00 AM PDT

The following is a preview of one of the hundreds of data sets that will be available on TRD Pro — the one-stop real estate terminal that provides all the data and market information you need. When WeWork began leasing at 1450 Broadway in October 2018, it had just become Manhattan’s biggest landlord. It was arguably its most important tenant, too. One corporate meltdown and global health pandemic later, WeWork has lost its luster, but

Shocker: Michael Cohen’s real estate partner accused of shady dealings

Posted: 30 Aug 2021 04:00 AM PDT

Who could’ve guessed it? Disbarred attorney Michael Cohen’s former real estate partner — the same landlord who reportedly omitted rent-stabilized buildings from construction applications a decade ago — is running a business based on fraud, a new lawsuit claims. Eric Nelson, owner-operator of city landlord Vintage Group, was sued last week by an LLC associated with real estate lawyer Herbert Chaves, who accuses Nelson of running a racketeering operation that siphoned money from his business