The Real Deal - New York Real Estate News

Castle Lanterra buys Long Island apartment complexes for $138M

Posted: 02 Sep 2021 03:47 PM PDT

A New York-based multifamily investment firm snagged a pair of Long Island apartment complexes at a slight discount off their previous prices. Castle Lanterra, based in Suffern, purchased apartment complexes in Hempstead and West Hempstead for a combined $138 million, according to Long Island Business News. UBS Realty Investors sold the properties, both of which were developed by Mill Creek Residential. One of the assets is a 166-unit complex at 303 Main Street in Hempstead.

Facing lawsuit from Crown, private school in Brooklyn closes suddenly

Posted: 02 Sep 2021 02:01 PM PDT

A private school in downtown Brooklyn shut its doors just days before class was supposed to start as it battles with its landlord over unpaid rent. The Science Language & Arts International School’s board blamed its landlord, Crown Acquisition, for the sudden closure. “The school has suffered greatly because of our landlord’s actions, which compounded the losses the school has sustained from the Covid-19 pandemic and with the departure of many of our families,” it

Joshua Kushner, Karlie Kloss to buy Puck penthouse

Posted: 02 Sep 2021 01:48 PM PDT

Joshua Kushner is keeping it in the family: The venture capitalist is in contract to buy a unit at Puck Penthouses, developed by Kushner Companies. Kushner and his wife, supermodel Karlie Kloss, are in contract to purchase the unit on Lafayette Street in Nolita, the Wall Street Journal reported. The last asking price was $42.5 million. It’s not clear what the closing price will be, but a friends-and-family discount would save on New York’s pesky

Davis Companies files plans for 45-story DoBro tower

Posted: 02 Sep 2021 01:18 PM PDT

The Davis Companies filed plans for a 45-story mixed-use tower in Fort Greene. The building will feature ground-floor retail space, offices up to the 17th floor and 123 apartments above. The new building at 570 Fulton Street will feature 16 fewer units than a 40-story project previously proposed for the site by Slate Property Group. Still, it will loom large above Fulton Street, which is lined with low-rise buildings despite the Bloomberg administration’s efforts to

Fewer than 1 in 4 Long Islanders behind on rent has applied for relief

Posted: 02 Sep 2021 12:30 PM PDT

Fewer than one in four Long Islanders behind on rent has applied to the state for federally funded rent relief, according to Newsday. State and municipal data shows that Long Island residents have submitted 6,650 applications for rent relief out of an estimated 28,000 in arrears. The state-administered assistance program will cover up to one year of back rent and utilities as well as up to three months of future rent. Last week, the Supreme

Roofstock, single-family rental investor platform, to launch fractionalization service

Posted: 02 Sep 2021 11:31 AM PDT

Retail investors flocked to the single-family rental market during the pandemic. Now, even people who can’t afford a down payment are getting an invitation. Roofstock, an online marketplace for single-family rental properties, will start a fractionalization service this year after testing it in 2019, aiming to capture a slice of the surge in retail demand, Roofstock founder and CEO Gary Beasley said. Investors will be able to wager as little as $5,000. “The idea is

Judge pauses Grand Prospect Hall demolition

Posted: 02 Sep 2021 11:17 AM PDT

Local activists hoping to save the Grand Prospect Hall from demolition scored a small win in their battle against time. On Wednesday, a Kings County judge granted a temporary stay preventing local developer Angelo Rigas from demolishing the former Park Slope banquet hall until at least Sept. 16. In the meantime, the activists hope to persuade the Landmarks Preservation Commission to landmark the ballroom, which would complicate, though not rule out, Rigas’ plans. “The order

Vacant, rent-stabilized UES portfolio fetches $61M, offers substantial upside

Posted: 02 Sep 2021 10:55 AM PDT

One company’s unwinding is another’s chance to spin up. On the last day of June, twelve multifamily properties clustered between 75th and 77th Street on the Upper East Side sold for $61 million — 25 percent above the auction’s starting bid. The seller was Capmar Realty, a multi-generational firm that bought the buildings in the mid-70s and whose heirs had been embroiled in litigation over who owns what for nearly a decade. In 2017, the

Legislature passes new eviction moratorium

Posted: 02 Sep 2021 08:36 AM PDT

UPDATED Sept. 2, 2021, 12:16 p.m.: As anticipated, the state legislature passed an extension on the state’s eviction moratorium Wednesday night, a day after New York’s ban expired and a week after the Supreme Court blocked the federal moratorium. The new moratorium will carry state renters all the way Jan. 15. The state Senate approved it 38-19 and the Assembly passed it 80-60, according to Newsday. Legislators bypassed the three-day transparency period that is standard

Brooklyn real estate poised to gain from pandemic

Posted: 02 Sep 2021 08:15 AM PDT

Brooklyn real estate is booming, thanks at least in part to the pandemic. As people fled Manhattan, seeking larger living spaces, Brooklyn’s share of private-sector jobs rose faster than any other New York borough, the New York Times reported. Brooklyn added 230,000 residents in the last decade, also more than other boroughs. The median home price in Brooklyn was $910,000 in the last quarter, according to appraisal firm Miller Samuel. Homebuyers signed almost 600 contracts,

Where department stores go when they die

Posted: 02 Sep 2021 07:05 AM PDT

Department stores are dying in droves. The buildings that house them? Not so much. According to Bloomberg, 40 percent of department stores in the United States have closed in the past five years. While some are ultimately razed, others are being converted into different types of spaces to reduce costs and environmental impacts, the publication reported. Old department stores are being converted into offices, schools and even libraries. Developers are taking advantage of the generous

Manhattan triplex fetches $60M in biggest co-op sale since 2015

Posted: 02 Sep 2021 06:32 AM PDT

Talk about mispricing. An Upper East Side triplex sold last week for $60 million, the most expensive Manhattan co-op sale since 2015 and a whopping $20 million more than the asking price, as five billionaires slugged it out for bragging rights to the 7,000-square-foot penthouse. Jacqui Safra, a banking scion who has produced Woody Allen films, sold the home in a private, all-cash deal, according to Mansion Global. The buyer of the penthouse, at 2

Hamptons adds whites and Latinos, loses Black residents

Posted: 02 Sep 2021 06:00 AM PDT

The Hamptons differ from the rest of Long Island in a variety of ways, and census data recently revealed another. The East End was the only part of Long Island to see significant white population growth since the 2010 census, Newsday reported. In part that was because towns with expensive real estate, such as Bridgehampton and Sagaponack, saw the biggest total growth, according to Newsday. East End areas where Black residents previously lived have seen

Brooklyn home contract signings up 142% from pre-pandemic level

Posted: 02 Sep 2021 05:30 AM PDT

Brooklyn homebuyers inked deals for about 600 contracts in August, a 142 percent increase from the same month two years ago. Meanwhile, the number of new listings on the market rose 6 percent to 700, according to a report by appraisal firm Miller Samuel for Douglas Elliman. “Insatiable demand with new signed contracts is pulling supply into the market,” said Jonathan Miller, the author of the report. Manhattan homebuyers, for their part, signed nearly 1,000

Inventory plunges, prices soar in Brooklyn’s townhouse market

Posted: 02 Sep 2021 05:00 AM PDT

While buyers have the upper hand in most parts of New York City, the market for townhouses in Brooklyn stands as an exception. Soaring demand for single-family homes in the borough has caused inventory to shrink and prices to shoot up, mirroring the national housing market, where a severe lack of units for sale is driving record price increases. The number of townhouses for sale in Brooklyn is down 42 percent from a year ago,

These were the largest Manhattan real estate loans in July

Posted: 02 Sep 2021 04:00 AM PDT

The 10 largest Manhattan real estate loans recorded in July totaled $1.2 billion — well short of June’s $4.5 billion total. That month’s number was inflated by SL Green’s record-setting $3 billion refinance of its One Vanderbilt tower. A variety of loans marked the July list including refinances of beleaguered hotels and office building owners borrowing to refurbish for the post-Covid marketplace. Here were the borough’s largest real estate loans in July: 1. Artsy Aby