The Real Deal - New York Real Estate News

Luxury senior living could replace shuttered Hauppauge school

Posted: 16 Sep 2021 03:30 PM PDT

Lifetime Hauppauge residents could end up living where they once studied — but only if district residents approve the sale of a shuttered elementary school to a Long Island developer. The district has a deal to sell the Whiporwil School to the Beechwood Organization for $13 million about four decades after the elementary school closed. The sale will be subject to a referendum on October 21 at the very same school, according to Newsday. If

Grove Press building to be pulverized by luxury condo development

Posted: 16 Sep 2021 03:00 PM PDT

Grove Press spent some of its landmark years fighting against censorship at 66 University Place in Greenwich Village. The publisher won many battles, but developers are ready to cut the history seeping out of the building. On Tuesday, bSafal filed plans with the Department of Buildings for an 11-story, 28-unit residential project at the site. The building would be home to a set of luxury condos, according to Crain’s. Development of the site falls to

Homebuying startup Ribbon to take on Midwest, West Coast markets

Posted: 16 Sep 2021 02:30 PM PDT

The Southeast-focused homebuying startup Ribbon will expand nationally after announcing a $150 million fundraising round this week. The company, which enables individuals to make cash offers in competitive housing markets, will now push into the Midwest and West Coast, CEO Shaival Shah said in an interview. Over the next 18 months the company will target mid-range homeowners in those regions who are being outbid by large investors and institutional buyers speculating on the single-family rental

Two more rent law challenges tossed, landlords rest hopes on appeal

Posted: 16 Sep 2021 02:29 PM PDT

A federal judge dismissed two more challenges to the 2019 rent law, one brought by city landlord G-Max Management, another by owner group Building and Realty Institute of Westchester. Out of five suits filed over the past two years targeting the New York state law, the decision this week leaves just one on the docket: a case appealed by the Rent Stabilization Association and Community Housing Improvement Program, both city landlord groups. Tenant lawyers say

Carlyle Group scores $32M construction loan for Crown Heights storage facility

Posted: 16 Sep 2021 01:02 PM PDT

Here come the cubes. The Carlyle Group on Wednesday scored $31.8 million in construction loans from Santander Bank to build a self-storage facility in Crown Heights. The project will replace a Western Beef meat market that used to stand at 1223 East New York Avenue and has since been demolished. In Nov. 2020, a Carlyle subsidiary purchased the lot for $13 million from Shibber Khan’s Criterion Group, public records show. Just five months before the

Making it rain in Miami’s Design District

Posted: 16 Sep 2021 12:30 PM PDT

Bernard Arnault briefly dethroned Amazon’s Jeff Bezos as the richest man in the world last month. The ascent of LVMH Moët Hennessy Louis Vuitton’s chairman and CEO was propelled by mind-blowing company revenue of $34 billion for the first half of the year, allowing Arnault to climb atop the ranking of the wealthiest billionaires for the third time since 2019 before settling back into third place behind Bezos and Elon Musk. LVMH’s strong performance —

HUBBNYC pays $105M for Harlem apartment building

Posted: 16 Sep 2021 11:07 AM PDT

Harlem’s 125th Street has epitomized the real estate industry’s confidence in New York City’s recovery, with retailers including Target and Trader Joe’s committing to open stores on the busy corridor. Now one of the street’s newest apartment buildings has traded hands for more than $100 million, a sign of the buyer’s optimism for the street. HUBBNYC paid $105 million for the 141-unit rental and retail building at 56 West 125th Street, a representative for the

Big month for retail sales bodes well for landlords

Posted: 16 Sep 2021 08:35 AM PDT

Americans still love their stuff. Overall retail purchases rose 0.7 percent in August, easily beating out the median estimate of a 0.7 percent drop from economists surveyed by Bloomberg. Excluding automobiles, which are hard to get because of a microchip shortage, sales looked even better with a five-month high 1.8 percent rise, according to Bloomberg. Retail purchases were buoyed by back-to-school purchases being more robust than expected, as many students return full-time to the classroom

CB1 approves Two Trees’ River Ring, keeping project on pace

Posted: 16 Sep 2021 07:42 AM PDT

Two Trees’ River Ring cleared a significant hurdle in Brooklyn — ahead of schedule. Community Board 1 recommended approval of the waterfront development in Williamsburg one month after the clock started on the review process, rather than take the full 60 days, according to the Brooklyn Daily Eagle. The 20-15 vote followed a long virtual meeting Tuesday evening. The vote included recommendations that could give the City Planning Commission, Borough President Eric Adams and eventually

IWG to open 58K sf co-working site on Park Ave

Posted: 16 Sep 2021 07:00 AM PDT

IWG is doubling — no, tripling — down on its wager that flexible offices have a solid future in New York City. The Switzerland-based company is expanding its presence in Manhattan for the third time in the past few weeks, planning a location at AEW Capital Management’s 250 Park Avenue. The co-working space will be the first under the company’s Signature brand in Manhattan, according to Crain’s. The space will be 58,000 square feet, including

Fleet Financial to bring luxury hotel and condo project to Corona, Queens

Posted: 16 Sep 2021 06:30 AM PDT

A zero-carbon-emitting luxury hotel and condo building that is partnering with a Michelin Star chef and a former Zaha Hadid senior architect sounds like a new development in Chelsea or Tribeca. But Richard Xia’s Fleet Financial Group is seeking to bring the concept to Corona, Queens, just two miles from LaGuardia Airport. The group plans to break ground on the 25-story project, known as Eastern Emerald, at the end of the month. Totaling 350,000 square

Tritec lands $173M for Bay Shore Residences

Posted: 16 Sep 2021 06:00 AM PDT

A big project in Bay Shore is coming together after $173 million in financing came through for Long Island developer Tritec Real Estate. The developer secured a $113 million, four-year, floating rate construction loan from Santander Bank and Truist Financial Corporation. Another $55 million came in joint venture equity from institutional investors being guided by J.P. Morgan Asset Management, according to the Commercial Observer. The project — known as Bay Shore Residences — is being

Waterfront home in Water Mill asks $19.5M

Posted: 16 Sep 2021 05:30 AM PDT

A Water Mill home designed by architect Fred Stelle is for sale, asking $19.5 million. Located at 5 Burnetts Cove Road, the home sits on a .40 acre lot on Mecox Bay at the end of Flying Point Road. Outside, the home has a waterfront heated Gunite pool and dock, an outdoor shower and covered outdoor dining area on the pool level, along with landscaping surrounding the house. On the ground floor there is a

Loy Carlos leaves Corcoran for Serhant luxury unit

Posted: 16 Sep 2021 05:00 AM PDT

Loy Carlos sealed his deal with Ryan Serhant this summer over mussels and roast chicken and some memorable duress — the Flatiron restaurant where they dined lacked air-conditioning. The Manhattan dinner led Carlos, the veteran real estate agent who worked with so-called condo queen Carrie Chiang at Corcoran Group, to jump to Serhant’s shop. He’ll lead Serhant’s “Signature” divisions, for properties asking at least $10 million, and build his own team. “We just had so

Cash to burn: How brokerages are spending capital in a record year

Posted: 16 Sep 2021 04:30 AM PDT

Big U.S. real estate brokerages, awash in cash amid a housing rebound that shows few signs of slackening, are repaying debt and rewarding investors as they push to expand market share. Douglas Elliman’s parent, Vector Group, plans to plow money into its venture capital investment arm. EXp Holdings announced a cash dividend for the first time. Realogy, meanwhile, aims to keep paying down debt. And Compass, after opening 15 new markets and announcing a mortgage

Mom-and-pop landlords, Black tenants hit harder by pandemic: report

Posted: 16 Sep 2021 04:00 AM PDT

It’s been tough to get good data on rent payments during Covid. Dispatches from the National Multifamily Housing Council show collection rates never dipped below 93 percent — a seemingly healthy figure. Yet the oft-cited survey covering 11 million apartments draws only from larger, professional management companies and counts partial payments the same as full ones. Missing from the stats are the experiences of smaller and mid-sized landlords and the percentage paid of total rent