The Real Deal - New York Real Estate News

Good cause eviction gains steam, passes in Poughkeepsie

Posted: 16 Nov 2021 03:08 PM PST

And then there were four. Poughkeepsie on Monday night became the latest New York municipality to pass good cause eviction, a measure that affords renters robust eviction protections and limits rent increases. The Common Council voted 6 to 1 in favor. The Poughkeepsie Journal first reported the news. Unless vetoed by Mayor Rob Rolison, who told the Journal he would review the legislation over the next 10 days, it could be used as a defense

A record-shattering quarter for industrial real estate

Posted: 16 Nov 2021 02:30 PM PST

Industrial real estate made history in the third quarter as e-commerce and other tenants grappled for limited U.S. warehouse space. The segment logged 159 million square feet of net absorption — the amount of space newly occupied minus the amount vacated. It was the highest quarterly total since 2008, Transwestern said in a report. The third-quarter gain pushed the net absorption total over the past year to more than 540 million square feet — the

Soho penthouse flipped for $49M is top Downtown deal this year

Posted: 16 Nov 2021 01:45 PM PST

A condo unit whose $35 million sale made it a symbol of success during the pandemic was just flipped a year later for $49 million in a quiet, off-market deal. The 8,000-square-foot penthouse at 421 Broome Street, which last year became the most expensive home ever sold in Soho, eclipsed that mark by an astonishing 40 percent, property records show. The deal pencils out to $6,125 per square foot and not only sets a new

Amazon scraps 400K sf Jersey City office deal

Posted: 16 Nov 2021 01:25 PM PST

Two weeks after Amazon was reported to be close to a deal to lease 400,000 square feet in Jersey City, the e-commerce giant is bailing on its plans altogether. Amazon walked away from a deal at Mack-Cali Realty’s Harborside 1 at the last minute, according to Bloomberg, which cited people familiar with the matter. The outlet previously reported the company was eyeing the massive office space at 150 Hudson Street, an eight-story property on the

Maefield’s Times Square Edition hitting auction block

Posted: 16 Nov 2021 12:00 PM PST

Maefield Development’s Times Square Edition will soon change hands after a New York State court entered a judgment of foreclosure and sale for the luxury hotel. The judgment will put the 42-story property at 20 Times Square on the auction block, Bloomberg reports, likely ending a long-running dispute between Maefield and the hotel’s lenders, led by Natixis. The 452-room hotel at 701 Seventh Avenue opened to great fanfare in February 2019 and the property was

Fannie, Freddie to buy mortgages up to nearly $1M

Posted: 16 Nov 2021 11:15 AM PST

Fannie Mae and Freddie Mac will increase loan limits in the coming weeks, making it easier for buyers of more expensive homes to get a mortgage. The Wall Street Journal reports that the conforming loan limit is expected to rise to a baseline of $650,000 and to nearly $1 million in high-cost markets. The current conforming loan limits for single-family homes are $548,250 and $822,375, respectively. The exact loan limits are expected to be announced

Shuttered Courtyard by Marriott LaGuardia up for sale

Posted: 16 Nov 2021 10:30 AM PST

Hotels have been largely empty during the pandemic. As have airports. So if you own an airport hotel, chances are it’s been a rough 20 months. No wonder, then, that the owner of the former Courtyard by Marriott LaGuardia hotel in Queens wants to sell the property. The Connecticut-based Heyman family has owned the six-story building on the 3.5-acre lot at 90-10 Ditmars Boulevard in East Elmhurst for the past decades. GCP Realty II, the

Buyers go bonkers as Macklowe art auction fetches $676M

Posted: 16 Nov 2021 10:00 AM PST

Reverberations from Harry and Linda Macklowe’s acrimonious divorce echoed throughout the art world Monday night as more than half of their prized collection was auctioned off. Held at Sotheby’s on Monday night, the auction of 35 works from the collection reaped $676.1 million, surpassing the auction house’s estimates. Sotheby’s had expected the works to sell for between $440 million and $620 million. An executive told the New York Times the sale was the “most valuable

“Why are we living in such conditions?”: Crown Heights tenants withhold rent

Posted: 16 Nov 2021 09:15 AM PST

Tenants are withholding rent in an effort to compel their absentee management company to make needed repairs at a Crown Heights apartment building, which they say has been overrun with rats, roaches, dangerous mold and flooding. Brooklyn Paper reports that tenants at 1392 Sterling Place staged a rent strike rally last week, the latest chapter in a battle that some residents have been waging for months. Holes in Doila George’s kitchen ceiling leak from flooding

Peloton CEO John Foley lists East Hampton home for $4.5M

Posted: 16 Nov 2021 08:45 AM PST

John Foley, a co-founder and the CEO of Peloton, is looking to sell his East Hampton home. The high-end exercise company co-founder and his wife Jill listed the home at 12 Koala Lane for $4.5 million, according to the New York Post. The couple bought it in 2016 from Billy Macklowe, a developer and son of Macklowe Properties founder Harry Macklowe. The sylvan property totals about 2.2 acres. The roughly 6,500-square-foot home sits at the

Gotham grabs $250M for massive mixed-use project on Far West Side

Posted: 16 Nov 2021 07:32 AM PST

Gotham Organization is one step closer in its plans for a 430,000-square-foot, mixed-use building on the Far West Side. The developer secured nearly $250 million in financing for the project, Crain’s reports. Wells Fargo and US Bank are kicking in $212 million for a construction loan, while Lionheart Strategic Management is contributing $35 million via a mezzanine loan. Gotham is planning a 47-story tower at 550 Tenth Avenue, which sits between West 40th and West

Investors smash record with 18% of home purchases

Posted: 16 Nov 2021 06:30 AM PST

Amid high home prices and the prospects of high returns, investors are snapping up a bigger piece of the single-family market, according to a new report from Redfin. Redfin reports investors accounted for 18.2 percent of home purchases across the United States in the third quarter, a record for the sector. The figure marks a jump from investors’ share of 16.1 percent of home purchases in the second quarter and 11.2 percent of the sales

“We weren’t canceled”: Nixed by Netflix, Nest Seekers settles for Discovery+

Posted: 16 Nov 2021 05:45 AM PST

Nest Seekers International insists Netflix did not cancel “Million Dollar Beach House,” a reality show following some of the brokerage’s Hamptons agents. But don’t look for new episodes on the streaming giant: Season Two was never filmed. Nest Seekers won’t disappear from the small screen, however. Three agents from “Million Dollar Beach House” and three Nest Seekers colleagues will star in “Selling the Hamptons,” a new show to air on Discovery+ early next year. Deadline

What the financial titans pay at Fisher Brothers’ Park Avenue Plaza

Posted: 16 Nov 2021 05:00 AM PST

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 you with all the data and market information you need in one single location. Park Avenue Plaza, Fisher Brothers’ 45-story office tower in Midtown East, has weathered tenant turnover at an uncertain time for the Manhattan office market. Occupying nearly half of its 1.2 million square feet, the

$300M play for Fieldwire is latest big-ticket con-tech deal

Posted: 16 Nov 2021 04:00 AM PST

A gangbusters year in proptech dealmaking has yielded another big-ticket transaction in the construction-tech niche. Hilti, a global construction software, services and tools manufacturer, will acquire the jobsite management platform Fieldwire in a $300 million deal. San Francisco-based Fieldwire, founded in 2013 by CEO Yves Frinault and President Javed Singha, allows construction workers and site managers to coordinate tasks, schedule and track projects, and manage jobsite risk. Liechtenstein-based Hilti participated in Fieldwire’s Series B financing