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The Real Deal - New York Real Estate News |
Scott Rechler’s RXR gets mega-refi for Yonkers project that proved critics wrong Posted: 19 Nov 2021 03:00 PM PST When RXR Realty broke ground in December 2016 on a two-tower luxury rental development in Yonkers, skeptics said the “if you build it, they will come” strategy would not work there. But come they did. The success of Sawyer Place allowed RXR Realty to recently land a $160-million refinancing for the multifamily complex. Scott Rechler-led RXR, in conjunction with Yonkers-based Rising Development, completed the 438-unit project in the heart of Yonkers’ downtown near the Metro-North |
Brookfield pays $45M for Red Hook Amazon facility Posted: 19 Nov 2021 02:00 PM PST Brookfield Properties has reportedly made a new industrial play in Red Hook, Brooklyn, picking up a warehouse Amazon Fresh uses for its grocery delivery service. The real estate investment firm acquired the 99-year ground lease at 55 Bay Street in the Brooklyn neighborhood for $45 million, according to the Commercial Observer. The seller was Dov Hertz’s DH Property Holdings. DH Property Holdings kicked off construction on the 85,000-square-foot warehouse in 2018, a year after acquiring |
Here’s where real estate issues stand in the Build Back Better bill Posted: 19 Nov 2021 01:37 PM PST The U.S. House of Representatives on Friday greenlighted the roughly $2 trillion Build Back Better Act, meaning the fate of billions of dollars in housing funding is now in the hands of the Senate. The measure’s approval follows the passage of the $1 trillion infrastructure bill, which represents the largest federal investment of this kind in more than a decade. The larger spending measure has already gone through a series of haircuts, with housing financing |
Deconstructing Surfside: A three-part podcast series streaming now Posted: 19 Nov 2021 01:15 PM PST The TRD newsroom has delivered unparalleled coverage of the Surfside condo collapse in South Florida. Four months later, we’re diving deeper into the tragedy and its ramifications with a three-part podcast series. In Part One last week, reporter Suzannah Cavanaugh spoke with TRD’s South Florida deputy editor, Katherine Kallergis, on the potential factors that led to the collapse of Champlain Towers South and how the players involved are being held accountable. The episode also explores |
East Hampton pursues affordable housing dev for former Baptist church Posted: 19 Nov 2021 12:51 PM PST The East Hampton Town Board is making incremental steps toward developing affordable housing on a former church property in Wainscott. The board this week kicked off discussions over a zoning overlay for a property it purchased in 2019 for an affordable development, 27East reported. The 6.4-acre site on Route 114 includes the former home of the Triune Baptist Church and a neighboring property. The town purchased the two properties for around $1.8 million. Current zoning |
Southampton home on Meadow Lane fetches $70M Posted: 19 Nov 2021 12:00 PM PST New York is getting colder, but the Hamptons real estate market is still hot. An eight-acre estate at 840 Meadow Lane in Southampton sold for $70 million in one of the biggest deals of the year, according to the Wall Street Journal. The home was listed for $75 million as recently as June. The mansion on the property dates back to the late 1920s, spanning 22,000 square feet with a Tudor-style design. The home includes |
Sterling Equities’ $22M Chelsea townhouse sale claims neighborhood record Posted: 19 Nov 2021 11:15 AM PST A renovated 19th-century townhouse sold by Sterling Equities has reportedly broken a Chelsea record. The home at 334 West 20th Street sold for $22.5 million, according to the Wall Street Journal. The sale price came in underneath the March listing price of $25 million. Nevertheless, the sale easily set the record for most expensive townhouse sold in Chelsea. The previous record was a $16.25 million sale in 2014, Jonathan Miller of Miller Samuel Real Estate |
Battle for Hudson Valley heats up as Sotheby’s, Redfin seek to cash in Posted: 19 Nov 2021 10:15 AM PST What does the white-hot Hudson Valley real estate market need now? Two major property brokerages say the answer is simple: more expansion. Four Seasons Sotheby’s International Realty and its partner, Peerage Realty Partners, merged with Select Sotheby’s International Realty and Gary DiMauro Real Estate, whose “for sale” signs pepper lawns throughout Dutchess, Columbia, Green and Ulster counties. Meanwhile Redfin, already a presence in Westchester, Putnam and Rockland, is extending brokerage services to parts of Ulster |
Joe Chetrit buying Two Bridges site Posted: 19 Nov 2021 09:31 AM PST Joe Chetrit is heading to Two Bridges. The developer is buying the development site owned by CIM Group and L+M Development Partners in the rapidly transforming corner of the Lower East Side, sources familiar with the sale told The Real Deal. The Chetrit Group is in contract to pay around $100 million for the site at 265 South Street, where CIM and L+M filed plans in September for a two-towered building with more than 1,300 |
Tishman Speyer grabs bulk of Arker’s mammoth, delayed project Posted: 19 Nov 2021 09:14 AM PST Affordable housing developer Arker Companies was supposed to break ground on the city’s biggest privately funded affordable project in early 2020. Now, two years later and without a shovel yet in the ground, office giant Tishman Speyer is stepping in to get things going. The firm said Friday it would acquire 10 of the 11 building sites that will make up Edgemere Commons, a sprawling 2.2-million-square-foot project in Far Rockaway, Queens, with 2,050 affordable units |
Cerberus nabs $616M CMBS loan on FirstKey single-family rentals Posted: 19 Nov 2021 08:15 AM PST Cerberus Capital Management, the parent organization of FirstKey Homes, landed a $616.1 million CMBS loan from Morgan Stanley, the Commercial Observer reported. The loan is for five years at a fixed-rate, financing FirstKey’s 2,106-home portfolio. The investment and property manager firm counts more than 34,000 homes in its total portfolio, the vast majority of which are involved in CMBS securitizations. The portfolio involved in this financing was assembled by FirstKey between June and August 2021, |
Silverstein leashes BarkBox for 52K sf at 120 Broadway Posted: 19 Nov 2021 07:30 AM PST Silverstein Properties is barking up the right tree with its latest office lease at 120 Broadway, otherwise known as the Equitable Building. Pet supply subscription company BarkBox is taking 52,000 square feet at the Financial District building, the Commercial Observer reported. The company will occupy the entire 12th floor. BarkBox will relocate from its digs at 221 Canal Street by next fall, according to the outlet. The company signed a 15-year lease for its space |
Five luxury Greenwich Village apartments for the bourgeois bohemian Posted: 19 Nov 2021 06:45 AM PST The Beat generation would likely be dismayed to learn that the heart of America’s mid-century bohemian revival has since become one of Manhattan’s priciest neighborhoods. Sure, a pass by Cafe Wha or the Bitter End are more than mere reminders of Greenwich Village’s history as the former stomping grounds of Jackson Pollock and Bob Dylan, and the ever-bustling Washington Square Park remains its energetic epicenter. Today, homes in the neighborhood routinely go for far more |
Proposed I-787 teardown would create 6M sf development play Posted: 19 Nov 2021 05:45 AM PST If one group in Albany gets its way, Interstate 787 will be replaced by waterfront parks and projects. The Albany Riverfront Collaborative is leading a push to replace the waterside highway with a boulevard, according to the Times Union. ARC’s plan involves a remade roadway and the opening of 92 acres for green space and development. The highway has been a controversial part of the city since it was built in the early 1970s. Its |
South Williamsburg resi project faces takeover by lender Posted: 19 Nov 2021 05:00 AM PST A nearly completed South Williamsburg residential building could be taken over by its lender next month. As UCC foreclosures rise in the city, New York-based DW Partners has scheduled one Dec. 13 for equity interests in 427 Marcy Avenue. The lender is able to foreclose because it provided three loans on the project totaling $25 million in 2019. The project, now known as just 427 Marcy Avenue, is being developed by Ezra Unger of Brooklyn. |
NY foreclosure ban does not apply to shell companies, judge rules Posted: 19 Nov 2021 04:00 AM PST As the pandemic drags on, New York’s foreclosure moratorium is starting to crack. On Nov. 12, an Orange County judge ruled that Wilmington Savings Fund could foreclose on and sell the home at 6 Turtle Knoll in Monroe. The ruling came as a surprise, given that its owner had filed a hardship declaration, which is supposed to keep people in their homes even if they fail to make their mortgage payments. But in this case, |
First tenant at Olayan Group’s 550 Madison takes 240K sf Posted: 18 Nov 2021 02:20 PM PST Olayan Group and RXR Realty have landed their first tenant at the newly renovated 550 Madison Avenue. Insurance firm Chubb has signed a lease for 240,000 square feet of office space, taking 10 floors of the 800,000-square-foot building. Chubb will be an anchor tenant in the 37-story tower, with more than 31 percent of the building’s rentable office space. Chubb’s current headquarters are at the Durst Organization’s 1133 Sixth Avenue, where the company is leasing |
Southampton moves to curb emissions after declaring climate emergency Posted: 18 Nov 2021 02:00 PM PST Months after declaring a climate emergency, local officials in Southampton are taking steps to reduce building emissions. The Southampton Village planning commission voted this month to adopt the New York Stretch Code, a voluntary framework that applies more stringent energy efficiency standards to buildings in local jurisdictions, 27East reported. The village, which is located within the larger Southampton Town, would receive a $5,000 grant for adopting the code. The New York State Energy Research and |
CVS Health shuttering almost 1,000 stores in 3-year pivot Posted: 18 Nov 2021 01:30 PM PST CVS Health is preparing to shutter almost 1,000 stores in the next three years as it looks to develop new health care outlets. The company announced plans on Thursday to close approximately 300 stores on an annual basis in the next three years. The Associated Press reported the closures represent nearly one-tenth of CVS’ 10,000-store retail footprint. Drugstores are the most visible offering CVS provides, but the company also dabbles in health insurance, prescription drug |
NY homeowners behind on mortgages get $539M from feds Posted: 18 Nov 2021 12:12 PM PST Mick Jagger sang, “You can’t always get what you want, but if you try sometimes, you get what you need.” On foreclosure aid, however, Gov. Kathy Hochul got what she wanted, not what New York needed. New York on Thursday became the first state in the nation to receive U.S. Treasury approval for Homeowner Assistance Fund aid. Nearly $539 million — the amount Gov. Kathy Hochul requested — will be distributed to homeowners at the |
Sotheby’s, Realogy make winning bid for Concierge Auctions Posted: 18 Nov 2021 10:36 AM PST Going once, going twice, sold! Concierge Auctions, that is, to Sotheby’s and Realogy Holdings. The auction house and residential real estate services company will take a joint 80 percent ownership stake in Concierge, a luxury real estate auction marketplace, they announced Thursday. Financial terms were not disclosed. Concierge Auctions co-founders Chad Roffers and Laura Brady will remain president and CEO, respectively. But they will report to a newly formed board of managers made up of |
New York City has largely regained residents who fled in the pandemic Posted: 18 Nov 2021 09:45 AM PST People may have fled the Big Apple during the height of the pandemic, but the city appears to have welcomed back most of the residents it lost. New York City has seen a net gain of move-ins since July when compared to 2019 levels, according to a report from City Comptroller Scott Stringer. The data suggest about three-quarters of those who left during the pandemic have been regained or replaced. The data, based on change-of-address |
Click, bid, buy: Suffolk County breaks precedent with virtual auction Posted: 18 Nov 2021 09:01 AM PST Suffolk County has decided to go virtual for its next property auction, the first time the county has taken the process online. UPDATED Nov. 19, 2021, 9:31 a.m.: The auction is set to take place on Dec. 1 with 159 parcels for sale, according to Newsday. The county came into possession for the parcels because of nonpayments of taxes on the properties for at least 36 months. Bidders with shallow coffers will be able to |
Moves hit 73-year low despite so-called pandemic migration Posted: 18 Nov 2021 08:00 AM PST Stories of pandemic-spurred migration have dominated headlines and small talk over the past year, but recently released figures show the story couldn’t be further from the truth. More than 27 million people reported moving in the previous year, accounting for 8.4 percent of residents, according to U.S. Census Bureau data reported by The Associated Press. While that figure may seem significant, it’s actually the lowest reported movement in 73 years. From 2019 to 2020, 9.3 |
Casper signs subtenant for 43K sf at Silverstein’s 3 World Trade Posted: 18 Nov 2021 07:06 AM PST Advertiser marketplace Index Exchange is reportedly subleasing 43,000 square feet from mattress retailer Casper Sleep in Silverstein Properties’ 3 World Trade Center. The company plans to move into the space immediately, marking a big expansion for Index Exchange from its 11,000-square-foot office at ABS Partners’ 20 West 22nd Street, according to Crain’s. The outlet reported the lease at 3 World Trade will run through December 2034. After housing its headquarters at the Flatiron building for |
Landlord lobby fractures over reopening rent aid portal Posted: 18 Nov 2021 04:00 AM PST Since Gov. Hochul cut off most applications for the state’s nearly exhausted rent relief program late Sunday, city landlord groups have split on whether she should reverse the move. On Team Reopen: the Real Estate Board of New York and the Community Housing Improvement Program. On Team Why Bother: the Rent Stabilization Association. REBNY, as a member of Project Parachute — a coalition of city property owners and housing advocates formed to keep vulnerable renters |
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