The Real Deal - New York Real Estate News

From “I Love Lucy” and “The Jeffersons” to “Gossip Girl,” the Upper East Side has long found a home on TV screens as the setting of choice for New Yorkers who have made it. Contrary to its rarefied reputation, however, homes in the neighborhood range from extravagant to surprisingly affordable (by Manhattan standards, anyway). It all depends on where you look. Weary of the maddening crowds in Central Park, the Guggenheim and the Met? Head

East Hamptonites are at odds with each other over the fate of the town’s eponymous airport. The town for the first time has the power to affect operations at East Hampton Airport and it seems everyone has a different idea of what to do with it, according to Vanity Fair. Part of the reason why there is so much debate is because of how much busier the airport has become over the past decade. Few

Average monthly rents rose by 13 percent since last year, with the bulk of the price surges recorded in popular metro areas, according to a new report from Redfin. The report pins the average monthly rent nationwide in October at $1,858, a 12.5 percent year-over-year rise from 2020. Average rent in October in 2020 was only $1,651, but has been rising ever since. Some metros are seeing sharper rent increases than others. Three markets in

Flex-warehouse startup ReadySpaces has inked a 90,000-square-foot lease at Isaac Chetrit’s industrial loft building in Ridgewood, Queens. Led by co-founders John Zimmerman and Kevin Petrovic, the company has been growing its footprint with long-term leases on or purchasing large Class B and C warehouses. ReadySpaces has more than 20 locations in North America, spanning more than 2 million square feet. But the recent lease at 59-10 Decatur Street marks its first in New York City.

The burgeoning digital real estate market is heating up. A virtual “estate” in Decentraland, one of the two dominant metaverses, changed hands on Nov. 23 for a record sum — the equivalent of $2.4 million at the time. Tokens.com Corp., via its subsidiary Metaverse Group, paid 618,000 MANA — the native Decentraland cryptocurrency — for 116 parcels comprising some 6,090 square feet in the virtual world. The estate, in Decentraland’s Fashion District, is now worth

About one-quarter of the Trump Organization’s New York City retail tenants either left or closed during the pandemic, according to an analysis by Forbes. Prior to the pandemic’s onset, Trump counted more than 30 retail tenants in the city. New York Sports Clubs was one of the first to go, closing down at Trump Park Avenue in March 2020 before its parent company declared bankruptcy. Capital One left in May 2020 with a year and

The City Council passed two bills that will expand young New Yorkers’ direct access to housing vouchers. The measures passed Tuesday will qualify time spent in shelters or foster care to allow those eligible to bypass the requirement to go to adult facilities before they can apply for vouchers, The City reported. One bill requires the city to count time spent in a youth homeless shelter towards rental assistance eligibility. The requirement will help the

At The Real Deal’s seventh annual Miami event on Nov. 10, brokers at the top of the residential market sparred over the best strategies for snagging clients and listings in an inventory crunch. The panel, sponsored by Sabal Luxury Builders and moderated by TRD’s Katherine Kallergis, featured Douglas Elliman brokers Dina Goldentayer and Oren Alexander, Dora Puig of Luxe Living Realty, Corcoran’s Julian Johnston, and Jeff Miller of One Sotheby’s International Realty. The five agents

New York City hotel operators are going to be feeling like Ebenezer Scrooge this holiday season if reported occupancy expectations hold up. CBRE Group’s hotel division forecast occupancy in the city to hit 56 percent during the fourth quarter, according to the Wall Street Journal. That’s only a slight increase from the third quarter and a disappointment compared to the historical lift in occupancy rates during the holidays. “We’re going to get some visitation over

New York City’s Princeton Club could have a solution to its problems in the form of a notable Princeton alum: former Google CEO Eric Schmidt. The billionaire has bid on the loan for the troubled club, people familiar with the situation told Bloomberg. The club defaulted last month on a $39.3 million mortgage, bringing the possibility of foreclosure into play. The club previously received six months of forbearance from Sterling National Bank on the debt.

In a legal and public relations battle with the Children’s Magical Garden, the president of a real estate firm might need some magic of his own. David Marom of real estate firm the Horizon Group is attempting to build a luxury home on the site of the Lower East Side garden. If the optics of that were not challenging enough, Marom filed a defamation suit against the garden’s defenders, only to have a judge throw

Two years ago, outraged members of the real estate industry easily filled a casino conference room in Central New York to vent and strategize. The Housing Stability and Tenant Protection Act had recently passed, putting a tourniquet on rents in 1 million stabilized apartments. Even upstate, home to just one-10th of the state’s regulated units, landlords were up in arms. Fast forward to 2021 and that resolve seems like a fever dream. The groups heading