The Real Deal - New York Real Estate News

LeFrak earns approval for 387-unit building in Jersey City

Posted: 16 Dec 2021 03:15 PM PST

As the LeFrak Organization faces resistance on one Jersey City project, it appears to be full steam ahead for another one just down the road. The city’s planning board unanimously granted approval for the developer’s project at 30 Park Lane North, located within Newport’s Northeast Quadrant, Jersey Digs reported. The 387-unit building along the waterfront will stand 33 stories, reaching nearly 362 feet into the sky. Apartments will range from studios to four-bedroom units. According

Second-home buyers have a new love for the Southeast

Posted: 16 Dec 2021 02:34 PM PST

The pandemic gave homebuyers the freedom to venture far from urban centers, and that seems to have benefited second-home markets in unlikely places. Franklin County, on the Florida panhandle, saw the largest year-over-year increase in second-home purchases of any U.S. county through the first 10 months of 2021, according to an analysis of mortgage rate locks by Pacaso. As of October, more than half of all mortgage rate locks in the Sunshine State’s third-least-populous county

Hudson Companies files mixed-use plans in East Williamsburg

Posted: 16 Dec 2021 01:45 PM PST

Hudson Companies is adding to its slate of Brooklyn developments, filing for a 311-unit mixed-use building in East Williamsburg. The developer filed its plans with the Department of Buildings on Tuesday, PincusCo reported. The filing calls for the construction of an 18-story, 135-foot-tall building spanning more than 457,000 square feet at 89 Maspeth Avenue. PincusCo reported the filing mentions affordable housing, but it’s not clear if the entire project will consist of affordable housing units.

Upstate NY city to reassess all properties, alarming homeowners

Posted: 16 Dec 2021 01:15 PM PST

Property owners in New York’s littlest city could soon be in for a big headache. Officials in Mechanicville are preparing to reassess all properties in the Saratoga County city for the first time since 2015, alarming homeowners who say the hot housing market has inflated their property values. The City Council voted 4-1 last week in favor of granting a $48,000 contract to appraisal firm GAR Associates for the gig, the Times Union reported. Frustrated

Lennar misses earnings target, as home delivery backlog jumps 26%

Posted: 16 Dec 2021 12:45 PM PST

Lennar’s homebuilding machine missed the mark on its fourth quarter earnings, as supply chain issues led to more backlogs in home deliveries. The Miami-based company’s backlog grew 26 percent, year-over-year, to 23,771 homes at the end of the fourth quarter. Lennar reported quarterly earnings of $3.91 a share, missing analysts estimates of $4.14 a share. The company’s stock was down 3 percent to $109.16 at 3 p.m. on Thursday, compared to Wednesday’s closing price. Lennar

Wynn Resorts, Bally’s, other casino giants eye NYC

Posted: 16 Dec 2021 12:00 PM PST

Major companies from Las Vegas aim to bet on the future of casinos in New York City. The Times Union reported that Wynn Resorts, Bally’s, Las Vegas Sands and Hard Rock Cafe were among those to respond to a request for information from the state’s Gaming Commission by the Dec. 10 deadline. Other respondents include Genting and Rush Street Gaming, which operates Rivers Casino in Schenectady. The responses do not mean they will bid to

Bruce Eichner sues to save Crown Heights residential project

Posted: 16 Dec 2021 11:15 AM PST

First, Ian Bruce Eichner couldn’t get through public review. Then, a judge slapped him down. Now he’s back in court, pursuing a Crown Heights project that might never happen. For four years, Eichner’s Continuum Company and Lincoln Equities Group have been trying to build a large residential development near the Brooklyn Botanic Garden. Even the ground beneath the project is slipping away, as the spice merchant who agreed to sell them the site wants out

Dan Doctoroff stepping down from Sidewalk Labs, faces ALS battle

Posted: 16 Dec 2021 10:48 AM PST

Dan Doctoroff, who shaped New York City’s real estate landscape as deputy mayor before going on to lead Sidewalk Labs, is departing from the company as he confronts a likely battle against ALS. Doctoroff announced his resignation as CEO in a Medium blog post Thursday. While he hasn’t been diagnosed with the incurable disease, various symptoms, test results and meetings with ALS experts have led him to believe he will be. “This is all very

Manhattan retail rents fell without tourists, office workers

Posted: 16 Dec 2021 10:15 AM PST

As Manhattan misses office workers and international tourists, retail rents in the borough are struggling to meet pre-pandemic levels. Average asking rents in 13 of Manhattan’s retail corridors registered year-over-year declines, according to a Fall 2021 report by the Real Estate Board of New York. Nine corridors experienced either an increase or no change in average asking price per square foot since spring 2021. “While there are some encouraging signs in the current Manhattan retail

Legal Aid Society suit asks NY to reopen rent relief portal

Posted: 16 Dec 2021 08:00 AM PST

Local tenant and housing groups are pursuing legal action to reopen New York’s rent relief portal, which they say protects renters from eviction. The New York Times reported the Legal Aid Society filed a lawsuit on behalf of the plaintiffs in hopes of restarting applications and extending protection to those behind on rent who have not applied for relief. “It’s an easy thing for them to do, at no cost to themselves, and will help