The Real Deal - New York Real Estate News

Sam Zell’s Equity Lifestyle Properties invests $147M in manufactured homes

Posted: 26 Jan 2022 02:00 PM PST

Sam Zell is betting big on manufactured homes. Zell’s Equity Lifestyle Properties paid $105 million for RVC Outdoor Destinations, an entity that operates six recreational vehicle communities, according to its fourth quarter earnings report. The firm also bought MHVillage, a listing website for manufactured homes, and Datacomp, which provides market-based valuations for them, for a combined $43 million. Equity Lifestyle said it used cash, lines of credit and proceeds from stock sales to buy MHVillage,

Proptech stars — they’re just like us: Future City attendee spotlight

Posted: 26 Jan 2022 01:30 PM PST

You may have more in common with some of the leading proptech players than you think. For example, from March 20 to 22, you will all be in the Bahamas for Future City 2022 — that is, if you get your application in by Feb 24. The Real Deal’s executives-only retreat is locked and loaded with attendees who have the scoop on what’s next for real estate in the age of the algorithm. Here are

Madison Capital signs wellness company in Brooklyn office

Posted: 26 Jan 2022 01:00 PM PST

Care/of is coming to Liberty Bklyn. Madison Capital and Salmar Properties closed a 79,053-square-foot lease with the popular direct-to-consumer personalized wellness brand. The company’s move-in is slated for mid-2022. Liberty Bklyn is a 1.3 million-square-foot industrial and office building in Sunset Park. Madison Capital manages the eight-story property, which includes a 3.2-acre rooftop farm and event space. Care/of is relocating and consolidating its industrial operations from the Brooklyn Navy Yard and its offices in Manhattan

The Collective unloads Williamsburg dev site to avoid foreclosure

Posted: 26 Jan 2022 12:06 PM PST

Bankrupt co-living company The Collective sold its Williamsburg development site for $54 million, allowing it to avoid foreclosure and even net a small amount of cash. A joint venture of the Loketch Group, the Joyland Group and Meral Property Group bought the site at 555 Broadway. The Collective had planned to build a 500-unit apartment building there. The co-living firm, currently under control of a receiver in the U.K., used proceeds from the sale to

Vornado sweetening Manhattan properties with food delivery partner

Posted: 26 Jan 2022 11:47 AM PST

Office landlords have gotten creative with the wide variety of amenities they’ve dangled in front of tenants in recent months to lure companies back into buildings. Vornado Realty Trust’s latest perk for tenants at the landlord’s 33 Manhattan office properties includes free, contactless delivery by food ordering platform Sharebite, the Commercial Observer. There is no financial deal in place for the two companies, according to the Observer. Instead, Vornado sees the partnership — which offers

Looming interest hikes prompt multifamily lending spree

Posted: 26 Jan 2022 11:16 AM PST

With deferrals down, earnings up and multifamily buildings eagerly borrowing, New York Community Bank, one of the city’s largest lenders to rent-stabilized apartments, reported an impressive end to 2021. The looming buzzkill, however, is the series of interest rate hikes expected to hit as early as March. During a fourth-quarter earnings call Wednesday, New York Community Bank CEO Thomas Cangemi celebrated the spree of lending that buoyed the bank’s annual earnings to levels last seen

These retailers fell behind on rent last year

Posted: 26 Jan 2022 10:00 AM PST

The pandemic has all but ceased to be an excuse for retailers to skip rent. Collections from national tenants last year were at 94 percent, on par with 2019’s 96 percent, according to a report by Datex Property Solutions. Collections from non-national tenants were 85 percent, down three points from 2019. The chain stores in Datex’s survey all lease 10 or more locations or have a minimum gross monthly rent of $250,000. The report does

NYCHA fires 18 workers in overtime pay probe

Posted: 26 Jan 2022 09:31 AM PST

NYCHA has fired a slew of employees the agency says it identified in an investigation over false claims of overtime work that earned the penalized workers more than $1 million. Seventy-eight people are under investigation by the agency in regard to false overtime claims, including 66 employees, most of whom are plumbers, and 12 supervisors, The City reported. As of Tuesday, 18 of those employees have been fired, while another four have been demoted. NYCHA