The Real Deal - New York Real Estate News

Don Peebles calls affordable housing “absurd” for 11th Avenue site

Posted: 08 Feb 2022 04:00 AM PST

To developer Don Peebles, the state’s decision to halt plans for a West Side development felt like canceling the Super Bowl with his team leading at halftime. The Peebles Corporation had proposed a 2 million-square-foot skyscraper for the site, 418 11th Avenue. “Affirmation Tower” would have been funded mostly by Black-owned companies, designed by architect Sir David Adjaye, built by minority- and women-owned businesses and included NAACP offices. With the political environment and positive media

Wren Kitchens cooking up Long Island locations

Posted: 07 Feb 2022 03:16 PM PST

Wren Kitchens has a bun in the oven on Long Island. Two of them, actually. The United Kingdom retailer of kitchens is opening two new showrooms on Long Island, adding to a footprint that includes its first store on the island, in Levittown, Newsday reported. That 19,500-square-foot location opened four months ago. One location is coming to Selden, where Wren signed a lease for a 30,000-square-foot showroom at 15-109 Middle Country Road in College Plaza.

15 Central Park West tops Manhattan’s luxury contracts

Posted: 07 Feb 2022 01:30 PM PST

The first week of February may have brought a harsh wintry mix to Manhattan, but the borough’s luxury market appeared to warm up. Between Jan. 31 and Feb. 6, 40 luxury contracts were signed, according to Olshan Realty’s weekly report. Five weeks into the new year, the period marked the first time in 2022 the luxury market has cracked 30 or more contracts signed at $4 million and above. Of the 40 total, 27 were

Dumbo condo tower dominates Brooklyn luxury contract signings

Posted: 07 Feb 2022 01:30 PM PST

Dumbo topped the charts in a busy week for Brooklyn’s luxury market. The neighborhood was home to the two priciest contracts signed in the borough last week — both of which were in the same building: Fortis Property Group’s 30 Front Street, according to a report by Compass. Unit 29A at the sail-shaped, 33-story luxury condo tower went into contract with an asking price of $12.9 million. The unit spans 4,565 square feet with five

Zeckendorfs, Atlas Capital to build $1B luxury condo tower

Posted: 07 Feb 2022 01:26 PM PST

The Zeckendorfs have a new luxury project in the works, modeled on their wildly successful 15 Central Park West in the West Village. Zeckendorf Development and Atlas Capital Group are in contract to purchase the 1.3-acre site at 570 Washington Street off the West Side Highway and plan a condo tower there, the New York Post reported. Westbrook Partners is the seller of the site, which traded hands for an undisclosed price. The transaction is

Feasting on leftovers: Restaurants snap up fancy digs abandoned during pandemic

Posted: 07 Feb 2022 12:30 PM PST

The former Hakkasan restaurant space just off Times Square has so much marble, it could compete on Instagram with the Karl Lagerfeld bathroom at Paris’ Hôtel de Crillon. From a long hallway of blindingly white tiles to stone screens carved by water jets, the space includes nearly 5,000 square feet Calacatta marble, which prompted the New York Times to deem it a “multi-million dollar exercise in Orientalism.” Hakkasan spent about $10 million building out the

Industrial spec development up, delivery down

Posted: 07 Feb 2022 11:30 AM PST

Developers across the country are racing to build new warehouses, as vacancy rates approach sub-1 percent in some markets. The only problem? Many can’t actually finish them in a timely manner, due to supply chain issues and labor shortages. Deliveries of speculative construction industrial warehouses larger than 100,000 square feet dropped significantly in 2021, according to a recent report from Newmark. Around 80 of these warehouses were delivered across 23 major markets in 2021 —

Manhattan’s luxury market, condos lead signed contracts

Posted: 07 Feb 2022 10:30 AM PST

After an unprecedented year of sales, New York’s signed contracts across property types are beginning to slow, according to Douglas Elliman. The January report compiled by Miller Samuel one- to three-family homes, as well as condominiums and co-ops in Manhattan, Brooklyn, Long Island, Westchester County and Fairfield County. In Manhattan, contracts signed for co-ops overall ticked down from January 2021 by 5 percent to 492. However, signatures for pricier listings swelled, with contracts between $5

Feds find sheltered homeless population highly concentrated in CA, NY

Posted: 07 Feb 2022 09:30 AM PST

The nation’s sheltered homeless population is highly concentrated in four states, with New York, California, Florida and Massachusetts all accounting for significant shares, according to a HUD report published on Friday. The federal agency’s Annual Homeless Assessment Report to Congress aims to provide a snapshot of homelessness throughout the country based on data derived from “point in time” counts. The methodology aims to measure the number of individuals and families living on the streets and

Home prices, rents soared in top Sun Belt migration destinations

Posted: 07 Feb 2022 07:45 AM PST

Sun Belt cities last year drew massive waves of migrants, supercharging increases in rents and home prices ahead of the national average. The affordable home costs that initially attracted transplants have swelled with the influx of new residents, presenting a threat to affordability in the markets, according to a report from Redfin. Migration encouraged by remote work policies is a “cultural shift is here to stay,” said Redfin deputy chief economist Taylor Marr. However, the

Dynamic Star lands partners for Fordham Landing

Posted: 07 Feb 2022 06:45 AM PST

When it comes to its plans for a massive Bronx development, Dynamic Star won’t have to go it alone. Namdar Realty Group and Gorjian Acquisitions are joining the Fordham Landing project, combining to take an approximately 50 percent equity stake, Crain’s reported. The development is expected to cost about $2 billion. The transaction was arranged by Meridian Capital Group’s Shlomo Weissberg on behalf of Dynamic Star. Fordham Landing is set to be one of the

Uncertainty reigned over real estate stocks in January

Posted: 07 Feb 2022 05:45 AM PST

Markets climbed Friday afternoon on a better-than-expected jobs report, but it was not enough to undo the results of a topsy-turvy January that impacted real estate stocks alongside broader markets. The Real Estate Select Sector Index, which generalizes how publicly traded real estate companies perform in the market, fell nearly 8 percent in the last month. The iShares ETF that tracks the performance of residential home builders fell 15 percent as supply chain snarls drove

These Hudson Valley rental markets surged most during pandemic

Posted: 07 Feb 2022 05:00 AM PST

Weekend getaways have been a saving grace for New Yorkers who, trapped in their apartments, came down with the pandemic version of cabin fever. And Hudson Valley rentals have been profiting. In 2021, Ulster County, which includes Kingston and Woodstock, had $85 million in bookings, 30 percent more than in 2019, according to a report by rental business StayMarquis. Immediately to the north, another Catskills destination, Greene County, had $67 million, an 80 percent increase.

Oceanwide battles to hang on to LA megaproject

Posted: 07 Feb 2022 04:30 AM PST

Oceanwide wanted the American dream. And it wanted it from coast to coast — Manhattan to L.A. The firm, one of China’s largest real estate developers, even looked to top it off with a high-end resort in Hawaii. Its dream looks different these days. The firm is down to its last standing project: the unfinished Oceanwide Plaza in Downtown Los Angeles. It has either lost, or is on the brink of losing, its three other

Analysis: NYC neighborhoods ranked by home prices, sales

Posted: 07 Feb 2022 04:00 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 all the data and market information you need. It’s no shock that the Central Park South area — home to Billionaires’ Row — would top the charts for the highest average home price in the city. It might be surprising, though, that the average sale price last