The Real Deal - New York Real Estate News

Lender aims to foreclose on Jack Terzi’s Soho “jewel box”

Posted: 17 Feb 2022 04:22 PM PST

Jack Terzi’s “jewel box” in Soho could be headed to foreclosure. Wells Fargo, acting as a trustee for commercial mortgage bondholders, is seeking to foreclose on Terzi’s property at 63 Spring Street, alleging Terzi has been in default on an $18.5 million CMBS loan since April 2020. Terzi, of the real estate developer and brokerage JTRE, purchased the retail property at 63 Spring Street for $15 million in 2014. Terzi referred to the overlooked site

Realogy announces $300M stock buyback after strong quarter

Posted: 17 Feb 2022 03:52 PM PST

Realogy announced a $300 million stock buyback Thursday on the heels of strong fourth-quarter performance. The real estate services firm, which owns brokerages Coldwell Banker, Sotheby’s International Realty and Corcoran, posted $47 million net income in the fourth quarter. That brings the firm’s annual profit to $343 million, or $2.95 per share. The firm’s growth was driven by the humming housing market, as its brokers were in on 16.4 percent of all U.S. home sales.

More multifamily deals coming, Tony Malkin says

Posted: 17 Feb 2022 02:46 PM PST

Empire State Realty Trust’s unexpected move into the apartment business, it turns out, was only the beginning of its diversification effort. The New York office landlord is looking to add more multifamily — even more retail — to its footprint as it faces headwinds in its core sector. “Our investment team continues actively to underwrite new office, retail and multifamily opportunities where we think we can get an edge with our local knowledge, ability to

On to the Next One: Swizz Beatz, Alicia Keys selling NJ mansion

Posted: 17 Feb 2022 02:32 PM PST

Alicia Keys may be a “Girl on Fire,” but her real estate dealings lately are anything but. The 15-time Grammy winner and her acclaimed producer husband, Swizz Beatz, are in contract to sell their Englewood, New Jersey, estate for below its $9.9 million asking price, the New York Post reported. That means the power couple could be taking a significant hit on the sale of 191 Brayton Street, which they purchased from comedy legend Eddie

In Hackensack development boom, resi project to displace local stores

Posted: 17 Feb 2022 12:43 PM PST

A luxury development in the revitalized downtown of Hackensack is threatening to displace several store owners. A six-story, 130-unit building has been proposed to replace five buildings and a parking lot, NorthJersey.com reported. One of the businesses in its footprint, Bruce the Bed King at 467 Main Street, is shuttered. But others are still open. Among them is O’Shea Printing, which is run by Erin Bracken and has been in her family for a half-century.

Jeff Hyland, who helped shape LA’s luxury market, dies

Posted: 17 Feb 2022 11:44 AM PST

Jeff Hyland, the Los Angeles luxury agent and co-founder of brokerage Hilton & Hyland, who for over four decades played a role in some of the city’s most prominent residential deals and groomed a generation of top agents, died Wednesday. Hyland, who was in his 70s, had been battling cancer for a year, according to a statement from his wife, Lori, shared on Hilton & Hyland’s Instagram page Thursday. Rick Hilton, co-founder of the firm,

Co-op resident alleges “self-dealing” among board over dirty laundry

Posted: 17 Feb 2022 11:00 AM PST

UPDATED, Feb. 17, 2022, 2:30 p.m.: On the outside, the Sage House is a well-appointed co-op on a quiet corner in Gramercy Park. But inside, a resident alleging favoritism from the co-op board over his dirty laundry — literally. Resident Jeffrey Pollack is suing the building’s co-op board after it denied his request to put a laundry room in his apartment. His beef: the board apparently let its president do exactly that in 2015. The

Compass reports $175M loss in the fourth quarter

Posted: 17 Feb 2022 10:06 AM PST

Despite soaring home prices that helped it generate $1.6 billion in revenue, Compass reported a loss of nearly $175 million in the fourth quarter, up from the $100 million lost in the third quarter and $40 million in the same period in 2020. All told, the brokerage, which went public in April, lost nearly half a billion dollars last year, it reported in its quarterly earnings Wednesday. As home sales spiked nationwide, the company continued

Landlords largely dodge charges for illegal eviction claims

Posted: 17 Feb 2022 10:00 AM PST

New York City’s eviction moratorium sent tensions between landlords and tenants to a boiling point, but thousands of illegal eviction claims were met with inaction from police. State court data shows the NYPD made 39 arrests where unlawful eviction was a top charge in 2020 and 2021, The City reported. Police also issued 131 criminal summonses during that period, significantly less serious than an arrest. The arrests and summonses are a miniscule share of the

Douglas Elliman shutters Greenwich Village outpost

Posted: 17 Feb 2022 09:00 AM PST

Douglas Elliman’s Greenwich Village outpost is no more. The brokerage has closed its office at 774 Broadway and terminated the sales managers at the location, sources told The Real Deal. A representative for Elliman confirmed the firm did not renew its lease at the location, but said the brokerage maintains a “strong downtown presence” with other offices, including 111 Fifth Ave and 936 Broadway in the Flatiron District, 140 Franklin St in Tribeca and 140

Investors flooded the housing market in 2021

Posted: 17 Feb 2022 08:00 AM PST

The odds that an investor owns the home next door climbed even higher in 2021. Investors last year bought almost one in every seven homes across 40 major metropolitan areas, according to Redfin data reported by the Washington Post. The institutions’ share of American home purchases reached its highest level in at least two decades, buoyed by investors buying 15 percent of all homes sold in those markets in the fourth quarter. However, not all

Eviction drama sparks standoff in Crown Heights

Posted: 17 Feb 2022 07:40 AM PST

UPDATED Feb. 17, 2022, 5:03 p.m.: It’s no surprise that the end of New York’s eviction moratorium would usher in some landlord-tenant dramas. But the saga unfolding at a Crown Heights home signals a seismic shift in how renters are fighting displacement, one landlords fear may ruin their shot at finally getting nonpayers out. Last Friday, tenant advocates descended upon 964 Park Place, where renters Ida Robinson and daughter Sherease, along with the rest of

These neighborhoods provide the most bang for homebuyers’ buck

Posted: 17 Feb 2022 06:30 AM PST

Want to get the most space for your dollar in New York City? Queens is your best bet. StreetEasy analyzed the asking price per square foot in the borough, as well as in Manhattan and Brooklyn. It found the median asking price per square foot in Queens last month was $540, followed by Brooklyn ($666). Manhattan ($1,612) was a distant third. StreetEasy used that figure to calculate how much house buyers can purchase for the

Natural disasters caused $57B in property damage in 2021

Posted: 17 Feb 2022 06:00 AM PST

Fire, water and freezing temperatures last year posed increasingly dangerous — and expensive — concerns for homeowners across the U.S. Natural disasters caused $56.9 billion in property damage in 2021, according to a new climate change catastrophe report from CoreLogic. Wildfires, floods, twisters and winter freezes hit nearly every major market with no signs of slowing down. Even as waterfront areas beefed up flood defenses and insurance policies, property damage from hurricanes along the Gulf

Multifamily assets power another strong week for investment sales

Posted: 17 Feb 2022 05:00 AM PST

Investment sales priced between $10 million and $40 million combined for a whopping $377 million last week as multifamily properties remained a hot commodity, a pair of development parcels sold in Long Island City and a late photographer’s longtime home traded in a seller-financed deal in Soho. An alleged illegal hotel once run by Hank Freid on the Upper West Side will be converted to affordable housing following a sale and court settlement with the