The Real Deal - New York Real Estate News

Amazon has made another move in Long Island’s hot industrial market. The e-commerce giant inked a 10-year lease for a 246,000-square-foot warehouse at 90 Ruland Road in Melville, Long Island Business News reported. The building is one of two being developed by Hartz Mountain Industries at the former Newsday site in the Suffolk County town. Hartz Mountain purchased the 48.5-acre site in 2018 for $54.5 million, breaking ground on construction less than a year ago.

All eyes in Astoria are on a new City Council member as a megaproject draws opposition from the local community board. Resistance has popped up — as it always does for sizable projects in Queens — against the $2 billion Innovation QNS development, the New York Post reported. Local community members have cited gentrification and community character as reasons to deny the project the political approval it needs. Unveiled in 2020 by Kaufman Astoria Studios,

The ten largest real estate loans recorded in Manhattan last month totaled more than $3.6 billion, led, in a sign of the times, by a mammoth acquisition loan for a self-storage operation. The combined value of the month’s top loans easily bested last January’s  $1.95 billion, as well as December’s $2.5 billion. Other notable loans included the securitization of Fisher Brothers’ debt on Park Avenue Plaza and $315 million in new debt issued as part

If at first you don’t succeed, try to get a judge to annul a neighborhood rezoning. That’s the strategy taken up by Voice of Gowanus and Friends and Residents of Greater Gowanus, two groups that filed a new lawsuit against the city Monday to challenge the Brooklyn neighborhood’s rezoning. The complaint alleges that the city violated various state and federal environmental laws when it approved a measure in November allowing mixed-use buildings in the 82-block

Nearly five years after Sears filed for bankruptcy, the company it spun off in the process is reportedly weighing its own fate. Real estate investment trust Seritage Growth Properties is considering strategic alternatives, including a sale of the company, people familiar with the matter told Bloomberg. The New York-based REIT is reportedly working with Barclays on the plans for the trust’s future. Plans aren’t finalized and could reeled in at any time, Bloomberg noted. Seritage,

An Oscar winner is downsizing in East Hampton, trading in her 2,500-square-foot house for one about half that size. Mercedes Ruehl purchased a property in the northwest area of East Hampton for slightly more than $1.3 million, Dirt reported. The 1,300-square-foot property is extremely private, covered in trees and foliage. Features of the home include a pool, spa, large deck and side yard. The living room has skylights and the abode also includes a fireplace.

It’s been a month and a half since New York’s eviction moratorium ended, and advocates who tried to get good cause eviction passed before then are still rallying for it. Their latest effort is a report finding Black renters face eviction at a disproportionately higher rate than whites. The report, by the Urban Democracy Lab at NYU and the Community Service Society of New York, gauges risk factors and does not include data on eviction

Hermès inked a major lease at Olayan Group’s 550 Madison Avenue. The French design brand signed a three-floor, 71,757-square-foot lease at the newly redesigned Midtown building. The space will become the new U.S. headquarters for Hermès, which is moving from 55 East 59th Street. Hermès is the latest high-profile company to lease at 550 Madison Avenue. In November 2021, insurance firm Chubb signed a deal for 240,000 square feet, taking 10 floors of the 800,000-square-foot

A 19th-Century mansion in Park Slope led the deals signed last week in Brooklyn’s luxury market. The home last asking $12.25 million beat out yet another sale at Fortis Property Group’s condo project at 30 Front Street, according to Compass’ weekly report on deals in the borough closing for $2 million or more. The Dumbo development topped the luxury home sales list twice in February. The stately townhouse at 17 Prospect Park W. has seven