The Real Deal - New York Real Estate News

Sandeep Mathrani succeeds Marcelo Claure as WeWork chairman

Posted: 29 Mar 2022 04:17 PM PDT

WeWork CEO Sandeep Mathrani will now take an additional role at the co-working company. The company announced Tuesday that Mathrani will become WeWork’s chairman, a position held by Marcelo Claure until he left his roles at WeWork and Softbank after a reported disagreement over compensation. Claure was said to be seeking $2 billion from the Japanese investment company. WeWork also appointed Saurabh Jalan, a partner at SoftBank Group, to WeWork’s board, filling a seat that

Single-family rental manager Poplar Homes raises $53M in Series B

Posted: 29 Mar 2022 02:15 PM PDT

Everyone seems to want in on single-family rentals. Not everyone wants to manage them. Poplar Homes, a Cupertino, California-based proptech firm that offers to help the 7 million “mom and pop” single-family rental owners in the U.S. find and keep tenants, raised $53 million in a Series B round at an undisclosed valuation. The startup expects its business to triple this year, to more than 20,000 units from 7,500 units under management today, as it

Home price upswing started 2022 where 2021 left off

Posted: 29 Mar 2022 01:58 PM PDT

Predictions of a slowdown in home prices didn’t prove to be true in the first month of the year as the housing market dashed in the opposite direction. The S&P CoreLogic Case-Shiller Index posted a 19.2 percent annual gain in January. The figure is a jump from the 18.8 percent year-over-year gains of both November and December, and the fourth-largest reading posted in 35 years. The 10-city composite, made up of the 10 largest metros,

Once-prolific NYC developer Shaya Boymelgreen does another Florida deal

Posted: 29 Mar 2022 01:00 PM PDT

Jeshayahu “Shaya” Boymelgreen has had an up-and-down relationship with New York City. He hooked up with diamond billionaire Lev Leviev on numerous projects in the early 2000s, although the partnership was later dissolved. Boymelgreen ran into trouble later that decade, including civil lawsuits filed against him. The New York attorney general banned him for two years from offering or selling securities, including condos. But South Florida, as it has for some other New York developers

Steve Ross’ ex-wife lands on her feet — in a $5.6M Fifth Avenue pad

Posted: 29 Mar 2022 12:00 PM PDT

Kara Ross is proving to be as capable of making real estate moves as her soon-to-be ex-husband, purchasing a co-op in Lenox Hill. The former bride of Related Companies chairman Stephen Ross spent $5.6 million on a unit at 870 Fifth Avenue, according to property records. The deed was recorded this week, but the document dates back to October, just over one month before she filed for divorce from the billionaire developer. The sellers of

Upper West Side church prays for air rights extension

Posted: 29 Mar 2022 11:15 AM PDT

One church has a Hail Mary idea to help save its property. The Church of St. Paul and St. Andrew in the Upper West Side is proposing a sale of its air rights to a developer a block or more away to pull in millions needed for upkeep and repairs, Crain’s reported. It’s not clear if the church has been in contact with a specific developer. Air rights, which can be used by developers to

German tech firm expands by 40k sf at 1 WTC

Posted: 29 Mar 2022 09:15 AM PDT

One tenant at One World Trade Center is more than doubling its footprint at the building, helping the owners reach a leasing benchmark. German business process analytics firm Celonis is extending its lease and expanding to the entire 70th floor. The Durst Organization announced on Monday the company was adding more than 40,000 square feet. The firm’s lease pushes One World Trade to being 95 percent leased, two percentage points higher than it was pre-pandemic.