The Real Deal - New York Real Estate News

After locals balked, Dutchess County decided there are better uses for millions of dollars in federal funds than improving the home of the New York Yankees’ local minor league affiliate. Building homes for people, to be specific. The county has diverted $9.5 million originally intended for upgrades to Dutchess Stadium in Wappingers Falls, home of the Class-A Hudson Valley Renegades, the Times Union reported. The county previously allocated $12.5 million in federal American Rescue Plan

Some property owners may get a break from the city’s stringent greenhouse gas rules. At a City Council committee hearing Wednesday, the Adams administration laid out possible options for building owners who face an “insurmountable barrier” to complying with Local Law 97. Such owners could have their fines reduced or their emission caps raised if they demonstrate that they have made every effort to meet the law’s caps. The administration also floated the possibility of

 Century 21 is still working on its revival, but its owners are moving ahead with a retail complex at one of the chain’s previous locations. ASG Equities, the real estate investment arm of the Gindi family, recently purchased a 12,500-square-foot lot at 472 86th Street in Bay Ridge, according to Crain’s. ASG paid $12.5 million for the Brooklyn lot, acquiring it from the Julian and Sharon Smith Family Trust. The purchase was a relatively small

Retail projections are looking up compared to a year ago, but they remain grim for many. UBS predicts the United States will see between 40,000 and 50,000 store closures in the next five years, CNBC reported. The forecast previously predicted 80,000 closures by 2026. The worst outlook landed on clothing and accessories retailers, home furnishing companies and consumer electronic retailers. UBS is projecting those three retail categories will see 23,500 closures in the next five

A team of Compass brokers is headed to Brown Harris Stevens, focused on a troubled Upper East Side condo project. Jeffrey Stockwell, Jill Bernard and Alan Shaker of the Stockwell Bernard Team will be selling the Hayworth at 1289 Lexington Avenue, a new development they expect will take one to two years. Zeckendorf Development bought the 61-unit Carnegie Hill building in February for roughly $250 million. U.K.-based lender Children’s Investment Fund took the property over

SL Green Realty has to sell its $120 million stake in Times Square’s Crowne Plaza hotel after a judge ruled that investor Andrew Penson has the right to buy it. The Marc Holliday–led REIT and Penson’s Argent Ventures have been tussling since the fall for control of a small but strategic piece of land underneath the 795-room hotel at 1601 Broadway, which is in default on its $330 million mortgage. The ownership of the property

If prices fall in the forest, do they even make a sound? A dip for lumber might sound triumphant to weary homebuilders. The price of lumber dropped to $829 per thousand board feet on Tuesday, the lowest mark for the commodity in 2022, Insider reported. Rising mortgage rates and growing inflation were cited as causes for the slip, along with a decline in home renovations. The pricing represents a big 39 percent drop from only

Facebook is expanding once again at Vornado Realty Trust’s 770 Broadway. The company, which is now known as Meta Platforms, is adding approximately 300,000 square feet at the office building, Bloomberg reported. The expansion brings the company’s footprint to more than 800,000 square feet at the 1 million-square-foot building. The company is taking space formerly leased by Verizon, according to Bloomberg. Details about the length and cost of the lease were not reported. The California-based

The World Cup could be coming to New Jersey in 2026, but locals in one town are not so excited about another soccer and retail venture. A $485 million plan to redevelop part of Harrison Township is raising concerns about transparency after the site was moved, NJ.com reported. The redevelopment was originally closer to Rowan University’s campus, before moving to 385 acres of former farmland in the Mullica Hill section of Gloucester County. The proposal

A long-stalled project in Suffolk County is ready to get going after the developers scored a $91 million construction loan for a 292-unit rental complex. Manhattan-based BRP Companies and funds managed by BlackRock Alternative Investors landed the loan from Santander Bank, the Commercial Observer reported. The floating-rate loan will allow work on the Arboretum at Farmingville to begin immediately. The development includes 262 market-rate units, along with 30 workforce housing units. The project at 510

An ambitious engineer leaves behind her family’s well-established construction business in Nashville to start anew in the cutthroat world of New York City real estate.   A version of this succession story will play out in the upcoming Paramount+ series “Construction,” which will center on a fifth-generation, Black and female construction leader in the city. The show is inspired by Cheryl McKissack Daniel, CEO of McKissack & McKissack, a construction and design firm that is

Even in a hot market, Manhattan homes asking $4 million or more take an average of two years to go into contract. But soon, a luxury condo in Trump Tower could sell in two minutes. Unit 34ER, a 2,200-square-foot apartment, will be auctioned June 8. No minimum bid is disclosed, but a previous listing asked $7.5 million. The contract price will be the winning bid plus a 5 percent “buyer’s premium.” The residence, at 721

 Hours after federal prosecutors unveiled charges of fraud, bribery and falsification of records against New York Lt. Gov. Brian Benjamin, the state’s No. 2 politician has resigned. Benjamin surrendered to authorities Tuesday morning and Gov. Kathy Hochul announced shortly after 5 p.m. that she had accepted his resignation. Federal prosecutors allege that Benjamin steered state money toward a Harlem real estate investor in return for donations — some of them illegal — to his past

Crypto billionaires Cameron and Tyler Winklevoss are giving up their posh downtown perch. A penthouse condo at 20 Greene Street in Soho, believed to have been purchased by the identical twins in 2014, hit the market Friday asking $17 million. If it scores a buyer at that figure, it will rank among priciest condos sold in the neighborhood this year, far outdoing the $8.6 million shelled out by PayPal CEO Daniel Schulman for a 4,600-square-foot

Delmonico’s could soon be baked Alaska unless it resolves a dispute with its landlord. Francis Greenburger’s Time Equities served the 185-year-old restaurant at 56 Beaver Street with an eviction notice in January, Eater reported. The landlord alleged the restaurant owed almost $300,000 in rent and other fees. Delmonico’s disagrees. Natalia Grgurev, daughter of co-owner Ferdo Grgurev, told Eater that ownership stopped paying rent because the landlord had not repaired damage wrought by Hurricane Ida in

Douglas Eisenberg’s A&E Real Estate added another stop on its tear through New York CIty’s multifamily market. A&E is under contract to buy a multifamily portfolio in South Brooklyn from the LeFrak Organization for approximately $250 million, people familiar told the Commercial Observer. The deal is for 14 properties containing 1,217 units in Gravesend and Sheepshead Bay, all within a 10-minute drive of one another. Nine of the buildings with 841 units are in Sheepshead

Brookfield Properties scored a two-fer in Downtown Brooklyn. Records show the commercial landlord received $150 million from Wells Fargo to refinance One MetroTech Center, a 23-story, 950,000-square-foot office building at 351 Jay Street. Brookfield also closed on its sale of nearby 11 MetroTech Center, according to a person familiar with the matter. Cleveland-based Boyd Watterson Asset Management was in contract to buy 9 and 11 MetroTech Center for $310 million, The Real Deal reported in

It’s been a grim couple of months for New York City’s office market. Occupancy rates have been slow to recover as most white-collar workers continue to stay home. Blackstone, one of the city’s largest commercial landlords, handed back the keys to a Midtown office tower last month after its loan went into special servicing. And for the first time in over two decades, the total market value of the city’s office buildings declined, according to

The real estate industry is built on other people’s money. A lot of those investors will now be asking tough questions about climate change, thanks to new regulations proposed by the Securities and Exchange Commission. Late last month, the SEC announced that publicly traded organizations would soon need to disclose their climate change risks and exposure. The former includes direct physical risks to their business, such as the impact of sustained higher temperatures, sea-level rise

UPDATED April 12, 2022, 3:40 p.m.: New York Lt. Gov. Brian Benjamin surrendered to authorities Tuesday morning to face campaign finance fraud charges. The arrest follows an investigation by the FBI and federal prosecutors into whether Benjamin steered state money to campaign contributors, including a real estate investor, in return for fraudulent donations to a past campaign. Benjamin, Gov. Kathy Hochul’s No. 2 and a former real estate developer, is expected to appear in Manhattan

As the office market teeters on the brink of a calamity, landlords are preparing for a big rise in vacancies this year. JLL data shows about 243 million square feet of office leases are set to expire across the country in 2022, the Wall Street Journal reported. The figure is a 40 percent increase from 2018 and the highest since JLL began tracking it in 2015, representing approximately 11 percent of the country’s leased office