The Real Deal - New York Real Estate News

China’s internet sanctions drive out Airbnb

Posted: 28 May 2022 12:00 PM PDT

Airbnb, a favored app of China’s millennials, plans to shut down its operations in the world’s most populous nation as Beijing’s internet sanctions push the rest of the world further away. Airbnb is leaving China, where it has operated since 2016, citing difficulties competing with local “superapps” that offer cheaper stays, the New York Times reported. The move comes as China began emphasizing domestic businesses, making more demands of foreign companies and censoring content. The

Landmark Tokyo tower made up of cubes coming down

Posted: 28 May 2022 10:32 AM PDT

A celebrated mixed-use residential and office tower in downtown Toyko that famously rented out tiny, replaceable cubes to its customers is being demolished — but its renowned capsules could be finding their way to a museum near you. The Associated Press is reporting that the landmark Nakagin Capsule Tower, which is made up of boxes stacked on top of each other, is in the process of being carefully dismantled, with some of its prefabricated rooms

Most expensive home in Baltimore County back on the market

Posted: 28 May 2022 09:30 AM PDT

Baltimore County’s most expensive home is back on the market — one year after setting a sales record in the area. The Wall Street Journal is reporting the four-bedroom, more than 15,000-square-foot home in suburban Caves Valley has been listed for $12 million — just a year after it sold for a record $11.5 million, which beat the previous record sale in the area by $3.5 million. The home is owned by Betsey Sherman, the

Elle, luxury brands enter hotel market

Posted: 28 May 2022 09:00 AM PDT

You may soon be able to flip through the latest Elle while lounging in one of the fashion brand’s own hotels. Elle International is launching Elle Hospitality, an arm of the fashion magazine dedicated towards hotels and resorts, Business of Fashion reported. Elle Hospitality is set to open its first property, Maison Elle, in Paris this October. It’s far from alone. Bulgari, Armani and Fila also plan to start new properties, while LVMH hired a

“The New Kings of New York” rockets to top of Amazon charts

Posted: 28 May 2022 07:55 AM PDT

It’s official: This book is the real deal. Our new tome, “The New Kings of New York: Renegades, Moguls, Gamblers and the Remaking of the World’s Most Famous Skyline,” is now the No. 1 seller on Amazon’s list of top-moving real estate books. In the book, longtime TRD contributor and award-winning journalist Adam Piore reveals insider accounts from developers, politicians, investors and financiers who get the credit — or the blame — for the shaping

Say hello to Singapore’s mega-penthouse

Posted: 28 May 2022 06:00 AM PDT

Overlooking Singapore’s Marina Bay, in the luxury 54-story Marina Bay Residences, is soon to be the biggest multifamily unit in the city-state. Valued at 111,111,111 Singapore dollars, or $80.24 million, the super penthouse will combine three penthouse units and a duplex unit, according to Insider. What’s a super penthouse? It’s a term used in Singapore to describe a penthouse that covers more than 10,000 square feet. This unit clocks in at 23,263 square feet, so

HUBB NYC picks up LES rental for $64M

Posted: 27 May 2022 11:49 AM PDT

Three weeks before 421a is set to expire, HUBB NYC picked up one of the few apartment buildings developed on the Lower East Side under the program for $64 million. HUBB, led by president John McCarthy, bought the 78-unit rental building at 167-171 Chrystie Street from developer Be Aviv, the buyer told The Real Deal. The purchase price was $63.5 million. HUBB head of acquisitions Jesse Terry wrote in an email that he considers the

Construction pipeline soars 69%: REBNY

Posted: 27 May 2022 10:45 AM PDT

New York City construction is booming in the third year of the pandemic — just not at the rate it was a quarter ago, by some measures. The city counted 689 new building filings during the first quarter, an increase of 69.3 percent from a year ago and 3.6 percent from the previous quarter, according to a new building construction pipeline report from the Real Estate Board of New York. The number of filings also

Developers land $97M for Jersey City multifamily

Posted: 27 May 2022 09:57 AM PDT

Construction on a transit-oriented multifamily development in Jersey City is moving ahead with the help of almost $100 million in financing. Pacific Western Bank provided a $97 million loan for The Devan, the Commercial Observer reported. The 336-unit project sits on the city’s border with Hoboken, mere blocks from the 2nd Street Station of the New Jersey Transit’s rail line. Ursa Development Group and Fields Grade Development are leading the $150 million project, built on

Gopuff scaling back warehouse footprint amid rapid-delivery slowdown

Posted: 27 May 2022 08:00 AM PDT

A fast-delivery app is closing or pausing operations at nearly two dozen warehouses in a sign of the sector’s hangover from its pandemic-era boom. Gopuff is altering its operations at 22 nationwide warehouses to assess how to operate more efficiently, Insider reported. About half of the facilities will be closed, while the other half are being assessed and could be on the chopping block. All of the warehouses were dealing with a low volume of

WeWork names new CFO

Posted: 27 May 2022 06:30 AM PDT

WeWork has named a new chief financial officer, the third changeover in the role since March 2020. The co-working giant on Thursday named Andre Fernandez as CFO, effective June 10. He’ll replace Benjamin Dunham, who is departing after about 18 months on the job. Dunham is not leaving because of financial disclosure issues or accounting matters, according to the Wall Street Journal, but his next steps are unknown. Fernandez previously served as the CFO at

Squash club starting a racket at 100 Pearl Street office tower

Posted: 27 May 2022 05:00 AM PDT

A Financial District office building is bringing in a sports facility that could squash the neighborhood’s other recreational offerings. Open Squash, a public, non-profit squash facility, signed a long-term leasehold condo agreement at 100 Pearl Street, managing agent GFP Real Estate announced this week. The 21,000-square-foot lease is on the 14th floor of the building. The space at German investor’s Commerz Real property will include 24-foot ceilings and eight squash courts with courtside bleacher seating

Upflex raises $30M, signaling rise of flex-office aggregators

Posted: 27 May 2022 04:00 AM PDT

The flex-office market is itself becoming more flexible with the rise of operator networks. Wider adoption of remote work and an ever-growing number of flex-space providers is generating demand for technology that helps employers efficiently source short-term space around the world on the fly, irrespective of the name on the door. One of these so-called flex aggregators, New York-based Upflex, raised $30 million from WeWork and others months after scoring an exclusivity deal with the