The Real Deal - New York Real Estate News

Layoffs hit Side as brokerage braces for market volatility

Posted: 02 Jun 2022 09:00 AM PDT

A year after shooting to unicorn status, Side appears to be sinking back to earth amid a volatile housing market. The San Francisco-based brokerage laid off about 10 percent of its workforce, Inman reported. The layoffs are similar to other companies weathering the recent rise in mortgage rates, but are a difficult pill to swallow after an explosive year for the company. Side CEO Guy Gal cited market volatility as a major reason for the

Tough decade at the office: Analysis predicts $500B value destruction

Posted: 02 Jun 2022 08:45 AM PDT

Our buildings are fine. It’s everyone else’s that are in trouble. You’ve probably heard versions of this claim from major office landlords over the past two years as the shift toward distributed work led many to question how those assets could possibly hold their value. For a time, the investment-sales market for office buildings was on ice, so both doomsdayers and optimists had to wait. Every new lease, meanwhile, was celebrated as a sign that

NBC wavering on 30 Rock expansion

Posted: 02 Jun 2022 06:45 AM PDT

A big office lease at the iconic 30 Rockefeller Center is reportedly on shaky ground — and may have been scuttled already. NBC’s plans to expand by 90,000 square feet at Midtown property appear to be off, people close to the deal told the Commercial Observer. One source cautioned the broadcast giant is still weighing the deal, which would cover vacant space in the Tishman Speyer property. The skyscraper is best known for housing NBC

“Out of spite,” Jersey project is mere rubble

Posted: 02 Jun 2022 05:45 AM PDT

A Teaneck property has been reduced to rubble for a multifamily project that might not come to fruition. McKarkein Capital LLC filed a complaint two weeks ago, alleging the LLC that owns 100 State Street breached its contract to buy the site. McKarkein alleges the owner canceled a $7.1 million agreement last month to “negotiate better terms for the sale of the property,” NorthJersey.com reported. The owner proposed a 68-unit housing project at the site,