The Real Deal - New York Real Estate News

Peloton resorts to sublease at Hudson Commons

Posted: 24 Jun 2022 01:00 PM PDT

As Peloton gasps for air after a pandemic-fueled sprint, the fitness-media company is looking to sublease some of its pricey West Side office space. Represented by Newmark, Peloton listed 100,000 feet — about a third of its office space at Hudson Commons — to be subleased, Bisnow reported this week. The fitness company signed a lease for 312,000 square feet of office space at 441 Ninth Avenue in 2018, becoming Hudson Commons’ anchor tenant. Lyft

At REBNY gala, Hochul pledges to “support” real estate

Posted: 24 Jun 2022 11:00 AM PDT

Just five days before the primary election, Gov. Kathy Hochul told a room full of schmoozing real estate professionals that her administration would push for measures to help them. “Next session, we’re going to make sure that we get the changes we need to support this industry because you create thousands of jobs, you give people their homes, you give places of business their homes, and I want to let you know we’re supportive and

Times Square Old Navy to reopen after losing rent fight

Posted: 24 Jun 2022 10:15 AM PDT

Shoppers will be able to return to a Times Square Old Navy store after waging a legal battle over the rent that ended in a victory for the landlord. The 31,000-square-foot store was shuttered in 2020 as the pandemic emptied the normally bustling district. Gap, which owns Old Navy, seized the opportunity to fight against paying rent in court but a judge decided in favor of the landlord — twice. The parent company and its

Construction tech startups Alice, Join score new commitments

Posted: 24 Jun 2022 09:15 AM PDT

Technology investors’ appetite for risk may be dwindling, but their interest in the construction tech niche seems to be on the rise. Startups Alice Technologies and Join secured new funding to bolster their respective efforts to solve one of the industry’s enduring problems — efficient project planning. Oakland-based Join secured $16 million in a Series A round led by SignalFire, with participation from Metaprop, Building Ventures, Ironspring Ventures and Standard Investments. And Menlo Park-based Alice

To automate or customize? Brokerages split on social media ad formulas

Posted: 24 Jun 2022 08:00 AM PDT

Douglas Elliman recently jumped into adtech with the debut of AdPro, its in-house social media advertising platform. The tool, which allows brokers to design and post their own listing ads before tracking engagement and demographics analytics, places Elliman somewhere in the middle of major brokerages’ approaches to providing brokers with tech to reach potential buyers. Brokerages fall into two different camps when it comes to their adtech, split between those that give brokers creative freedom

Yelp shuttering NYC, Chicago offices after eyeing subleases for remote

Posted: 24 Jun 2022 07:12 AM PDT

After two years of indecision over what to do with redundant office space, one major tech company has made its call: close up shop. Yelp, known for its online review platform, announced in a blog post Thursday that it plans to close its offices in New York, Chicago and Washington, D.C. by July 29 “The future of work at Yelp is remote,” CEO Jeremy Stoppelman wrote in a letter posted online, pointing to greater satisfaction

On the dock-et: Shelter Island inn owner sues town

Posted: 24 Jun 2022 05:45 AM PDT

Aandrea Carter may be the new kid on the dock, but she isn’t letting Shelter Island dismantle her dreams. Carter is taking the town to court after the municipality tried to destroy the dock leading up to the hotel she bought last year, Newsday reported. Carter purchased the 17-room Ram’s Head Inn, which includes a 110-seat restaurant, in part because visitors could arrive by boat. But town officials claimed the dock that served it was

TRD Pro: Ranking Brooklyn, Queens condo pipeline hotspots

Posted: 24 Jun 2022 05:00 AM PDT

The following is a preview of one of the hundreds of data sets that will be available on TRD Pro — the one-stop real estate terminal that provides all the data and market information you need. Brooklyn and Queens have become the new frontier of condo development in New York City, attracting ever more investment in recent years to build increasingly luxurious offerings. The city’s two most populous boroughs have more than 22,000 condo units

On the front lines in Texas’ Ranch wars

Posted: 24 Jun 2022 04:30 AM PDT

When Covid arrived in March of 2020, third-generation Texas ranch broker Sam Middleton thought it meant a few weeks out of the office. Then reality hit. A letter arrived from a buyer who was about to close on a $4.5 million property, terminating the deal and demanding the return of $250,000 in escrow. “It was when they shut down the Las Vegas strip,” Middleton said. “For about a month or six weeks, the phone just

Carl Icahn goes to war against Rialto, CMBS servicers

Posted: 24 Jun 2022 04:00 AM PDT

Activist investor Carl Icahn has a new target — one that has long pestered short sellers and property owners: servicers of commercial mortgage-backed securities debt. Icahn’s funds are suing Rialto Capital Advisors, a prominent special servicer, for delaying the sale of a Nevada shopping center and allegedly siphoning millions of dollars from investors, according to a complaint. Icahn also alleges that Rialto manipulated appraisals to steer servicing decisions away from certain bondholders. The suit echoes

Brookfield hotel REIT sues insurers for denying pandemic claims

Posted: 23 Jun 2022 02:45 PM PDT

Hospitality Investors Trust, a hotel investor bankrupted by the pandemic and taken over by Brookfield Property Group, is taking its insurers into court over Covid-related losses. The private REIT, which owns hotels branded by Hilton, Marriott and Hyatt, on Tuesday filed a lawsuit in New York against six insurers over a “sham investigation” meant to delay and deny up to $150 million in coverage “under a broad ‘all-risk’ commercial property insurance,” according to the complaint.

Tri-state deal roundup: King Kullen loses ground, Modell’s cavities filled

Posted: 23 Jun 2022 01:39 PM PDT

The tri-state area’s latest commercial activity includes a slew of retail and office leases, shopping center sales and development disputes. Here is a sampling of the latest deals in New Jersey, Long Island and the northern suburbs. Rubenstein Partners and Vision Real Estate Partners have a massive tenant for their 820,000-square-foot complex in Warren, New Jersey. Biopharmaceutical company PTC Therapeutics signed a 360,000-square-foot lease at the Warren Corporate Center. The company will relocate from South

Former Barney’s chair relists Manhattan penthouse with $7.5M price cut

Posted: 23 Jun 2022 12:07 PM PDT

Former hedge fund manager Richard Perry is on his second try to sell his penthouse at 1 Sutton Place South. The apartment, which was previously listed for $45 million through Sotheby’s International Realty, hit the market again today for $37.5 million with Official’s Tal Alexander . The unit was de-listed about six months ago. Its price was lowered to fit in “where the environment is today,” Alexander said. The five-bedroom apartment has 6.5 bathrooms and

Home-flipping hits 22-year high, but profits narrow

Posted: 23 Jun 2022 11:00 AM PDT

Home flippers are making more deals than ever. But they are making less money on each one. Nearly 115,000 home flips took place during the first three months of the year, accounting for 9.6 percent of home sales — the highest rate since at least the start of the century, a report by Attom found. In the previous quarter, flips only represented 6.9 percent of home sales. Flips’ market share has now increased for five

Fruchthandlers sell Bronx multifamily properties for $169M

Posted: 23 Jun 2022 09:40 AM PDT

In one of the year’s biggest multifamily market deals in the Bronx, Ephraim and Eli Fruchthandler sold two buildings to Mendel Kaff for a combined $169 million, property records show. The Fruchtlanders’ Lineage Properties sold the multifamily buildings at 2001 Story Avenue in Unionport and 883 East 180th Street in West Farms for $105 million and $64 million, respectively. Crain’s reported the sales Tuesday. That’s a markup for Lineage, which spent roughly $132 million to

Saunders & Associates, Fortune International launch referral program

Posted: 23 Jun 2022 09:00 AM PDT

A Hamptons residential brokerage is looking to make waves with a new link to Miami. Saunders & Associates and Fortune International Group this week announced an alliance to refer clients between their respective markets. Both firms will remain independently owned and operated. Fortune CEO Edgardo Defortuna said the alliance provides the company “a direct reach into one of the wealthiest enclaves in the nation.” Fortune has delivered over 7,000 units and 9 million square feet

In just a year, renting has become far cheaper than owning

Posted: 23 Jun 2022 07:45 AM PDT

The rising cost of owning a home is making renting more attractive than it has been in two decades, according to a new report. Owning a home in April cost $839 more per month than renting, an analysis by John Burns Real Estate Consulting found. A year earlier, the difference between the two was negligible. The differential between owning and renting is nearly $200 higher than at any point this century. The report calculated the

JPMorgan Chase adds to mortgage industry layoffs

Posted: 23 Jun 2022 06:30 AM PDT

Employees in the mortgage business have been confronted by serious job insecurity in recent weeks. Workers at one of the world’s strongest financial institutions, it turns out, are not immune. JPMorgan Chase, the biggest bank in the country, is laying off hundreds from its home-lending business, Bloomberg reported. The decision parallels that of other companies in the sector as rising mortgage rates and high home prices cool demand from homeowners. The exact number of those

Steve Ross’ redevelopment of historic resort in Miami Beach advances

Posted: 23 Jun 2022 05:46 AM PDT

Billionaire developer Steve Ross is one step closer to achieving his goal of buying and redeveloping a historic property in Miami Beach. Ross, founder and chairman of the Related Companies and owner of the Miami Dolphins, has an agreement with the Meruelos, the controversial owners of the Deauville Beach Resort, to buy the hotel for an undisclosed amount. The oceanfront resort fell into disrepair and is being demolished. Ross’ deal is likely contingent on securing

Fashion house: After 2 years and 2 lawsuits, Sitt and Dweck still haven’t paid

Posted: 23 Jun 2022 05:00 AM PDT

Just like residential tenants, high-end fashion retailers expect their security deposit back when they move out. But the dollar figure has another digit or two and if the money isn’t returned, they are more likely to sue. Case in point: Yves Salomon, Joe Sitt and Bert Dweck. The retailer has accused Sitt’s Thor Equities and the landlord’s business partner Dweck of refusing to return a $360,000 security deposit after the fashion house’s lease expired at

Party’s over: Rising interest rates crash CRE’s Covid recovery

Posted: 23 Jun 2022 04:30 AM PDT

In early December, Andrew Chung’s Innovo Property Group wired a deposit and penned a contract to buy a 30-story, HSBC-anchored office tower overlooking Bryant Park for $855 million. As Chung worked to close the deal at 452 Fifth Avenue, which would elevate him from a scrappy industrial builder to a Midtown office landlord, the Federal Reserve signaled it would raise interest rates to combat inflation. By May, the SOFR rate — a broad estimate of

Here’s where NYC rentals are available and where they aren’t

Posted: 23 Jun 2022 02:00 AM PDT

Manhattan’s rental inventory has risen significantly, as have prices, but for those eyeing an apartment in Queens or Brooklyn, expect bidding wars, waiting lists, and fighting an old lady with a stick if the need arises. Across the city last month, 28,325 rentals were listed, according to a StreetEasy report — the most since October, when 30,977 were available. But the prices have also increased, with the citywide median reaching a high of $3,349. Manhattan