The Real Deal - New York Real Estate News

Investors cool home purchasing for single-family rentals

Posted: 19 Jul 2022 10:00 AM PDT

The cooling of the housing market isn’t only affecting prospective homeowners — it’s hampering investors, too. Several investors are slowing home purchases for single-family rentals due to high home prices and the rising cost of financing, Bloomberg reported. People close to the decisions told the outlet three investors — KKR & Co.’s My Community Homes, American Homes 4 Rent and Amherst Holdings — are among those to slow purchases in recent weeks. Institutional landlords are

Ivana Trump: Right-hand mogul or window dressing?

Posted: 19 Jul 2022 09:00 AM PDT

Close your eyes and think of Ivana Trump, and you will likely conjure up an image of the quintessential 1980s Manhattan socialite: glamorous, loud, filthy rich and possessed of an insatiable energy emblematic of the era. Ivana was, in her heyday, such a tabloid darling and celebrity magnet that a biopic of her life may well have been called “Everything Everywhere All at Once.” Less heralded are the Czech American’s contributions to Donald Trump’s real

Controversial Podolsky brothers ink more city business

Posted: 19 Jul 2022 07:58 AM PDT

Years after the controversial sale of a cluster site, the Podolsky brothers are turning fresh business with New York City. The controversial landlords have leased three hotels to the city to be used as homeless shelters, City Limits reported. It’s not clear how much the Podolskys are reaping from the arrangement. The sites being leased to homeless families include the Marcel in Gramercy, the Apollo in Harlem and the Ellington in Morningside Heights. The deals

Homebuilder sentiment takes historic hit

Posted: 19 Jul 2022 06:45 AM PDT

As the housing market turns and sales slow, homebuilders are having a hard time hiding their concerns. The National Association of Home Builders/Wells Fargo Housing Market Index took a historic plunge this month, dropping 12 points to 55 points. It was the second largest drop in the index’s history, trailing only the 42-point drop that came at the start of the pandemic. The index tracks homebuilder confidence regarding current and future single-family home sales and

Foodmaker ups footprint by 200K sf at former Entenmann’s factory

Posted: 19 Jul 2022 05:45 AM PDT

One company is betting on the popularity of its dumplings in the face of rising interest rates and recession fears. Water Lilies Food is upsizing at a property in Suffolk County’s Bay Shore, increasing its footprint by 200,000 square feet, Newsday reported. The $36.1 million expansion for the Asian food manufacturer will accommodate a 300-person boost in headcount. The manufacturer is one of several tenants at 1724 Fifth Avenue, the former site of an Entenmann’s

The great AMI debate: Are the critics clueless?

Posted: 19 Jul 2022 05:00 AM PDT

Numbers can be stubborn. Converting the speed limit to kilometers per hour doesn’t get you out of a speeding ticket. In football, close losses don’t get a team into the playoffs. As Bill Parcells famously put it, “You are your record.” In housing development, numbers can’t be coaxed, nudged or bullied, and they have a way of building invisible cages around a project. They cut a building’s height, limit its density and kneecap its profitability.

Foreign buyers remain absent from U.S. housing market

Posted: 19 Jul 2022 04:00 AM PDT

The share of U.S. homes purchased by foreign nationals — a potentially critical pool of buyers as rising interest rates threaten to slow domestic spending — has tumbled to a more than twelve-year low. Foreign nationals bought 98,600 properties from April 2021 through March 2022, according to the National Association of Realtors, an annual decrease of 8 percent and the lowest since the NAR began tracking such purchases in 2009. High home prices meant foreign