The Real Deal - New York Real Estate News

Madison Square Garden Co. accuses Inglewood mayor of “outrageous, fraudulent conduct”

Posted: 09 Sep 2018 01:16 PM PDT

The former home of the Lakers is taking issue with the Clippers trying to move in nearby. The owner of The Forum, Madison Square Garden Co., is accusing the city of Inglewood and mayor, James T. Butts Jr., of fraudulent behavior saying he convinced them to forgo buying a $6.9 million, 15-acre tract of land that executives later learned he was in talks to sell to the Clippers for a new stadium, according to the […]

Ditmas Park home at center of dispute between church and late pastor’s family

Posted: 09 Sep 2018 12:00 PM PDT

The widow of the founding pastor of Pilgrim Baptist Church in Bushwick is being evicted. Paula Brown, 55, who was married to beloved “archbishop” Rev. Roy E. Brown until his death at 75 in June, found a 10-day notice to vacate on their former home in mid-August, according to the New York Post. The late pastor reportedly sold his century-old Colonial-style home in Ditmas Park to the church in 1995 for $10; he’d taken out […]

FYI: The trendiest “new” place in NYC for a power lunch

Posted: 09 Sep 2018 11:00 AM PDT

The famous Four Seasons Restaurant is back and receiving a warm, if not curiosity-driven, reception–at least based on recent reservations. Former State Department secretary Henry Kissinger, Museum of Modern Art president Marie-Josée Kravis and chairman of Tishman Speyer, Jerry Speyer are among the guests who’ve flocked to newly-renovated restaurant, according to the New York Post. The original 1959 restaurant, located in the Seagram Building, was shut down two years ago for a renovation and relocation […]

Nationwide overbuilding is causing rents in even the hottest markets to plummet, freeze

Posted: 09 Sep 2018 10:00 AM PDT

Timing is everything. It’s a great time to be renting in America as a glut of new supply is causing rents across the country to take a nosedive. Meanwhile, the lag time between the planning and delivery of rental projects is hurting developers and landlords who are now feeling the crunch. But the signs were there for the past few years, as Zillow’s senior economist Aaron Terrazas explained to Bloomberg. “This is something that we […]

Why one fifth of Manhattan storefronts are vacant

Posted: 09 Sep 2018 08:12 AM PDT

Despite a boom in development and tourism, life for NYC’s retailers is getting worse and worse. Douglas Elliman’s head of retail leasing, Faith Hope Consolo, goes so far as to call it “the most challenging retail landscape in my 25 years in real estate,” as she described it in an interview with The New York Times. Elliman’s recent survey of Manhattan found that 20 percent of storefronts were vacant, compared with the brokerage’s 2016 results […]

Residential real estate boom in Cuba may not last much longer

Posted: 09 Sep 2018 08:00 AM PDT

The prices of houses and apartments in Cuba have soared since the Cuban government legalized the sale of private residences seven years ago. But the government has been putting new limits on the island’s private-sector economy, which may signal an end to Cuba’s real estate boom. That trend “will soon bring with it a contraction of the real estate market,” Emilio Morales, director of the Miami-based Havana Consulting Group, told the Miami Herald. Thousands of […]

Obama strategist David Axelrod selling Gold Coast condo

Posted: 09 Sep 2018 07:00 AM PDT

His close pal Rahm Emanuel is giving up on the mayor’s job. David Axelrod is giving up on his Gold Coast condo. Axelrod, the longtime political strategist, and his wife, Susan, listed their 42nd-floor condo in Water Tower Place, at 180 East Pearson Street, for $3.25 million, according to the Chicago Tribune. The news was not quite as shocking as Mayor Emanuel’s announcement on Tuesday that he would not seek a third term. Axelrod, a […]

City’s largest state park will arrive in Brooklyn next summer

Posted: 09 Sep 2018 06:00 AM PDT

The largest state park in New York City is coming to Jamaica Bay next summer under Gov. Andrew Cuomo’s “Vital Brooklyn” initiative. The park will span 407 acres and be named for Shirley Chisholm, a trailblazing New York politician who was elected as the first black Congresswoman in 1969, representing the city’s 12th district, according to Curbed. Phase one of Shirley Chisholm State Park should be finished by next summer and feature 10 miles of […]