The Real Deal - New York Real Estate News

Former RKF chief appears in Southampton court, Water Mill waterfront home’s price drops below $18M & more Hamptons real estate news

Posted: 26 Jul 2019 03:00 PM PDT

Southampton judge calls ex-RKF chief “danger to community” Robert Futterman, the former head of retail brokerage RFK, was called a “danger to this community” by Southampton Town Justice Barbara Wilson during his arraignment Wednesday, the East Hampton Star reported. Futterman, fired in May from his Newmark Knight Frank-owned firm, was arrested this week for alleging driving under the influence following a traffic accident in Bridgehampton that injured a mother and her young child. The Real […]

Amazon’s got cash to burn, and real estate is its tinder

Posted: 26 Jul 2019 02:15 PM PDT

Amazon’s officially on a spending spree. After a big week of movement in the world of real estate that included shopping for 1 million square feet of warehouse space in Brooklyn, scoping out the We Company’s historic Lord & Taylor building for office workers , and launching a new partnership with Realogy, the e-Commerce giant’s second quarter earnings report confirmed that the company has cash to burn, stock price be damned. Thursday’s earnings report marks […]

Mark your calendars: These are NYC’s top real estate events next week

Posted: 26 Jul 2019 01:20 PM PDT

Since everyone is summering in the Hamptons, there are just two real estate events coming up next week. Host: AmTrust Title Date: July 30th Time: 8 a.m.to 11 a.m. AmTrust Title is holding its 2019 NYC Rent Regulations Summit at the CUNY Graduate Center, 365 Fifth Avenue from 8 a.m. to 11 a.m. Come to this event to hear a discussion about the Housing Act of 2019 and the impact on the residential market. Speakers […]

City demands landlords’ data on vacant storefronts, one last cigarette on a crane: Daily Digest

Posted: 26 Jul 2019 01:00 PM PDT

Every day, The Real Deal rounds up New York’s biggest real estate news, from breaking news and scoops to announcements and deals. We update this page at 9 a.m., 12 p.m., and 4 p.m. ET. Please send any tips or deals to tips@therealdeal.com This page was last updated at 4:00 p.m. Responding to concerns over vacant storefronts, the city wants landlords to report data on vacant spaces. On Tuesday, the City Council voted to create […]

Trump proposal would make getting a mortgage harder for homeowners deep in debt

Posted: 26 Jul 2019 12:30 PM PDT

Borrowers who are deep in debt could find it even harder to get home loans under a new Trump Administration proposal. Leaders of the Consumer Financial Protection Bureau said Thursday they plan to allow the expiration of the so-called “qualified mortgage patch,” a loophole in post-recession lending rules that lets deeply indebted homeowners take out loans, according to the Wall Street Journal. The patch allowed Fannie Mae and Freddie Mac to back some home loans […]

Cooling Chinese real estate investment throws up road block to Vista Tower condo sales

Posted: 26 Jul 2019 10:15 AM PDT

Magellan Development is blaming an unexpected drop in Chinese investment in American real estate for draining some momentum from condo sales at Vista Tower. More than a year before the 93-story tower is scheduled to open, just under half of its 393 condos are sold, according to Crain’s. Only about a dozen units were bought by Chinese nationals, a number Magellan executive Sean Linnane called “disappointing” given China-based Dalian Wanda Group’s stake in the project. […]

In London, WeWork already reaping rewards of planned Brexit: Global property

Posted: 26 Jul 2019 09:00 AM PDT

Every week, The Real Deal rounds up the biggest real estate news from around the globe. United Kingdom Taxpayers covered the €62 million payment needed in London to induce WeWork to lease 280,000 square feet of office space vacated by a UK government agency in a Brexit-driven relocation. As a result of the UK’s pending exit from the European Union, all EU agencies based in the UK must relocate to another member state. [The […]

The Daily Dirt: Amazon’s latest NYC hunt

Posted: 26 Jul 2019 08:30 AM PDT

Amazon “abandoned” NYC. Now it’s scouting multiple spots in the city… Despite ditching plans to open a new “headquarters” in Queens, Amazon is now reportedly touring the city in search of a new office and shipping facility. Go figure. The company is looking at Lord & Taylor’s former flagship store on Fifth Avenue, which is owned by the We Company, the Wall Street Journal reports. That could mean the We Company isn’t leasing the building’s 12 […]

SoftBank tops its own record with a $108B Vision Fund 2

Posted: 26 Jul 2019 07:05 AM PDT

SoftBank has outdone itself, announcing a mega-fund that tops its initial $100 billion Vision Fund at $108 billion gathered from a dozen investors. Vision Fund 2 will target the technology sector, with a focus on artificial intelligence. Of that $108 billion, nearly $40 billion will come from Masa Son’s own SoftBank Group. The investors include Apple, Microsoft, and Kazakhstan’s sovereign wealth fund, according to SoftBank. With other investors including Goldman Sachs, the fund is expected […]

5 things we learned from Reddit’s obsession with Mauricio Umansky

Posted: 26 Jul 2019 05:00 AM PDT

Is any press really good press? Kyle Richards and Mauricio Umansky might respond with a resounding “no” these days. The couple’s presence on Bravo TV’s “The Real Housewives of Beverly Hills” has, for nine years, served to give Umansky’s Los Angeles brokerage, The Agency, a national profile while also allowing him to show off his flashiest luxury home listings. But all is not well at the Beverly Hills-based brokerage, which has seen a fair share […]

One Vanderbilt goes viral

Posted: 26 Jul 2019 04:30 AM PDT

In SL Green Realty’s latest annual report, company CEO Marc Holliday told shareholders that leasing at its under-construction One Vanderbilt has been moving so swiftly that the company almost got boxed out of its own building. The real estate investment trust had to “move fast to reserve space for our own new headquarters … before all of the space we had targeted was leased,” Holliday wrote. While that may have been an embellishment, leasing has […]

“Animal House”: Bank OZK execs accused of sexual misconduct, age discrimination

Posted: 26 Jul 2019 04:00 AM PDT

A former executive at Bank OZK’s real-estate lending division alleges that current and former executives within her group engaged in sexual misconduct and age discrimination. In a lawsuit, Anna Carrillo, a former senior vice president within the Dallas-based Real Estate Specialties Group, claims that in October 2017, she was fired days after complaining that a junior paralegal in the department was underperforming. That paralegal, Carrillo alleges, was engaged in an inappropriate sexual relationship with another […]