The Real Deal - New York Real Estate News

Manhattan rezoning forges ahead — without the de Blasio administration

Posted: 04 Oct 2019 03:26 PM PDT

Last month, the de Blasio administration rejected a proposal to rezone Morningside Heights. Now, a community group — with the help of the City Council — is moving ahead without the agency. The Morningside Heights Community Coalition is advancing plans to rezone the neighborhood despite the Department of City Planning’s reservations that changes won’t create much affordable housing. City Council Speaker Corey Johnson has pledged to direct the council’s land-use staff to put together a

Shaya Boymelgreen sells waterfront estate in Miami Beach

Posted: 04 Oct 2019 02:00 PM PDT

Shaya Boymelgreen sold her Miami Beach estate for $9.3 million, property records show. Boymelgreen is married to Shaya, an Israeli-born New York developer who was temporarily banned from selling condos in New York alongside his partner, Lev Leviev’s Africa Israel Investments, in 2014. Shaya Boymelgreen, via 4539 Pinetree LLC, sold the five-bedroom, 6,311-square-foot house at 4539 Pine Tree Drive to Miami Hills LLC, a Delaware company that lists a Brooklyn address. The property was built

Nightingale and Wafra strike $570M deal, Barneys finds potential buyer: Daily digest

Posted: 04 Oct 2019 01:35 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 in real time, starting at 9 a.m. Please send any tips or deals to tips@therealdeal.com This page was last updated at 4:35 p.m. Video produced by Sabrina He The results of an $864,000 study to determine if an abandoned MTA rail spur could be repurposed have been delayed. The Systra

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

Posted: 04 Oct 2019 01:30 PM PDT

Here are a couple of events worth checking out next week! Host: NYU Date: October 10 Time: 7:30 a.m. to 5:30 p.m. NYU’s Schack Institute of Real Estate is holding its Third National Symposium of Women in Real Estate at the Grand Hyatt New York, 109 East 42nd Street. This event will offer networking opportunities and panel discussions featuring women in leadership roles from across the industry. Margaret Anadu of Goldman Sachs will be the

The Closing: Steven Hall

Posted: 04 Oct 2019 12:45 PM PDT

Famed architect and watercolorist Steven Holl founded his company as a two-person practice in Chelsea in 1977. The firm has since grown to 40 people across two offices, one around the corner from Hudson Yards and the other in Beijing. Steven Holl Architects has completed more than 60 projects in the U.S., China, Japan and other countries. Holl and his colleagues worked on the $41 million Hunters Point library, which opened in September — nearly

NYC, LA and San Fran are priciest places to rent in US…by far

Posted: 04 Oct 2019 10:15 AM PDT

What’s the most expensive zip-code to rent an apartment in the U.S.? Manhattan. What’s the second most expensive zip-code to rent an apartment? Manhattan. What’s the third…you get the point. Manhattan had the top three spots for priciest zip-codes to rent in the U.S., according to a new report in RentCafe, and seven of the top 10. New York, L.A. and the Bay Area dominated RentCafe’s list — Boston is the only city outside of

Investor and social media star Grant Cardone on why he’s buying real estate in SoFla — and not in NY or California

Posted: 04 Oct 2019 09:30 AM PDT

At Marlins Park on Super Bowl weekend in February, thousands of aspiring entrepreneurs watch as a black Rolls-Royce SUV with tinted windows roars onto the stage amid a cloud of smoke. Over the loudspeakers, the song “Nuthin’ but a “G” Thang” plays as Snoop Dogg steps out of the driver’s seat. But his passenger is the real star of the day. Donning dark sunglasses along with a black sweatshirt with the words “10X” in gold

FiDi landlord violated rent stabilization regs for years: lawsuit

Posted: 04 Oct 2019 09:00 AM PDT

This page was last updated at 4:03 p.m. Two tenants at a building in the Financial District are suing their landlord over alleged violations of New York’s rent stabilization laws. Bruce Hackney and Timothy Smith, who live at 10 Hanover Square, are suing their landlord UDR Inc., saying it violated the 421-g tax benefits program, which provides tax breaks for landlords but also requires — according to a recent court ruling — that tenants get

How the rent control debate is heating up

Posted: 04 Oct 2019 08:00 AM PDT

Rent control is having a moment. Debates about rent caps and other reforms are springing up across the country. Stories of rent control — though perhaps more fable than fact — date as far back as 150 B.C. In modern times, rent caps have been on the decline in the U.S., largely falling out of fashion after the 1980s. But lately, the policy has gained traction and is now the subject of at least one presidential campaign.

Lower Manhattan is tale of two markets: Rental demand is up as sales slow

Posted: 04 Oct 2019 07:15 AM PDT

Lower Manhattan’s rental market remained strong in the third quarter, with prices in the Financial District and Battery Park City both climbing. That stood in contrast to the stagnating sales market, according to a Platinum Properties third quarter market report that detailed both neighborhoods. That trend has dominated this year. In July, Platinum managing partner Teresa Stephenson said strong rental markets and sluggish sales markets in both neighborhoods indicate potential buyers “are just waiting” for

These real estate billionaires made Forbes’ list of richest Americans

Posted: 04 Oct 2019 06:30 AM PDT

The market may be down, but these real estate executives are doing just fine. Almost 50 industry titans, including Stephen Ross, Charles Cohen and Jeff Greene, made this year’s Forbes 400 list, which ranks America’s wealthiest people. Warren Buffett was tops among those with real estate chops and was number three overall, with a net worth of $80.8 billion. Other big wigs from the sector were Blackstone’s Jonathan Gray (number 225), Irvine Company’s Donald Bren

Reassurances, apologies and layoffs: Inside WeWork’s first all-hands post Neumann

Posted: 04 Oct 2019 05:20 AM PDT

In WeWork’s first all-hands meeting since Adam Neumann was ousted as CEO, company executives sought to reassure employees about the strength of the firm’s business model, but made clear that layoffs were coming. Miguel McKelvey, who co-founded WeWork with Neumann in 2010 and now holds the title of chief culture officer, kicked things off by telling employees the company’s recent stumbles shocked him, according to sources who attended. He reminded workers of the company’s core

These were NYC’s top office leases in September

Posted: 04 Oct 2019 05:00 AM PDT

September was a step up from August for New York City’s office scene, with 820,500 square feet of leasing across the top 10 deals made public. Almost half of that total comes from WeWork’s new lease at 437 Madison Avenue, which is more than three times the size of the next largest lease on the list. Other big tenants on the list include law firms, branding agencies and flexible office space provider and notable WeWork

By the numbers: Breaking down national housing agendas from the far left

Posted: 04 Oct 2019 04:30 AM PDT

Just a few months after New York passed historic reforms that infuriated landlords and thrilled tenants — with California following suit — several Congress members and presidential candidates are throwing their weight behind even more aggressive proposals. Mostly promoted by Democrats on the far left, those policies include the mid-September doozy from U.S. Sen. Bernie Sanders calling for nationwide rent control under his $2.5 trillion housing plan. Despite more than two dozen states prohibiting limits

Retail ruh-roh: Mall REITs take hit following Forever 21 bankruptcy

Posted: 04 Oct 2019 04:00 AM PDT

Fast-fashion retailer Forever 21’s bankruptcy filing earlier this week did not help the stock prices of the top mall real estate investment trusts in the country, already facing headwinds from declining foot traffic, nearly continual store closures and the rise of e-commerce. Macerich, Simon Property Group, Brookfield Property Partners, Taubman Centers and Vornado Realty Trust saw their stock prices take a hit this week. Taubman’s stock price took the greatest hit, falling almost 10 percent