The Real Deal - New York Real Estate News

Lead-gen startup HomeLight lands $109M in new funding round

Posted: 05 Nov 2019 03:55 PM PST

HomeLight, which began its life matching sellers and buyers with real estate agents, has much bigger ambitions. And it’s just raised $109 million in new financing to build up mortgage lending and instant buying operations. Zeev Ventures led the round, which also included Group 11, Menlo Ventures, Crosslink Capital and Stereo Capital, HomeLight announced Tuesday. The deal includes $63 million in Series C equity and $46 million for mortgage operations. The San Francisco-based company, which

Hospitality mogul Sam Nazarian taking a bite out of Manhattan West

Posted: 05 Nov 2019 02:30 PM PST

Manhattan’s Far West Side is about to get some serious foodie street cred. Hospitality mogul Sam Nazarian is in talks to open a large space at Manhattan West as his SBE Entertainment Group embarks on a global restaurant and hotel expansion, sources told The Real Deal. SBE Entertainment plans to lease about 40,000 square feet at Brookfield Office Properties’ massive live-work-play complex. One source said Nazarian is planning some kind of culinary incubator to test

At the desk of: Tracey Appelbaum

Posted: 05 Nov 2019 02:00 PM PST

When Tracey Appelbaum was growing up in Georgia, she often accompanied her grandfather, a developer, to construction sites. He built a number of Frito-Lay warehouses throughout the Southeast, she said, and “would have me holding the flashlight for him while he fixed HVAC units, or he would have me pace off the size of a room.” Years later, when she was at the Wharton School of the University of Pennsylvania, she took a real estal

Realogy’s plan to stop the iBuyers from gaining a foothold in Chicago

Posted: 05 Nov 2019 01:15 PM PST

Realogy’s defense against the growing horde of iBuyers landed in Chicago this week. The brokerage conglomerate, in partnership with Chicago-based Home Partners of America, is offering RealSure Sell, a tool that allows home sellers to accept a cash offer on their home within 45 days. The tool is seen as the conglomerate’s answer to automated iBuying offers from firms like Zillow Offers and Opendoor, which cut real estate brokers out of home sales. Though the

Stakes are high as Jersey City residents vote on Airbnb

Posted: 05 Nov 2019 12:45 PM PST

After a fraught campaign in which both Airbnb and the hotel lobby were accused of underhanded tactics, Jersey City residents headed to the polls Tuesday to decide whether to restrict short-term rentals. The ballot was prompted after hosts challenged an ordinance passed in June that puts a 60-days-per-year cap on short-term rentals at properties where the owner is not on site, and bars short-term rentals in buildings with more than four units. The ensuing battle

No panic: Westdale mulls $50M Series B bond raise in Tel Aviv

Posted: 05 Nov 2019 12:06 PM PST

After a late-2018 shakeup saw Israeli investors rethink their interest in U.S. real estate bonds, one new entrant to the market is already coming back for more. Dallas-based Westdale Asset Management, which debuted on the Tel Aviv Stock Exchange with a 500 million–shekel (about $140 million) Series A bond issuance in April, is now looking to raise another 180 million shekels (roughly $52 million) for its Series B, according to rating documents filed with the

JLL revenue skyrockets after HFF merger

Posted: 05 Nov 2019 09:45 AM PST

JLL saw a major revenue boost during the third quarter following its megamerger with HFF. Revenue at the global brokerage increased by 13 percent to $4.5 billion, and fee revenue increased by 14 percent to $1.8 billion, according to the company. The firm’s leasing and capital markets divisions fueled most of the growth. “We are very happy to see that the first combined quarter went better, frankly, than we expected,” CEO Christian Ulbrich said on

Coming soon: The Real Deal’s 2020 Data Book

Posted: 05 Nov 2019 07:50 AM PST

The Real Deal is preparing the 15th edition of its Data Book, the most comprehensive collection of information on the New York–area real estate market. Included in the 2020 Data Book will be a ranking of Manhattan’s top residential brokerages, Brooklyn’s most active developers, the city’s biggest real estate loans of the year and more! With data pulled, vetted and analyzed on all major aspects of the industry, the Data Book provides vital information for

Compass to open tech hub in India

Posted: 05 Nov 2019 07:00 AM PST

Compass has tapped the brakes on new brokerage offices in the U.S. But it’s doubling down on tech talent in India. The SoftBank-backed brokerage announced plans Tuesday to launch a tech campus in Hyderabad focused on developing mobile apps. In a statement, CTO Joseph Sirosh cited the city’s “deep pool” of software development talent. Over the past year, New York-based Compass said it has more than tripled its tech team nationwide to a total of

Court demands Trump tax returns, New MCI rules are retroactive

Posted: 05 Nov 2019 06:20 AM PST

Every weekday, The Real Deal rounds up New York’s biggest real estate news. We update this page throughout the day, starting at 9 a.m. Please send any tips or deals to tips@therealdeal.com. MLSListings CEO Jim Harrison has been put on administrative leave. Harrison says he planned to return from medical leave two weeks ago but was not allowed to do so, and someone may be trying to push him out of the company. The reasons remain

Macklowe’s brazen Hamptons act recalls Times Square scandal

Posted: 05 Nov 2019 05:15 AM PST

When it comes to construction, Harry Macklowe’s M.O. seems to be act first, seek permission later. Last week, the real estate tycoon was reprimanded by the Village of East Hampton after he destroyed wetlands on his property for construction of his mansion. It’s not the first time the billionaire developer has pulled such a move. In the 1980s he hired a construction company led by mob figure Eddie Garofalo to demolish four buildings in Times

After WeWork’s spectacular fall, it’s crunch time for Katerra

Posted: 05 Nov 2019 04:30 AM PST

Katerra CEO Michael Marks strolled onto the Las Vegas stage, his name and title projected onto a giant black screen. In a style that’s become a cliché among Silicon Valley startups, he was about to unveil the construction firm’s new products to an audience of more than 200 people. “We’ve been working hard, quietly behind the scenes for the last few years,” Marks said at the February event. “This is our coming-out party.” At the

Another blow to landlords: New MCI rules are made retroactive, nixing some rent hikes

Posted: 05 Nov 2019 04:00 AM PST

Landlords who rushed to apply for rent hikes before the new rent stabilization law took effect may not be able to escape new restrictions on the major capital improvements program. Under the Housing Stability and Tenant Protection Act of 2019, which was enacted on June 14, properties can only qualify for MCIs — rent increases granted in exchange for building-wide improvements — if more than 35 percent of their apartments are rent stabilized. In the