The Real Deal - New York Real Estate News

REBNY lays off staff, slashes salaries

Posted: 12 Jun 2020 03:15 PM PDT

Facing a dramatic decline in membership dues, the Real Estate Board of New York has laid off staff, cut executives’ salaries and reduced its expenses. The trade group announced the cuts, including a 15 percent decrease in expenses, in a letter sent to members of its board of governors and obtained by The Real Deal. Sources familiar with the situation said REBNY laid off more than 10 percent of its staff, cut senior staffers’ pay

Developer Howie Klaus of HK Organization dies at 65

Posted: 12 Jun 2020 02:30 PM PDT

Developer Howie Klaus, known for his warmth, vision, and love for his native Brooklyn, died suddenly on June 5 at the age of 65. Klaus was the co-founder of HK Organization, a real estate development and management firm he ran with Harry Kotowitz. “Howie was my friend and partner for over 35 years,” said Kotowitz in a statement. “He brought his vigor and love of life to the profession and I will miss him very

More tech firms eye Miami as Covid carries on

Posted: 12 Jun 2020 02:15 PM PDT

In late February — before Covid-19 became a pandemic — Spotify inked a lease for 20,000 square feet to house its South Florida headquarters in Miami’s Wynwood neighborhood. The music streaming service’s deal for all of the office space and large courtyard at the mixed-use development Oasis at Wynwood on North Miami Avenue was another sign of momentum for TAMI (technology, advertising, media and information) companies taking office space in South Florida. But then coronavirus

Real estate stocks outperform broader market but still sink

Posted: 12 Jun 2020 01:40 PM PDT

Real estate stocks recovered some of their losses after signs of a second wave of coronavirus infections pushed the broader market to one of its biggest single-day dips since mid-March. It was also a week that saw the Federal Reserve freeze interest rates for the foreseeable future, either providing stability for real estate investors, or cause for concern, depending who you ask. Real estate investment trust ETFs outperformed the broader market, but remained 7 percent

Quicken Loans files for IPO

Posted: 12 Jun 2020 12:45 PM PDT

Mortgage giant Quicken Loans is heading to Wall Street in what could be the largest initial public offering of the year. The Michigan-based non-bank lender has confidentially filed with the U.S. Securities and Exchange Commission, the Financial Times reported. The listing could come as early next month and value Quicken Loans in the tens of billions of dollars, according to the publication. Quicken Loans, founded by billionaire Dan Gilbert in 1985, was among the non-traditional

Airbnb agrees to give listing info to city

Posted: 12 Jun 2020 12:31 PM PDT

After more than a decade of war over home-rental listings, Airbnb and New York City have come to terms. In a joint statement Friday, the startup and de Blasio administration announced an end to their legal dispute about whether the city can get data about Airbnb’s hosts. Under the settlement, which has been in the works for months, the San Francisco-based startup agreed to dismiss its lawsuit and share listing information with the city on

Seeking “a seat at the table,” Compass’ Aaron Seawood jumps to Triplemint

Posted: 12 Jun 2020 11:45 AM PDT

Triplemint has snagged Compass broker Aaron Seawood and his team to lead the firm’s push into the Brooklyn market. Though the venture-backed brokerage of 170-odd agents doesn’t have concrete plans for a physical office in the borough as of yet, Triplemint CEO David Walker said Seawood represents a “cultural pillar” around which future hires and eventual office space will happen. The new office is part of the brokerage’s ongoing expansion and Walker said the firm

TRD Insights: Tracking the Covid migration through trash collection

Posted: 12 Jun 2020 11:30 AM PDT

As the first wave of the coronavirus receded in May, citywide trash and recycling collection rebounded from its dip in April and matched its level from a year ago, suggesting that residents who decamped from the city to ride out the pandemic are slowly coming back. Sanitation workers picked up 283,249 tons of refuse, recycling and organic waste in May, up 13 percent from April and unchanged from its level in May 2019. All told,

The rent law, one year later: “No upside, no opportunity”

Posted: 12 Jun 2020 09:47 AM PDT

Exactly one year ago, New York’s real estate industry was facing a crisis. The legislature had just agreed to a tenant-friendly upheaval of rent regulation, and a last-minute call from landlords to Gov. Andrew Cuomo, their long-time ally, had failed to secure his opposition to it. “I never thought the governor could be the white knight of the real estate industry,” one person who was on the June 12 call said Thursday. “Anybody who did

Starbucks puts the lid on 400 stores

Posted: 12 Jun 2020 08:38 AM PDT

Starbucks will shutter 400 stores across the country as it transitions to to-go orders while adjusting to the coronavirus pandemic. The closures were disclosed in a Securities and Exchange Commission filing. It was not clear which of the java giant’s locations will close, but Commercial Observer reported that some New York City locations are being considered. In April, Starbucks signed a 23,000-square-foot lease for a triplex corner of the Empire State Building for a potential

Homeowners gained far less equity in formerly redlined areas: study

Posted: 12 Jun 2020 07:16 AM PDT

Homeowners in historically redlined neighborhoods gained less than half as much home equity over the past 40 years as elsewhere, a study by home listing service Redfin has found. The analysis demonstrated the lasting impact of an economic practice that, while formally outlawed, has persisted in many forms, Inman reported. In neighborhoods where redlining was practiced, lenders would draw a “red line” around neighborhoods that, based on demographics, were deemed too risky for federal mortgage

Midtown hotel to close forever; office conversion possible

Posted: 12 Jun 2020 06:04 AM PDT

As the coronavirus continues to wreak havoc on the lodging sector, the Omni Berkshire Place hotel in Manhattan will close for good. The announcement, made to loyalty members, came from the Midtown hotel’s parent Omni Hotels, which is owned by billionaire Robert Rowling’s TRT Holdings, Bloomberg reported. TRT Holdings plans to keep the 399-room hotel property, which is in the rezoned Midtown East district and could be converted to office space. In 2017, New York

City’s biggest construction union hits speed bump on road to independence

Posted: 12 Jun 2020 04:30 AM PDT

The city’s largest construction union has hit a snag in its journey to independence. David Pié, inspector general of the New York City District Council of Carpenters, resigned earlier this month. His departure is a “setback” for the union, according to a report issued by the union’s independent monitor, as it works to eventually shed the need for outside supervision. The union created the inspector general’s office a few years ago as part of its

Submerged in securities: Many CMBS hospitality loans may be underwater soon

Posted: 12 Jun 2020 04:00 AM PDT

Carlos Rodriguez Sr. set off from Costa Rica nearly 25 years ago for what seemed like a surefire bet: developing and operating hotels in Florida, where both tourism and business travel were in perpetual demand due to the area’s warm weather, white sand beaches and proximity to Latin America. Rodriguez, who oversees the hotel investment and management companies Driftwood Capital and Driftwood Hospitality Management — which have a combined portfolio pegged at about $3 billion