The Real Deal - New York Real Estate News

Bon Jovi pays $43M for oceanfront Palm Beach estate

Posted: 20 Jul 2020 03:00 PM PDT

Rock star Jon Bon Jovi closed on an oceanfront mansion in Palm Beach for $43 million, after selling his home down the street for less than half of that. The “Livin’ On A Prayer” artist acquired the seven-bedroom, 10,232-square-foot mansion at 1075 North Ocean Boulevard on the same day he sold the oceanfront home at 230 North Ocean Boulevard for $19.8 million, records show. Bon Jovi used the same LLC that sold the smaller home

Delshah sues retailer Free People for $11M after terminating Meatpacking lease

Posted: 20 Jul 2020 01:50 PM PDT

The list of lawsuits between retail tenants and landlords grows longer by the day. More than demanding a few months in rent arrears, some landlords are now going all out to demand that tenants pay up the full value of their leases. Michael Shah’s Delshah Capital is one landlord taking that hardline approach against Urban Outfitters subsidiary Free People. Delshah’s retail tenant at 58-60 Ninth Avenue in the Meatpacking District stopped paying rent in the

Food Bazaar to take over Fairway’s Red Hook, Queens locations

Posted: 20 Jul 2020 01:35 PM PDT

Red Hook may be losing Fairway — but it won’t be without a major grocery store. Food Bazaar will be moving into the bankrupt retailer’s sprawling space at the O’Connell Organization’s 480-500 Van Brunt Street, Crain’s reported. Bogopa Enterprises, Food Bazaar’s parent company, is reportedly paying a bargain of $880,000 to take over the space. A bankruptcy judge is expected to approve the sale Thursday, along with Food Bazaar’s purchase of Fairway’s location in Douglaston,

Luxury renters stuck paying for amenities closed by Covid

Posted: 20 Jul 2020 12:30 PM PDT

Renters in New York City luxury buildings want a discount now that amenities like swimming pools, saunas and common spaces have been closed in response to risks posed by Covid-19. Landlords, not surprisingly, don’t share the same view. Although they have cultivated clientele in the competitive New York market by offering luxury amenities, building owners have proven resistant to refunds and rebates on rent. “The amenity that we’re offering now, in a Covid emergency, is

Cuomo threatens to close bars, restaurants following street parties in NYC

Posted: 20 Jul 2020 12:27 PM PDT

New York City entered the fourth phase of reopening on Monday, but Gov. Andrew Cuomo warned that if local governments don’t crackdown on large gatherings, the state will re-close bars and restaurants. During a press conference, Cuomo criticized local governments and police departments — singling out the New York City Police Department — for failing to enforce social distancing rules and prevent large crowds from congregating. His PowerPoint presentation included photos of large outdoor gatherings

Luxury contracts fall again as Manhattan residents leave for the summer

Posted: 20 Jul 2020 12:00 PM PDT

New Yorkers — or at least those still in the city — are embracing summer. As the weather warms, mask-clad residents are venturing out to parks and outdoor restaurants — or even setting up paddling pools on the side of the road. But that enthusiasm has not made its way to the condo market, which is still limping along after a volatile few months marred by slow sales and the occasional rush of activity. Last

$20M worth of Brooklyn homes went into contract last week

Posted: 20 Jul 2020 11:30 AM PDT

Nearly $20 million worth of luxury homes went into contract in Brooklyn last week. There were eight contracts signed last week, according to Compass’ weekly report tracking contracts for homes asking $2 million or more in the borough. Four of the deals were townhouses, the other four condos. The prior week saw 11 deals signed for a combined value of nearly $30 million, the strongest week in four months since the city began to shut

Editor’s note: Can real estate race ahead?

Posted: 20 Jul 2020 11:00 AM PDT

An agent at a real estate brokerage in Brooklyn said he routinely witnesses unequal treatment from landlords when he submits applications from Black renters. To deal with it, he said agents at his firm lighten photos of Black applicants to give those clients a better chance. Welcome to the state of race relations in 2020. As we write in one of our cover stories in this issue, the protest movement that swept the globe in

Feds move to seize Mountain of Beverly Hills

Posted: 20 Jul 2020 10:45 AM PDT

As if the drama behind the Mountain of Beverly Hills couldn’t get any more convoluted, here come the Feds. The U.S. Department of Justice filed a lawsuit on Friday to seize the property, alleging it was purchased with part of $105 million embezzled from the Kuwaiti government by three high-ranking officials in Kuwait’s Ministry of Defense. The DOJ alleges the money was stolen between 2009 and 2016. Those officials allegedly transferred the money out of

Nicole Kidman, Keith Urban nab condo at Tribeca clock tower condo conversion

Posted: 20 Jul 2020 10:26 AM PDT

Nicole Kidman and Keith Urban have added a Manhattan condo to their international real estate collection. The actress and country singer paid $3.5 million for a two-bedroom at 108 Leonard Street, Tribeca’s famous clock tower building, the New York Post reported. Units currently for sale in the building — which previously headquartered the New York Life Insurance Company before undergoing a condo conversion in 2018 — range from $1.6 million to $12.5 million, according to

Here’s how much Covid has crushed global RE investment

Posted: 20 Jul 2020 09:35 AM PDT

Global real estate investment was slammed over the first six months of the year, falling by a third compared to the same period last year. But amid the coronavirus-fueled hurricane a couple of sectors have been holding up, according to a new report from Savills, cited in Bloomberg. First the bad news: The Asia-Pacific region, where the virus first flared, saw real estate investment fall 45 percent from January through June, according to the report.

Keller Williams leaves Tribeca for office at 99 Park

Posted: 20 Jul 2020 09:00 AM PDT

Keller Williams New York City is moving its offices uptown, closing a turbulent chapter for the franchise brokerage. The residential firm said it will occupy more than 20,000 square feet at 99 Park Avenue in Midtown. Previously, it had around 15,000 square feet at 379 Broadway in Tribeca, which was owned by the brokerage’s prior owners, Ilan Bracha and Haim Binstock. In a statement, KWNYC said the new, larger space will be able to accommodate

Sapir Org slams Rotem Rosen with $100M lawsuit

Posted: 20 Jul 2020 06:55 AM PDT

A real estate family that worked with the Trump Organization in the mid aughts has filed a lawsuit against a former business partner, seeking at least $100 million in damages. Alex Sapir, who is president and CEO of the Sapir Organization, alleges that Rotem Rosen worked to “siphon tens of millions of dollars, misappropriate proprietary information, and violate the contractual terms of his ouster from the Sapir family and its business,” Sapir’s lawyer told Bloomberg.

Industrious and Wythe Hotel turn empty rooms into offices

Posted: 20 Jul 2020 06:00 AM PDT

Faced with a glut of empty rooms, the Wythe Hotel in Williamsburg is teaming up with flex-office provider Industrious to offer “on-demand workspaces.” Through Aug. 31, the companies are offering full-day bookings on weekdays between 8 a.m. and 6 p.m. Rooms will be furnished with custom office furniture, high-speed wi-fi, free coffee and pastry, a landline and smart-TV. Each room also has private outdoor space. The companies said the daily rate for a two-person loft

UWS condo caught up in bribery scandal tied to world’s smallest republic

Posted: 20 Jul 2020 05:35 AM PDT

An Upper West Side condo is entangled in an international money laundering investigation. Following an Australian court, a U.S. District Court is blocking any future sale of the 2,207-square-foot unit at The Aldyn at 60 Riverside Boulevard, because the property’s owners are the target of a criminal investigation stemming from allegations of bribery and money laundering. Amit Gupta and Sushila Gupta, who property records show purchased the condo for $3.8 million in 2011 from an

TRD Insights: Home loan delinquencies soar in cities

Posted: 20 Jul 2020 04:30 AM PDT

The U.S. home loan delinquency rate in April was 70 percent higher than a year ago, according to a recent report from real estate data company CoreLogic. This growth was driven by early-stage delinquencies — loans with payments 30 to 59 days overdue. April’s early-stage delinquency rate of 4.2 percent was more than double the rate in April 2019. However, serious delinquencies, with payments at least 90 days past due, fell to 1.2 percent of

TRD‘s July national issue is live

Posted: 20 Jul 2020 04:00 AM PDT

The Real Deal’s July national issue is live online for subscribers. Print issues will hit doorsteps next week, but digital subscribers can already check out the full issue today — including in-depth coverage of the latest news you won’t want to miss. This month’s biggest stories include: A closer look at real estate’s big diversity dilemma in 2020 Basis Investment Group CEO Tammy Jones on succeeding as a black woman in a white male-dominated industry