The Real Deal - New York Real Estate News

Isaac Hager’s Downtown Brooklyn hotel heads to foreclosure

Posted: 17 Sep 2020 03:15 PM PDT

A Downtown Brooklyn hotel that provided housing for the homeless is facing foreclosure. The 174-key Tillary Hotel at 85 Flatbush Avenue Extension is in default on a mezzanine loan owner Isaac Hager took out to finance the property, according to a notice of a foreclosure auction. Eli Tabak’s Bluestone Group provided Hager with a $6 million mezzanine loan to finance the purchase last year. Tabak notified Hager in August that a UCC foreclosure auction is

Carlyle Group pockets $40M LIC trade school building

Posted: 17 Sep 2020 03:05 PM PDT

The Carlyle Group has picked up a Long Island City trade school building for $40 million. The private-equity firm purchased the 74,105-square-foot building at 24-02 Queens Plaza South from Atlas Capital, according to property records. The property has been home to Apex Technical School since 2012, the same year Atlas bought the building for $13.5 million. Carlyle and Atlas did not immediately return requests for comment. But the purchase may be a bet on the

André Balazs lists lavish Soho condo for $12M

Posted: 17 Sep 2020 02:45 PM PDT

Famed hotelier André Balazs is saying goodbye to the Soho apartment that he’s owned for more than 15 years. Balazs has listed his 4,200-square-foot apartment on Mercer Street — located just steps from the Mercer, one of his marquee hotel properties — for $12 million, the Wall Street Journal reports. Tal and Oren Alexander of Douglas Elliman have the listing. The 63-year-old hotelier bought the property for $5.75 million in 2003, and according to the

Joe Jonas and Sophie Turner list NYC pied-à-terre for $5.9M

Posted: 17 Sep 2020 01:38 PM PDT

Singer Joe Jonas and actress Sophie Turner are looking to sell their New York City home and become full-time L.A. residents, The Real Deal has learned. Jonas and Turner have come to market with their 2,900-square-foot condo at 199 Mott Street in Manhattan’s Nolita neighborhood for $5.9 million, according to two sources close to the deal. The celebrity couple’s New York address has not been previously reported, despite rumors at the time of their house

Korean Air eyes sale of LA’s tallest tower

Posted: 17 Sep 2020 12:15 PM PDT

The tallest skyscraper west of the Mississippi may soon be up for sale, as the Korean conglomerate that owns it struggles to shore up its finances. Korean Air is in talks with investors regarding a possible sale of the 73-story Wilshire Grand Center in Downtown Los Angeles, the Korean Economic Daily reported, citing industry sources. The property was facing a $900 million debt maturity this month. On Wednesday, Korean Air’s board decided to lend $950

Which TRD social channel is right for you?

Posted: 17 Sep 2020 11:30 AM PDT

All photos courtesy of Unsplash

Bankrupt New York Sports Clubs owner makes lender-takeover deal

Posted: 17 Sep 2020 09:36 AM PDT

Town Sports International Holdings, the bankrupt owner of New York Sports Clubs, has reportedly worked out a takeover deal that will keep its gyms open. The company outlined plans for the deal — struck with private-equity firm Tacit Capital and various lenders — at a bankruptcy hearing Wednesday, according to the Wall Street Journal. The deal would allow the lenders to lead bidding for the company’s assets, known as a “stalking horse” bid. According to

1M struggling homeowners didn’t request forbearance. Now what?

Posted: 17 Sep 2020 08:45 AM PDT

One million homeowners are at risk of losing their homes because they haven’t taken advantage of an option that protects them from foreclosure or eviction. Homeowners with federally guaranteed mortgages can temporarily hold off on their monthly payments for up to a year without penalty, as long as they make those payments up later. In order to do so, borrowers must call their mortgage company to ask for forbearance. However, many homeowners have simply missed

Greystone eyes $40M-plus for Park Slope luxury apartments

Posted: 17 Sep 2020 08:00 AM PDT

Greystone Development is looking to get north of $40 million for its new luxury rental apartment building in Park Slope. The development firm built the 63-unit, 13-story property at 223 Fourth Avenue, dubbed 223 Park Slope, in 2018. The tail end of the lease-up period for the building was caught by the pandemic. But sources close to the property said the demand remained strong, and the current occupancy is about 91 percent. More than 30

Douglas Durst tapped to be next REBNY chair

Posted: 17 Sep 2020 07:18 AM PDT

Douglas Durst, chair of the Durst Organization, was nominated to be the next chair of the Real Estate Board of New York, the industry’s most influential trade group announced today. “It is hard to imagine a more appropriate leader to navigate our industry through these extraordinarily challenging times,” Bill Rudin, current chair of REBNY, said in a statement on REBNY’s website. In his statement, Durst cited the Durst Organization’s century-plus history in New York and

Eviction filings fall after Trump moratorium: study

Posted: 17 Sep 2020 06:40 AM PDT

Eviction filings fell in 16 cities after the CDC’s nationwide eviction moratorium took effect in early September. Data from Princeton University’s Eviction Lab shows that filings dropped in 16 cities during the second week of the month, according to Bloomberg’s City Lab. In some areas, the drop was immense: Richmond, Virginia, for example, saw an 89 percent decline — 30 filings compared to almost 300 in the first week of September. In Cincinnati, fillings fell

Landlords lost about $9B in rental payments last quarter: report

Posted: 17 Sep 2020 06:00 AM PDT

Almost 11 million households were behind on rent or mortgage payments during the first three months of the pandemic. Nearly 6 million of those households were renters, who reported either missing, delaying or paying reduced rent during the second quarter of the year, according to a report from the Mortgage Bankers Association. Just over 5 million households were homeowners that missed or deferred at least one mortgage payment. The effect on multifamily property owners and

Deutsche Bank: Employees can stay home until mid-2021

Posted: 17 Sep 2020 05:40 AM PDT

Employees at Deutsche Bank won’t have to replace sweats with suits any time soon. The German lender notified staff in New York, New Jersey and Connecticut this week that they can keep working from home until next July, according to Bloomberg. In a memo, the bank acknowledged its employees are contending with “the continuing balancing of your work and your children’s sporadic school schedule,” among other covid-related concerns. Their return to work next year will

What low interest rates through 2023 means for real estate

Posted: 17 Sep 2020 05:00 AM PDT

The Federal Reserve is preaching stability in a chaotic world. Fed officials signaled on Wednesday that the short-term interest rate will remain at 0 to 0.25 percent, and projections are that rates will remain near zero until 2023. While the move wasn’t a surprise, it did provide clarity to coronavirus-battered investors on what to expect in the years ahead — and came as a relief to the real estate industry. Private equity firms have hundreds

Banks see CRE loans delinquencies hit 5-year high

Posted: 17 Sep 2020 04:30 AM PDT

The delinquency rate on bank’s commercial real estate loans is at its highest point since 2015. The overall delinquency rate on bank CRE loans rose to 0.59 percent at the end of the second quarter, up 65 percent from the prior quarter, according to a report from Trepp. While the figure is far below the peak of 9 percent at the height of the financial crisis, the uptick could indicate an impending “wave of foreclosures”

Shvo to hell: Inside the ugly dispute between Michael Shvo and partner pal

Posted: 17 Sep 2020 04:00 AM PDT

Michael Shvo’s rule-breaking had finally caught up with him. The controversial broker-turned-developer was sidelined on more than $2 billion worth of Manhattan condos when he pleaded guilty to evading $1.5 million in taxes in 2018. But just when it looked like Shvo was persona non grata to any major investors and lenders, he surprised everyone. His second act was even bigger than the first. The New York-based developer teamed up with his best friend, Turkish