The Real Deal - New York Real Estate News

City Council targets deed fraud with two bills

Posted: 13 Oct 2020 03:30 PM PDT

Car theft, once rampant in the city, has been reduced to a trickle. But thieves have become adept at stealing something even more valuable: homes. While auto larcenies have plunged to about 5,000 a year from nearly 150,000 in 1990, some 3,152 deed theft complaints were filed with the Department of Finance over the past six years. Now the City Council is considering legislation to curb the problem. A pair of bills would ramp up

Mortgage delinquencies jumped to highest rate in 20 years

Posted: 13 Oct 2020 02:35 PM PDT

The coronavirus has managed to send the U.S. housing market surging in opposite directions simultaneously. On one end, demand for new mortgages and homes is surging as buyers look to take advantage of rock-bottom interest rates and eager sellers. On the other end, homeowners across the country are struggling amid the upended economy, and can’t make their loan payments. Late-stage mortgage delinquencies rose to 1.4 percent among borrowers in July, the highest level since 1999,

Here are the South Florida real estate players who donated to candidates in 2020

Posted: 13 Oct 2020 02:30 PM PDT

As the presidential election nears, The Real Deal examined top South Florida real estate players’ political donations this year, and found they largely skewed in one direction. A number of developers supported Republican candidates and causes, including Craig Robins, Stuart Miller and Russell Galbut. Related Group developer Jorge Pérez and real estate adviser Louise Sunshine were among the few to donate to former Vice President Joe Biden’s campaign, according to TRD’s analysis of filings with

Sandra Lee sells Westchester home shared with Cuomo

Posted: 13 Oct 2020 01:45 PM PDT

A year after splitting from New York Gov. Andrew Cuomo, Sandra Lee has sold the Westchester home the couple shared, according to the New York Post. Lee, a cooking-show star, now lives in California, but Cuomo still occasionally uses the home when he is downstate, LoHud reported. The 4,129-square-foot Mount Kisco home sold for $1.3 million. Lee owned the Bittersweet Lane property for more than a decade and put it on the market for $2.3

Pandemic may wipe out $16B in construction spending: report

Posted: 13 Oct 2020 01:15 PM PDT

The pandemic has shaved $16 billion off projected construction spending in 2020 and 2021, according to a new report. The New York Building Congress estimates spending will reach $55.5 billion this year, down from the $65.9 billion the group previously forecast. Next year, spending will be just about flat at $56.9 billion, which is also a drop from the trade group’s earlier estimate of $62.1 billion. The group does not see 2022 as a comeback

These are the best desk lamps for your home office

Posted: 13 Oct 2020 12:45 PM PDT

Note: These items are independently selected by our team. However, TRD may receive a commission when you purchase products through affiliate links. Whether you do your best work late at night or early in the morning, having the right work environment — including the right lamp to keep your space lit — makes all the difference. There’s science behind it, too: Studies have shown that there’s a direct correlation between lighting and productivity. As we

Short-term rental startup Kasa raises $30M

Posted: 13 Oct 2020 12:00 PM PDT

The hospitality industry has been battered by the pandemic, but there’s a small glimmer of hope: Short-term rental startup Kasa Living has just raised $30 million. The company, which rents out vacant hotel rooms and apartments, will use the Series B to improve its software and streamline operations, Forbes reported. The round was led by Ribbit Capital, with RET Ventures, Zigg Capital, FirstMark Capital, Allegion Venturs and BoxGroup. The funding brings Kasa’s total to more

Deal for pizza-pan manufacturer rounds out last week’s mid-market sales

Posted: 13 Oct 2020 11:15 AM PDT

The outer-boroughs continue to dominate the middle of the investment-sales market, with the only deals last week between $10 million and $30 million seen in Queens and the Bronx. A manufacturer of restaurant equipment sold in Hunts Point, while a retail development took shape in Maspeth and a California developer scooped up a bankrupt residential development in Flushing. Here are details of mid-market i-sales for the week ending Oct. 9. 1) California-based J&C International Group

Industrial leasing surges in NYC as other sectors flounder

Posted: 13 Oct 2020 10:30 AM PDT

Leasing office or retail space in New York City — or Manhattan apartments, for that matter — is slow going these days. But the city’s industrial real estate market is on fire. Industrial tenants inked deals for 1.6 million square feet of space in the five boroughs during the third quarter of the year, a nearly 71 percent increase over the same time last year, according to new data from CBRE. The availability rate for

Urban Umbrella raises $9M for better-looking scaffolding

Posted: 13 Oct 2020 09:45 AM PDT

Urban Umbrella, a startup that makes elegant steel scaffolding, has secured $9 million in new funding to beautify construction sites, one sidewalk shed at a time. The round includes $7 million in equity and $2 million in debt, and brings the company’s total funding to $18 million since 2016. Co-founder Benjamin Krall said the company raised $4 million pre-Covid, but suspended fundraising for several months this spring. Investors include unnamed developers and building owners. “This

Phil Collins trying to evict ex-wife from Miami Beach mansion

Posted: 13 Oct 2020 09:00 AM PDT

After reuniting with his ex-wife four years ago, Phil Collins is now reportedly trying to evict her from his waterfront Miami Beach mansion. Collins and his ex, jewelry designer Orianne Cevey, went through an expensive divorce in 2008, when Collins paid her nearly $47 million. Though they got back together in 2016, Cevey eloped in August to Las Vegas to marry Thomas Bates, prompting Collins to try to get her off the property, according to

Snapdocs raises $60M amid record demand for mortgages

Posted: 13 Oct 2020 08:15 AM PDT

The mortgage business is booming, and so are companies that help homebuyers manage the application process. One of those firms, Snapdocs — which digitally manages the mortgage process and other paperwork — recently raised $60 million in new equity funding due to increased demand for its business, TechCrunch reported. Its new backers include Lachy Groom Maverick Ventures and DocuSign. The company saw 170,000 home sales in August, totaling about $50 million in deals. It projects

Madison Avenue retail buildings sell for record low price

Posted: 13 Oct 2020 07:35 AM PDT

Three retail buildings on Madison Avenue have sold for a combined $45 million, a price that represents a new low for the posh shopping district. The luxury retailer Akris will buy three properties at 831, 835 and 837 Madison Avenue between East 69th and 70th Streets for $45 million, according to the Wall Street Journal. The deal includes three ground-floor retail spaces, along with 15 residential units. The deal came out to $1,340 per square

SoftBank’s Vision Fund to unveil blank-check company

Posted: 13 Oct 2020 06:30 AM PDT

SoftBank Group’s Vision Fund will lay out plans to launch a blank-check company in the next two weeks, becoming the latest high-profile group looking to raise money from a special-purpose acquisition company. SoftBank has not announced the target size of the blank check company, Bloomberg News reported. It plans to seek outside funding along with contributing its own capital for the venture. The blank-check company will combine the Vision Fund’s work investing in tech startups

Retail’s reopening rollercoaster: “Confusion and hesitation and fear”

Posted: 13 Oct 2020 05:30 AM PDT

South Florida retailers could be forgiven if they needed a minute to process the news that Gov. Ron DeSantis had moved the state into its third and final phase of reopening. After months of mandated closures amid a stop-start economy, the late September announcement meant that in Miami-Dade County, bars and nightclubs could reopen for indoor activity. While it allowed for up to 100 percent capacity, the declaration still came with regional restrictions. It also

How many Americans actually moved during the pandemic?

Posted: 13 Oct 2020 05:00 AM PDT

How many people actually moved because of the pandemic? Though it’s hard to know movers’ exact motivations, new data reveals migration patterns during the height of Covid-19 lockdowns in most states. Change of address data from the United States Postal Service reveals that 15.9 million people moved between February and July this year, according to MyMove, a platform that provides information for people who are relocating. MyMove analyzed data from both USPS and a Pew

Odd summer for Manhattan’s condo market

Posted: 13 Oct 2020 04:30 AM PDT

The Manhattan condo market this summer was like deep-sea fishing: Not many deals rolled in, but they tended to be big. A total of 511 condo deals closed from July through September in the borough, down from 614 in the second quarter, according to an analysis by The Real Deal. The average sale price, meanwhile, rose to $3.6 million from $2.7 million per deal in the second quarter and $2.4 million a year ago. The

Court lets Fortis off hook for Williamsburg condo defects

Posted: 13 Oct 2020 04:00 AM PDT

Since purchasing 37 condo units from bankruptcy nearly a decade ago, a Brooklyn developer has denied that it also acquired responsibility for fixing defects in the building. Now, a court has let the developer off the hook. A panel of Appellate Division judges found that Fortis Property Group isn’t liable for damages or defects that existed at Bayard Views Condominium in Williamsburg before the previous sponsor declared bankruptcy and sold the units. The developer is