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The Real Deal - New York Real Estate News |
| Real estate stocks had a big week. But are they still undervalued? Posted: 13 Nov 2020 04:45 PM PST Real estate stocks ended the week on a positive note, with companies sustaining gains made earlier this week after Pfizer announced successful trials for its Covid-19 vaccine. Some of the country’s largest property owners had their best week of trading since June, with share prices rising more than 20 percent, substantially outperforming major indexes. The share price of SL Green Realty, New York City’s largest office owner, grew 23 percent. Shares of Hilton Worldwide and |
| NAR amends code of ethics to ban public hate speech Posted: 13 Nov 2020 03:45 PM PST Realtors can no longer publicly use discriminatory language without consequence. The National Association of Realtors’s board of directors voted Friday to officially expand its Code of Ethics to cover realtors’ conduct outside of their real estate duties. Previously, the code of ethics only applied to a realtors’ conduct in the course of a real estate transaction. That means any NAR member who uses hate speech or harassing language in public, whether as a part of |
| Brookfield delinquent on $190M loan tied to Baltimore mall Posted: 13 Nov 2020 02:47 PM PST Troubles mount for mall owners around the country as an increasing number are skipping loan payments, with the threat of another wave of coronavirus cases potentially leading to new restrictions. Brookfield Property Partners is over 60 days delinquent on a $190 million CMBS loan secured by White Marsh Mall in Baltimore, according to Trepp. The mall is among the largest in the Baltimore area, spanning over 1 million square feet. Wells Fargo originated the loan |
| Outer-borough loan activity fired up in October Posted: 13 Nov 2020 12:45 PM PST October’s top 10 outer-borough loans were led by two deals at or above $300 million, showing a strong recovery from the previous month, when the ranking was topped by a $65 million loan. The total amount of October’s top 10 loans was $1.99 billion — that’s four times more than September’s total of $494 million. The top loan, for $323 million, was issued in relation to the recent sale of Silvercup Studios, the legendary film |
| “Nobody wants to follow the rules”: Covid spike triggers Newark crackdown Posted: 13 Nov 2020 11:45 AM PST Covid-19 is on the rise throughout New Jersey, with 12 percent of tests now coming back positive. Newark is even worse at 19 percent, and Mayor Ras Baraka has seen enough. “Everybody is going to have to sacrifice,” Baraka said Thursday, as reported by the Wall Street Journal. The mayor imposed restrictions that go beyond those announced by Gov. Phil Murphy. They include no school sports, large private gatherings or nights out on the town. |
| Michael Gianaris to President-elect Biden: Cancel rent Posted: 13 Nov 2020 11:35 AM PST State Sen. Michael Gianaris is calling on President-elect Joe Biden to provide relief for New Yorkers — in the form of canceling rent. The Democratic politician, who represents Astoria, Queens, and, as the deputy majority leader of the Senate is the second highest–ranking member of the legislature in New York City, wrote that New Yorkers have “suffered immeasurable losses of lives and livelihoods, incurring utter devastation to themselves, their families and their businesses.” “As we |
| Spencer Rascoff scoops up another Brentwood Park home Posted: 13 Nov 2020 11:27 AM PST Former Zillow CEO Spencer Rascoff has snagged another Brentwood Park property. Rascoff paid $5.7 million — a million dollars above the Zestimate — for the 1950s-era home a block away from his mansion, according to Variety. The 3,200-square-foot home sits on a quarter of an acre, with three bedrooms and 3.5 bathrooms. There have been some upgrades, but overall it does not appear there was a recent renovation. The trellis-covered back patio opens to a |
| Posted: 13 Nov 2020 11:00 AM PST It continues to be a day, week, and month like no other. But what is time in 2020 anyways? Luckily, there are plenty of opportunities to watch TRD’s most interesting videos on all of your devices. Here are the top four videos we’d recommend you add to your list. Our biggest viewers have been watching–keep reading to see which industry pros dropped into our comments! Talking LA luxury real estate with the cast of “Million |
| Former Barneys chair lists Manhattan penthouse for $45M Posted: 13 Nov 2020 10:14 AM PST Billionaire Richard Perry, a former hedge fund manager whose leadership of Barneys New York came under scrutiny following the chain’s bankruptcy last year, has listed his Manhattan penthouse for $45 million. The apartment at 1 Sutton Place South features five bedrooms, six and a half bathrooms and a wraparound terrace spanning 6,000 square feet, according to a listing on StreetEasy. Perry and his wife, Lisa, purchased the home in 2000 for $10.9 million after it |
| WeWork losses continue but firm sees glimmer of hope Posted: 13 Nov 2020 09:00 AM PST WeWork is still losing money, but the flex-office provider is hoping big changes in the office market will favor the beleaguered firm. Revenues continued to decline at WeWork in the third quarter, but it’s spending slightly less than it was in the second quarter, Reuters reported, citing a company memo. WeWork revenue declined 8 percent from the second quarter to $811 million, but the company spent only $517 million negative free cash flow, an improvement |
| MKF Realty set to close on Related’s Union Square high-rise for $200M Posted: 13 Nov 2020 08:15 AM PST MKF Realty lined up a loan from Fannie Mae to close on its purchase of Related Companies’ One Union Square South, in one of the largest multifamily deals to go through since the start of the pandemic. The Midtown-based firm, acting as an advisor for a multigenerational family investor, is set to close next week on its purchase of the mixed-use, 240-unit building for $218 million, sources familiar with the sale told The Real Deal. |
| “Real Housewife” trades reality TV for selling real estate Posted: 13 Nov 2020 07:30 AM PST “Real Housewives of New York City” star Ramona Singer is making the jump from reality TV socialite to selling luxury real estate. Singer, who has more than 830,000 Instagram followers and her own line of anti-aging skin care, is studying to obtain her New York real estate license, the New York Post reported. She is expected to join Michael Lorber’s team at Douglas Elliman, which represented her when she sold her Upper East Side condo |
| Deutsche Bank sends staff home as Covid surges in US Posted: 13 Nov 2020 07:00 AM PST Deutsche Bank sent its Americas investment bankers home as the pandemic intensified across the U.S. “We have been concerned that a second wave may come, and it is not surprising that this should impact Deutsche Bank,” said Matthias Krause, its chief of staff for the Americas, in a memo to staff, Bloomberg reported. “We have decided that front office staff in the investment bank in the Americas will work from home until further notice,” he |
| 80% of NYC hotels backing CMBS loans show signs of distress Posted: 13 Nov 2020 06:31 AM PST The travel industry has been so ravaged by the coronavirus that even a vaccine may not come soon enough to save most hotels in New York City. If half of the city’s 640 hotels survive, it would be a “great” outcome, Vijay Dandapani, chief executive of the Hotel Association of New York City, told the Financial Times. Occupancy rates in hotels that remain open are still far below normal. In September they were 20 percent |
| Corcoran enters LA, absorbing “punk rock” brokerage Posted: 13 Nov 2020 06:00 AM PST Corcoran Group has entered Los Angeles, continuing the brokerage’s California expansion that began at the beginning of the year. Franchise affiliate Corcoran Global Living is absorbing Los Feliz-based PLG Estates, a brokerage headed by Peter Lorimer, the firm announced Thursday. He will lead the L.A. operations. On its website, PLG describes its approach to real estate as “punk rock.” Michael Mahon, CEO of Corcoran Global Living, told The Real Deal the luxury brand now has |
| Evidence mounts that high-end sales powered pandemic market Posted: 13 Nov 2020 05:35 AM PST Home shopping has shifted noticeably during the pandemic, drawing a pool of buyers with fatter wallets and favoring sellers of pricier properties. One in four homes bought between April and June was priced at $500,000 or more, up from 14 percent during the preceding nine months, according to a National Association of Realtors analysis, the Wall Street Journal reported. The median household income of buyers also increased significantly, hitting $110,800, compared with $94,400 for pre-pandemic |
| State should stop exclusionary zoning in New York suburbs: report Posted: 13 Nov 2020 04:00 AM PST More than half a century ago, New York officials created an agency aimed at ensuring zoning policies throughout the state discouraged segregation. But within a few years, the agency, the Urban Development Corp., was stripped of most of its authority to interfere in residential zoning decisions. Not much has changed since. “The result is a state with fewer homes, more expensive rents, and starker segregation than it would otherwise have,” Noah Kazis, a fellow with |
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