The Real Deal - New York Real Estate News

Stock market madness: Macerich soars, sinks, and ends up worse off

Posted: 29 Jan 2021 03:05 PM PST

“Macerich is the next GameStop.” That’s what one Reddit user said Wednesday on the platform’s wild Wall Street Bets forum, which has helped individual investors scorch hedge funds this week by buying up shares in ailing companies. The prediction has not quite panned out: GameStop’s share price soared 68 percent Friday, to close near its Wednesday peak, while Macerich’s lost 18 percent as the firm rejoined the ranks of mortal mall owners. The Macerich Company,

But the commute is still great: US office occupancy at just 22%

Posted: 29 Jan 2021 02:48 PM PST

Office buildings across the U.S. are still pretty empty. In 10 major metropolitan cities, the average number of office workers who returned to their desks fell to 21.7 percent on Jan. 20, according to a new report by Kastle Systems International. Many companies are still taking a wait-and-see approach as coronavirus vaccinations continue their slow pace. American Express this week told workers to operate from home until Labor Day. In New York, occupancy fell to

Pending homes sales dip for fourth straight month, but still break record

Posted: 29 Jan 2021 02:00 PM PST

An index tracking pending U.S. home sales reported its fourth consecutive monthly drop in December. The metric, from the National Association of Realtors, fell by 0.3 percent last month, compared with November. But it was still the busiest December ever for buyers inking contracts for homes. Contract signings were up 21 percent compared to the same month in 2019. Though a drop in pending home sales is often thought to indicate a drop in demand

Private equity billionaire buys Phil Collins’ Miami Beach mansion for $39M

Posted: 29 Jan 2021 12:45 PM PST

Phil Collins sold his waterfront Miami Beach estate for more than $39 million, after a legal battle with his ex-wife. Private equity billionaire Orlando Bravo and his wife Katy purchased the 11-bedroom, 10-bathroom mansion at 5800 North Bay Road, according to the Miami Herald. Sources confirmed the buyer’s identity to The Real Deal. Bravo is co-founder and managing partner of Thoma Bravo, a Chicago-based private equity investment firm. He’s worth about $3.7 billion, according to

Retail bloodbath will continue with 10,000 closures this year: report

Posted: 29 Jan 2021 11:17 AM PST

Don’t expect brick-and-mortar retail to escape from the discount rack this year, a new report warns. An analysis released this week predicted that as many as 10,000 retail stores could close nationwide in 2021, Business Insider reported. The study, by Coresight Research, found that 8,741 retail stores shut their doors last year, led by 3,151 apparel store closures. Last year was a bloodbath for on-the-ground retailers. The pandemic exacerbated competition from e-commerce, and job losses

Former Howard Hughes exec’s Chelsea PH asks $50M

Posted: 29 Jan 2021 10:30 AM PST

Fancy a swim? A Manhattan penthouse equipped with a 61-foot-long, rooftop swimming pool is hitting the market asking nearly $50 million. The unit at 551 West 21st Street in West Chelsea belongs to David Weinreb, co-founder and former CEO of the Howard Hughes Corporation, according to the Wall Street Journal. The real estate executive bought the penthouse as raw space for $38 million in 2017, and is now asking $49.995 million. The apartment spans 6,400

Indoor dining will resume in NYC on Valentine’s Day

Posted: 29 Jan 2021 09:12 AM PST

Indoor dining is back on the table in New York City. Gov. Andrew Cuomo announced today that indoor dining will resume at limited capacity — 25 percent — beginning Valentine’s Day. “We are very excited about the possibility of reopening,” Cuomo said. The governor said the Feb. 14 start date gives restaurants time to prepare for reopening — not that eateries asked for a delay. Earlier this week Cuomo said that while some businesses may

After big upstate push, multifamily heavyweight E&M cashes in chips

Posted: 29 Jan 2021 08:32 AM PST

E&M Management, once one of New York City’s largest landlords of rent-regulated apartments, is selling its massive Hudson Valley portfolio for more than $100 million. A partnership of multifamily firm Aker and investment firm Pearlmark closed on four of the firm’s properties for $81 million, which is $26 million more than E&M purchased them for, sources told The Real Deal. The buyers raised $21.8 million on the commercial real estate crowdfunding platform Crowdstreet. Those four

NYC moves to ban gas hookups in new construction

Posted: 29 Jan 2021 07:45 AM PST

UPDATE, Jan. 29 2021, 12:25 p.m.: Say goodbye to gas stoves in new apartments. During his State of the City address, Mayor Bill de Blasio announced that the city will ban gas hookups in new construction by 2030, Politico reported. He first signaled his intention to ban gas last year, although the goal at the time was 2040. The move is just one of the priorities that left-leaning groups, including New York Communities for Change,

Brooklyn lawyer charged in $4M real estate fraud scheme

Posted: 29 Jan 2021 07:15 AM PST

A Brooklyn attorney is accused of bilking real estate investors out of at least $4 million in a home-flipping scheme. The defendant, Shimon Rosenfeld, allegedly lured would-be real estate investors over a period of four years by promising to buy properties with their money, flip the homes and share the profits with the sellers. Instead, Rosenfeld reportedly pocketed the money and used it to trade securities, according to a lawsuit filed in federal court this

BRP’s Meredith Marshall: “We get the story wrong in New York”

Posted: 29 Jan 2021 06:30 AM PST

Developers often get a bad rap in New York City, with politicians eschewing donations, resident groups resisting gentrification and City Council members even proposing that nonprofits get first dibs on city-owned land slated for affordable housing. “Maybe that works politically, but I don’t see how that works,” said Meredith Marshall of the last proposal. In the latest episode of Coffee Talk, Marshall, who co-founded major developer BRP Companies in 1992 with partner Geoff Flournoy, sat

The real story of real estate’s loss to street vendors

Posted: 29 Jan 2021 05:45 AM PST

The battle between New York City’s retail industry and street vendors has long been a lopsided contest. Think Harlem Globetrotters versus Washington Generals, with business leaders dribbling, passing and scoring with ease while street vendor representatives haplessly chase after the ball. But yesterday, all that changed. The vendors won. The Generals finally beat the Globetrotters. They got the City Council to pass a measure that has been pushed repeatedly over many years, only to be

Return to lender: 10 malls Brookfield may give up, and why

Posted: 29 Jan 2021 05:00 AM PST

It was a gamble when Brookfield Property Partners paid over $9 billion in cash for GGP’s 125-mall portfolio, but the company had a plan. Shortly after the deal closed in August 2018, Brookfield said it would “future proof” most of those malls, turning moribund properties into mixed-use “mini cities” by adding residential and office space. The future, it turns out, had other plans. The coronavirus pandemic has battered Brookfield’s massive retail holdings, with its malls

Two huge Long Island City rentals see occupancy plummet

Posted: 29 Jan 2021 04:00 AM PST

For years, Long Island City has been experiencing rapid growth: New residential high-rises were built left and right, with thousands of residential units slated for delivery by 2020. Amazon took notice, choosing the Queens neighborhood for the site of its proposed second North American headquarters in 2020. But a lot can change in a couple of years. Amazon scrapped its plans to move to Long Island City, and then coronavirus hit, leading renters to ditch