The Real Deal - New York Real Estate News

Government auction includes old missile site, land with ocean views

Posted: 01 Feb 2021 02:55 PM PST

Wanna buy a missile site? The former Cold War facility, dormant since 1974, is among a dozen U.S. properties that the federal government hopes to auction off for a combined $500 million to $750 million. Others include a Monterey County parcel with ocean views and 17 acres in Silicon Valley. The properties, many of them vacant, could go up for sale to developers early this year, according to a report from the U.S. Government Accountability

32BJ, landlords reach multi-year deals on guards, window cleaners

Posted: 01 Feb 2021 02:05 PM PST

Nearly a year after the pandemic stopped contract negotiations, commercial landlords and a union representing office security guards and window cleaners have reached new, multi-year deals. 32BJ SEIU and the Realty Advisory Board on Labor Relations have agreed to a four-year contract for 1,000 security officers working at city office buildings. The deal includes a $1.65 raise in hourly pay over four years and employer-paid health insurance. “If we are going to grow out of

Center Slope townhouse leads Brooklyn luxury sales

Posted: 01 Feb 2021 12:40 PM PST

The volume of luxury home sales in Brooklyn declined last week, though condo and co-op units saw a bump in activity. There were 17 contracts signed last week for properties asking more than $2 million, according to Compass’ weekly report. The combined volume of those deals was $51.7 million, on par with the previous week’s totals of $54.8 million and 18 contracts. Last week’s deals were for nine condos and co-ops and eight townhouses. The

Spending on home construction jumps 21% in December

Posted: 01 Feb 2021 12:00 PM PST

Homebuilding was strong in December and finished the year up 11.8 percent, while all other construction combined was flat in 2020 — and down 3 percent in the private sector, new Census Bureau figures show. Construction spending overall last year exceeded $1.4 trillion, up 4.7 percent from the year before, according to the bureau’s latest construction report. Powered by homebuilding, spending also continued to climb month-over-month. Construction edged up in December at a seasonally adjusted

Tribeca condo with bumped-up asking price tops Manhattan contracts

Posted: 01 Feb 2021 10:15 AM PST

After Tom Brady and Gisele Bündchen sold their home at 70 Vestry Street for more than what they paid, another unit at the Tribeca condo has gone into contract for an asking price higher than the original listing. The 5,000-square-foot home went into contract last week asking $28.5 million, $4 million above developer Related Companies’ original asking price in 2016. It was the priciest Manhattan property above $4 million to go into contract last week,

Developer faces backlash as it boots supermarket

Posted: 01 Feb 2021 09:30 AM PST

A New York-based developer is facing backlash after telling a supermarket tenant to vacate its Crown Heights store. Midwood Investment and Development, has notified the Associated Supermarket at 975 Nostrand Avenue that its lease would not be extended beyond the spring, the grocery’s owner, Pablo Espinal, told Bklyner. Midwood said the developer has been in talks with Espinal for more than two years about the company’s intention to change the use of the property as

Gianaris pushes alternative to ‘cancel rent’

Posted: 01 Feb 2021 08:20 AM PST

Sen. Michael Gianaris didn’t get too many holiday cards from the real estate industry last year. But now the high-ranking legislator and housing advocates are pushing Gov. Andrew Cuomo to set aside $2.2 billion for small landlords and their struggling tenants. In a recent letter to Cuomo, Gianaris, best known for pro-tenant legislation and helping chase Amazon’s HQ2 project away from his home borough of Queens, argued for the creation of a Housing Stability Relief

NYC escapees buying commercial real estate in Hudson Valley

Posted: 01 Feb 2021 07:34 AM PST

A growing number of ex-New York City dwellers are scooping up commercial real estate in Hudson Valley towns. At the onset of the pandemic last year, wealthy New Yorkers left the city for their second homes or found new houses to escape the health crisis. As those ex-New Yorkers appreciated their new environment, some of them put down roots by buying stores — or even hotels — to open businesses, the Wall Street Journal reported.

Eastdil Secured founder Ben Lambert dies

Posted: 01 Feb 2021 07:07 AM PST

Eastdil Secured’s Ben Lambert, who founded an industry institution and oversaw the sale of countless landmark properties like the General Motors Building in New York City and Chicago’s Willis Tower, died this weekend. Roy March and Mike Van Konynenburg sent an email to Eastdil’s friends and clients Sunday notifying them of Lambert’s death. “Ben was a true father-like figure to many of us, and we will miss his wisdom, warmth, leadership and love,” they wrote.

Knotel files for bankruptcy, set to be bought by Newmark

Posted: 01 Feb 2021 06:15 AM PST

Knotel has filed for Chapter 11 bankruptcy and is in the process of being bought by Newmark Group. In recent months, the flex-office provider has faced mounting lawsuits filed by landlords who claimed that the startup stopped paying rent when the pandemic emptied out offices. The bankruptcy filing aims to aid the sale of business to an affiliate of Newmark Group, while Knotel exits some locations in the U.S., the company announced Sunday night. “After

How Quarters’ $300M US expansion ended in bankruptcy

Posted: 01 Feb 2021 05:30 AM PST

Developer Dana Spain was weeks away from finishing construction on a $20 million co-living project when she learned her operating partner went out of business. Quarters, a subsidiary of Germany-based Medici Living Group, had signed a 10-year lease to operate the 186 units at Spain’s project in the trendy Philadelphia neighborhood of Northern Liberties in 2019. It was part of Quarters’ plan to open 1,500 units in the U.S., after securing $300 million in funds

SoftBank’s Miami bet, the startup backed by Lizzo and A-Rod

Posted: 01 Feb 2021 05:00 AM PST

Silicon Valley, who? SoftBank is following the deal train to Miami, where it plans to launch a $100 million fund to back tech companies in the Magic City. COO Marcelo Claure announced the initiative Jan. 28 on Miami Mayor Francis Suarez’s Cafecito Talk series, streamed live on Twitter. Suarez has been courting entrepreneurs and investors, including Elon Musk, Keith Rabois and Jon Oringer, who are flocking to Miami from tech hubs like San Francisco. SoftBank’s

Ex-Freddie Mac boss looks to become top agency-backed CRE lender

Posted: 01 Feb 2021 04:00 AM PST

On his way to the top job at Freddie Mac, David Brickman transformed the multifamily division of the $2.5 trillion mortgage giant, turning it from something that resembled a sleepy life insurance company into a sophisticated finance operation. Now, as the head of the new joint venture backed by mortgage brokerage Meridian Capital Group and investment manager Barings, he’s focused on taking a middling agency lender and making it one of the top platforms. Brickman’s