The Real Deal - New York Real Estate News

NJ order tapping security deposits to pay rent is back in court

Posted: 07 Apr 2021 02:42 PM PDT

A group that fights big-state policies is restarting its case against New Jersey Gov. Phil Murphy on landlords’ behalf. The New Civil Liberties Alliance argues that Murphy overstepped his authority with an executive order last spring allowing security deposits to be used towards rent. The case was moved to the New Jersey Appellate Court in December to save time. This week the nonprofit group filed an opening brief arguing that Murphy’s Executive Order No. 128

5 NYC-area homes that are fit for a CEO

Posted: 07 Apr 2021 02:10 PM PDT

The movement from the city to the suburbs is far from a new trend, but demand for bigger homes outside of New York City spiked during the pandemic. And while some C-suite executives migrated to Florida in search of more space, other luxury buyers hopped on the suburban bandwagon. Our editors have compiled homes for sale in the tri-state area that have the perks a titan of industry may want — and that are readily

Real estate’s wins and losses in new state budget

Posted: 07 Apr 2021 01:11 PM PDT

As the dust clears on New York’s $212 billion budget, the real estate industry finds a changed landscape. The agreement includes more than $2 billion in federal and state rent relief, but also tax hikes exceeding $4.3 billion. And several provisions that the real estate industry had supported were dropped. Here’s where things landed on key issues: Rent relief The budget includes $2.3 billion in federal rent relief and another $100 million in state funds.

Ziel Feldman alleges Nir Meir used HFZ as “personal piggy bank”

Posted: 07 Apr 2021 12:32 PM PDT

UPDATED, April 7, 2021, 6:00 p.m.: HFZ Capital Group’s Ziel Feldman says his former partner Nir Meir used their development firm’s bank account as a “personal piggy-bank” to bankroll his lavish lifestyle. HFZ accused Meir of stealing $15 million via fraudulent credit card reimbursements and wire transfers, in a lawsuit filed April 6 in Suffolk County. The suit claimed Meir lived “well above his means” on HFZ’s dime and seeks $43 million in damages. Meir’s

Manhattan hotel trades in biggest distressed lodging deal of pandemic

Posted: 07 Apr 2021 09:45 AM PDT

Manhattan’s biggest distressed hotel deal of the pandemic just closed for $175 million. Isaac Hera’s Yellowstone Real Estate Investments bought the 600-room Watson Hotel at 440 West 57th Street, Bloomberg News reported. Yellowstone bought the leasehold on the property as well as the mortgage held by HSBC, which shopped the loan around after Richard Born and Ira Drukier’s BD Hotels defaulted last year. “The Watson represents for us a unique and rare opportunity to acquire

Elliman takes over marketing at MoMA tower

Posted: 07 Apr 2021 09:04 AM PDT

After years of struggles, the developers of the Jean Nouvel-designed luxury skyscraper at 53 West 53rd Street are hoping a new team of brokers will jumpstart sales. Hines and Singapore-based developer Pontiac Land Group have appointed Douglas Elliman Development Marketing to take over marketing and sales from rival Corcoran Sunshine Marketing Group, the companies announced Wednesday. Samantha Sax, Pontiac’s chief marketing officer, said in a statement the development partners are looking to Elliman for its

Frenzy ending? Mortgage requests fall 5%

Posted: 07 Apr 2021 07:45 AM PDT

Spring is usually when the housing market heats up. But after months of frenzied buying comes a sign that it might finally be slowing down. An index tracking applications for mortgages to purchase homes decreased 5 percent, seasonally adjusted, from the previous week, according to the Mortgage Bankers Association. That follows two weeks of slight decreases. The index is still 51 percent higher than it was a year ago, in the early days of the

Brodsky Org fires two who waited to aid Asian victim

Posted: 07 Apr 2021 07:15 AM PDT

Building owners have fired the lobby staff who initially shut the door and stood by while a Filipino-American woman was violently attacked outside the Midtown property. Rick Mason, the executive director of management at the Brodsky Organization, which owns the luxury apartment building, told residents in an email that the two staff members had not followed “required emergency and safety protocols,” the New York Times reported. “For this reason, their employment has been terminated, effective

Durst refinances two Midtown buildings with $1.1B CMBS loan

Posted: 07 Apr 2021 06:45 AM PDT

The Durst Organization has secured $1.1 billion in debt to refinance office properties at 1133 Sixth Avenue and 114 West 47th Street. The 10-year, fixed-rate, interest-only CMBS loans came from Bank of America, Citigroup and Wells Fargo, according to the Commercial Observer. They retire $800 million of debt provided by Citi and Ladder Capital on the two office buildings as well as cover closing costs. The properties are situated near Bryant Park. The 26-story 114

Cuomo’s $1.3B for Penn Station work can’t go to towers

Posted: 07 Apr 2021 06:15 AM PDT

Gov. Andrew Cuomo’s request for $1.3 billion in funding to redevelop Penn Station is getting approved, but not without some major restrictions. A budget bill introduced Tuesday specifies that the money can be used for “transportation improvement projects” but not for “above-grade development,” the New York Daily News reported. Legislators effectively tapped the brakes on plans for 10 massive towers, including one super-tall known as “PENN 15,” that have been opposed by local activists and

Opportunity Zone investors pour in ahead of key deadlines

Posted: 07 Apr 2021 05:45 AM PDT

This is a critical year for Opportunity Zone investors. Real estate developers, property owners and funds have until the end of December to take full advantage of the federal tax-break program, but have also benefited from a Covid-related deadline extension. Though the coronavirus briefly paused Opportunity Zone investment nationwide, backers still poured billions into funds, enticed by the looming deadlines, rising stock market and more recently, an improving overall economy. Individual investors who had until

March madness: Homes sold faster than ever last month

Posted: 07 Apr 2021 04:00 AM PDT

The housing market is setting all kinds of records. Fifty-nine percent of homes that went into contract in the four weeks ending March 28 had spent less than a fortnight on the market, according to data from Redfin. That’s the highest percentage of fast-selling homes since the brokerage began tracking this information in 2012. In the final week of the period, 61 percent of homes that found buyers did so within two weeks. The number