The Real Deal - New York Real Estate News

Lawsuit seeks to halt Soho rezoning

Posted: 30 Apr 2021 02:21 PM PDT

Less than two weeks after the de Blasio administration claimed victory in one rezoning fight, it is facing yet another. A new lawsuit seeks to halt the rezoning of Soho and Noho, alleging that the mayor is exploiting the pandemic before his term expires in December. The Department of City Planning is scheduled to certify the rezoning application on Monday, starting the city’s seven-month review process. The lawsuit asks the court for an emergency order

New bill would mandate retail lease renewals in NYC

Posted: 30 Apr 2021 01:30 PM PDT

A new bill seeks to reform the lease renewal process for retailers by giving businesses the opportunity to extend their leases — regardless of what their landlord says. The City Council bill, introduced by Helen Rosenthal, a Manhattan Democrat, would mandate that for leases greater than one year, landlords notify tenants whether or not they intend to renew 120 days before it expires. If the landlord declines to renew, tenants will have the one-time option

Leslie J. Garfield’s former townhouse sells for $15M

Posted: 30 Apr 2021 01:00 PM PDT

You get what you get, and you don’t get upset. Especially if you get $15 million. Brokerage founder Leslie J. Garfield’s former West Village townhouse sold for that amount this month, about $8 million less than its asking price three years ago. The seller, developer David Slaven of Maspeth-based Red Brick Properties, paid Garfield $7.65 million for the Greek Revival home at 313 West 4th Street in 2015. He spent two years renovating and listed

South Florida by the numbers: Formula One revs up Miami real estate

Posted: 30 Apr 2021 11:45 AM PDT

“South Florida by the numbers” is a web feature that catalogs the most notable, quirky and surprising real estate statistics. Miami…start your engines! The region’s hopes for post-pandemic momentum was super-fueled by Formula One’s recent commitment to hold annual races at Hard Rock Stadium, beginning in the second quarter of 2022. This will establish a diverse quadfecta of high-scale international events held in South Florida over the tourist season that will include Art Basel in

Elion Partners snaps up $58M Queens warehouse

Posted: 30 Apr 2021 10:55 AM PDT

Logistics investor Elion Partners is picking up yet another warehouse in the New York area. The South Florida-based landlord paid $58.1 million to buy a large warehouse in Jamaica, Queens, the company announced this week. The purchase price works out to about $320 per square foot for the 180,000-square-foot property at 182-20 Liberty Avenue. The sellers are two private families that ran their wholesaling businesses out of the building. They entered into a short-term sale-leaseback

Cuomo ups NYC indoor dining capacity to 75%

Posted: 30 Apr 2021 10:38 AM PDT

New York City restaurateurs can breathe a sigh of relief: The rules for indoor dining in the five boroughs will finally match those of the rest of the state. Gov. Andrew Cuomo announced Friday that starting May 7, indoor dining capacity for NYC restaurants will be raised to 75 percent. Restaurants outside of the city have been able to operate at 75 percent capacity since March 19. “After a long and incredibly difficult fight, New

5 NYC-area homes fit for financiers

Posted: 30 Apr 2021 08:30 AM PDT

Even the most high-powered analyst may find themselves longing for some peace and quiet away from the bustle of Wall Street. But the residential market outside of New York has been booming, so buyers have to be bullish if they want to secure a suburban asset. Ready to hedge your bets? Our editors have compiled homes on the market in the tri-state area that would please financiers of all stripes, from the grizzled industry vet

Outlook for hotels improves — from awful to merely bad

Posted: 30 Apr 2021 08:00 AM PDT

New York City hotels won’t be able to party like it’s 2019 until 2025. Occupancy rates in the city won’t recover to pre-pandemic levels until halfway through the decade, according to a new CBRE study reported by the Commercial Observer. The commercial brokerage firm expects revenue per available room to hit 2019 levels by 2024, with occupancy rates reaching 74 percent in 2022 and 86 percent in 2025. CBRE’s report predicts an average occupancy of

Sonder will merge with SPAC to go public

Posted: 30 Apr 2021 07:13 AM PDT

The SPAC attack is back for a San Francisco-based hospitality startup. Sonder confirmed Friday that it will go public by merging with a SPAC backed by billionaires Alec Gores and Dean Metropoulos. The company scored a valuation of $2.2 billion in the deal and expects to reap $650 million in the offering, Reuters reported. The SPAC that Sonder will merge with, Gores Metropoulos II, raised $450 million in its initial public offering in January. An

Home values are up, but just try getting a line of credit

Posted: 30 Apr 2021 06:38 AM PDT

Remember the financial crisis? Banks do. Lenders are being stingy about granting home equity lines of credit even as home values have soared, the Wall Street Journal reported. Blame the pandemic and memories of the late 2000s, when millions of homes went into foreclosure. Citibank stopped accepting new applications for home equity lines of credit, or helocs, on March 3, because of “market conditions,” according to the Journal. J.P. Morgan Chase and Wells Fargo halted

Continuum Partners plans $2B megaproject to transform Arts District

Posted: 30 Apr 2021 05:30 AM PDT

The megaproject is the largest to come out of the pandemic era and one of the most ambitious Los Angeles has seen in years. Continuum Partners wants to build a $2 billion mixed-use development that would deliver 1,500 residential units, office space and a hotel in the Arts District, near Skid Row. Plans were revealed early Thursday, according to the Los Angeles Times, which first reported the story. Called Fourth & Central, the complex would

WATCH: What it’s like to renovate a NYC apartment

Posted: 30 Apr 2021 05:00 AM PDT

Buying and renovating high-end real estate in Manhattan can be complicated. Sky-high prices and persnickety co-op boards may scare off skittish buyers, and many agents and owners have struggled to get their listings noticed. And when it comes time to refurbish a place, less-than-ideal layouts and strict building rules can make the task seem overwhelming. That’s where Lee Stahl, founder of the luxury renovation firm The Renovated Home, comes in. “No matter what the apartment

Columbia Property Trust ponders $2.2B takeover offer

Posted: 30 Apr 2021 04:00 AM PDT

The board of Columbia Property Trust is seriously considering an unsolicited proposal to acquire the real estate investment trust for about $2.24 billion. The Manhattan-based REIT allocated $2.4 million in strategic review costs for that purpose, according to its quarterly financial report. CEO Nelson Mills said during an earnings call Thursday that Arkhouse Partners, which made the bid in mid-March, is “very much part of the process.” “They have access to the data room and