The Real Deal - New York Real Estate News

“More churros, less cops”: Vendors and Related face off

Posted: 07 May 2021 02:45 PM PDT

Restaurants inside the Hudson Yards mall have struggled through the pandemic, but now a food fight has erupted outside, pitting street vendors against developer Related Companies and the city. The Street Vendor Project, an advocacy group representing 2,000 vendors, claims Related has deployed security guards to harass vendors. It also said the developer enlisted the police, whose officers ticketed several sellers stationed near the Vessel sculpture. In addition, the organization says Related placed planters in

Three Manhattan sellers aim high asking $25M+ for luxury pads

Posted: 07 May 2021 02:30 PM PDT

Three notable sellers have come to market with Upper East Side properties asking more than $25 million. Leading the way is the former residence of Isabelle Stevenson, the late Broadway performer and leader of the American Theatre Wing. The home occupies the entire third floor at 944 Fifth Avenue and its current owner, hedge funder Jeffrey Verschleiser, has listed it for $35 million. The four-bedroom co-op has a wood-burning fireplace, library, media room and looks

Hamptons businesses desperate for workers

Posted: 07 May 2021 11:15 AM PDT

Restaurants and retailers everywhere have been struggling to staff up as Covid risks, increased unemployment benefits and other factors deter workers from returning. But in the East End, recruiting is even more difficult. As white-collar workers and members of the leisure class spend more time in the Hamptons and elsewhere, unshackled from their offices, service businesses need bigger crews to cater to them, the East Hampton Star reports. However, a lack of housing has increased

NY tax officials crack down on remote workers

Posted: 07 May 2021 10:30 AM PDT

Tax officials in New York state are taking a closer look at the refund claims of folks who traded a desk in New York for their out-of-state home office. The “convenience rule” is what’s in question, according to the Wall Street Journal. New York state taxes the money that nonresident workers draw from in-state sources, including the income that commuters make when they choose to work from home. But this year, some telecommuters have challenged

Job recovery sputters, but hospitality & leisure add hiring

Posted: 07 May 2021 09:30 AM PDT

A weaker-than-expected month for job gains had one bright spot, and it’s the same sector that has been leading employment for several months now. The leisure and hospitality sector led employment gains for the third straight month, bringing back 330,000 workers in April. Restaurants and bars did more than half the hiring, while recreation centers (such as amusement parks and casinos) hired 73,000 people and lodgings added 50,000 positions. That’s on par with the industry’s

Cushman eyeing M&A opportunities post-pandemic

Posted: 07 May 2021 09:23 AM PDT

Cushman & Wakefield reported a $17.2 million net loss in the first quarter of 2021. But the brokerage, which saw its revenue decline by 10 percent in 2020, achieved some stability between January and March by bringing in more revenue from its non-brokerage businesses. Adjusted EBITDA was $99.7 million, up 42 percent compared to the same period last year, the company announced on Thursday. Revenue from leasing and capital markets declined 3 percent and 9

Anthony Davis buys Bel Air mansion with b-ball court

Posted: 07 May 2021 08:30 AM PDT

Los Angeles Lakers star Anthony Davis bought a recently renovated Bel Air mansion, complete with full-sized basketball court and Olympic-sized pool, The Real Deal has learned. Records did not reveal the price of the home, but sources told TRD he paid around $32 million. The off-market deal closed last month, with Davis securing a $20.1 million, 30-year mortgage for the home, according to property records. The buyer signed the deed using a trust that Davis

Yang targets vacant lots with $900 million tax plan

Posted: 07 May 2021 08:00 AM PDT

Andrew Yang sees nearly $1 billion in untapped property tax revenue sitting in New York City’s vacant lots. The contender for mayor announced a plan Thursday to hike taxes on empty commercial lots by 500 percent over five years, the New York Post reported. The idea is to kickstart development but Yang estimated the plan could rake in $900 million a year for the city. Vacant commercial land is taxed based on a valuation of

NoMad Hotel heads back to the auction block

Posted: 07 May 2021 07:15 AM PDT

The owners of the NoMad Hotel — who shelled out big bucks a few years ago to avoid foreclosure at the 11th hour — have their backs up the wall once again. Billionaire investor Ron Burkle and hotelier Andrew Zobler are facing a foreclosure on their equity in the trendy hotel at 1170 Broadway, according to a notice for the UCC foreclosure auction. Lenders Ohana Real Estate Investors and Ellington Management Group, which hold $102.5

40 Wall’s valuation chop means tax savings for Trump Org

Posted: 07 May 2021 06:45 AM PDT

The market values of office towers have plummeted during the pandemic, declines that could equal discounts for Donald Trump. The former president’s family firm could pay nearly $1.7 million less on property taxes for the office tower at 40 Wall Street after the building’s value slumped 29 percent to about $130 million for the coming fiscal year, Bloomberg News reported. The break would offer the Trump Organization some reprieve from the revenue declines that rippled

FiDi condo glut is through the roof

Posted: 07 May 2021 06:06 AM PDT

Since Covid rendered walkable commutes a bygone amenity, the Financial District’s condo supply has surged. And there are still few buyers in sight. The downtown district now holds the most unsold inventory of any New York City neighborhood, with 1,433 new condos available, many of them yet to be listed, according to data by Marketproof reported by Bloomberg News. The appeal of the area, said Marketproof founder Kael Goodman, was its proximity to downtown offices.

Serious buyers only: The 10 priciest new Hamptons listings

Posted: 07 May 2021 05:00 AM PDT

Never has there been a better time to list a Hamptons estate. The pandemic supercharged interest in vacation homes as well as primary residences, and with virtually anyplace with broadband now qualifying as a workplace, East End mansions can now be both. Add to that exceedingly low inventory and some very swollen bank accounts, thanks to Wall Street’s robust recovery, and the potential exists for seemingly inflated asking prices to be met, if not exceeded.

These properties face credit risk under Local Law 97: Moody’s

Posted: 07 May 2021 04:00 AM PDT

In 2024, the owner of the former AT&T Long Distance Building at 32 Sixth Avenue could face $2.8 million in fines. The owner of the former Western Union Building at 60 Hudson Street could be on the hook for nearly $4.6 million in fines that same year. The two properties have origins in telegraph services and now house major telecommunications and data service companies. They also back large loans that could become a bit riskier