The Real Deal - New York Real Estate News

State renews J-51, putting tax break’s fate in city’s hands

Posted: 08 Jun 2021 03:41 PM PDT

The J-51 ball is now in the city’s court. The state legislature has passed a bill that — assuming the governor signs it — permits the city to renew the landlord-friendly tax break, but it would need to do so by Jan. 1. The program lapsed last June. J-51 participants are exempt from tax increases resulting from residential renovation or conversion work for either 14 or 34 years. They can then receive a break on

Vanbarton forecloses on Prodigy’s FiDi co-working property

Posted: 08 Jun 2021 01:15 PM PDT

A lender nabbed another property from Prodigy Network as the troubled crowdfunding firm is in the midst of bankruptcy proceedings. Vanbarton Group foreclosed on the company’s co-working and co-living facility at 17 John Street known as the Assemblage John Street, according to property records. The deal was valued at $83 million. Vanbarton provided a $36 million junior mezzanine loan to fund the project developed by Prodigy in partnership with Shorewood Real Estate Group in 2018.

An $8M Dumbo condo tops Brooklyn’s luxury contracts

Posted: 08 Jun 2021 11:45 AM PDT

The number of townhouses may have pulled ahead this week, but an $8 million Dumbo condo reigned supreme. Thirty-nine contracts for homes asking $2 million or more were signed in Brooklyn from May 31 to June 6, according to Compass’ weekly report. It’s a slight uptick from the previous week’s 36 contracts. Twenty-one of those deals were townhouses, 15 were condos and three were co-ops. Though fewer condo contracts were signed, they had higher price

New development condo sales reach record heights in May

Posted: 08 Jun 2021 10:00 AM PDT

The new development market reached record heights in April, and managed to kick things up a notch in May. Last month, 477 contracts were signed in New York City, up from 474 in April according to Marketproof, a real estate analytics company that tracks sponsor sales across all price points in the city. It is a 50 percent jump from the best month the market has seen since 2015. “As the economy recovers from last

Manhattan sublease scourge finally abates

Posted: 08 Jun 2021 09:34 AM PDT

The surge of Manhattan sublease space appears to be tapering off. With the city starting to reopen, tenants that put their office space up for sublease are beginning to take that space off the market in significant numbers, according to CBRE. New additions of such space are also beginning to slow. It all points to signs that the record amount of sublease space — a drag on office rents — is starting to recede. “There

Peter Thiel’s SPAC in talks to merge with PropertyGuru

Posted: 08 Jun 2021 09:00 AM PDT

UPDATED, June 8, 9:05 p.m.: A Peter Thiel-led SPAC is in talks to merge with online real estate firm PropertyGuru to tap into Southeast Asia’s real estate market. Thiel and billionaire Richard Li’s Bridgetown 2 Holdings are now in discussions with PropertyGuru for the U.S. listing, Bloomberg News reported, citing people with knowledge of the matter. The combined firm could be valued at as much as $2 billion. PropertyGuru — backed by private equity firms

Blackstone picks up LIC warehouse for $37.5M

Posted: 08 Jun 2021 08:33 AM PDT

The Blackstone Group picked up a warehouse in Long Island City for $37.5 million. The investment giant bought the 108,000-square-foot property at 31-30 Hunters Point Avenue from the Deutsch family that owns the lighting business operating out of the building, according to the brokers on the deal. Blackstone, whose real estate division is headed by Kathleen McCarthy and Ken Caplan, is better known for billion-dollar warehouse and logistics companies than for one-off deals. But Venture

“Mare of Easttown” star Kate Winslet sells Chelsea duplex

Posted: 08 Jun 2021 08:19 AM PDT

Kate Winslet sold her Chelsea duplex for $5.3 million. The actress, currently starring in the HBO hit “Mare of Easttown,” had listed her unit at West 22nd Street for about $5.69 million, the New York Post reported. The home has four bedrooms and 3.5 bathrooms. Other amenities include a chef’s kitchen, a great room with a fireplace and 13-foot ceilings. Winslet, who burst onto the scene in the 1997 James Cameron blockbuster “Titanic,” in bought

CRE fintech startup Blooma nabs $15M in funding

Posted: 08 Jun 2021 07:30 AM PDT

Blooma, a startup that wants to speed up commercial real estate lending by using AI, closed on a $15 million funding round. Canapi Ventures led the Series A, with participation from existing investor Nyca Partners, Blooma announced Tuesday. Founded in 2018, the San Diego-based company seeks to help banks and nonbanks originate real estate loans faster through its AI-powered technology. Blooma founder Shayne Skaff said this technology automates metrics like sales and valuations for underwriters

Over 60% of Manhattan office workers will return in September: survey

Posted: 08 Jun 2021 06:26 AM PDT

New York office landlords can rejoice — but not too much. Employers project 62 percent of workers will come back to Manhattan offices in September, according to a survey from the Partnership for New York City. That’s up 47 percent from projections made in March. The catch? Most of these workers will only be coming back three days a week. And as of the end of May, 12 percent of Manhattan employees had returned to

East Hampton estate hits market for first time in 75 years, asks $69M

Posted: 08 Jun 2021 05:00 AM PDT

An East Hampton property nicknamed “Cima Del Mundo,” meaning top of the world, is now at the top of the market. The home at 201 Lily Pond Lane is asking $69 million. This is the first time it has been on the market in 75 years. Built in 1925 and renovated in 1994, the home has eight bedrooms and seven and a half bathrooms. Notable features include a curved stairway, eat-in kitchen, five fireplaces, a

UWS landlord fights millions in tax overcharges on unused cellar

Posted: 08 Jun 2021 04:00 AM PDT

The abandoned cellar under your property could be hiding unspeakable horrors — like millions of dollars in tax overcharges. That’s what a commercial landlord on Manhattan’s Upper West Side faced in 2019 after discovering the taxable square footage of his property incorrectly included more than 8,100 square feet in unused cellar space. New York City’s Department of Finance acknowledged the oversight, but has refused to provide a full refund, according to a lawsuit filed Friday