The Real Deal - New York Real Estate News

Domed Police Building penthouse finally sells after massive price cut

Posted: 16 Jun 2021 02:30 PM PDT

Not even a secret room and 360-degree views could help one Little Italy penthouse find a buyer willing to pay an ultra-high premium. After five years and several price chops, the domed penthouse atop the historic former NYPD headquarters at 240 Centre Street finally found a buyer — for about a quarter of what the seller first expected. Ahmass Fakahany, the former global president and COO of Merrill Lynch and his wife, Alsun Keogh, sold

EB-5 program set to expire at the end of June

Posted: 16 Jun 2021 01:52 PM PDT

A U.S. visa program that gave green cards to investors and was popular among real estate developers, is set to expire, with no clear plan for an extension. As it stands, the EB-5 program allows foreign investors in the U.S. who put at least $900,000 into a business that creates 10 or more jobs to apply for permanent residence. It’s now due to expire at the end of June. Created in 1990, the so-called “cash-for-visa”

All in on Miami: Kushner pays $21M for Miami apartment tower site

Posted: 16 Jun 2021 12:45 PM PDT

Kushner Companies paid $20.5 million for a slice of an assemblage in Miami’s Edgewater neighborhood, more than two years after going into contract on the property, The Real Deal has learned. Investor Enrique Manhard and his partners sold the 0.75-acre piece of a larger assemblage, at 2000 Biscayne Boulevard, to New York-based Kushner, led by Charles Kushner, Nicole Kushner Meyer and Laurent Morali. Kushner plans a nearly 400-unit apartment tower for the site, which will

Alvin Dworman Sells 3 Manhattan Buildings for $65M

Posted: 16 Jun 2021 12:00 PM PDT

Two years after three Manhattan rental buildings were put up for sale to settle a dispute in arbitration, they ultimately were sold to a familiar buyer. Investor Alvin Dworman, chairman of the ADCO Group, sold the three properties for $65.1 million to Capital Enterprises Midtown LLC, an entity run by Michael Palin, Dworman’s former partner, property records show. The mixed-use buildings are located at 65 West 55th Street, 155 East 55th Street and 210 East

Bronx multifamily development gets $63M loan

Posted: 16 Jun 2021 11:38 AM PDT

Simon Kaufman’s YS Developers scored a $63 million construction loan for a 14-story, 151-unit residential development in the Bronx. Scale Lending, the financing arm of Slate Property Group, provided the developer with the financing for the 135,000-square-foot project at 322 Grand Concourse in Mott Haven, the lender told The Real Deal. Martin Nussbaum, co-founder of Slate Property Group and Scale Lending, said the loan will help deliver housing units in a Bronx market that has

Landlords ask Cuomo to ditch eviction ban after ending Covid restrictions

Posted: 16 Jun 2021 11:02 AM PDT

New York is going back to normal. Landlords feel left behind. Tuesday marked a major milestone for the state when Gov. Andrew Cuomo lifted nearly all remaining social distancing mandates and other safety precautions, some 16 months after pandemic-related lockdowns began. Dining out? Feel free to squeeze in next to strangers. Run a gym? Hourly disinfecting is now optional. Why, then, ask New York’s landlords, do tenants need 10 more weeks of an eviction moratorium?

New Hamptons sales and listings promise ocean views… and eternal life

Posted: 16 Jun 2021 10:00 AM PDT

The Hamptons continues to be the hottest housing market in the tri-state area, with several notable sales and listings in recent weeks as the summer season kicks off. The flight of well-heeled city residents during the pandemic made for a year-round East End real estate boom in 2020, and the buying frenzy shows no signs of slowing. Home sales in the Hamptons were up 48 percent year-over-year in the first quarter, according to a report

These projects missed the rezoning deadline

Posted: 16 Jun 2021 09:15 AM PDT

A flurry of rezoning applications developers filed last month for new projects now face an uncertain future. The 22 applications submitted to the Department of City Planning missed an April 30 certification deadline, meaning those forms will be reviewed in the new year, following the citywide Council and mayoral elections. That changing of the guard could pose a risk to current projects in the pipeline. One developer who filed a rezoning application last month said

Business alliance urges de Blasio not to blow $22B federal aid windfall

Posted: 16 Jun 2021 08:32 AM PDT

An extraordinary amount of federal aid will flow into New York City over the next few years, and Mayor Bill de Blasio has no shortage of ideas on how to spend it. But to a newly formed alliance of business leaders and nonprofits, his proposals simply won’t do. The group — which includes the Real Estate Board of New York and the Partnership for New York City — sent a letter to de Blasio and

New housing construction leaves US 5.5 million units short

Posted: 16 Jun 2021 08:00 AM PDT

In the past 20 years, new housing construction lagged 5.5 million units behind historical levels, according to a report by the National Association of Realtors. The trade group is now lobbying for a “once-in-a-generation” policy response from the Biden administration and Congress to make up the gap, the Wall Street Journal reported. On average, 1.225 million housing units were built each year from 2001 to 2020, according to the NAR report, down from 1.5 million

Single-family rent growth more than doubles in April

Posted: 16 Jun 2021 06:15 AM PDT

April showers bring May flowers — but this year, daffodils aren’t the only things sprouting in your yard. Rents are growing through the roof. This April, single-family rental prices jumped by more than 5 percent year over year, according to new data from CoreLogic. Rents grew by just 2.4 percent in the same time span in April 2020, meaning the growth rate has more than doubled since early in the pandemic. The annual increase was

Here’s what tenants pay at 525 Market Street in San Fran

Posted: 16 Jun 2021 05:30 AM PDT

The following is a preview of one of the hundreds of data sets that will be available on TRD Pro, the one-stop real estate terminal that provides all the data and market information you need. The 1 million-square-foot office tower at 525 Market Street in San Francisco’s Financial District is the city’s third-largest building by square footage and is also anchored by Amazon. Early last year, the New York State Teachers’ Retirement System sold a

City Council to require racial equity reports for rezonings

Posted: 16 Jun 2021 05:00 AM PDT

The City Council is set to pass a bill forcing developers to include a “racial equity report” with certain rezoning applications. The measure requires the Department of Housing Preservation and Development and the Department of City Planning to create a database with current and historic information on neighborhood demographics, affordability and displacement risk. This “equitable development data tool” would include a two-decade lookback, disaggregated by race and Hispanic origin, aimed at spotting trends in these

Millions of homeowners remain vulnerable as forbearance winds down

Posted: 16 Jun 2021 04:30 AM PDT

Theresa Battle’s first thought each morning is whether today is the day she’ll lose her two-story house in Jamaica, Queens, to foreclosure. “Every day when I get up, I’m afraid of what’s going to happen,” said Battle, 57, who runs a daycare center out of the property. Like millions of Americans, she was unable to keep up with her mortgage payments after the pandemic forced her to close her business in March 2020, cutting her

Years ago he took a bribe. Now he can’t get a license

Posted: 16 Jun 2021 04:00 AM PDT

A former city building inspector is suing the Department of Buildings after it denied him a professional license for lacking moral character. Dean Mulzac was convicted of a misdemeanor in 2017 for agreeing to help a property owner get a driveway permit and accepting a small piece of jewelry. He was sentenced to one year of probation, fined $250 and ordered to resign as a Queens construction and development inspector after 13 years at the