The Real Deal - New York Real Estate News

Shoppers World to debut in Long Island at former Century 21 site

Posted: 22 Jun 2021 02:15 PM PDT

A discount department store is moving into bankrupt retailer Century 21’s former Long Island space. Shoppers World, a national department store chain with approximately 40 locations, plans to open its first Long Island store in the 73,000-square-foot, two-level space in the Green Acres Mall in Valley Stream, Newsday reported. Operated by the Dushey family, Shoppers World is in 13 states including New York, where it has four stores in Brooklyn and one in Queens. As

Atlantic Health System commits to 533K sf in Morris County

Posted: 22 Jun 2021 01:30 PM PDT

Atlantic Health System inked long-term lease renewals totaling 533,000 square feet in three New Jersey office buildings. The nonprofit private healthcare company, which operates hospitals and healthcare facilities in New Jersey, houses its corporate headquarters and some medical offices at 435, 465 and 475 South Street in Morris Township, about a mile from the company’s Morristown Medical Center. The lease includes a 32,000-square-foot expansion at 465 South Street. A Colliers International team led by Bryn

Huge home headache hassles North Fork locals

Posted: 22 Jun 2021 12:45 PM PDT

The North Fork prides itself on what residents like to call its “small town feel.” Rain or shine, neighbors relish in the wide, scenic landscape, and wave “hi” to one another — a key giveaway as to whether you’re a local or you’re new around here. But as more larger houses began cropping up over the past few years, suddenly that sense of community was under attack. “It feels now like Southold is rapidly turning

Related sues Joseph Tabak for skipping rent in Hudson Yards

Posted: 22 Jun 2021 12:00 PM PDT

Veteran dealmaker Joseph Tabak has facilitated over $13 billion worth of real estate transactions in his three-decade-plus career. Now, he’s being sued over less than $50,000. The Princeton Real Estate Partners chairman has been skipping out on rent at his Hudson Yards apartment, Related Companies alleges. Rent for Tabak’s unit at 530 West 30th Street costs $9,600 per month, but January is the last time Related received a payment, the landlord claimed in a complaint

Aimco looks to sell Manhattan multifamily portfolio for $250M

Posted: 22 Jun 2021 11:00 AM PDT

Apartment giant Aimco is downsizing its Manhattan holdings. An affiliate of the Denver-based REIT is offering a dozen buildings on the Upper East and Upper West Sides for $250 million, according to marketing materials. The 556-unit portfolio of Class B apartments is being pitched as a recession-resistant investment, with the potential to boost rents by improving the properties, most of which are market-rate. Aimco renovated about 36 percent of the units, and a new owner

Sticker shock? Existing home sales fall for fourth straight month

Posted: 22 Jun 2021 10:48 AM PDT

As home prices soared, existing home sales dipped for the fourth month in a row, according to the National Association of Realtors’ report for May. Sales fell nearly 1 percent month-over-month to a seasonally adjusted annual rate of 5.80 million — approaching pre-pandemic levels. Sales were 44.6 percent higher than they were a year ago, about two months into the coronavirus scourge. “Lack of inventory continues to be the overwhelming factor holding back home sales,

JPMorgan invests in private-label mortgage platform

Posted: 22 Jun 2021 10:00 AM PDT

A sector of the mortgage market that became a boogeyman during the Great Recession is seeing renewed interest from Wall Street. JPMorgan Chase is the latest company to invest in “private label” mortgages — loans which are bought and sold without the backing of government lenders such as Fannie Mae or Freddie Mac, The Wall Street Journal reported. The bank invested in Maxex, which connects buyers and sellers of mortgages that can then be sold

Former Freddie Mac CEO’s new lending platform is here

Posted: 22 Jun 2021 08:50 AM PDT

Months after former Freddie Mac CEO David Brickman declared that he would lead a new company to shake up the multifamily sector, the lending platform has finally arrived. The company, called NewPoint Real Estate Capital, is backed by mortgage brokerage Meridian Capital Group, investment manager Baring and private equity firm Stone Point Capital. The Commercial Observer first reported the news. In January, Brickman ended a two-decade run at Freddie Mac, where he transformed its multifamily

Entity linked to shuttered Playboy Club New York files for bankruptcy

Posted: 22 Jun 2021 08:15 AM PDT

A year and a half after the Playboy club on West 42nd Street was stripped of its name by Playboy Enterprises, an entity linked to the now-shuttered Manhattan venue has filed for bankruptcy. Shell company 512 W42 Retail LLC, which operated as the Playboy Club NYC and the Playboy Supper Club, filed for Chapter 7 liquidation last week in New York federal court. The company estimates it has $1 million to $10 million in both

Blackstone to acquire single-family rental firm for $6B

Posted: 22 Jun 2021 07:33 AM PDT

Blackstone is once again going all-in on the single family rental market. The investment giant has agreed to acquire Home Partners of America, owner of more than 17,000 homes across the U.S., for $6 billion, the Wall Street Journal reported Tuesday. In a hot suburban market, investment in single-family rentals has boomed during the pandemic. Demand for rentals has accelerated as the rising costs of single-family homes renders buying unaffordable for many Americans. Home Partners

Vornado looks to sell Rego Park development site for $85M

Posted: 22 Jun 2021 07:06 AM PDT

With the fate of New York’s housing construction tax break up in the air, one of the city’s largest investors is offering up a primed-and-ready development site in central Queens. Vornado Realty Trust is looking to sell its 670,000-square-foot site at 93-30 93rd Street in Rego Park, with pricing expected around $85 million. The property, which is best suited for development as a rental project with retail and community facility components, can be delivered vacant.

MetaProp closes $100M fund to back early-stage proptech

Posted: 22 Jun 2021 06:32 AM PDT

Venture capital firm MetaProp closed a $100 million fund to invest in early-stage proptech companies. The New York-based firm’s fund, MetaProp Ventures III, is more than twice the size of its second fund, which raised $40 million in 2018. One of the earlier venture capital firms to focus on proptech, MetaProp was founded in 2015 by Zach Aarons and Aaron Block with $5 million from friends and family. Investors in the company’s third fund include

Industrial, multifamily, retail sales punctuated midsize deals last week

Posted: 22 Jun 2021 05:30 AM PDT

Mid-market investment sales last week were marked by industrial properties and large companies — Vornado Realty Trust and Innovo Property Group. Two of the five sales in the $10 million to $30 million range were in Manhattan, continuing a trend of the borough having the most sales on the weekly list. The five deals fetched a total of $70 million. Here are more details of sales recorded in the middle of the investment market during

Why co-ops keep getting dragged into new laws by mistake

Posted: 22 Jun 2021 05:00 AM PDT

Two years after overhauling the state’s rent law, lawmakers made a key correction. The Senate and Assembly this month passed a bill that frees co-ops from the Housing Stability and Tenant Protection Act. The 2019 law, which regulates rent-stabilized apartments, inadvertently limited the fees and deposits co-op boards can demand from buyers. “It was necessary to clarify what the Tenant Protection Act meant,” said Sen. John Liu, one of the bill’s sponsors. “The tenant protection

Startup charts a (long) path toward homeownership

Posted: 22 Jun 2021 04:00 AM PDT

The latest startup to roll out of Kairos — the firm that offered $5 insurance premiums in place of security deposits — holds out the promise of homeownership for young renters. The startup, Bilt, is a rewards program coupled with a credit card. It earns tenants points when they pay the rent — rewards they can put toward a down payment on a home. Bilt launches today, available to tenants at 2 million apartments nationwide.