The Real Deal - New York Real Estate News

New Opendoor program gives agents big bonuses

Posted: 16 Jul 2021 03:13 PM PDT

Agents working with Opendoor can start seeing more money in their pockets. The country’s largest iBuyer just launched a new program that offers agents additional commissions when they refer transactions to the platform, Opendoor announced Thursday. Opendoor Agent Access gives agents exclusive training and content to help them expand their business, according to a blog post by William Holmes, general manager of agent growth at Opendoor. It also comes with monetary perks. On top of

Helen Mirren and Taylor Hackford list storied Hollywood estate for $18.5M or $45K per month

Posted: 16 Jul 2021 02:00 PM PDT

Helen Mirren and Taylor Hackford are looking to sell or at least rent out their Hollywood estate. Mirren and Hackford, who live primarily in Lake Tahoe, have the 6.5-acre property on the market for $18.5 million, according to the Wall Street Journal. They also listed it for rent at $45,000 per month. It had previously been up for rent as early as 2013 for $35,000. “When it leases, it’s good for me because I get

After Surfside, NY state lawmakers call for tighter inspection protocols

Posted: 16 Jul 2021 01:21 PM PDT

Lawmakers in New York are pushing for tighter protocols for structural inspections of buildings in the state in the wake of last month’s tragedy in Surfside, Florida. New York currently has no state laws mandating structural inspections of buildings after they are erected. Last week, State Sen. Todd Kaminsky called for the start of periodic inspections, according to the Times Union. Because the state legislature is currently out of session, Kaminsky sent a letter asking

Flurry of 8-figure deals highlight top Hamptons sales in June

Posted: 16 Jul 2021 12:00 PM PDT

The Hamptons housing market continues to sizzle even with summer in full swing. Several buyers forked over eight-figure sums in June for homes offering amenities beyond the typical gunite pools and tennis courts — such as apple orchards, outdoor kitchens, 12-person Jacuzzis and even trees growing up through the middle of the house. There were also some notable listings, including one East Hampton property hitting the market for the first time in 75 years and

Brown Harris Stevens executive Diane Ramirez steps down

Posted: 16 Jul 2021 11:41 AM PDT

Brown Harris Stevens is saying goodbye to one of its top executives. Diane Ramirez, the brokerage’s executive chairman and senior adviser, is stepping down after a little over a year with the firm, CEO Bess Freedman announced in a memo to agents Friday. The move comes a year after Halstead — which Ramirez co-founded with Clark Halstead in 1984 — merged with Brown Harris Stevens. July 27 will be Ramirez’s final day with the company.

Los Angeles County re-imposes indoor mask mandate

Posted: 16 Jul 2021 11:15 AM PDT

A month after the state dropped most Covid restrictions, Los Angeles County has ordered retailers and other indoor venues to mandate face coverings. Starting Saturday night, mask-wearing will be required inside regardless of vaccination status, according to the Los Angeles Times. The new mandate comes as daily coronavirus cases have spiked, along with the spread of the more contagious Delta variant of Covid-19. L.A. County recorded 1,077 average new cases per day for the week

Policy change puts $20 a month in home refinancers’ pockets

Posted: 16 Jul 2021 11:03 AM PDT

In a major victory for the mortgage industry and homeowners who refinance their mortgages, the Federal Housing Finance Agency on Friday announced the elimination of the adverse market refinance fee. The decision will take effect in August. Lenders will no longer have to pay government-sponsored entities the fee of 0.5 percent on refinanced mortgages, according to HousingWire. It will save owners who refinance a $300,000 loan around $20 a month. The adverse market fee was

Astor Place Kmart to be replaced by grocery store: sources

Posted: 16 Jul 2021 10:59 AM PDT

The Astor Place Kmart, which abruptly closed last week, is set to be replaced by a grocery store, The Real Deal has learned. Manhattan’s last-standing Kmart, at 770 Broadway, closed Sunday after landlord Vornado Realty Trust reached an agreement with Kmart parent Transformco to terminate its long-term triple-net lease in order to bring in a “first-class regional grocer,” according to sources familiar with the matter. The transaction was a joint negotiation among Transformco, Vornado and

On second thought, a Bed Stuy development plan falls apart

Posted: 16 Jul 2021 09:00 AM PDT

Michael Rosenberg had big plans for 248 Kosciuszko Street. The Brooklyn real estate developer had negotiated for a 50 percent stake in the two-family home in Bedford Stuyvesant. Rosenberg and the owner, Donald Brown, signed plans to raze the aging gray house and replace it with seven or eight apartments. Rosenberg had begun soliciting contractors and even set a demolition date. Then came the text. “Tell your under writers SORRY BUT WRONG TIMING I AM

Vacant Lower East Side lot once used by Banksy lists for $2.5M

Posted: 16 Jul 2021 08:15 AM PDT

Banksy’s impact on the art world may soon be rivaled by his impact on New York City’s real estate scene. A vacant Lower East Side lot where the artist displayed a 2013 installation condemning the War in Iraq is now on the market for $2.49 million — despite a mere 25 feet of frontage on Ludlow Street, the New York Post reported. Adjacent to 159 Ludlow Street and zoned for both commercial and residential use,

Alchemy-ABR secures $183M loan for Chelsea mixed-use project

Posted: 16 Jul 2021 07:15 AM PDT

Alchemy-ABR is continuing its run of massive Midtown construction loans. Alongside co-developer JJ Operating, the firm received $183 million in financing from PacWest and Square Mile Capital Management to expand its mixed-use site at 258-278 Eighth Avenue in Chelsea, according to the Commercial Observer. JJ Operating purchased the property about four years ago for just over $107 million and filed permits in April to demolish a structure at the site, which currently includes a CVS

Biotech firm Regeneron plans $1.8B expansion in Westchester

Posted: 16 Jul 2021 06:45 AM PDT

Biotech company Regeneron is making a $1.8 billion investment to expand its footprint in the Mid-Hudson Region. Deployed in two phases over the next six years, the funds will be used to expand research, preclinical manufacturing and support facilities at the company’s Tarrytown campus in Westchester County. It is expected to create 1,000 new full-time jobs in the next five years, according to an announcement from Gov. Andrew Cuomo Thursday. Pending approval from local authorities,

Westchester office market ramps up in Q2

Posted: 16 Jul 2021 06:00 AM PDT

Westchester’s office market staged a second-quarter comeback. Leasing activity from April through June jumped 58 percent compared to the previous quarter, according to CBRE. Still, the total 209,000 square feet of lease deals was down 12 percent from the five-year average for the quarter. The White Plains central business district was the top performer, recording 72,393 square feet of leasing volume, up 81 percent from a year ago. The volume is slightly higher than the

Rent law, Covid leave family landlord with one choice: sell

Posted: 16 Jul 2021 05:30 AM PDT

When the 2019 rent law passed, the real estate industry warned of a housing apocalypse — small owners, unable to raise rents enough to maintain their properties, forced into distressed sales with faceless investors. The pandemic then tacked on higher expenses and non-paying, eviction-proof tenants. Multifamily sales figures for the past two years show a growing number of mid-sized landlords chose to unload their properties in a down market — possibly because they could no

San Francisco-based Anacapa acquires NY rental platform Loftey

Posted: 16 Jul 2021 05:00 AM PDT

A rental platform that offers free service to tenants might not sound like the most lucrative business model, but one West Coast private equity firm thinks it will be. San Francisco-based Anacapa Partners has acquired New York City’s Loftey, which aims to make the apartment hunting process easier on renters’ wallets and generate leads for agents. Under the deal, Loftey co-founder Ori Goldman will transition out of his role as CEO and co-founder Corey Lerner

The Closing: Gary LaBarbera

Posted: 16 Jul 2021 04:30 AM PDT

Gary LaBarbera can rattle off two specific dates: His first rendezvous with his future wife and the day he became a card-carrying union member. On February 2, 1981, he joined Teamsters Local 282, a natural move for a Long Island kid whose father was a union man himself. That day kicked off a decades-long career fighting for organized labor in the city, a path that has pitted him against some of New York’s most powerful

Is developer Josh Schuster’s fast rise spiraling out of control?

Posted: 16 Jul 2021 04:00 AM PDT

People couldn’t help but be impressed when they visited Josh Schuster’s office at 40 West 57th Street. The sleek tower overlooking Central Park is considered one of the choicest properties in New York by the city’s status-seeking elite, a place where blue-chip hedge funders make billion-dollar fortunes on the floors above and the in-crowd rubs shoulders during power lunches at Nobu. For a young developer looking to make a name for himself, sharing an address