The Real Deal - New York Real Estate News

LA, Boston lead office recovery as Chicago and SF lag: report

Posted: 17 Aug 2021 03:15 PM PDT

The office leasing market is slowly climbing out of the pandemic-driven downturn that made working from home ubiquitous across the nation. The pace of recovery, however, varies widely in each city, according to a CBRE report on the 12 largest U.S. office markets. The monthly report used three indexes — space requirements of active tenants in the market, leasing volume, and sublease availability — to gauge the health of each market in June. The top

Demand sinks for second homes

Posted: 17 Aug 2021 02:45 PM PDT

Interest in second homes appears to be slipping after what had been a pandemic-fueled buying frenzy. A new report from Redfin reveals that demand for those vacation homes declined 21 percent in July, year over year. It also marked the first time since April 2020 that the growth rate of second-home demand lagged behind primary-home demand, which dropped 4 percent in July year over year, according to Inman. One potential reason cited for the decline

Veteran ex-Cushman broker Stephen Preuss lands at Ripco

Posted: 17 Aug 2021 02:26 PM PDT

Several months after his split from Cushman & Wakefield, top investment sales broker Stephen Preuss has landed at Ripco Real Estate. Preuss has joined Ripco as a vice chairman, heading up a new office the commercial brokerage is opening in Kew Gardens, Queens, the company told The Real Deal. Preuss will build a team focused on outer-borough sales, with Ripco planning to add leasing professionals to the Kew Gardens office to focus on the Queens

Buying a San Francisco home takes an income of at least $350K a year

Posted: 17 Aug 2021 02:15 PM PDT

If you want to buy a median-priced single-family home in San Francisco, San Mateo, Santa Clara or Marin counties, you’ll need an annual income of more than $300,000, according to a new report from Compass. San Francisco residents will need to make $350,000. In San Mateo County, where median prices surged past $400,000 during the pandemic, the minimum income is nearly $400,000 a year. Even with mortgage rates still at historic lows, monthly costs rose

TRD’s YouTube channel: The place to watch all things real estate

Posted: 17 Aug 2021 01:30 PM PDT

The Real Deal‘s YouTube channel shares the same goal as our newsroom: To bring you the most interesting, newsy and insightful content on all things real estate. Here’s a sample of what you can expect if you subscribe: — A look at what lies ahead for coworking firms as the corporate world renegotiates its relationship with the office. — Origin stories of real estate billionaires like Jay Paul and the gilded game of musical chairs that

Single-family rents spiked 7.5% in June, sharpest increase since 2005

Posted: 17 Aug 2021 01:00 PM PDT

Investors pouring big money into the single-family rental sector just received some welcome news. Rents for single-family homes increased 7.5 percent year-over-year across the U.S. in June, the highest such increase recorded since at least 2005 and a sharp uptick from the 1.4 percent increase in June 2020, according to CoreLogic, a housing data provider. The single-family rental market has seen a surge in activity since the beginning of the pandemic as the red-hot housing

New student housing plan for downtown Berkeley site after controversial tower is scrapped

Posted: 17 Aug 2021 12:30 PM PDT

A downtown Berkeley site that had been slated for a controversial mixed-use tower will instead be developed as student housing by Chicago-based CA Ventures. The student housing arm of CA Ventures — CA Student Living — plans to construct a five-story, 189-unit residential building with 42 underground parking spots at 2065 Kittredge Street, according to the San Francisco Business Times. The developer bought the property, currently home to the Shattuck Cinemas, the Habitot Children’s Museum

Extell’s Times Square megaproject advances with $82M deal

Posted: 17 Aug 2021 12:15 PM PDT

The show must go on for Gary Barnett’s $186 million assemblage in the Theatre District. The developer recently dropped $82 million to secure two elements essential for the planned mixed-use megaproject in the neighborhood to move forward. For that sum, Barnett’s firm Extell Development received two lots at the corner of Eighth Avenue and West 46th Street and a sweeping package of development rights from the Shubert Organization, Broadway’s biggest landlord. Extell paid $31 million

Can Nick Mastroianni pull off Coliseum project?

Posted: 17 Aug 2021 11:43 AM PDT

The man who will attempt to resurrect Long Island’s Nassau Coliseum is a familiar figure to developers of some of the most notable condominium projects in the U.S., having raised billions of dollars for them. But when it comes to spearheading projects of his own, his professional history is more troubled. Nick Mastroianni II last year took over as leaseholder of the county-owned coliseum in Uniondale, the former home of the New York Islanders and the

Long Island home prices continue to soar, but a slowdown could be coming

Posted: 17 Aug 2021 11:15 AM PDT

Sticker shock endures for Long Island homebuyers as prices continue to soar across the region. Citing data from local listing service OneKey MLS, Newsday reports that median home prices in Nassau and Suffolk Counties jumped 22 percent and 19 percent year-over-year in July to $670,000 and $525,000, respectively. While the price of median home sales went up from the height of the pandemic a year ago, the balance of power could be shifting back to

Mid-August selling spree of multifamily, mixed-use buildings hits i-sales market

Posted: 17 Aug 2021 10:47 AM PDT

The market price of residential buildings across New York City, some with ground-floor commercial units, came into view last week as the post-pandemic renaissance continued. With apartment leasing rebounding and landlord concessions in decline, a spate of multifamily and mixed-use buildings traded hands last week. Five of seven investment sales recorded in the $10 million to $30 million range last week were for tenant-occupied buildings. Three properties traded in Manhattan, three in the Bronx and

Straight from the horse’s mouth: Famed stable asking $20M sells

Posted: 17 Aug 2021 10:01 AM PDT

A Bridgehampton horse stable to the stars has sold with a final asking price of nearly $20 million. After five years on the market, 6 West Pond Drive, where Bruce Springsteen and Bill Gates’ equestrian daughters have ridden, will change hands. It was first listed at $40 million but last year the price was dropped to $35 million before being lowered again. Built in 2015, the Campbell Stables — named after its late owner, Bob

ViacomCBS sells Black Rock building to Harbor Group for $760M

Posted: 17 Aug 2021 09:30 AM PDT

ViacomCBS is known for its iconic franchises on TV and movie screens, but one of its best known assets will soon be leaving the entertainment conglomerate after decades. Following half a century of ownership, the media giant is selling Black Rock, its 38-story office tower at 51 West 52nd Street, to Harbor Group International for $760 million, Variety reported. At $760 million, the sale price would work out to approximately $874 per square foot. Additional

Inside the fight over New York’s foreclosure laws

Posted: 17 Aug 2021 09:00 AM PDT

Alfred and Olivia Del Rio, 69 and 76, respectively, have owned a modest two-story home in North Riverdale, a leafy Bronx neighborhood, since 1997. Of the 24 years they’ve lived there, nine have been spent trying to stave off a foreclosure by their mortgage lender, BNY Mellon. Though the statute of limitations on foreclosure actions is six years, a nine-year foreclosure proceeding isn’t unheard of. That’s thanks to a technicality in New York’s foreclosure law

Brookfield buys 15-acre industrial site on Long Island

Posted: 17 Aug 2021 08:15 AM PDT

Brookfield Asset Management has acquired a 15-acre former Superfund site on Long Island for a reported $45 million. A Brookfield fund bought the property at 125 New South Road in Hicksville to develop two LEED-certified, Class-A distribution facilities totaling more than 300,000 square feet, the investment giant confirmed to The Real Deal. The new facilities are expected to come online in two years, featuring high-ceilings with an existing rail spur, ample dock positions and van

Oxford Properties buys $2B U.S. industrial portfolio from KKR

Posted: 17 Aug 2021 07:30 AM PDT

Oxford Properties Group is eyeing action in the red hot industrial space as part of its continued push into the U.S. market. The Canadian-based, multinational real estate investment firm has agreed to buy a 14.5-million-square-foot portfolio of industrial properties from KKR for $2.2 billion, according to the Wall Street Journal. Many of the 149 buildings in the deal are located near population centers, properties typically used by online retailers as warehouses and distribution points ahead

FTC probing Zillow’s ShowingTime acquisition after lawmakers raise red flags

Posted: 17 Aug 2021 06:40 AM PDT

The FTC is reviewing Zillow’s pending acquisition of ShowingTime amid concerns from lawmakers of anti-competitive practices and consolidation among online real estate platforms. The disclosure comes days after Ken Buck and Mike Lee — top Republicans on the House and Senate antitrust subcommittees, respectively — sent a letter Aug. 12 calling on the FTC to examine “competition issues in residential real estate,” specifically referencing Zillow’s dominant position online. While the FTC didn’t comment on the

Find out how skyscrapers are built in the latest Master Class

Posted: 17 Aug 2021 06:00 AM PDT

At its core, real estate is about building. But not everyone in the industry understands how the beautiful buildings that create our skyline actually go up. Luckily, AECOM Tishman’s Jay Badame sat down with TRD to explain. Badame is president of building construction at the company responsible not only for some of New York’s best known places — from 1WTC to JFK airport — but for major development projects around the globe. How did Badame

Shinnecock Nation approves hotel and gas station projects

Posted: 17 Aug 2021 05:30 AM PDT

Shinnecock Indian Nation members have approved two development projects on tribal lands, according to Newsday. The larger of the two is a 200-room hotel that would be part of a 20-acre hotel and convention center development in Hampton Bays. Along with the hotel and the 100,000-square-foot convention center, the complex would include a gym, restaurants, retail and a technology incubator facility. The tribe is developing the project together with Woodglen Investments, a holding company run

Extell’s Columbus Circle development dream is shrinking

Posted: 17 Aug 2021 05:00 AM PDT

Gary Barnett’s plans for an Upper West Side development site just north of Columbus Circle have been whittled down to a $50 million ground lease and a courtroom battle, at least for now. Barnett’s firm, Extell Development, was reportedly trying to piece together a development site along Broadway, between West 60 and 61st streets. But plans have been put on hold and alternative arrangements made amid an acrimonious legal battle with the New York Institute

Let’s make a deal: SF’s small landlords confront lost rent and vacancies

Posted: 17 Aug 2021 04:30 AM PDT

It was the summer of 2020 and Mark Henderson, the owner of three six-unit, rent-controlled San Francisco apartment buildings, was scared. Every day it seemed that another tenant was breaking their lease and fleeing the city. At one point, half his units were empty. Residents who remained were either demanding rent concessions or already paying far below market rates on leases signed up to 20 years ago. At the same time, costs were rising for

Battle of the baddies: Maverick tries to foreclose on Steve Croman buildings

Posted: 17 Aug 2021 04:00 AM PDT

It’s lender versus landlord in a new lawsuit between two notorious players in New York real estate. On Friday, hardball lender Maverick Real Estate Partners sued Steve Croman, an ex-con who has bedeviled tenants and lenders alike, to foreclose on his four contiguous Kips Bay apartment buildings. The distressed-debt firm, which filed the suit just a day after acquiring the mortgage, demands Croman pay the outstanding balance of his $25 million mortgage, including 24% interest