The Real Deal - New York Real Estate News

Berkeley College selling two downtown White Plains buildings

Posted: 22 Sep 2021 02:05 PM PDT

Months after announcing the closure of its Westchester campus, Berkeley College is selling the two buildings it formerly occupied in downtown White Plains. The for-profit institution has hired commercial brokerage RM Friedland to find buyers for 99 Church Street and 6 Cottage Place, the asking prices for which have not been publicly revealed, according to the Westchester & Fairfield County Business Journals. The building at 99 Church Street provides four stories of office space, as

Queens homeowners demand answers for flooding

Posted: 22 Sep 2021 01:36 PM PDT

Queens homeowners protested three weeks after Hurricane Ida, alleging the city hasn’t adequately addressed complaints about flooding issues in their neighborhood. About 20 homeowners who live in a low-lying area of Hollis gathered at Queens Borough Hall on Tuesday, according to Gothamist. They cited the rising concern of climate change and the existing flood risk facing certain areas in the borough as an infrastructure issue in desperate need of official attention. The homeowners also questioned

Robert Durst’s nephew sues Durst family for cutting off trust payments

Posted: 22 Sep 2021 01:01 PM PDT

The courtroom drama surrounding the Durst family did not end with Robert Durst’s murder conviction in Los Angeles on Friday. A new chapter emerged this week in a lawsuit filed by Robert Durst’s nephew Evan Kreeger, who alleges members of the legendary real estate family have stopped making regular distributions to his trusts while his parents attempt to force him into a guardianship. Kreeger filed a petition in New York State Supreme Court on Tuesday

Tennessee pension fund joins A&E on Sutton Place apartments

Posted: 22 Sep 2021 12:30 PM PDT

A&E Real Estate, one of New York’s biggest landlords, brought in Tennessee’s state pension fund to close on the $133.5 million purchase of a Sutton Place apartment building. The $56 billion Tennessee Consolidated Retirement System entered a joint venture with Douglas Eisenberg and John Arrillaga Jr.’s A&E to buy 400 East 57th Street from SL Green Realty, a spokesperson for A&E said. A&E went into contract on the 263-unit building in April, when the city’s

EverWest acquired a Maspeth warehouse from Wharton for $57M

Posted: 22 Sep 2021 12:00 PM PDT

EverWest made a major play in New York City’s industrial real estate sector this week, closing on a $57.25 million purchase in Maspeth, Queens. EverWest bought the 70,500-square-foot industrial facility from Wharton Industrial, a platform of Wharton Equity Partners, according to a press release. The building is located at 55-30 46th Street, which is currently occupied by multiple tenants. The 2.9-acre site is located right off I-278 and I-495 — two major highways offering access

Google’s $2B deal spurs optimism for NYC’s pandemic-battered office market

Posted: 22 Sep 2021 11:30 AM PDT

While billion-dollar bets by trillion-dollar companies may not be the most accurate representation of broader market conditions, Google’s decision to purchase the St. John’s Terminal office building for $2.1 billion, announced Tuesday, was nonetheless hailed by local officials as proof of the city’s economic recovery. The priciest deal since the start of the pandemic was also welcomed by the commercial real estate community as a positive sign for the city’s office market, shaken by the

Home sales dipped in August after two months of increases

Posted: 22 Sep 2021 11:00 AM PDT

After rising for two straight months this summer, home sales are once again on the decline. Total existing-home sales, which includes single-family homes, townhomes, condos and co-ops, fell 2 percent month-over-month to a seasonally adjusted annual rate of 5.88 million in August, according to the latest monthly report from the National Association of Realtors. On a year-over-year basis, sales dropped 1.5 percent. The slowdown may be partially attributed to a lack of inventory. Total housing

Here are the homes that billionaire Paulsons will spar over in divorce

Posted: 22 Sep 2021 10:00 AM PDT

Billionaire John Paulson, who once said buying a home was “ the best single investment you can make,” may put that maxim to the test as he and his wife Jenny head for divorce. The two have lawyered up for what will probably be a battle for assets, given that the couple lacks a prenuptial agreement. The money manager made $20 billion by shorting the housing market before the 2008 crash and earned much of

August housing starts rose but single-family properties fell short

Posted: 22 Sep 2021 09:15 AM PDT

Work began on more homes last month than had been predicted and more residential building permit applications were approved. Both data points represent good news for the construction industry that has been beset by rising supply costs. But not all the news from the U.S. Census Bureau housing data tracker was good. Crews broke ground on fewer single-family homes than had been expected in July estimates. Home completions also fell from July predictions, though they

Compass picks up another title company

Posted: 22 Sep 2021 08:00 AM PDT

Compass said it’s acquiring a Colorado title and escrow company, expanding its reach into eight states just one week after buying a firm in Texas. The brokerage said on Wednesday that its purchase of First Alliance Title, which has three offices in Denver and a staff of 39, will close by the end of the year. Terms weren’t disclosed. The company first entered the title and escrow business a year ago when it bought Seattle

City Planning gives Gowanus rezoning the go-ahead

Posted: 22 Sep 2021 07:45 AM PDT

The Gowanus rezoning is one step closer to a final vote. The City Planning Commission signed off on the proposal Wednesday, meaning that the controversial plan will now head to the City Council. The 82-block rezoning would pave the way for a little more than 8,500 new apartments, 3,000 of which would be set aside for low- and moderate-income New Yorkers. While the proposal has support among elected officials, a key obstacle of the rezoning

Google says it won’t claim NYC tax breaks

Posted: 22 Sep 2021 07:10 AM PDT

In what’s perhaps a lesson from Amazon’s headquarters fiasco in Long Island City, Google indicated it will not seek available tax breaks for its $2.1 billion purchase of St. John’s Terminal in Hudson Square. Google’s purchase of the Oxford Properties office building, which it was previously leasing, shattered a pandemic record for the country. Enthusiasm could’ve been dulled by tax breaks for the company, though; it is eligible for ICAP and REAP, among others, The

Joshua Kushner, Karlie Kloss selling Puck Penthouses condo

Posted: 22 Sep 2021 06:15 AM PDT

Joshua Kushner and Karlie Kloss aren’t only buying a condo in the Kushner Companies-developed Puck Penthouses — they’re trying to sell one, too. The celebrity couple recently listed Penthouse V in the Nolita condo project for $23.5 million. Kushner and Kloss bought the duplex for $18 million in 2019, according to the Wall Street Journal, $11.5 million below the unit’s 2017 listing price. The 5,700-square-foot unit was renovated by the couple and comes with barrel-vaulted

Housing court is back — with boundaries

Posted: 22 Sep 2021 05:30 AM PDT

In-person housing court is quite nearly back and when it is, order will supposedly rule. After a year and a half of hearings by video, New York City Housing Court will reopen for in-person appearances as early as mid-October — supposedly without the usual chaos. Pre-pandemic, the borough courthouses were notorious for hours-long lines to get in, jammed hallways, and take-a-number waits. The revamped experience promises schedules and capacity limits set to stem the spread

Dream big: Fully-funded federal rent vouchers would bring billions to NY

Posted: 22 Sep 2021 05:00 AM PDT

As tenants and landlords struggled through the pandemic, New York politicians hesitated to help, fearing the financial toll of expanding rent subsidies. Mayor Bill de Blasio reluctantly agreed to increase city rent vouchers to federal levels in August but warned New York City would be cash-strapped if the state didn’t follow suit. The state bill that would do so is in limbo — passed by the Legislature, but yet to hit Gov. Kathy Hochul’s desk.

Covid surge dims enthusiasm for ICSC Vegas conference

Posted: 22 Sep 2021 04:00 AM PDT

It’s been nearly two years since the real estate community has been able to attend its big Las Vegas retail industry bash, ReCon, hosted by the former International Council of Shopping Centers. The December conference is usually a highlight of the year, along with being great for business. But The Real Deal found mixed reactions about attending from those who would normally be enthusiastic regulars at the event. ICSC — whose new tagline, “Innovating Commerce