The Real Deal - New York Real Estate News

Westchester County leads state in evictions outside NYC

Posted: 23 Sep 2021 03:00 PM PDT

Westchester saw more eviction notices filed during the pandemic than any other county in the state besides New York City’s five boroughs, a new analysis shows. This year alone, landlords in the county have filed 2,183 eviction notices, according to Lohud, which examined state court system data broken down by zip codes. Nearly half of Westchester’s notices — 1,073 — were filed in Yonkers, where renters occupy the majority of housing units, though it’s unclear

US household real estate values jump by record $1.2T

Posted: 23 Sep 2021 02:30 PM PDT

U.S. household net worth surged to an all-time high in the second quarter, powered by a buoyant stock market and a record $1.2 trillion jump in real estate valuations. A Federal Reserve report on Thursday showed that household net worth rose by $5.8 trillion, or 4.3 percent to $141.7 trillion in the period, according to Bloomberg. In June alone, home prices rose 18.6 percent, the biggest increase in three decades. To the relief of those

These apartments for sale prove Williamsburg is still cool

Posted: 23 Sep 2021 02:15 PM PDT

The year is 2011. You take the L train to Bedford Avenue for vintage shopping and vegan food. Perhaps you are perplexed by the numerous Polish delicatessens that still dot the streets, or the sprawling Hasidic enclaves a bit farther east. Who could guess that this place would become synonymous with the New York City hipster? A decade later, Williamsburg’s “hipness” has become a trite association, but this Brooklyn neighborhood is still in its glory

Startup DoorLoop to take on goliaths in rental management software

Posted: 23 Sep 2021 01:45 PM PDT

Rental property management software is a crowded field in proptech, but a Miami-based startup says it has developed a better, faster and cheaper offering. DoorLoop said this week it raised $10 million in seed funding with an eye toward dethroning the massive public and private companies that have dominated the field to date, including AppFolio, Yarde and RealPage. Extant industry products are cumbersome and out-of-date, David Bitton, DoorLoop’s co-founder and CMO, said in an interview.

Brown Harris Stevens’ NYC president Richard Grossman steps down

Posted: 23 Sep 2021 01:10 PM PDT

Another former Halstead executive is exiting Brown Harris Stevens. Richard Grossman, the brokerage’s New York regional president, is stepping down effective Sept. 30, BHS CEO Bess Freedman announced in an internal memo Thursday. “Richard Grossman has decided to focus on personal endeavors and explore new career opportunities outside of New York real estate,” Freedman wrote in the message, which was viewed by The Real Deal. Freedman added that Sara Rotter, an executive vice president, would

Lonicera Partners developing 314-unit building in Brooklyn

Posted: 23 Sep 2021 12:39 PM PDT

A 314-unit, mixed-use building could be on its way to Downtown Brooklyn. Lonicera Partners filed a permit application for construction at 15 Hanover Place. The planned building would span 244,085 square feet with a height of 348 feet, reaching 34 stories, according to PincusCo. Fogarty Finger is listed as the architect for the project. The mixed-use building would have space on the ground floor for multiple retail outlets. There would also be an amenity space

Surfside site’s stalking horse bidder signed contract, auction slated for February as claims could reach $1B

Posted: 23 Sep 2021 12:00 PM PDT

The stalking horse bidder offering $120 million to purchase the site of the Surfside condo collapse signed a sales contract, setting in motion a timeline that will lead to an auction of the oceanfront property, as legal claims could reach $1 billion. Miami-Dade Circuit Court Judge Michael Hanzman said during a hearing on Thursday that he will review a motion to approve the contract at next week’s hearing, at which point the bidder and terms

Sagaponack mansion lists for $32M in East End’s supply-constrained market

Posted: 23 Sep 2021 11:30 AM PDT

Hedge funder Steven Baum is listing his 8,000-square-foot Sagaponack beachside mansion in a market that has seen less activity because of low supply. The Five Mile Capital founder is asking $32 million for 10-year-old home on Gibson Lane, according to Dirt. It has six bedrooms, nine bathrooms and two half-baths. Amenities inside include a home theater, wine cellar, game room, and a gym. The grounds include a pool, cabana, and an outdoor shower. The property

De Blasio taps Anita Laremont to take over Marisa Lago’s City Planning roles

Posted: 23 Sep 2021 10:47 AM PDT

Mayor Bill de Blasio has tapped Anita Laremont to take on two new roles: City Planning Commission chair and director of the Department of City Planning. Laremont, who has served as executive director of the Department of City Planning since 2018, succeeds Marisa Lago, who earlier this month was nominated by President Biden for a position at the Department of Commerce. The chair is the top position at City Planning, and is always held in

Procore acquiring construction management startup Levelset for $500M

Posted: 23 Sep 2021 09:54 AM PDT

Procore is one step closer to becoming a one-stop shop for the needs of the construction industry after the biggest acquisition in company history. The giant is acquiring software company Levelset for $500 million. The acquisition includes approximately $425 million in cash and $75 million in Procore common stock, according to the Commercial Observer. The deal is expected to close in the fourth quarter. Levelset was founded in 2007 as a company that helps facilitate

Valley National acquiring Bank Leumi USA for $1.1B

Posted: 23 Sep 2021 08:47 AM PDT

Valley National Bank is making its second major acquisition in the last three months, this time agreeing to acquire Bank Leumi USA for $1.15 billion. Leumi’s shareholders will receive 3.8 shares of Valley National stock and $5.08 for every share they have, according to Bloomberg. Bank Leumi Le-Israel BM, the parent company of the U.S. banking side of the business, will own more than 14 percent of Valley National commons stock. Valley National will be

Blood Center rezoning on Upper East Side approved

Posted: 23 Sep 2021 08:00 AM PDT

A controversial plan to expand the New York Blood Center in the Upper East Side has advanced through the City Planning Commission. The commission voted 8-to-2 in favor of rezoning for the Center East project. The City Council will consider the proposal for the 600,000-square-foot life science hub, according to Real Estate Weekly. The Blood Center, located at 310 East 67th Street, is aiming to build a state-of-the-art facility that will play a major part

Hudson Square office building sold for $46M

Posted: 23 Sep 2021 06:30 AM PDT

Days after Google shattered a pandemic purchase record in Manhattan’s Hudson Square, another deal has added to the neighborhood’s pricey office scene. Vanquish LLC, a group of investors from the Middle East, bought a boutique office building from Penn South Capital at 39 Clarkson Street for $45.9 million. The all-cash deal for the six-story, 30,000-square-foot building closed two weeks ago, according to the Commercial Observer. The office building has one tenant, mental health startup Talkiatry,

On Long Island, family of 4 earning $156K qualifies for rental assistance

Posted: 23 Sep 2021 06:11 AM PDT

New York state is expanding its coronavirus rent relief program to residents who make more than the area median income. On Long Island, that means a single-person household is eligible for assistance even if their income is as much as $109,200 or 120% of area median income, according to Newsday. A family of four with a household income of $155,880 would also be eligible for assistance. The change went into effect last week. The previous

Fintech firm Fiserv expanding into NJ with new office

Posted: 23 Sep 2021 05:30 AM PDT

An influx of high-paying tech jobs could be on the way to New Jersey, courtesy of Fortune 500 company Fiserv. The fintech company, which is based in Brookfield, Wisconsin, is planning on opening an office in Berkeley Heights. The office is expected to bring 3,000 jobs to the state, according to ROI-NJ. The office’s location, size and timeline for opening of the office wasn’t specified in the report, but the company applied for an Emerge

Arel Capital’s Richard Leibovitch sells 220 Central Park South unit for $33M

Posted: 23 Sep 2021 05:00 AM PDT

Arel Capital co-founder Richard Leibovitch has closed on the sale of his 3,700-square-foot apartment at 220 Central Park South for $33 million, as luxury discounts narrow from the height of the pandemic. Leibovitch was asking $36 million for the unit in January 2020 before chopping the price by $3 million six months later, according to Compass. The 8 percent discount was in line with residential deals in Manhattan’s luxury market, down from an average discount

Bruman Realty lands $66M construction loan for Astoria apartment building

Posted: 23 Sep 2021 04:00 AM PDT

Bruman Realty is moving forward with its planned 18-story multifamily building in Astoria. Scale Lending, the financing arm of Slate Property Group, provided the Brooklyn-based developer with a $65.9 million construction loan, the lender told The Real Deal. SHB Group arranged the financing. Bruman’s plans to build a 290,000-square-foot building on the site at 26-25 Fourth Street received approval from the city in June. The 204-foot-tall structure will feature 165 residential units, of which 30