The Real Deal - New York Real Estate News

Real estate stocks slide as China spooks investors

Posted: 24 Sep 2021 02:01 PM PDT

China’s real estate sector rankled investors this week as the country’s second largest property developer missed a deadline to pay its overseas bondholders. Evergrande, which has built residences in every one of China’s regions, now has 30 days to cure the coupon payment before it defaults. Investor uncertainty over China has grown since regulators scuttled Blackstone Group’s $3 billion deal to acquire property developer Soho China amid a political crackdown on wealthy executives, including billionaire

Sculpture artist Robert Hooke’s Sag Harbor home lists for $10M

Posted: 24 Sep 2021 01:40 PM PDT

The Sag Harbor waterfront home of sculpture artist Robert Hooke hit the market for $9.5 million. Located in the Northampton Shores community, the 4-acre property at 5 Peconic Avenue consists of three lots, and is being marketed as one of the last remaining buildable parcels. The compound includes a 2,000-square-foot home with three bedrooms and three bathrooms. The property includes a tennis court, a bath house and deck and a pond. There is about 175

NJ construction official accused of siphoning funds from developers’ account

Posted: 24 Sep 2021 01:00 PM PDT

A town hall in Essex County, New Jersey, was the target of a raid by state investigators on Monday, following allegations that a local construction official helped himself to an escrow account containing funds deposited by developers. Belleville Township Construction Official Frank DeLorenzo Jr. is accused of compensating himself with seemingly arbitrary withdrawals from the account each time he attended a meeting after regular working hours — despite being paid a stipend to attend the

Retail asking rents declined across Brooklyn this summer

Posted: 24 Sep 2021 12:37 PM PDT

Despite several openings and less exposure to pandemic-related downturns in tourism than Manhattan, Brooklyn was not safe from declining retail rents this summer. Compared to last summer, asking rents fell in 11 of 17 retail corridors in the borough tracked by the Real Estate Board of New York, according to a new report. Dumbo saw the largest year-over-year decline in retail asking rents, a 23 percent drop. Williamsburg’s Bedford Avenue between Grand Street and North

Developer abandons troubled Hamilton Heights rezoning proposal

Posted: 24 Sep 2021 11:56 AM PDT

A developer in Hamilton Heights abandoned its controversial proposal for the rezoning of a block with historic row houses. Soma 142 LLC withdrew its rezoning proposal for the site on the corner of West 142nd Street and Riverside Drive on Thursday. The proposal was in the final stage of the ULURP process and a City Council committee was set to review it on Friday, according to the Patch. A 170-foot building was proposed for the

NYC City Council passes bill forcing hotels to dish out severance pay

Posted: 24 Sep 2021 11:00 AM PDT

The City Council voted Thursday to pass a bill compelling hotel owners to provide severance pay to their out-of-work employees. The bill, introduced by Council member Francisco Moya, requires hotels that either closed entirely or laid off 75 percent of their staff during the pandemic to provide severance to service employees for up to 30 weeks. Hotels can exempt themselves from the mandate by recalling at least 25 percent of employees by Oct. 11 and

Dubai developer revealed as $120M bidder for Surfside collapse site

Posted: 24 Sep 2021 10:30 AM PDT

UPDATED, Sept. 24, 3:30 p.m.: Damac Properties, a Dubai-based developer, is the stalking horse bidder for the collapse site of Champlain Towers South in Surfside, The Real Deal has learned. East Oceanside Development LLC, a Delaware corporation tied to publicly traded Damac, signed a contract to pay $120 million for the oceanfront property. The company’s identity was disclosed in a motion to approve the sales contract, filed with the court on Friday. Judge Michael Hanzman,

Vorea, Domain and L+M close on $88M LIC development site

Posted: 24 Sep 2021 10:18 AM PDT

A trio of developers planning a 500-unit residential property in Long Island City have closed on the development site for $88 million. Vorea Group, Domain Companies and L+M Development Partners bought the parcel, Commercial Observer reported, from self-storage company Fortress Corporation, which has owned the land since buying it from Judson Realty in 1996. The parcel at 2-33 50th Avenue in Queens spans 76,000 square feet. The site has been on the market since JLL

Mortgage market stakeholders are unprepared for growing climate change threats

Posted: 24 Sep 2021 09:15 AM PDT

The growing threat of climate risk could put the entire mortgage market underwater if all parties involved don’t begin to prepare soon, according to an industry report. The report from the Mortgage Bankers Association’s Research Institute for Housing America says those close to the industry are wholly unprepared to forecast and confront risks from climate change. Consumers, builders, landlords, appraisers, mortgage originators and servicers, mortgage investors, insurance companies and government issuers like Fannie Mae and

Condor Hospitality selling hotels to Blackstone for $305M

Posted: 24 Sep 2021 07:20 AM PDT

Condor Hospitality is getting out of the hotel business — in fact, it appears it’s getting out of business altogether. The trust is set to sell its hotel portfolio to affiliates of Blackstone Real Estate Partners for $305 million in an all-cash, no existing debt deal. The transaction is expected to close in the fourth quarter pending the approval of shareholders, according to Hotel Business. This appears to be the beginning of the end for

432 Park Avenue residents sue developers for $250M

Posted: 24 Sep 2021 06:15 AM PDT

Residents at CIM Group and Macklowe Properties’ 432 Park Avenue are escalating previously reported complaints over a wide range of issues with the building’s design and construction in a $250 million lawsuit filed Thursday. The condo board of the Billionaires’ Row tower is suing the developers for issues related to flooding, broken elevators, noise from the building’s sway and a June electrical explosion, according to the New York Times. The lawsuit doesn’t include potential punitive

City landlords’ tax delinquencies approach Great Recession levels

Posted: 24 Sep 2021 05:00 AM PDT

Nothing is certain but death and taxes, and property taxes are no exception. For a year and a half, New York City landlords have complained that eviction bans would leave them hard-pressed to pay their bills. Without rental revenue, property owners forewarned, they wouldn’t have the income to afford property tax payments, and without those payments, the city’s finances would suffer. Recent figures suggest they weren’t entirely bluffing, but the impact on the city has,

Mortgage availability improves just as rates set to rise

Posted: 24 Sep 2021 04:00 AM PDT

Homebuyers are about to learn that while the government giveth, the Federal Reserve taketh away. While it’s getting easier to get a mortgage, the Fed is warning rates will soon rise. In a red-hot housing market, government-backed mortgage buyers Fannie Mae and Freddie Mac are accepting loans to borrowers with lower credit scores and Fannie Mae will now look at rent payments in assessing mortgage applications. But the good news may not last for long