The Real Deal - New York Real Estate News

Nassau County aims to salvage $6M rent relief program

Posted: 15 Oct 2021 04:30 PM PDT

Nassau County residents in need of rent relief in the wake of the pandemic have a little more help on the way. A program run by the Community Development Corporation of Long Island is extending the purview of its $6 million rent relief pot. According to Newsday, residents in the county can now apply for three months of prospective rent relief. The program previously covered only three months of unpaid back rent. The initiative has

Legendary Hampton Bays bar up for sale

Posted: 15 Oct 2021 04:00 PM PDT

The Boardy Barn bar in Hampton Bays may not be serving beer for much longer: The property that hosts the well-known establishment has hit the market. Newsday reports that the popular Hamptons bar can hold up to 720 people sitting and 1,488 standing. No listing price has been announced for the establishment, which was built in 1984. JLL is handling the sale. With the property up for sale, its future is very much in question.

Schumer blasts Brooklyn landlord as NY pols vow to pass good cause eviction

Posted: 15 Oct 2021 03:10 PM PDT

Chuck Schumer is taking a real estate controversy on his home turf personally. The Senate Majority Leader stopped by a rally in Park Slope Friday morning to lambast real estate firm Greenbrook Partners and its investors for an aggressive fix-and-flip strategy pursued at apartment buildings across Brooklyn during the pandemic. “There is nothing more despicable, despicable, than these predatory real estate equity firms trying to make illegal, in my judgement, billions of dollars on the

Dick Cavett sells estate for $24M in priciest Montauk deal this year

Posted: 15 Oct 2021 03:00 PM PDT

Legendary talk show host Dick Cavett has sold his Montauk estate for $23.6 million in the hamlet’s most expensive sale this year. Cavett, 84, had owned 176 Deforest Road for more than 50 years. The estate features 20 private acres of secluded oceanfront surrounded by nearly 200 acres of preserve. The original structure on the property, designed by Stanford White and built in 1882, burned down in 1997 and the home was entirely rebuilt. The

5 homes for autumn on the Upper West Side, à la ‘When Harry Met Sally’

Posted: 15 Oct 2021 02:30 PM PDT

Who can forget the pandemic walks? When the insides of our houses (and heads) drove us insane, New Yorkers masked up in socially distanced droves to stroll the city streets and parks and enjoy the fresh air — or enjoy anything, really. There were days when living in the then-desolate city didn’t seem worth the effort. On those days, it helped to think of movies that celebrate the simple joy of walking through New York.

Industrial space “effectively sold out” amid leasing frenzy, Prologis says

Posted: 15 Oct 2021 01:54 PM PDT

Global supply chain disruptions have sent industrial tenants into a leasing frenzy, pushing warehouse vacancy to unprecedented lows. Prologis’ portfolio was 98 percent leased and just under 97 percent occupied at the end of the third quarter, the San Francisco-based warehouse REIT reported Friday. Moreover, its development pipeline was already 70 percent pre-leased — the firm’s highest pre-lease rate ever. “Space in our markets is effectively sold out,” CFO Tom Olinger said on the firm’s

Judge trashes 421a rent overcharge suit against Muss

Posted: 15 Oct 2021 01:54 PM PDT

Muss Development notched a win against tenants at a Bed-Stuy rental building who accused the landlord in a lawsuit of illegally inflating rents. The case, brought by tenants at 180 Franklin Avenue, was dismissed by a state Supreme Court justice last week. Muss Development’s lawyers at Belkin Burden Goldman lauded the ruling, with partner Matthew Brett calling it a decision of “law and logic.” The tenants’ lawyers, Lucas Ferrara and Roger Sachar of Newman Ferrara,

Starwood raises $10B for distressed real estate plays

Posted: 15 Oct 2021 12:50 PM PDT

Barry Sternlicht’s next big real estate play is officially underway after Starwood Capital Group raised more than $10 billion to fund deals for distressed real estate. The Starwood Distressed Opportunity Fund XII easily outpaced a previous fund that raised about $7.6 billion in 2018, the Wall Street Journal reports. All of the money raised in this fund was generated during the pandemic. The company is planning on investing the money in both the United States

Robert Durst gets life in prison for murdering Susan Berman

Posted: 15 Oct 2021 12:00 PM PDT

Robert Durst was sentenced in Los Angeles to life in prison Thursday for the 2000 murder of Susan Berman at her Benedict Canyon home. The 78-year-old former heir to the Durst Organization fortune will not be eligible for parole, according to the New York Times. Los Angeles County Superior Court Judge Mark Windham denied Durst’s lawyers’ request for a new trial. They are expected to appeal the decision. The courtroom was full for the sentencing,

Pandemic continues to fuel demand for second, third homes

Posted: 15 Oct 2021 11:18 AM PDT

The pandemic isn’t just jolting the housing market for primary residences. It’s whetting buyers’ appetites for vacation homes as well. Low interest rates, savings accumulated over the past year and the rise of remote work are driving increased demand for additional residences, the findings of a Knight Frank survey, first reported by Bloomberg, indicate. The Knight Frank Global Buyer Survey crystalized how buyers’ attitudes towards home purchases are shifting. According to the survey, 13 percent

Ex-Mets player Asdrúbal Cabrera sells Florida mansion for record price

Posted: 15 Oct 2021 10:30 AM PDT

Major League Baseball player Asdrúbal Cabrera sold his Southwest Ranches mansion for $7.4 million. Records show the Cincinnati Reds third baseman sold the house at 1700 Stratford Court to a Delaware-registered entity. Cabrera and his wife Lismar Del Valle Barrios bought the 2.6-acre property in 2016 for $1 million. The two-story, modern home was built last year. Cabrera made his major league debut in 2007 with the Cleveland Indians and has played for eight teams,

Just-sold Shelter Island hotel borrows $17M for transformation

Posted: 15 Oct 2021 09:45 AM PDT

The largest hotel on Shelter Island is getting a pricey makeover. Fort Amsterdam Capital, in partnership with Tilden Park Capital Management, have closed on a $17.4 million first mortgage bridge loan to finance the recapitalization and renovation of the Pridwin Hotel and Cottages. The loan will be used to transform the East End hotel into a full-service luxury resort featuring enlarged guestrooms, a spa and fitness center, a modernized lobby and a 100-seat restaurant and

Widow of late General Electric CEO Jack Welch buys $23M UES mansion

Posted: 15 Oct 2021 09:08 AM PDT

Suzy Welch, the widow of former General Electric CEO Jack Welch, bought an Upper East Side mansion for just over $22.7 million. Welch — who works as an author, journalist and television commentator — bought the property at 160 East 81st Street from Bridget Macaskill, a member of the JLL board of directors, and her husband, documents show. Welch is listed as a co-trustee on a deed for the property, alongside the John F. Welch

Ty Warner’s Four Seasons Hotel sues tenant over $2.7M of missed rent

Posted: 15 Oct 2021 08:15 AM PDT

The landlord of the Four Seasons Hotel at 57 East 57th Street is suing tenant Zilli USA for $2.7 million in arrears. Ty Warner Hotels and Resorts alleged in a complaint filed this week that the American subsidiary of the French luxury fashion company skipped rent on its lease for a portion of the property’s ground floor. Zilli signed the lease in 2009, but the agreement has since been amended several times. Starting in 2019,

Two Upper East Side apartment buildings head to foreclosure sale

Posted: 15 Oct 2021 07:20 AM PDT

A pair of Upper East Side apartment buildings are headed to foreclosure. New York-based Aulder Capital is planning a UCC foreclosure sale for the interests in a 37-unit multifamily assemblage at 162-164 East 82nd Street. The sale is scheduled for Nov. 3. If the foreclosure sale goes through, Aulder can take over the equity stake in the properties from owner 77 Varet Holding Corp., which is led by apparel entrepreneur Ruben Azrak. Bankruptcy and foreclosure

Private equity firm carves out 14K sf at Aurora’s Solar Carve building

Posted: 15 Oct 2021 06:30 AM PDT

Private equity and venture capital firm Stripes is changing up its current office digs — but it isn’t going far. The company is moving to the “Solar Carve” building at 40 10th Avenue, according to the Commercial Observer. The move to the 160,000-square-foot, 10-story building will mark a departure from its current Meatpacking District building just a block away at 402 West 13th Street. The company signed a 10-year lease at the Aurora Capital Associates-owned

Resurrection! Work resumes on stalled Clinton Hill residential project

Posted: 15 Oct 2021 06:00 AM PDT

That big hole in the ground in Brooklyn’s Clinton Hill is finally getting filled in. Two years after workers dug out the foundation of an apartment building on the corner of Grand Avenue and Fulton Street, only to have it sit dormant so long that at least one tree sprouted, construction has finally started again. A completion date is even in sight. Contractors breaking ground on the lot this week told The Real Deal that

Little-known buyer nabs NJ multifamily complex for $36M

Posted: 15 Oct 2021 05:30 AM PDT

A 171-unit multifamily complex in New Jersey’s Hudson County just changed hands for $36.5 million. The General Kearny Apartments community at 41-109 Belgrove Drive in Kearny was sold by John Pjeternikaj of JP Management, a New Jersey-based real estate developer who bought the six-building complex for $11 million in 2004, according to public records. The buyer was Robert Tagliareni, a New Jersey-based real estate investor focusing on mixed-use, multifamily, retail and office assets, sources told

How a senator’s vampire politics hurt real estate — and NYC

Posted: 15 Oct 2021 05:00 AM PDT

When Jabari Brisport thinks about New York’s housing crisis, he blames developers. When I think about the crisis, I blame politicians. Brisport, for one. As a state senator, Brisport doesn’t control the zoning that limits homebuilding and drives up prices. But he fuels an anti-development narrative that perpetuates the problem. After a developer proposed replacing a McDonald’s at 840 Atlantic Avenue with an 80 percent market-rate apartment building, the Brooklyn senator said such projects are

New law for immigrants seen as little help for undocumented tenants

Posted: 15 Oct 2021 04:00 AM PDT

Over the weekend, Gov. Kathy Hochul ushered in greater protections for undocumented immgirants, signing legislation that makes threatening to report immigration status punishable by imprisonment. In theory, the law shields undocumented tenants from landlords who might use the threat of deportation against them, for example, to warn tenants against filing complaints or fighting eviction. Tenant advocates and attorneys doubt that the protections, while well-intentioned, will make much difference for undocumented renters. To make use of