The Real Deal - New York Real Estate News

Double penthouse asking $33M is priciest listing snapped up

Posted: 18 Oct 2021 02:33 PM PDT

After an early October surge, Manhattan’s luxury home market stayed strong last week, with an Upper East Side penthouse leading the way. Some 41 contracts for Manhattan homes asking $4 million or more were signed from Oct. 11 to Oct. 17, according to a weekly report by Olshan Realty. Forty-six had been signed the week before. The No. 1 contract was for PH15 and PH16 at 150 East 78th Street, asking $32.75 million. The deal

Ford estate fetches $105M, a Hamptons “record” but far below ask

Posted: 18 Oct 2021 01:55 PM PDT

The seller of the Southampton estate formerly belonging to Henry Ford II did not cling to her aspirational pricing, settling for a mere $105 million for a property she initially listed at two-thirds more than that. Still, that was enough to be reportedly the priciest sale of a single parcel in Hamptons history. Brenda Earl, portfolio manager and former partner at Zweig-Dimenna, sold the estate at 90 Jule Pond Drive for $105 million, according to

Brooklyn contracts jump in mid-October

Posted: 18 Oct 2021 01:02 PM PDT

Brooklyn’s luxury contracts picked up speed last week, with the most deals signed since the summertime. Thirty-five contracts asking $2 million or more were signed in Brooklyn from Oct. 11-17, according to Compass’s weekly report. That figure marks a jump from the previous week, when 26 contracts were signed. The combined asking prices for those homes was $116.3 million, up from the previous week’s $88.3 million. The median asking price of those homes was $2.75

Hudson’s Bay Company restructures $846M CMBS loan

Posted: 18 Oct 2021 12:30 PM PDT

Hudson’s Bay Company successfully restructured a massive CMBS loan, reportedly ending an 18-month saga that included accusations of undermining the loan and a foreclosure lawsuit. HBC and Simon Property Group restructured the $846.2 commercial mortgage-backed securities loan at the end of September, according to the Commercial Observer. The restructuring took place at par, with no discounted payoff and no interest forgiveness. The loan was securitized by HBS, a joint venture between HBC and Simon, in

Mack Real Estate may “strip” club owner of properties

Posted: 18 Oct 2021 11:30 AM PDT

Robert Gans’ lender wanted the strip club owner to put more skin in the game. But after Gans allegedly failed to put cash on the table, Richard Mack’s Mack Real Estate Group may leave him naked of a portfolio of properties. The lender initiated foreclosure proceedings last week against 11 properties owned by Gans, claiming in court documents that Gans owes $1.7 million to an interest reserve account per a $130 million refinance loan originated

Housing Rights probe pins voucher discrimination on VA landlords, brokers

Posted: 18 Oct 2021 10:56 AM PDT

The advocacy group that slapped bigwig brokerages and landlords in New York City and its suburbs with suits over source-of-income discrimination has taken its show on the road. An investigation by New York-based Housing Rights Initiative found 29 landlords and brokers in Virginia illegally discriminated against low-income renters by refusing to accept their Section 8 vouchers. The state’s attorney general filed 13 lawsuits against the offending parties. HRI, which is not a plaintiff in the

Hamptons rental market had strong summer, begins to cool

Posted: 18 Oct 2021 10:33 AM PDT

The pandemic supercharged the Hamptons summer rental market, which continued to ride that wave in 2021, a new report shows. There were 16,645 bookings for stays during the high season — Memorial Day through Labor Day — totalling $117 million, according to a report by Hamptons-focused rental business StayMarquis. That’s up 9 percent from 15,284 last year. The report is put together using data from Airdna, which includes all bookings made on Airbnb and VRBO.

Developers make big resi bet on Mott Haven

Posted: 18 Oct 2021 08:48 AM PDT

One of the poorest neighborhoods in New York City is quickly becoming the hub of large-scale residential developments. The Bronx’s Mott Haven neighborhood is set to develop about 20 residential projects with more than 5,000 combined apartments in the coming years, according to the New York Times. Many of the projects include a 70-to-30 market-rate to affordable ratio, though some are entirely affordable units. The Times points to rezoning changes made by Mayors Rudy Giuliani,

Robert Durst is on a ventilator with Covid: lawyer

Posted: 18 Oct 2021 07:03 AM PDT

Robert Durst was reportedly placed on a ventilator in a Los Angeles hospital last week after testing positive for Covid-19. Durst was admitted to LAC+USC Medical Center one day after appearing slumped in his wheelchair during a sentencing hearing, where he received life in prison after a trial for a 2000 murder. A lawyer for Durst told The New York Times the former real estate heir’s health declined over the course of the trial. “On

Zillow hits the brakes on iBuying

Posted: 18 Oct 2021 06:05 AM PDT

Zillow has temporarily halted its home purchases, potentially ceding ground to other iBuying companies in an increasingly competitive space. The company is working to address a backlog of purchased properties that has left its buying practice “beyond operational capacity,” a spokesperson told Bloomberg. In the meantime, potential customers will reportedly be referred to real estate agents. Zillow Offers allows homeowners to receive an offer on their house through the company’s proprietary technology, which attracts clients

More than 27,000 Long Island households behind on rent

Posted: 18 Oct 2021 05:30 AM PDT

Tens of thousands of renters on Long Island are behind on payments as the clock ticks toward the expiration of the statewide eviction moratorium. Newsday reports that more than 27,000 households in the region were estimated to be behind on rent as of August, per an analysis from Surgo Ventures. Those households are divided fairly evenly between the counties; Suffolk County has about 700 more renters in arrears than Nassau County. Fewer than 20 percent

Sergio Franchi’s 200-acre Connecticut estate lists for $12.6M

Posted: 18 Oct 2021 05:00 AM PDT

A 200-acre estate in southeastern Connecticut that was the home of late Italian tenor Sergio Franchi has hit the market for $12.6 million, a record asking price for the town and among the state’s most expensive active listings. The Stonington compound, the town’s largest, includes a 19th-century Colonial main home as well as four cottages, a pond, art studio and chapel. The seven-bedroom slate-roofed home spans 6,300 square feet and has a dining room with

Automatic for the people: SmartRent CEO on why landlords are going all-in on connected homes

Posted: 18 Oct 2021 04:00 AM PDT

It ain’t about Amazon package updates. It’s about cap rates. The bells and whistles of connected-home technology grab the headlines, but to Lucas Haldeman, it’s the fundamental shifts they can bring about in multifamily ownership, operation and experience that are far more interesting. “Owners are saying, ‘I want to keep buying — I have a long-term thesis, and I can whittle away at the edges, but if I could apply technology, I can actually change

A 60-acre working vineyard in Southern California hopes to squeeze out $35 million

Posted: 17 Oct 2021 11:00 AM PDT

A 60-acre estate in the hills of California’s Santa Ynez Valley is hitting the market for $34.5 million. The estate is home to a 40-acre working vineyard that can produce 7,500 bottles of wine annually, as well as an olive grove that produces 2,200 gallons of olive oil a year, according to the Wall Street Journal. The wine country estate was largely developed by William and Jan Sanger, who bought the property 10 years ago