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| View, Inc. put on notice by Nasdaq months after $815M SPAC merger Posted: 16 Dec 2021 07:15 AM PST View Inc., a smart glass manufacturer and building data platform, is in danger of being taken off the Nasdaq exchange. The threat to the SoftBank-backed startup comes only nine months after the company went public through a SPAC merger, Insider reported. The company has failed to file quarterly 10-Q financial forms each of the last two quarters, according to Insider. Nasdaq has responded with multiple notices warning View is not in compliance with SEC regulations, |
| Keep up to speed with TRD’s award-winning Daily Dirt newsletter Posted: 16 Dec 2021 06:30 AM PST Come for the deals, stay for the dirt. Sign up today for the Daily Dirt, TRD’s subscribers-only digital digest that brings the quick and dirty on New York City real estate. Every weeknight, our award-winning reporter Kathryn Brenzel (with a guest appearance by Joe Lovinger each Friday) dissects the latest news, deals, trends and political rumblings poised to shake up the city’s residential and commercial property markets. Check your phone weeknights at 10pm for the |
| Firm ponders end of NYC’s housing boom, other predictions for 2022 Posted: 16 Dec 2021 06:15 AM PST It has been a banner year for New York City’s residential real estate market, but all good things must come to an end. By October, Manhattan contract signings had already surpassed the previous record — 12,520 in 2013, real estate data firm UrbanDigs. The firm’s data dates back to the 2008 financial crisis. With two weeks left in the year, closings have reached 14,774, more than double the 2020 total. That depleted inventory, despite a |
| Posted: 16 Dec 2021 05:45 AM PST Even as he acquired 4,000 apartments over the last dozen years, Josh Gotlib managed to stay under the radar. His $850 million play for one of New York’s most prominent rental towers may finally thrust him into the spotlight. Gotlib, who runs real estate investment firm Black Spruce Management, struck his biggest deal yet by going into contract to buy the American Copper Buildings, twin luxury towers overlooking the East River in Murray Hill. The |
| Watch: Robert A. Levine on building from Brooklyn to the Caribbean Posted: 16 Dec 2021 05:00 AM PST It goes without saying that the pandemic was a tough time to be a hospitality developer. “[Projects] in the Caribbean were all delayed,” RAL Companies’ Robert A. Levine told TRD’s Amir Korangy in the latest episode of Coffee Talk. Today, although the pandemic rages on, the tide seems to be turning for resort developers like Levine, who has ongoing construction in the Cayman Islands and Puerto Rico. In conversation with Korangy, Levine explained the scope |
| Landlords defeat criminal-history bill, for now Posted: 16 Dec 2021 04:00 AM PST A bill that would have prevented landlords from running criminal background checks on prospective tenants died in the year’s final City Council session after a landlord group’s 11th-hour opposition effort. Tenant advocates said the Rent Stabilization Association’s counter-campaign, in which owners and tenants urged lawmakers to reject the measure, relied on scare tactics and misconstrued the bill’s likely impact. After reports yesterday that the legislation had lost too much support to pass, RSA president Joseph |
| Council makes it official: Buildings must go electric, J-51 is back Posted: 15 Dec 2021 03:21 PM PST Beginning in 2024, new buildings in the city will go electric. The City Council on Wednesday approved a bill that will phase out gas heat in construction projects. It also approved the temporary revival of a real estate tax break and required the creation of a task force to study whether distressed office buildings can be converted for other uses. Notably, a measure that would have barred landlords from checking for criminal histories of prospective |
| Lisa Gomez to succeed Ron Moelis as CEO of L+M Development Posted: 15 Dec 2021 03:00 PM PST For the first time in its nearly 40-year history, L+M Development Partners will soon have a new CEO. Ron Moelis, who co-founded the affordable housing developer in 1984, will relinquish the chief executive role and transition to chairman, the firm said Wednesday. Chief operating officer Lisa Gomez will succeed Moelis, effective Jan 1. “I can honestly say that my tenure at L+M was enjoyable as well as productive,” Moelis, who will continue to influence the |
| City Council approves Soho and Noho rezoning, several others Posted: 15 Dec 2021 02:45 PM PST On their way out the door, City Council members forever changed the future of Soho, Noho, and parts of many other neighborhoods. In what was for many their final session, the lawmakers signed off on new zoning for the two Manhattan enclaves and several other contentious land use proposals. Because of term limits, most Council members are in their final month. Here is a rundown of the major land use measures passed Wednesday. Soho and |
| Tishman Speyer buys pair of industrial assets in diversification play Posted: 15 Dec 2021 02:30 PM PST Tishman Speyer is getting in on the industrial gold rush. The developer behind some of the world’s most recognizable office towers has teamed up with South Korea-based Hana Financial Group and Vestas Investment Management to acquire two U.S. industrial facilities as part of a new $500 million coinvestment platform, which the firms say will target a range of assets and global markets. Tishman will manage the two properties through a new in-house industrial platform. The |
| As rent explodes nationally, New York City tops the charts Posted: 15 Dec 2021 02:00 PM PST The New York City rental market has staged the biggest comeback since the Jets’ Monday Night Miracle. At this time last year, city apartments were on the discount rack. Rents had fallen 14 percent in 12 months and more than half of available apartments were offering concessions. Since then, Gotham rents are up 32 percent, fourth most among U.S. cities, according to a new report by Zumper. The median price for a one-bedroom is up |
| The Jay Group makes multifamily play in DoBro Posted: 15 Dec 2021 01:15 PM PST The Jay Group is making quick moves to develop a multifamily building in Downtown Brooklyn, simultaneously acquiring a site and putting construction financing into place. The developer is paying about $40 million to acquire 101 Fleet Place from Leser Group, according to the Commercial Observer. The developer received a $130 million loan from G4 Capital Partners, with $22 million earmarked for the acquisition of the site. The remaining $108 million in the loan will be |
| State eyeing redistribution of $250M in unclaimed rent relief Posted: 15 Dec 2021 12:45 PM PST Some New York landlords could be on the verge of landing rent relief, thanks to a redistribution of unclaimed aid checks. City Limits reported 20,000 tenant applications submitted to the state from June to August and approved by the Office of Temporary and Disability Administration have yet to be matched to a landlord. The payouts would cover more than $250 million in arrears, should they be claimed. The agency said on Tuesday that more than |
| Long Island town laying out welcome mat for developers Posted: 15 Dec 2021 12:15 PM PST Huntington officials are prepared to create more opportunities for developers, but not everyone is on board with the plan of the town’s outgoing supervisor. The town board is holding public hearings Tuesday on the potential creation of an overlay zoning district along Route 110 in Melville, according to Newsday. The district would allow different uses for industrial properties if builders meet certain requirements. One of the hearings will discuss allowing multifamily housing, offices, research, entertainment |
| Open-air retail complexes enjoy breath of fresh air, hitting new peaks amid recovery Posted: 15 Dec 2021 11:45 AM PST U.S. retail is slowly regaining steam in the wake of the pandemic, but open-air shopping centers can boast recent success that’s pushed the segment to new peaks. Landlords filled 17 million square feet of open-air shopping centers during the third quarter, according to CBRE data reported by the Wall Street Journal. The influx marks a 49 percent increase from 2019 and a 10-year high for net absorption. The foot-traffic friendly shopping centers are defined as |
| Pretium-backed venture targeted distressed suburbs to become mega-landlord Posted: 15 Dec 2021 10:15 AM PST Previously unreported documents illustrate how a venture backed by wealthy investors has become one of the country’s largest landlords: by scooping up homes before middle-class buyers can. Progress Residential, which is backed by New York-based Pretium Partners, has compiled tens of thousands of homes in its portfolio and is acquiring up to 2,000 homes a month, the Washington Post reported. The firm uses an algorithm to find properties before making fast, all-cash offers, boxing out |
| Realtor.com nixes crime map in effort to promote fair housing Posted: 15 Dec 2021 09:49 AM PST Home shoppers viewing listings on Realtor.com might notice something missing: The website has removed the crime map layer from all of its search results. The move, made early this month, is an effort to avoid penalizing Black and Latino communities, according to the company. Realtor.com decided to “rethink the safety information” on listings in order to provide fair and accurate neighborhood data for homebuyers, CEO David Doctorow wrote in a post this week. “Historically, our |
| Michael Shvo brings elite Core Club to Fifth Avenue Posted: 15 Dec 2021 09:15 AM PST A Manhattan power club is coming to SHVO’s 711 Fifth Avenue. Core Club has inked a 20-year lease to take up 60,000 square feet across four floors at the former Coca-Cola building, according to people familiar with the matter. The elite members-only club is expected to arrive in Shvo’s building late next year after outgrowing its 32,000-square-foot space at 60 East 55th Street. Talks with SHVO began in January 2020, the people said. The tenant |
| Real estate is drunk on ESG. But what’s in the cocktail? Posted: 15 Dec 2021 08:45 AM PST This year, real estate awoke to its status as the quiet villain of climate change. The horrifying stats — the industry is responsible for 30 percent of greenhouse gas emissions and 40 percent of energy use — echoed in more and more quarters, decarbonization became part of the rhetoric at major firms, and an entire day of the United Nations climate change conference was set aside to the built environment. Amid the heightened awareness, “ESG” |
| Boston Properties nabs $1B loan at 601 Lex Posted: 15 Dec 2021 07:30 AM PST Nearly six months after predicting the threat of remote work is “overstated,” Boston Properties secured a boost in the form of a $1 billion loan for its substantial office building at 601 Lexington Avenue. The developer secured the refinancing package from Wells Fargo, Deutsche Bank, Morgan Stanley and Citigroup, the Commercial Observer reported. According to Moody’s Investors Service, $426.7 million of the debt will be securitized in a single-asset, single-borrower CMBS deal. The 10-year, fixed-rate |
| Troubled Brooklyn landlord All Year files for Chapter 11 Posted: 15 Dec 2021 07:17 AM PST Just as it appeared close to finding a buyer to restructure most of its $1.6 billion in debt, the massive Brooklyn development firm All Year Holdings has filed for Chapter 11 bankruptcy. The filing in Manhattan federal court Tuesday came a day after the company discovered a $37.8 million confession of judgment was entered by Yoel Goldman, its troubled founder and sole owner, without the approval of All Year’s board. The board could also not |
| Joint venture nabs Montclair apartments as local landlords fight rent laws Posted: 15 Dec 2021 05:45 AM PST An investment duo from opposite ends of the East Coast nabbed a slice of the multifamily market in Montclair, New Jersey, where local property owners are fighting to stamp out a rent control ordinance and a repeatedly extended rent freeze. A joint venture between Florida-based Mill Creek Residential Trust and Connecticut-based Cigna Investment Management acquired a 163-unit apartment complex in the Essex County town from Clarion Partners. The buyers secured a five-year, $54 million loan |
| Vornado takes another retail loss as investors remain drawn to warehouses Posted: 15 Dec 2021 05:00 AM PST Vornado Realty Trust took a loss on its shrinking retail portfolio, selling a commercial condo in Soho last week for less than it paid to acquire the property a decade ago. Industrial properties continued to command top dollar, while multifamily housing, including properties with Section 8 renters, drove most investment sales in the $10 million to $40 million range last week. Manhattan led the way, capturing 5 of the week’s 14 deals. Brooklyn had four |
| Bank inks 17K sf retail lease at Park Avenue corner Posted: 15 Dec 2021 04:00 AM PST Florida-based BankUnited is expanding in Manhattan with a lease for 17,000 square feet of dramatic retail space at 450 Park Avenue https://therealdeal.com/tag/450-park-avenue/ on the corner of East 57th Street. When the Chera family’s Crown Acquisitions and Canadian investment firm Oxford Properties Group bought the 33-story tower in 2014 for $545 million, the deal put almost half the value of the tower in the retail base. Oxford is a Canadian-based global real estate company with a |
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