The Real Deal - New York Real Estate News

Tides Equities buys Dallas apartment complex for $40M

Posted: 07 Jan 2022 02:39 PM PST

California’s Tides Equities seems to have its eye – and its money – set on a Texas takeover. The L.A.-based investment firm added another multifamily property to its cache Friday, sealing a deal on the Clover on Park Lane apartments at 8780 Park Lane in Dallas’ VIckery Meadow neighborhood. The seller was Travertine North Park Investors. Tides paid around $40 million for the apartment complex, according to a person familiar with the deal. Texas is

Midtown DoubleTree sells at staggering loss

Posted: 07 Jan 2022 02:00 PM PST

In the wake of the pandemic, New York City hotels have seen their fair share of massive discounts — and a newly recorded sale is no exception. Beverly Hills-based Hawkins Way Capital purchased the site of the former Midtown DoubleTree at 569 Lexington Avenue for $146 million, according to property records. The sale closed in mid-December. The deal came to less than half of what investment firm RLJ Lodging Trust purchased the hotel for in

Residential brokerage shares take a hit in first week of 2022 trading

Posted: 07 Jan 2022 01:51 PM PST

The new year is off to a rocky start for some of real estate’s biggest publicly traded residential brokerages, which saw their shares tumble on concern that rising interest rates could stall housing market growth. Compass, which closed at an all-time low yesterday, staged a late-day recovery, gaining 1.7 percent to $8.53 on the New York Stock Exchange. That’s still down 53 percent from its valuation of $18 per share ahead of its April initial

Four Seasons changes up its game in Texas

Posted: 07 Jan 2022 12:48 PM PST

It’s not every day that your new luxury pad comes with a funicular. That’s just one of the many amenities to be enjoyed by residents of the planned Four Seasons Private Residences Lake Austin (it’s a set of cable cars that take you up and down hills, by the way). It’s the first standalone residential property in Texas for Four Seasons Hotel and Resorts, which is developing Four Seasons Private Residences Lake Austin with Austin

Adams joins call for restaurant relief

Posted: 07 Jan 2022 12:30 PM PST

Restaurants across the country are looking for seconds of federal funding, and Eric Adams wants them to get served. The New York City mayor joined other mayors across the country in signing a letter to Congress, requesting that the Restaurant Revitalization Fund be replenished. The $28.6 billion fund is a program under the American Rescue Plan Act that provides emergency assistance for eligible restaurants, bars and other qualifying businesses impacted by Covid-19. Under the program,

Jobs in warehousing and storage above pre-pandemic levels; hospitality showing strong recovery

Posted: 07 Jan 2022 12:13 PM PST

Employers added just under 200,000 new jobs in December, including in leisure and hospitality, construction and warehousing, according to the Department of Labor. The unemployment rate fell to 3.9 percent. That’s a sharp drop from 2021’s monthly average of 537,000 new jobs, after upward revisions to the number of jobs added in October and November, boosting confidence in the economy despite lower-than-expected hirings last month. “The pace of recovery overall in the job market has

Chaos at the Chatsworth: Co-op says HFZ plundered reserves

Posted: 07 Jan 2022 11:45 AM PST

Ziel Feldman’s HFZ Capital Group bought the Chatsworth to return the once coveted Gilded Age building to its “original glory” by converting its rentals into co-ops. But a decade later, the Chatsworth’s board alleges that Feldman and HFZ have left the Upper West Side building in “dire financial straits’” and used the co-op as its “personal piggy bank.” The board accuses HFZ of dipping into the board’s reserves to upgrade their personal units, illegally lending