The Real Deal - New York Real Estate News

Signature Bank doubles down on ESRT’s 1400 Broadway

Posted: 10 Jan 2022 07:00 AM PST

Still riding high off a solid third quarter, Signature Bank’s next move is an internal one, greatly expanding its offices at Empire State Realty Trust’s 1400 Broadway. Signature Bank is expanding by more than 168,000 square feet at the building, ESRT announced. The company already leased nearly 112,000 square feet, bringing its total to more than 280,000 square feet across 10 of the building’s 37 floors. The asking rent was $67 per square foot and

Global Holdings signs flurry of leases at Nomad Tower

Posted: 10 Jan 2022 05:45 AM PST

New York’s first snowfall of the year accompanied a flurry of freshly signed square feet for Global Holdings Management Group at its NoMad Tower. Two new tenants signed on to join the building at 1250 Broadway recently, the Commercial Observer reported. Fintech firm Ridgeline Apps signed a five-year lease for nearly 15,000 square feet, while communications company APCO Worldwide signed an 11-year lease for slightly more than 15,000 square feet; both companies will have full

Who’s judging real estate’s environmentalism? The industry itself

Posted: 10 Jan 2022 05:00 AM PST

Last fall, Big Real Estate gave itself a pat on the back for being environmentally and socially responsible. When a referee for ESG investing issued its annual scores, companies including Ivanhoé Cambridge, Prologis and Vornado Realty Trust touted highlights such as a “Green Star” rating or improvement from the previous year in one of the categories. What the companies failed to disclose, though, was that each has an employee on one of the committees that

Cashed out: Nonwhite homeowners denied access to refi bonanza

Posted: 10 Jan 2022 04:30 AM PST

What’s a whitewash worth? In the case of Indiana homeowner Carlette Duffy, about $150,000. For Marin County, California, couple Tenisha Tate-Austin and Paul Austin, it’s $500,000. After appraisers undervalued their properties, the Black homeowners “whitewashed’’ them — by having white friends stand in for them and replacing family photos with pictures of white people — and tried again with a new appraiser. The appraised value of Duffy’s home doubled, while the Austins’ jumped to $1.5

Landlords, advocates go toe-to-toe on good cause eviction

Posted: 10 Jan 2022 04:00 AM PST

Would a rent cap and automatic lease renewals erode New York’s housing stock? Or give tenants stability and the leverage they need to get repairs? That question highlighted a long state Senate hearing Friday on the possible impacts of good cause eviction. The measure, which tenant advocates hope to pass before the eviction moratorium sunsets Jan. 15, would let tenants challenge an eviction for nonpayment if the rent rose by at least 3 percent or

Horrific fire at Bronx Mitchell-Lama shocks city

Posted: 09 Jan 2022 02:32 PM PST

UPDATED, Jan. 10, 7:00 a.m. — A blaze that began in a second-floor duplex in the Bronx Sunday morning sent smoke racing up the 19-story building, killing at least 19 people including nine children. It was the city’s worst fire tragedy in decades. A malfunctioning space heater causes the fire, Mayor Eric Adams said Sunday evening. The fire reportedly began in the bedroom of a duplex apartment on the building’s second and third floors. When

The Covid Effect: Homeowners seeking more private, office space

Posted: 09 Jan 2022 11:22 AM PST

The man-cave isn’t just for dads anymore. Now everyone wants their own space. Open-concept living areas featuring great rooms connecting kitchen, living and dining areas are still popular in the time of Covid-19, but families members who may be seeing too much of each other as they hunker down are increasingly seeking a room of their own. And that means increasing space in private portions of the home to accommodate larger sleeping areas or places

Supply-chain woes slow new-home construction, raise prices to record high

Posted: 09 Jan 2022 10:13 AM PST

It takes a lot of moving parts to get a house constructed, and right now, a lot of those parts just aren’t moving. The Wall Street Journal is reporting supply-chain backlogs are causing massive delays in new home construction across the country and sending prices soaring to record levels, even as some buyers move into unfinished abodes, or having to decide on the style of brick to be used numerous times until one that is

“Avatar” producer Jon Landau lists Florida Keys home for nearly $14M

Posted: 09 Jan 2022 09:30 AM PST

We see the future of Jon Landau, and it is not in Florida. Record and movie producer Jon Landau has listed his Plantation Key home for the nearly $14 million, the Wall Street Journal reports, as the man who once tapped Bruce Springsteen as the future of rock ’n’ roll sets off to New Zealand with pal James Cameron to produce three “Avatar” sequels. If it sells at that price, it would break a record

Report: Insurance won’t cover damage wreaked by Colorado wildfire

Posted: 09 Jan 2022 08:30 AM PST

The cost to replace some of the homes destroyed or damaged by last week’s Colorado wildfire in the suburbs of Denver and Boulder could become more than insurance companies are going to pay out — in some cases by hundreds of thousands of dollars. According to the Wall Street Journal, the Marshall Fire caused more than $1 billion in damage while destroying nearly 1,000 homes. But government officials along with insurance and construction industry experts

Canada’s biggest city has just 3,200 homes for sale, an all-time low

Posted: 09 Jan 2022 08:00 AM PST

Looking for a home in Canada’s biggest city? Good luck with that. Toronto, a city of 6.5 million, has just 3,200 homes for sale, an all-time low, according to Bloomberg. That’s less than half the 7,900 on the market a year ago, the outlet said, citing the Toronto Regional Estate Board. Blame low interest rates. Home sales surged by almost a third last year to more than 121,000, sparking fears of a bubble and breaking

Digital Realty Trust storms into Africa with a majority stake in Teraco

Posted: 09 Jan 2022 07:45 AM PST

Digital Realty Trust is making a big bet on Africa. The Austin, Texas-based real estate investment trust, aiming to cash in on pandemic-era demand for data centers, bought 55 percent of Johannesburg’s Teraco from investors that include Berkshire Partners and Permira, Reuters reported. The deal values Teraco at about $3.5 billion. Digital Realty, which has 280 data centers across the world, is making the purchase as infrastructure and real estate funds snap up multi-billion-dollar deals

A 150-acre estate in Indiana lists for $14 million, a state record

Posted: 09 Jan 2022 06:00 AM PST

A 42,000-square-foot Indiana mansion modelled after an Italian Renaissance villa hit the market for $14 million – a record listing for the Hoosier State. The estate, owned by the late philanthropist and time-share business pioneer Christel DeHaan, is bordered by a private lake and surrounded by 152 acres on the grounds of a former Benedictine monastery, according to Mansion Global and real estate listings. The Palladian-style home has 61 rooms, seven bedrooms, 10 full baths

Mandarin Oriental NY majority stake sells for $98M

Posted: 08 Jan 2022 01:49 PM PST

Indian conglomerate Reliance Industries has purchased a majority stake in the Mandarin Oriental Hotel at Columbus Circle for nearly $100 million, according to published reports. The Times of India says the company owned by billionaire Mukesh Ambani will take control of the iconic luxury hotel, located at 80 Columbus Circle and towering over Central Park, thanks to a $98.15 million deal. Reliance announced in a stock exchange filing that its industrial investments subsidiary is set

Donald Trump’s niece, Mary, buys $7M Soho condo

Posted: 08 Jan 2022 12:07 PM PST

Read all about it. Author and niece of former President Donald Trump, whose tell-all book about the Trump family ruffled the feathers of The Donald — on its way to selling more than a million copies — has coughed up $7 million for a Soho condo, the Wall Street Journal is reporting. The newspaper says records show Mary L. Trump will be the owner of a 2,250-square-foot, three-bedroom Broom Street condo in a building designed

Luxury townhouses planned for Fort Worth site of unsolved murders

Posted: 08 Jan 2022 10:30 AM PST

Luxury townhouses will be built on the site of a soon-to-be-demolished Fort Worth mansion where two unsolved murders took place more than 40 years ago. Dallas-Fort Worth Channel 5 is reporting that demolition has already begun on the Cullen Davis mansion, where Texas Christian University star basketball player Stan Farr and his pre-teen stepdaughter were murdered on Aug. 2, 1976. At the time of the murder, Farr, 30, was the boyfriend of Priscilla Davis, the

California ultra-luxury project halted on wildfire risk

Posted: 08 Jan 2022 09:00 AM PST

Plans for 1,400 luxury homes in a wildfire hotspot about 90 miles north of San Francisco have been put on hold over concerns about how residents would be evacuated when the next blaze hits. According to the San Francisco Chronicle, a Lake County Superior Court judge ruled this week that the so-called Guenoc Valley Project can’t move forward until planners figure out what would happen should a mass evacuation sends thousands of residents fleeing down

Harry and Meghan may be seeking to leave $15M California mansion

Posted: 08 Jan 2022 08:15 AM PST

For Prince Harry and Meghan Markle, a $14.65 million mansion near Santa Barbara may no longer fit the bill. The Duke and Duchess of Sussex have put out feelers to sell their California estate in Montecito after 18 months and move to another home in the tony seaside community, the San Jose Mercury News reported, citing a story in the London-based Sunday Mirror. The British tabloid said the ex-royal couple have started to show interest

Better boat? Kenny Chesney sells Nashville-area home

Posted: 08 Jan 2022 07:30 AM PST

Country superstar Kenny Chesney can move to the “Bar at the End of the World” after selling his home near Nashville for $11.5 million. Chensey originally listed the 12,600-square-foot home in Franklin, for $13.9 million, well above the $9.2 million he paid for it in 2009, according to TMZ. The four bedroom, nine bathroom home at 414 Lake Valley Drive in Franklin, 40 minutes south of Nashville, sits on 56 acres and includes a 10-car

Chinese property buyers flock to Metaverse as nation’s IRL market sags

Posted: 08 Jan 2022 06:00 AM PST

Chinese property buyers are flocking to the Metaverse as the nation’s real-life real estate market sags and developers such as Evergrande face default. Digital artist Huang Heshan sold 310 virtual homes in his online city TooRichCity in two days, raking in the equivalent of about $62,700, according to Sixth Tone. The homes were sold as non-fungible tokens, or NFTs, which are units of data stored on blockchain technology. While that may not sound like a