The Real Deal - New York Real Estate News

Office subleases abound in North Dallas suburbs

Posted: 14 Jan 2022 03:05 PM PST

The newest tower in Plano, a suburb north of Dallas, is on the sublease market. Reata Pharmaceuticals has a long-term lease on the just-completed, 20-story tower at 6100 Legacy Drive, the Dallas Morning News reported. Reata was set to move its current Plano headquarters to the new 327,000-square-foot building this summer. After a US Food and Drug Administration decision didn’t go its way and its stock traded down 80 percent from where it was last

McCann Realty Partners swings two Texas multifamily deals

Posted: 14 Jan 2022 02:17 PM PST

Texas multifamily properties are the thing among investors these days, apparently. Virginia-based McCann Realty Partners bought two garden-style apartment communities in Houston late last year, adding 526 units to its Texas portfolio. The purchase price was not disclosed, as Texas is one of 12 US states where sales prices do not appear in public records. Both deals were funded with an institutional equity partner. Discovery at West Road, formerly known as Watermarke, is the larger

Good cause eviction protest ends in arrests outside Hochul’s NYC office

Posted: 14 Jan 2022 02:15 PM PST

Police arrested more than a dozen activists outside Gov. Kathy Hochul’s Manhattan office Friday afternoon during a protest calling on the governor to take action before the state’s eviction moratorium expires Saturday. The demonstrators, who gathered in front of the New York Public Library in Bryant Park before marching east, sat down at the intersection of 41st Street and 3rd Avenue, linking hands and blocking traffic. Police blasted a warning that protesters would be arrested

Omni NY inks indoor playground chain to 33K sf lease in Jamaica

Posted: 14 Jan 2022 01:46 PM PST

Kidz Klub is coming to Queens. The children’s indoor playground chain signed a lease for 32,500 square feet at Omni New York’s recently completed mixed-use development known as Archer Green at 92-23 168th Street in Jamaica. Kidz Klub, which currently has three locations in Connecticut malls, will pay $25 per square foot on its 20-year lease. “Their intent is to really expand their footprint in this area,” said Greg Parassio, managing partner at Booth Capital,

More than 14K LI residents in mortgage delinquency

Posted: 14 Jan 2022 01:00 PM PST

Thousands of Long Island residents could have a rough road ahead as they remain behind on their mortgages and the foreclosure moratorium comes to a close. Data reported by Newsday show 14,500 Long Island residents are behind on their mortgages. The report comes as the state’s foreclosure moratorium is set to come to an end on Jan. 15, potentially putting thousands in danger of losing their homes. The percentage of mortgages in delinquency is similar

NYU Schack Institute Dean Sam Chandan stepping down to join Stern

Posted: 14 Jan 2022 12:15 PM PST

Sam Chandan is stepping down from his position as dean of the Schack Institute at NYU’s School of Professional Studies. But he won’t be going far. Chandan is joining the faculty of NYU Stern School of Business to head the school’s real estate programs. He will start next week. As the dean of the program, Chandan held one of New York’s most prominent positions in real estate academia and worked directly with New York real

Developers break ground on 500-unit LIC project with $220M loan

Posted: 14 Jan 2022 11:30 AM PST

A trio of developers have broken ground on a 500-unit residential development in Long Island City after securing a $220 million construction loan. A joint venture between the Domain Companies, Vorea Group and LMXD — the newly launched affiliate of affordable housing specialist L+M Development Partners — landed the financing from Wells Fargo last month, after acquiring the site from self-storage company Fortress Corporation for $88 million in September. The 1.75-acre parcel at 2-33 50th

Manhattan investment sales top pre-pandemic levels in Q4 comeback

Posted: 14 Jan 2022 10:30 AM PST

The city may be entering its third year under the looming shadow of Covid, but investment sales have snapped back to pre-pandemic levels. Manhattan recorded 100 investment transactions totaling just over $6.2 billion in the fourth quarter of 2021, according to a report by Avison Young, the highest dollar volume and most deals recorded in a single quarter since 2018. Investment sales ended the year on an upswing, with the fourth quarter accounting for 61

Construction payments startup Flashtract closes $15M Series A

Posted: 14 Jan 2022 09:05 AM PST

Flashtract, a cloud-based construction software startup, raised $15 million to automate billing and payments for contractors and subcontractors used to writing paper checks. The Atlanta-based firm claims to be the fastest-growing billing software provider to the construction sector, which, like much of the real estate industry, has traditionally been slow to embrace new technology. Flashtract’s software helps users track and manage payment applications, lien waivers, compliance requirements and other essential documentation, thereby reducing overall risk,

Google buying London office for $1B

Posted: 14 Jan 2022 08:15 AM PST

Hey Google, who’s the biggest believer in the future of office space? The tech company’s recent purchases would likely earn it the first result. The Wall Street Journal reported the company is planning to spend $1 billion on Central Saint Giles, a London office property near the British Museum it was already using. The property sits about a mile and a half from where Alphabet, Google’s parent company, is constructing a headquarters next to King’s

Tides Equities snags another Texas multifamily property

Posted: 14 Jan 2022 07:01 AM PST

Tides Equities, moving ahead with a push into Texas, picked up its second multifamily complex in Austin. The Los Angeles investment firm bought the 636-unit Hendrix apartment complex at 9811 Copper Creek Drive on Friday, paying Fortress Investment more than $100 million, according to a person familiar with the deal, speaking anonymously because prices aren’t publicly available in Texas. Tides worked with another company on the deal, which was financed with a combination of cash

Wheel and deal in style with official TRD-branded merch

Posted: 14 Jan 2022 06:30 AM PST

They’re everywhere. Exhausted; ragged. Hanging by a thread, really. You see them on the subway, a vague sadness to their identicality. Carelessly flung this way and that, stretched thin, canvas coming apart at the seams from the tribulations of daily life in its namesake city. New York needs many things. Yet another New Yorker-branded tote bag isn’t one of them. The Real Deal’s official merch store has elevated the game with premium-quality clothes worthy of

Lower Hudson Valley notched home sale growth in 2021

Posted: 14 Jan 2022 05:45 AM PST

Home sales in Westchester County rose by double-digit percentages in 2021, but the area is showing some signs of a slowdown. Sales in Westchester County increased 10.4 percent year-over-year, according to Houlihan Lawrence’s fourth-quarter report as reported by the Westchester & Fairfield County Business Journals. The brokerage said Putnam County sales rose 8 percent, while they were up 2.7 percent in Dutchess County. Low inventory helped spur prices along in the market. Listings in all

Landlords, tenant lawyers clash over reopening of rent relief portal

Posted: 14 Jan 2022 05:00 AM PST

Tensions surrounding the approaching expiration of New York’s eviction moratorium hit a boiling point this week, with a landlord group accusing the Legal Aid Society of “encouraging fraud” by advising tenants to apply for the state’s depleted rent relief fund. The Rent Stabilization Association, a landlord group, has called on Gov. Kathy Hochul to challenge a judge’s order that compelled the state to reopen its rent relief portal on Tuesday. Tenants who submit a completed

Rents in Manhattan and Queens recover while Brooklyn lags behind

Posted: 14 Jan 2022 04:00 AM PST

New York City made a rental comeback in December, with Manhattan and Queens leading the resurgence. As rent explodes nationally, New York City tops the charts Rent in Manhattan and northwest Queens soared past pre-pandemic levels in December while Brooklyn rent fell, according to a report by appraisal firm Miller Samuel for Douglas Elliman. Manhattan’s net effective median rent was $3,392 last month, the highest reported in December since Miller Samuel began tracking in 2008.