The Real Deal - New York Real Estate News

Supply-chain crisis likely to persist well beyond 2022: Prologis

Posted: 19 Jan 2022 03:13 PM PST

It will probably be years before the supply chain crisis ends and industrial real estate supply and demand finds equilibrium. That’s according to Prologis, the dominant industrial REIT, whose leaders on Wednesday described their own surprise at the severity of the imbalance. “Every year we have forecasted the supply exceeding demand, and we’re yet to see that happen after the global financial crisis,” Hamid Moghadam, Prologis’s chairman and CEO, said on an earnings call. It

$24M metro station for $3B Texas development breaks ground

Posted: 19 Jan 2022 03:00 PM PST

MetroRail riders are getting a new stop for a new mixed-use, transit-oriented development under construction near the Domain in North Austin. Local transportation authority CapMetro broke ground on Broadmoor Station at 11501 Burnet Road Monday, reported Community Impact. The new stop will serve Uptown ATX, a 66-acre planned community in the works. Philadelphia’s Brandywine Realty Trust is developing Uptown ATX. It’s valued at $3 billion. The station is on CapMetro’s Red Line, which runs from

Watch: Apple drops first trailer for WeWork series starring Jared Leto

Posted: 19 Jan 2022 02:45 PM PST

“WeWork isn’t just a company. It’s a movement.” Those words may prove prophetic to viewers of “WeCrashed,” a new limited series coming to Apple TV+ about the meteoric rise — and equally spectacular fall — of WeWork. On Wednesday, the streaming service released the first trailer for the miniseries, which premieres on March 18. Watch the teaser below: The show stars Jared Leto as Adam Neumann, the co-founder of WeWork who famously took the company

RockFarmer’s Queens condo property inks 20-year lease for grocery chain

Posted: 19 Jan 2022 02:28 PM PST

Lincoln Market has signed a lease for its sixth location. The regional grocery store has signed a 20-year lease for 16,750 square feet at the Rowan Condominium, making it its debut in Queens. “With the recent closure of several grocery stores in the area, Lincoln Market will provide an incredible new option for local residents,” said Kostas Koutsothanasis, chief operating officer of RockFarmer Properties, which owns the property. The three-level space — which comprises ground

Pharrell, David Grutman teaming up on 400-key Bahamas resort

Posted: 19 Jan 2022 01:15 PM PST

Grammy winner Pharrell Williams and hospitality entrepreneur David Grutman are ready to test their business relationship in international waters. After opening a $200 million hotel in Miami Beach last year, the two are teaming up again to develop an approximately 400-key resort in Atlantis Paradise Island in the Bahamas, CNN reported. Dubbed “Somewhere Else,” the resort is expected to open at the beginning of 2024 and will include several restaurants and bars, as well as

Adams taps new leaders for City Planning

Posted: 19 Jan 2022 01:15 PM PST

Mayor Eric Adams has tapped new heads of the Department of City Planning and the City Planning Commission. The mayor announced Dan Garodnick as chairman of the commission and director of the agency, a dual role. Edith Hsu-Chen will serve as executive director of the department, where she will oversee day-to-day operations and the department staff. Hsu-Chen has served as the department’s Manhattan director since 2008. She joined it as an intern in 1997 and

EisnerAmper co-founder sells Carnegie Hill co-op for $35M

Posted: 19 Jan 2022 12:30 PM PST

If it’s possible to shield the profits on an eight-figure home sale from taxes, the seller of this Carnegie Hill co-op will likely find a way. Richard Eisner, co-founder of Eisner LLP — a predecessor of the audit, accounting and tax advisory firm EisnerAmper — and his wife, Carole, sold their co-op at 1107 Fifth Avenue for $35 million, records show. The buyer was listed only as FAW Trust. Eisner did not respond to requests

Crypto data firm doubles space at Flatiron office

Posted: 19 Jan 2022 11:45 AM PST

Cryptocurrency data and transaction company Chainalysis signed up last month to lease more than 77,000 square feet at L&L Holding Company’s 114 Fifth Avenue, according to the Commercial Observer. Chainalysis was subleasing nearly 39,000 square feet across two floors from First Look Media since the third quarter of 2021, according to the Commercial Observer. The company appears to like the space, as it reportedly signed a direct lease with the landlord for the space it

Stalled LIC hotel development site up for sale

Posted: 19 Jan 2022 11:00 AM PST

A long-stalled hotel development site in Long Island City is up for sale. Japan’s Toyoko Inn is aiming to get around $60 million for its property at 24-09 Jackson Avenue in the Court Square section of the Queens neighborhood, sources told The Real Deal. The next buyer is likely to develop the property into apartments, as Long Island City’s residential market is now much more mature than it was more than a decade ago when

New York-based brokerage ramps up multifamily push in Texas, nationally

Posted: 19 Jan 2022 10:45 AM PST

Multifamily is hot in Texas – and across the U.S. – and New York-based Global Real Estate Advisors is pursuing opportunities to buy, sell and finance deals, with new offices. The company was created as a national platform, combining various local or regional brokerages. Following deals in the Texas cities of Alice, Corpus Christi, Edinburg, El Paso, Harlingen and McAllen, GREA announced it was opening 11 offices nationwide, including three in Texas – Austin, Houston

Hochul plan for resi towers is tall order

Posted: 19 Jan 2022 09:30 AM PST

Sixty years ago, when the state lawmakers decided to rein in residential construction, they likely did not foresee a crop of slender towers soaring above Central Park. But developers found ways to make the most of rules that restricted floor area. Employing advanced technology and neighboring properties’ unused development rights, they stretched residential space to staggering heights on relatively small sites. Those projects provided wealthy buyers with pieds-à-terre and breathtaking views, but haven’t done much