The Real Deal - New York Real Estate News

They can sell the Hamptons. But can they sell “Selling the Hamptons”?

Posted: 21 Jan 2022 02:06 PM PST

Reality television is headed back to the world of Hamptons real estate agents with Selling the Hamptons, which premiered on Discovery+ this week. Stars of the show spoke to the New York Post ahead of Thursday’s premiere, offering a taste of the backstories that led them to become real estate agents in one of the world’s wealthiest enclaves. The cast consists of six Nest Seekers International agents, including three that appeared on Netflix’s “Million Dollar

NYC investment sales hit multi-year peak to end 2021

Posted: 21 Jan 2022 01:15 PM PST

Mirroring a late-year surge observed in Manhattan, New York City’s investment sales market ended the year with a flurry of activity as deal volume topped levels last seen in 2018 and dollar volume achieved at least a four-year high. The city recorded 626 investment sales in the fourth quarter, according to a report by Ariel Property Advisors, the most in a single quarter since the beginning of 2018, when 643 deals closed. Sales in the

Stay atop the market (and ahead of your competition) with TRD EDU

Posted: 21 Jan 2022 11:30 AM PST

Mark Twain once said he never let schooling interfere with his education. He never had to renew a real estate license. When Gov. Andrew Cuomo signed legislation in 2019 that sent veteran real estate agents back to class, Compass’ Adelaide Polsinelli told TRD she found the assumption that senior brokers still needed continuing education to be an “interesting” one. She wasn’t wrong. Neither was Meridian Capital Group’s David Schechtman when he called 22-and-a-half hours a

Tax assessments rise 9%, signaling higher bills for landlords

Posted: 21 Jan 2022 11:00 AM PST

Tentative property tax assessments for New York City are up, reflecting the city’s recovery. For landlords, however, the gains signal a tax hike. A preliminary report from the Department of Finance this week shows rental buildings’ market value jumped by 11.7 percent, while the assessed value that owners are taxed on rose by 8.6 percent. Although the figures represent a hefty jump for owners, the increase to multifamily assessments over three years is just 2.3

Regal theater on Downtown Brooklyn’s Court Street unexpectedly shuttered

Posted: 21 Jan 2022 10:00 AM PST

The Regal UA Court Street & RPX movie theater at 106 Court Street in Downtown Brooklyn has abruptly shuttered. Locals on Twitter mourned the theater’s closure, which was first reported by The Brooklyn Eagle. Sources have since confirmed the closure to The Real Deal, but the shuttering came with no warning or explanation. “We share the community’s disappointment in the sudden closing of the Regal theater. We are in the process of assessing the situation

Startup that wants to build car-free cities raises $30M Series A

Posted: 21 Jan 2022 09:16 AM PST

Culdesac, a startup with the lofty ambition of building America’s first car-free city, hauled in $30 million in Series A funding. Surveys suggest a majority of Americans want to live in walkable neighborhoods, but don’t. Tempe, Arizona-based Culdesac is betting that it can help them take that leap. “With record increases in congestion, loneliness, traffic fatalities, and global warming, building a new option for the way we live has never been more important,” the company

Blackstone, Starwood to pay $1.5B for WoodSpring Suites properties

Posted: 21 Jan 2022 08:15 AM PST

For the second time in the span of a year, Blackstone and Starwood Capital Group are buying into the extended-stay hotel hype. The two companies are teaming up to buy 111 WoodSpring Suites properties from Brookfield Asset Management for about $1.5 billion, The Wall Street Journal reported. The deal is expected to close as soon as next month. The brand specializes in providing lodging for those staying at least a week. The properties include in-room

Local lawmakers aim to landmark shuttered Roosevelt Hotel

Posted: 21 Jan 2022 07:00 AM PST

More than a year after the Roosevelt Hotel announced it was shutting its doors for good, a battle for its future rages on. The long-suffering Midtown hotel is at the center of disputes over ownership and nonpayment, Crain’s reported, in addition to an initiative by some local politicians seeking landmark status for the property. City councilman Keith Powers, Manhattan Borough President Mark Levine, state Sen. Brad Hoylman and Assemblyman Richard Gottfriend are among those who,

Trump’s toilet triumph: Former No. 1 giving guests more places to go No. 2

Posted: 21 Jan 2022 06:46 AM PST

Former President Donald Trump, who once called the White House a dump, won permission to build more toilets at Mar-a-Lago Club. The Landmarks Preservation Commission of Palm Beach unanimously voted to approve a certificate of appropriateness for a 380-square-foot expansion of the private club and historic landmark to add space for two new bathrooms. The vote last month on bathrooms at Mar-a-Lago suggests that Trump has forged a friendlier relationship with the local government in

Depreciation Man: Adam Neumann’s real estate binge to ease tax bill

Posted: 21 Jan 2022 06:00 AM PST

When Adam Neumann was ousted from WeWork, he reportedly received nearly $200 million, plus company stock worth hundreds of millions more. But with great purses comes great liability — tax liability, that is. Reducing it was surely a priority for the exiled co-founder, and the real estate he bought with his windfall figures to do just that. Neumann’s purchase of a majority stake in a $1 billion-plus luxury rental portfolio can — with the magic

Eviction problems hit NJ, NY after moratoriums lift

Posted: 21 Jan 2022 05:00 AM PST

Landlords, tenants and court officials in New Jersey and New York are wading through the aftermath of the states’ eviction moratoriums, which lifted this month. The backlog of landlord-tenant cases opened up a slew of issues as New Jersey courts weighed new guidelines and procedures after the state’s moratorium expired Jan. 1, NorthJersey.com reported. The first 12 days of the month brought 2,100 eviction filings, slightly ahead of the pace last year, when the monthly

Ten mid-market investment sales to start your day

Posted: 21 Jan 2022 04:00 AM PST

Investment sales in the city have returned to Earth after an end-of-year frenzy. Ten New York City i-sales in the $10 million to $40 million range were recorded last week. Brooklyn led the way with eight sales, while Manhattan had two and the Bronx had one. Together the sales fetched $162 million, well below the $370 million that deals in that range gathered the week prior. Here are more details. 1. Private equity firm Goodman

Real estate lender’s bleak outlook and earnings decline perplexes analysts

Posted: 20 Jan 2022 01:30 PM PST

M&T Bank’s quarterly earnings fell, and the firm gave a bleak outlook for commercial real estate lending — in contrast to rising profits and optimism at other commercial real estate lenders. The bank reported diluted earnings of $3.37 per share in the fourth quarter of 2021, down from $3.52 a year ago. Net income also dipped. M&T reported $458 million in revenue, a 2.7 percent decline from $471 million in the same period last year.

Top broker Tamir Shemesh out at Douglas Elliman

Posted: 20 Jan 2022 12:24 PM PST

Tamir Shemesh has left the building. The top-producing broker is out at Douglas Elliman, people familiar with the situation confirmed to The Real Deal, marking a sudden end to his second stint with the brokerage. Shemesh, who had been at Elliman from 1997 to 2011, returned to the brokerage in 2017, days after exiting Corcoran in a similarly abrupt fashion. Sources at the time told TRD that he was asked to leave, though Shemesh said

Goldman Sachs to launch fund supporting Black affordable developers

Posted: 20 Jan 2022 11:46 AM PST

A forthcoming fund by Goldman Sachs is aimed at addressing one aspect of racial inequity in the real estate world by supporting Black affordable housing developers. The firm’s Urban Investment Group is launching a $75 million joint venture with the National Affordable Housing Trust. The Commercial Observer reported the venture establishes the Black Developers Initiative Affordable Housing Fund, which will largely target development led by Black women. “There are incredible Black developers out there who

Existing home sales hit 15-year high in 2021

Posted: 20 Jan 2022 11:00 AM PST

Sales of existing homes in 2021 reached their highest point in a decade and a half, but the market could be headed for a slowdown in 2022. The National Association of Realtors said Thursday that existing-home sales jumped 8.5 percent in 2021 to a 15-year high of 6.12 million, the Wall Street Journal reported. Low interest rates and widespread remote work were some of the factors driving last year’s sales streak. The hot market came

Real estate showers Hochul with cash

Posted: 20 Jan 2022 10:37 AM PST

The receipts are in for real estate’s gubernatorial favorite and it’s Gov. Kathy Hochul by a landslide. With at least $4.6 million from prominent New York building owners and developers, Hochul’s haul for the upcoming election blows away what Andrew Cuomo collected from the industry during his final run for governor, The Real Deal’s analysis of campaign disclosures found. All of the top real estate donors have business interests that depend directly or indirectly on

Last call: Get TRD’s 2022 Data Book and one-month subscription for $1

Posted: 20 Jan 2022 09:30 AM PST

What’s better than $5 for a beer and a shot? Just $1 for The Real Deal’s annual Data Book and a month of unlimited access to subscriber-exclusive content. Sign up for a digital subscription by Sunday, Jan. 23 for this unmissable deal — before you do that, though, let’s do some price indexing and see what else your dollar bill could buy you. 1. Half a slice of pizza Inflation was a cruel mistress. Among

Key Food to open 14K sf shop on the UWS

Posted: 20 Jan 2022 08:45 AM PST

Key Food just got the keys to their newest location. The grocery store chain has signed a lease at 725-733 Amsterdam at the southeast corner of 96th and Amsterdam. The store will be relocating from its previous location a block away, but nearly doubling in size. The grocer will be occupying 10,000 square feet on the ground floor and 4,000 square feet in the basement. “They’ve been in the neighborhood for about 25 years now.

After 17 years, Ossining stops project on technicality: lawsuit

Posted: 20 Jan 2022 08:00 AM PST

A project unfolding for years in Westchester County appears to be in danger, leading to a lawsuit from its would-be developer. According to the Westchester & Fairfield County Business Journals, Ossining Land LLC, run by Jonathan Kloos of Manhattan-based Metropolis Realty Advisors, is suing the Village of Ossining, alleging the locality’s decision to invalidate a building permit was unlawful. The suit aims to compel an inspector to renew the permit. At stake is the 5.9-acre