The Real Deal - New York Real Estate News

Biz campus gets handcuffs but also tax breaks

Posted: 16 Feb 2022 02:30 PM PST

The Hampton Business District is conveniently located next to an airport, but its tenants cannot use it. That is by design. The project, now nearing completion, would never have happened but for the airplane ban and other restrictions negotiated by town and Suffolk County officials years ago. Perhaps in exchange for those handcuffs, the campus is receiving tax breaks. Construction on the fifth and final building in the Rechler Equity Partners–developed industrial park in Westhampton

Bankrupt Chinese tycoon’s Lenox Hill penthouse lists for $45M

Posted: 16 Feb 2022 02:00 PM PST

Long exiled from his home country, bankrupt Chinese tycoon Guo Wengui could soon be exiled from his massive Lenox Hill penthouse, too. Guo’s 15-room condo in the Sherry-Netherland hotel at 781 Fifth Avenue has hit the market asking $45 million — well below its 2015 purchase price, Bloomberg first reported. The listing, with Sotheby’s International Realty’s Serena Boardman, comes after Genever Holdings, the limited liability company that owns the apartment, filed for Chapter 11 bankruptcy

Is NY’s rent law unconstitutional? Second Circuit to rule

Posted: 16 Feb 2022 01:15 PM PST

Two lawsuits challenging the constitutionality of rent stabilization in New York went to oral arguments in the Second Circuit Wednesday. The suits — one brought by landlord groups the Community Housing Improvement Program and the Rent Stabilization Association, the other on behalf of mom-and-pop owners Dino, Dimos and Vasiliki Panagoulias — argue that the Housing Stability and Tenant Protection Act of 2019 violates two constitutional amendments. The parties argue that the law violates the Fifth

Sean Ludwick free after 5 years in prison for fatal DWI crash

Posted: 16 Feb 2022 12:57 PM PST

Sean Ludwick, the self-destructive developer who went to prison five years ago for a drunken-driving fatality in the Hamptons, has been released on parole. And as he returns to a life marred by controversy, Ludwick’s long-stalled project in the Hudson Yards area may be turning a page as well. The 49-year-old BlackHouse Development founder was released in January from the Otisville Correctional Facility in Orange County, according to state prison records. He was paroled after

Office landlord Monday Properties makes $131M multifamily play in CT

Posted: 16 Feb 2022 11:45 AM PST

Office landlord Monday Properties is expanding its residential holdings in a bid to cash in on the sizzling multifamily sector. Its market of choice: Stamford, Connecticut. The New York-based investment firm paid $131 million last week for 75 Tresser Boulevard, a 344-unit apartment building in the city’s downtown, the Stamford Advocate first reported. Less than a decade old, the four-story property sits a few blocks from the Stamford Metro-North and Amtrak station and 677 Washington