The Real Deal - New York Real Estate News

Influencer can escape New York, but not $40K in unpaid rent: lawsuit

Posted: 18 Mar 2022 03:40 PM PDT

Caroline Calloway, the influencer famous for plagiarizing Instagram captions and hosting creative writing workshops derided as “blatant scams,” ginned up another controversy this month with her recent move from New York. The celeb ditched the city for Florida early this month after a series of going-away parties documented by Curbed. Calloway told the publication she wanted to leave the “clout-chasing” behind, settle into a quieter life and focus on writing her memoir. But there’s one

Garment biz leases 80K sf at Brooklyn Army Terminal

Posted: 18 Mar 2022 02:04 PM PDT

New York Embroidery Studio has signed the largest lease at the Brooklyn Army Terminal in three years, city officials announced Friday. The local company is taking nearly 80,000 square feet at the city-owned manufacturing hub at 140 58th Street in Sunset Park. The lease will generate an estimated $73 million for New York City and create 500 on-site jobs, according to a news release from Mayor Eric Adams. Brooklyn Army Terminal is managed by the

Rochester rejects good cause eviction

Posted: 18 Mar 2022 01:00 PM PDT

The good cause eviction movement endured one of its toughest defeats at the local level this week as a bill failed to pass the Rochester City Council. City council members voted 6-3 Tuesday against the tenant protection law, RochesterFirst.com reported. The bill would have given paid-up tenants the right to automatic renewals and protections against retaliatory eviction. Notably, the legislation would have deterred rent hikes of 5 percent or more — less favorable to tenants

Existing-home sales declined 7.2% in February

Posted: 18 Mar 2022 12:00 PM PDT

Aiming to lock in low mortgage rates ahead of an anticipated spike, American home buyers went on a shopping spree in January. Last month, the spike arrived, and home sales slowed to their lowest rate in months. Existing-home sales dropped to a seasonally adjusted 6.02 million in February, down 7.2 percent from January and 2.4 percent from February 2021, according to a monthly report from the National Association of Realtors. NAR chief economist Lawrence Yun

Carmel Partners buys one of Queens’ most expensive development sites

Posted: 18 Mar 2022 11:15 AM PDT

One of the priciest-ever Queens development sites has traded hands in what could be the last big deal in Long Island City’s multifamily building boom — at least for the foreseeable future. Ron Zeff’s Carmel Partners paid $200 million this week for a large site in the Court Square section of Long Island City, where the San Francisco-based developer can build a rental tower with more than 900 apartments. It’s the second-most expensive development site

Compass scales back employee stock awards after shares plunge

Posted: 18 Mar 2022 10:00 AM PDT

Compass, the residential brokerage that tops all others by closed sales, pumped the brakes on equity compensation for employees after its stock price plunged almost 70 percent since it went public a year ago. CEO Robert Reffkin announced the shift in an internal email verified by The Real Deal. The changes cut the initial amount of stock that eligible employees receive as they rise through the ranks and make them wait longer to sell the

Luxury townhomes added to Rechler’s Hampton Bays project

Posted: 18 Mar 2022 09:20 AM PDT

The restoration of the legendary Canoe Place Inn property in Hampton Bays is nearing its conclusion. Rechler Equity Partners recently completed the addition of 37 private luxury townhomes as part of its redevelopment of the property, Behind the Hedges reported. The homes, dubbed the Canoe Place Boathouses, join a lineup including 30 guest rooms and five guest cottages on the site. The developers plan for it to be open for business by the summer, according

Former BHS East End lead to head Compass’ Hamptons sales

Posted: 18 Mar 2022 09:00 AM PDT

Compass has picked up Charles Manger as a sales manager for its operations in the Hamptons. Manger previously served as the ​​vice president and executive director of Eastern Long Island for Brown Harris Stevens between 2005 and 2010, where he established the firm’s presence on the East End. He has since worked as a financial advisor at firms such as JPMorgan Chase and UBS. As sales manager, Manger will help support agents, with a focus

M&A will define proptech landscape in 2022: MetaProp survey

Posted: 18 Mar 2022 08:15 AM PDT

If 2021 was the year of showboating in proptech, 2022 will be the year of strategy. Coming off a period defined by hyped public-market debuts through IPOs and SPAC mergers — many of which disappointed as equity markets soured — investors expect M&A activity to dominate the proptech landscape, according to a survey released this week by venture firm MetaProp. That weakness in the public markets, coincidentally, served to boost “investor confidence” as it leaked

Housing starts jump 22% year-over-year as shortage persists

Posted: 18 Mar 2022 07:30 AM PDT

Home builders are hard at work attempting to bridge the broad gap between supply and demand in the nation’s housing market. Privately-owned housing starts rose 22.3 percent year-over-year in February, according to a monthly report from the U.S. Census Bureau. The seasonally adjusted annual rate of nearly 1.77 million housing starts was up 6.8 percent from January’s revised estimate. Single-family housing starts jumped 5.7 percent from the previous month. More homes appear to be in

Russian sanctions claim NYC rapid delivery startups

Posted: 18 Mar 2022 06:30 AM PDT

Sanctions against Russian entities have claimed two unlikely victims: rapid delivery startups. Buyk and Fridge No More, among a handful of on-demand grocery services that proliferated across the city last year, have both shut down in recent days, at least partly because of Russian sanctions, Patch reported. Buyk, backed by sanctioned Russian lender Sberbank, furloughed 650 staffers this week, including its CEO, according to the New York Post. A message on the startup’s Instagram account

NYC Showcase speaker spotlight: Chris Schlank, Brad Greiwe

Posted: 18 Mar 2022 05:45 AM PDT

It’s nearly showtime. We hope you’ve marked your calendars, because The Real Deal’s NYC Real Estate Showcase + Forum is back and better than ever. As promised, New York City’s premiere real estate event is locked and loaded with an array of speakers who are ready to dish on the red hot residential market, the future of development, the latest innovations in proptech and so much more. We’ve held up our end of the deal.

NYC’s 20 largest commercial deals of 2021

Posted: 18 Mar 2022 05:00 AM PDT

The following is a preview of one of the hundreds of data sets that will be available on TRD Pro — the one-stop real estate terminal that provides all the data and market information you need. The city’s biggest single-property commercial sales of last year included the priciest deal since 2019, an observation deck, a bankrupt Brooklyn development and some deeply discounted hotels. Analyzing data from the city’s ARCIS database for transactions involving commercial properties,

Nir Meir lives high life as he ducks HFZ’s creditors: lawsuit

Posted: 18 Mar 2022 04:00 AM PDT

Israeli auto magnate Yoav Harlap notched a victory last April when a judge ruled his company could go after former HFZ Capital Group principal Nir Meir for $19 million on a delinquent loan. But nearly a year later, Harlap’s company says Meir has not paid a dime of that judgment, instead racking up lavish personal expenditures and concealing funds in a game of “catch me if you can.” Harlap’s YH Lex Estates claims that Meir