The Real Deal - New York Real Estate News

Order now: The definitive book on the New York real estate wars

Posted: 30 Mar 2022 12:00 PM PDT

The blood sport that is New York real estate is rife with billion-dollar feuds. There’s a story behind every eye-popping apartment sale and audacious new development in New York City, and many of those tales involve the uber-wealthy behaving badly. Some of the most consequential stories of Manhattan’s evolution into a playground for the global one percent are now being told for the very first time in The Real Deal’s new book, “The New Kings

Catholic university selling 42 acres to Orthodox Jewish yeshiva

Posted: 30 Mar 2022 11:47 AM PDT

Officials at Catholic and Jewish schools in New Jersey have come together on one issue: real estate. Georgian Court University announced it was selling nearly 42 acres of largely unused land to Beth Medrash Govoha in Lakewood. A price was not disclosed for the sale, which was agreed upon after two years of negotiations. The land will change hands over the course of several years, a spokesperson for Georgian Court told the Patch. That process

Nate Paul plots comeback after selling chunk of self-storage holdings

Posted: 30 Mar 2022 10:00 AM PDT

Nate Paul is plotting his comeback. The former wunderkind of Austin real estate just sold a massive portfolio of self-storage properties out of bankruptcy, leaving him with enough cash after repaying creditors, he says, to pursue new opportunities and revisit old ones. While the size of Paul’s war chest has shrunk after years of foreclosures and battles with lenders, his ambitions are as big as ever. “We’re back,” Paul said in an exclusive interview with

Outdoor brand leases Soho corner for first East Coast store

Posted: 30 Mar 2022 09:15 AM PDT

A West Coast performance apparel company will open its first East Coast store on a major Soho corner. California-based Vuori has leased the former Burton space at 106 Spring Street, on the southwest corner of Mercer Street, sources told The Real Deal. The new store has 4,880 square feet on the ground along with a 1,100-square-foot basement. The lease terms and asking rents were not revealed and it is unclear when the brand will open

Condo prices hit all-time high: Redfin

Posted: 30 Mar 2022 08:30 AM PDT

Americans who can no longer afford houses might now be priced out of condos, too. The typical U.S. condominium unit sold for a record $319,000 last month, or 14.6 percent more than a year ago, according to a new report from Redfin. The increase was caused in part by a shortage of listings for houses — whose median price is up to $406,000 — causing home shoppers to look at condos instead. The condo market

Plaza Athenee’s pandemic insurance claim struck down

Posted: 30 Mar 2022 08:00 AM PDT

The Plaza Athenee is taking another loss, this time courtesy of a federal judge. Judge Mary Kay Vyskocil struck down the Upper East Side hotel’s insurance claim to recover money lost during the pandemic, Crain’s reported. The hotel was seeking to have Continental Casualty Company cover losses, claiming the spread of the coronavirus contaminated property and resulted in damage and government-ordered closure, warranting insurance coverage to step in. The judge noted in the decision that

NYC construction deaths ticked up in 2021, but incidents notched 3-year decline

Posted: 30 Mar 2022 06:45 AM PDT

The construction industry managed to navigate the return to activity in a safer fashion than years past, but injuries and deaths on the job still ticked upwards. The Department of Buildings released its second annual construction safety report this week, detailing incidents, injuries and fatalities. Construction-related incidents declined by 10 percent year-over-year, despite an increase in activity from pandemic-hampered 2020. There were 712 incidents last year, a decline of more than 40 percent from 2018.

Tax break “saved” Nassau home builders but cost everyone else

Posted: 30 Mar 2022 05:45 AM PDT

Owners of new homes in Nassau County don’t have to worry about property taxes. As a result, owners of older homes will pay more. A tax exemption in the Long Island county shifted more than $2 billion in assessed property value from owners of new homes to owners of old ones, Newsday reported. That doesn’t make the old homes any more valuable; it just increases their property taxes. The exemption, which went into effect this

Bistricer plans 650 units at landmarked Sears in Flatbush

Posted: 30 Mar 2022 05:00 AM PDT

Real estate development can make for strange bedfellows. But a prolific Brooklyn landlord teaming up with a Greenwich hedge fund at a landmarked department store? Now that’s a visual. Clipper Equity, a multifamily owner and developer led by David Bistricer, has filed plans to build two residential buildings totaling 456,000 square feet in Flatbush. The projects will bring 650 units to 2360 Bedford Avenue, the site of a landmarked Sears that opened in 1932 and

What Peloton, Lyft and other tenants pay at Hudson Commons

Posted: 30 Mar 2022 04:00 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 in one location. BlackRock, Pfizer, Facebook, Amazon. In a world of corporate behemoths and aspiring monopolists, there is still some glitz in the New York office market for the little guy. Or the littler guy, anyway. Hudson Commons, a 17-story