The Real Deal - New York Real Estate News

More mortgage lenders lay off staff as rates rise, applications slow

Posted: 08 Apr 2022 07:30 AM PDT

Rising mortgage rates are putting pressure on lenders as applications decline. Movement Mortgage is the latest to face struggles, laying off around 170 employees, HousingWire reported this week. Employees in the processing, underwriting and closing departments were most affected by the cuts, according to the report. Co-founded in 2008 by former NFL player Casey Crawford, the company’s CEO, Movement Mortgage has more than 775 locations across the U.S. and employs upwards of 4,500 people, according

Sam Zell sells former Trump Place apartments on UWS for $266M

Posted: 08 Apr 2022 06:30 AM PDT

First, Sam Zell ditched the Trump Place name at a trio of luxury rental buildings on the Upper West Side. Now, Zell’s ditching one of the properties altogether. Zell’s Equity Residential is selling the 354-unit building at 140 Riverside Boulevard to Douglas Eisenberg’s A&E Real Estate for $266 million, Bloomberg reported. Built in 2003, the property overlooks the Hudson River and includes amenities such as a gym, a playroom and lounges. Equity was represented in

Affordable housing breaks through on Long Island

Posted: 08 Apr 2022 06:00 AM PDT

Building affordable housing on Long Island, or any suburb in the United States, is no easy feat. Locals predict dire consequences for the community, single-family zoning predominates and the economics of creating low-rent apartments are daunting. One project in Nassau County that has managed to break through is from D&F Development Group, which plans to start work next month on an entirely affordable housing complex at 860-906 Fulton Street in Farmingdale, Newsday reported. Sterling Green

Senate attorney from Queens owes $13K upstate, faces eviction

Posted: 08 Apr 2022 05:00 AM PDT

When state legislators let the eviction moratorium lapse on Jan. 15, they probably didn’t expect one of their own staffers would be hauled into housing court. Ivan Young, a full-time staff attorney for Sen. James Sanders of Queens, is facing eviction from an Albany house after allegedly stiffing the landlord on more than $13,000 in rent, the Times Union reported. Young has asked for his case to be adjourned until April 22, partially because he

Inside Austin’s luxury market

Posted: 08 Apr 2022 04:30 AM PDT

Reality TV real estate star Fredrik Eklund made his Austin debut in predictably splashy fashion, riding a horse into a party in one of the city’s priciest neighborhoods and announcing that he and his Douglas Elliman team had the house under contract for $16.25 million. The buzz wasn’t exactly positive. It wasn’t that the horse was white, although some attendees did wonder privately whether Eklund figured the city’s luxury market needed saving. Nor was it

Can the metaverse sell an office building? Miami brokerage thinks so

Posted: 08 Apr 2022 04:00 AM PDT

Tasked with luring a major tech company to buy an aging office building, a Miami-based brokerage is including a unique sweetener: a digital twin of the property. Inhouse Commercial said this week that it partnered with Metaverse Group to develop a virtual version of the two buildings at 930 and 960 Alton Road in Miami Beach, aiming to sell them as a package. The asking price is $25 million. If Inhouse’s plan succeeds, it would