The Real Deal - New York Real Estate News

Downtown Capital takes over former Danone headquarters in White Plains

Posted: 27 Apr 2022 12:30 PM PDT

Gary Katz’s Downtown Capital Partners is making a cheap bet on suburban offices. The White Plains-based lender and investor acquired 100 Hillside Avenue, a 130,000-square-foot office complex in the Westchester County city that was formerly the home of French-based food giant Danone’s North American headquarters. The property’s $23 million CMBS loan fell into distress around 2019, after Danone moved to a new headquarters and left the property mostly vacant. In January, Downtown Capital acquired the

Adams pledges extra $5B in affordable housing funds

Posted: 27 Apr 2022 11:30 AM PDT

New York City Mayor Eric Adams is promising more money for affordable housing, but some are saying the pledge doesn’t go far enough. During his first State of the City address, Adams pledged an additional $5 billion of affordable housing funds over the next decade, Crain’s reported. The Department of Housing Preservation and Development would receive $3.6 billion for housing subsidies, while NYCHA would get $1.2 billion for the Permanent Affordability Commitment Together program, along

CoStar shares rebound on higher Q1 profits, revenue

Posted: 27 Apr 2022 09:57 AM PDT

CoStar Group shares rebounded in early trading Wednesday after the company reported higher profits and revenue in what CEO Andy Florance called its “best sales quarter ever.” The stock fell more than 4 percent Tuesday amid a market selloff, but had notched a nearly 7 percent gain by mid-morning. Net income for the quarter came to $0.23 per share, a 21 percent increase compared to $0.19 in the first quarter of 2021. Adjusted net income

Korean firm makes US debut with $266M acquisition from Related

Posted: 27 Apr 2022 09:30 AM PDT

Owning the Lyric sounded like music to the ears of Eugene Asset Management, a Korean firm making its debut purchase in the United States. The investment group bought the 285-unit Upper West Side rental at 255 West 94th Street from Related Companies for $266 million, PincusCo reported. The sale price works out to roughly $933,000 per unit. Related constructed the 20-story building in 2001, and rents range from $3,750 to $9,950 per month, according to

How a White Plains judge became a favorite refuge for NYC developers

Posted: 27 Apr 2022 08:00 AM PDT

When Toby Moskovits stood to lose her trendy Brooklyn hotel to foreclosure last year, she charted a course to the suburbs. Moskovits’ Heritage Equity Partners was fighting with its lender, Benefit Street, who claimed the Williamsburg Hotel’s $68 million mortgage was in default. Brooklyn-based Heritage turned to David Goldwasser, a fast-talking bankruptcy specialist in Florida who had earned a reputation for exploiting a loophole that allows New York City developers to file for bankruptcy in

Harkham family buys historic Washington Heights apartments

Posted: 27 Apr 2022 07:00 AM PDT

Despite a stained glass skylight as big as the lobby itself, residents of a once-grand Washington Heights apartment building on Edgecombe Avenue are greeted with dungeon-quality lighting. The new owners want to change that. The Los Angeles-based Harkham family, who recently bought the landmarked residence once home to Count Basie, Joe Louis, Paul Robeson and other Harlem luminaries, intend to restore the building to its former glory. “Everything about the building is like being transported

Miami overtakes Boston as third-priciest city for renters

Posted: 27 Apr 2022 05:45 AM PDT

As U.S. rents hit another new high in April, Miami edged out Boston as the third-most-expensive city to lease an apartment. Nationally, the median rent for a one-bedroom hit $1,410, the thirteenth all-time high in the past 14 months, according to apartment listing site Zumper’s monthly ranking. In Miami, rental prices have been rising at a fierce clip. Only in March, the city jumped San Jose to take fourth place among the priciest rental cities.

Brookfield’s $438M Bronx deal tops outer-borough loans

Posted: 27 Apr 2022 04:00 AM PDT

The 10 largest real estate loans recorded in New York City’s outer boroughs in March totaled $1.03 billion, about half the amount seen in March 2021, when refinancing deals dominated in the grip of the pandemic, but higher than February’s $820 million. Five of the 10 loans were issued in the Bronx, four in Queens and three in Brooklyn (one loan went to a portfolio spanning all three boroughs). Multifamily properties proved credit-worthy as rents