The Real Deal - New York Real Estate News

Landlords called it: Vacancy rate jumps, rent-stabilization stays

Posted: 18 May 2022 12:49 PM PDT

When Gov. Kathy Hochul extended the deadline to complete the 2021 Housing and Vacancy Survey, landlords decried the move. They predicted the city would use the extra time — which the state said the pandemic made necessary — to wait for more renters to return, pushing vacancy rates below the 5 percent threshold required to preserve rent stabilization. Looks like the landlords called it. The survey, released this week, revealed a vacancy rate of 4.54

Tri-state deal roundup: Multifamily, industrial still hot

Posted: 18 May 2022 11:30 AM PDT

In a world of rising apartment and warehouse rents, it is not hard to find investors for multifamily and industrial assets in the tri-state area. A number of recent sales in New Jersey and the lower Hudson Valley, along with a development in Newark, reflect that interest. In North Brunswick, the Northwood Estates Apartments, a 253-unit garden-style community at 500 Adams Lane, sold in an off-market deal between undisclosed parties for $63.5 million. The sale

Developer Alex Sapir’s wife files for divorce, citing a “loveless” marriage

Posted: 18 May 2022 10:30 AM PDT

UPDATED, May 18, 1:26 p.m.: After nearly 12 years of marriage, another real estate couple is heading for divorce. Yanina Sapir, the wife of developer Alex Sapir, filed for divorce in April, court records show. The reason? “The wife can no longer remain in such a loveless relationship,” according to the complaint, filed in Miami-Dade Circuit Court. They were married in Miami Beach in September 2010, and have two young children. Alex Sapir is a

Vice scraps move to Rudin’s Dock 72

Posted: 18 May 2022 09:45 AM PDT

Vice Media will remain in its 77,000-square-foot Williamsburg office digs and not move to Rudin Management’s Dock 72 as had been expected. Vice has renewed its lease with WEB Holdings LLC, the owner of 289 Kent Avenue, where it has been headquartered since 2014. The renewal is for only four years, providing time for Vice to figure out its future needs. The Kent Avenue offices are a combination of two buildings on three floors where

Related launches lodging for executives’ hybrid work

Posted: 18 May 2022 08:45 AM PDT

Related Companies has a new brand up its sleeve, aimed at top executives splitting time between remote work and the office. The developer is launching The Set, a rental apartment brand, the Wall Street Journal reported. Instead of focusing on fully remote employees or lower-level freelance staffers, the brand is designed to provide a luxury experience for executives. The first location will open at 455 10th Avenue in Hudson Yards in the fall. The 270-unit

Matt Lauer finds buyer for languishing Hamptons estate

Posted: 18 May 2022 08:00 AM PDT

Disgraced “Today” host Matt Lauer found a buyer after three years of trying to trade his Hamptons estate. Lauer sold his Strongheart Manor property in the North Haven neighborhood of Sag Harbor, the New York Post reported. While a buyer and sales price weren’t revealed, a listing appears to show the home sold for $33.8 million, well below what it was last listed by Lauer. Corcoran’s Susan Breitenbach is the listing broker for the Actors

Silverstein, Metro Loft pick up Rudin’s 55 Broad Street for $180M

Posted: 18 May 2022 06:45 AM PDT

Rudin Management handed off a Financial District building after nearly 60 years, selling the 30-story office property to a pair of developers. Silverstein Properties and Metro Loft Management teamed up to buy 55 Broad Street for roughly $180 million, the Commercial Observer reported. The landlords have inked a contract, but the closing date remains unclear. The Rudin family developed the 425,000-square-foot property in 1967, intending for it to be the headquarters for Goldman Sachs, which