The Real Deal - New York Real Estate News

So hot: Historic townhouses top BK luxury market again

Posted: 18 Jul 2022 03:00 PM PDT

A historic townhouse topped the Brooklyn luxury market last week for the third week in a row. And for the second straight week, historic houses accounted for the two most expensive listings to go into contract. Meanwhile, not a single Brooklyn condominium priced at $2 million or more went into contract last week. A slew of condos have gone up in Downtown Brooklyn in recent years and several are under construction. The townhouse at 627

Alexander Wang moving HQ to Howard Hughes’ Seaport building

Posted: 18 Jul 2022 02:18 PM PDT

Lower Manhattan’s coastal living aesthetic is about to get even more luxurious: High-end fashion designer Alexander Wang is moving its global headquarters to South Street Seaport. The Howard Hughes Corporation announced Monday that Alexander Wang signed a lease for 46,000 square feet in the Fulton Market Building. The top-floor space at 1 Fulton Street will be constructed into “a single, expansive floor — one that is column-free, with a [29-foot] ceiling,” to serve as offices

Hochul, Adams reach deal to partially pay for Penn rehab, expansion

Posted: 18 Jul 2022 01:30 PM PDT

City and state officials have come to terms on paying for the renovation and expansion of Penn Station — some of it, anyway. Gov. Kathy Hochul and Mayor Eric Adams announced on Monday an agreement over how the city will collect property taxes from the 18 million square feet of construction planned on sites surrounding the station. As expected, the city will continue to collect the property taxes it receives now on the development sites,

No soup for you: Hale and Hearty appears to bite the dust

Posted: 18 Jul 2022 12:45 PM PDT

Office workers are trickling back into New York City, but one of the city’s favorite lunch spots doesn’t appear poised to feed them. Hale and Hearty appears to have closed, the New York Post reported. The chain, best known for its soups and sandwiches, had 16 locations across Manhattan, Brooklyn and Long Island. Signs on the windows of some say the closing is temporary, but the company hasn’t said anything publicly about what’s happening. The

Related’s 70 Vestry Street tops Manhattan luxury market

Posted: 18 Jul 2022 11:45 AM PDT

A condo at Related Companies’ 70 Vestry Street topped Manhattan’s luxury market last week. Unit 6B was the priciest home to enter contract, asking $14.5 million. It was reportedly in negotiations before listing on July 6 and sold over the asking price, according to Olshan Realty’s weekly report on residential properties in Manhattan asking $4 million or above. The 3,000-square-foot condo has four bedrooms and four and a half bathrooms, in addition to a 34-foot

Florida firm buys Fire Island’s largest hotel

Posted: 18 Jul 2022 10:45 AM PDT

A Sunshine State company has scooped up the biggest resort and hotel at a famed LGTBQ destination. Florida-based hospitality firm Bowline Hospitality Group purchased the Ice Palace resort on Fire Island for $7.2 million, the New York Business Journal reported. The sale includes the Ice Palace nightclub and the 63-room Grove Hotel, the largest on the island, which is only accessible by boat. The seller was a veterinarian, represented by Mitch Muroff of Muroff Hospitality

Fintech firm expands lease at ESRT’s One Grand Central

Posted: 18 Jul 2022 10:00 AM PDT

iCapital is upping its footprint with Empire State Realty Trust. The fintech firm is expanding for the fourth time since 2017 at One Grand Central, adding 59,000 square feet across two floors, the New York Post reported. The lease brings the company’s footprint up to 141,000 square feet. It wasn’t long ago that the firm doubled its space at the building. Only this past fall, the company reportedly tacked on 35,000 square feet at 60

North Fork affordable project gets stay of execution

Posted: 18 Jul 2022 09:00 AM PDT

So you’re telling me there’s a chance? A North Fork affordable housing project seemingly doomed by a town planning board is still alive in the eyes of Southold Town officials. Rather than reject the rezoning needed by Rona Smith’s Cutchogue Woods project, as was expected after the planning board’s thumbs-down, the town board voted unanimously to table a vote, Newsday reported. That buys Smith and project backers time to rally support — which is rarely

Adam Neumann lists (another) Westchester estate

Posted: 18 Jul 2022 08:15 AM PDT

Selling in Westchester seems to be working for Adam Neumann, who is looking to part with a property in the Manhattan suburb for the second time in two years. Neumann and his wife, Rebekah Paltrow Neumann, are selling their home at 227 Honey Hollow Road in Bedford Hills for $4.5 million, the New York Post reported. They anonymously bought the property for about $2.5 million in 2017. The 34-acre estate includes a 6,200-square-foot colonial home

Meta, Amazon bail on NYC office expansions

Posted: 18 Jul 2022 06:30 AM PDT

Two tech titans appear to be retreating from office expansions in the Big Apple. Both Meta and Amazon are backing away from their plans to expand in New York City, Bloomberg reported. Neither has signaled any intent to eliminate space they already have in the city, but are backing off potential deals to add space. Meta, the parent company of Facebook, was reportedly planning on taking 300,000 square feet of additional space at Vornado Realty

Court slaps down tax rule, boosting second-home market

Posted: 18 Jul 2022 05:45 AM PDT

New York’s second-home market just got a lift from an unexpected source. In a ruling that shocked tax experts, an appeals court said out-of-staters with New York vacation homes don’t have to pay income taxes as if they lived in them full-time. The Appellate Division overturned a longstanding, counter-intuitive state rule that New York tax attorney Glenn Newman called a “disincentive for coming to New York.” “This helps the vacation home market,” the Greenberg Traurig

Chera family fails to raise cash for Brivo proptech merger

Posted: 18 Jul 2022 04:00 AM PDT

One of New York City’s biggest retail landlords has come up short in an effort to invest in protech company Brivo, a maker of card-swipe and other keyless-entry technology. The Chera family had targeted the Nevada-based firm to combine with its own special purpose acquisition company, or SPAC, but missed a July 9 deadline to consummate the merger. Crown Proptech Acquisitions, led by CEO Richard Chera, failed to drum up the necessary cash, according to