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    • In its first earnings as a public company, Opendoor reported a 45 percent drop in revenue attributed to its pause in home-buying in the early months of the pandemic. The iBuyer generated $2.6 billion in revenue last year, compared to $4.7 billion in 2019. The company reported a net loss of $286.8 million, down from $339.2 million a year earlier. Even as it sought to rebuild its inventory during the fourth quarter, it had few The post Opendoor revenue plunged 45% in 2020 appeared first on The Rea...

    • CoStar’s fight for CoreLogic has ended in defeat. The bruised data giant, which spent the last few weeks trying to outbid Stone Point Capital and Insight Partners in a bid for CoreLogic, withdrew its $7.35 billion offer on Thursday and said it was terminating acquisition discussions. CoStar cited rising interest rates and a negative outlook for the mortgage refinancings, which caused valuations for residential proptech companies to drop in recent weeks. “With interest rates moving The post C...

    • A bankruptcy court has approved Ascena Retail Group’s Chapter 11 plans. Under the plans, Ascena — which owns Ann Taylor, Lane Bryant, Loft and Lou & Grey — will be renamed Mahwah Bergen Retail Group. Ascena originally filed for bankruptcy last July. In December, private equity firm Sycamore Partners agreed to acquire the company — and bring it out of bankruptcy — for $540 million. The deal is valued at $1 billion overall. As of The post Ascena restructuring approved post-bankr...

    • Jimmy Fallon is saying goodbye to New York City — or at least, the eclectic New York City apartment he and his family have called home for more than a decade. The host of “The Tonight Show” and his wife, film producer Nancy Juvonen, are listing their penthouse at 34 Gramercy Park East for $15 million, the Wall Street Journal reported. The six-bedroom, five-bathroom pad spans nearly 5,000 square feet and was assembled over the The post Jimmy Fallon lists Gramercy Park penthouse for $15M app...

    • Award ceremonies may look different this year, but for agents in the tristate area, there was much to celebrate. From the Hamptons to Westchester, homes were flying off the shelves in 2020. And although Douglas Elliman held its annual Ellie Awards without a gala — even a virtual one — it still celebrated agents’ accomplishments. Nationally, the brokerage closed $29.6 billion sales — over 46,303 sales and rental transactions — in 2020. In the Hamptons, The post Douglas Elliman honors tr...

    • Former President Donald Trump is looking to sell a beachfront mansion across the street from his Mar-a-Lago resort for $49 million. The property previously belonged to his sister, Maryanne Trump Barry, a retired federal judge. She sold the eight-bedroom, 8,270-square-foot mansion at 1125 South Ocean Boulevard in 2018 to a company controlled by Donald Trump Jr. and Eric Trump for $18.5 million. The former president later listed the property as an asset in financial disclosure The post Trump lists...

    • Even Mickey Mouse isn’t safe in the pandemic. Walt Disney Company plans to close 60 Disney Store locations across North America as part of its shift to e-commerce. With 300 stores worldwide, the closures reflect a 20 percent cut in the brick-and-mortar footprint, according to the Los Angeles Times. Disney Company already shuttered more than a dozen stores last year. Representatives did not say which stores would close or how many employees would be laid The post Disney will shutter dozens of b...

    • Despite reopening and recovery efforts, some New York restaurants are barely hanging on. Restaurant sales are down 44 percent across the state year-over-year, and most restaurant operators do not expect business conditions to improve over the next several weeks, according to the latest survey by the New York State Restaurant Association. Furthermore, 27 percent of New York operators say they will “probably” or “definitely” close within three months if no additional aid is forthcoming fro...

    • An EB-5 investor is suing the developers of a long-delayed mixed-use project in Brooklyn’s Sunset Park, claiming the massive complex may never win city approval and the site is now for sale. Jinyuan Li wants the $550,000 back that he invested in the planned construction of Eighth Avenue Center, touted as a 1.3 million-square-foot megadevelopment. Li, a Chinese citizen who lives there, was told he was among 70 EB-5 investors who contributed a total of The post Massive Sunset Park project flound...

    • Appraisers are at the center of nearly every home sale, scrutinizing the size, condition and quality of the property. Now, the industry is taking a closer look at its role in determining home value, amid reports of racial discrimination by appraisers. Appraisal discrimination has led to news stories, like one in which the value of a Black couple’s home in San Francisco increased by $500,000 after they took down family photos. Now, under new leadership, The post Appraisal Institute taking steps...

    • Awards season is here for residential brokerages, but like this year’s Golden Globes, it’s being celebrated in a much lower key. Douglas Elliman swapped its gala for an announcement, while Corcoran Sunshine Marketing Group announced its awards virtually. Annual awards are a tradition for some firms, providing a platform for the head honchos to recognize agents who earned the most in gross commission income, or GCI, which is split between brokerage and agent. Typically, everyone The post Here...

    • Retailer Michaels has something new on the craft table: a takeover deal from Apollo Global Management. Amid a DIY boom spurred by the pandemic, the private equity firm said it will take the retailer private in a deal that values Michaels at $3.3 billion, the New York Times reported. The transaction value is $5 billion, the companies said in a statement. Based in Texas, Michaels has 1,275 stores in North America. With more people doing The post Craft retailer Michaels to go private in $5B deal ap...

    • The Trump Organization is taking shoe designer Marc Fisher to court for allegedly skipping rent payments at Trump Tower. The former president’s company claims Marc Fisher owes $1.47 million under a 2015 lease at the building, where it had inked a deal to occupy the 21st floor and part of the 22nd floor. The Trump Organization claims Marc Fisher hasn’t paid its monthly rent of $144,936 since November, said the suit, first reported by Bloomberg The post Trump Org sues Marc Fisher for $1.5M in ...

    • The tallest building in Queens, Skyline Tower, is on its way to potentially breaking a record. About 41 percent of the 801 units in the Long Island City condominium are in contract, according to Modern Spaces, which has been handling marketing and sales at the building since 2018. The first set of closings began last month. The 67-story tower is aiming for a sellout of $1.09 billion, according to filings with the Attorney General’s office. The post Closings underway at Queens’ tallest buildi...

    • After several strong weeks, Brooklyn’s luxury market dipped a bit in the final week of February. The category is defined as properties asking $2 million or higher. A Brooklyn Heights condo was the priciest unit of the week. Just 18 contracts were signed with a total sales volume of $46.2 million, according to Compass’ weekly luxury market report. The average asking price was $2.6 million. The total was a decrease from the previous three weeks, The post Brooklyn Heights condo is borough’s p...

    • Just south of Times Square, the 740,000-square-foot office building at 1440 Broadway was one of the last properties to be sold off as part of New York REIT’s liquidation. In 2017, the property was sold for $520 million to CIM Group, which manages the building, and Australian pension fund QSuper, which has a majority stake. The 25-story building’s occupancy was just 50 percent at the time of the sale, and has since risen to 93 The post Here’s what tenants pay at CIM & QSuper’s 14...

    • For landlords across different commercial real estate sectors, Moody’s Analytics has some potentially distressing news: The worst may be yet to come. A new report by the economic research firm looks at the state of commercial real estate in the wake of the pandemic, and what to expect in 2021. The report looks at four CRE sectors — multifamily, office, retail and industrial — and while there are some reasons to be optimistic about the The post For multifamily, office landlords, worst is ye...

    • The former home of American composer and conductor John Philip Sousa is facing foreclosure. The Galinn Fund, which provided a mortgage to the current owner of the townhouse at 80 West Washington Place, filed a foreclosure notice Tuesday in New York State Supreme Court. In June 2019, Galinn issued a $3 million loan to 80 West Washington Place Holdings, the limited liability company listed as the property’s owner. In the filing, the lender alleges that The post $25M Sousa townhouse in West Villa...

    • The Upper East Side townhouse once owned by late financier and convicted sex offender Jeffrey Epstein has found a buyer. The home at 9 East 71st Street is in contract to sell for around $50 million, the Wall Street Journal reported, citing sources familiar with the transaction. That’s $38 million less than it was originally listed for last summer, and $15 million below the discount that the property got in January. The 28,000-square-foot, 50-foot-wide townhouse The post Jeffrey Epstein’s UES...

    • Note: These listings are independently selected by our team. However, TRD may receive a commission if you transact a listing from our site. If you are looking for an investment property, an equestrian home — with both a main residence, as well as paddocks and stables for horses — may be worth ponying up for. These compounds are a perfect urban escape, with greenery, private stables and plenty of room for training a steed. The The post 5 winning equestrian homes for sale near NYC appeared fir...

    • By going public in a $3 billion SPAC deal, title insurance startup Doma plans to pursue home appraisals, warranties and other adjacent business lines, the company said Wednesday. Like title and escrow, those services are a “manual, high-friction part of closing a mortgage,” CEO Max Simkoff said during an investor presentation to discuss the planned merger of Doma — formerly called States Title — with a blank-check firm backed by Mark Ein’s Capitol Investment Corp. The post With $3B IPO...

    • JLL is entering the single-family rental game. The commercial real estate giant is set to become a minority investor in Roofstock, an online rental housing investment platform, the Wall Street Journal reported. Roofstock will buy JLL’s Stessa, a real estate asset-management platform that has gained traction from smaller investors. It will also work with JLL clients who are interested in the single-family rental market. “The single-family rental asset class is seeing strong demand from our Th...

    • Luxury real estate investors Ellen DeGeneres and Portia de Rossi have listed their latest flip: a sprawling Beverly Hills mansion they bought from Adam Levine two years ago. The couple paid the Maroon 5 frontman $42.5 million for the home and are now seeking $53.5 million, according to the Los Angeles Times. The 10,400-square-foot mansion sits on an acre on Loma Vista Drive just above Sunset Boulevard. The ivy-draped home has five bedrooms and nine The post Ellen DeGeneres looks to flip Adam Lev...

    • More than six months after a shake-up of its C-suite, Mack-Cali has named a new CEO. Mahbod Nia, a former head of NorthStar Realty Europe, will take the reins at the New Jersey-based based REIT as of March 8. He has been serving as a director on Mack-Cali’s board since June. During his tenure at NorthStar, Nia oversaw the REIT’s transformation, which helped drive a 40 percent increase in per-share net asset value. MaryAnne Gilmartin, The post Mack-Cali Realty names Mahbod Nia as CEO appeared...

    • In Manhattan, where just 15 percent of workers have returned to the office, landlords are getting frustrated competing with employees’ couches. So they’re offering amenities ranging from on-site child care to dry-cleaning pickup and parking discounts — anything to bring back employees, according to the Wall Street Journal. Tishman Speyer, for example, is dangling free use of a new co-working space, an app to book services ranging from manicures to grocery delivery, newly installed picnic T...

    • If January is any indication, the housing market isn’t showing any signs of slowing down. CoreLogic Home Price Index, which tracks national home prices monthly, showed prices were 10 percent higher in January than a year ago. It’s the first time since November 2013 that the index has reported double-digit annual growth. The index is seen as an early indicator of home pricing trends. No states had an annual decline in prices. The largest price The post January home prices up 10% in biggest an...

    • A Gramercy Park penthouse was love at first sight for Grindr founder Joel Simkhai, according to the New York Post. Simkhai, who sold his dating app in 2018 for around $245 million, bought the unit at 215 East 19th Street, which was asking $29.5 million, a mere 30 days after it hit the market, the newspaper reported. The story was unsourced but did name the listing broker, Douglas Elliman’s Richard Steinberg. Last year, Simkhai listed The post Grindr founder snaps up Gramercy penthouse listed a...

    • Hotels and offices have seen their values drop. Now a state senator wants New York to buy and convert some into affordable housing. A bill introduced by Sen. Michael Gianaris this week would let the state buy such distressed properties to house low-income and homeless people. Gov. Andrew Cuomo proposed an office-conversion bill in January, but it did not call for public acquisitions. In the Gianaris bill, the state could use federal money such as The post Gianaris: State should buy, convert dist...

    • JPMorgan Chase is marketing a big chunk of its Manhattan office space as the company re-evaluates the future of its workforce. The New York-based bank is looking to sublet about 700,000 square feet at 4 New York Plaza in the Financial District and more than 100,000 square feet at 5 Manhattan West in the Hudson Yards area, Bloomberg News reported. Brokers at JLL are marketing the space. The move comes as JPMorgan is building a The post JPMorgan to sublet office space as it ponders work-from-home ...

    • Elion Partners has expanded its East Coast portfolio by scooping up a 8.6 acre industrial property for $29.7 million. The 202,000-square-foot building, at 1000 Jefferson Ave in Elizabeth, New Jersey, was sold by Seyon Group and Wheelock Street Capital. Seyon had paid $24 million for it in 2019. The acquisition is Elion Partners’ first in New Jersey. In South Florida, where the firm is located, Elion has been busy buying warehouses and industrial properties. Kassin The post Elion Partners buys ...

    • Two investment sales between $10 million and $30 million closed during the last week of February — one in Manhattan and one in the Bronx — for a combined $24.3 million. The week prior saw one such sale. Here are the details for the two deals in the week ending Feb. 26. 1. Benchmark Real Estate Group purchased a 9,100-square-foot, mixed-use building at 826 Madison Avenue in Lenox Hill for $12.5 million. Jordan Vogel signed The post Benchmark picks up UES building; SNL snares Bronx warehouse a...

    • Not every agent gets a shout-out on their firm’s earnings call, but Lydia Sussek did. The broker, who’s been at the Corcoran Group for 14 years, has officially moved her business to Douglas Elliman. She’s being welcomed with rare fanfare, admitting that she recognized herself in Lorber’s comments during Elliman’s earnings call last week about recruiting “substantial brokers.” “It was me!” she said, explaining that the opportunity to join Elliman came up “organically” in a T...

    • Developers have less than a month to submit plans under a senior housing program that the de Blasio administration is ending. The Department of Housing Preservation and Development announced that it will only accept applications for its Privately Financed Affordable Senior Housing program, or PFASH, through March 30. Developers then have until June 30 to close on their projects and finalize regulatory agreements with HPD. After that, the agency is pulling the plug on PFASH. The post Last call fo...

    • Requests for loans to buy homes increased last week as mortgage rates hit their highest point since July. An index tracking applications to purchase homes increased 2 percent, seasonally adjusted, from the prior week, according to the Mortgage Bankers Association. The uptick came despite rates rising to their highest point since July 2020 in the biggest one-week gain in almost a year, according to Joel Kan, head of industry forecasting at MBA. The average rate The post Mortgage rates surge — a...

    • The state legislature has reached an agreement to strip Gov. Andrew Cuomo of emergency powers granted to him during the pandemic — but leaves the door open for him to extend Covid-related restrictions including limits on indoor dining. Roughly a year after expanding the governor’s executive powers to oversee the state’s pandemic response, the Senate and Assembly are moving to cut off the politically weakened governor. The chambers are expected to approve a measure that The post Cuomo to lo...

    • Title insurance startup States Title is going public in a $3 billion deal with a blank-check firm, the latest sign of investor interest in companies that digitize the residential real estate industry. The company — which has been renamed Doma — said Tuesday that it plans to merge with Capitol Investment Corp., a special purpose acquisitions company backed by investor Mark Ein. Since 2007, Ein has raised $1.5 billion through five SPACs. The deal will The post States Title, now Doma, going pub...

    • UPDATED, March 3, 9 a.m.: New York City institution Pastis is landing in Miami. James Beard award-winning restaurateurs Stephen Starr and Keith McNally plan to open in Miami’s Wynwood neighborhood, in an 8,000-square-foot space at 380 Northwest 26th Street, The Real Deal has learned. The restaurant, Pastis’ first in South Florida, is expected to open in the summer of 2022. The Parisian-style bistro will be designed by McNally and Ian McPheely of Paisley Design, with The post Pastis to open M...

    • LeBron James isn’t used to losing, but it looks like he may be willing to accept an “L” on the Brentwood mansion he just listed. The future Hall of Famer and Los Angeles Lakers superstar is asking $20.5 million for the 9,440-square-foot home, according to the New York Post. James paid $20.9 million for the property in 2015. It was the first home he bought in L.A. and preceded his move to the Lakers from The post Loss for LeBron? King James lists Brentwood mansion appeared first on The Real...

    • Since 2018, Compass has spent more than $300 million to scale its business, buying other brokerages and tech companies to support its “end-to-end platform,” according to the company’s IPO filing. Backed by $1.5 billion in venture capital from investors including Fidelity, Wellington and SoftBank, Compass’ growth story has been unmatched in residential real estate. The brokerage aggressively courted agents after launching in 2012, but six years later, it switched gears and began scooping ...

    • Compass’ pitch to investors is all about its agents. The company’s S-1 — a prospectus that details its financial performance and business strategy filed ahead of an IPO — kicks off with a founder’s letter from CEO Robert Reffkin, who said he started Compass to build better tools for real estate agents like his mom. “The brokerage model was originally designed to be a one-stop shop for everything an agent needed,” he wrote. But the The post Inside Compass’ S-1: How it measures the...

    • Target has hit the bullseye. The big box retailer is adding and renovating stores as well as warehouses as it thrives in the competition with Amazon and other internet retailers. The moves stem in part from Target’s stellar year: Its 2020 sales growth of more than $15 billion was greater than in the prior 11 years combined, the company announced Tuesday. Total revenue for the fourth quarter increased 21 percent to $28.3 billion. The retailer The post Internet, shminternet: Target adds, renovat...

    • This is no laughing matter. That’s the message the owners of the comedy club Stand Up NY are sending to Gov. Andrew Cuomo with a new lawsuit, filed Tuesday in federal court, that challenges the “arbitrary and unconstitutional decision” to keep such venues closed during the pandemic. The lawsuit, filed in the Southern District of New York, alleges that because what the plaintiffs call “comparable businesses” can operate — it namechecks “Saturday Night Live,” Jimmy The post Manhatt...

    • The pandemic-driven downturn has disrupted Manhattan’s office real estate market, where availability has hit record highs in recent months. But certain pockets of the borough have shown more resilience than others. The corridor along Park Avenue between 44th and 61st streets had the strongest demand relative to its availability in the fourth quarter of 2020, according to the relative strength submarket index (RSSI) figures issued by KPG Funds, in partnership with Newmark. The area’s availabi...

    • UPDATED, March 2 2021, 5:05 p.m.: Koch Real Estate Investments, the property-focused arm of the billionaire conglomerate’s empire, has become one of most active players when it comes to snapping up distressed real estate during the pandemic. The real estate firm, led by Jacob Francis, aims to diversify its business and buy real estate at depressed prices, according to the Wall Street Journal. At the beginning of the pandemic, it provided Ladder Capital with a The post Koch Industries goes all ...

    • The controversial Upper West Side condo tower that a judge ruled was built too tall may avoid the wrecking ball after all. A New York State appellate court on Tuesday reversed a lower court’s ruling that would have forced the developers of 200 Amsterdam Avenue to remove about 20 floors from the nearly complete 52-story tower. The appeals court rejected the argument by opponents of the tower that the developers illegally gerrymandered a zoning lot The post Court saves SJP’s 200 Amster...

    • Real estate investors are placing their bets on a new property type: drive-throughs. Restaurants with drive-through lanes are seeing their values increase as the coronavirus pandemic forced social distancing rules and the closure of indoor dining, the Wall Street Journal reported. Chains such as Chick-fil-A and McDonald’s have reported an increase in sales thanks to their drive-through business. Now, other fast-food spots are getting in the game: Shake Shack, which previously did not have any ...

    • The city is planning to revive about $17 billion in municipal construction projects after the city stopped contracting projects at the start of the pandemic. Mayor Bill de Blasio announced on Monday that work can begin on public projects, according to Commercial Observer. City-contracted projects — for things like schools, housing projects and parks — have been largely stalled due to coronavirus restrictions. The construction revamp will be led by Lorraine Grillo, the city’s recent...

    • The Manhattan District Attorney’s office is increasing its focus on a longtime employee of the Trump Organization as it investigates former President Donald Trump’s real estate business. Prosecutors working for Cy Vance are turning their attention to Trump Organization CFO Allen Weisselberg, who has worked for the company for more than two decades, according to the New York Times. The publication reported that Weisselberg is a person of interest in the district attorney’s investigation, ci...

    • Developer Matt Lee’s decision to auction off a condo unit online later this month recalls another dire time in New York City’s new development market. In 2010, in the aftermath of the Great Recession, Paramount Realty USA held an auction of six unsold condos at a Madison Avenue development known as m127. The unusual move by developer Cardinal Real Estate Investments garnered widespread media attention and massive interest from bidders. The nine-unit project had been The post Developer Matt L...

    • Hotel investors can rest a little easier at night. Robust gains in February put share prices of publicly traded hotel companies back up to pre-Covid levels, a year after the pandemic sent valuations into a nosedive. Share price indexes of firms that operate hotels, and own their physical assets as REITs, grew more than 20 percent last month, despite much of the hospitality industry still suffering. The gains were roughly five times that of the The post Hotel stocks went bonkers in February appea...

    • In an effort to survive the financial fallout of the coronavirus pandemic, thousands of New York City restaurateurs entered into a perilous agreement with their landlords: deferring rent in the hopes that they’d be able to pay when their fortunes improved. Thirty-seven percent of restaurants have deferred their rent due to the coronavirus pandemic, according to a recent report by the New York City Hospitality Alliance. But that pales in comparison to the number of The post A year later, deferr...

    • Manhattan’s investment sales market got some much-needed good news last fall, when 601W Companies acquired the Amazon-anchored office redevelopment at 410 10th Avenue for $950 million. SL Green had acquired a majority stake in the property, previously known as 460 West 34th Street, from the Kaufman Organization in 2019 in a deal that valued the building at $440 million. The landlord undertook a complete gut renovation at a cost of about $145 million, and soon The post Here’s what Amazon and ...

    • On the verge of going public, Compass disclosed it earned $3.7 billion in revenue last year but lost $270 million, according to an investor prospectus it filed Monday. The IPO filing, known as a form S-1, provides the clearest look into the financials of the company, which is likely the fastest-growing U.S. residential brokerage in a generation. Compass’ revenue grew 56 percent in 2020 from $2.4 billion in 2019. It cut its losses from $388 The post Compass lost $270M in 2020, revenue u...

    • The suburban mall that you frequented as a teenager could now be worth substantially less than the dirt underneath it. U.S. mall values declined 60 percent due to appraisals in 2020, according to an analysis by Bloomberg News. Across 118 shopping centers with commercial mortgage-backed securities loans, about $4 billion was lost after reappraisals caused by delinquencies, defaults or foreclosures. The data suggests a grim outlook for many malls across the country as some of The post U.S. mall va...

    • Real estate, take heart: Cea Weaver, longtime antagonist of the industry, will not be spouting socialism on a city salary. New York City Public Advocate Jumaane Williams quietly withdrew Weaver’s nomination to the City Planning Commission a little more than a month after making it. It is unclear where exactly the opposition to Weaver’s appointment came from, but there is no shortage of suspects. A spokesperson for Williams said Weaver requested her name be withdrawn. The post Tenant activist...

    •  The fight for the future of CoreLogic continues. CoStar Group upped its offer to acquire the real estate data company to $97 per share, an increase over its most recent offer of $95.76 per share, Bloomberg News reported. The latest offer is also $17 per share higher than the recent agreement CoreLogic made with Stone Point Capital and Insight Partners, who agreed to buy the company for approximately $6 billion. CoStar also attempted to sweeten The post CoStar ups its bid to acquire Cor...

    • The governor was at the peak of his powers — a rising star in the Democratic Party and the most feared figure in the state of New York. Within a week, it all came crashing down. The year was 2008 — so long ago that word of Eliot Spitzer’s resignation arrived in newsrooms by fax. The world has changed since then, but in ways that will only make it harder for Gov. Andrew Cuomo to The post Five reasons Andrew Cuomo is doomed appeared first on The Real Deal New York.

    • Michael Stern sold his duplex at Walker Tower for less than he’d hoped. The 4,748-square-foot unit sold for $21 million, 24 percent less the $27.8 million it was initially listed for in June 2019, according to property records. The deal pencils out to $4,423 per square foot. But Stern is still making off with a tidy profit. He bought the unit at Walker Tower, which his firm JDS Development Group developed alongside Kevin Maloney’s Property The post Michael Stern’s Walker Tower pad sells fo...

    • U.S. construction spending reached the highest level on record last month as both local and federal governments began loosening the purse strings. Spending hit a seasonally adjusted annual estimated rate of $1.5 trillion across all sectors last month, the highest recorded since the Census Bureau began tracking this figure in 2002. January’s rate was up 1.7 percent from December’s revised estimate and up 5.8 percent from the year prior. Homebuilding was largely responsible for the The post Co...

    • Equitable Life Insurance is moving its New York office by three blocks. The financial company will take 130,000 square feet at Fisher Brothers’ 1345 Avenue of the Americas, Commercial Observer reported. It will vacate its current location at 1290 Sixth Avenue, a 43-story office tower owned by Vornado Realty Trust and the Trump Organization, Commercial Observer reported. Equitable will move into its new office in 2023. The exact length of the new lease was not The post Equitable Life Insurance ...

    • UPDATED, Mar. 1 2021, 1:15 p.m.: April Fool’s Day came a month early for New York’s biggest real estate industry group and a City Council member, who were targeted by a “cancel rent” cyber prank. A bogus website mimicking that of the Real Estate Board of New York went live on Monday, claiming that the trade association had canceled rent at its members’ properties. The fake was immediately seized upon and disseminated by a tenant The post Phony website falsely claims REBNY cancels rent ...

    • Manhattan’s luxury market is on a four-week streak the likes of which it has not seen since 2015. In February, 144 homes asking more than $4 million — or $1.18 billion altogether — went into contract in the borough, according to Olshan Realty. The last time the market had such a month was in early 2015 when 138 properties asking $1.2 billion went into contract. Last week alone saw 40 contracts inked, according to Olshan’s The post Manhattan luxury market has best month in six years appea...

    • After an awful year for much of the real estate world, executives see full recovery not happening this year or even next, yet are optimistic about their own firms’ immediate future. A survey of real estate executives found 85 percent see 2021 as a year of opportunity for their companies, but 70 percent said that the commercial real estate sector will not return to pre-Covid levels until at least 2023. “You scratch your head,” said The post These are real estate executives’ worst worries ...

    • New York’s road to economic recovery is going to be long, but city officials want to speed things up by making Covid-19 tests easier to access. The New York City Economic Development Corporation, which bolsters economic growth in the city, plans to work with researchers from Columbia University to produce a rapid Covid test that would be available to the city directly, the Wall Street Journal reported. The group plans to award $164,000 to Dr. The post To boost economy, NYC will invest in rapid...

    • The battle between WeWork and SoftBank is over. The beleaguered co-working giant and its co-founder and former CEO, Adam Neumann, have reached a legal settlement with SoftBank Group, Bloomberg News reported, heading off a trial that was set to begin on March 4. The agreement will firm up the Japanese conglomerate’s control over WeWork, while giving Neumann a financial windfall on his way out. SoftBank COO Marcelo Claure, who also serves as WeWork’s executive chairman, The post WeWork and Sof...

    • Developer, investor and brokerage head Howard Lorber is trying on a new role for size: venture capitalist. His company, Vector Group, is pivoting its real estate business — which includes brokerage Douglas Elliman and new development firm New Valley — into investing in early-stage proptech companies, the firm confirmed to The Real Deal. The announcement comes on the heels of Vector’s real estate businesses reporting a net loss of $75.9 million in 2020, the second The post Calling all found...

    • Earnings redux: Airbnb, CoStar, Redfin 🔥 It could have been worse. That was the takeaway from Airbnb’s first earnings as a public company. Despite the luster of its eye-popping IPO, Airbnb lost $4.6 billion in 2020 and revenue dropped 30 percent year over year to $3.4 billion. The net loss was driven by $2.8 billion in stock compensation related to the IPO, but the pandemic clearly whalloped the travel industry. CEO Brian Chesky used a The post Airbnb’s first earnings, behind CBRE’s $20...

    • Like most retailers, merchants in Midtown Manhattan’s Diamond District have had to grapple with the impact of the pandemic over the past year. But gem deals are still getting done — to the tune of $400 million per day, according to a Bloomberg News estimate from last summer. It’s not just jewels that are trading hands in the neighborhood. In December, the ELO Organization closed on its $110 million acquisition of the Chetrit family’s 15 The post Here’s what tenants are paying at ELO’...

    • When a company prepares to go public, it submits to the SEC a document known as the S1, which details its business, financials, risks and opportunities. On the first page is a field for the location of its headquarters. Some of these addresses have become legendary: 1600 Amphitheatre Parkway (Google); 1601 Willow Road (Facebook); 345 Park Avenue (Blackstone). Last week, Coinbase, the biggest U.S. cryptocurrency exchange, filed its S1. In that noteworthy field, the company The post Address not ap...

    • Morgan Properties and Olayan America have purchased a portfolio of 48 U.S. multifamily properties for $1.75 billion. The seller was STAR Real Estate Ventures, a joint venture of El-Ad National Properties LLC and Yellowstone Portfolio Trust, according to a press release from Morgan and Olayan. It is Morgan’s largest acquisition since the Pennsylvania-based firm bought 95 multifamily properties for $1.9 billion two years ago. The 48 properties have 14,414 units, including 2,566 outside Baltimore...

    • Actor Bryan Cranston has listed the eco-friendly Ventura County, California home he built during the final season of “Breaking Bad.” Cranston and his wife Robin Dearden bought the property the home sits on in 2007 for around $2.5 million, and completed the 2,450-square-foot house in 2013. It’s listed for just under $5 million, according to the Wall Street Journal. The actor — who told the publication that he’s an architecture “nerd” — helped design the The post “Breaking” new...

    • Global luxury home sale prices ticked up slightly in 2020, as pent-up demand created by coronavirus lockdowns led to buying binges. The average price for a luxury home that sold rose 1.9 percent in 2020, compared to its 1.8 percent increase in 2019, according to Knight Frank’s Prime International Residential Index 100, cited by Mansion Global. While 29 of the 100 markets in the index reported year-over-year price declines — compared to 21 in 2019 The post Global luxury home sale prices nudge...

    • Attention shoppers: Century 21 is coming back. The New York-based discount retail chain that built a loyal following but folded after declaring bankruptcy in September, announced its planned return last week. In a statement on Tuesday, Century 21 Stores said the decision to relaunch came “in response to the outpouring of love from the Big Apple and the admiration” of their “loyal shoppers from around the world.” The announcement was light on details, but the The post Return of the retail...

    • Demand for warehouse space in Canada far outweighs supply, setting the stage for a boom in industrial construction. Canada needs another 40 million square feet of warehouse space over the next five years to keep up with demand after online sales rose 32 percent last year, according to CBRE figures reported by Bloomberg News. That’s more than three times the combined total of warehousing space in Canada’s three tightest industrial markets —Toronto, Vancouver, and Montreal. The post Canadian...

    •  A Tokyo skyscraper under construction and set to become the tallest tower in Japan will include Aman Resorts-branded luxury residences that could top $40 million each. Mori Building Company’s 1,082-foot-tall tower in Minato Ward will have 91 units on floors 54 through 64, according to the Japan Times. The residences will be operated by luxury hotel company Aman Resorts and called the Aman Residences, Tokyo. Branded residences have grown in popularity over the last several The post Ja...

    • Miami-Dade County resumed executing writs of possessions for residential eviction cases filed before the pandemic, following an unannounced month-long break. The police execute writs of possession, evicting residents or businesses from their properties. The move follows a final judgment in a court case. Homeowners with federally backed mortgages are protected from eviction until at least March 31, per a federal moratorium from the U.S. Department of Housing and Urban Development. On Nov. 13, for...

    • Mayoral hopeful Scott Stringer wants to require all residential projects to include affordable housing — but some developers say his numbers don’t add up. The city comptroller released a 47-page housing plan Thursday including details on the “universal affordable housing” program he announced last year. Under it, developers would have to make at least 25 percent of apartments deeply affordable in projects with 10 or more units. The low-rent units would be affordable to households The pos...

    • New York lawmakers are on a quest to save restaurants and other small businesses. State Assemblymember Harvey Epstein and State Sen. Brad Hoylman have introduced twin bills in their respective legislative bodies that would, in effect, cancel rent for some restaurateurs. The legislation would mandate that restaurants and other businesses are on the hook for only 20 percent or one-third of their rent each month, whichever is less. It would apply only to businesses employing The post Lawmakers prop...

    • RE/MAX reported a modest increase in revenue but a sharp drop in net income for the final three months of 2020. The company benefited from the surge in home sales that followed pandemic lockdown measures; it attributed the profit decline to rising broker and other personnel costs related to acquisition expenses. RE/MAX reported $72.4 million in revenue in Q4, roughly 6 percent over the $68.2 million in the same period the year before. The quarterly The post RE/MAX revenue ticks up in Q4 but prof...

    • Five small landlords have sued New York attorney general Letitia James, arguing that the new blanket moratorium on evictions is unconstitutional. Attorneys for the plaintiffs allege that the hardship declaration form, which landlords are now required to send their tenants, is “unconstitutional compelled speech,” because it forces landlords to voice support for a policy that is “squarely adverse” to their interests. The lawsuit, filed Wednesday in federal court in New York’s Eastern Dis...

    • A federal judge in Texas ruled the nationwide eviction moratorium unconstitutional Thursday but issued no injunction, saying he hopes the Centers for Disease Control and Prevention will withdraw the ban. The agency is not expected to do so. The result, for the moment, is no change for tenants — who, as of last month, were an estimated $57 billion behind on rent payments — or for landlords. “The federal government cannot say that it has The post National eviction moratorium ruled unconstitu...

    • Yorgos Tsibiridis, Douglas Elliman’s top agent in East Hampton, has moved to Compass. Over his eight-year career, including the past six at Elliman, Tsibiridis has sold over $400 million in homes from the Hamptons to the Greek Islands. In the past 12 months he counts over $70 million in sales and contracts. “In the back of my mind, I was always thinking, ‘How can I do things better? How can I serve my customers better? The post Hamptons agent Yorgos Tsibiridis jumps to Compass appeared fir...

    • A multifamily investment firm and a luxury hotel residences company have partnered to launch a $500 million hotel investment fund, seeking to take advantage of opportunities created by the pandemic. Electra America Hospitality Group, a joint venture between Electra America and AKA, plans to focus on properties in New York City, Miami, Los Angeles, Washington D.C., Toronto and London, said Russ Urban, CEO of the new partnership. The joint venture recently closed on $100 million The post Electra A...

    • “Emily in Paris” star Lily Collins has sold her Beverly Hills home for $13.5 million, The Real Deal has learned. The actress bought the 5,066-square-foot home in late 2016 for $12.5 million. The four-bedroom house on North Hillcrest Road was built in 1954 and designed in the Hollywood Regency style by architect John Elgin Woolf. Dustin Nicholas with Nicholas Property Group represented Collins in the deal. Branden Williams with The Beverly Hills Estates represented the The post “Emily in Pa...

    • Two new restaurants are coming to Columbia University. Roberta’s and Sapp’s both signed leases with the University to open in Morningside Heights. Roberta’s, the popular pizza joint that helped put Bushwick’s restaurant scene on the map, will open its first standalone Manhattan location, spanning about 830 square feet, at 2913 Broadway. The eatery already has a stall within Urbanspace Vanderbilt’s food hall near Grand Central Terminal, along with a ghost kitchen that it recently opened...

    • As a managing partner of BRP Companies, Meredith Marshall is one of the largest builders of affordable and workforce housing in New York. The company placed third on The Real Deal’s list of most active developers of 2020, with 3 million square feet in the pipeline across 10 affordable, market-rate and mixed-income projects. It’s a complicated business. To assemble funding for a single affordable project, Marshall and partner Geoff Flournoy often turn to a dozen The post “We need mo...

    • New York state is taking a cue from a Long Island newspaper and sending undercover testers to root out housing discrimination. Gov. Andrew Cuomo announced that the state is setting aside $250,000 for the testing initiative, which will be carried out by nonprofits and happen in New York City, Long Island, Westchester County, and in the Central and Western regions of the state. Newsday — whose “Long Island Divided” investigation shone a light on discriminatory The post State will use underco...

    • A fund managed by a controversial EB-5 regional center has filed a lawsuit against Ian Schrager and the Witkoff Group, alleging that the developers siphoned millions of dollars from the Public Hotel on Manhattan’s Lower East Side. The lawsuit, filed last week in New York State Supreme Court, is claiming breach of contract. The plaintiff alleges that Schrager, Witkoff and their affiliates took in more than $100 million for themselves, but have not repaid the The post EB-5 fund alleges Schrager,...

    • Best Buy had a successful 2020 — but the electronics retailer is scaling back. The company laid off 5,000 full-time workers this month and will add 2,000 part-timers, according to the Wall Street Journal, part of a larger pattern of shrinking its staff throughout the year. Best Buy had about 123,000 workers at the start of its last fiscal year, a number that shrank to 102,000 at the end of the year. It has also The post Best Buy lays off 5,000 staffers, increases store closures appeared first ...

    • Zillow is using its “Zestimate” to streamline its process for making cash offers on some homes. The Seattle-based listings giant will now allow homeowners in certain markets to receive a cash offer sight-unseen, CNN reported. The rest of the process will stay largely as it was: The initial offer would still be subject to a subsequent inspection and potential adjustment — and Zillow’s not-insignificant fee. The move to streamline the cash offer process amounts to The post Zillow using Zes...

    • Landlords are increasingly taking on short-term debt to fix up their empty stores, hotels and apartment buildings. JPMorgan found that lenders this year had issued $4 billion of collateralized loan obligations — short-term financing popular with developers — through mid-February, a 46 percent increase from the same period last year, the New York Times reported. Commercial mortgage-backed securities, which typically have longer-term financing, declined 8 percent during that time. For investor...

    • Imagine you wanted to stop denser housing. What would be your strategy? You would spread word that new housing would be unaffordable to locals and cause their own rents to rise. You would demonstrate, demonize developers and run candidates on a Real Estate is Evil platform. And you would back up your argument with a study — manipulated if necessary. No anti-development playbook is complete without a study. Nothing turns anecdotes into facts, and predictions The post Dubious gentrification stud...

    • Some elected officials and environmental advocates are blaming the real estate industry’s cozy relationship with Gov. Andrew Cuomo for a change he proposed to New York City’s building emissions cap. State legislators, along with ALIGN NY and other groups, oppose a clause in the governor’s executive budget that would allow building owners to buy renewable energy credits outside the city to offset their properties’ greenhouse-gas emissions. The Real Estate Board of New York pushed for The ...

    • You can count on Extell Development’s Gary Barnett not to mince words: The hard stop that the coronavirus pandemic put on construction last spring has been a “pain” for the construction industry, and it may take time for the new development industry to recover. In an interview with The Real Deal founder and publisher Amir Korangy, Barnett predicted that the slowdown will go for another couple years. “There will be very little supply,” in the The post Coffee Talk: Extell’s Gary Barnet...

    • With its hotels business battered by the pandemic, Ashford Hospitality Trust took a cold, hard look at its portfolio and came to a sobering conclusion: The REIT was simply going to walk away from some of its struggling properties. “While we take no joy in handing back assets to our lenders, we do hope it demonstrates that we are willing to make hard decisions that are in the best interest of our shareholders,” Ashford CEO The post Underwater hotel owners are walking away from their propertie...

    • Pending home sales fell for the fifth month in a row — but not for lack of demand, experts say. The number of home contracts slipped 2.8 percent from December, according to the National Association of Realtors’ monthly index. Though it’s the fifth month of consecutive decline, it was the busiest January on record, with volume up 13 percent year over year. A drop in pending home sales is often thought to indicate a drop The post Pending home sales fall for fifth consecutive month appeared f...

    • The fourth quarter of 2020 was another tough one for Cushman & Wakefield, putting an end to a tough year for the commercial real estate giant. Cushman reported a net loss of $27.3 million in the fourth quarter, its third consecutive quarterly loss in 2020. Quarterly revenue was $2.3 billion, a decrease of 13 percent over the same time the previous year. The pandemic was once again the culprit, as leasing activity remains lower than The post Cushman reports 10% drop in revenue in 2020 ap...

    • Something is better than nothing, particularly after the year Manhattan’s residential real estate market had in 2020. CNN anchor Don Lemon sold his two-bedroom condo in Harlem for around $1.53 million, according to Douglas Elliman. The sale closed on Thursday, with Lemon coming out slightly ahead; the final sale price was about $42,000 above what he paid for it in 2013. Lemon bought the 1,404-square-foot apartment at 2280 Frederick Douglass Boulevard for about $1.49 million The post Making Lem...

    • Despite the luster of its eye-popping IPO, Airbnb reported a $4.6 billion net loss in 2020 in its first earnings report as a public company. The hospitality startup, which is banking on a travel rebound, generated $3.4 billion in revenue last year, a 30 percent year-over-year decline. Although the pandemic whalloped the travel industry, Airbnb’s net loss was also driven by $2.8 billion worth of stock compensation expenses it incurred in its IPO in December. The post Airbnb’s losses balloon t...

    • A charter school is expanding its footprint in Elmhurst. Central Queens Academy Charter School is taking an 85,000-square-foot space in the Justice Avenue Tower at 88-08 Justice Avenue, according to Transwestern Real Estate Service, which brokered the deal. The school will take the first, third and fourth floors of the 340,000-square-foot building, which is being developed by United Development & Construction Group. The new facility will allow the school to consolidate three existing lo...