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    • The United Kingdom is seeing Middle East investors return to its property market after a year plagued by the coronavirus pandemic. Property buyers from the Middle East made up 16 percent of all sales to international investors in the first quarter of 2021, according to Zawya. In the second and third quarters of last year, only 10 percent of international purchases were by investors from the region. It’s the highest percentage of buyers from the The post Middle East investors returning to UK pr...

    • Miami Heat player Victor Oladipo scored a Miami Beach spec home for $7.8 million, The Real Deal has learned. The deal marks a record for a non-waterfront home in Miami Beach. The previous record was $6.5 million for a nearby Hibiscus Island home in February as well as for a North Bay Road home in April. Oladipo, whose full name is Kehinde Babatunde Victor Oladipo, bought a 6,900-square-foot, seven-bedroom, seven-and-a-half bathroom house on South Hibiscus The post Miami Heat’s Victor Oladipo b...

    • Canada’s soaring home sales may reach their highpoint in 2021. From there, numbers could start to dip. The Canada Mortgage & Housing Corporation projects that as many as 602,000 homes could be sold this year, up from 550,000 last year, according to Bloomberg. The government agency expects the number of sales will slide next year to about 547,000, before ticking back up to 561,100 in 2023. Pricing is expected to climb throughout that period and The post Canada’s surging housing marke...

    • A former executive with Venezuela’s state-run oil company was sentenced to two years and four months in prison in connection with an alleged $1.2 billion money laundering scheme linked to South Florida real estate. Abraham Edgardo Ortega, who was executive director of financial planning at PDVSA, admitted he accepted more than $12 million in bribes for his role, which allowed other Venezuelans who were charged to embezzle from the company, the Miami Herald reported. Prosecutors The post Former...

    • Mark Zuckerberg and Priscilla Chan now own just over two square miles of pristine land on the Hawaiian island of Kauai. In March, the couple spent $53 million on 600 acres of land, according to Mansion Global. They bought around 700 acres of land on the island in 2014 for more than $100 million. They purchased the property on the island’s northeastern side from the local conservation group Waioli Corporation in three separate transactions. Zuckerberg The post Mark Zuckerberg nearly doubles Haw...

    • An 80,000-acre working ranch in Montana, which was the backdrop for Robert Redford’s film “A River Runs Through It,” is hitting the market for $136 million. Climbing Arrow Ranch is believed to be one of the largest private and undeveloped properties in the Rocky Mountain West, according to the Wall Street Journal. The ranch is five noncontiguous parcels spanning four counties about 30 miles outside Bozeman. One of those parcels borders the massive ranch owned The post “A River Runs Throu...

    • Restaurants inside the Hudson Yards mall have struggled through the pandemic, but now a food fight has erupted outside, pitting street vendors against developer Related Companies and the city. The Street Vendor Project, an advocacy group representing 2,000 vendors, claims Related has deployed security guards to harass vendors. It also said the developer enlisted the police, whose officers ticketed several sellers stationed near the Vessel sculpture. In addition, the organization says Related pla...

    • Three notable sellers have come to market with Upper East Side properties asking more than $25 million. Leading the way is the former residence of Isabelle Stevenson, the late Broadway performer and leader of the American Theatre Wing. The home occupies the entire third floor at 944 Fifth Avenue and its current owner, hedge funder Jeffrey Verschleiser, has listed it for $35 million. The four-bedroom co-op has a wood-burning fireplace, library, media room and looks The post Three Manhattan seller...

    • Restaurants and retailers everywhere have been struggling to staff up as Covid risks, increased unemployment benefits and other factors deter workers from returning. But in the East End, recruiting is even more difficult. As white-collar workers and members of the leisure class spend more time in the Hamptons and elsewhere, unshackled from their offices, service businesses need bigger crews to cater to them, the East Hampton Star reports. However, a lack of housing has increased The post Hampton...

    • Tax officials in New York state are taking a closer look at the refund claims of folks who traded a desk in New York for their out-of-state home office. The “convenience rule” is what’s in question, according to the Wall Street Journal. New York state taxes the money that nonresident workers draw from in-state sources, including the income that commuters make when they choose to work from home. But this year, some telecommuters have challenged The post NY tax officials crack down on remote...

    • A weaker-than-expected month for job gains had one bright spot, and it’s the same sector that has been leading employment for several months now. The leisure and hospitality sector led employment gains for the third straight month, bringing back 330,000 workers in April. Restaurants and bars did more than half the hiring, while recreation centers (such as amusement parks and casinos) hired 73,000 people and lodgings added 50,000 positions. That’s on par with the industry’s The post Job rec...

    • Cushman & Wakefield reported a $17.2 million net loss in the first quarter of 2021. But the brokerage, which saw its revenue decline by 10 percent in 2020, achieved some stability between January and March by bringing in more revenue from its non-brokerage businesses. Adjusted EBITDA was $99.7 million, up 42 percent compared to the same period last year, the company announced on Thursday. Revenue from leasing and capital markets declined 3 percent and 9 The post Cushman eyeing M&#03...

    • Los Angeles Lakers star Anthony Davis bought a recently renovated Bel Air mansion, complete with full-sized basketball court and Olympic-sized pool, The Real Deal has learned. Records did not reveal the price of the home, but sources told TRD he paid around $32 million. The off-market deal closed last month, with Davis securing a $20.1 million, 30-year mortgage for the home, according to property records. The buyer signed the deed using a trust that Davis The post Anthony Davis buys Bel Air mans...

    • Andrew Yang sees nearly $1 billion in untapped property tax revenue sitting in New York City’s vacant lots. The contender for mayor announced a plan Thursday to hike taxes on empty commercial lots by 500 percent over five years, the New York Post reported. The idea is to kickstart development but Yang estimated the plan could rake in $900 million a year for the city. Vacant commercial land is taxed based on a valuation of The post Yang targets vacant lots with $900 million tax plan appeared fi...

    • The owners of the NoMad Hotel — who shelled out big bucks a few years ago to avoid foreclosure at the 11th hour — have their backs up the wall once again. Billionaire investor Ron Burkle and hotelier Andrew Zobler are facing a foreclosure on their equity in the trendy hotel at 1170 Broadway, according to a notice for the UCC foreclosure auction. Lenders Ohana Real Estate Investors and Ellington Management Group, which hold $102.5 The post NoMad Hotel heads back to the auction block appeared ...

    • The market values of office towers have plummeted during the pandemic, declines that could equal discounts for Donald Trump. The former president’s family firm could pay nearly $1.7 million less on property taxes for the office tower at 40 Wall Street after the building’s value slumped 29 percent to about $130 million for the coming fiscal year, Bloomberg News reported. The break would offer the Trump Organization some reprieve from the revenue declines that rippled The post 40 Wall’s valu...

    • Since Covid rendered walkable commutes a bygone amenity, the Financial District’s condo supply has surged. And there are still few buyers in sight. The downtown district now holds the most unsold inventory of any New York City neighborhood, with 1,433 new condos available, many of them yet to be listed, according to data by Marketproof reported by Bloomberg News. The appeal of the area, said Marketproof founder Kael Goodman, was its proximity to downtown offices. The post FiDi condo glut is th...

    • Never has there been a better time to list a Hamptons estate. The pandemic supercharged interest in vacation homes as well as primary residences, and with virtually anyplace with broadband now qualifying as a workplace, East End mansions can now be both. Add to that exceedingly low inventory and some very swollen bank accounts, thanks to Wall Street’s robust recovery, and the potential exists for seemingly inflated asking prices to be met, if not exceeded. The post Serious buyers only:...

    • In 2024, the owner of the former AT&T Long Distance Building at 32 Sixth Avenue could face $2.8 million in fines. The owner of the former Western Union Building at 60 Hudson Street could be on the hook for nearly $4.6 million in fines that same year. The two properties have origins in telegraph services and now house major telecommunications and data service companies. They also back large loans that could become a bit riskier The post These properties face credit risk under Local Law 9...

    • eXp Realty started 2021 off real strong. Revenue at the virtual brokerage increased 115 percent to $583.8 million in the first quarter of 2021, the company reported during a Thursday earnings call. Its net income increased a whopping 3,348% to $4.8 million, compared to $100,000 during the same period last year. Meanwhile, gross profit increased to $53.5 million, compared to $28 million in the first quarter of 2020. The firm, which is based in Bellingham, The post Virtual broker eXp Realty has an...

    • The Chelsea Hotel was once a bohemian utopia, home to the likes of Leonard Cohen and Patti Smith, and inspiring countless other artists. But in the past decade, the historic property has become more of a dystopia, both for its owners and a small but vocal group of longtime tenants. Residents have sued owners past and present, alleging harassment via construction. And plans to renovate the hotel, which have been in the works since at The post Chelsea Hotel owners sue city for $100M over renovatio...

    • One day after a judge struck down the federal eviction ban, a landlord lobby is taking aim at New York’s statewide moratorium. The Rent Stabilization Association filed a suit Thursday challenging the constitutionality of the law, which Gov. Andrew Cuomo just extended through Aug. 31. The case seeks an injunction against the ban. RSA, which represents 25,000 landlords, alleges that the law violates landlords’ first amendment rights by requiring them to distribute a hardship declaration The po...

    • Off-market listings have long been a controversial topic, with agents who oppose them claiming they provide an unfair advantage to brokers at the top end of the market. But Redfin CEO Glenn Kelman sees another problem: These so-called pocket listings also exclude minority homebuyers. In an opinion column in Inman and in Twitter posts, Kelman wrote how brokerages often hold 10 percent of their listings off market, spanning cities like Chicago, Minneapolis and Columbus, Ohio. The post Pocket listi...

    • Long-suffering condo developers just had their busiest month in five years. Some 474 new development contracts were signed last month in New York City, according to Marketproof, which tracks sponsor sales across all price points in the city. The contracts were inked at 198 different condominiums. In Manhattan, 235 contracts were signed, up from 165 in March. It was the borough’s highest level of activity in three years. Bespoke Living’s 170-unit building at 300 West The post April was best m...

    • Starwood Property Trust CEO Barry Sternlicht said New York’s rent laws place so many restrictions on building owners that a friend of his, a landlord worth billions, refers to himself as “a janitor.’’ Sternlicht, speaking on Starwood’s first-quarter earnings call, said his unnamed friend can’t increase rents or renovate his New York properties. The landlord’s dilemma reflects a “tsunami of change of attitude in these dark-blue states,’’ Sternlicht said. Legislators in...

    • Google’s future in a post-pandemic world is looking pretty flexible. Parent company Alphabet announced a series of changes to the company’s work format that will result in 40 percent of its staffers working from new locations, the Wall Street Journal reported. In a company email, Alphabet CEO Sundar Pichai said about 20 percent of staff will work from home permanently, 20 percent will work out of offices at a new location and 60 percent will The post Google’s hybrid model will allow 20% of...

    • Newmark posted record first quarter revenue this year, thanks to gains in its management services and leasing businesses. The brokerage reported revenue of $504 million in its first-quarter earnings release published Thursday morning. That’s an increase of slightly more than 4 percent from the same period last year. The gains were boosted by growth in the company’s biggest line of business: management fees from things like mortgage servicing, which saw a nearly 14 percent year-over-year The ...

    • Rents are going up, which is bad news for tenants staring down eviction. The median monthly charge on a vacant rental saw a $185 annual jump in March, Bloomberg News reported, citing data from the U.S. Census Bureau. In April, rents rose nearly 2 percent, the biggest jump since 2017. Those increases, along with the uneven economic recovery and recently overturned eviction ban, puts pressure on lower-income families, who typically spend 40 percent of their The post Rents rise across country as ec...

    • Douglas Elliman’s revenue surged in the first quarter and Howard Lorber believes this is only the beginning. The brokerage’s first-quarter revenue was $272.8 million, up from $165.6 million last year, as reported by Elliman’s parent company, Vector Group. The firm’s closed sales volume soared to $10.1 billion, up 71 percent compared to the first quarter of 2020. Elliman reported a net income of $13.9 million after losing $69 million a year ago. Though gains were The post Elliman reports ...

    • Amazon takes up warehouse space — a lot of it. It’s to the point where the vacancy rate is so low in some North American cities that their economies could be throttled, according to Colliers International Group and CBRE reports cited by Bloomberg News. The warehouse vacancy rate in Toronto shrunk to 0.5 percent as Amazon snatched up warehouses in response to the e-commerce boom, the publication said. That’s the lowest among major North American The post No room in the warehouse: Amazon fue...

    • What’s more American than suing your nonpaying tenant? RXR Realty filed suit against American Girl this week for missing rent after the dollmaker claimed it should get an $8 million-plus pandemic discount. The developer, led by Scott Rechler, alleges that American Girl owes about $500,000 in May rent at its flagship store at 75 Rockefeller Plaza, the Commercial Observer reported. American Girl signed a 15-year deal in 2016 for 40,000 square feet at Rockefeller Plaza The post RXR Realty serves ...

    • Big Tech may not be done with the office just yet. Infor has renewed a lease for its 90,000-square-foot office at SL Green’s 635-641 Sixth Avenue, sources familiar with the transaction told The Real Deal. Under the lease, the software company will be paying somewhere in the $80 range per square foot, per those sources. The company originally moved into the building in 2012. The following year, it signed a long-term lease to double its The post Software company Infor renews 90K sf Chelsea lease...

    • Two landlords — one in Brooklyn and the other in Queens — racked up almost $200,000 in fines in March for illegally adding units to their residential properties. That’s according to a monthly report from the Department of Buildings, which details the agency’s efforts to enforce building codes and safety regulations. Herman Stark was slapped with $99,750 in penalties for adding six residential units to an illegal two-family home conversion at 626 Lafayette Avenue in The post Two landlords...

    • The 10 largest Manhattan real estate loans recorded in April totaled about $790 million, less than half of March’s total. Once again, the commercial mortgage-backed securities market produced the month’s largest loan: a refinancing for a Midtown office tower on top of a USPS warehouse. It was also the month’s only loan of more than $100 million. Here were the borough’s largest real estate loans in April: 1) You’ve got mail | $350 million Vornado The post These were the largest...

    • Landlords called for a 5 percent hike; tenants groups, a 5 percent roll back. The Rent Guidelines Board didn’t quite meet them in the middle. In a preliminary vote Wednesday night, the city board approved a proposal to increase rents on stabilized apartments and lofts by 0 to 2 percent on one-year leases and 1 to 3 percent on two-year leases. Last year, the board froze rents to alleviate the pandemic’s impact on renters. The The post City board considers rent hike in preliminary vote appeare...

    • Tommy Hilfiger and his wife, Dee Ocleppo Hilfiger, are selling their oceanfront Golden Beach estate for about $28 million to real estate investor and author Grant Cardone, The Real Deal has learned. Hilfiger, who recently spoke at Cardone’s 10X Growth Conference, and his wife first listed their colorful mansion for $27.5 million in 2017. The property features patterned ceilings, walls and floors, sculptures, bright carpeting and more. It was featured in Architectural Digest. The mansion The po...

    • One of Manhattan’s biggest office landlords is hopping on the flex-office bandwagon. SL Green will dedicate the entire 54th floor of One Vanderbuilt, its 58-story Midtown East skyscraper, to flexible offices that will be known as Altus Suites, Crain’s reported. The offices range in size from 6,300 to 7,500 square feet, and tenants will have access to the building’s high-end amenities, including a lounge, valet parking and fully stock pantries. “It’s a high-design, high-service offering...

    • The Alhambra mansion where famed music producer Phil Spector shot and killed Lana Clarkson in 2003 has sold after two years on the market. The castle-like home at 1700 Grand View Drive sold for $3.3 million, well under the $5.5 million original listing from 2019, according to Redfin. The Los Angeles Times first reported the sale. The home has undergone a series of price cuts since that initial offering. Spector bought the property in 1998 The post Phil Spector’s infamous Alhambra mansion sells...

    • Silverstein Properties has a new finance chief. Katie Kurtz, who was previously an executive vice president at AR Global, has joined the family-owned real estate development and investment firm as chief financial officer, the company announced Wednesday. Former CFO Leor Siri has been promoted to serve as an executive vice president in charge of global accounting and treasurer. Siri continues to serve as CFO of Silverstein Properties Limited, the firm’s Israeli entity listed on the The post Sil...

    • This story was originally published by ProPublica. ProPublica is a Pulitzer Prize-winning investigative newsroom. Sign up for The Big Story newsletter to receive stories like this one in your inbox. It’s been six years since Dionne Mont first saw her apartment at Fontana Village, a rental housing complex just east of Baltimore. She was aghast that day to find the front door coming off its hinges, the kitchen cabinet doors stuck to their frames, mouse The post Kushner Companies violated multipl...

    • UPDATED May 5, 2021, 2:50 p.m.: A federal judge in the District of Columbia on Wednesday voided the nationwide moratorium on evictions. U.S. District Court Judge Dabney Friedrich wrote in an opinion that although the pandemic is a health crisis, the Centers for Disease Control and Prevention lacks the legal authority to ban evictions. The order does not supersede statewide moratoriums, such as New York’s statewide ban on evictions extended by legislators Monday through Aug. The post Judge stri...

    • As the industrial real estate sector booms, Sam Zell’s Equity Commonwealth is expanding into the field. The billionaire’s company, which focuses on office real estate, is acquiring the big industrial firm Monmouth Real Estate Investment in a $3.4 billion, all-stock deal, according to Crain’s Chicago Business. Based in Holmdel, New Jersey, Monmouth owns 120 properties totaling 24.5 million square feet. “The transaction provides Equity Commonwealth with a high-quality, net-leased industria...

    • A legal offensive that attempted to use Grant Cardone’s outsized social media presence against him has failed. U.S. District Judge John F. Walter last week dismissed a lawsuit filed by disgruntled investor Luis Pino in Los Angeles against the real estate crowdfunding guru and his Aventura-based company Cardone Capital. In dismissing the case, Walter concluded that Pino failed to adequately allege that Cardone made material misstatements and omissions about a 15 percent annual rate of The post ...

    • In 2005, Rudy Giuliani and his ex-wife, Judith Nathan, built their Hamptons dream home on a one-acre site in Water Mill. But now that the pair has divorced, the home is a dream no longer. In an off-market deal, Nathan sold the home at 353 Lopers Path for $5 million, according to the New York Post. The home was awarded to her as part of the divorce settlement. “Lucky Judy,” said a source familiar with The post Rudy Giuliani’s ex-wife sells Hampton home for $5M appeared first on The Real Dea...

    • Amazon has signed a lease to open yet another last-mile distribution center, this time in Woodmere. Manhattan-based developer Wildflower had been granted $16 million in economic development incentives by the Town of Hempstead IDA to acquire the property and is constructing a warehouse for the e-commerce giant, Newsday reported. The 422,000-square-foot, $76 million facility, dubbed the JFK Logistics Center, is on Rockaway Boulevard south of Kennedy Airport. It will be Amazon’s second largest in...

    • Americans made some major moves in 2020, draining the population of key cities. Urban counties saw the greatest impact of pandemic-year migration, according to an analysis of census data by the New York Times. Urban populations had also fallen in 2019 after seeing growth slow since 2012, largely from a lack of housing, but last year accelerated that trend. New York, Los Angeles and Chicago were among the 10 cities with the steepest losses. Of The post More urban areas lost population in 2020 app...

    • Manhattan’s office market reached another new record last month, but it wasn’t one any landlord would boast about. Office availability rate in the borough climbed to 16.5 percent in April, the highest it’s ever been, according to Colliers International’s monthly market snapshot. Despite falling Covid cases and rising vaccinations across the city, availability in the borough has steadily ticked up since the start of the year. April was also the 11th consecutive month Manhattan’s availab...

    • Cassie Newsom was celebrating her birthday with her spouse and two children at their Park Slope home when she read a notice from her landlord saying that they would have to move. The landlord, real estate investment and development firm Greenbrook Partners, had bought the 30-unit building at 70 Prospect Park West less than a week before for $15 million. The message said Newsom’s family had 90 days to vacate the apartment, which they have The post Park Slope tenants fight landlord’s order to ...

    • The following is a preview of one of the hundreds of data sets that will be available on TRD Pro, the one-stop real estate terminal that provides you with all the data and market information you need in one single location. Arriving summer 2021. Mind the gap? Each quarter brings reports from brokerages tracking Manhattan’s residential market — and each quarter there are unexplained gaps in those figures, painting a sometimes murky picture of the The post Untangling Manhattan’s myri...

    • Sometime this month, New York landlords and tenants will gain access to $2.3 billion in federal aid allocated by the state. The catch: They’ll have to work together to get it. In a year that’s pushed the cat-dog dichotomy of the landlord-tenant relationship to extremes, cooperation could be elusive. The law allows either party to start an application for relief. But for money to be doled out, tenants must request funds that will go directly The post Rent relief hinges on dwindling goodwill a...

    • High demand for housing and low supply delivered another quarter of record profits for Zillow. The Seattle-based real estate giant notched $52 million in net income during the first quarter, bolstered by a booming U.S. housing market. That compares to a $163.3 million loss during last year’s first quarter, as Zillow invested heavily in its nascent home-buying program, Zillow Offers. During the quarter Zillow generated $1.2 billion in revenue, up 8 percent year-over-year. By and The post Zillow...

    • The numbers don’t lie: Many more New York City residents relocated upstate last year than in 2019. But where specifically did they go? Three times as many New Yorkers switched addresses to Columbia County in 2020 than the previous year, and twice as many moved to Ulster County, according to the Times-Union. The data comes form a CBRE analysis of 29 million address changes reported by the U.S. Postal Service in 2020. New York wasn’t The post Pandemic pushed more New York City residents to the...

    • Colliers International reported strong results in the first quarter of 2021 — a rebound that company executives attributed, in part, to the firm’s strategy of acquiring companies that will diversify its portfolio. Last summer, the brokerage acquired Dougherty, whose subsidiaries provide loan servicing and mortgage lending, and Maser Consulting, an engineering and design consulting firm. Those new streams of revenue helped boost the company’s first quarter results: Its revenue was $775 mill...

    • Last Saturday, hundreds of guests gathered on Brooklyn Bridge Park’s Pier 6 for an event hosted by celebrity broker Ryan Serhant. The outdoor festivities culminated in more than 36 lights illuminating Quay Tower, the condo building that sits adjacent to the pier. The flashy message was intended to make a point: Douglas Elliman was out, and Serhant was in. Serhant’s upstart brokerage has replaced Elliman as the sales and marketing team for Quay Tower, developed The post Ryan Serhant’s broke...

    • If any pigs were seen flying over Lower Manhattan Tuesday, this would explain it: An $850 million development planned for the South Street Seaport Historic District was approved. The third time before the fussy Landmarks Preservation Commission was the charm for the Howard Hughes Corporation as the board voted 6 to 2 in favor of its downsized — but still sizable — project at 250 Water Street. The company’s proposal was among the most controversial The post Howard Hughes’ (slightly less) ...

    • With a post-pandemic economic recovery on the horizon, Vornado Realty Trust CEO Steve Roth is excited for the future — but a bit disappointed at the lack of distress in the market. While the real estate investment trust has been able to take advantage of previous downturns to find unique value-add opportunities, things haven’t worked out that way in this cycle, Roth said on Tuesday’s first quarter earnings call. “This has been kind of a The post Vornado’s Roth “disappointed” in lac...

    • LeBron James’ former Miami mansion has a new owner. Timo Kipp sold the waterfront Coconut Grove home at 3590 Crystal View Court to Jeff Conry, president of charter airline iAero Airways, for $12.8 million. Kipp and his now ex-wife Nathalia paid $13.4 million for the six-bedroom, 13,930-square-foot estate in 2015. Kipp formerly owned the Mayfair hotel nearby in Coconut Grove. The three-story home features eight bathrooms and one half-bath, a gym, playroom, theater, wine cellar, The post Former ...

    • Developer Jeff Sutton is betting big on the revival of New York City’s tourism industry. The founder of Wharton Properties filed a permit on April 29 to build a 26-story, 176,375-square-foot hotel at 25 West 34th Street, according to the Commercial Observer. The site is currently home to a 16,000-square-foot retail space that is being subleased by the fashion company Superdry. The new hotel would have 336 rooms, and retail on the ground floor. Sutton The post Jeff Sutton will replace Midtown r...

    • A New York medical marijuana company is dipping its feet into real estate. Columbia Care purchased a 34-acre site in Long Island to grow medicinal marijuana for $42.5 million in cash and stock, according to Crain’s. The site includes 740,000 square feet of operational greenhouse space. The Long Island site will produce newly approved cannabis forms, including the flower, according to Crain’s. Columbia Care operates 87 dispensaries in 11 states and Washington, D.C., and has The post Medical m...

    • The U.S. may be past the worst of the pandemic, but it could be in for another major crisis. With a federal moratorium on evictions scheduled to end June 30, millions of people who owe back rent could lose their homes if federal aid does not arrive in time, according to Politico. Congress has allocated about $50 billion to help struggling tenants and landlords, but most of it is being held up as state and The post Renters prepare for eviction crisis as aid is held up appeared first on The Real D...

    • The mystery buyer of former HFZ Capital executive Nir Meir’s Hamptons home has finally been revealed. New England Patriots owner Robert Kraft purchased the estate at 40 Meadow Lane in Bridgehampton in an off-market deal for $43 million, according to the Wall Street Journal. The property was at the center of litigation between Meir, who was previously a principal at HFZ, and the development firm’s founder, Ziel Feldman, along with the firm’s creditors. The wealthy The post Patriots owner Ro...

    • Compass is once again facing allegations of fraud by former employees. A lawsuit filed by two agents in Northern California alleges that Compass defrauded them out of millions of dollars in sales and commissions, HousingWire reported. The suit also claims that the New York-based brokerage reneged on its promises to give agents shares in the company. The plaintiffs are seeking class-action status for their suit. The complaint was filed by Lisa and Todd Sheppard, a The post Compass hit with anothe...

    • The lengthy saga between lender Maverick Real Estate Partners and landlord Chaskiel Strulovitch could be nearing an end. Of Strulovitch’s 31-building portfolio, 13 properties are up for sale while loans on the rest of the portfolio are either being reinstated or paid off, according to David Goldwasser, the chief restructuring officer handling the Chapter 11 bankruptcy. The dispute, which involves 18 entities connected to Strulovitch’s Brooklyn multifamily portfolio, goes back to 2017...

    • Alex Adjmi’s A&H Acquisitions bought a Crown Heights warehouse, one of eight mid-market investment sales in the city last week. Adjmi — who received a presidential pardon on Donald Trump’s last day in office in January — paid $15 million for the complex. Overall, the eight deals in the city totaled $127 million, and included three industrial complexes and two multifamily buildings. The total was far higher than the previous week’s $90 million for four The post Alex Adjmi’s A...

    • Andrew Chung’s Innovo Property Group is making another big bet on an industrial project in the Bronx. The developer is in contract to purchase a nine-acre site at 1110 Oak Point Avenue and 155 Tiffany Street in Hunts Point, according to materials posted on the real estate investing platform Crowdstreet. Innovo is aiming to raise equity for the $144 million project through the platform. Innovo plans to expand an existing structure to create a 340,000-square-foot The post Innovo Property Group a...

    • Certain residential and commercial tenants can now avoid eviction until at least Aug. 31. The state Senate and Assembly on Monday approved a measure that retroactively extends two recently expired laws that restrict evictions of residential and commercial tenants, as well as foreclosures on small landlords and businesses. Those seeking such protections must fill out hardship declaration forms, but do not have to submit proof that they are unable to pay. The bill extends two The post New York vot...

    • Major Food Group is serving up four new restaurants as part of its expansion in South Florida, The Real Deal has learned. The New York-based restaurant group, led by founders Mario Carbone, Rich Torrisi and Jeff Zalaznick, will open an Israeli concept in the South-of-Fifth neighborhood of Miami Beach and a French steakhouse in Brickell. It will also open two Sadelle’s restaurants, sources told TRD. Major Food Group inked a 10,000-square-foot lease for a Sadelle’s The post Major plans: Major ...

    • A new luxury apartment complex in Fort Lee has been sold for $55 million. The Pinnacle, a 142-unit rental building at 69 Main Street along the Palisades, was developed by Philadelphia-based Pennrose. The complex was sold to a joint venture between Blue Diamond Equities and Skywood Properties, according to the Kislak Company, a commercial real estate brokerage firm based in Woodbridge, New Jersey. The sale price works out to just shy of $390,000 per unit. The post Luxury rental complex in Fort Le...

    • The proposal to rezone Soho and Noho can technically move forward — but it remains on hold for now. Judge Arthur Engoron on Monday declined to issue a temporary restraining order barring the Department of City Planning from certifying the rezoning application, saying community groups fighting the proposal failed to show “immediate and irreparable harm.” Those groups and area residents filed a lawsuit last week seeking to halt the rezoning, alleging that the hearings held The post Judge dec...

    • Eli Broad, who founded a multibillion-dollar homebuilding firm and went on to become one of Los Angeles’ most influential and prolific philanthropists, died Friday at 87. He amassed a nearly $7 billion fortune and gave away an estimated $2 billion to support the arts, medical research, education and other endeavors, according to the Los Angeles Times and Associated Press. “Eli Broad, simply put, was L.A.’s most influential private citizen of his generation,” Los Angeles Mayor The post De...

    • The total of asking prices for luxury contracts in Brooklyn climbed for the fifth week in a row. Forty homes asking more than $2 million went into contract last week, according to Compass’ weekly report. The total of those contracts’ asking prices was $124.8 million, up from the previous week’s $108 million. That’s the second highest total for asking prices since the week of March 22, when $133 million worth of contracts were signed. The The post Brooklyn nets $125M in signed luxury cont...

    • Last week, Mayor Bill de Blasio vowed that New York City would fully reopen by July 1, just in time for weary city residents to have a “summer of fun.” It wasn’t his call to make, but — perhaps by design — it appears that day will come much sooner. His longtime nemesis Gov. Andrew Cuomo announced today that most capacity restrictions will be lifted throughout New York state, as well as in Connecticut and The post NY to lift Covid capacity restrictions May 19 appeared first on The Real ...

    • Four months in and 2021 has officially bested all of 2020 when it comes to luxury real estate deals in Manhattan. Last week saw 41 luxury contracts signed in the borough, bringing the total number of deals so far this year to 652, according to Olshan Realty’s weekly report. That’s seven more than were signed in all of 2020. And the total dollar amount for luxury contracts signed in the first four months of 2021 The post More Manhattan luxury contracts have been signed in 2021 than in all of ...

    • Avery Hall Investments had hoped to launch sales months ago at its Downtown Brooklyn condominium project. But the developer, citing the sluggish luxury condo market, is changing the 122-unit, $250-million development to a luxury rental complex. Its lenders and partners are on board with the switch. “We felt the right move for us and our investors and partners was to [create] a rental portfolio,” Avi Fisher, a founding partner of the company, told Bloomberg News, The post Shifting gears: Broo...

    • Developer Jack Klugmann landed a nearly $400 million loan from Madison Realty Capital for a portfolio of North Jersey apartments and a large development site at the former Newark Bears stadium. Klugmann’s Accurate Builders & Developers received a $395 million loan for the properties, which include more than 1,000 recently completed units and a large site where the developer plans to build 4,200 apartments. “We’re going to be building a min-city over here,&#8221...

    • A week before the country went into lockdown last year, Avenue 8, a mobile-first residential brokerage, made its first agent hire. Now, the company has nearly 100 agents and said Monday that it has nabbed $14 million in new funding. The San Francisco-based company said the Series A will fuel its expansion beyond Southern California to new markets, including New York and Miami. “Brokerages of the past functioned as companies that agents worked at,” said The post Avenue 8, a mobile-first broke...

    • Three lucky CoStar employees and their guests will be heading to Barbados on a private plane, with all expenses paid by their employer. Who gets to take the fancy trip? Winners of a lottery that’s available only to workers who are vaccinated and physically present in their office, according to the Wall Street Journal. Office occupancy rates remain low as employees continue working from home. So employers — and real estate companies in particular — The post CoStar lures workers back to offi...

    • For more than 20 years, a Long Island man has been living in the house that he had long lost to foreclosure. Guramrit Hanspal, 52, bought a 2,081-square-foot home in East Meadow for $232,000 in 1998, according to the New York Post. He made just one mortgage payment of $1,602.37 before defaulting on the loan. Washington Mutual, which had issued the loan, foreclosed on the home in 2000. After Washington Mutual went down in the The post Long Island man evades eviction for 20 years appeared first on...

    • Kirsten Jordan drinks her morning tea from a Wonder Woman mug — fitting for the Douglas Elliman agent, who is the first woman to join the cast of Bravo’s “Million Dollar Listing New York.” Jordan talked to The Real Deal from her Upper West Side home about her decision to join the cast and put her business and family on television. “I can’t say I ever spent a ton of time fantasizing about being on The post Meet Kirsten Jordan, MDLNY’s new female cast member appeared first on The Rea...

    • New York City’s investment sales market hit a new low in the first quarter of 2021. The total dollar volume of deals recorded in the first quarter was $1.84 billion, down 75 percent compared from the same period last year, and down 67 percent from the fourth quarter of 2020, according to Ariel Property Advisors’ quarterly investment sales report. There were 311 total closed i-sales between January and March. While the data would seem to The post NY investment sales hit lowest point since pan...

    • With just three days until its preliminary vote, the city’s rent board is still one landlord voice short. The nine-person Rent Guidelines Board is poised to cast its preliminary vote Wednesday on what rent increases should be permitted on stabilized apartments for one- and two-year leases. The board usually consists of the chair, two tenant representatives, two owner representatives and four members who represent the general public. All are appointed by the mayor. Patti Stone, The post City re...

    • Proptech’s payday A year ago, Redfin CEO Glenn Kelman said he would forgo a salary after the tech brokerage had to furlough 40 percent of agents and staff. Other CEOs followed suit. But in the end, the pandemic didn’t cause a housing meltdown or a meaningful deterioration in CEO pay. In 2020, CoStar’s Andy Florance was compensated $21.3 million, according to the company’s recently filed proxy statement. Behind him was eXp World Holdings’ Glenn Sanford The post Proptech CEO pay,...

    • Last spring, Newmark broker Ken Zakin was hustling to find a buyer for a client’s retail property in Queens. The tenants had stopped paying rent because of the pandemic, leading to a major loss in income for the landlords, a family that owned the building for four decades. Zakin planned to take advantage of the 1031 exchange program, which allows real estate investors to swap one investment property for another while deferring capital gains taxes. The post Biden’s proposal to cut 1031 exchan...

    • Gloria Gaynor is saying goodbye to her longtime suburban New Jersey home. The Newark-born singer, best known for the megahit “I Will Survive,” is asking $1.25 million for the 5,318-square-foot in Green Brook, according to the New York Times. She previously put it on the market in 2019 and then again at the beginning of the Covid-19 pandemic. The housing market has picked back up in the past year. The home was built in 1988 The post Gloria Gaynor lists longtime suburban NJ home appeared first...

    • The city of San Francisco is projecting its property tax base will decline for the first time in more than a quarter-century. The city controller’s office projects that the city’s commercial and residential tax base fell 0.46 percent last year, from $301.4 billion to $300 billion, according to Bloomberg. That would result in a $7.6 million loss in revenue for the fiscal year starting in July. It would be the first such drop since 1994 The post San Francisco’s tax base to decline for first ...

    • The City of London plans to convert empty office spaces into apartments over the next decade. The City of London Corporation, the governing body for the roughly square-mile district at the center of the wider city of London, wants to create 1,500 apartments by 2030 under a plan released Tuesday, according to the New York Times. The City of London sits on the north side of London Bridge and is the British capital’s central financial The post Plan would convert London offices into 1,500 apartmen...

    • Wondering what could become of unused commercial space in Manhattan? Hype house-esque influencer co-working spaces and an esports facility were among the ideas pitched by students in Columbia University’s Real Estate Development Program. The projects were the close of a semester-long course, Real Estate Media and Marketing, taught by The Real Deal Publisher Amir Korangy. For the competition’s judges — Lightstone Group CEO David Lichtenstein and JDS Development Group CEO Michael Stern — t...

    • Rents declined on two-thirds of retail strips in the Asia Pacific region in pandemic-ravaged 2020. Hong Kong’s retail districts saw the most significant decline of any submarket in the region. Rents fell 43 percent over the year, according to a Cushman & Wakefield study reported by Business of Fashion. Still, Hong Kong remained the most expensive place in the region to rent retail space, followed by Tokyo and Sydney. Meanwhile, mainland China saw the lowest The post Rents declined on ...

    • Less than two weeks after the de Blasio administration claimed victory in one rezoning fight, it is facing yet another. A new lawsuit seeks to halt the rezoning of Soho and Noho, alleging that the mayor is exploiting the pandemic before his term expires in December. The Department of City Planning is scheduled to certify the rezoning application on Monday, starting the city’s seven-month review process. The lawsuit asks the court for an emergency order The post Lawsuit seeks to halt Soho rezon...

    • A new bill seeks to reform the lease renewal process for retailers by giving businesses the opportunity to extend their leases — regardless of what their landlord says. The City Council bill, introduced by Helen Rosenthal, a Manhattan Democrat, would mandate that for leases greater than one year, landlords notify tenants whether or not they intend to renew 120 days before it expires. If the landlord declines to renew, tenants will have the one-time option The post New bill would mandate retail...

    • You get what you get, and you don’t get upset. Especially if you get $15 million. Brokerage founder Leslie J. Garfield’s former West Village townhouse sold for that amount this month, about $8 million less than its asking price three years ago. The seller, developer David Slaven of Maspeth-based Red Brick Properties, paid Garfield $7.65 million for the Greek Revival home at 313 West 4th Street in 2015. He spent two years renovating and listed The post Leslie J. Garfield’s former townhouse ...

    • “South Florida by the numbers” is a web feature that catalogs the most notable, quirky and surprising real estate statistics. Miami…start your engines! The region’s hopes for post-pandemic momentum was super-fueled by Formula One’s recent commitment to hold annual races at Hard Rock Stadium, beginning in the second quarter of 2022. This will establish a diverse quadfecta of high-scale international events held in South Florida over the tourist season that will include Art Basel in The ...

    • Logistics investor Elion Partners is picking up yet another warehouse in the New York area. The South Florida-based landlord paid $58.1 million to buy a large warehouse in Jamaica, Queens, the company announced this week. The purchase price works out to about $320 per square foot for the 180,000-square-foot property at 182-20 Liberty Avenue. The sellers are two private families that ran their wholesaling businesses out of the building. They entered into a short-term sale-leaseback The post Elion...

    • New York City restaurateurs can breathe a sigh of relief: The rules for indoor dining in the five boroughs will finally match those of the rest of the state. Gov. Andrew Cuomo announced Friday that starting May 7, indoor dining capacity for NYC restaurants will be raised to 75 percent. Restaurants outside of the city have been able to operate at 75 percent capacity since March 19. “After a long and incredibly difficult fight, New The post Cuomo ups NYC indoor dining capacity to 75% app...

    • Even the most high-powered analyst may find themselves longing for some peace and quiet away from the bustle of Wall Street. But the residential market outside of New York has been booming, so buyers have to be bullish if they want to secure a suburban asset. Ready to hedge your bets? Our editors have compiled homes on the market in the tri-state area that would please financiers of all stripes, from the grizzled industry vet The post 5 NYC-area homes fit for financiers appeared first on The Rea...

    • New York City hotels won’t be able to party like it’s 2019 until 2025. Occupancy rates in the city won’t recover to pre-pandemic levels until halfway through the decade, according to a new CBRE study reported by the Commercial Observer. The commercial brokerage firm expects revenue per available room to hit 2019 levels by 2024, with occupancy rates reaching 74 percent in 2022 and 86 percent in 2025. CBRE’s report predicts an average occupancy of The post Outlook for hotels improves — f...

    • The SPAC attack is back for a San Francisco-based hospitality startup. Sonder confirmed Friday that it will go public by merging with a SPAC backed by billionaires Alec Gores and Dean Metropoulos. The company scored a valuation of $2.2 billion in the deal and expects to reap $650 million in the offering, Reuters reported. The SPAC that Sonder will merge with, Gores Metropoulos II, raised $450 million in its initial public offering in January. An The post Sonder will merge with SPAC to go public ...

    • Remember the financial crisis? Banks do. Lenders are being stingy about granting home equity lines of credit even as home values have soared, the Wall Street Journal reported. Blame the pandemic and memories of the late 2000s, when millions of homes went into foreclosure. Citibank stopped accepting new applications for home equity lines of credit, or helocs, on March 3, because of “market conditions,” according to the Journal. J.P. Morgan Chase and Wells Fargo halted The post Home values are...

    • The megaproject is the largest to come out of the pandemic era and one of the most ambitious Los Angeles has seen in years. Continuum Partners wants to build a $2 billion mixed-use development that would deliver 1,500 residential units, office space and a hotel in the Arts District, near Skid Row. Plans were revealed early Thursday, according to the Los Angeles Times, which first reported the story. Called Fourth & Central, the complex would The post Continuum Partners plans $2B megapro...

    • Buying and renovating high-end real estate in Manhattan can be complicated. Sky-high prices and persnickety co-op boards may scare off skittish buyers, and many agents and owners have struggled to get their listings noticed. And when it comes time to refurbish a place, less-than-ideal layouts and strict building rules can make the task seem overwhelming. That’s where Lee Stahl, founder of the luxury renovation firm The Renovated Home, comes in. “No matter what the apartment The post WATCH: W...