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    • Former San Francisco 49ers head coach and Bay Area local Jim Harbaugh looks to sell his estate in the tony community of Atherton. Harbaugh, the head football coach at the University of Michigan, is asking $13 million for the 1.3-acre property, more than twice the $6.3 million he paid for it in 2012, according to the Los Angeles Times. The property includes an 8,500-square-foot home and a guest house with five bedrooms and eight bathrooms The post Michigan coach Jim Harbaugh lists Bay Area estate...

    • The Metropolitan Museum of Art in Manhattan dates back to 1880. The Museum of Fine Arts, Boston was built a decade before that. Both iconic and massive institutions hold some of the most important artworks in the world, but they don’t exactly hold their own when it comes to energy efficiency. Now, they are among 79 art institutions across the country that have received $5.1 million total from the Helen Frankenthaler Foundation to help upgrade The post Met Museum among art institutions to get ...

    • The hits keep coming for Evergrande Group, China’s second-largest property developer. The company’s stock price has dropped more than 70 percent in the last year, its bonds are at record lows, it is in deep debt and on Monday, S&P Global Rating cut its credit rating two notches, according to Bloomberg. A day after that, the firm’s stock price sank 13 percent after it announced it would not pay out a special dividend. Evergrande is The post China’s 2nd largest property developer ...

    • Target has a history of taking over abandoned locations left behind by other retailers. This time, however, another chain is moving into the site where a Target once stood. Hard-surface flooring retailer Floor & Decor is opening up its second Long Island location at 4 Henry Street in Commack, Newsday reported. The new location includes a 95,000-square-foot warehouse store and a design center. The store is expected to employ 50 people, both part-time and full-time. The post Floor &#0...

    • The Department of Justice has ruled that the Treasury Department must surrender former president Donald Trump’s tax returns to congressional investigators. The House Ways and Means Committee requested returns from Trump’s taxes dating back to the years before his presidency. The Trump administration was unwilling to hand over the taxes, so the committee sued for them, according to the New York Times. The committee asked for the documents as part of a review of the The post Treasury Departmen...

    • Those looking to live like a Vanderbilt may be interested in a new listing in Turtle Bay. Gloria Vanderbilt’s son, CNN anchor Anderson Cooper, is selling the apartment at 30 Beekman Place where his late mother lived for more than two decades, the New York Times reported. Listed by Ileen Schoenfeld and Aracely Moran of Brown Harris Stevens, the apartment is asking $1.125 million, plus $4,311 in monthly maintenance. Vanderbilt’s home comes with two bedrooms, The post Gloria Vanderbilt’s Beek...

    • For the first time since the onset of the pandemic, Columbia Property Trust reported a net quarterly loss. Revenue for the second quarter was $63.4 million — down 20 percent from a year ago and down 1.5 percent from the first quarter — and the firm lost about $6 million. The real estate investment trust’s normalized funds from operations per share was $0.32, down 20 percent from a year ago, and down 8.6 percent from The post Columbia Property Trust reports first net loss of pandemic appear...

    • More rent relief is on the way for some Jersey City tenants and landlords, but with caveats. The mayor’s office and housing authority will provide up to $10,000 in rental assistance per household to low-income families in small-unit buildings. Qualifying families in owner-occupied buildings with fewer than five apartments will get priority, the mayor’s office announced last week. Participating landlords cannot evict the tenant or raise rent for a minimum of one year after receiving The post ...

    • Signs abound that foreign home buyers are returning to the New York City market. Data to verify what some real estate agents are saying are scant, though. The pandemic made it unrealistic for international buyers to purchase real estate in the United States, given the travel restrictions and uncertainty about how high-end markets such as Manhattan would fare post-Covid. Some realtors are seeing a rebound in international interest, however, according to the New York Post. The post Some say foreig...

    • Robert Durst’s lead attorney wants the real estate scion’s murder trial to be stopped, claiming he is “too sick to continue.” Dick DeGuerin made another request for a mistrial to Los Angeles County Superior Court Judge Mark Windham on Thursday, according to the Los Angeles Daily News. The trial restarted with opening statements on May 18. Durst is on trial for the 2000 killing of friend Susan Berman at her home in Benedict Canyon. The The post Robert Durst “too sick to continue” murd...

    • Susan Rice is taking up the mantle of fighting housing inequity, serving as co-chair for a task force studying inequity in home appraisals. The former U.N. ambassador and Obama administration national security advisor will lead the new interagency task force along with HUD Secretary Marcia Fudge, HousingWire reported Thursday. The Property Appraisal and Valuation Equity task force, which will also include the secretaries of Agriculture, Labor, Education and Veterans Affairs, is expected to deliv...

    • As President Joe Biden scrambles to save the federal eviction moratorium, some tenant advocates are expressing frustration that he waited until the 11th hour. The eviction moratorium is set to expire Saturday, which could leave millions of Americans in danger of being kicked out of their homes. Rep. Alexandria Ocasio-Cortez is among those lashing out at Biden, according to Bloomberg News. Ocasio-Cortez said the situation could have been avoided with “more forthright leadership from the The pos...

    • Atlas Hospitality is diving into the pool of uncertainty that is New York City’s hotel industry, planning a 401-key establishment in the heart of Midtown. The hospitality firm filed plans with the Department of Buildings for a hotel at 711 Seventh Avenue. The approximately 140,000-square-foot hotel will be 32 stories and 343 feet tall, Crain’s reported. Prolific hotel architect Gene Kaufman is the designer of the building, which has no brand yet. The goal for The post Atlas plans 401-room ho...

    • Proptech startup Social Construct is shutting down operations, The Real Deal has learned. The construction-tech outfit, which aimed to streamline building planning and assembly with software and automation, will officially wind down in the fourth quarter, but the staff’s last day will be Aug. 1. Co-founders Ben Huh and Michael Yarne will stay on through the end of the year “to make sure our customers will be supported,” Huh said, adding that remaining employees were The post Proptech start...

    • Shaun Osher has launched a war on two fronts against developer Harry Macklowe and investment firm Churchill Real Estate. Osher, the founder and CEO of Core Real Estate, is seeking $950,000 in termination fees that he says they collectively owe him after removing Core as the exclusive firm handling sales at three projects. Osher sued Macklowe July 16, alleging that Core was owed $750,000 because its agreement to lead condo sales at One Wall Street The post Dumped by Macklowe and Churchill, Core R...

    • AEW Capital Management purchased a half-new, half-renovated boutique office building in Soho for $86.2 million. The Boston-based global real estate investment manager purchased the 98,400 square-foot building at 163 Varick Street, also known as 60 Charlton Street, from APF Properties this month, according to property records. APF had purchased the property in 2017 for about $65 million when it was half its current size. After gutting the former six-story industrial building, it added six floors ...

    • Trust for iBuyers is not the only thing rising in the industry, as the prices they are offering for homes is also surging. A new report from real estate technology company zavvie on iBuying transactions over the first half of 2021 found that offers from iBuyers were on average 104.1 percent of market value, according to Inman. That’s a marked increase from 2020, when iBuyers offers were coming in at 97.6 percent. Offerpad, Opendoor, Zillow The post iBuyers upping offers as housing market rises...

    • Empire State Realty Trust is bracing for its second largest tenant to exit its most iconic office property. While the real estate investment trust reported a second quarter uptick in leases across its portfolio, CEO Tony Malkin shared the news on Thursday that GBG, which leases 353,000 square feet at the Empire State Building, had just filed Chapter 11 proceedings. But Malkin told analysts at the earnings call that “we’ve been on top of this The post ESRT braces for more pain at Empi...

    • After surging in May, the pace of homes under contract fell 1.9 percent in June — both year-over-year and month-over-month — according to the National Association of Realtors’ monthly index. Lawrence Yun, NAR’s chief economist, described recent ups and downs in the pending sales index as indicative of a “turning point for the market.” “Buyers are still interested and want to own a home, but record-high home prices are causing some to retreat,” he said The post Slo...

    • UPDATED Thursday July 29, 2021 at 7:22 p.m.: The Vessel is closed again after a 14-year-old boy jumped to his death from the eighth level of the 16-story structure Thursday afternoon, a spokesperson for the New York Police Department said. Witnesses saw the boy jump from the Hudson Yards’ landmark and authorities said his injuries were consistent with a fall. Related Companies, which owns and operates the Vessel, has closed the structure and is conducting The post Hudson Yards Vessel closed ag...

    • South Florida appears to be having an inspirational effect on Jared Kushner. The ex-White House adviser and son-in-law of former President Donald Trump is launching a Miami-based investment firm called Affinity Partners. Kushner has spent the past six months with his wife Ivanka Trump in Surfside, where he’s been working on a book about his White House experiences as a top adviser to Trump. The power couple is renting a luxury condo in developer Alex The post Jared Kushner to launch Miami inve...

    • The nation’s largest single-family rental player is expanding. Invitation Homes will buy 7,500 new homes over the next five years from PulteGroup, the third-largest homebuilder in the U.S., in a bid to capture explosive demand from renters seeking more space. The partnership will not yield a significant change in the firm’s overall strategy, it said, but will grow Invitation Homes’ portfolio by nearly 10 percent — the company owns just over 80,000 homes across the The post Invitation Hom...

    • In another eleventh-hour intervention, President Biden is urging Congress to extend the federal ban on evictions past its scheduled expiration on July 31. In a statement Thursday morning, the White House cited the spread of the Delta variant, particularly among Americans “both most likely to face evictions and lacking vaccinations” as grounds for continuing the ban past the end of the month. Covid cases have surged 146 percent nationwide over the past two weeks, according The post Biden to C...

    • Expect more blockbuster deals from CBRE on the heels of its $1.3 billion investment in global project manager Turner & Townsend. “​​We still have a very strong M&A pipeline. I think we’re going to look to do more deals like Turner & Townsend,” said newly promoted chief financial officer Emma Giamartino on CBRE’s second-quarter earnings call Thursday. The world’s largest real estate services firm is sitting on a pile of money it’s looking to put The post...

    • GLP Capital Partners has raised $2.3 billion for its logistics property fund, exceeding its goal in a sector that gained strength throughout the pandemic and remains hot. The company announced the final close of GLP Capital Partners IV on Wednesday, saying its target raise had been $2 billion. The North American fund has already committed more than $1 billion to 25 million square feet worth of properties, including those in Southern California and South Florida, The post GLP raises $2.3B for log...

    • 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 all the data and market information you need. Eight miles north of Austin’s central business district, the Domain shopping center complex sits near one of the city’s main technology corridors, where companies such as Apple, Amazon, Facebook and IBM are driving demand. The 1.2 million-square-foot open-air lifestyle The post Here’s what tenants ...

    • Realogy’s continuing to ride the housing market’s strong wave and welcomes a work-from-home future. The brokerage giant reported nearly $2.3 billion in revenue in the second quarter, an 81 percent jump over the same period last year, when activity in many housing markets was frozen due to lockdown restrictions. The company logged its fourth consecutive quarterly gain in transaction volume, up 85 percent from the second quarter last year and up 41 percent from the The post Realogy CEO: remote...

    • Two more major tech companies are dialing back plans for a return to the office, in the latest reaction to the spread of the Delta variant. Google will not be requiring its employees to return to the office until October, with no employees required to report in-person until Oct. 18, the New York Post reported. There is a chance the return date will be pushed back again, though employees will receive 30 days’ notice. The The post Twitter, Google latest big companies to delay office returns appe...

    • The recently closed Astor Place Kmart will be replaced by Wegmans, a regional grocery chain that originated in Rochester, New York. Wegmans Food Markets aims to open the store at Vornado Realty Trust’s 770 Broadway in the second half of 2023, Wegmans and Vornado announced. It will be the second Wegmans in New York City, following the opening of its first store in the Brooklyn Navy Yard in October 2019. “We are so excited to The post Wegmans to replace Astor Place Kmart appeared first on The ...

    • UPDATED July 29, 2021, 7:15 p.m.: Nonunion employees of the Durst Organization have a decision to make: get vaccinated or get a new job. The development firm gave its corporate employees until Sept. 6 — the day after Labor Day — to be vaccinated against Covid. If they are not, those employees will be fired, Crain’s reported. The only exemptions from the policy are for religious or medical reasons. A Durst spokesperson told The Real The post Durst to fire unvaccinated corporate employees Se...

    • While the office market grapples with the Delta variant, life science labs are enjoying a boom. In fact, many new labs are actually conversions from offices. The life science industry saw record investments in North America last year, bringing in $70 billion of capital investments. In six large industry markets, 20 percent of laboratory spaces being constructed are office conversions, the New York Times reported. Investors have put more than $10 billion into life science The post Conversions fro...

    • A Salvation Army building in Greenwich Village will be redeveloped into contemporary offices by KPG Funds. The Soho-based firm, whose business model is to purchase aging but architecturally significant buildings and convert their Class B and C office space into Class A, signed a 99-year ground lease Wednesday for 132 West 14th Street with the Salvation Army. With 75 feet of frontage, the lobby of the aptly named “Le Gallerie” will also serve as an The post KPG signs long-term ground lease fo...

    • Albert Behler, CEO of Paramount Group and patient father to its Midtown offices, still expects his underperforming kids to turn things around. “Every child has a different character. So every building has a different character and every lease is different,” Behler said Wednesday, sidestepping an analyst’s question about what price 500,000 vacant square feet at 1301 Sixth Avenue could command. If children are products of their environments, the office REIT could hardly have picked w...

    • An iBuyer revolution is still percolating in the residential real estate market, but homeowners are certainly becoming more trustworthy of the sector. A new survey from 1000watt of 600 homeowners across the United States found 82 percent of them prepared to respond positively to an iBuyer pitch, Inman reported. That bodes well for firms such as Zillow, Opendoor and Offerpad. An iBuyer is typically willing to pay fair value for a home in cash, closing The post Bad news for agents: Buyers warming ...

    • Frank Sciame is celebrating the Roaring 2020s with a Long Island estate worthy of Jay Gatsby. The New York builder announced Tuesday that he is buying the Cashelmara Estate, a 32,000-square-foot mansion in Glen Cove, Long Island, whose owner died last year. Sciame, the founder and CEO of Sciame Construction, didn’t say how much he agreed to pay for the property, which fronts the Long Island Sound and Glen Cove Golf Course. But the most The post Frank Sciame buys massive Gold Coast mansion. Now...

    • International sales were severely hampered by the pandemic in 2020, but buyers from several countries still managed to pluck down big bucks for U.S. homes. Barely more than 100,000 homes were sold to foreign buyers from April 2020 to March 2021, according to a National Association of Realtors analysis reported by Inman. Three in 10 home purchases by foreign buyers came from one of five countries, Inman reports. Unsurprisingly, buyers from neighboring countries made up The post Here’s w...

    • Commercial property sales are broadly rebounding to pre-pandemic levels across the country, though the same success isn’t being seen in select markets that dominated before the pandemic. Investors spent $144.7 billion on commercial property during the second quarter, nearly three-times the amount recorded in the same period last year, the Wall Street Journal reported, citing data from Real Capital Analytics. While it is unsurprising that more property was sold this year than in the early The p...

    • The pandemic hit the bottom line of Sam Zell’s Equity Residential pretty hard, but the worst is finally in the rear-view mirror, executives of the real estate investment trust said Wednesday. “We acknowledge how badly our operations declined over the last 16 months,” said Michael Manelis, the chief operating officer, during an earnings call. “But the current recovery appears to be strong enough to both quickly recapture all that was lost in the pandemic and The post Sam Zell’s Equity R...

    • A San Francisco condo association that argued some of its owners were being “cooked” inside their homes settled with their building’s developers for nearly $10 million. The ruling, which could have an effect on future construction, blamed the designers of the high rise for failing to account for how hot the west- and south-facing units could become when sunlight hit their all-glass walls. “We found that the condominium’s inadequate ventilation failed to purge the heat The post Nearly $...

    • In three days, the federal ban on evictions is set to expire, allowing landlords in most states to take non-paying tenants to court. But property owners say they deserve more than the freedom to join a backlogged docket. They want money. The National Apartment Association, a landlord group, filed a lawsuit in federal claims court Tuesday demanding that the federal government compensate housing providers who have “suffered severe economic losses” during the eviction moratorium imposed The pos...

    • Unibail-Rodamco-Westfield will look to sell its regional malls in the U.S. as it struggles to recover from the pandemic’s brutal impact on the retail sector. The Paris-based mall giant and investment firm posted a $652.6 million companywide loss for the first half of the year, it said in an earnings call Wednesday. That total still marked a significant improvement from the $4.6 billion loss it suffered in the second half of 2020. The firm’s coast The post Unibail-Rodamco plans “radical red...

    • Hospitality mogul David Grutman and rapper and entrepreneur Pharrell Williams could use some good vibes for their Goodtime Hotel. The hotel, which opened at 601 Washington Avenue in April, is at risk of losing parts of its conditional use permit following nearly 30 noise violations. The Miami Beach Planning Board will hold a hearing over revoking the entertainment permit for its rooftop pool deck on Sept. 28. The motion to hold a revocation hearing was The post Too much of a good time? David Gru...

    • As the Delta variant fuels a nationwide surge in Covid cases, employers’ return-to-work plans are being thrown into a state of flux. This week, the CDC updated its public health recommendations, imploring the fully vaccinated to resume wearing masks indoors in “substantial or high-transmission” areas — classifications that currently cover more than 60 percent of U.S. counties. Office tenants are now preparing to deal with the fallout, according to the New York Times. Many employers The p...

    • The second-quarter performance of New York’s largest multifamily lender shows the city’s rental market has regained its footing. New York Community Bank reported 4 percent annualized growth in its multifamily loan portfolio last quarter to $32.6 billion. In the same period, multifamily loan originations jumped by 42 percent to $2.1 billion, powering a 21 percent overall increase in originations. Meanwhile, rent collection by the bank’s loan recipients was steady at pre-pandemic levels and ...

    • One of the nation’s largest office landlords isn’t worried about the rise of remote work. While the continued work-from-home trend will have a long-term impact on the office market, the threat is “overstated” for landlords of Class A office space, Boston Properties CEO Owen Thomas said Wednesday. “The market is concerned … We acknowledge that’s the case,” Thomas said on the real estate investment trust’s second-quarter earnings call. The expansion of remote work has been The po...

    • Banks are among the institutions taking advantage of a hot housing market by shedding mortgage risk with a new kind of bond. The bond shares the risk of mortgage and loan default with institutional investors. The bonds are backed by short-term loans made from banks to mortgage lenders, according to the Wall Street Journal. When people borrowing from those lenders default, bond investors essentially cover the loss. Banks are raising capital with the bonds — The post Rise in home prices frees ba...

    • In one of its biggest acquisitions ever, CBRE is paying $1.3 billion for a majority stake project manager Turner & Townsend. The world’s biggest commercial real estate services firm is acquiring 60 percent of the London-based company. The acquisition is expected to close in the fourth quarter, according to the Wall Street Journal and a press release, with Turner & Townsend’s leadership team remaining in place and retaining a 40 percent stake. The impetus for The post CBRE p...

    • Why fight City Hall when you can make real estate deals with it instead? The City of New York was active in the property market last week as both a buyer and seller, scooping up land for schools in Inwood while selling development rights in Greenpoint. The week’s largest deal was for a homeless shelter in Hell’s Kitchen sold by Triumph Hotels co-founder Shimmie Horn for just over $25 million. The building is operated by The post City agencies grease the wheels of investment sales appeared fi...

    • In the commercial mortgage-backed securities world, conduit loans have always been the bread and butter of the market. But while CMBS issuance has come roaring back this year after a rough 2020, conduit loan issuance — which involves long-term refinancing loans that get packaged with other loans, securitized and sold to investors — is still lagging. Two other types of CMBS loans have accounted for the bulk of new issuance this year: commercial real estate The post CMBS loan issuance is boomi...

    • CoStar Group’s second quarter profits fell after a strong first quarter even as traffic on its analytics and online marketplace jumped. The real estate data giant posted $61 million in net income from April through June, down 17.5 percent from the $74 million in Q1, it reported Tuesday afternoon. Second quarter profits were about flat compared to the same period in 2020, when the pandemic first took hold. Before the start of 2021, the company The post CoStar Q2 net income down 17% appeared fir...

    • The Chetrit brothers are using some of their Uniqlo cash to buy a stake in a $400 million apartment portfolio. Isaac and Eli Chetrit are in contract to acquire a roughly 50 percent interest in a group of Manhattan multifamily buildings owned by Josh Gotlib’s Black Spruce Management for approximately $200 million, sources told The Real Deal. The recapitalization values the 60-building portfolio at about $400 million, and comes as the city’s investment sales market The post Chetrits to invest ...

    • If at first you don’t succeed, try, try again. At least, that’s Matt Lauer’s plan for selling his massive Hamptons estate on the Peconic River. The disgraced former “Today” show host has attempted to unload his home in North Haven on and off for years. He has now put it back on the market with a price of $44 million, according to the New York Post. The home covers almost 14,000 square feet and sits The post Matt Lauer exposes Hamptons estate to the market appeared first on The Real Dea...

    • The proptech revolution is accelerating as building operators turn to big data to monitor everything from tenant relations to their properties’ energy use. “Companies are making every piece of information available to every single person in the organization,” Anita Kramer, senior vice president at the Urban Land Institute Center for Capital Markets and Real Estate, said in an interview. “That’s powerful.” In a new ULI survey, real estate owners...

    • UPDATED, 6:30 p.m., July 27: The Birch Group has acquired a two-building office portfolio totaling 200,000 square feet in Princeton, New Jersey, as the company says it’s moving forward with its suburban office expansion. The investment firm paid $47.3 million for a pair of three-story buildings at 600 and 700 Alexander Park Drive, it announced. The seller was BentallGreenOak. Natixis provided the $37.8 million acquisition loan. JLL’s Kevin O’Hearn and Jose Cruz represented the seller The p...

    • Brooklyn’s luxury market activity continued its downward slide last week. There were 19 luxury contracts inked last week in Brooklyn, according to Compass’s weekly report on contracts for homes in the borough at asking prices of $2 million or higher. The combined value of the contracts was $60 million, with a median asking price of $2.89 million. Of the 19 transactions, apart from three condos, all properties were townhouses. The prior week saw 21 contracts The post Dumbo penthouse leads Bro...

    • A mattress magnate has found a new place to lay his head at night. The co-founder of mattress company Casper, Luke Sherwin, and his chef wife Clare De Boer have purchased a Park Slope townhouse at 605 3rd Street in all cash for $5.025 million, according to newly released property records. The 4,000-square-foot property is located in a historic district on a tree-lined street that is steps away from Prospect Park. It is surrounded by The post Firm offer: Casper co-founder pays $275K over ask in P...

    • Watch the latest video at foxbusiness.com Video via FOX The CEO of Douglas Elliman is tying New York City’s real estate recovery to public safety amid concerns over rising crime. “People are afraid to actually walk in the city anymore,” Dottie Herman said while a guest on FOX Business’ “Cavuto: Coast to Coast” Monday. “From everything I hear — and I’m out there all the time — the biggest problem is crime.” Herman also raised The post Elliman CEO: ‘People are afrai...

    • Manhattan Community Board 2 voted overwhelmingly Monday night to reject the Soho/Noho rezoning proposed by the de Blasio administration. The 50-member board’s vote is only advisory, but its resolution against the plan represents a speed bump in the seven-month land use review, which will ultimately be decided by City Council members Margaret Chin and Carlina Rivera. The two members have said they want changes to ensure more affordable housing is built and preserved. Board member The post Manha...

    • As home sales stagnated in the spring, a nationwide seller’s market saw prices continue to skyrocket. Housing prices broke records for the third consecutive month in May, surging 16.6 percent over May 2020 — the highest year-over-year jump in more than 30 years of data collected by the S&P CoreLogic Case-Shiller index. “A month ago, I described April’s performance as ‘truly extraordinary,’ and this month I find myself running out of superlatives,” said Craig Lazzara, The p...

    • The newest Moxy Hotel in New York City is moving forward with the assistance of a $130 million construction loan. Developer Lightstone Group recently secured a $90 million senior loan from MSD Partners for the planned Lower East Side hotel at 145 Bowery, in addition to $40 million in mezzanine debt from Lionheart Strategic Management, Commercial Observer reported. The 303-key hotel will be the fourth in New York City under the Moxy brand. Once completed, The post Lightstone receives $130M constr...

    • Shorewood Real Estate Group is cooking up a mixed-use development at the site of a Food Bazaar in Jackson Heights. Shorewood filed plans with the Department of Buildings for a six story, 227,000 square foot development at 34-20 Junction Boulevard. The project would include 125 residential units and 108 parking spots, according to Crain’s. Food Bazaar parent Bogopa purchased the property for $21 million last year. It’s not clear whether the supermarket currently at the The post Shorewood plan...

    • Will Smith and a company backed by Jay-Z are betting on a startup that seeks to make homeownership easier to obtain. Will Smith’s Dreamers VC and a company backed by Jay-Z’s Roc Nation participated in a $165 million capital raise for Landis, which seeks to help renters become owners. The funding round was led by venture capital firm Sequoia Capital and included debt and Series A equity financing. Landis has now raised $182 million since The post Landis raises $165M with funding from Will Smi...

    • Ichiro Ohta held his 3-month-old daughter up to the window so she could see the astronauts. Ticker tape rained down over Buzz Aldrin and Neil Armstrong as the Apollo 11 parade rolled over the cobblestone below his bare-bones Soho loft. It was August 1969, and Soho was not yet Soho. Ohta was one of the pioneers. Today, Yukie Ohta still lives in the same apartment with the huge glass panes where her father showed her The post The shopping district that banned retail: Soho’s incoherent zoning app...

    • After a public lashing by Senate Majority Leader Charles Schumer over New York’s failure to disperse rent relief, Gov. Andrew Cuomo laid out a list of fresh goals Monday to distribute $2.7 billion before the eviction ban expires Aug. 31. Schumer took to the podium Sunday to chastise the state for releasing a pittance in the two months that the emergency rental assistance program has been live. “Thousands and thousands of New York tenants could The post Cuomo vows to speed rent relief after p...

    • A Gold Coast estate once owned by tennis great John McEnroe is on the market for $6.8 million, according to Newsday. McEnroe owned the five-building estate in Cove Neck from 1982 until 2000, when he sold it to record producer Ric Wake. The now-retired tennis star lived there for a time with his former wife, the actress Tatum O’Neal. McEnroe had perhaps the most dominant year in tennis history in 1984, but only two years The post Former Gold Coast estate of John McEnroe, Tatum O’Neal ...

    • One of the boldest bets of the past decade on New York City’s high-end real estate market appears to have finally run out of rope — a case study in what happens when big risks don’t pan out. HFZ Capital Group’s $2 billion XI project on the High Line in West Chelsea is headed for foreclosure after years of hand wringing over its viability, The Real Deal has learned. The project’s lender, a subsidiary of The post HFZ set to lose stake in $2B XI condo project appeared first on The Real De...

    • 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. RFR Realty once had lofty ambitions for the Parke-Bernet Galleries building at 980 Madison Avenue. Before the Great Recession, Aby Rosen and Michael Fuchs’ firm had sought to add a 30-story glass tower on top of the The post What tenants pay at Aby Rosen’s 980 Madison Avenue appeared first o...

    • The Real Deal’s investigative feature on the Prodigy fiasco has won an award from the New York Press Club for consumer reporting. The organization honored the story “Behind the biggest real estate crowdfunding implosion,” written by Sylvia Varnham O’Regan and Mary Diduch. The feature detailed the ordeal of thousands of small-time investors, many from foreign countries, who invested with Prodigy Network to buy into Manhattan real estate. An estimated $690 million was invested, only for Th...

    • What summer slowdown? After a dip in contract activity among pricey Manhattan homes two weeks ago, buyers are back in full force as if nothing happened. Last week, 39 buyers signed on the dotted line for properties asking at least $4 million, according to the Olshan Report, which tracks Manhattan luxury contract signings. That’s up from the 33 contracts that were signed the week before and 28 from the first full week of July — The post After early-July lull, Manhattan luxury deals are on the...

    • After 25 years, Brad Inman is selling his eponymous media company. Inman will be sold to Beringer Capital, a Toronto-based private equity firm, the publication announced Monday. Terms of the deal were not disclosed. Brad Inman, 68, will maintain a minority ownership stake as well as a board seat, and will “stay involved with the Inman community,” according to the announcement. Inman’s existing staff, including its current leadership, will remain in place, Beringer managing partner The post...

    • The $30 million condo unit high atop East 57th Street sits empty, stripped of its furniture and possibly abandoned. The mortgage on the 72nd floor residence at 432 Park Avenue is in default, its guarantor appears to be in custody in China and the unit owner’s identity is uncertain. Now the firm that owns the debt wants to seize the 4,000-square-foot property on Billionaires’ Row, where high-end real estate purchases are often shrouded behind layers The post At 432 Park, a $30M condo is in de...

    • Calvin Klein — the person, not his eponymous brand — has sold an 8.5-acre estate in East Hampton for about $85 million, according to Dirt. Klein bought the property in 1987 for $3.6 million from the son of Pan American World Airways founder Juan Trippe. His now-ex-wife Kelly Klein lived there after they split in the mid-1990s. The house was built in the late 1800s for Laura Brevoort Sedgwick and designed by Joseph Greenleaf Thorp, The post Calvin Klein sells 1800s estate in East Hampton for ...

    • Slate Asset Management has raised over half a billion dollars for a new private-credit fund — capital which is already being put into action, the real estate-focused investment firm said Monday. The Toronto-based firm uses private-equity funds and public investment trusts to invest in real estate. Backed by the Petershill unit of Goldman Sachs, Slate raised close to $600 million for its first private-credit fund, the Wall Street Journal reported. It’s not clear specifically how The post RE-f...

    • How do you get your company, investors and tenants through a year-and-a-half-long global crisis? “Communicate, communicate, communicate,” said Scott Rechler, CEO of RXR Realty. In this installment of Coffee Talk, Rechler spoke with The Real Deal’s Amir Korangy about the importance of agility and engagement in times of crisis. One of RXR’s greatest assets, Rechler said, has been its ability to tap into a “broad ecosystem of relationships.” The firm got ahead of the pandemic The post C...

    • The bumpy rollout of New York’s rent relief for needy tenants continues at a snail’s pace, with just $117,000 distributed to applicants as the eviction moratorium’s expiration date nears. The state has a $2.7 billion pot of funds to be distributed, but only a tiny sum has made its way to landlords since applications finally opened June 1. By the end of June, New York was one of just two states that had yet to The post NY rent relief rollout inches forward as evictions loom appeared first o...

    • L&L Holding Company and Columbia Property Trust secured the largest construction loan of the year (thus far) for their Terminal Warehouse project in West Chelsea. The developer and REIT closed on a $1.25 billion loan for the 1.3 million-square-foot property on 11th Avenue between West 27th and 28th Streets, Commercial Observer reported. Blackstone, Goldman Sachs and KKR are leading the financing, along with Oaktree Capital Management and Paramount Group at the mezzanine level. The proje...

    • For all of Wall Street’s drum-beating to march workers back to their desks, Manhattan office buildings have actually been slower to refill than those in Los Angeles and Chicago. The nation’s three largest office markets were emptied early last year by the coronavirus, but data show attendance varied wildly among those cities and their industries — and still does. Pandemic lockdowns for all three cities started in the last full week of March 2020, but The post Manhattan lags Chicago, LA in ...

    • As far as property manager Burton Wallack is concerned, Morton Williams has been a great tenant at 1211 Madison Avenue. It is the grocery store’s refrigerators, however, that are becoming a problem. “We have a very good working relationship with Morton Williams,” Wallack said. “The only issue we have is energy consumption.” Morton Williams accounts for 10 percent of the building’s 130,000 square feet, but about 40 percent of its carbon emissions. That is hardly The po...

    • Even with a $2.7 billion pot to pull from, the nonprofits helping tenants apply for rent relief are almost certain the state funds won’t cover the mounting debt owed to New York City’s landlords. To help make up the difference, a pair of nonprofits are calling on the next mayor to expand and strengthen an existing program that offers one-time assistance to tenants with rent arrears. One Shot Deal, a city program that distributes funds The post City program could supplement state rent relief ...

    • Swedish lawmakers are ready to cut a mortgage tax deduction to rein in a runaway housing market, but disagree over when to do it. Home prices in the Scandinavian country shot up nearly 13.2 percent in the first quarter of 2021 from the same period a year earlier, according to Bloomberg. That’s more than the country’s European peers and globally behind only Canada — where regulators are also worried about a bubble. There is a The post Swedish lawmakers agree to abolish mortgage tax deductio...

    • The increasingly scarce supply of water is starting to have an impact on real estate development in some parts of the Western U.S. Towns and cities have begun restricting housing construction to save their supply of H2O, according to the New York Times. This spring, a small town in Utah imposed a moratorium on new homes connecting to its water system after the municipal supply of spring water began to dry up, according to the The post “Why are we building houses if we don’t have enough water...

    • A literally picturesque “tabletop” mountain in Germany is on the market for $235,000. The Zirkelstein is part of the Elbe Sandstone Mountains and is Saxon Switzerland’s smallest table hill, according to Zenger News. The property is listed on eBay. The property consists of a wooded hill with a 130-foot-tall sandstone formation at its center, the Zirkelstein’s defining feature. The name translates to “compass stone” and it was named such because someone apparently though it resembled T...

    • Luxury homes in London sold at breakneck pace in the first half of 2021. There were 237 deals that closed above $6.8 million, according to Mansion Global. That tally was 59 percent over the first half of 2020, but more tellingly, it was 61 percent more than the first half of 2019. Pricing is down in some of the most exclusive parts of London in large part because pandemic travel restrictions hampered overseas buyers. Prices The post London luxury homes sell at feverish pace appeared first on The...

    • Red Hot Chili Peppers frontman Anthony Kiedis is looking to unload his custom-built home on the Hawaiian island of Kauai. Kiedis is asking just under $10 million for the roughly 3,000-square-foot home, according to Dirt. It has three bedrooms, 3.5 bathrooms and an unusual history. In 2005 Kiedis bought an undeveloped parcel totaling 0.42 acres for $2.6 million from actor Sylvester Stallone and set out to build a residence. Community opposition and a complicated approvals The post Red Hot Chili P...

    • For decades, Mary’s Kitchen has been serving three meals a day, six days a week to needy individuals in Orange, a city about 30 miles southeast of Los Angeles. It is the only homeless services organization in a city of 135,000. The nonprofit also provides showers and laundry facilities, receives mail for hundreds of people, and lends financial support to help those get back on their feet. But despite its deep roots in the community The post This SoCal city is canceling the lease on its only ho...

    • More than a decade before William Friedman designed the collapsed Surfside condominium, Florida’s board of architecture suspended him for six months for designing structures that toppled during Hurricane Betsy. Sign pylons that were “an integral part of the structure” of a Miami commercial building failed during the 1965 storm, according to documents from the Florida State Board of Architecture, obtained by The Real Deal. The pylons were “insufficient and grossly inadequate” to withsta...

    • Billionaire John Catsimatidis has scored a courthouse win against tenants in one of his Prospect Heights rental buildings. A class action lawsuit that accused Catsimatidis’ Red Apple Group of illegally overcharging tenants at 670 Pacific Street was dismissed by a state Supreme Court justice this week. The lawsuit, filed in October, was one of several cases alleging that landlords improperly recorded an inflated first rent payment at new development rental buildings that received 421a tax The p...

    • The pandemic slammed New York City’s retail, office and hotel sectors, a hit that may mean a sharp drop in property taxes collected next year. The tentative tax assessment for 2022 shows assessed values of those commercial properties fell 9.6 percent year over year, according to a report in Barclays. And it showed the total market value of those properties fell even more dramatically, nearly 16 percent, according to the report, “The Empire State of The post Pandemic could cut assessed proper...

    • Located catty-corner to the iconic Strand bookstore just south of Union Square, the 126-year-old office building at 817 Broadway has undergone a thorough renovation since Taconic Partners, Nuveen and Squire acquired it in 2016. The landlords kicked off a new phase in their plans for the property this month, when Ares Commercial Real Estate and Criterion Real Estate Capital provided a $125 million refinancing for the 14-story, 140,000-square-foot building. The funds will provide capital for The p...

    • Looking for lodging in the Hamptons this summer? Prepare to pay above the going room rate — and possibly enter a bidding war with a hip-hop artist. If the price is right, hotels are plying customers who have already booked rooms with perks and comps to swap them out for deeper-pocketed bidders, Page Six reported. Michael Pitsinos, owner of the upscale restaurant Naia at the Capri Hotel in Southampton, said some desperate vacationers are bidding The post Overbooked Hamptons hotels spark bidding...

    • Fredrik Eklund and family are moving into their “forever home” and putting up their Bel Air mansion for rent. The Douglas Elliman agent and “Million Dollar Listings Los Angeles” star is asking $65,000 a month for the seven-bedroom property at 1211 Stradella Road, according to People. Eklund wrote about the home and the listing on Instagram. “It’s like living inside a Hollywood dream and now it’s time to let the next family enjoy it — The post Fredrik Eklund lists Bel Air mansion ...

    • For three weeks, Dylan Eckardt has been reveling in the success of a $50 million deal that never happened. The Nest Seekers International agent, who crowned himself the “Prince of Montauk” in a 2016 Vanity Fair interview, proudly posted July 1 on Instagram the lofty sale of a vacant development site along Montauk Highway. “I represented the seller and the buyer on one of the Hamptons biggest transactions this year,” Eckardt wrote. “9.4 acres ocean The post Tall tale: Nest Seekers’ ...

    • Relief could be coming to homeowners with the noisiest neighbor in town: Los Angeles International Airport. The Federal Aviation Administration allocated $20.5 million in grants to soundproof homes in communities near the busy airport, according to the Los Angeles Times. Eligibility is based on an FAA-approved noise map. Non-soundproofed homes that are up to code and experience an average annual noise level of 65 decibels or higher can receive funding, according to the report. Property The post ...

    • Picture this: a reality show, in which East End brokers compete to get the highest prices possible for a Rubbermaid shed (the fancy kind with window boxes — this is the Hamptons, after all) set on 0.05 acres of prime real estate. Just think of the easy, hose-down upkeep! And the low, low taxes! So far, that remains a dream. In the Hamptons, as perhaps no other place on Earth, more is more. In many The post Little houses draw big interest in mansion-heavy Hamptons market appeared first on The R...

    • One57 was once the crown jewel of Billionaires’ Row. Gary Barnett’s megatower commanded record sums after its launch in 2011, culminating in the $100 million sale of its penthouse to billionaire Michael Dell in 2014. But rival towers have sprouted up along the corridor since then, and One57 simply isn’t as popular with the uber-wealthy as it was. The latest evidence: the sale of one of its units for a $13 million loss. Investor Robert The post Robert Herjavec buys One57 condo at $1...

    • The hotel industry is finally seeing some signs of life in New York City, with a 3.7 percent rise in rooms booked last week. Hotels in the city sold 481,000 rooms last week, the most since the pandemic began. It was an increase of 17,000, or 3.7 percent, from the previous week, according to Bloomberg News. Still, the publication noted around 100 hotels remain closed, CoStar has reported, and the market is in a depression. The post NYC hotels getting busier, but still struggling appeared first on...

    • Monmouth Real Estate made its choice Thursday, choosing to stick with an acquisition offer from Sam Zell rather than a last-minute bid from Barry Sternlicht. The Holmdel, New Jersey–based firm announced Thursday it is going with the takeover bid from Zell’s Equity Commonwealth, according to Bloomberg News. The two sides agreed in May to an all-stock deal valued around $2.7 billion. Earlier this month, Sterlicht’s Starwood made an unsolicited takeover bid for Monmouth. Starwood later The po...

    • Instacart is the latest company seeking to cash in on the industrial real estate boom, making plans to build its own fulfillment centers for supermarkets. The grocery delivery company will begin developing an undetermined number of fulfillment centers over the next year, according to the Wall Street Journal. The centers would be able to hold between 10,000 and 50,000 items. Instacart plans to use robots to retrieve items in the fulfillment centers and employees to The post Instacart to build ful...

    • It’s been a tough year in the hospitality business, but one executive in the field has run into problems at his Hamptons home, too. Real estate investor Marc Packer has served a tennis court installation firm with legal papers after it “literally destroyed” the court at his Water Mill home, according to the New York Post. The Tao Group founder, whose Manhattan-based firm owns and operates restaurants and entertainment venues, claims in a lawsuit that The post Tao Group founder Marc...

    • Neighbors of a 130-acre landfill in Brookhaven Town are happy it is slated to close in late 2024. But they are upset that town officials aim to rezone it for industrial use, according to Newsday. Some locals want the town-owned property to remain zoned for residential use, which Brookhaven officials see as not viable because it has been used for composting and other waste management functions. Some said at a recent public hearing on the The post Locals: Put housing, not warehouses, on landfill s...