A veritable who’s who of those in real estate stopped by the The Real Deal’s NYC Forum on Wednesday. Many who are among the biggest newsmakers in the industry. During a short speech, Mayor Eric Adams seized on a major theme of the mayoral race: housing and how to build more of it. Adams boasted […]
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Ryan Serhant says Compass is wagering on the “real estate model of yesterday.” The celebrity broker took aim at the residential giant at The Real Deal’s New York City Showcase + Forum on Wednesday. Joined on stage by other cast members of his Netflix reality TV show, “Owning Manhattan,” Serhant criticized the firm’s strategies, including […]
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Last year’s budget was all about tax incentives, tenant protections and the potential to upzone parts of NYC for more housing. This year, I had a lot less to talk about. Of course, the looming threat of federal funding cuts means that this year’s spending plan could be chopped up mid-year, and the future of […]
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Amazon paid $350 million to buy 522 Fifth Avenue from Aby Rosen’s RFR earlier this month, according to records filed with the city Friday. The e-commerce giant acquired the retail condo and the office floors above in two separate transactions. RFR had purchased the office portion from Morgan Stanley in 2020 for $350 million. Earlier […]
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Housing policy had top billing in last year’s state budget. This year? Not so much. The $254 billion state budget, signed into law Friday, did, however, include a new housing voucher program and eases rules for condo conversions in some multifamily buildings. The spending plan has more than $500 million in new state funding […]
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Safehold and the Melohn Group turned to some old, reliable institutions to refinance the leased fee interest of 32 Old Slip in Lower Manhattan. Goldman Sachs, Barclays and Morgan Stanley provided $167 million in debt to refinance the leased fee interest in the ground lease of the 36-story property, the Commercial Observer reported. A Newmark […]
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Old Navy has inked the year’s largest retail lease at JEMB Realty’s Herald Towers, breathing new life into an increasingly stagnant Midtown shopping corridor. Old Navy, Gap Inc.’s largest brand, will open a 55,000-square-foot flagship on the first and second floors at 50 West 34th Street, the landlord announced. The clothing retailer inked a 15-year […]
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Manhattan office tenants have been consolidating office space left and right, but a banking giant just inked a deal to expand. PNC Bank is leasing 83,000 square feet at Sage Realty’s 437 Madison Avenue in Midtown East, the Commercial Observer reported. The asking rent for the 15-year lease was not disclosed. The bank will be […]
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Ankur Jain showed up to The Real Deal’s New York City Real Estate Forum to preach the gospel of Bilt Rewards. The popular fintech startup allows renters to pay rent with a credit card that earns reward points, and eliminates fees for landlords. Everyone wants points to buy more stuff, travel or book hotels. And […]
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When it comes to rent-stabilized housing, altruism is no match for economics and physics. Case in point: A&E’s Riverton Houses in Harlem. By economics, I mean what happens when expenses exceed revenue. The cost of owning and operating this 1,229-unit complex has eclipsed what Douglas Eisenberg’s A&E is receiving in rent. By physics, I mean […]
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