NYC Real Estate News

Tue, 03/02/2021 - 11:17
Bloomberg Philanthropies is giving $25 million to New York University to develop the next generation of public servants. Named after the former Mayor Michael Bloomberg's daughters, the Georgina and...

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Tue, 03/02/2021 - 11:10

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

The post Order up: Real estate investors line up to buy drive-throughs appeared first on The Real Deal New York.

Tue, 03/02/2021 - 10:53
The developers of the contentious Upper West Side project at 200 Amsterdam Ave. need not fret any longer about removing 20 stories from the tower. New York’s Appellate Division has overturned the...

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Tue, 03/02/2021 - 10:15

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

The post NYC to revive $17B in public construction projects appeared first on The Real Deal New York.

Tue, 03/02/2021 - 10:12


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Tue, 03/02/2021 - 09:30

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

The post Manhattan DA narrows focus on Trump Org CFO appeared first on The Real Deal New York.

Tue, 03/02/2021 - 09:00

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

The post Developer Matt Lee to auction off East Village condo appeared first on The Real Deal New York.

Tue, 03/02/2021 - 09:00
Recent commercial real estate transactions in New York.
Tue, 03/02/2021 - 08:30

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

The post Hotel stocks went bonkers in February appeared first on The Real Deal New York.

Tue, 03/02/2021 - 08:30
Covid-19 has had a profound effect on the commercial real estate market in New York and could have a lasting impact even after the danger of the pandemic passes. During this webcast, Crain’s and...

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