NYC Real Estate News

 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

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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.

Recent commercial real estate transactions in New York.

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.

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

The post A year later, deferred rent may be restaurants’ downfall appeared first on The Real Deal New York.

Work is moving along on the re-cladding of 660 Fifth Avenue, a 39-story commercial building in Midtown, Manhattan. Designed by Kohn Pedersen Fox and developed by Brookfield Properties, the project involves the complete overhaul of the 64-year-old structure, which was originally designed by Carson & Lundin and formerly addressed as 666 Fifth Avenue, replacing its mid-century exterior with a modern glass enclosure. The 1.5-million-square-foot property is located between West 52nd and 53rd Streets.

The pandemic has prompted some builders to reconsider open plan apartments to include an entry space, a de facto “airlock” between the outside world and the rest of the apartment.

Near Grasse, France, an Italian curator has created a rustic residence and an outdoor exhibition space dedicated to the work of artists she admires.

In Washington Heights the aftershocks of Contagion lingered for almost a decade. The Steven Soderbergh horror movie, about a novel virus that killed millions worldwide, opened at the RKO Coliseum...

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