New York’s much-anticipated distressed deals could finally be starting to appear. The Canadian bank CIBC sold a delinquent $40 million loan on the retail portion of 445 Fifth Avenue to a debt fund tied to Torchlight Investors. Harbor Group International allegedly defaulted in May 2020 on the loan that the firm used to acquire the 18,000-square-foot retail portion of the 33-story Midtown condo building. CIBC sued the developer in September, alleging that Harbor Group missed
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The push to ban New York City tenants from having to pay their landlords’ broker fees has been taken up by lawmakers. New York State Senators Jabari Brisport and Julia Salazar introduced a bill last month that would ban landlords from forcing tenants to pay their broker fees. The bill was introduced about six weeks before the Legislative Session ends and there is not a matching bill in the Assembly, which is a requirement for the
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SY Holdings’ Hudson Valley boutique hotel project scored a $21.6 million construction loan through the state-approved clean energy program. The development is being pitched as one of the greenest hotels in the country. CleanFund provided the debt for the 65-room Wildflower Farms in Gardiner, according to Commercial Observer. It’s the largest loan closed under New York state’s Commercial Property Assessed Clean Energy program, or C-PACE. The program provides cheaper financing for energy-efficient new construction and
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The most expensive luxury deals signed in Brooklyn last week had one thing in common: an $8 million price tag. Forty-six homes asking $2 million or more went into contract, according to Compass’ weekly report. Townhouses dominated the list: Contracts were signed for 28 houses and 18 condominiums. The most expensive properties were a townhouse in Boerum Hill and a condo in Dumbo, both of which were last asking $7.95 million. The townhouse, located at
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Miami Marlins co-owner and New York Yankees Hall of Famer Derek Jeter scored a home run with the sale of his waterfront estate in Tampa. Jeter and his wife, Hannah, who had rented the Davis Islands mansion to Tampa Bay Buccaneers quarterback Tom Brady and his supermodel wife, Gisele Bündchen, sold the property for $22.5 million. It marks a record sale price in the Tampa Bay region. The Jeters, who live in Miami, listed their
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“The old guard has to be stopped.” That quote may sound like it came from a progressive politician in Albany, but it was actually from a real estate broker in Manhattan. One of our main stories this month looks at the lingering specter of discrimination in New York City co-ops. We interviewed more than 40 brokers, lawyers, co-op owners and activists, and found a consensus: Although boards have evolved, discrimination remains in many of the
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The proposal to rezone Soho and Noho is moving forward, despite a lawsuit claiming the plan cannot proceed if the city doesn’t host in-person hearings. The City Planning Commission on Monday certified the application to rezone the neighborhoods, officially kickstarting the public land use review process. The timing of the certification means the rezoning could make it through the Uniform Land Use Review Procedure before the end of the de Blasio administration, as long as
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