NYC Real Estate News

Wed, 08/05/2020 - 14:30

A commercial tenant looking to skip rent in light of pandemic-related closures just suffered a setback. Backal Hospitality Group argued that because Gov. Andrew Cuomo banned large gatherings, it could walk away from its lease at the Moinian Group’s 627 West 42nd Street. Backal brought the case after Moinian drew down a $500,000 letter of credit in June to collect more than $400,000 in rent. But a state judge ruled the tenant is still on

The post Win for Moinian is bright spot for commercial landlords appeared first on The Real Deal New York.

Wed, 08/05/2020 - 14:00

Barry Sternlicht compares the coronavirus pandemic to a race at the Indianapolis Speedway gone wrong. As a pace car laps around the track, lenders have to pull into the pit to change the tires and replace auto bodies. “We have never experienced that,” said Sternlicht, chairman and CEO of Miami Beach-based Starwood Property Trust, during a second quarter earnings call with analysts on Wednesday. Sternlicht previously compared the pandemic to World War III, as well

The post Starwood’s Barry Sternlicht predicts demand for hotels, retail will not return to pre-Covid levels “for awhile” appeared first on The Real Deal New York.

Wed, 08/05/2020 - 13:58
Tenant advocates are calling on the governor to extend the statewide eviction moratorium, which expires tonight, and stop the activation of 14,000 eviction warrants currently on hold in New...

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Wed, 08/05/2020 - 13:52
The term’s racist and sexist undertones lead New York’s real estate community and others to rethink outdated industry jargon.
Wed, 08/05/2020 - 13:50
The controversial Industry City rezoning might not be dead after all, despite the City Council's long-standing tradition of member deference. Councilman Carlos Menchaca announced his opposition to...

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Wed, 08/05/2020 - 13:30

After being sued for bailing on its lease as New York City became the epicenter of the coronavirus pandemic, co-living firm Quarters is taking its would-be landlord to task. The Germany-based company filed a motion for sanctions in federal court, accusing investor Mark Tress and his affiliated entities of using litigation “as a cover to damage Quarters’ reputation.” The motion alleges that Tress’ lawsuit violates federal rules of civil procedure. Tress sued the co-living company

The post “Schoolyard-style” dispute between landlord and co-living firm appeared first on The Real Deal New York.

Wed, 08/05/2020 - 13:15
All photos courtesy of Houlihan Lawrence This sprawling English Manor-style estate in Greenwich, Connecticut was built in 1928 by Paul Starrett, one of the main developers behind the Empire State Building and the Plaza. Set on nearly three acres, the seven-bedroom home has grand interiors, romantic landscaping, and a gorgeous pool. It’s just hit the market for $8,295,000. As head of real estate development and construction firm Starrett Corporation, Paul Starrett was responsible for the Empire State Building, the Plaza, the Biltmore Hotel, the Flatiron Building, and the Lincoln Memorial in D.C. After the majority of his major projects had […]
Wed, 08/05/2020 - 12:58
WeWork, the co-working company backed by SoftBank Group Corp., is giving members access to its more than 800 global locations for no additional charge amid the disruptions caused by the Covid-19...

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Wed, 08/05/2020 - 12:52

Virtual brokerage eXp Realty’s profits surged to a record $8.3 million during the second quarter as homebuying was forced to go remote, the firm’s parent company said Wednesday. For the quarter ending June 30, eXp World Holdings said revenue grew 33 percent year over year to $354 million. For the third consecutive quarter, eXp was in the black. The company reported a net loss of $2.2 million during the second quarter of 2019. The strong

The post Virtual broker eXp sees record profits in Q2 appeared first on The Real Deal New York.

Wed, 08/05/2020 - 12:37
Photo by Eepeng Cheong on Unsplash New York City will set up “COVID-19 checkpoints” at key entry points this week to ensure compliance with the state’s quarantine requirements, Mayor Bill de Blasio announced on Wednesday. Travelers to New York from 35 states currently on the travel advisory list, which includes places with 10 infections per 100,000 residents on a seven-day rolling average, must quarantine for 14 days. Starting Wednesday, the Sheriff’s Office will be deployed at bridges, tunnels, and busy transit hubs to remind visitors of the mandatory quarantine. The new initiative comes as about 20 percent of new coronavirus cases in […]