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Category Archives: RE News

With new rent law, Brooklyn landlord sues to escape contract for rent-stabilized buildings

A Brooklyn landlord is trying to back out of a contract to buy two Bronx apartment buildings, arguing that the “cataclysmic” changes to New York’s rent law make the deal impossible to complete. An entity tied to J. Wasser & Company and Martin Templer filed a lawsuit seeking to cancel its contract to buy 465 East 167th Street and 1178 Washington Avenue, which collectively have 38 rent-stabilized units. The complaint, filed in state Supreme Court […]

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Developer startup favorite Honest Buildings acquired by software company Procore

UPDATED, July 16, 1:50 p.m.: Construction management software company Procore has acquired Honest Buildings, a startup favored among institutional developers, the companies said Tuesday. The acquisition signals confidence in the growing construction tech sector, where major real estate players are putting their capital. Last year, investment in construction tech companies totaled $6.1 billion, almost double what was invested in 2017 and a stark rise from the $350 million invested in 2016. Already, 2019 is on […]

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Jho Low’s old pad at the Time Warner Center is officially up for sale at $30M

Accused Malaysian fraudster Jho Low’s penthouse at the Mandarin Oriental is officially on the market. Low is the accused mastermind of the $4.5 billion “1MDB” scandal, in which he is charged with misappropriating funds from Malaysia’s sovereign wealth fund and using it to fund movie productions, lavish parties, yachts, and, of course, to buy real estate in New York City and Los Angeles. In May, a federal judge allowed lawyers for Low and the U.S. […]

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Developers, construction industry lobby to legalize drones in NYC

Did New York City ban drones in… 1948? Yes, according to the current interpretation of a 71-year-old law that restricts the take off and landing of “aircraft” to Port Authority-designated locations, i.e. airports. As the commercial drone industry has taken flight in other U.S. cities in the wake of a 2016 rule change from the Federal Aviation Administration, real estate leaders say this rule is now holding NYC developers back. “The laws on the books […]

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Deutsche Bank shrinks footprint at future Columbus Circle home amid global downsizing

As it cuts 18,000 jobs worldwide amid a dramatic restructuring, Deutsche Bank is also scaling back on its future office space at Time Warner Center, more than a year before it’s scheduled to move in. The German investment bank has exercised an option to return two floors at the building to the Related Companies, the New York Post reported citing sources. Though the two floors account for just 60,000 out of the company’s 1.1 million-square-foot […]

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George Michael’s former lover is squatting at his $6.2M mansion and destroying the place: family

George Michael’s ex- Fadi Fawaz has smashed up the windows of the late singer’s home in London in a supposed attempt to renovate the property. The 46-year-old has been living in the home, valued at $6.2 million, since finding the singer dead from heart disease in 2016, according to the London Free Press. He has ignored legal letters from Michael’s family and maintains that Michael gave him permission to live in the home before he […]

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Broadway shows, restaurants see major losses from Midtown’s Saturday blackout

Saturday is one of the busiest nights for Broadway theaters, and box offices took a major hit from this Saturday’s five-hour Midtown blackout, which led to 26 out of 30 Broadway shows being cancelled. Broadway grosses for the past week were down $7 million – or nearly 20 percent – year over year, the Wall Street Journal reported, citing trade group the Broadway League. Meanwhile, restaurants in the area saw tens of thousands of dollars […]

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Why Compass treated Stribling different

For Compass’ first acquisition in New York City, integration has been anything but typical. On Monday, three months after the deal was announced, the SoftBank-backed brokerage shuttered and began redirecting users to a new landing page for “Stribling at Compass,” the banner under which former Stribling agents will continue to work with founder Elizabeth “Libba” Stribling and former president Elizabeth Ann Stribling-Kivlan. A dropdown menu for Stribling at Compass includes Stribling Marketing Associates, the […]

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New York’s multifamily market had its slowest first half of the year since 2011

New York’s slow multifamily market has continued to plague the real estate industry through the first half of the year, with the number of deals hitting their lowest point since 2011, according to a new report from Ariel Property Advisors. Overall, the city saw about $3.4 billion worth of sales across 169 deals and 238 buildings from January through June, respective declines of 47, 24 and 50 percent compared to the second half of 2018. […]

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Bain Capital teams up with SKW Funding to target $500M in distressed debt

UPDATED, July 16, 9:17 a.m.: Bain Capital, which is raising a new $3 billion debt fund, is teaming up with Manhattan-based SKW Funding to target $500 million in troubled real estate debt. The new partnership will target distressed and non-performing loans across the country with a focus on the greater New York City area, SKW Funding principal Ayush Kapahi told The Real Deal. “In this environment, it’s just faulty business plans,” that will drive acquisitions, […]

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