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Category Archives: RE News

Mets’ Noah Syndergaard sued for abandoning Tribeca penthouse rental

Mets pitcher Noah Syndergaard can add a lawsuit from his landlord to his list of offseason issues. The starter’s landlord is suing him for abandoning the $27,000-per-month luxury penthouse he agreed to rent at 116 Hudson Street in Tribeca, according to court documents. Syndergaard’s lease ran from March 20 to November 30 — an agreement the landlord says the pitcher “treated like an option.” Syndergaard in February reached an agreement to lease the 2,700-square-foot, three-bedroom

The post Mets’ Noah Syndergaard sued for abandoning Tribeca penthouse rental appeared first on The Real Deal New York.

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Here’s what the office industry is up to as lockdowns lift

As lockdowns lift and the work-from-home debate ranges on, office landlords are eager to get back to leasing and building out their spaces. “We have various construction projects we want to get back to,” said Grant Greenspan, senior vice president of leasing at the Kaufman Organization. In New York, all nonessential construction work and in-person real estate showings are on hold until Gov. Andrew Cuomo gives the green light for those activities to resume. When

The post Here’s what the office industry is up to as lockdowns lift appeared first on The Real Deal New York.

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Internal feud at SoftBank casts doubt on Vision Fund

As SoftBank reports a loss of nearly $18 billion — the largest in its history — and prepares to sell off $42 billion in assets, a long-simmery internal feud is complicating matters further. The tensions arose in 2018 between Marcelo Claure, now SoftBank’s Chief Operating Officer, and the chief of Softbank’s Vision Fund, Rajeev Misra, when Claure was under consideration for the fund’s board and investment committee, Bloomberg reported. In doing due diligence for the

The post Internal feud at SoftBank casts doubt on Vision Fund appeared first on The Real Deal New York.

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TRD Insights: Commercial deal volume plummeted 71% in April

The volume of commercial real estate deals fell to the lowest level in a decade, according to a new report. Deal volume totaled $11 billion in April, a 71 percent year-over-year drop, according to commercial real estate data provider Real Capital Analytics. The number of deals, meanwhile, has fallen an average of 36 percent since January, but saw a drop of 61 percent between March and April. Although some property types fared better than others,

The post <i>TRD</i> Insights: Commercial deal volume plummeted 71% in April appeared first on The Real Deal New York.

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Bed Bath & Beyond to reopen 600 US stores

Bed Bath & Beyond is planning to reopen 600 stores across the country, the latest chain retailer to unlock its doors as states wind down shelter-in-place orders. The home-goods company estimates about half its stores will be open by June 13 — subject to local regulations — and it will roll out curbside delivery at an additional 600 stores. Curbside pickup will be available at 90 percent of its 1,500 stores across the U.S. and

The post Bed Bath & Beyond to reopen 600 US stores appeared first on The Real Deal New York.

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Revenge of the hoodies: Big Tech may be breaking up with Big Office for good

On Thursday, Mark Zuckerberg took direct aim at real estate’s holiest of holies: The L word. “Over time, location will hopefully be less of a factor in how many people work,” he said in a note on Facebook, the $659 billion social media giant he built and leads. “And we’ll have the technology to feel truly present no matter where we are.” Zuckerberg was announcing the beginning of Facebook’s permanent shift to a distributed workforce,

The post Revenge of the hoodies: Big Tech may be breaking up with Big Office for good appeared first on The Real Deal New York.

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Empty office buildings may give rise to other health risks

Workers abandoned their office buildings in mid-March to heed stay-at-home orders. But their absence may allow for the accumulation of other health risks. A new study, conducted by Purdue University researchers Dr. Caitlin Proctor and Dr. Andrew Whelton, argues that standing water — and bacteria — may proliferate in unused office buildings, the New York Times reported. That could open the door to other diseases, the biggest concern being an outbreak of Legionnaires’ disease, caused

The post Empty office buildings may give rise to other health risks appeared first on The Real Deal New York.

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Reuben brothers pick up big loan on Chetrit, Bistricer’s Gramercy Square condo project

The U.K.’s billionaire Reuben brothers have snapped up another Manhattan real estate bargain. The investors bought a $100 million piece of a construction loan SL Green Realty made to the developers of a Gramercy Square condominium development, sources told The Real Deal. The purchase price was a discount of somewhere between 96 and 97 cents on the dollar, according to a source. A spokesperson for SL Green declined to comment, and a representative the Reuben brothers could

The post Reuben brothers pick up big loan on Chetrit, Bistricer’s Gramercy Square condo project appeared first on The Real Deal New York.

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You can’t sit with us: How Side’s elite-agent model could upend the resi brokerage game

Guy Gal believes real estate has a quality control problem. In his view, most agents are simply “hucksters and charlatans.” “Nine out of every 10 agents shouldn’t be licensed, let alone actually doing transactions,” he said. That thinking prompted Gal to start Side in 2017, a San Francisco-based venture-backed brokerage that thinks of itself as the industry’s red velvet rope. The company’s motto? “Not all agents, just the best agents.” At first blush, Gal may

The post You can’t sit with us: How Side’s elite-agent model could upend the resi brokerage game appeared first on The Real Deal New York.

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TRD Insights: Simon reopened malls but foot traffic dragged

Despite Simon Property Group’s promise to enforce social distancing guidelines and screen potentially sick employees at the dozens of malls it planned to reopen, foot traffic dragged at those locations early on. From May 3 through 10, overall foot traffic at those 46 reopened malls was about one quarter of its total on Jan. 1. The information was gathered using anonymized cell phone location data from geospatial analytics company Orbital Insight. Nationwide, the lowest-performing Simon

The post <i>TRD</i> Insights: Simon reopened malls but foot traffic dragged appeared first on The Real Deal New York.

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