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Category Archives: RE News

More NYC hotel loans are defaulting as room rates fall

New York City has seen a spate of high-profile hotel loans go into default in recent months, and challenging market fundamentals certainly aren’t helping. The average daily room rate for New York hotels dropped to $255.16 last year — the lowest point since at least 2013 — the Wall Street Journal reported, citing data from STR. And with more than 22,000 hotel rooms in the pipeline, that figure is set to weaken further. A $260

The post More NYC hotel loans are defaulting as room rates fall appeared first on The Real Deal New York.

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Midtown East condo tower could face big height cut following UWS court order

Last Thursday, a judge issued an extraordinary court order requiring the deconstruction of 20-some floors on a Upper West Side condo tower. While the developers have already announced plans to appeal, the decision has renewed hopes for opponents of similar supertall towers elsewhere in Manhattan. City Council Member Ben Kallos, whose district covers much of Midtown East and the Upper East Side, told the New York Post that his office is going to file a

The post Midtown East condo tower could face big height cut following UWS court order appeared first on The Real Deal New York.

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Is Olnick bluffing on Lenox Terrace? History says no

When City Council member Bill Perkins announced he was opposing the Olnick Organization’s Lenox Terrace expansion, the development appeared doomed: Perkins wields de facto veto power over the rezoning it needed. “This project is not good for our community,” Perkins said last week, according to Politico. “The Olnick Organization has shown itself to be a bad player in this community for years, not just since this zoning change was conceived over a decade ago.” Olnick’s

The post Is Olnick bluffing on Lenox Terrace? History says no appeared first on The Real Deal New York.

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Gramercy Park dev site leads New York’s mid-market investment sales

The $40.5 million sale of five parcels of vacant land in Gramercy Park led New York’s mid-market investment sales last week. Other deals included the $27 million purchase of three multifamily buildings in Brooklyn and the $26 million purchase of a Long Island City garage. Here are the details: Minrav Development purchased 305-311 First Avenue and 343 East 17th Street in Manhattan’s Gramercy Park from CIM Group for a total of $40.5 million. The firm

The post Gramercy Park dev site leads New York’s mid-market investment sales appeared first on The Real Deal New York.

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A $90 million patch of dirt: A look at Jeff Bezos’ other record LA deal last week

Jeff Bezos’ $165 million purchase of David Geffen’s fabled Beverly Hills estate was a shot in the arm for the country’s ultra-luxury market and set a new high-water mark for Los Angeles real estate. But it also ended up making the Amazon chief’s other megadeal this week – $90 million for a patch of Beverly Hills land owned by the estate of the late Microsoft co-founder Paul Allen — something of an afterthought. The anticipated

The post A $90 million patch of dirt: A look at Jeff Bezos’ other record LA deal last week appeared first on The Real Deal New York.

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Pier 1 files for bankruptcy, seeks sale

Pier 1 Imports is officially bankrupt, more than a month after the retailer began closing hundreds of stores. The Texas-based home goods chain, which filed for Chapter 11 bankruptcy Monday in the Eastern District of Virginia, said it intends to use the move to sell the company. The announcement comes after Pier 1 in January began closing 450 stores, including all of its locations in Canada, after the firm’s fiscal third-quarter sales sank 11.4 percent

The post Pier 1 files for bankruptcy, seeks sale appeared first on The Real Deal New York.

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The best (and worst) cities for divorcees

Just got out of a divorce? Here are the best and worst cities to get back on your feet. Right off the bat, cross off New York City. A LendingTree study on post-divorce economics and relationship prospects across the U.S. gave New York the lowest score of all of the nation’s 50 largest metros, according to the New York Times. LendingTree gave each city three scores based on data about divorced people. One is economic

The post The best (and worst) cities for divorcees appeared first on The Real Deal New York.

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Alphabet’s wooden skyscraper in Toronto could be tallest in the world

Alphabet’s architecture and design arm has unveiled a proof of concept for what could be the world’s tallest mass-timber high-rise. Sidewalk Labs, headed by former Deputy Mayor Dan Doctoroff, released digital models, diagrams, and other design materials this week for its 35-story Proto-Model X planned in Toronto, according to Dezeen. Mass-timber construction means that the primary load-bearing structure is made of wood, which is not as strong as traditional structural materials like concrete and steel,

The post Alphabet’s wooden skyscraper in Toronto could be tallest in the world appeared first on The Real Deal New York.

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Cannabis legalization drives demand for warehousing and retail: study

Green makes green, apparently. Investors can’t get enough warehouse, retail, and land in states that have legalized recreational cannabis use, according to a National Association of Realtors study first reported by Yahoo Finance. NAR surveyed 600 commercial brokers across the country last fall for the study. Generally, the study found that demand was higher for those property types in states that legalized before 2016 than states that legalized after 2016 and demand was higher in

The post Cannabis legalization drives demand for warehousing and retail: study appeared first on The Real Deal New York.

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Adam Neumann no longer has a vision for San Jose

Adam Neumann’s New Year’s resolution might have been to clean out his real estate portfolio. He’s now sold off his stakes in development properties in San Jose. The former CEO of WeWork sold his personal stake in six properties in the Northern California tech hub that were supposed to be part of WeWork’s “future of cities” program, according to Bloomberg. His holdings could have been worth as much at $150 million. Neumann invested in the

The post Adam Neumann no longer has a vision for San Jose appeared first on The Real Deal New York.

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