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Category Archives: RE News

Here’s where Covid hit Manhattan condo market hardest

At first glance, Manhattan’s condo market seems to have emerged unscathed from the pandemic. The borough’s median condo sales price in April, May and June actually increased by 3.4 percent to $1.6 million from the first quarter of the year, according to an analysis by The Real Deal of sales data from listings platform Online Residential. Though that’s down 18 percent from the same quarter a year ago, it’s not as steep a drop as

The post Here’s where Covid hit Manhattan condo market hardest appeared first on The Real Deal New York.

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Hudson Pacific is effusive about Blackstone deal, defensive about office space

Hudson Pacific Properties reported a dip in second quarter net income, attributing it to retail tenants that deferred their rent payments because of the coronavirus. But taking into account the massive impact the pandemic has had on retail and office landlords, the real estate investment trust’s net income of $3.7 million and revenue of $199 million in Q2, was not a sharp fall off from the same period last year, when it reported $9.8 million

The post Hudson Pacific is effusive about Blackstone deal, defensive about office space appeared first on The Real Deal New York.

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REBNY to begin issuing fines for problematic listings

A years-long effort to clean up New York residential listings data is taking the next step forward – and it’s a punitive one. The Real Estate Board of New York will begin to issue fines beginning Sept. 15 up to $20,000 per sales listing and $3,200 per rental listing that violates its policies, according to an email the group sent out Thursday. The forthcoming levies are part of an ongoing effort from the trade association

The post REBNY to begin issuing fines for problematic listings appeared first on The Real Deal New York.

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“It’s been a wild year”: Redfin losses significantly lower than expected

Redfin’s second quarter wasn’t quite as terrible as the national brokerage and listings site had projected. The Seattle-based residential firm logged a net loss of $6.6 million in the second quarter of 2020 instead of the $21 to $26 million in losses it anticipated. Redfin also reported $214 million in revenue, an 8 percent year-over-year increase. Back in May, the company projected that it would pull in between $179 million and $189 million. Redfin’s losses

The post “It’s been a wild year”: Redfin losses significantly lower than expected appeared first on The Real Deal New York.

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Empire State Realty Trust lost $20M in Q2

After four months without tourists paying a small fortune to peek over the edge of the Empire State Building, it should be no surprise that its owner is out $20 million. Empire State Realty Trust reported a net loss of $19.6 million during the second quarter of 2020, down from $18.9 million in net income a year earlier. The real estate investment trust also announced a series of cost-cutting measures, including executive salary cuts and

The post Empire State Realty Trust lost $20M in Q2 appeared first on The Real Deal New York.

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Realogy’s Q2 profits plunge after “unprecedented” drop in sales

Realogy’s profits plunged during the second quarter, after coronavirus slowed home sales across the country, the brokerage giant said Thursday. Realogy reported a $14 million loss during the quarter — a huge drop from $69 million in profits during the same period last year. Citing a “massive drop-off” in transactions, Realogy said revenue also fell 25 percent to $1.2 billion, from $1.6 billion a year ago. During an earnings call with analysts, CEO Ryan Schneider

The post Realogy’s Q2 profits plunge after “unprecedented” drop in sales appeared first on The Real Deal New York.

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TRD Insights: Homebuyers in Black communities charged higher mortgage rates, report finds

New home mortgage borrowers in majority-Black communities are charged higher interest rates than borrowers in majority-white communities. That was the finding from an analysis of 2018 and 2019 home purchase mortgage data, according to a Realtor.com report. It showed that homebuyers in areas where Black people comprised over 70 percent of the population received loans with interest rates 13 basis points above those homebuyers received in the majority-white neighborhoods. Realtor.com analyzed the data that was

The post TRD Insights: Homebuyers in Black communities charged higher mortgage rates, report finds appeared first on The Real Deal New York.

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Congress pitches relief to struggling hotel, mall CMBS borrowers

A bipartisan bill introduced in Congress on Wednesday is intended as a lifeline for hotel and shopping-center CMBS borrowers. The measure would provide preferred equity to borrowers hurt by the coronavirus pandemic, taking from a $454 billion pool set aside for struggling businesses in the earlier stimulus bill, the Wall Street Journal reported. Roughly 10 percent of CMBS loans were delinquent by 30 days or more in June, according to Trepp. “The numbers are getting

The post Congress pitches relief to struggling hotel, mall CMBS borrowers appeared first on The Real Deal New York.

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Navillus CEO, sister arrested in $1M scheme to cheat unions

After emerging from bankruptcy and paying a massive settlement to construction unions, Navillus Contracting faces criminal charges that its president and his sister bilked more than $1 million from various construction unions. Donal O’Sullivan and his sister Helen O’Sullivan, the company’s treasurer, were arrested Thursday for allegedly scheming to avoid making payments to union benefit funds between 2011 and 2017, according to an indictment filed in Brooklyn federal court. Despite having a collective bargaining agreement

The post Navillus CEO, sister arrested in $1M scheme to cheat unions appeared first on The Real Deal New York.

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Paramount staff did not enjoy working from home: Q2 earnings

The coronavirus crisis led to a mandatory work-from-home experiment for office workers across the country, and while some seem to have enjoyed the experience, others have been less enthusiastic. Count employees of office landlord Paramount Group in the latter category, according to its chief executive. “The positive was that work got done, and we did not miss any of our deadlines or delay any of our filings,” CEO Albert Behler said Thursday on an earnings

The post Paramount staff did not enjoy working from home: Q2 earnings appeared first on The Real Deal New York.

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