The Real Deal

The Real Deal Considered the bible of New York City real estate, The Real Deal has become mandatory reading for everyone in the industry. Since 2003, TRD has provided up-to-the-minute industry news and in-depth reports and profiles in our 60,000-circulation monthly magazine and on TheRealDeal.com, which receives more than 1 million unique visitors per month.

Our content is available across multiple platforms, including a mobile app available to iPhone, iPad and Android users alike. The Real Deal has been repeatedly recognized for its journalism prowess, receiving the Society of American Business Editors and Writers’ 2013 award for general excellence and awards from the National Association of Real Estate Editors for “Best Commercial Trade Magazine,” “Best Residential Trade Magazine,” and “Best Web Site Solely Devoted to Residential, Commercial or Financial Real Estate and/or Home Design.” http://therealdeal.com/about-us/

Operating as usual

Getting people back to the office might be a tougher sell than some employers thought.Only 10 percent of workers had ret...
10/29/2020
Only 10% of Manhattan’s Workers Have Returned to the Office

Getting people back to the office might be a tougher sell than some employers thought.
Only 10 percent of workers had returned to Manhattan offices as of late October, according to a survey from Partnership for New York City. That is up from 8 percent in August.

Just 10 percent of office employees had returned to work as of late October, according to a survey from Partnership for New York City.

For a few months, real estate debt investors have been raising money and looking for opportunities to spend it.Now it se...
10/29/2020
Real Estate Investors Raise Funds, Question How to Spend It

For a few months, real estate debt investors have been raising money and looking for opportunities to spend it.

Now it seems things are coming to a boiling point as competition grows to put that cash to work. Borrowers are getting desperate as loan extensions start to expire on malls, hotels and offices.

In the past few months investors have been raising money but are still looking for opportunities to spend it.

10/29/2020

Josh Flagg of Rodeo Realty on how buyer activity has ramped up during an election year and pandemic.
Watch full video here: http://ow.ly/Qb6Q50C6sI6
Sponsor: GEARYS Beverly Hills

Negotiating loan workouts promises to be a lucrative business in the years ahead, and the field of dealmakers branding t...
10/29/2020

Negotiating loan workouts promises to be a lucrative business in the years ahead, and the field of dealmakers branding themselves as specialists is growing. Due to borrower obligations to bondholders on CMBS deals, for one, securitized commercial mortgages often involve highly complex negotiations.

Click below to read about the most active players in the loan workouts space right now.

#SPONSORED Over the past few years, brokers have watched with concern as new proptech attempts to cut them out of the ho...
10/29/2020
With iBuying on the rise, EasyKnock brings new tools to brokers | The Real Deal

#SPONSORED Over the past few years, brokers have watched with concern as new proptech attempts to cut them out of the homebuying process. But one company that’s made a name for itself by bucking iBuyer trends is EasyKnock the New York-based sale-leaseback company. EasyKnock stands out for its strong ties to traditional brokers in a landscape that many see as anti-brokerage. Click below to read how EasyKnock is empowering agents through innovative new options for homebuyers!
https://therealdeal.com/sponsored/easy-knock/with-ibuying-on-the-rise-easyknock-brings-new-tools-to-brokers/

Over the past few years, brokers have watched with concern as new proptech attempts to cut them out of the homebuying process. Chief among these systems are a suite of iBuyers whose algorithms compare properties, determine price, and provide instant offers — sight unseen. Proponents say they smoot...

When the Great Financial Crisis threatened the biggest thing he had ever built, Donald Trump reportedly strong-armed his...
10/29/2020
Trump Strong-Armed Lenders on Chicago Tower

When the Great Financial Crisis threatened the biggest thing he had ever built, Donald Trump reportedly strong-armed his lenders into letting him off the hook on $270 million in loans.

The tactic was indicative of how, over the course of his real estate career, the president has been able to maneuver out from under significant debts and use losses to reduce his tax bills.

Trump strong-armed his lenders into forgiving some $270M in loans on his Chicago tower, according to the New York Times.

Sam Zell’s Equity Residential was hit with a 58 percent decline in income in the third quarter, with urban flight severe...
10/29/2020
Sam Zell Equity Residential Third Quarter Earnings 2020

Sam Zell’s Equity Residential was hit with a 58 percent decline in income in the third quarter, with urban flight severely impacting its apartment portfolio.

The REIT’s net income in the third quarter was $95.4 million, down from $227.8 million in the same period last year.

Equity Residential, the REIT owned by Sam Zell, was hit with a 58% decline in net income in Q3 2020.

Unless they can be turned into museums, properties with macabre histories must eventually go on the market. After all, e...
10/29/2020

Unless they can be turned into museums, properties with macabre histories must eventually go on the market. After all, even a site where a gruesome murder took place is still a piece of Los Angeles real estate. But sellers and brokers of those properties face unique challenges.

Read how sellers and brokers are able sell these properties: http://ow.ly/f9jM50C67BC

Blackstone’s bet on logistics facilities and life sciences continues to pay off despite the broader headwinds facing com...
10/29/2020
Blackstone Earnings Rise in Third Quarter 2020

Blackstone’s bet on logistics facilities and life sciences continues to pay off despite the broader headwinds facing commercial real estate.

Blackstone, one of the world’s largest investment firms, reported higher earnings in Q3 2020 thanks to investments in the logistics and life...

Known among his New York contemporaries as the “real estate doctor,” Joseph Tabak, the chairman of Princeton Real Estate...
10/28/2020
Princeton Real Estate's Joseph Tabak on Creative Dealmaking

Known among his New York contemporaries as the “real estate doctor,” Joseph Tabak, the chairman of Princeton Real Estate Partners, regularly counsels everyone from All Year Management’s Yoel Goldman to Extell’s Barnett. In one of the first-ever in-depth interviews of his career, he sits down with The Real Deal to discuss his approach to dealmaking, the “brain damage” he suffered in his battle for the Ring portfolio, and what keeps him going in the business.

Click below to read the full interview.
Sponsor: Marcum LLP

TRD sits down with Joseph Tabak, chair of Princeton Real Estate Partners, to understand his approach to dealmaking.

In Silicon Valley, the typical seed round for a new venture is around $1 million — maybe $3 million. But a new digital m...
10/28/2020
Zillow Execs Launch Mortgage Startup Tomo

In Silicon Valley, the typical seed round for a new venture is around $1 million — maybe $3 million. But a new digital mortgage company, started by two former Zillow execs, has just launched with $40 million.

Tomo, which bills itself as a fintech startup, announced the eye-watering seed round Wednesday. Trulia co-founder Pete Flint and former Zillow CEO Spencer Rascoff are among the investors.

Two former Zillow execs land a $40 million seed round for their new digital mortgage startup

Seven months into a pandemic that has hit the hospitality and retail sectors the hardest, many hotel owners around the U...
10/28/2020

Seven months into a pandemic that has hit the hospitality and retail sectors the hardest, many hotel owners around the U.S. are at a crossroads, despite an uptick in occupancy after most city and state shutdown orders were lifted. Some of the more highly leveraged owners are now deciding between repurposing their properties, selling at deep discounts, throwing the keys back to their lenders or buying themselves more time if they can afford to.

But forbearance agreements are quickly expiring, and temporary layoffs are becoming permanent. Without a federal bailout, an estimated 38,000 U.S. hotels could close permanently, while another 28,000 are at risk of being foreclosed on, according to the American Hotel & Lodging Association.

Read the full story: http://ow.ly/389g50C5id8

When landlord groups filed a federal lawsuit challenging New York’s rent law last year, they already had their eyes on t...
10/28/2020
NY Rent Lawsuit May Benefit from Justice Amy Coney Barrett

When landlord groups filed a federal lawsuit challenging New York’s rent law last year, they already had their eyes on the U.S. Supreme Court. Now, with the appointment of Amy Coney Barrett, a sixth conservative judge, their case may have a better shot at being heard by the nation’s highest court.

Read what the justice’s appointment may mean for the real estate industry.

With the appointment of a sixth conservative Supreme Court justice, CHIP and RSA’s rent law challenge may have a better shot.

10/27/2020

Fredrik Eklund gets real about how New York's real estate taxes impact buyers.

Cushman & Wakefield, which is under water on its $3.2 billion debt load, could be headed toward a default if its Covid-b...
10/27/2020
Cushman & Wakefield Risks Default

Cushman & Wakefield, which is under water on its $3.2 billion debt load, could be headed toward a default if its Covid-battered earnings continue to decline.

Cushman & Wakefield could default on its large debt load if earnings continue to slide

Zillow’s 2011 IPO should have been a day for popping champagne and plenty of high-fives.Instead, employees and investors...
10/27/2020
Spencer Rascoff Says Zillow IPO Was “Facepalm Moment”

Zillow’s 2011 IPO should have been a day for popping champagne and plenty of high-fives.

Instead, employees and investors experienced a “facepalm moment” when the stock price shot up 200 percent within minutes of trading, according to former CEO Spencer Rascoff.

“I was bothered by that spike for years to come,” Rascoff tweeted Monday, as he touted the benefits of an investing tool that’s recently gained popularity on Wall Street: the SPAC.

Learn what Rascoff sees as the benefits of going the SPAC route versus a traditional IPO.

Spencer Rascoff said Zillow’s IPO “penalized” employees and investors, and said SPACs are a better path to the public market.

CoStar has bought CRE data firm Emporis for an undisclosed price. Move gives data giant larger int’l presence. http://ow...
10/27/2020
CoStar plots international push with Emporis buy | The Real Deal

CoStar has bought CRE data firm Emporis for an undisclosed price. Move gives data giant larger int’l presence.
http://ow.ly/esdd50C4oXf

Commercial real estate data giant CoStar Group has acquired real estate data company Emporis, a move that will boost its European presence. Germany-based Emporis has data on 700,000 buildings records across 100 countries, CoStar said Tuesday. CoStar did not disclose the purchase price. The deal is t...

Critics of raising taxes on the rich warn that over time it will drive high earners to lower-tax states, depressing the ...
10/27/2020
What Millionaires Tax Means for New Jersey’s Thriving Luxury Market

Critics of raising taxes on the rich warn that over time it will drive high earners to lower-tax states, depressing the luxury market. They note that moving is easier for the wealthy, who often already have homes in lower-tax states.

But advocates of millionaires’ taxes say wealthy families typically choose a primary residence based on what they want from their lives, not on tax rates.

Does taxing the wealthy really drive them away? Click below to find out what the experts are saying.

Luxury homes are selling fast in suburban New Jersey, but will the state’s new millionaires’ tax halt the momentum?

First came the condo market slowdown. Then came the pandemic. And now, Aby Rosen’s luxury development at 100 East 53rd S...
10/27/2020
RFR Accuses Vanke of “Power Grab” After Condo Loan Default

First came the condo market slowdown. Then came the pandemic. And now, Aby Rosen’s luxury development at 100 East 53rd Street is in crisis because of an improper “backdoor deal.”

The partner, China Vanke, “orchestrated an irreconcilable and grossly improper conflict of interest” that put it “on both sides of the borrower-lender relationship without RFR’s consent,” Rosen’s firm alleges in a lawsuit filed last Friday in New York County Supreme Court.

Aby Rosen’s luxury development at 100 East 53rd Street is in crisis because of an improper “backdoor deal” between his Chinese partner and lender,...

Eight small performing arts venues have filed a lawsuit against Gov. Andrew Cuomo and Mayor Bill de Blasio for closing t...
10/27/2020
New York Theaters Sue Cuomo, de Blasio for Covid Restrictions

Eight small performing arts venues have filed a lawsuit against Gov. Andrew Cuomo and Mayor Bill de Blasio for closing their spaces during the pandemic.

Small theaters and comedy clubs in New York City filed a lawsuit against Gov. Andrew Cuomo and Mayor Bill de Blasio for closing their spaces during...

Though Manhattan’s depleted luxury market is beginning to flicker with small bursts of activity, it may not be enough to...
10/27/2020

Though Manhattan’s depleted luxury market is beginning to flicker with small bursts of activity, it may not be enough to save some projects from becoming distressed investment opportunities. That’s especially true for projects that struggled before the current economic crisis.

Read how developers and lenders are thinking about Manhattan’s oversaturated condo market: http://ow.ly/MS3p50C3k7D

Though luxury inventory right now looks similar to what was on the market during the financial crisis — 1,600 listings i...
10/26/2020

Though luxury inventory right now looks similar to what was on the market during the financial crisis — 1,600 listings in the third quarter this year versus 1,623 in the third quarter of 2008 — there is much more high-end “shadow inventory” today.

Appraiser Jonathan Miller of Miller Samuel predicts the current crop of unsold new-development units across Manhattan will take 8.7 years to sell, compared to 3.5 years in 2008.

Find out what this means for condo developers and their lenders: http://ow.ly/L0VJ50C3dyJ

New York City’s multifamily investment sales improved in the third quarter compared to second quarter results, as the nu...
10/26/2020
New York’s multifamily investment sales rise in Q3

New York City’s multifamily investment sales improved in the third quarter compared to second quarter results, as the number of deals and total dollar volume both rose. But the July through September totals were still far below what they were at the same time last year.

New York’s multifamily investment sales saw dollar volume and the number of deals rise in Q3, according to Ariel Property Advisors report

Nearly 3 million U.S. homeowners were in forbearance programs as of last week, a massive amount but still a sharp drop f...
10/26/2020
Homeowners in Forbearance Plans Falls to 3 Million Week of Oct. 20

Nearly 3 million U.S. homeowners were in forbearance programs as of last week, a massive amount but still a sharp drop from 4.76 million at the height of the pandemic.

That’s according to a new report from mortgage-data firm Black Knight, which also found significant drops in weekly totals. There were 11,000 fewer homeowners in Covid-19 mortgage forbearance programs with their lenders than the week prior.

U.S. homeowners in Covid-19 forbearance plans fell to 3 million in the week ending Oct. 20, down from 4.76 million at the height of the pandemic.

Fall is usually a cool-down period for the U.S. housing market. Not this year.Homes reportedly sold nearly twice as fast...
10/26/2020
Zillow Report Shows Homes Selling Faster in September

Fall is usually a cool-down period for the U.S. housing market. Not this year.

Homes reportedly sold nearly twice as fast in September as they did in the same month last year, and faster than in any month this year.

The coronavirus pandemic pushed back the home shopping season into the fall, according to a Zillow report.

Adam Neumann is back.In his first venture since leaving WeWork last year, the eccentric and brash Israeli entrepreneur i...
10/26/2020

Adam Neumann is back.

In his first venture since leaving WeWork last year, the eccentric and brash Israeli entrepreneur is investing $30 million in Alfred, a “future of living” startup that provides apartment services such as dog walking, maintenance and rent processing.

Check out below for some of the numbers that define Neumann’s successes and flops over the years, and follow the link to read more: http://ow.ly/Il3l50C36Pq

Adam Neumann is back.In his first venture since leaving WeWork last year, the eccentric and brash Israeli entrepreneur i...
10/26/2020

Adam Neumann is back.

In his first venture since leaving WeWork last year, the eccentric and brash Israeli entrepreneur is investing $30 million in Alfred, a “future of living” startup that provides apartment services such as dog walking, maintenance and rent processing.

Check out below for some of the numbers that define Neumann’s successes and flops over the years, and follow the link to read more: http://ow.ly/Il3l50C36Pq

Opendoor CEO Eric Wu had the job of keeping his troops on track when Zillow pivoted into instant homebuying in 2018. Des...
10/26/2020

Opendoor CEO Eric Wu had the job of keeping his troops on track when Zillow pivoted into instant homebuying in 2018.

Despite generating $4.7 billion in revenue last year, Opendoor is battling Zillow for dominance in iBuying, a sector that saw just $8 billion in transactions last year but one that both companies believe is the future of residential dealmaking.

Learn how Wu plans to both establish his company’s dominance in iBuying and prove to investors that the sector itself is viable: http://ow.ly/T9Z050C3616

10/26/2020
Butterfly-Post.mp4

As lockdowns eased over the summer and the real estate industry began figuring out how to get going again, two of the country’s largest office owners put trophy assets up for sale in what was seen as the first big test of the Covid-era market.

The property listings come as CBRE forecasts 50 million square feet of negative net absorption in the U.S. for the second half of 2020. A recent Savills survey of 250 technology companies found 82 percent of them anticipate needing less office space over the next 12 to 18 months.

All the metrics raise the question: Is this the end of the central business district? Learn what the experts are saying: http://ow.ly/oFZ550C2U1Q

10/26/2020

Wendy Silverstein’s is a 17-year veteran of Vornado Realty Trust who helped grow the company from a $3 billion owner of New Jersey strip malls to a more than $30 billion investment giant, as of 2015, and went on to liquidate New York REIT’s 4.4 million feet of commercial assets.

Following a tumultuous year of co-leading WeWork’s real estate investment fund, the former Citibank executive recently teamed up with her old colleague Ed Adler to launch Silver Eagle Advisory Group, a loan workout firm that will target mounting distress across the real estate industry.
Though she has periodically considered retiring she’s been drawn back into the real estate industry by new challenges.

Read #TheClosing interview with Wendy Silverstein: http://ow.ly/Up7C50C2McA

Black homeowners in the U.S. are paying thousands of dollars more for mortgage payments than their white counterparts, a...
10/25/2020
Black Homeowners Pay $13K More on Home Mortgages

Black homeowners in the U.S. are paying thousands of dollars more for mortgage payments than their white counterparts, according to a new study.

The report, co-authored by MIT Golub Center for Finance and Policy executive director Ed Golding, found that Black borrowers pay $13,464 more over the life of a home loan, with higher interest payments, mortgage premiums and property taxes. In all, these differences amount to a loss of $67,320 in retirement savings for black homeowners.

Black Americans are paying thousands of dollars more in mortgage payments than white homeowners, leading to larger problems with financial inequity.

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The Real Deal has become mandatory reading for everyone in the industry. Since 2003, TRD has provided up-to-the-minute industry news and in-depth reports and profiles in our 65,000-circulation monthly magazine and on TheRealDeal.com, which receives more than 2 million unique visitors per month. Our content is available across multiple platforms, including a mobile app available to iPhone, iPad and Android users alike.

The Real Deal has been repeatedly recognized for its prowess in real estate media, receiving the Society of American Business Editors and Writers’ 2013 award for general excellence. In 2016, TRD won a record 12 awards from the National Association of Real Estate Editors, including the gold for best residential trade magazine and a silver award for best commercial trade magazine.

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