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✍️Bringing transparency to one of the world's most important and least understood industries. The Real Deal is the premier real-estate news outlet in the US, reaching millions of professionals daily through digital, print, social media and events.
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Readers turn to us for breaking news, market intelligence, custom research, proprietary rankings, deal analysis, profiles, trends and much more. We have received more than 50 awards for editorial excellence over the past 5 years, including the General Excellence award from the Society of Business Writers and Editors.

Operating as usual

The former head of a Brooklyn construction union faces prison for trading membership cards for cash bribes.A federal jur...
05/01/2021
Salvatore Tagliaferro Convicted in Union Bribery Scheme

The former head of a Brooklyn construction union faces prison for trading membership cards for cash bribes.

A federal jury on Wednesday convicted Salvatore Tagliaferro on charges of honest services wire fraud, conversion of union assets and conspiracy. He faces up to 30 years in prison on all charges, and is slated to be sentenced July 27.

A federal jury convicted Salvatore Tagliaferro, former president of Local 926, in a bribery scheme that granted bogus union membership.

More than 1,500 lawsuits have been filed nationwide against insurers since the start of the pandemic, and initially, at ...
05/01/2021

More than 1,500 lawsuits have been filed nationwide against insurers since the start of the pandemic, and initially, at least, the courts have overwhelmingly dismissed claims for coverage, according to a University of Pennsylvania Carey Law School database that tracks the filings. Judges have taken pains to express sympathy for hard-hit business owners, but say the law and the way the insurance policies are narrowly written tie their hands.

Click below for a brief look inside the lawsuits filed against insurers to claim Covid losses. Follow the link for more details: https://bit.ly/335vFHa

Ron Perelman is taking his Upper East Side whisper listing public.The billionaire businessman has officially listed his ...
05/01/2021

Ron Perelman is taking his Upper East Side whisper listing public.

The billionaire businessman has officially listed his townhouse after months of quietly shopping the home.

It’s coming onto the market with a price cut: The townhouse was previously asking $65 million. Now, the property is for sale on its own for $60 million.

Click below for a look inside the property and follow the link to learn more: https://bit.ly/3t1r43u

Matching retail square footage to migration and shopping patterns is a constant battle for retailers, developers and lan...
05/01/2021
Why Retailers Close Stores Despite Great Earnings

Matching retail square footage to migration and shopping patterns is a constant battle for retailers, developers and landlords.

Store closures have traditionally been a knee-jerk reaction for retailers seeking to cut costs but in recent times, the process has become more strategic.

Across the country, retailers with great earnings are consolidating stores in response to changing consumer habits and migration patterns.

Content streamer Roku has signed a long-term lease at Boston Properties’ Colorado Center in Santa Monica.Roku inked a 10...
05/01/2021
Roku Leases At Santa Monica’s Colorado Center

Content streamer Roku has signed a long-term lease at Boston Properties’ Colorado Center in Santa Monica.

Roku inked a 10-year deal for 72,000 square feet at the Colorado Avenue office complex, Boston Properties announced. Roku now leases space at Water Garden office campus across the street.

Roku is leasing 72,000 square feet at Boston Properties’ Colorado Center in Santa Monica.

Extended-stay housing company founder Howard Ruby and his wife are listing their Italianate Bel Air compound for $45 mil...
05/01/2021

Extended-stay housing company founder Howard Ruby and his wife are listing their Italianate Bel Air compound for $45 million.

The elaborately designed home, in keeping with its European inspiration, is “not the style that’s in vogue right now,” he acknowledged, according to the Wall Street Journal. “But someone out there is going to understand it and accept it. There’s someone out there who doesn’t want a white box.”

Click below to take a look at the house and follow the link to learn more: https://bit.ly/3vrVf5i

#BREAKINGNEWS A new lawsuit seeks to halt the rezoning of Soho and Noho, alleging that the mayor is exploiting the pande...
04/30/2021
Lawsuit Seeks to Halt Soho Rezoning

#BREAKINGNEWS A new lawsuit seeks to halt the rezoning of Soho and Noho, alleging that the mayor is exploiting the pandemic before his term expires in December.

#Rezoning #SohoNYC #NYRealEstate #TheRealDeal #RealEstateNews #Politics

A newly filed lawsuit seeks to halt the rezoning of Soho and Noho from moving forward.

New York City restaurateurs can breathe a sigh of relief: The rules for indoor dining in the five boroughs will finally ...
04/30/2021
Cuomo Ups NYC Indoor Dining to 75% on May 7

New York City restaurateurs can breathe a sigh of relief: The rules for indoor dining in the five boroughs will finally match those of the rest of the state.

Gov. Andrew Cuomo announced Friday that starting May 7, indoor dining capacity for NYC restaurants will be raised to 75 percent. Restaurants outside of the city have been able to operate at 75 percent capacity since March 19.

#TheRealDeal #RealEstateNews #NYC #IndoorDining

Gov. Andrew Cuomo announced that starting May 7, New York City indoor dining capacity will be raised to 75 percent

#SPONSORED The pandemic has shifted the luxury market in more than one way, the main being a renewed focus on the meanin...
04/30/2021
Take Your Luxury Amenities to the Next Level with California Closets, New York. | The Real Deal

#SPONSORED The pandemic has shifted the luxury market in more than one way, the main being a renewed focus on the meaning of home. Home has become so much more than a place to lay your head at night; evolving into home offices, your children’s classrooms, at-home movie theaters, exercise rooms, a chef’s kitchen. Luxury amenities have become a hot commodity, presenting as a sole focus for buyers now.

California Closets is committed to delivering innovative, customized storage solutions for all areas of the home. Click the link below to read more.
#ccxnewyork #luxurycustomclosets California Closets New York

By: Kristina Baker The pandemic has shifted the luxury market in more than one way, the main being a renewed focus on the meaning of home. Home has become so much more than a place to lay your head at night; evolving into home offices, your children’s classrooms, at-home movie theaters, exercise r...

A landlord can dream, right?After a year of rent freezes, owners are calling for an increase of up to 5 percent on rent-...
04/30/2021
NYC Landlords Seek 5% Rent Hike on Stabilized Units

A landlord can dream, right?

After a year of rent freezes, owners are calling for an increase of up to 5 percent on rent-stabilized apartments across the city.

Landlords testified at the Rent Guidelines Board’s Thursday meeting that the hike was needed after years of minuscule increases that have not kept up with inflation, utility costs and property taxes.

#RentHike #NYRealEstate #TheRealDeal #RealEstateNews #RentStabalized #NYC

New York City landlords are calling for a 5% rent hike on rent-stabilized units after a year of rent freezes.

From its swanky office at 600 Madison Avenue, HFZ Capital Group ran a New York development empire, orchestrating high-ri...
04/30/2021
Ashkenazy Acquisition Takes over HFZ Capital’s Office at 600 Madison

From its swanky office at 600 Madison Avenue, HFZ Capital Group ran a New York development empire, orchestrating high-risk, high-reward ventures that included some of the city’s most prominent condominium projects.

With that empire now in disarray and HFZ mired in lawsuits and debts, the developer is now moving out of that office, The Real Deal has learned. And moving in is another big real estate player, Ashkenazy Acquisition.

#TheRealDeal #RealEstateNews #Acquisition #HFZ

NYC condo developer HFZ Capital has moved out of its swanky Midtown office at 600 Madison Avenue and Ashkenazy Acquisition is moving in.

Don't miss the TRD Brand Studio's webinar featuring the industry's top experts from Industrious, IWG plc, Studio by Tish...
04/30/2021

Don't miss the TRD Brand Studio's webinar featuring the industry's top experts from Industrious, IWG plc, Studio by Tishman Speyer, essensys on how flexible work spaces will bring back tenants. Register for free here: https://bit.ly/2QexKOl

Don't miss the TRD Brand Studio's webinar featuring the industry's top experts from Industrious, IWG plc, Studio by Tishman Speyer, essensys on how flexible work spaces will bring back tenants. Register for free here: https://bit.ly/2QexKOl

In one of the largest multifamily transactions of the year, the Chetrit Group sold a nearly 5,500-unit multifamily portf...
04/29/2021
Chetrit Sells Multifamily Portfolio to Harbor Group for $390M

In one of the largest multifamily transactions of the year, the Chetrit Group sold a nearly 5,500-unit multifamily portfolio to Harbor Group International for $390 million, The Real Deal has learned.

The apartments are in 56 communities spread across Florida, Indiana, Kentucky, Ohio and Pennsylvania.

Harbor Group International, which is led by Jordan Slone, financed the purchase with a roughly $300 million loan from Fannie Mae.

#TheRealDeal #RealEstateNews #PortfolioSale

The Chetrit Group sold a nearly 5,500-unit multifamily portfolio to Harbor Group International for $390 million.

Many Manhattan residential brokers share the same sentiment; they’ve never been busier. Demand has finally picked up, wh...
04/29/2021
Manhattan’s FOMO Condo Market Sees Spike in Activity

Many Manhattan residential brokers share the same sentiment; they’ve never been busier. Demand has finally picked up, which means a hefty schedule of showings, fierce negotiations and hurried contract signings. Even bidding wars are back.

It’s not just the optimistic rhetoric all agents seem to share. After a year of depressed activity and headline after headline announcing another company or well-heeled individual moving out of New York, data bears out the uptick.

#TheRealDeal #RealEstateNews #Manhattan

Manhattan’s new development condo market is seeing deal activity pick up after the worst of the pandemic.

When the pandemic hit last spring, loan defaults seemed inevitable.But in a few months, the Federal Reserve’s massive bu...
04/29/2021

When the pandemic hit last spring, loan defaults seemed inevitable.

But in a few months, the Federal Reserve’s massive buying spree, combined with government stimulus, had squelched distress opportunities in real estate and elsewhere.

In spite of a tapered possibility a year into the pandemic, many investors still see dark clouds ahead and opportunity on the horizon.

Find out how investors are still finding opportunities in distressed debt: https://bit.ly/2Qz37U7

When the pandemic hit last spring, loan defaults seemed inevitable.

But in a few months, the Federal Reserve’s massive buying spree, combined with government stimulus, had squelched distress opportunities in real estate and elsewhere.

In spite of a tapered possibility a year into the pandemic, many investors still see dark clouds ahead and opportunity on the horizon.

Find out how investors are still finding opportunities in distressed debt: https://bit.ly/2Qz37U7

Post-IPO, Compass is back to business as usual when it comes to expansions and acquisitions.The brokerage announced Thur...
04/29/2021
Compass Opens Raleigh, North Carolina Brokerage

Post-IPO, Compass is back to business as usual when it comes to expansions and acquisitions.

The brokerage announced Thursday that it has opened a new office in Raleigh, North Carolina. This is Compass’ third push into a new market since going public earlier this month, following its expansions in Delaware and Tampa, Florida.
#TheRealDeal #RealEstateNews #Compass #NorthCarolina

Compass opened its offices in Raleigh, North Carolina on Thursday, April 29, 2021, amid the Research Triangle’s hot resi market.

New Yorkers no longer have a choice: We have to take Andrew Yang seriously, writes senior editor Erik Engquist.The Democ...
04/29/2021
Grading Mayoral Candidate Andrew Yang’s Housing Plan for NYC

New Yorkers no longer have a choice: We have to take Andrew Yang seriously, writes senior editor Erik Engquist.

The Democratic primary for mayor is less than two months away and he’s leading the polls as the eight identifiable candidates begin to invade our lives with TV ads.
Yesterday he unveiled his affordable housing plan in a 12-minute speech. Tap the link in bio to find out if his plan passed our senior editor’s smell test.

#TheRealDeal #RealEstateNews #NewsAnalysis #NYRealEstate #Politics #NYCMayoralRace

New York City mayoral candidate Andrew Yang unveiled an affordable housing plan that makes more sense in theory than in practice.

President Joe Biden’s administration on Wednesday unveiled a $1.8 trillion spending plan that would eliminate a “special...
04/29/2021
Biden’s First 100 Days: The Impact on Real Estate

President Joe Biden’s administration on Wednesday unveiled a $1.8 trillion spending plan that would eliminate a “special real estate tax break” for certain investors.

The partial demise of that tax break, mentioned briefly as part of the American Families Plan, is just one of several policy initiatives affecting real estate that have started to take shape under Biden, some of which fulfill promises he made on the campaign trail.

As Biden marks his first 100 days in office on Thursday, there are the five issues that the real estate industry is watching. Click below to read all about it.
#TheRealDeal #RealEstateNews #First100Days #TaxBreak

President Joe Biden has marked 100 days in office, and real estate has already seen some of his campaign promises start to take shape.

#SPONSORED For real estate owners experiencing cash flow disruption due to COVID-19, take these five important steps to ...
04/29/2021
Five Actions to Mitigate Cash Flow Disruption and Avoid Default | The Real Deal

#SPONSORED For real estate owners experiencing cash flow disruption due to COVID-19, take these five important steps to mitigate financial distress and avoid default. Get guidance from Friedman’s dedicated Loan Workout professionals.
#distressedproperty #debtrestructuring Friedman LLP

The commercial real estate market has experienced a significant increase in delinquencies for commercial mortgage-backed securities since April 2020 — with an additional rise in loans under special servicer arraignments. If you are a debtor experiencing a disruption in normal cash flows due to the...

Joining a growing trend in the real estate industry, Tishman Speyer will soon have an executive whose focus is diversity...
04/28/2021
Tishman Speyer Hires Joseph Ritchie as Head of Diversity

Joining a growing trend in the real estate industry, Tishman Speyer will soon have an executive whose focus is diversity and inclusion.

Joseph Ritchie, the vice president of development at Brandywine Realty Trust, will start next month as Tishman Speyer’s managing director of business development and head of diversity and inclusion, the company announced.

Tishman Speyer hires Brandywine Realty Trust’s Joseph Ritchie as head of diversity and inclusion.

A new congressional bill seeks to root out racial discrimination in the residential and commercial real estate appraisal...
04/28/2021
Ritchie Torres Bill Would Combat Racial Bias in Appraisals

A new congressional bill seeks to root out racial discrimination in the residential and commercial real estate appraisal industry.

The measure, sponsored by Reps. Emanuel Cleaver II and Ritchie Torres, would create an interagency task force to study factors that lead to disparities in property valuations and lay out specific steps to combat them. The task force would examine federal collateral underwriting standards and guidance, as well as barriers to entry that disproportionately prevent minorities from becoming appraisers.

A new bill, sponsored by U.S. Reps. Emanuel Cleaver II and Ritchie Torres, seeks to root out racial discrimination in the residential and commercial real estate appraisal industry.

Vornado Realty Trust has lined up a huge refinancing for the San Francisco office tower it owns with former President Do...
04/28/2021
JPMorgan To Refinance Tower Owned by Vornado And Trump

Vornado Realty Trust has lined up a huge refinancing for the San Francisco office tower it owns with former President Donald Trump’s company — a deal that could return hundreds of millions of dollars in cash to the owners.

JPMorgan Chase & Co. is working on the $1.2 billion refinancing of 555 California Street and two adjacent buildings. The deal will fund improvements for the office tower and return about $617 million to Vornado and the Trump Organization.

Vornado Realty Trust and the Trump Organization could get more than $600M from a $1.2B JPMorgan refinancing lined up for the San Francisco office tower at 555 California Street.

Help for restaurants promised by the federal $1.9 trillion coronavirus relief package is coming to fruition.On May 3, th...
04/28/2021
Restaurants to Apply for $29B in Pandemic Relief Starting May 3

Help for restaurants promised by the federal $1.9 trillion coronavirus relief package is coming to fruition.

On May 3, the Restaurant Revitalization Fund will begin accepting applications for $29 billion in grants. The money is only available to restaurants, bars and other food-service businesses.

Restaurants and bars can apply for grants from the $1.9 trillion coronavirus relief package starting May 3.

CoStar’s profit machine is back in action.After four consecutive quarters in which its profits dropped, the real estate ...
04/28/2021
CoStar Profits Soar Q1 2021 Earnings

CoStar’s profit machine is back in action.

After four consecutive quarters in which its profits dropped, the real estate data giant said it generated $74 million in first-quarter net income. The firm’s profits are up from $36 million during the fourth quarter of 2020 and relatively flat year-over-year.

Data giant CoStar generated $74 million in profits as revenue jumped 18 percent during the first quarter of 2021.

More bad news for commercial landlords: Deutsche Bank is considering return-to-office plans that would make it one of th...
04/28/2021
Deutsche Bank Announces Hybrid Office Model

More bad news for commercial landlords: Deutsche Bank is considering return-to-office plans that would make it one of the most flexible employers among large international banks.

Under the proposal, employees would be able to work from home up to three days a week.

But not every boss will let workers continue in sweatpants. JPMorgan Chase & Co. CEO Jamie Dimon just announced that the company’s entire U.S. workforce must return to the office in about two months. He has urged the rest of the industry to follow suit.

Deutsche Bank is considering return-to-office plans that would make it one of the most flexible employers among large international banks.

Two independent brokerages are joining forces to compete with national firms.New York City-based Warburg Realty and Miam...
04/28/2021
Warburg Realty, Fortune International Realty Form Partnership

Two independent brokerages are joining forces to compete with national firms.

New York City-based Warburg Realty and Miami-based Fortune International Realty recently announced a partnership to refer clients between their respective markets.

The two family-owned and -operated firms are banding together to compete with larger brokerages, many of which have expanded into other markets in recent years, as well as increase their offerings to clients.

Warburg Realty and Fortune International Realty, independent brokerages in New York City and South Florida, respectively, are teaming up to compete with national firms

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