Real Estate

NYC to weigh hybrid work for city employees

The Real Deal New York 2/3 3:44A By TRD Staff
City Hall is slowly relenting on its resistance to hybrid work for municipal employees. Officials agreed to consider a hybrid work scenario for DC 37 workers as negotiations with the union continue, Gothamist reported. The union’s social services...

Editor’s note: Legacy kids and scrappy up-and-comers

The Real Deal New York 2/3 3:00A By Stuart Elliott
Welcome to the February 2023 issue of The Real Deal, your source for the latest news and trends in the world of real estate. As we kick off a new year, it’s a great time to reflect on the exciting developments and challenges that lie ahead in the...

Landlord boots one of Times Square’s last music shops

The Real Deal New York 2/3 2:30A By Suzannah Cavanaugh
After rising rents shuttered the last of the famed music shops that spanned Times Square’s 48th Street, musicians seeking the once-bustling shopping scene frequented by legends like Jimi Hendrix and the Rolling Stones were left with few options....

Industrial is still hot: Monello planning 70K sf warehouse

The Real Deal New York 2/3 1:45A By TRD Staff
The warehouse space race isn’t over. With the industrial market still tight, Monello Landscape Industries is seeking to build a four-story warehouse in the Passaic County township of Wayne, reported. The 70,000-square-foot building...

Developers land $414M for Inwood project after waiting out rezoning fight

The Real Deal New York 2/3 1:00A By Kathryn Brenzel
More than seven years after buying the land, Joy Construction and Madd Equities are finally ready to get going on their planned 611-unit apartment complex in Inwood. The developers secured $414 million in construction financing for the mixed-use...

A look at real estate’s nepo babies

The Real Deal New York 2/3 12:30A By Isabella Farr
Everyone loves a dynasty. But few fields are as dominated by hereditary empires as real estate. If the business is built on relationships, as industry players like to say, why not tap into your folks’?  For those on the inside, inheriting or...

Ex-SL Green CIO David Schonbraun joins David Welsh’s Senlac Ridge

The Real Deal New York 2/3 12:00A By Holden Walter-Warner | Resear
Less than two years after leaving SL Green Realty for Carlyle Group, David Schonbraun is on the move again. The former SL Green chief investment officer is joining New Jersey-based private equity firm Senlac Ridge Partners, which says it’s...

Full 17th floor at Sherry-Netherland asks $30 million

The Real Deal New York 2/2 9:51A By Sheridan Wall
Apartments, like best friends and all-inclusive resorts, sometimes come as a package deal. Four units on the 17th floor of the Sherry-Netherland just hit the market for $30 million under a single listing. The apartments — one of which formerly...

How Hochul’s film tax credit, casino plan affect real estate

The Real Deal New York 2/2 9:00A By TRD Staff
While Gov. Kathy Hochul’s housing and 421a proposals captured real estate’s attention this week, two other aspects of her $227 billion budget have implications for the industry. One is her call for using revenue from the three planned downstate...

Bill targets co-op discrimination against buyers

The Real Deal New York 2/2 8:09A By TRD Staff
Two city politicians are introducing a bill aimed at curtailing discrimination by co-op boards. Public Advocate Jumaane Williams and City Council member Pierina Sanchez will unveil their legislation today, the New York Daily News reported. It is...

Tile retailer Ann Sacks inks 21K sf lease in Long Island City

The Real Deal New York 2/2 7:30A By Lois Weiss
The first legal cannabis shops have yet to open in Queens, but Long Island City is getting stoned in another sense of the term. High-end tile and stone wholesaler Ann Sacks signed a 21,161-square-foot lease for the entire ground floor of 21-01...

Layoffs hit The Agency

The Real Deal New York 2/2 7:05A By Harrison Connery and Sheridan
The Agency is the latest residential brokerage resorting to layoffs. The California-based firm confirmed to The Real Deal it had let go of 15 people, or about 4 percent of its staff. We are not immune to the economic environment that all...

Bruce Teitelbaum reboots controversial Harlem project

The Real Deal New York 2/2 6:30A By Kathryn Brenzel
Bruce Teitelbaum is giving the City Council a second chance to approve affordable housing on his Harlem development site. In a letter to Council member Kristin Richardson Jordan, the developer indicates that he will restart the rezoning process...

RXR to surrender chunk of office portfolio to lenders

The Real Deal New York 2/2 6:15A By TRD Staff
Scott Rechler’s RXR is confronting the impact of remote work and rising interest rates by parting ways with a slice of its office portfolio. The developer is preparing to hand some of his office buildings back to lenders, the Financial Times...
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