Cuomo signs bill to extend eviction protections

A state bill extending eviction protections for some tenants — but allowing money judgments for nonpayment of rent — was signed into law by Gov. Andrew Cuomo Tuesday evening. The Tenant Safe Harbor Act, sponsored by Sens. Brad Hoylman and Liz Krueger and Assembly member Jeffrey Dinowitz, prohibits evictions of eligible tenants if any part of the county is still shut down by government as a result of Covid-19. “Now that the Tenant Safe Harbor

source https://therealdeal.com/2020/06/30/cuomo-signs-bill-to-extend-eviction-protections/

City’s housing plan suffers major blow in “painful” budget

New York City’s affordable housing program is about to take a hit. The $88.1 billion budget deal up for a City Council vote Tuesday night includes a $457 million cut to the Department of Housing Preservation and Development’s next capital budget. Mayor Bill de Blasio on Tuesday morning announced the agreement to balance the budget in face of a $9 billion revenue shortfall. Some City Council members have estimated that the cuts — along with

source https://therealdeal.com/2020/06/30/citys-housing-plan-suffers-major-blow-in-painful-budget/

Jumaane Williams’ property tax ploy is day late – but may leave city $1.7B short

Jumaane Williams is trying to do what no public advocate has done before: govern. Hours before the City Council was scheduled to approve the city budget, the firebrand politician threatened to derail the city’s property tax billing unless police hiring were frozen, Politico reported. Two problems: The tax bills had already been sent, and Mayor Bill de Blasio and City Council Speaker Corey Johnson had already agreed to cancel the next class of NYPD cadets.

source https://therealdeal.com/2020/06/30/jumaane-williams-property-tax-ploy-is-day-late-but-may-leave-city-1-7b-short/

Catsimatidis: NYPD should have sent rioters to Rikers

On the latest episode of The Real Deal‘s Coffee Talk, Red Apple Group CEO John Catsimatidis sat down with TRD publisher Amir Korangy to discuss the state of New York City’s civic affairs. Catsimatidis, whose holdings include grocery store chain Gristedes and oil refineries, said he’s considering another run as mayor — but only if there’s no one more qualified. When pressed to name a suitable mayoral candidate, Catsimatidis noted that he wanted to see someone

source https://therealdeal.com/2020/06/30/catsimatidis-nypd-should-have-sent-rioters-to-rikers/

For Sam Zell, it’s all about “foreclosures and opportunities”

Sam Zell’s Equity Commonwealth real estate investment trust has $3.4 billion in cash ready to deploy in these times of distressed assets, but the self-described Grave Dancer isn’t ready to tango in one sector: Retail. Zell, who is also chairman of Equity Residential and Equity Lifestyle Properties, said his companies “don’t buy markets, we buy deals.” And with retail real estate, he’ll likely steer clear, he said. In a Zoom interview with SkyBridge Capital founder

source https://therealdeal.com/2020/06/30/for-sam-zell-its-all-about-foreclosures-and-opportunities/

New Jersey’s American Dream mall is a financial nightmare

Things seem to be going from bad to worse for the American Dream mall in the Meadowlands. Six months after the mall closed its recently opened doors because of the coronavirus pandemic, the bonds funding the project have decreased in value, according to NJ.com. A year ago, the $1 billion worth of bonds on the project were trading at $120 apiece and yielding 4.25 percent, but as of April they’ve dropped to $93.72 with a

source https://therealdeal.com/2020/06/30/new-jerseys-american-dream-mall-is-a-financial-nightmare/

What’s taking so long to restart Ulurp?

The de Blasio administration is still trying to figure out how to move the city’s land-use review process online, the New York Post reports. Mayor Bill de Blasio signed an executive order in March suspending the Uniform Land Use Review Procedure, known as Ulurp, and it “remains on pause due to the Covid crisis,” according to a city spokesperson. Last week, Deputy Mayor Vicki Been told an industry roundtable that she’s still working out technological

source https://therealdeal.com/2020/06/30/whats-taking-so-long-to-restart-ulurp/

Affordable housing experts talk systemic change

Advocates have long sought solutions to housing affordability, but recent social unrest has prompted a closer examination of the injustices baked into the system. Barika Williams, for one, is “cautiously hopeful” that momentum is building to address structural inequality in housing. “At the fundamental base, housing is rooted in racism,” said Williams, the executive director of the Association of Neighborhood and Housing Development, during a TRD Talks panel this week. “Our entire property system is

source https://therealdeal.com/2020/06/30/affordable-housing-experts-talk-systemic-change/

Manhattan homes for sale nearly doubled last week

New listings poured onto the Manhattan market last week as New York City’s brokerage community got back to work. Phase two of reopening the city began last Monday, allowing brokers to restart in-person showings after a three-month halt. Agents and homeowners celebrated by bringing nearly 550 properties to market last week, according to data firm UrbanDigs’ weekly report on Manhattan’s sales market. Last week’s new listing volume marked a 97 percent increase year-over-year compared to

source https://therealdeal.com/2020/06/30/manhattan-homes-for-sale-nearly-doubled-last-week/

Analysis: Here’s what the rent law will do to the average stabilized apartment

UPDATED, June 18, 11:41 a.m.: The new rent bill that was signed into law on Friday has already been described as “devastating” and “disastrous” for New York City’s real estate industry. But what specifically does it mean for certain multifamily landlords? The new legislation touches on a wide range of rent-related issues, from vacancies and improvements to condo conversions and mobile homes. To illustrate the practical impact of these changes, The Real Deal took a

source https://therealdeal.com/2020/06/30/analysis-heres-what-the-rent-law-will-do-to-the-average-stabilized-apartment/

Sweet: Maple syrup magnate sells lakefront Palm Beach estate for $72M

A private equity investor turned maple syrup magnate sold his lakefront Palm Beach estate for $71.85 million, marking the highest priced sale this year in the ritzy town. Robb E. Turner and his wife, Lydia Turner, sold the waterfront property at 8 South Lake Trail to SL Trail LLC, a Florida company managed by attorney L. Benton Alexander Jr., records show. The couple had owned the home since they acquired it in 2017 for $27

source https://therealdeal.com/2020/06/30/sweet-maple-syrup-magnate-sells-lakefront-palm-beach-estate-for-72m/

Luxury contracts fall in Manhattan after strong two weeks

After two weeks of strong numbers, luxury contracts fell last week to just seven. The slim total, which followed two weeks where contracts were at the highest rate since the shutdown, also coincided with the city’s first week of phase two. As part of the reopening, brokers were given the green light to resume in-person showings. Donna Olshan, who tracks luxury contracts in a weekly market report, noted that because of Covid-19 protocols, brokers cannot

source https://therealdeal.com/2020/06/30/luxury-contracts-fall-in-manhattan-after-strong-two-weeks/

New York’s eviction moratorium still stands, court rules

The eviction moratorium is here to stay. That was the message from U.S. District Judge Colleen McMahon, who this week threw out a lawsuit challenging Gov. Andrew Cuomo’s order prohibiting evictions up to August 19. The lawsuit, filed by three Westchester landlords earlier this month, sought to block the ban, arguing it was unconstitutional. But McMahon rejected the claims, according to Bloomberg. “As long as the order is in place, tenants will continue to accrue

source https://therealdeal.com/2020/06/30/new-yorks-eviction-moratorium-still-stands-court-rules/

Malls will need new air filtration systems before reopening

New York malls may have to literally filter out Covid-19 before reopening. Gov. Andrew Cuomo announced Monday that malls will be required to install high-efficiency particulate air filters, or HEPA filters, which have been shown to reduce the presence of the virus, according to CNBC. The filters are designed to absorb particles that are .01 micron and above. The coronavirus’ particle has a diameter of about .125 micron, according to recent studies. However, it is

source https://therealdeal.com/2020/06/30/malls-will-need-new-air-filtration-systems-before-reopening/

Construction startup Katerra lays off 400+ employees

SoftBank-backed construction startup Katerra has laid off more than 400 employees, one month after new CEO Paal Kibsgaard stepped into the top job. The cuts amount to 7 percent of the company’s total headcount, according to the Information. The staff affected worked in departments including human resources and civil engineering and mechanical engineering, the publication reported. The move follows the departure of Katerra co-founder and former CEO Michael Marks, who was replaced last month by

source https://therealdeal.com/2020/06/30/construction-startup-katerra-lays-off-400-employees/

Broadway performances suspended for the rest of the year

For theatre lovers waiting to get tickets to Broadway’s most in-demand shows, the wait just got even longer. The Broadway League announced Monday that theatres will remain closed until at least the end of 2020, with some uncertainty over when shows will reopen. People who have tickets for performances up to January 3 will receive refunds, according to the New York Times. “Returning productions are currently projected to resume performances over a series of rolling

source https://therealdeal.com/2020/06/30/broadway-performances-suspended-for-the-rest-of-the-year/

Developers pivot from broker happy hours to drive-thrus, virtual sales launch events and more

Warehouse drive-thrus. Virtual video launches. Zoom open houses. Gone are the days (at least for now) of the broker happy hour or sales launch event, forcing residential and commercial developers to come up with creative ways to pique agents’ interest. Codina Partners and USAA Real Estate, along with their leasing team at Fairchild Partners, organized an event in mid-June: a caravan tour of a new industrial development in Hialeah called Beacon Logistics Park. About 50

source https://therealdeal.com/2020/06/30/developers-pivot-from-broker-happy-hours-to-drive-thrus-virtual-sales-launch-events-and-more/

The Closing: Kathryn Wylde

Kathryn Wylde, president and CEO of the Partnership for New York City, considers herself an activist. She and her organization represent some of the biggest names in real estate, including Blackstone, Vornado and Tishman Speyer. The nonprofit advocates for pro-business policies that encourage investment in infrastructure and economic development, and helps finance projects and initiatives through a separate $150 million fund. Wylde now oversees a staff of 45 people and serves on a 100-plus-member board

source https://therealdeal.com/2020/06/15/the-closing-kathryn-wylde/#new_tab

TRD Insights: The 56 REITs whose bonds the Fed will buy

The envelope, please. As part of its many-pronged response to the severe credit crisis, the Federal Reserve established a secondary market corporate credit facility to buy corporate bonds issued by highly rated companies — including real estate firms. Among the REITs included in the index, mall owners Westfield and Simon Property Group are the two largest, respectively accounting for 0.31 and 0.29 percent of the overall index. These are followed by senior housing REIT Welltower,

source https://therealdeal.com/2020/06/30/trd-insights-the-56-reits-whose-bonds-the-fed-will-buy/

“It’s a need, not a want” for many residents: Investors eye long-term gains in senior housing

The Orbach Group — a real estate firm better known for flipping rent-stabilized apartments before Albany’s rent law overhaul last summer — recently nabbed a portfolio of 700 age-restricted senior housing units in New York and Pennsylvania. In a sign of the times, the $75 million deal closed via Zoom in May, according to the buyer. Meyer Orbach, the company’s CEO, pointed out that the five residential complexes are not nursing homes, which require around

source https://therealdeal.com/2020/06/30/its-a-need-not-a-want-for-many-residents-investors-eye-long-term-gains-in-senior-housing/

Vanderbilt mansion condo conversion in foreclosure

Gloria Vanderbilt’s former Upper East Side mansion could be headed for the auction block. The developers who purchased the heiress and fashion icon’s former home with plans to convert it to high-end condos have defaulted on their construction loan, court documents show. And now their lender is trying to foreclose on the property. Ilan Bracha and Haim Binstock’s B+B Capital teamed up with Daniel Minkowitz’s Mink Development to buy the landmarked home for $19 million

source https://therealdeal.com/2020/06/29/vanderbilt-mansion-condo-conversion-in-foreclosure/

Mayor grabs privately owned public spaces for dining outside

Mayor Bill de Blasio is commandeering private property. No, he hasn’t gone full socialist. Rather, he has suspended rules so restaurants can use privately owned public spaces, known as POPS, and public waterfront areas for outdoor dining. The nearly 600 POPs can be temporarily transformed into dining areas, health screening stations, retail stands and other uses, according to an executive order signed by de Blasio Saturday. Waterfront public access areas — where seating, walking paths,

source https://therealdeal.com/2020/06/29/mayor-grabs-privately-owned-public-spaces-for-dining-outside/

Freddie Mac extends multifamily loan forbearance relief to landlords

Freddie Mac is expanding the mortgage relief options it offers multifamily property owners, but there are strings attached. The agency, which is under government conservatorship, today announced that landlords with federally-backed mortgages can further extend the repayment period. Putting off those payments does come with a price. Landlords who extend the forbearance period may not evict their tenants for nonpayment during that period, and they can’t charge tenants late fees or require a lump-sum repayment

source https://therealdeal.com/2020/06/29/freddie-mac-extends-multifamily-loan-forbearance-relief-to-landlords/

TRD Insights: Homeownership unaffordable for average wage earner across 75% of US counties

Homeownership is unaffordable for the average wage earner in three quarters of counties surveyed across the U.S. That’s according to a second-quarter report from Attom Data Solutions, which studied more than 400 counties covering about 200 million people. The most cost-burdened areas were on the coasts, including the top five. Eighteen of the top 25 priciest markets were in New York or California. To be able to afford a median-priced home in New York County

source https://therealdeal.com/2020/06/29/trd-insights-homeownership-unaffordable-for-average-wage-earner-across-75-of-us/

Poorest face worst odds in city’s housing lotteries

If it’s lonely at the top, it’s lonelier at the bottom for those seeking affordable housing. The less money you earn, the less likely you are to be chosen in New York City’s housing lottery, according to an analysis of 18 million applications by The City. Even before Mayor Bill de Blasio’s proposed cuts to the city’s capital budget — which will mean a loss of 21,000 affordable apartments over the next few years —

source https://therealdeal.com/2020/06/29/poorest-face-worst-odds-in-citys-housing-lotteries/