Flood of retail evictions expected as courts reopen

For months, retail landlords have been negotiating lease modification and rent breaks with tenants. But talks that reached a stalemate may soon end in litigation. A wave of retail evictions among big tenants and small businesses is expected to flood in as courts reopen and eviction moratoriums across the country expire, according to the Wall Street Journal. In Miami, Whitman Family Development began legal proceedings to evict Saks Fifth Avenue from its Bal Harbour Shops

source https://therealdeal.com/2020/09/01/flood-of-retail-evictions-expected-as-courts-reopen/

Aby Rosen buys Midtown office building for $350M

Who says Manhattan is dead? Aby Rosen’s RFR just closed on a 23-story, 575,000-square-foot office tower in Midtown Manhattan for $350 million. Morgan Stanley sold the property at 522 Fifth Avenue, which it used as its headquarters for its wealth management division. Rosen agreed to buy the building in mid-March. Morgan Stanley has consented to stay as a tenant for at least three years after the sale. After the firm departs, Rosen is seeking to

source https://therealdeal.com/2020/09/01/aby-rosen-buys-midtown-office-building-for-350m/

Empire Outlets months behind on debt payments to city

Empire Outlets was meant to draw “New Yorkers and visitors from across the world.” The pandemic has put that dream on hold — along with its debt payments. BFC Partners, the developer behind the 340,000-square-foot retail complex on Staten Island’s North Shore, is months behind on payments on its loan from the New York City Economic Development Corporation, according to corporation reports cited by The City. The project cost $350 million, about $100 million of

source https://therealdeal.com/2020/09/01/empire-outlets-months-behind-on-debt-payments-to-city/

Layoffs at Blackstone’s Stuy Town management firm

Beam Living, the management company at the sprawling Stuyvesant Town complex in Manhattan, has let some employees go. https://therealdeal.com/new-research/topics/property/stuyvesant-town/ The layoffs occurred in the administration, construction and real estate departments, sources said. Beam Living is owned by asset management firm Blackstone Group, the world’s largest commercial landlord, which last quarter reported having $156 billion in dry powder. The future according to Blackstone: “Less density and a lot less new construction” “We value the hard work

source https://therealdeal.com/2020/09/01/layoffs-at-blackstones-stuy-town-management-firm/

Week’s mid-market sales run gamut from $80 to $500 psf

Residential deals accounted for all middle-market investment sales for the week ending Aug. 28. One deal in Brooklyn and two in Manhattan brought in a range of prices per square foot from about $500 to $80. Within Harlem, where the Manhattan sales took place, prices per unit ranged from about $230,000 to $75,000. The Real Deal defines mid-market sales as from $10 million to $30 million. 1. In Williamsburg, a 29,250-square-foot multifamily building at 21

source https://therealdeal.com/2020/09/01/weeks-mid-market-sales-run-gamut-from-80-to-500-psf/

Cities dying? Suburbs booming? Data don’t show it

The early coronavirus outbreaks and exodus of New York City residents had some folks biting their nails over the future of American cities. Would the pandemic cause urban areas like New York to regress into 1970s versions of themselves, characterized by population loss, crumbling infrastructure and plummeting property values? Recent data on home sales and values show the answer is no. A report from Zillow found urban and suburban residential real estate markets have fared

source https://therealdeal.com/2020/09/01/cities-dying-suburbs-booming-data-dont-show-it/

City moves to speed opening of new and renovated properties

A proposed City Council bill aims to streamline how new and renovated buildings are opened. The measure, sponsored by Council member Robert Cornegy and backed by the de Blasio administration, would create an interim certificate of occupancy for parts of buildings where construction is complete. The certificate would take the place of temporary certificates for certain buildings but with a key difference: It would not have to be renewed every 90 days. That would reduce

source https://therealdeal.com/2020/09/01/city-moves-to-speed-opening-of-new-and-renovated-properties/