WFH saved Americans $90B in commuting costs: analysis

During the pandemic, many companies implemented a work-from-home policy to comply with local rules and to keep their employees safe. The policy — which has rocked the office real estate market — has also resulted in huge savings on commuting costs: Americans collectively saved $90 billion by not commuting by car in the months since the pandemic-induced lockdown, according to new research from freelancing platform Upwork cited by CNN. Americans traveled nearly 37 billion fewer

source https://therealdeal.com/2020/09/01/wfh-saved-americans-90b-in-commuting-costs-analysis/

David Werner misses deposit deadline on $300M deal with All Year

All Year Management’s months-long effort to sell a $300 million Brooklyn multifamily portfolio has hit another snag — and bondholders in Israel are spooked. Yoel Goldman’s firm disclosed Sunday on the Tel Aviv Stock Exchange the buyer of the portfolio, had yet to pay the remainder of the deposit for both stages of the deal. That $6.5 million sum was due on Aug. 27. The buyer — undisclosed in Tel Aviv Stock Exchange filings —

source https://therealdeal.com/2020/09/01/david-werner-misses-deposit-deadline-on-300m-deal-with-all-year/

“How I Met Your Mother” creator lists Bedford Hills estate

One of the minds behind the hit sitcom “How I Met Your Mother” is listing his Bedford Hills estate, according to Variety. Carter Bays is asking just under $4 million for 6.1-acre estate and its 9,310-square-foot home. While the coronavirus pandemic has increased demand and fueled deals in towns and cities outside New York, Bay and his wife Denise Cox aren’t expecting a big profit — they’re asking just $50,000 more than they paid for

source https://therealdeal.com/2020/09/01/how-i-met-your-mother-creator-lists-bedford-hills-estate/

Original Barneys building in Chelsea faces foreclosure

The original Barneys New York department store building in Chelsea is on the verge of foreclosure. A limited liability company owned by Argentic Real Estate Investment has filed a lawsuit against 17th Street Property Owner, a shell company established by the owner of the former Barneys building at 115 Seventh Avenue, Ashkenazy Acquisition, a New York-based real estate investment firm. The court filing says Ashkenazy has failed to pay back a $46.2 million loan backed

source https://therealdeal.com/2020/09/01/original-barneys-building-in-chelsea-faces-foreclosure/

Rent woes had tenant hotline ringing off hook

As Covid-19 raged in New York City, calls from tenants who said they couldn’t pay rent overwhelmed a tenant hotline. Some 403 calls to the Metropolitan Council on Housing from March 15 to May 15 were from tenants who said they were unable to pay, a nine-fold increase from 45 during the same period last year. As calls surged, legislators passed two bills to help with rent, but the Met Council — which aims to

source https://therealdeal.com/2020/09/01/rent-woes-had-tenant-hotline-ringing-off-hook/

Group opposing NY tax hikes off to rough start

Opposing tax increases in New York is not for the faint of heart, it turns out. A business group purporting to represent real estate interests, among others, partially disintegrated in its first month amid a backlash against its objection to tax increases, the Wall Street Journal reported. Former New York governor David Paterson quit as chairman last week and the New York City Hospitality Alliance, Riders Alliance, Tech:NYC and New York League of Conservation Voters

source https://therealdeal.com/2020/09/01/group-opposing-ny-tax-hikes-off-to-rough-start/

J.C. Penney’s lenders could take it over, liquidate assets

J.C. Penney’s lenders are preparing to take control of the struggling retailer after discussions with its bidders have hit a dead end, Bloomberg News reported. J.C. Penney filed for bankruptcy May 15 and has since been in talks with large mall and retail operators, including Simon Property Group and Brookfield Property Partners. But those discussions have reached a stalemate, according to Bloomberg. If the lenders take control of the retailer it will likely lead to

source https://therealdeal.com/2020/09/01/j-c-penneys-lenders-could-take-it-over-liquidate-assets/