REBNY asks city to help landlords pay for lead abatement

The Real Estate Board of New York is calling on the city to help landlords cover the costs of lead abatement in their buildings. In testimony submitted to the City Council this week, the trade group argued that changes to the state’s rent law hinders landlords’ abilities to pay for lead testing and mitigation. The group pointed to the law’s limiting of renovation costs that can be passed onto rent-stabilized tenants to $15,000 over 15

source https://therealdeal.com/2019/11/20/rebny-asks-city-to-help-landlords-pay-for-lead-abatement/

StreetEasy hikes prices, biz fears commercial rent control

Every weekday The Real Deal rounds up New York’s biggest real estate news. We update this page throughout the day starting at 9 a.m. Please send any tips or deals to tips@therealdeal.com. This page was last updated at 9:10 a.m. Industry shudders as rent caps are aimed at commercial real estate. A City Council bill that would stabilize rents in retail spaces and create another rent guidelines board has landlords and brokers reacting with dismay.

source https://therealdeal.com/2019/11/20/streeteasy-hikes-prices-biz-fears-commercial-rent-control/

Sam Chang hit with $2M suit over Club Quarters hotels

When Sam Chang thought he was finally out, the New York hotel market pulled him back in. The prolific hotel developer, who retired earlier this year to pursue pigeon racing, is facing a roughly $2 million lawsuit over breach of contract allegations at three Manhattan hotels. Club Quarters Management Company claims that Chang’s McSam Hotel Group owes it money under the terms of termination and purchase-and-sale agreements at Club Quarters’ Times Square, Wall Street and

source https://therealdeal.com/2019/11/20/sam-chang-hit-with-2m-suit-over-club-quarters-hotels/

The floundering retail market is about to get even worse

UPDATE: Wednesday, Nov. 6, 2019, 3:20 p.m.: Discount retailers. Luxury department stores. Children’s stores. Home goods giants. The retailers that filed for bankruptcy so far in 2019 — and those on experts’ watch lists — have spanned the spectrum. And with an ever-growing list of stores in the red, the outlook for the real estate they occupy continues to be grim. While some retailers, like young-adult fashion chain Forever 21, plan to use bankruptcy filings

source https://therealdeal.com/issues_articles/retail-wreckage-piles-up/#new_tab

Why Compass, @properties and tech startups are diving into bridge loans

Once the gatekeepers to sales listings, real estate agents are increasingly in front of another key aspect of the home-buying process: the financing. To help clients increase their purchasing power, a number of residential brokerages have launched bridge loan programs that let clients borrow money to pay for a new home before they sell their old one. In addition to boosting sales, the programs are a way for firms to distinguish themselves from the competition

source https://therealdeal.com/2019/11/20/why-compass-properties-and-tech-startups-are-diving-into-bridge-loans/

Hello, lawsuit: Spurned Inwood dev site buyer Hello Living sues ex-partner

The Arden Group and Hello Living started out as partners on the acquisition of an Inwood development site. Now, the two developers are adversaries in court, having filed lawsuits against each other this week over their failed venture. After the partnership over 4650 Broadway broke down, Arden went ahead with the deal alone. Last week, it paid $54 million for the site that spans 47,000 square feet and is in an Opportunity Zone. Arden wants

source https://therealdeal.com/2019/11/19/hello-lawsuit-spurned-inwood-dev-site-buyer-hello-living-sues-ex-partner/

Avery Hall pays $30M for Gowanus site

Avery Hall Investments has snapped up another property in Gowanus ahead of the neighborhood’s planned rezoning. The development firm founded by Brian Ezra and Avi Fisher paid $30 million to buy the development site at 204 Fourth Avenue, sources told The Real Deal. The deal for the property, currently the site of a Speedway gas station, closed last week. Representatives for Avery Hall and Speedway could not be immediately reached for comment. Andrew Sasson and

source https://therealdeal.com/2019/11/19/avery-hall-pays-30m-for-gowanus-site/