Every day, The Real Deal rounds up New York’s biggest real estate news, from breaking news and scoops to announcements and deals. We update this page at 9 a.m., 12:30 p.m., and 4 p.m. ET. Please send any tips or deals to tips@therealdeal.com
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It’s bad news for Macy’s as the retailer’s earnings guidance was cut. As malls struggled across the country, Macy’s management insisted it was above the fray. But after the company’s earnings guidance was lowered Wednesday, following poor quarterly earnings, it appears the retailer is yet another victim to changing consumer behavior. [Yahoo]
Real estate investor David Werner buys downtown rental building at discount. Prolific investor David Werner has reportedly purchased the leasehold for 2 Cooper Square with a group of unnamed partners for more than $85 million — $50 million less than Wafra paid for the leasehold in 2012. [Crain’s]
Who is REBNY donating to in Albany? An analysis by City & State shows the Real Estate Board of New York donated thousands of dollars to Democratic state senators in 2019, a shift away from Senate Republicans, who were considered largely aligned with the real estate industry. [City & State]
Want to go to Hudson Yards’ newest restaurant? Only if you’re a friend of Stephen Ross. A new restaurant set to open in Hudson Yards this fall will be a members-only destination reportedly created for developer Stephen Ross’s “super-rich buddies and CEO friends.” [Eater]
Brokers say the $20 rental application fee cap doesn’t apply to them. REBNY is advising its member brokers that a $20 limit on rental application fees, handed down as part of the new rent laws, does not apply to them because they are intermediaries, rather than landlords. [The City]
Developers of a Hudson Valley project say local leaders want to keep Hasidic Jews out. Tension is brewing in Chester, New York, where developers have accused local leaders of blocking a 431-unit housing project to keep out Hasidic Jews. The developer says the town has delayed the project, and is seeking $100 million in damages. [NYT]
Morgan Stanley lost the lead in WeWork’s IPO financing. The co-working giant rejected has Morgan Stanley’s pitch to be the top underwriter on its impending IPO, so the financial giant pulled back from the deal entirely. [Bloomberg]
Margaret Chin (Credit: Facebook)
Councilmember Margaret Chin says hostels will kill Airbnb. The legislation to regulate affordable, communal accommodations was floated earlier this week, and Chin says it will pose a significant challenge to the Airbnb market. [Crain’s]
An accuser of Jeffrey Epstein has sued his estate. A woman who claims Epstein sexually abused her when she was a teenager filed a civil lawsuit against his estate Wednesday — the first of many anticipated lawsuits in the wake of the financier’s death. [NYT]
WeWork CEO Adam Neumann (Credit: iStock)
WeWork’s IPO filing laid the company bare. CEO Adam Neumann has borrowed almost $1 billion from WeWork and its lenders. This was one of many disclosures in WeWork’s IPO filing Wednesday. We broke down the rest. [TRD]
Clockwise from left to right: 50 Hudson Yards, Farley Post Office redevelopment, 1 Madison Avenue, and Apple CEO Tim Cook (Credit: Hudson Yards, Skanska, Google Maps, and Getty Images)
Apple is on the hunt for massive office space in Manhattan. The company has reportedly looked at 50 Hudson Yards, the Farley Post Office redevelopment and One Madison Avenue. It’s joining tech giants Facebook and Amazon in the race to find prime office space in the city. [TRD]
David Marx is building on a Queens site he bought from his own company. MDG Real Estate’s Marx has filed plans for what would be the borough’s tallest building outside of Long Island City, just weeks after announcing the sale of a Queens development site to… himself. [TRD]
Brooklyn rents hit a record high in July. Douglas Elliman’s monthly report on the city’s rental market reveals that Brooklyn’s median rent went up by 1.7 percent to hit $3,000 in July — a new record for the borough. [TRD]
Compiled by Sylvia Varnham O’Regan
FROM THE CITY’S RECORDS:
Permit filings:
Exact Capital pre-filed an application for a 12-story residential building at 304 West 150th Street in Central Harlem. The property will measure about 31,000 square feet and have 31 apartments. [DOB]
Residential sales:
Hedge funder Johannes William Weber bought a penthouse at 12 East 88th Street on the Upper West Side for $10.325 million. [ACRIS]
Financings:
Savanna secured a $50.92 million mortgage for 24-25 West 25th Street in Flatiron from Mesa West Core Lending Fund. [ACRIS]
Compiled by Mary Diduch