More people leaving New York than any other major city, landlord sues Dean & Deluca for $29M: Daily digest

A daily round up of New York real estate news, deals and more for August 29, 2019

TRD New York /
Aug.August 29, 2019 02:07 PM

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 throughout the day. Please send any tips or deals to [email protected]

 


Video produced by Sabrina He

 

Why are so many people leaving New York? Data compiled by Bloomberg shows that roughly 277 people are leaving New York every day — more than any other major U.S. city. According to the report, 200,000 residents left New York last year; many are pushed out by the high cost of homes and local taxes. [Bloomberg]

 

Dean & DeLuca is being sued by its landlord for $29 million. Midtown Equities has sued high-end food chain Dean & Deluca, seeking $29 million for missed rent and breaking the lease on its short-lived cafe in the Meatpacking District. [CO]

 

Forever 21’s days could be numbered. Fashion retailer Forever 21 is preparing to file for bankruptcy, according to a USA Today report that cited sources familiar with the matter. According to the report, talks with lenders about restructuring the company’s debt have stalled. Forever 21 has not commented. [USA Today]

 

Google’s parent company to enter world of infrastructure investing. Google’s parent company, Alphabet, is joining forces with Sidewalk Labs LLC — a subsidiary — and the Ontario Teachers’ Pension Plan to create a new infrastructure holding company focused on investment in technology-enabled infrastructure. [WSJ]

 

Redfin will now display buyers’ agent commissions on its listings. Online brokerage Redfin has announced it will display the commission that sellers are offering to buyers’ agents on the company’s public listings, in order to help the public better understand how commissions work. [Inman]

 

Real estate exec hired to oversee major development on Governors Island. Christopher Tepper, who previously worked for residential real estate builder Hudson Companies Inc, has been hired by the nonprofit that runs Governors Island to lead a development project on 33 acres on the south side of the island. [Crain’s]

 

Keller Williams’ New York CEO says a recession is on the horizon. Citing the inversion of the yield curve and declining manufacturing output, Keller Williams’ Mark Chin said in a recent interview that a recession was likely but it wouldn’t be anywhere near as devastating as the 2008 collapse. [Inman]

 

Budget commission to de Blasio: Stop spending so much on office space. A report from the Citizens Budget Commission has warned that New York City must reign in its spending on leasing office space, which has reached more than $1 billion per year. [WSJ]

 

Epstein’s longtime lawyer, who advised him on real estate deals, is now under scrutiny. An attorney for Jeffrey Epstein and executor of his will, Darren Indyke, has hired a defense attorney in the wake of the financier’s death as his business dealings with Epstein come under greater scrutiny. An expert told the Wall Street Journal that any dealings between Epstein and Indyke that were absent of any legal advice might not be protected by attorney-client privilege. [WSJ]

 

Amazon’s shipping empire putting pressure on UPS and FedEx. Since 2013, Amazon has expanded its fulfillment, sorting and other delivery facilities from 65 to about 400 — strengthening its delivery network and repositioning the retail giant’s relationship with delivery companies from that of a customer to that of a rival. [WSJ]

 

How an FBI agent, strip club owners and cab drivers decimated this High Line luxury project. A five-year-old lawsuit — the latest in a series of disputes over the now defunct Chelsea Highline Hotel — has revealed how an FBI agent, strip club owners and cab drivers have all played a role in the collapse of the High Line luxury project. [TRD]

 
Former Bear Stearns CEO Jimmy Cayne and 510 Park Avenue (Credit: Getty Images and Google Maps)

Former Bear Stearns CEO Jimmy Cayne and 510 Park Avenue (Credit: Getty Images and Google Maps)

Ex-Bear Stearns CEO James Cayne demands records after co-op board rejects 3 buyers. After the co-op board at 510 Park Avenue rejected three prospective buyers for his sixth-floor unit, former Bear Stearns CEO James Cayne has filed a petition to access the board’s records, claiming the rejections were motivated by “animus and self interest.”. [TRD]

 
Adam Neumann and a WeWork location in Detroit (Credit: Getty Images)

Adam Neumann and a WeWork location in Detroit (Credit: Getty Images)

“I would rather have not seen”: WeWork landlords react to IPO filing. The release of WeWork’s regulatory filing this month has given some landlords cause for concern, while others say they took added precautions when signing a lease. [TRD]

 

FROM THE CITY’S RECORDS:

 

Financing:

Bank of America provided a $93 million refinancing mortgage for 1201 Lafayette Ave in the Bronx. [ACRIS]

MJ Orbach Associates refinanced 260 West 39th Street with a $55 million loan from New York Community Bank. [ACRIS]


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