Pol aims to cap commercial rents, Real estate pros cool on Trump

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

The City Council is mulling a cap on commercial rents to address vacant storefronts. A commercial rent control bill could be introduced by Brooklyn member Stephen Levin as soon as next week. The idea has bounced around the council for decades but has never come to fruition. [Gothamist]

Transaction volume has declined precipitously this year. Deals have fallen by 26 percent and total dollar volume by 25 percent compared with last year, according to data from Cushman & Wakefield. [CO]

Housing Justice for All Cea Weaver (Credit: RentLogic)

The tenant group that backed big changes to the rent law is on the offensive again. This time it is targeting Democratic senators on Long Island who voted in favor of the rent law but have accepted $1.5 million from real estate contributors, the tenant group said. [TRD]

Residents sued a shipping magnate in June to save their Upper East Side condo from financial ruin. But recent court documents show the situation has rapidly deteriorated since: Last week employees were told that “payroll may or may not go through.” [TRD]

Redfin CEO Glenn Kelman (Credit: iStock)

Realogy is selling Cartus for $400 million. The sale will not include affinity services, including partnerships with AARP and Amazon. The deal is expected to close in the first half of 2020. [TRD]

City officials are stepping up outreach after announcing a $10 billion flood control plan. The plan would tack on 50 acres of land in the East River and South Street Seaport. But its call to bulldoze East River Park has been met with community skepticism. [City Limits]

Changes are coming to the Uniform Land Use Review Procedure. New York voters overwhelmingly voted in favor of a ballot measure to extend the period for community boards to review summer applications, and to mandate that the Department of City Planning provide a summary of projects. [Curbed]

Duane Reade pharmacies are closing across New York City. Sixteen have shuttered this year. A spokesperson for Duane Reade’s parent company, Walgreens, said that the store plans to close 200 across the United States and make other cost cuts. [Gothamist]
Real estate heavyweights are distancing themselves from Donald Trump. A survey of half a dozen New York real estate big wigs found none supportive of Trump’s domestic or foreign policies. Earlier this year, Related’s Stephen Ross came under fire for holding a fundraiser for the president. [CO]

Digital office space leasing company Squarefoot has completed a $16 million funding round, and plans to expand. The funding was led by DRW Venture Capital and included investors Triangle Peak Partners, RRE and Rosecliff. [CO]

The critic who panned Hudson Yards has nothing but praise for Essex Crossing. The Lower East Side project is a nine-building mixed-use megadevelopment being built by BFC Partners, L+M Development Partners, Prusik Group and Taconic. It will include 1,000 apartments, 450,000 square feet of retail and 400,000 square feet of offices. [NYT]

George Lucas checked out a pad on Billionaires’ Row. The Star Wars filmmaker and his wife toured a $26.99 million apartment at 432 Park Avenue, and sources say the pair was also eyeing One57. [NYP]