StreetEasy hikes prices, biz fears commercial rent control

A daily roundup of New York real estate news, deals and more for November 20, 2019

New York /
Nov.November 20, 2019 09:10 AM

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 [email protected].

This page was last updated at 9:10 a.m.


Video produced by Sabrina He

 

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. [NYP]

 

The largest acquisition of rent-stabilized buildings post-rent law was made in Queens. Doug Eisenberg’s A&E Real Estate Holdings bought the 539-unit Kestenbaum family portfolio in Rego Park for $129.5 million, well under the price that was asked before the sweeping new law. [TRD]

 

StreetEasy is hiking fees. As of Jan. 1, the listings platform will begin charging agents $6 per day for rental listings — more than double the price in 2018 — and require that agents manually enter listing data. [TRD]

 

Carl Icahn is betting mall owners will go belly-up. The legendary investor could make $400 million if they can’t service their debt. But he’s already taken losses, while two major money managers are making the opposite play. [WSJ]

 

The city is converting 14 sites for the homeless into affordable housing. The move is part of Mayor Bill de Blasio’s five-year plan to replace so-called cluster sites and improve conditions in the buildings. The mayor has been criticized for overpaying for properties their owners had poorly maintained. [Curbed]

 

The co-developers behind an Inwood development site are suing each other. The Arden Group and Hello Living acquired the property at 4650 Broadway, but are now facing one another in court over a failed partnership. [TRD]

 

Avery Hall pays $30M for Gowanus site. The firm, led by Brian Ezra and Avi Fisher, closed on a property at 204 Fourth Avenue, currently the site of a Speedway gas station. It is planning a 17-story building with 150 to 200 units. [TRD]

 

WeWork is closing honesty-based food and drink kiosks. The “Honesty Markets,” which include packets of chips and granola bars, have been shuttered in some U.S. locations. The company is trying to cut costs. [Bloomberg]

 

More than 10,000 public housing residents had no heat or hot water Tuesday. In the largest single outage of gas this season, more than six complexes were without service. Service was restored to three sites by the late afternoon. [Gothamist]

 

Six small businesses in the Coney Island amusement district may be forced to close by huge rent increases. Business owners must decide whether to leave their Riegelmann Boardwalk storefronts when their 10-year leases expire in January. [Brooklyn Paper]

 

Prolific hotel developer Sam Chang is facing a lawsuit over three Manhattan hotels. Club Quarters Management Company claims that Chang’s McSam Hotel Group owes it about $2 million under the terms of termination and purchase-and-sale agreements at Club Quarters’ Times Square, Wall Street and Rockefeller Center locations. [TRD]

 

Some residential brokerages are offering bridge loans that let clients borrow money to pay for a new home before selling their old one. The programs aim to boost sales and distinguish brokerages from the competition — which is increasingly coming from instant home buyers. [TRD]

 

Citibank provides $275 million loan for Midtown tower. The financing, secured by Cohen Brothers Realty, will be used to refinance 805 Third Avenue, a 31-story tower between East 49th and East 50th streets. [CO]

Compiled by David Jeans


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