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].
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E-commerce spiked while traditional shopping slipped on Black Friday. Visits to stores dropped by a combined 3 percent on Thanksgiving and Black Friday this year compared to last year, while online sales rose by 14.5 percent on Thanksgiving and more than 19.6 percent on Black Friday, according to Reuters, citing data from ShopperTrak and Adobe Analytics. However, traffic to stores on Thanksgiving evening rose for the first time in several years. [Reuters]
Another socialist candidate is running for office in Queens. Zohran Mamdani, a member of the Democratic Socialists of America and foreclosure-prevention counselor, will try to unseat Assembly member Aravella Simotas in 2020. His housing agenda will irk the real estate industry. The district overlaps with the area represented by fellow DSA member Rep. Alexandria Ocasio-Cortez. [TRD]
REBNY has donated $84,500 to 14 Democratic state senators this year. The group has donated just $2,000 to Republican senators in the same time frame, according to the New York Times. One legislator said some developers have also started meeting with tenant advocates in recent months to try finding common ground. Those are just two of several changes the real estate industry is making to regain its political footing. [NYT]
The investment firm behind much of the prime retail real estate in Williamsburg will try to sell multiple properties. The firm, JZ Capital Partners, also said it would not do a major write-down on the portfolio of properties it owns with RedSky Capital, according to TRD. RedSky had aggressively purchased retail properties in the neighborhood before the recent ecommerce surge. [TRD]
A blocked pipe caused sewage flooding in at least 80 Queens homes. Officials believe cooking grease poured down drains congealed during the cold weather and caused the blockage, according to the New York Times. Workers set up a bypass system and used vacuum trucks and pressure hoses to try breaking it down. The flooding has left hundreds of Queens residents homeless, with many sleeping in their cars or in a nearby public school, according to the Daily News. [NYT, NYDN]
A new rendering of JPMorgan Chase’s proposed new Park Avenue headquarters is out. The visualization firm Atchain released the image, which shows the tower as a series of gradually receding stacked rectangles, although YIMBY noted that it could already be outdated. Foster + Partners is the architect. [YIMBY]
NYCHA general manager Vito Mustaciuolo’s role in creating a lead testing ordinance for New York is questioned. The de Blasio administration said he “played a critical role in drafting and implementing” the chief ordinance in the city for lead testing and remediation, but more than six people who pushed for the law do not remember him playing a meaningful part in it, according to the New York Post. The paper also found no mention of his name in a review of almost 1,500 pages of testimony. [NYP]
A private club is now part of Hudson Yards. WS New York recently opened in 35 Hudson Yards and was created in partnership with Wine Spectator magazine publisher and editor Marvin Shanken, according to the Wall Street Journal. About 400 people have joined the club so far, and membership is limited to roughly 750 people. [WSJ]
Some restaurants in Grand Central are struggling to remain open. The restaurateurs cite high rents, low sales, bad retail conditions and a worsening homeless problem as factors, according to the Wall Street Journal. They have also criticized the lower dining area as suffering from closed escalators, bad internet service and outdated restrooms and seating areas. [WSJ]
New York’s tech manufacturing sector seems to be flourishing despite hurdles. Revenue and employment at Boyce Technologies, for instance, have both been increasing by double digits, and the company has almost outgrown its facility in Long Island City, according to the New York Times. Duro, a drone manufacturer in the Bronx, will likely need more space soon as well. [NYT]
Manhattan saw 11 luxury contracts signed for about $109 million last week. Both figures were down from the previous week, when 30 contracts were signed for about $191 million. The properties spent an average of 256 days on the market and had an average discount of 5 percent from the original asking price. [Olshan]
Brooklyn’s luxury market saw 11 contracts signed for about $37.3 million last week. Both numbers were down from the previous week, when 23 contracts were signed for about $66.6 million. The properties spent an average of 166 days on the market and had an average discount of 1 percent. [Compass]