The Daily Dirt: Well, it’s May.

An analysis of New York's top real estate news

New York /
May.May 01, 2020 07:00 PM

Happy May, everyone. Let’s take stock.

In two weeks, the “New York On Pause” order expires. Gov. Andrew Cuomo said on Friday that sometime before then, he will provide an update on whether the order will be extended and how it will apply to different parts of the state. What we do know is that the re-opening will be phased in by industry, starting with construction and manufacturing.

In the meantime, there’s still a question of what relief renters and landlords can expect at the city, state and federal level. Some 12,000 New Yorkers signed a petition committing to withhold rent this month, and protestors surrounded the Capitol on Friday, calling on the governor to cancel rent payments. During a press conference, the governor said he wasn’t impressed by the protestors, though their horns could periodically be heard throughout the event (if you were watching remotely, that is — presumably the horns were more disruptive in person).

The governor reiterated that until mid-June, tenants cannot be evicted for not paying rent. He wouldn’t commit to any further policies for renters, though he acknowledged that he “gets” the concerns of renters and landlords.

“I get the landlords and building owners who say that ‘if nobody pays rent, I’m going to walk away from my building,’” he said.

According to the state’s Department of Labor, New York has paid out $4.6 billion in unemployment benefits since the beginning of the coronavirus pandemic. The state and city are both facing multi-billion shortfalls. At this point, the federal government hasn’t given much indication that it will help dig the state out of its financial woes.

But as Alan Fishman, chairman of Ladder Capital Finance, noted during our TRD Talks Live webinar today, though he was referring more specifically to mortgage payments: “Going into May, we’re holding our breath,” he said. “We’ll see.”

What we’re thinking about: What’s the best movie you watched lately? Send recommendations to [email protected].

CLOSING TIME

Residential: The priciest residential closing recorded Friday was for a single-family home at 109 Bank Street in the West Village, at $9.3 million.

Commercial: The most expensive commercial closing of the day was for a parking facility at 1832 Second Avenue in Yorkville, at $18.5 million.

BREAKING GROUND

The largest new building filing of the day was for a 39,604-square-foot residential building at 633 DeKalb Avenue in Bedford-Stuyvesant. The city’s Department of Housing Preservation and Development filed the permit application.

NEW TO THE MARKET

The priciest residential listing to hit the market was for a condo unit at 277 Fifth Avenue in NoMad, at $5.7 million. The Corcoran Group has the listing.

Research by Kevin Sun

A thing we’ve learned…

Spending on public safety construction in the U.S. jumped to $13 billion in March 2020, a 45 percent increase year over year. It’s the biggest growth in any construction-spending category reported by the Census this month. Thank you to Jerome Dineen for this information.

Elsewhere in New York

— Mayor Bill de Blasio has announced what streets will be open to pedestrians starting Monday, Gothamist reports. The majority of the streets, totaling seven miles, are located within city parks. The rest are adjacent to parks.

— It turns out Michael Cohen will not be allowed to serve out the rest of his term at home. According to ABC News, the president’s former attorney will remain at the minimum-security federal prison in Otisville, N.Y. It’s not clear why the federal Bureau of Prisons revoked the option of home confinement from Cohen and other prisoners at Otisville.

— Gov. Andrew Cuomo announced Friday that schools throughout the state will remain closed through the end of the academic year. The mayor had made the same announcement last month regarding city schools, but the governor insisted that only he had the authority to make that call.


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