This real estate developer is banned from donating to city officials. Here’s what it did instead

The Heskel Group is currently prohibited from donating to city officials, but they can still donate to state candidates who those officials support—a loophole they are taking advantage of. The Heskel Group, which is attempting to build a Target at 40-31 82nd Street in Queens with Sun Equities, has been banned from donating more than… Read More This real estate developer is banned from donating to city officials. Here’s what it did instead

Cerberus launches $500M for single-family rental investments

Cerberus Capital Management is diving deeper into the single-family rental market, hoping to seize on the sector’s increased activity nationwide. The New York-based private equity firm is looking to raise $500 million through a new fund to purchase single-family homes, according to Bloomberg. Cerberus is making the fund evergreen, meaning there is no target date… Read More Cerberus launches $500M for single-family rental investments

AECOM Tishman to begin construction work on Waldorf Astoria’s new hotels and condos

AECOM Tishman signed a new deal with Anbang Insurance Group to start construction work at the Waldorf Astoria, which is now scheduled to reopen in 2021. Tishman has been on the job since November 2017 doing mostly interior demolition work. But the contractor signed a new deal to start building the project’s planned 350 condominiums… Read More AECOM Tishman to begin construction work on Waldorf Astoria’s new hotels and condos

Brooklyn’s Renaissance Realty unloads $34M multifamily portfolio

Brooklyn landlord Renaissance Realty Associates sold a trio of apartment buildings in East Flatbush and Bedford Stuyvesant for $34 million. The Nassau County-based firm sold the 50-unit 428 East 46th Street and the 39-unit 202 East 91st Street to investor Lav Bauta for $18.71 million, property records show. The buildings span 95,480 square feet, bringing… Read More Brooklyn’s Renaissance Realty unloads $34M multifamily portfolio

City Council working to give green-building initiative some bite

The City Council is crafting legislation that would mandate buildings reduce carbon emissions by 20 percent between 2020 and 2030. “I consider today a milestone in our quest to make New York City’s buildings greener, our infrastructure more sustainable, and our air significantly cleaner,” City Councilman Costa Constantinides said in a statement Monday. The lawmaker’s… Read More City Council working to give green-building initiative some bite

Trump pines for days of cheap money at fundraiser hosted by Howard Lorber

At the Southampton fundraiser hosted by Howard Lorber Friday, President Trump lamented that his pick for Federal Reserve chair has raised interest rates. Federal Reserve chairman Jerome Powell has raised rates five times over the span of Trump’s administration thus far, including twice this year. Trump’s remarks to the private Republican donors at Lorber’s fundraiser… Read More Trump pines for days of cheap money at fundraiser hosted by Howard Lorber

Nationwide home foreclosures tick up for first time in 3 years: report

New home foreclosure filings nationwide inched up in July, signaling the first year-over-year rise after three consecutive years of decreases. The report from Attom Data Solutions is an indication the U.S. housing market may be nearing the end of the cycle, and that home prices will begun to fall, experts say. Meanwhile, foreclosure starts are… Read More Nationwide home foreclosures tick up for first time in 3 years: report

Architecture review: Koolhaas’ canned controversy at 121 East 22nd Street

In many ways, the 18-story building at 121 East 22nd Street resembles many new mid-height modernist Manhattan buildings. However, the 140-unit condo — designed by Dutch architect Rem Koolhaas’ shop, OMA, and developed by Toll Brothers City Living — rebels where it meets the southwest corner of Lexington Avenue and 23rd Street. It is here that we… Read More Architecture review: Koolhaas’ canned controversy at 121 East 22nd Street

“We couldn’t give it away”: Why even cheap listings fell off the market this summer

When a one-bedroom co-op on the Upper East Side hit the market in February asking $739,000, it had no takers. One price cut later, the frustrated seller took it off the market in May — hoping to hit the reset button in the fall. “We couldn’t give it away,” said Bill Kowalczuk, an agent at… Read More “We couldn’t give it away”: Why even cheap listings fell off the market this summer

RedSky buys Williamsburg development site from Thor, lands $222M refi of neighborhood portfolio

As Williamsburg braces itself for the 15-month L train shutdown, Brooklyn’s RedSky Capital is expanding its portfolio in the heart of the neighborhood. The Dumbo-based firm paid $32.25 million to buy a four-parcel development site at the corner of North 6th and Berry streets from Thor Equities, sources familiar with the sale told The Real… Read More RedSky buys Williamsburg development site from Thor, lands $222M refi of neighborhood portfolio