Estate trades for $48M on Meadow Lane — $9M above ask – Robert Khodadadian

A Meadow Lane home has sold for the third time in eight years, this time fetching one of the top recent prices in Southampton. An anonymous seller reeled in $48 million for the home at 1116 Meadow Lane, Dirt reported. The property, which was asking only $39 million, sold two years ago for $36 million. …

Housing starts collapse under inflation, high rates – Robert Khodadadian

Efforts to close the gap between supply and demand in the housing market are being laid to waste by inflationary pressures. Residential housing starts dropped 9.6 percent in July from the revised estimated total of June, according to figures released Tuesday by the Commerce Department. Housing starts were also 8.1 percent below the total for …

Thou Shalt Not Sell: Lutheran group sues to stop church’s deals – Robert Khodadadian

Immanuel Lutheran Church’s two walk-up buildings are no stairways to heaven, but a group claiming to be its parent organization has launched a holy war over them. The Upper East Side congregation owns a pair of five-story apartment buildings at 120 and 122 East 88th Street, modest assets with 20 units between them. They’re valuable …

Digital mortgage firm Blend loses $478M, sheds more of workforce – Robert Khodadadian

A digital mortgage firm has cut another sizable chunk of its workers in its second major round of layoffs this year. Blend Labs eliminated 220 jobs in August, HousingWire reported. On top of 200 jobs cut in April, the company has chopped approximately 25 percent of its workforce this year. The company said it expects …

Sheraton to Mahwah: We are not blighted – Robert Khodadadian

The owners of the Sheraton Mahwah Hotel are fighting back against the town, two months after it moved to condemn the property. The Sheraton’s owners filed a complaint against the New Jersey township earlier this month, NorthJersey.com reported. The complaint is part of an effort to overturn a planning board resolution from June identifying the …

Related eyeing sale of Equinox Hotel – Robert Khodadadian

Related Companies is ready to cut bait with the Equinox Hotel, only three years after opening. Stephen Ross’ firm has started work with an adviser to solicit interest for the property at 33 Hudson Yards, people with knowledge told Bloomberg. The 212-key property, which includes office and retail space, opened in 2019. The hotel is …

Back-to-meetings spurs demand for flex space – Robert Khodadadian

The company conference may survive the age of remote work, after all. Flex landlords who run short-term conference and events spaces say they’re seeing an increase in demand from companies that have ditched the office but still need a place to gather for occasional get-togethers and corporate events. “People are booking these meeting rooms and …

Mortgage demand drops to turn-of-the-century levels – Robert Khodadadian

Home loan, anyone? Mortgages are selling like ice cubes in Antarctica, and the numbers seem to get worse every week. Applications for home loans fell another 2 percent last week to their lowest level since 2000, according to the Mortgage Bankers Association. “Home purchase applications continued to be held down by rapidly drying up demand, …

I-sales roundup: RJ Block buys Harlem mixed-use portfolio – Robert Khodadadian

After a quiet first week of August, investment sales of mid-market commercial properties in New York City picked up last week, highlighted by an 11-building portfolio in Harlem trading hands. Other sales involved the site of an abandoned hotel project in Downtown Brooklyn and a Queens industrial property that sold for six times more than …

Compass agents defend company against taunts of “financial negligence” – Robert Khodadadian

If it’s true that being rich in friends is to be poor in nothing, then Compass CEO Robert Reffkin has nothing to worry about. Compass brokers rallied to the company’s defense Tuesday, a day after a dour earnings report revealed it lost over $100 million last quarter and nearly $300 million in the first half …

Chera’s proptech SPAC blames startup for breaching deal – Robert Khodadadian

In the wake of a failed merger, a proptech SPAC led by one of New York’s most prominent retail landlords says its intended acquisition target violated the terms of the deal. In November, Crown Proptech Acquisitions, led by Richard Chera, struck a deal to take smart-building technology startup Brivo public through a SPAC merger. The …

Investors sell Trumbull apartments for 23% markup from last year – Robert Khodadadian

A pair of investors sold a Fairfield County apartment complex for $19 million more than they paid for it last year in a sign that demand for some suburban multifamily assets remains strong against rising interest rates. Massachusetts-based real estate investment firm Colony Hills Capital picked up the 339-unit Royce at Trumbull for $101 million …