The Real Deal – Tech - Latest News and Information
Governor Kathy Hochul proposes exempting modest‑size housing projects from the State Environmental Quality Review Act to speed construction and lower costs. Assemblymember Deborah Glick publicly opposed the change, arguing developers could already build affordable units and blaming the housing crisis on real‑estate speculation. The opinion piece criticizes Glick’s stance as overlooking zoning and rent‑control constraints, and warns that misinformation is shaping public‑housing debates. It calls for journalists to fact‑check claims that influence policy decisions.
The Port Authority announced that the 5 World Trade Center residential tower, slated for 1,200 apartments with a third affordable, is on pause as developers grapple with soaring construction costs and geopolitical headwinds. Costs have risen roughly 50% since the...
The Korein family, owners of the land beneath 1 Penn Plaza, filed a lawsuit accusing several top Manhattan brokers of refusing to represent them against Vornado Realty Trust due to fear of losing Vornado's lucrative business. They allege brokers such as Doug...
The New York City 485x zoning amendment imposes a $40‑an‑hour wage floor on construction contracts for projects of 100 units or more, which developers argue acts as a penalty that reduces profitability and caps projects at 99 units. This wage...
In a striking office deal, the 129,000‑sq‑ft Hunters Point building sold for $28 million, roughly a 73 percent discount to the $104 million price paid in 2016. BrightSpire Capital, which seized the asset after a loan default, transferred it to 2100 49 Ave LLC. The transaction...
Meta has signed a 10‑year lease for the entire five‑story, 15,000‑square‑foot townhouse at 697 Fifth Avenue in Midtown Manhattan. The space will serve as a permanent retail showcase for Meta’s virtual reality headsets and Ray‑Ban smart glasses, following a successful...
Stephen Hanson and developer David Mitchell launched the Life Hotel in Manhattan as a high‑profile comeback, converting the former Life Magazine headquarters into a boutique property with a celebrity chef. The venture quickly ran out of cash, prompting frequent $2,000‑$2,600...
Bank of America is expanding its lease at One Bryant Park, adding roughly 600,000 sq ft to bring its total footprint to 2.4 million sq ft. The 20‑year triple‑net lease gives the bank control of the entire office tower and part of the retail space, while...
New luxury apartment towers in New York City are generating housing code violations at a rate far above the city average. Roughly 10% of the 1,600 buildings completed since 2016 have at least one violation per unit, averaging 2.1 infractions...
Long Island landlord Soheil Khayyam acquired the 68‑74 Thompson Street multifamily building in Soho for $58 million, reflecting a 4.7% capitalization rate. The property comprises 75 residential units—11 of which are rent‑stabilized—and four street‑level commercial spaces. The off‑market transaction closed in under...
New York’s luxury real‑estate market stayed strong after Zohran Mamdani’s November mayoral win, with contracts for homes priced $4 million or more jumping 24 percent in the 60 days following the election. Median listing discounts slipped to 6 percent, and inventory actually declined by...
A New York appellate court declared the state’s source‑of‑income discrimination law unconstitutional when applied to federal Section 8 vouchers, effectively nullifying the requirement that landlords accept those vouchers. The decision has sparked uncertainty in New York City, where officials argue the...
Rental listings across New York City's five boroughs fell about 6% in February compared with a year earlier, marking a second straight year of inventory contraction, according to StreetEasy. Meanwhile, the median asking rent jumped more than 8% to $3,950,...
New York’s 2019 Housing Stability and Tenant Protection Act capped rent increases on rent‑stabilized buildings, turning them from value‑add opportunities into income‑only assets. As a result, institutional investors and private‑equity firms have largely exited, leaving local families as the primary...
Alexico Group secured a $345 million refinancing for the Mark Hotel, led by Deutsche Bank with participation from JPMorgan Chase and BDT & MSD Partners. The deal follows a 2024 $335 million CMBS loan and earlier restructurings in 2022 and 2017. The five‑star, 150‑room property near...
