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Real Estate Roundup 8.12.20

Real Estate Roundup:


  • New York’s coronavirus death toll in nursing homes could actually be a significant undercount. Unlike every other state with major outbreaks, New York only counts residents who died on nursing home property and not those who were transported to hospitals and died there. But so far the administration of Governor Cuomo has refused to divulge the number, leading to speculation the state is manipulating the figures to make it appear it is doing better than other states and to make a tragic situation less dire. (AP)


  • In 2016, a group of five tenants sued Michael Edelstein, the owner of the single-room occupancy hotel at 307 West 79th Street, claiming he was violating state law that prohibits renting units for less than 30 days. That July, the Mayor’s office of Special Enforcement also joined the case. This week, the parties reached a settlement in the dispute has agreed to stop all short-term rental activity in the building and pay $290,000 in fines. (TRD)
  • The planned makeover of New York’s JFK Airport has been – partially – put on hold. The $15 billion refurbishment scheme was supposed to begin this year and be completed in 2025. However, corona had other plans. Due to the outbreak of the pandemic and the subsequent crash in passenger demand, the renovation could now be delayed by several years. (WSJ)


  • Target has inked a 44,000-square-foot lease for a new location at a Harlem development at 121 West 125th Street. The store will be part of a new 17-story project that will house the headquarters for the Urban League Empowerment Center. (NYPost

New Construction 

  • Extell has unveiled plans for a nine-story, 441,600 square-foot office tower at 180 East 125th Street between Third and Lexington Avenues, a low-rise former supermarket site that’s lain empty for years. It’s a rare ground-up office project in the neighborhood. The development firm has owned the site for years and has changed plans for it several times. It’s expected to be finished in 2022. (NYPost)

Luxury market update 

  • Just six properties in Manhattan above $4 million went into contract last week, the slowest start to August by deal volume in more than a decade… But while Manhattan’s luxury market has been struggling to gain ground, Brooklyn and the suburbs have been surging. (TRD+Olshan+MillerSamuel)


  • Nathan Berman’s MetroLoft wants Sonder to leave the developer’s office-to-residential conversion at 20 Broad Street, and pay $3.9 million in back rent and more than $100 million to cover the remainder of its lease, according to a suit filed July 30. The landlord claims the short-term rental startup stopped paying rent last month. Founded in 2012, Sonder has raised $400 million to date at a $1.1 billion valuation. (TRD)
  • Till, a fintech platform that helps renters create a customized payment schedule to help them become consistent, on-time payers, announced that it has closed an $8-million seed funding round. (PressRelease)

Other news 

  • During an earnings call, David Bistricer’s Clipper Realty (AKA Clipper Equity) reported a net profit of $17.3 million from April through June, up 8.7 percent from the same period last year. Revenue for the quarter was $30.7 million, up 8 percent year over year. The REIT said rent collection for the second quarter across its portfolio was 94 percent of what the company collected in the first quarter. (TRD)
  • Marriott reported that total revenue decreased 72.4% to $1.46 billion, and an 84.4% plunge in revenue per available room (RevPAR)… Despite the company’s grim earnings, CEO Arne Sorenson said “overall negative trends appear to have bottomed in most regions around the world.” He pointed to rising bookings from domestic travellers in China and some properties in the U.S. As of Monday’s call, Marriott said 91 percent of its hotels are open. (CNBC)

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