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Real Estate Roundup 9.18.20

Politics 

  • Mayor Bill de Blasio vowed not to increase property taxes for New York City homeowners to help bridge the city’s $1 billion budget gap caused in part by the coronavirus pandemic. When asked about possibly raising property taxes by 1 percent, he told reporters: “I just don’t believe a property tax increase is the right thing and I won’t do it.” (NYPost)
  • New York restaurants will be allowed to tack up to 10% onto their bills under a law passed by the City Council. The fee won’t be mandatory, and it can be any amount up to 10% of a food and drink bill. Restaurants’ permission to charge the fee will expire 90 days after the state allows full occupancy of eateries. (NYDN)

Retail

  • Town Sports International Holdings, the owner of New York Sports Clubs and Lucille Roberts gyms, is preparing to sell itself out of bankruptcy to lenders that have agreed to supply the financing needed to keep the fitness chains open. The company is working out a deal with a group of lenders and private-equity firm Tacit Capital for them to serve as the lead bidder, or stalking horse, for the assets. (WSJ)

New to the market 

  • Greystone Development is looking to sell its 63-unit rental building at 223 Fourth Avenue in Park Slope for around $40 million, which translates to a cap rate of about 5 percent. The property is under the 421a tax abatement until 2035. (TRD)

Other news 

  • Wendy Silverstein and Ed Adler have launched Silver Eagle Advisory Group. The company will provide various services nationally, ranging from corporate debt restructuring to single-asset loan workouts for real estate operating companies, owners, borrowers and lenders. Silver Eagle has a service and fee-sharing agreement with Meridian Capital Group, under which the commercial brokerage will work exclusively with Silver Eagle on loan restructurings and workouts. (TRD)
  • Deutsche Bank told its New York City employees that they can continue working from home until mid-2021, in contrast to rival banks that are seeking to return staffers to offices. Employees can keep working at home until July, when the company plans to leave its 60 Wall Street offices for the Time Warner Center in Columbus Circle. (Bloomberg)

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