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Commercial Rent Control Returns; Real Estate Cool On Trump

Commercial Rent Control Returns; Real Estate Cool On Trump

Daily Digest Thursday

Each weekday The Real Deal rounds up New York’s greatest actual property information. We replace this web page all through the day, beginning at 9 a.m. Please ship any ideas or offers to [email protected]


The Metropolis Council is mulling a cap on industrial rents to deal with vacant storefronts. A industrial hire management invoice may very well be launched by Brooklyn member Stephen Levin as quickly as subsequent week. The thought has bounced across the council for many years however has by no means come to fruition. [Gothamist]


Transaction quantity has declined precipitously this 12 months. Offers have fallen by 26 p.c and whole greenback quantity by 25 p.c in contrast with final 12 months, in response to information from Cushman & Wakefield. [CO]


Cea Weaver (Credit: Elijah Stevens, Wikipedia)

Cea Weaver (Credit score: Elijah Stevens, Wikipedia)

The tenant group that backed huge modifications to the hire legislation is on the offensive once more. This time it’s focusing on Democratic senators on Lengthy Island who voted in favor of the hire legislation however have accepted $1.5 million from actual property contributors, the tenant group stated. [TRD]


Residents sued a transport magnate in June to save lots of their Higher East Aspect apartment from monetary destroy. However current courtroom paperwork present the scenario has quickly deteriorated since: Final week staff had been informed that “payroll could or could not undergo.” [TRD]


Redfin CEO Glenn Kelman (Credit: iStock)

Redfin CEO Glenn Kelman (Credit score: iStock)

Realogy is promoting Cartus for $400 million. The sale is not going to embrace affinity companies, together with partnerships with AARP and Amazon. The deal is anticipated to shut within the first half of 2020. [TRD]


Metropolis officers are stepping up outreach after saying a $10 billion flood management plan. The plan would tack on 50 acres of land within the East River and South Avenue Seaport. However its name to bulldoze East River Park has been met with group skepticism. [City Limits]


Adjustments are coming to the Uniform Land Use Evaluate Process. New York voters overwhelmingly voted in favor of a poll measure to increase the interval for group boards to evaluate summer time functions, and to mandate that the Division of Metropolis Planning present a abstract of initiatives. [Curbed]


Duane Reade pharmacies are closing throughout New York Metropolis. Sixteen have shuttered this 12 months. A spokesperson for Duane Reade’s guardian firm, Walgreens, stated that the shop plans to shut 200 throughout the USA and make different value cuts. [Gothamist]
Real property heavyweights are distancing themselves from Donald Trump. A survey of half a dozen New York actual property huge wigs discovered none supportive of Trump’s home or international insurance policies. Earlier this 12 months, Associated’s Stephen Ross got here below hearth for holding a fundraiser for the president. [CO]


Digital workplace area leasing firm Squarefoot has accomplished a $16 million funding spherical, and plans to develop. The funding was led by DRW Enterprise Capital and included traders Triangle Peak Companions, RRE and Rosecliff. [CO]


The critic who panned Hudson Yards has nothing however reward for Essex Crossing. The Decrease East Aspect venture is a nine-building mixed-use megadevelopment being constructed by BFC Companions, L+M Improvement Companions, Prusik Group and Taconic. It’ll embrace 1,000 residences, 450,000 sq. ft of retail and 400,000 sq. ft of places of work. [NYT]


George Lucas checked out a pad on Billionaires’ Row. The Star Wars filmmaker and his spouse toured a $26.99 million house at 432 Park Avenue, and sources say the pair was additionally eyeing One57. [NYP]


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