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This article from City Limits Magazine provides a roundup of housing and land use-related events, public hearings, and upcoming affordable housing lotteries in New York City. The events include public hearings by the NYC Landmarks Preservation Commission and the NYC Council's Subcommittee on Landmarks, Public Sitings and Dispositions. There will also be meetings regarding the land use application for the Brownsville Arts Center and Apartments project, as well as votes on bills related to housing and homelessness. Additionally, the article lists several affordable housing lotteries that are ending soon, with details on the income requirements for each building. [Extracted from the article]

The article offers information on Crestwood, a hidden enclave between Central Park Avenue and the Bronx River Parkway where tree-lined streets, wide lawns and English-style roundabouts harken back to a small-town America hard to fathom in the metro area. Topics include examines that Facebook group keeps everyone in the loop, holding neighbors accountable if they act out of line.

New York Community Bancorp's decision to cut its dividend and increase reserves has caused concern in the US commercial real estate market. The bank's stock dropped 38% and the KBW Regional Banking Index had its worst day since last March. Japanese lender Aozora Bank Ltd. also warned of losses related to investments in US commercial real estate. The pandemic-induced shift to remote work and rising interest rates have made it more difficult for borrowers to refinance, leading to potential defaults and a decline in commercial property values. Banks are facing around $560 billion in commercial real estate maturities by the end of 2025, with smaller lenders being more exposed to the industry. The need to address looming debt maturities is expected to lead to more deals and provide clarity on the extent of the decline in property values. New York Community Bancorp's credit rating is being reviewed by Moody's Investors Service. [Extracted from the article]

Moody's Investors Service is considering downgrading New York Community Bancorp's credit rating to junk status due to the bank's accumulation of funds to cover troubled loans and increased spending on operations. Moody's placed all of its assessments, including the bank's long-term issuer rating, on review for downgrade after the bank reported a surprise fourth-quarter loss and reduced its dividend. The review is based on the bank's weak earnings, issues with real estate loans, declining capitalization, and reliance on wholesale funding. The bank's provision for loan losses also exceeded analysts' estimates. [Extracted from the article]

New York Community Bancorp, a regional lender, experienced a significant drop in its stock price due to concerns about its exposure to commercial real estate risks. The bank has been stockpiling cash to address lending risks and increased regulation. Its provision for loan losses was much higher than expected, causing shock among analysts and shareholders. The bank's recent measures, including a dividend reduction and efforts to bolster capital, are aimed at preparing for tougher requirements as it grows. The bank's rapid expansion through acquisitions has brought increased regulatory scrutiny, and it is working to align itself with other banks of its size. [Extracted from the article]

Todd Graves, the founder of Raising Cane's Restaurants, has purchased a penthouse at a luxury condo building in Dallas, indicating the city's growing appeal to the ultra-wealthy. The penthouse spans the top two floors of the Knox Street project, which is being developed by a joint venture including MSD Partners and CBRE Group. The project, set to open in 2026, will offer ultraluxury condo units ranging from 2,500 to over 15,000 square feet. This development reflects the increasing demand for high-end spaces in Dallas, where Graves' business has its support office and largest market. [Extracted from the article]

Todd Graves, the founder of Raising Cane's Restaurants, has purchased a penthouse in a luxury condo building in Dallas. The penthouse spans the top two floors of the building, and while the official price has not been disclosed, it is expected to be in the double-digit millions. The development project, located on Knox Street, is being developed by a joint venture that includes Michael Dell's MSD Partners and CBRE Group Inc.'s Trammell Crow Co. The project is set to open in 2026 and will feature ultraluxury condo units ranging from 2,500 to over 15,000 square feet. The developers are capitalizing on the high demand for high-end spaces in Dallas, which is the most populous metro area in Texas. Todd Graves has a net worth of $7.2 billion and is known for his ownership of Raising Cane's as well as his collection of historical artifacts. Other luxury developments are also underway in the Dallas area. [Extracted from the article]

Prada is expanding its presence in New York City with the acquisition of two buildings on Fifth Avenue. The Prada family purchased 720 Fifth Ave. for approximately $410 million, and earlier in the week, the fashion brand announced the $425 million purchase of the adjacent building, 724 Fifth Ave., which currently houses its flagship store. The combined value of the two acquisitions is $835 million, making it one of the largest real estate purchases in New York this year. Prada plans to continue using the space for its store, offices, and storage. [Extracted from the article]

Prada is expanding its presence in New York City by acquiring two buildings on Fifth Avenue. The first building, 720 Fifth Ave., was purchased for approximately $410 million, while the adjacent building, 724 Fifth Ave., was bought for $425 million. The acquisition of these properties reflects Prada's commitment to the New York market and the strategic value of the location. Despite a decline in property values and increased borrowing costs, some companies, like Prada, are still investing in real estate in New York. The retail sales in the US remain strong, even amidst a global slowdown in luxury goods demand. [Extracted from the article]

Oren & Tal Alexander DOUGLAS ELLIMAN The brothers of The Alexander Team have sold around $1.8 billion worth of real estate over the past year, including a penthouse for $42.5 million in an off-market deal at 520 Park Avenue on Billionaires' Row. Carrie Chiang CORCORAN GROUP "Buyers are back and they are betting on Manhattan", says Chiang, who was one of the listing agents on the biggest sale so far in New York in 2022, a $70.5 million penthouse at 432 Park Avenue. STYLE SELLING THE CITY Since slamming to a halt in the early days of the pandemic, New York City's real estate market has not just come back to life, but hit an increasingly breakneck pace. The pair have been the No. 1 team nationally at Douglas Elliman for three years running and are known for major deals such as the $49 million sale of the penthouse at 421 Broome Street in November, just a year after the unit had previously sold for $35 million. [Extracted from the article]

Investigates the con game being played upon New York City's working public by the city's unions and its bureaucracy. Street shell games as a metaphor for the speculative real estate gambles and other excesses that have deepened New York's recession; Ominous signs of vacancy are everywhere; Tax money not going to the needy, but instead to unionized bureaucrats; Dealing with debt service costs; More.

The article discusses the real estate assessments conducted in New York City as of the end of May 1951. It claims that the assets and properties in the city are valued at 25 billion dollars, with some 25% are tax exempt. The exempted properties are city, state, and federal government properties, and various welfare institutions. The assessment methods used by the city assessor are also examined, including the income approach and comparative approach.

Real estate agents in New York City are facing challenges as lawsuits arise questioning commission structures. A recent case in Missouri found a major Realtor group liable for colluding to keep commissions high, and now a case in New York is targeting commission structures as well. The Real Estate Board of New York has adjusted its policy, requiring that buyer's agents be compensated directly by sellers or negotiate their pay with buyers. The market is already struggling with low inventory and high mortgage rates, making agents uncertain about the future. [Extracted from the article]

Real estate agents in New York City are facing challenges as lawsuits arise over commission structures. A recent case in Missouri found the National Association of Realtors liable for colluding to keep agent commissions high. In response, the Real Estate Board of New York has changed its policy to require that commissions for buyer's agents come directly from sellers. This change has caused uncertainty and confusion among agents, who are already dealing with a tough market. The lawsuits are targeting commission structures and alleging that they artificially inflate real estate broker commissions. The market in Manhattan has been slower, with high mortgage rates and low inventory leading to a decrease in home sales. The median rates paid to buyer agents range from 1% in Brooklyn to 3% in Manhattan. The affordability of commissions and the portrayal of the industry in reality shows have contributed to sellers' growing suspicion towards the current model. Agents will need to adjust their approach and communicate the changes to buyers, and there may be turnover in the industry as a result. [Extracted from the article]

Moynihan Train Hall, an expansion of Penn Station in New York City, is attracting retailers due to its large number of daily commuters. Milan-based stationery brand Moleskine recently opened a store in the train station, targeting locals, commuters, and tourists. Vornado Realty Trust, the real estate firm that developed Moynihan Train Hall, has leased all 30 storefronts on the concourse level, with other tenants including apparel brand Rains and skincare brand Malin + Goetz. The train station also features a food hall with various dining options. However, the surrounding Penn Plaza submarket has a high vacancy rate, with retailers vacating a significant amount of space in the past year. [Extracted from the article]

WeWork, which recently filed for Chapter 11 bankruptcy protection, owes millions of dollars to some of New York City's biggest office landlords. The list of creditors includes prominent real estate firms such as RFR, the Chetrit Group, and Brookfield. However, it is unlikely that these landlords will be able to collect the full amounts owed. This situation further adds to the challenges faced by the already fragile office market. WeWork also owes trade debt to Cushman & Wakefield. The impact of WeWork's bankruptcy on Cushman is expected to be minimal, according to CFO Neil Johnston. [Extracted from the article]

Stroock & Stroock & Lavan, a real estate-focused law firm in New York City, will be closing its doors in January. The firm, which has been involved in high-profile developments such as the World Trade Center and Hudson Yards, will lay off 138 employees. Hogan Lovells has hired most of the workers, while some employees are planning to relocate to another firm. Stroock had been attempting to merge with other practices after losing lawyers to Paul Hastings, but a pension liability reportedly hindered potential deals. Founded in 1876, Stroock was known for its expertise in lease transactions and public-private partnerships. [Extracted from the article]

The article highlights the achievements of the 2023 class of 40 Under 40 honorees in New York City. These young professionals have made significant contributions in various fields, including corporate, government, legal, real estate, arts, and Broadway. They have tackled important city issues, such as rat control, prioritizing constituent needs, affordable housing, and entrepreneurship. The article aims to inspire readers by showcasing the hard work and success of these talented individuals. [Extracted from the article]

Tax break expiration REBNY highlights the June 2022 expiration of the 421-a affordable housing tax break as a turning point for the city's housing construction. New York's housing production remained slow over the summer, and the city is on pace to produce only 10,000 new residential units this year, according to a report from the Real Estate Board of New York. [Extracted from the article]

(Bloomberg) -- Norway's $1.4 trillion sovereign wealth fund has become a partner on a project to build an office skyscraper near Manhattan's Grand Central Terminal. NBIM has written down the value of its US holdings significantly over the past year and a half, with more write-downs expected, McCarthy said. The fund is seeking to increase its holdings in the country, especially Manhattan, where it's already a joint-venture partner on buildings including 2 Herald Square and Google-leased offices on Hudson Street. [Extracted from the article]

SolaREIT has closed $13 million in real estate financings for several NineDot Energy battery energy storage (BESS) projects in New York City. [ABSTRACT FROM AUTHOR]

Long Island-based New York Community Bancorp has a large concentration in loans on New York City apartment buildings with rent restrictions. Property values in that sector have tanked amid higher interest rates, inflation and 2019 revisions to state law. [ABSTRACT FROM AUTHOR]

As a result of the filing, the foreclosure auction will not take place until the bankruptcy is either concluded or the stay is lifted, he added. (Bloomberg) -- A sprawling Greenwich Village townhouse once rented by rapper Travis Scott - and now listed for $22.5 million - has entered bankruptcy ahead of a scheduled foreclosure auction. [Extracted from the article]

(Bloomberg) -- Apollo Commercial Real Estate Finance Inc., a lender with debt tied to Manhattan's 111 W. 57th St., wrote off a chunk of its loan and said it is dialing back expectations around how quickly units are sold at the luxury condo development on Billionaires' Row. Corcoran Group, which is handling sales for 111 W. 57th St., said in a statement that the building is a "unique" offering with construction substantially complete and amenities finalized. [Extracted from the article]

In a reportedly all-cash deal, Mori Trust purchased $500 million in mezzanine debt from majority owner SL Green for a nearly 50% piece of the 44-story, 1.8 million-square-foot tower, whose tenants include JPMorgan Chase & Co., French bank Societe Generale Group and real estate finance firm Angelo, Gordon & Co. "A lot of firms started investing in segments of real estate markets that weren't a part of their production chains", said Cameron LaPoint, an assistant professor of finance at Yale's business school who has studied the post-war period. [Extracted from the article]

Focuses on the regulation of rent in New York City. Application of rent stabilization to all apartments; Middle-class people's use of rent control as a springboard to a more affluent lifestyle; Institution of the major capital improvements program which allows landlords to raise rents in order to recover the costs of repairs; Strategies used by tenants to delay rent increases.