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The city’s first chief housing officer is stepping down after 16 months on the job. Jessica Katz is leaving the administration as the city grapples with an influx of asylum seekers, staffing shortages in its housing agencies and an unclear path to reaching its housing production goals. “Jessica worked every day to ensure that New […]
The post Jessica Katz to step down as chief housing officer appeared first on The Real Deal.
Lingering uncertainty in New York City’s office market and a virtual moratorium on new hotels allowed a self-storage deal to top the list of 2022’s largest real estate loans. The 10 largest financing deals amounted to $8 billion, on par with 2020’s total but behind the $10.9 billion lent in 2019 on the 10 biggest projects. The five largest loans of 2021 totaled $7.2 billion. The nation’s largest office-to-residential conversion made the list, as did
The post New York City’s biggest borrowers of 2022 appeared first on The Real Deal New York.
The New York City Housing Authority is on the brink of “disaster,” according to its interim chief executive officer, because of a massive shortfall in rent collection. The authority collected only 65 percent of the rent it charged in the 12 months leading up to December, the New York Times reported. That’s the lowest percentage in its history and has led to a nearly $500 million shortfall. One-third of its operating budget comes from rent.
The post “Folks got misinformed”: Why NYCHA tenants stopped paying rent appeared first on The Real Deal New York.
When four dozen left-wingers visited Vienna this fall to check out the Austrian city’s celebrated “social housing” program, the reactions from both sides of the political spectrum were predictable. First, the comically right-wing New York Post mocked the trip, giving socialism haters their dopamine fix. “It is unknown how much the expenses-paid trip actually cost,” the Post’s story said, quoting anonymous tweets that called the privately funded trip a pro-communism “junket.” Two days later, from
The post Would Vienna’s social housing work in NYC? It already does appeared first on The Real Deal New York.
Private landlords weren’t the only ones slammed by the pandemic and the state’s Emergency Rental Assistance Program. New York City Housing Authority tenants skipped rent too, racking up nearly half a billion dollars in arrears and limiting the authority’s ability to make critical repairs to its apartments. Unpaid rent at public housing has surged to $443 million, authority officials told The City. That’s more than four times greater than existed at the start of the
The post NYCHA tenants’ rent arrears surge to $443M appeared first on The Real Deal New York.
Mayor Eric Adams ousts NYCHA CEO Gregory Russ from housing authority’s top spot Mayor Eric Adams began putting his stamp on the New York City Housing Authority Thursday — by stamping out its CEO. Thursday, Adams booted Gregory Russ, a de Blasio administration holdover, relegating him to chairman of NYCHA’s board. The mayor cited a decision to split the roles of chair and CEO, both of which Russ had previously held, but the move was
The post Adams ousts NYCHA chief after arsenic scare appeared first on The Real Deal New York.
A joint venture including Pennrose Holdings and Acacia Real Estate Development has landed a nine-figure loan for an affordable housing portfolio in Bushwick. Freddie Mac provided the $117.4 million unfunded forward loan for the Hope Gardens portfolio, the Commercial Observer reported. The Brooklyn portfolio is owned by Pennrose, Acacia and a NYCHA affiliate. The loan is serving as construction take-out financing and has a three-year rate lock, according to the publication. The loan has a
The post Pennrose, Acacia land $117M Freddie Mac loan in Bushwick appeared first on The Real Deal New York.
Democratic candidates for state office seized the final 24 hours before the primary election to align themselves with a political zeitgeist — tenant protections against landlords. Gov. Kathy Hochul’s challengers took the opportunity to set themselves apart from the incumbent by portraying themselves as candidates for the people and not the property owners. Rep. Tom Suozzi, a Long Island centrist and Hochul’s closest competitor, appeared outside NYCHA’s downtown Manhattan headquarters Monday afternoon to bemoan the
The post Hochul challengers bang pro-tenant drum before primary election appeared first on The Real Deal New York.
Mayor Eric Adams released a three-pronged plan Wednesday to retool zoning rules to diversify businesses in neighborhoods and boost affordable housing. But the path to approval is laced with irony. If the City Council ultimately supports the mayor’s text amendments, certain rezonings could progress without slogging through the city’s Uniform Land Use Review Procedure, a seven-month gauntlet known as Ulurp. The irony is that his amendments first need to pass through that very process. Here’s
The post Mayor outlines sweeping rezoning plan appeared first on The Real Deal New York.
The New York City Housing Authorities has been sending tenants into a panic with erroneous notices saying their Section 8 subsidy would be cut off. NYCHA sent the incorrect termination notices between August and March, The City reported. The letters were sent because NYCHA employees believed tenants didn’t submit paperwork to recertify income and household status, when the real cause was a NYCHA computer glitch. Officials believe the bug stemmed from the upgrade of a
The post NYCHA sent thousands of false Section 8 termination notices appeared first on The Real Deal New York.