Suzannah Cavanaugh

New York

Senior reporter for @trdny. Co-host of Deconstruct podcast. Previously @business. @newmarkjschool Class of 2020. [email protected]

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Articles

Daol Takes RFR’s 285 Madison At Foreclosure Auction

6 days ago | therealdeal.com | Suzannah Cavanaugh

A lender has finally wrested 285 Madison Avenue from Aby Rosen’s hands. Daol Asset Management, a Korean investment firm that doled out $200 million in mezzanine debt on the Midtown tower, took the asset at auction yesterday after Rosen and Michael Fuchs’s RFR declined to bid on the deal, The Promote first reported. The firm stayed on the sidelines because the deal had been devalued by “today’s capital market environment,” a spokesperson told the publication.
RGB calls for 6.3% hike on rent-regulated leases. Landlords: Please!

1 week ago | therealdeal.com | Suzannah Cavanaugh

The Rent Guidelines Board proclaimed Thursday morning a 6.25 percent rent hike on one-year leases was needed to buoy the city’s beleaguered rent-stabilized buildings. Landlords — used to decrying the number — blinked. Considering the low-ball increases the board has called for in recent years, the adjustment wasn’t a bad bag. Two-year leases saw a bigger recommended hike at 9.75 percent. If anything, this backed owners’ arguments that expenses were soaring and revenue wasn’t keeping pace.
Jon Gray’s ‘gut’? Tariffs may slow Blackstone’s real estate deals

1 week ago | therealdeal.com | Suzannah Cavanaugh

Blackstone executives on Thursday morning took a crack at the question that has consumed the industry for the past two weeks and for which it has yet to find an answer: How will real estate respond to President Donald Trump’s tariffs? “My gut is this period of time may slow some of the movement towards real estate,” Chief Operating Officer Jon Gray said on the alternative asset manager’s first quarter earnings call.
Prologis Reports Increased Leasing Demand Amid Trump Tariffs

1 week ago | therealdeal.com | Suzannah Cavanaugh

Hamid Moghadam digressed during Prologis’ first-quarter earnings call to share a story from 2016. “I was in Brazil when Brexit was announced,” he began. In the half a day it took the CEO to land in San Francisco, home to the logistics giant’s headquarters, the market had cut the value of its United Kingdom portfolio “by more than its entire value.” It was presumed worthless.
Michael, Ed Ostad Sue Younger Brother Steve Over Rent-Stabilized Deals

1 week ago | therealdeal.com | Suzannah Cavanaugh

The knock-on effects of the 2019 rent law aren’t just tanking rent-stabilized values, they’re also sparking legal battles between brothers. Michael and Ed Ostad, who head fix-and-flip lender Flatiron Realty Group, slapped younger brother Steve with a suit demanding a court dissolve the trio’s partnership so the elder Ostads could unwind themselves from 10 underwater rental properties, PincusCo first reported. Michael and Ed did not immediately return requests for comment.
Rent-stabilized shortfalls may grow “exponentially,” new data shows

1 week ago | yahoo.com | Suzannah Cavanaugh

It’s no longer just landlords and their advocates screaming into the void about the ruination of rent-stabilized housing — NYU’s Furman Center has joined the din. At the Rent Guidelines Board’s second meeting of 2025, New York University’s center for housing research presented data showing that older, entirely rent-stabilized buildings — particularly those in the Bronx — are grappling with revenue shortfalls caused by the Housing Stability and Tenant Protection Act of 2019.
As Wall Street freaks out, real estate stays cool on tariffs

2 weeks ago | therealdeal.com | Suzannah Cavanaugh |Keith Larsen

Everyone is talking tariffs. Well, just about everyone. Hedge funder Bill Ackman dragged Trump on Sunday over “Liberation Day” tariffs, warning they would spur a “nuclear winter,” before celebrating the “brilliantly executed” policy reversal. Citadel’s Ken Griffin called the tariffs a “huge policy mistake” at a Monday event in Miami. Jamie Dimon, in a Fox News appearance, raised red flags about a potential recession because of Trump’s initial tariff plan, as did other economists.
“Peak uncertainty”: NYC rents stick high amid Trump’s tariff drama

2 weeks ago | therealdeal.com | Suzannah Cavanaugh

The rental market in New York City is as tight as ever, and the economic uncertainty gripping the nation only figures to make it tighter. Manhattan’s median rent punched in at $4,495 in March, in line with the $4,500 record set in February and leaps and bounds above last year’s metric, according to a report by the appraiser Jonathan Miller for Douglas Elliman. The price represents a nearly 10 percent increase from March 2024, the greatest annual jump since May 2023.
Related keeps offloading rent-stabilized properties at steep losses

2 weeks ago | therealdeal.com | Suzannah Cavanaugh

Related Fund Management unloaded five rent-stabilized properties this week in a trade valued at just 45 percent of what they fetched in 2015. It’s a deep cut — and a growing trend for this asset class. The Bronx buildings are 100 percent rent-stabilized, according to tax records, meaning there is no shot at raising revenue beyond the inflation-lagging adjustments set by the rent guidelines board each year. A recent comp sold for just 3 percent of the price it originally traded at.
Trump World Tower Files to Foreclose on Afghanistan’s UN Arm

2 weeks ago | therealdeal.com | Suzannah Cavanaugh

Trump World Tower’s condo board is done playing nice with Afghanistan’s old government. The board, led by Trump allies, moved to foreclose on a $4.2 million unit owned by the Permanent Mission of Afghanistan to the United Nations, alleging it had not paid condo fees in three years. The Mission did not immediately respond to a request for comment.