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The Real Deal - New York Real Estate News |
LA resi brokerages shop till they drop Posted: 23 Oct 2017 03:10 PM PDT From TRD LA’s fall issue: In a city where new development projects switch brokerage hands at a dizzying pace, competition is fierce. Case in point: Douglas Elliman just lost the $1 billion Metropolis condo project after it struggled to deliver sales throughout its four years of control. Now, The Agency has the reins. Los Angeles’ residential brokerage scene has only gotten more cutthroat as firms based outside the city enter an already crowded field, hopeful […] |
Realogy names successor to CEO after 21 years Posted: 23 Oct 2017 02:50 PM PDT Realogy Corp. — the parent company of the Corcoran Group, Citi Habitats and Sotheby’s International Realty — has tapped a banking executive with a track record of using data and technology to drive business as its new CEO. Ryan Schneider, an executive at Capital One, will succeed longtime chief executive Richard Smith, who has steered the New Jersey-based real estate conglomerate for 21 years. Smith and Realogy disclosed the hunt for a successor earlier this […] |
Who is real estate’s Harvey Weinstein? Posted: 23 Oct 2017 02:30 PM PDT Harvey Weinstein quietly paid off accusers for decades, successfully silencing allegations of sexual assault and harassment. That all changed earlier this month when the New York Times published an explosive investigation into previously undisclosed allegations. The deluge of accusations that followed the Times report and the emergence of similar stories in other industries has The Real Deal wondering: Who is real estate’s Harvey Weinstein? The issues highlighted by Weinstein’s fall aren’t just endemic to Hollywood. […] |
Here’s what the $10M-$20M NYC investment sales market looked like last week Posted: 23 Oct 2017 02:10 PM PDT In the world of mid-market New York City investment sales last week, at least three multifamily buildings traded hands, including a nine-unit walk-up in Chelsea and a 52-unit building in Crown Heights. 1.) Icon Realty Management sold a 10-unit building in Chelsea for $11.7 million to the Japan-based Tuskaki Company. The 6,399-square-foot building at 244 10th Avenue, between West 24th and 25th streets, includes eight apartments and one ground-level store. Icon purchased the property for […] |
Urban Standard Capital looking to flip Carroll Gardens property Posted: 23 Oct 2017 01:55 PM PDT It’s harder than ever to find bargains in Brooklyn’s property market, but bankruptcy auctions may be the exception. That, at least, is Urban Standard Capital’s hope. The investment firm paid close to $5 million for a three-story apartment-and-retail building at 320 Court Street last month after owner James McGown, dubbed the Bankruptcy King, lived up to his nickname. Urban Standard’s Seth Weissman said it helped to have enough cash on hand. “In a bankruptcy, you […] |
Three Kips Bay resi buildings ask $57M Posted: 23 Oct 2017 01:35 PM PDT A joint venture between Slate Property Group and Madison Realty Capital has put a three-building package in Kips Bay on the market for $57 million. Together the buildings at 489, 493 and 495 Third Avenue, at the northeast corner of East 33rd Street, have a total of 43 apartments and eight street-level storefronts, according to Real Estate Alert. The ask works out to roughly $1.3 million per unit. Only one storefront and two apartments are […] |
Philippine bank seeks to halt sale of Murray Hill condo allegedly bought with stolen funds Posted: 23 Oct 2017 12:50 PM PDT A Philippine bank claims a former employee stole $17.5 million by arranging fake loans, part of which was used to buy a condo at 225 East 34th Street. Metropolitan Bank, the country’s second-largest bank, filed a lawsuit on Monday against Ma. Victoria Lopez, former head of the bank’s corporate service management division, for allegedly embezzling millions of dollars through bogus loans. The loans were assigned to a customer’s account, but Lopez allegedly diverted the money […] |
The countdown is on: Just four days until The Real Deal’s Miami real estate event! Posted: 23 Oct 2017 12:20 PM PDT From TRD Miami: We’re only four days away from The Real Deal’s Miami Real Estate Showcase and Forum — and there’s still time to buy tickets! Click here to purchase tickets Last fall we had a blockbuster showcase, with panels and more exhibitors than ever. This year we expect an equally full house for a packed day of programming: – 11:30 a.m.: Moishe Mana one-on-one – 11:50 a.m.: Sizing up the development cycle: Moving product and launching new […] |
Kushner hunting for $600M-plus loan to build BK resi tower Posted: 23 Oct 2017 11:55 AM PDT Kushner Cos and its partners CIM Group and LIVWRK are beginning their search for a large construction loan for their 737-unit residential project at 85 Jay St. |
De Blasio promises “big changes” to state loft law Posted: 23 Oct 2017 11:25 AM PDT Mayor Bill de Blasio said he will push for “big changes” to the state loft law next year, something loft advocates say he failed to do during the most recent legislative session in Albany. During a town hall meeting in Brooklyn last week, the mayor discussed his plans and blamed his predecessor, Michael Bloomberg, for supporting changes to the law that loft tenants and attorneys say tipped the scales in favor landlords at their expense, […] |
Posted: 23 Oct 2017 10:15 AM PDT The real estate industry news you need to start your week, and what’s ahead: Soho’s retail vacancies, the ownership of 111 West 57th Street … and more. |
Airbnb is pushing up US rents and home prices: study Posted: 23 Oct 2017 09:35 AM PDT Opponents of Airbnb have long claimed that the home-sharing service pushes up rents and worsens housing affordability in New York City. Now, a new study from the University of California Los Angeles has found that is actually the case nationally. The paper, which is yet to be published, found that a 10 percent increase in Airbnb listings can create an average 0.39 percent increase in rents and an average 0.64 percent increase in home prices, […] |
238 cities are duking it out to be the site of Amazon’s new $5B headquarters Posted: 23 Oct 2017 08:55 AM PDT The numbers are in, and they’re a doozy. Amazon says it has received 238 proposals from cities wanting to host the company’s new headquarters. Proposals came from 54 states, provinces, and districts. All US states except Arkansas, Hawaii, Montana, New Hampshire, Wyoming, and North and South Dakota submitted bids. Provinces and territories in Canada and Mexico also submitted bids that will be considered. The deadline to submit was October 19. Amazon will now sift through the proposals, eliminating ones that […] |
Re-regulated, but not really: Lawsuit against Scharfman Org. alleges J-51 chicanery Posted: 23 Oct 2017 08:15 AM PDT In January of 2016, Gov. Andrew Cuomo wrote a letter to the landlords of New York City. He told property owners that if they received the J-51 tax break but charged market-rate rents, they needed to put their apartments back in rent stabilization or they could face big fines. But the edict didn’t unleash a wave of state investigators poring through property owners’ records and hauling landlords to court; it’s been largely up to tenants […] |
Here are the week’s priciest apartment sales Posted: 23 Oct 2017 07:45 AM PDT An interactive look at where the biggest deals were struck, plus total overall sales and average prices for the week. |
NYC-based clothing chain announces mass store closures Posted: 23 Oct 2017 07:25 AM PDT The wave of retailers shutting brick-and-mortar locations is continuing, with plus-size retailer Fashion to Figure announcing it will close stores once the holiday shopping season is over. The chain-store has 26 locations on the East Coast, including three in New York City. The New York-based company said it will shut down up to 10 locations, according to the New York Post. The company received a $18.2 million investment in 2013 from Perella Weinberg Partners, and […] |
Stringer wants on-time rent payments to count toward credit score Posted: 23 Oct 2017 06:40 AM PDT City Comptroller Scott Stringer wants tenants who pay their rent on time to be able to boost their credit scores the way homeowners do when paying their mortgages. Stringer plans to announce an effort Monday that will encourage landlords and property management companies to give their tenants, especially low-income ones, an option to report rent payments in a way that will increase their credit scores, the New York Times reported. A study conducted by his […] |
Posted: 23 Oct 2017 06:20 AM PDT Chinese officials earlier this year made an attempt to arrest fugitive real estate mogul Guo Wengui in an incident that caused confusion among federal law enforcement agencies, the Wall Street Journal reported. Wengui, a Chinese real estate magnate who’s accused government officials and companies like HNA Group of corruption, has been living at his $67.5 million apartment at the Sherry-Netherland since 2015 as he awaits his application for asylum to be approved. Some U.S. national […] |
Luxury homes are spending an alarming number of days on market: Olshan Posted: 23 Oct 2017 05:40 AM PDT The luxury market had another solid week with 22 contracts signed at $4 million and above, according to Olshan Realty’s luxury market report. But one metric should give developers and brokers cause for concern: the number of days on the market has climbed to more than 14 months over the past year. Contracts signed in September and October spent an average of 447 days on the market, a roughly 30 percent jump over the average […] |
Could Essex Crossing kick off an office boom on the LES? Posted: 23 Oct 2017 05:00 AM PDT The developers behind the $1.5 billion Essex Crossing megaproject are about to begin the development’s second phase, which will bring 350,000 square feet of office space to the Lower East Side. And that could spur more office development in a neighborhood typically associated with a trendy residential market, nightclubs, art galleries and restaurants, the Wall Street Journal reported. “An area like this is not an office area, but if this becomes successful, then others will […] |
Progressive alliance wants de Blasio to sack Alicia Glen Posted: 23 Oct 2017 04:30 AM PDT A coalition of housing advocacy groups wrote a letter to Mayor Bill de Blasio demanding that Deputy Mayor Alicia Glen step down. |
Dan Doctoroff goes back in time Posted: 23 Oct 2017 04:00 AM PDT The epiphany that changed Dan Doctoroff’s life and dramatically reshaped the development landscape in New York occurred in New Jersey and, initially, had nothing to do with real estate. That hot July 1994 day, Doctoroff recalls in his new book — “Greater Than Ever: New York’s Big Comeback” — he had grudgingly agreed to accompany a friend to Giants Stadium to watch a World Cup semifinal game between Italy and Bulgaria. He’d never been to a […] |
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