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The Real Deal - New York Real Estate News |
There’s no “I” in team: Top resi brokers in Chicago staff up amid growing competition Posted: 06 Oct 2018 01:00 PM PDT Mario Greco didn’t want to drown and Leigh Marcus had no intention of going crazy. The two Chicago top brokers both realized that as they scaled up their businesses, going it alone was not an option. They needed a team behind them. Greco, who leads MG Group and finished 2017 with $175 million in total volume, said the decision to hire additional staffers started as a necessity. “I was drowning and needed help being in […] |
Government plans to seize Manafort’s Hamptons home, Trump Tower condo in two weeks Posted: 06 Oct 2018 12:30 PM PDT The federal government has started the process of seizing two of Paul Manafort’s New York properties. The former Trump campaign chair negotiated forfeiting five properties as part of a plea deal with special counsel Robert Mueller’s office in September. Yesterday, prosecutors filed documents to allow the government to take possession of two of the residences, as the Associated Press reported. The government will assume control of Manafort’s condo in Trump Tower and his home in […] |
Beckhams score $33M for posh home in Beverly Hills Posted: 06 Oct 2018 12:00 PM PDT Soccer champion David Beckham and former pop superstar Victoria Beckham are on the move. The celebrity couple sold their home in Beverly Hills for $33.1 million, the Los Angeles Time reported. The buyer is a limited liability company. The Beckhams lived in the one-story, H-shaped estate for about a decade. They purchased it for $22 million about five months after David signed a five-year contract to play for the L.A. Galaxy. The Italian villa-style home […] |
What capital controls? This Chinese company is still buying real estate overseas Posted: 06 Oct 2018 11:00 AM PDT The overseas buying spree for Chinese companies hasn’t come to a complete halt – at least not for everyone. The United Kingdom affiliate of Fosun International, a Chinese conglomerate, has purchased London’s historic Royal Exchange building for $58.4 million, according to the South China Morning Post. The affiliate, Resolution Property, purchased four floors in the property spanning 68,000 square feet from the European investment firm MARCOL. Fosun bought 60 percent of Resolution Property in 2015 […] |
Fraud alert: Bogus mortgage applications are on the rise Posted: 06 Oct 2018 10:00 AM PDT Mortgage fraud is on the rise as more buyers are inflating their incomes in order to qualify for new purchases. Roughly one in every 109 mortgage applications has some indication of fraud, according to data from CoreLogic cited by CNBC. Mortgage fraud risk climbed 12 percent in the second quarter from a year earlier. And areas like New York, New Jersey, Florida, Washington, D.C. and New Mexico are most at risk. Bridget Berg, principal of […] |
Hotel owner Belmond is looking at a sale. Guess who’s interested? Posted: 06 Oct 2018 09:00 AM PDT Ashkenazy Acquisition and the Blackstone Group are among a number of firms considering buying the hospitality company Belmond Ltd., which owns the 21 Club in New York City and has a market cap of $1.8 billion. KSL Capital Partners, Hyatt Hotels and Hilton Worldwide Holdings are also interested, Bloomberg reported. Belmond said in August that it hired Goldman Sachs and JPMorgan Chase to explore a sale, and its share price has risen by more than […] |
NAR’s new top lobbyist is a former Trump administration official Posted: 06 Oct 2018 08:00 AM PDT Shannon McGahn, a former Trump administration official at the Treasury Department, is now top lobbyist for the National Association of Realtors, the country’s second biggest lobbying group by dollars spent and the country’s largest voice for brokers. McGahn most recently served on the staff of Republican Congressman Jeb Hensarling of Texas, who is chairman of the House Financial Services Committee. When she took that post in 2017, she was the first Trump-era official to leave […] |
North America’s most unaffordable city cracks down on dirty money Posted: 06 Oct 2018 07:00 AM PDT Vancouver’s red hot housing market has prompted authorities to introduce a series of transparency measures aimed at uncovering the owners of homes in Canada’s most expensive real estate market. One new probe will scrutinize dirty money in the province of British Columbia’s real estate, horse-racing and luxury car sales industries, according to Attorney General David Eby who announced the investigation in late September, Bloomberg reported. Finance Minister Carole James also appointed an expert panel to […] |
Is Meridian Capital building spec mansions? Posted: 06 Oct 2018 06:00 AM PDT Word on the street in Midwood, Brooklyn, is that a commercial mortgage brokerage might be getting into luxury residential development. Plans were filed in early September to tear down an existing home at 3420 Bedford Avenue and rebuild a new 9,840-square-foot mansion. And while the owner is listed as an LLC, the name of Meridian Capital Group’s chairman and CEO, Ralph Herzka, graces the application plans. Herzka is one of several wealthy real estate moguls […] |
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