The Real Deal - New York Real Estate News

Las Vegas bets on Elon Musk to create underground transit system for its convention center

Posted: 26 May 2019 01:00 PM PDT

Billionaire Elon Musk finally may build a commercial tunnel if his Boring Co. completes an underground transit system for the expanding Las Vegas Convention Center. The Boring Co. just got a $48.7 million contract to build a roughly one-mile loop beneath the convention center where autonomous electric vehicles would carry at least 4,400 passengers per hour, according to the Los Angeles Times. The board of the Las Vegas Convention and Visitors Authority voted Wednesday to […]

Party politics: Huge event-ready house in D.C. area is headed for auction

Posted: 26 May 2019 12:00 PM PDT

A mammoth house made for lobbyist-level entertaining in the Washington, D.C., area is headed for auction. A live on-site auction with no reserve will be held next month at the 27,256-square-foot chateau in Potomac, Maryland, according to Mansion Global. Elite Auctions will conduct the June 15 auction of the property, which was initially listed for sale in August 2016 for approximately $10.5 million. The latest asking price was just under $10.3 million for the four-level, […]

In the shadow of Silicon Valley’s tech boom, thousands of Bay Area residents live in RVs

Posted: 26 May 2019 11:00 AM PDT

The tech boom in Silicon Valley has made housing too expensive for thousands of people in San Francisco and the Bay Area who live in vans, RVs and other vehicles. In Mountain View, the home of Google’s headquarters, police in December counted nearly 300 RVs that appeared to serve as primary residences. Similar numbers of apparent homes on wheels have been found in Berkeley, Palo Alto and other towns in the Bay Area. For example, […]

Pot-related development is primed to take off in Illinois. So where are the investors?

Posted: 26 May 2019 10:00 AM PDT

Marijuana-related industrial market is primed to take off in Illinois, if only capital investors and lenders would get on board. After expanding the state’s medical marijuana pilot program last year, Illinois lawmakers are now weighing a measure to legalize recreational marijuana. The marijuana business, which requires industrial space for cultivation and commercial space for sales, is growing. Industrial developers are working to meet this need, but access to capital is a severe hindrance in the […]

Privately-funded space race sparks economic liftoff for this Florida town

Posted: 26 May 2019 09:00 AM PDT

As billionaires Jeff Bezos and Elon Musk compete in launching rockets to outer space, they are fueling a revival of Cocoa Beach, a coastal Florida city where their respective businesses, Blue Origin and SpaceX, are based. Located on the Atlantic Coast, just south of Cape Canaveral, Cocoa Beach was slammed by the 2009 recession and the end of the National Aeronautics and Space Administration’s space shuttle program, the Wall Street Journal reported. But now the […]

How Opendoor founder Eric Wu got started in real estate

Posted: 26 May 2019 08:00 AM PDT

Eric Wu, founder of the real estate start-up Opendoor that lets users buy and sell their homes online, first broke into the industry back in college, when he used his scholarship money to buy about 25 properties. Wu realized while studying at the University of Arizona that he had collected enough scholarship money to cover a roughly $20,000 downpayment on a three-bedroom home by his school’s campus in Tucson, according to CNBC. Soon after, he […]

Creator of ‘CSI’ puts a twist on his Malibu listing, upping the asking price

Posted: 26 May 2019 07:00 AM PDT

Usually, a prospective seller will discount their home if it sits on the market for a year. Not television producer Anthony Zuiker. The creator of “CSI: Crime Scene Investigation” is putting his Malibu estate back on the market, asking half a million dollars more than he listed it for last year. Zuiker now wants $10 million for the 5,500-square-foot home, according to the Los Angeles Times. The five-bedroom, five-bathroom contemporary, clad in concrete, has a […]

Stephen Ross says criticism of Hudson Yards reflects anti-business sentiment in NYC

Posted: 26 May 2019 06:00 AM PDT

Stephen Ross said critics of his mixed-use Hudson Yards development in Manhattan are sending the same anti-business message that encouraged Amazon to drop its plan to open a major corporate campus in New York City. “That’s one of the reasons why Amazon’s not here,” Ross, chairman of Related Companies, said Monday, according to the Wall Street Journal. Critics have argued that apartments and shopping mall merchandise at Hudson Yards are aimed solely at wealthy consumers. […]