The Real Deal - New York Real Estate News

Queens DA race: Armies of volunteer socialists, national endorsements and radioactive real estate money

Posted: 26 Jun 2019 03:25 PM PDT

Brokers at the Corcoran Group returned from lunch on Monday afternoon to receive an unusual email in their inbox from CEO Pam Liebman. The Manhattan-based luxury brokerage chief had a request of them: if they were eligible voters in Queens, she wanted them to cast their ballot for Melinda Katz — and definitely not Tiffany Cabán — in the District Attorney’s race. “Though the DA’s authority may not have a direct effect on the real […]

Presidential debate 2020: Where do these Democratic candidates stand on housing?

Posted: 26 Jun 2019 03:00 PM PDT

Sen. Elizabeth Warren said she will pump $500 billion into building and preserving affordable housing. Sen. Cory Booker wants to offer a tax credit to renters to ensure that they don’t spend more than 30 percent of their income on rent. And former Congressman John Delaney of Maryland has long favored privatizing Fannie Mae and Freddie Mac. They are among the 10 Democratic presidential hopefuls who have made housing-related issues a major part of their […]

Prevailing wage didn’t happen. The new rent law may be to blame

Posted: 26 Jun 2019 01:55 PM PDT

After the ink dried from the newly changed rent laws, state officials turned to address another key issue looming over the real estate industry: Prevailing wage requirements. But a measure that would’ve changed wage rules surrounding projects that receive public funds didn’t make it into end of session bill known as the “Big Ugly,” as some had expected. In the final days of the legislative session, the state Assembly introduced an amended version of the […]

Listing agent for home of embattled Connecticut developer builder speaks out

Posted: 26 Jun 2019 12:50 PM PDT

A 14,000-square-foot mansion in Connecticut built by a luxury home builder known for his projects in Fairfield County is on the market for $4.35 million, but the circumstances surrounding the home’s availability could complicate a potential sale. Fotis Dulos, whose development firm Fore Group is based out of the home at 4 Jefferson Crossing in Farmington, Hartford County, has made local and national headlines over the past month after he was arrested following the sudden […]

Developers spend $77M to return Bronx building to complete affordability

Posted: 26 Jun 2019 12:00 PM PDT

A Bronx building that has seen significant rent increases in recent years will become entirely affordable again in the wake of a $77 million deal. Camber Property Group and Belveron Partners have purchased the 400-unit residential property known as Highbridge House at 1133 Ogden Avenue from Stellar Management for $77 million, the companies announced on Wednesday. The sale comes on the heels of a sweeping rent reform in Albany, which drastically limited landlords’ ability to […]

Cheskel Schwimmer lands $65M construction loan for South Bronx project

Posted: 26 Jun 2019 11:30 AM PDT

Cheskel Schwimmer’s Chess Builders landed a $65 million construction loan from S3 Capital Partners for the second tower at its apartment/hotel project in the South Bronx. The project at 210 East 135th Street will consist of two 25-story towers with 430 rental units, 24 hotel rooms, 5,000 square feet of commercial space and 210 parking spots. “We believe in the growing potential of the South Bronx,” S3 Capital Partners principal Joshua Crane said in a […]

Investors jittery amid Fannie and Freddie backstop uncertainty

Posted: 26 Jun 2019 11:00 AM PDT

Investors are nervous amid a government plan to overhaul Fannie Mae and Freddie Mac and end the decades-long government conservatorship after the government took control of the firms in the wake of the financial crisis. Some investors worry that elimination of the government guarantee will dissuade financial firms from buying and drive up costs for homebuyers. Securities traded by the two mortgage behemoths are falling behind those sold by Ginnie Mae, the Wall Street Journal […]

Airbnb Luxe launched without listings in one of their biggest potential markets — why?

Posted: 26 Jun 2019 10:18 AM PDT

UPDATED, June 26, 4:10 p.m.: On Tuesday, Airbnb announced it was rolling out Airbnb Luxe, a vertical featuring properties that rent for $1,000 or more per night. Sourced from listings on Luxury Retreats, which the firm acquired two years ago, Luxe features about 2,000 properties worldwide. Renters using the service can take advantage of the services of a concierge who can arrange tours, transportation, and more. The launch of Airbnb Luxe is limited to listings […]

PHOTOS: LA’s top industry players gather for TRD ‘s Residential Showcase

Posted: 26 Jun 2019 08:15 AM PDT

At The Real Deal Los Angeles’ Residential Showcase and Forum, the great sales slowdown was the hottest topic of discussion. Over 250 professionals gathered to hear the expert analysis of the market from top industry players at The London West Hollywood on Friday. Attendees included Compass’ Sally Forster Jones and Coldwell Banker’s Joyce Rey, who discussed social media and guerilla marketing; while Douglas Elliman’s Ernie Carswell and The Property Lab’s Yvonne Arias talked about the […]

American Dream in East Rutherford finds a sponsor, Frank Lloyd Wright-designed home lists in Glen Ridge & more North Jersey real estate news

Posted: 26 Jun 2019 07:30 AM PDT

American Dream mega-mall to be fueled by Coke Triple Five Group’s long-awaited American Dream Meadowlands project in East Rutherford has secured a high-profile sponsor in the Coca-Cola Company, Chain Store Age reported. The 10-year partnership, announced Tuesday, will see Coca-Cola and its local bottling partner, Liberty Coca-Cola Beverages, “fully integrate” with Triple Five’s art, dining, entertainment, fashion and music offerings at the 3 million-square-foot mega-mall. Aside from being the official soft drink provider for American Dream […]

John Banks to step down as REBNY president

Posted: 26 Jun 2019 07:15 AM PDT

John Banks, who has led the Real Estate Board of New York for four years, is stepping down as president. Banks presided over the influential trade group during successful battles over the renewal of the 421a tax law and a rezoning of Midtown East. But his departure comes mere weeks after the industry was dealt a historic blow with the passage of tenant-friendly rent laws. Banks will become a stay-at-home dad, which he told Politico […]

A-Rod’s NYC real estate buying spree is on the upswing

Posted: 26 Jun 2019 07:10 AM PDT

Alex Rodriguez is in a New York City real estate state of mind. The former Yankees slugger plans to buy apartment buildings — big and small — as well as condos. Rodriguez’s A-Rod Corp. is partnering with Stonehenge NYC’s Ofer Yardeni and Adam Modlin, the New York Post reported. Modlin has carved out a niche with celebrities, including Billy Joel, Justin Timberlake and Britney Spears. The founder and CEO of the Modlin Group ranked No. […]

Trump admin wants to spur affordable housing by easing local building restrictions

Posted: 26 Jun 2019 06:30 AM PDT

President Donald Trump wants to give a boost to affordable housing development by easing or nixing restrictive construction rules at the local government level. The president on Tuesday signed an executive order creating the White House Council on Eliminating Barriers to Affordable Housing Development, the Wall Street Journal reported. The council will also look at ways to enact a possible roll-back of federal housing regulations that stifle housing development. “These are things that can be […]

Luxury brokers insist they can take on Airbnb Luxe and win

Posted: 26 Jun 2019 06:00 AM PDT

After disrupting the short-term rental industry at large, Airbnb is coming for brokers of high-end vacation rentals. On Tuesday, about two years after it acquired high-end vacation rental website Luxury Retreats, Airbnb announced it was rolling out Airbnb Luxe, a vertical featuring properties that rent for $1,000 or more per night. Sourced from listings on Luxury Retreats, Luxe features about 2,000 properties worldwide, which were selected due to stand-out features in their design, location and […]

Resi brokers remain resolute in face of Connecticut’s new “mansion tax”

Posted: 26 Jun 2019 05:00 AM PDT

While the introduction of a so-called mansion tax in Connecticut’s 2020-21 budget will set a significant precedent for future legislative sessions, real estate experts in Fairfield County, where many of the state’s priciest single-family homes are located, believe that trading volume will largely be unaffected by the new financial measures. The Constitution State’s $43.3 billion budget, which cleared its legislature earlier this month but awaits the signature of Gov. Ned Lamont, adds a 2.25 percent […]

“The Plaza” goes behind the glamour at NYC’s most historic hotel

Posted: 26 Jun 2019 04:30 AM PDT

From the moment in 1907 when New York millionaire Alfred Gwynne Vanderbilt strode through the Plaza Hotel’s revolving doors to become its first guest, the 18-story white marble edifice at the corner of Fifth Avenue and 59th Street has radiated wealth and luxury. For some, the hotel evokes images of F. Scott Fitzgerald frolicking in the Pulitzer Fountain, or Eloise, the impish young guest who pours water down the mail chute. But in recent years, […]

No end in sight: New York’s multifamily market stayed slow in April

Posted: 26 Jun 2019 04:00 AM PDT

New York’s slow multifamily market has continued into the spring, according to Ariel Property Advisors. The market saw a total of 28 deals across 35 buildings worth $636 million in April. This was a 6 percent drop in transaction volume, a 42 percent drop in building volume and a 34 percent drop in dollar volume compared to the trailing six-month averages from October to March. In Manhattan, there were nine deals across 11 buildings worth […]