MarketWatchThis surprising place is the most unaffordable in the nationMarketWatchManhattan and San Francisco's sky-high real estate prices may make all the headlines, but it's hipster Brooklyn that's the most unaffordable place to live in America. A person making the average salary in Brooklyn couldn't afford a home in the borough …and more »
Tory Burch’s flagship in Soho is turning into a fashion flop, with a second neighbor suing over property damage related to construction of the four-store store. Michael Salzhauer, who owns a three-story building at 149 Mercer Street, claims that his 200-year-old property incurred structural damage as a result of drilling at Burch’s planned store at 151 Mercer. In his suit, filed Wednesday in New York Supreme Court, he describes cracks and water leaks in his … more
Plus, a free holiday bus to La Guardia, and Book Court is selling off its bookshelves.
Time is running out to enjoy the pine-scented sidewalks of Brooklyn. Christmas tree stands pop up across the borough the weekend of Thanksgiving and disappear quickly after Christmas. For the brief time they are here, they brighten the streets with green and cheer passerby with their woodsy fragrance. Related Stories A Brief Brooklyn… Read More >The post The Conifer-Bedecked Sidewalks of Brooklyn (Photos) appeared first on Brownstoner.
Dueling court decisions about the regulation of vacant apartments could be headed for a bigger legal debate. A 2015 appellate court ruling seemed to pave the way for the re-regulation of more than 100,000 market-rate apartments in the city by changing the rules surrounding vacant apartments. Landlords have been permitted to de-regulate vacant apartments when the new legal rent of an apartment exceeded $2,700 a month. The appellate court, however, ruled that the rent should … more
Winter is upon us, and so is snow shoveling season.
In the News Manhattan Bridge Statues Prepare for a Homecoming NYT Brooklyn College Vows to Protect Undocumented Students BK Paper 7 Injured in Escalator Accident at Atlantic Terminal Mall Gothamist City Seeks Developers for East New York Affordable Units Crain’s A Chef’s Small and Stylish Williamsburg Apartment AT Build Your Own NYC Subway With This Sim… Read More >The post Daily Links: Manhattan Bridge Statues Return, Tenant Advocates Urge Reform Before Rezoning appeared first on Brownstoner.
A Brooklyn nursing home is blaming the Allure Group for the deaths of some of its residents, saying the landlord wrongly forced the residents out. CABS Nursing Home in Bedford-Stuyvesant filed a lawsuit against Allure, claiming the company forced out residents soon after buying the facility in 2015, the New York Post reported. Allure’s efforts to quickly flip the property, the lawsuit alleges, led to the untimely deaths of some of CABS’ residents. The nursing home also claims … more
This limestone Bed Stuy townhouse, in an impeccable row of same, was perfection on the outside. Its interior, however, had hopelessly dated kitchens and baths and an old-fashioned compartmentalized layout that didn’t serve the new owners, who are young professionals in the art and design fields, very well. They called upon Linearscape… Read More >The post The Insider: Original Woodwork Inspires Modern Update in Stuy Heights Limestone appeared first on Brownstoner.
Pure House gave up nearly all of its New York City locations over the course of 2016, a reminder that numerous challenges still threaten the nascent co-living business model. The company’s founder Ryan Fix told The Real Deal that it currently operates one co-living space out of Fix’s own apartment. At its height, the startup managed 25 spaces in four Williamsburg buildings, according to Fix. The New York Times, The Atlantic and other publications wrote about the company … more
UPDATED, Dec. 21 at 9:31 a.m.: In 2016, one of the biggest issues facing New York City’s residential market was the weakening demand for ultra-pricey properties. Next year, according to residential listings website StreetEasy, the biggest issue will be how that slowdown will adversely impact the rest of the market. “There’s a market correction coming in Manhattan,” said StreetEasy economist Krishna Rao. “We’ve seen a lot of softness in the luxury market, and we’re going … more
UPDATED, 1:53 p.m., Dec. 21: Bruce Colley, the playboy owner of former Chelsea bar Man Ray, is a multimillionaire. He’s played polo with Prince Harry. He is – or at least was – family friends with Gov. Andrew Cuomo. His father is one of the biggest McDonald’s franchisees in the country. And he lived in a rent-stabilized apartment near Central Park between 2008 and 2012. A case like Colley’s may be rare, but it is symptomatic … more
From the Los Angeles website: The future centerpiece of Google’s Southern California campus, the “Spruce Goose” airplane hangar in Playa Vista, is set to fall into Japanese hands. Downtown Los Angeles-based Ratkovich Company is in advanced talks to sell the site for a price in the ballpark of $310 million to $320 million, The Real Deal has learned. The prospective buyer is a Japan-based finance and insurance company, sources said, but TRD could not immediately verify … more
CIM Group, Kushner and LIVWRK this week closed on the second part of their 2016 Watchtower acquisition, buying a development site at 85 Jay Street in Dumbo for $345 million from the Jehovah’s Witnesses. The partners had closed on the $340 million acquisition of the nearby Watchtower office building, also from Jehovah’s Witnesses, back in August. The religious group has been selling its Brooklyn properties for years, as it relocates to a new headquarters upstate … more
In an effort to beef up its office leasing business, TerraCRG hired veteran broker Chris Havens from Citi Habitats. Havens has focused on Brooklyn’s office market for much of his career. TerraCRG is looking to capitalize on the office tenants it expects will flood to Brooklyn in the coming year, according to Crain’s. “There is a big opportunity with all the inventory of office space coming to the market in 2017,” Ofer Cohen, TerraCRG’s CEO, told … more
Quadrum Global and Simon Baron Development obtained a $150 million construction loan for their 42-story Long Island City rental project, the developers told The Real Deal. AIG is serving as the lender on the 467-unit, 500,300-square-foot tower at 29-26 Northern Boulevard. The project is slated for completion in early 2018. HKS Capital Partners’ Ayush Kapahi brokered the financing on behalf of the sponsors. He could not immediately reached for comment. Quadrum and Simon Baron bought … more
Pine Management is trying to evict a 94-year-old tenant who has lived in one of its rent-regulated apartments on the Upper West Side for 50 years. The real estate company sent Maxwell Levy an eviction notice in August, the New York Daily News reported. The owners of the company, Thomas Rohlman and his sons Daniel and Jason, have accused Levy of being a hoarder and have been trying to throw him out of 211 West … more
Three months after Kendel Felix was convicted in the grisly kidnapping and murder of Brooklyn landlord Menachem Stark, three other members of his family have been indicted for their alleged role in the 2014 slaying. Erskin Felix, 38, is due to be arraigned in Brooklyn Supreme Court Wednesday on charges of second-degree murder and kidnapping. His brother Kendall Felix, 28, along with their cousin Irvine Henry, 35, are variously charged with conspiracy, tampering with physical … more
Morris Moinian’s Fortuna Realty Group landed a $65 million construction loan from M&T Bank for the 176-key hotel the company is building south of Bryant Park. The project had originally been planned as an Aloft, but will now be an independent lodge called Hotel Hendricks. Fortuna closed today on the loan for the 30-story hotel at 25 West 38th Street, the firm said. The developer had originally partnered with Starwood Hotels & Resorts to bring … more
Brooklyn PaperCIM Group, Kushner & LIVWRK Announce Acquisition of 85 Jay …Business Wire (press release)A joint venture of CIM Group, Kushner and LIVWRK has acquired 85 Jay Street in Brooklyn from Watchtower Real Estate. The parcel is.Bigly deal! Trump's son-in-law buys massive Dumbo lot for $345MBrooklyn Paperall 6 news articles »
Sagaponack has, undisputedly, the most expensive ZIP code in the country Sagaponack’s 11963 ZIP code once again took the cake as America’s priciest neighborhood, according to a ranking compiled by PropertyShark. The Southampton village took home the title for the third consecutive year, despite its 35 percent drop in median sales price to $5.5 million. Sagaponack outranked second place Atherton, California and a strip of Soho and Tribeca (10013), which placed third. PropertyShark created the list by examining the … more
News 12 BrooklynBrooklyn commands 'Hottest Neighborhoods' listNews 12 BrooklynBROOKLYN – Real estate website StreetEasy has named six Brooklyn neighborhoods as the city's hottest markets. The list includes Fort Greene, Bath Beach, Prospect-Lefferts Gardens, Gowanus, Prospect Park and Boerum Hill. Fort Greene landed at No.
Donald Trump hasn’t agreed to sell off a single cent of his business empire before he becomes president, but his son-in-law, the oft behind-the-scenes political schemer Jared Kushner, appears ready to let his New York Observer go for good. Kushner has been quietly shopping Observer Media, fashion industry publication WWD reported Wednesday. The New York Observer newspaper, which recently became online only, was once the most respected — and feared — weekly by the same
It’s no secret that the 421a tax abatement has mostly subsidized market-rate housing, but a new map illustrates just how scarce affordable rental units are at properties that benefit from the program. Only 14.8 percent of the properties that receive the tax break have affordable housing units on the site, according to a data analysis by New York University’s Furman Center. Another 4.4 percent created affordable housing offsite. That leaves more than 78 percent of … more