Some real estate insiders are worried a Republican overhaul of the tax system could damage the industry. In June, Republican federal lawmakers proposed a tax reform, and lobbyists told the Wall Street Journal that it stands a decent chance of passing now that Donald Trump is set to occupy the White House. “The House is ready to roll,” said Jeffrey DeBoer of the Real Estate Roundtable. But despite Republicans’ tax-cutting credentials, some worry that the … more
A push by New York Gov. Andrew Cuomo to return 50,000 apartments to the city’s stock of rent-regulated housing has fallen far short of its goal as hundreds of landlords appear to have ignored the state’s plea to comply voluntarily with laws limiting rent increases. The Cuomo administration’s effort stemmed from a 2009 court decision which said landlords cannot charge market-rate rent increases while collecting a popular tax break known as J-51. Instead, the state’s … more
Patch.comBrooklyn Heights Former Hotel Makes Top 10 Most Valuable Planned BK Condos: ReportPatch.comDeveloper DDG and real estate investment company Westbrook Partners bought the building, at 171 Columbia Heights, for $60 million, the Real Deal reported. The former owner of the Standish was Taurus Investment Holdings, which bought the building in …and more »
Michael Shah tapped the Israeli bond market to help finance his acquisition of a former hospital site in Morningside Heights earlier this year. Now, he’s turning to Chinese investors to fund the conversion of that property into 205 rental apartments. Shah’s Delshah Capital is looking to raise $49.5 million through the EB-5 visa program — the controversial immigration program that grants foreign investors a U.S. green card in exchange for an investment of $500,000 or … more
Could the next Surf Lodge be hanging ten in … Nicaragua? Surf’s up, dudes and dudettes — the Surf Lodge in Montauk is looking to expand. Owner Jayma Cardoso, a native of Brazil, wants to open up another branch of the trendy seaside hotel at 183 Edgemere Road, starting in Nicaragua, where she recently toured a resort. “There is a lot of interest in the Surf Lodge brand,” she told the New York Post. Meanwhile, Surf … more
The New York Public Library sold off a commercial condominium at its Midtown branch at 188 Madison Avenue to Seattle-based Vulcan Real Estate for $93 million, property records show. The thirteen-story building, which has an alternate address of 365 Fifth Avenue, comprises the entire block between Fifth and Madison avenues, and 34th and 35th streets. It houses both the CUNY Graduate Center on the Fifth Avenue side, and the public library’s Science, Industry and Business … more
The Lightstone Group secured a $53 million construction loan from Bank of the Ozarks for its NoMad hotel development. The bank is also taking over an existing $17 million mortgage on the property at 105-109 West 28th Street from Banco Inbursa. Lightstone is building a 37-story, 349-room Moxy hotel on the site. The building will feature a rooftop restaurant, among other amenities, and is scheduled to open next year. Lightstone is also developing three other … more
Real Estate WeeklyNavy Yard powers into New YearReal Estate WeeklyThe Brooklyn Navy Yard has just closed $62 million in loans to refinance its debt through the EB-5 program. The loans came in two separate transactions. Sterling National Bank provided a 15-year, $30.75 million loan. Meanwhile, Symetra Life Insurance …
From the December issue’s “In their words” feature, a roundup of the funniest and most insightful comments on real estate: To read other smart and/or funny sayings, click here for the full feature. … more
In an effort to create a better and more inclusive city, the Municipal Art Society recently released an interactive map tool and report on city-owned and leased properties. The tool, called Public Assets: City-Owned and Leased Properties, shows 14,000 properties owned or leased by the City of New York,… Read More >The post Could City-Controlled Land Near You Be Put to Good Use? Find Out With MAS’ New Map Tool appeared first on Brownstoner.
Residents of Harry Macklowe’s condo conversion at 150 East 72nd Street are very unhappy with their purchases — they’re taking the notoriously litigious developer to court over alleged construction defects and what they’ve said is a woefully inadequate building reserve fund. Condo owners began noticing problems with their apartments shortly after moving into the 24-unit building, according to the suit filed by the condo board on Dec. 23 in New York State Supreme Court. According … more
China Investment Corporation bought a 45 percent stake in the former McGraw-Hill Building at 1221 Sixth Avenue, sources familiar with the transaction told The Real Deal. CIC, a Chinese sovereign wealth fund, bought the stake through Invesco, sources said, in a deal valued at $1.03 billion. In November, Colliers mentioned the deal in its third-quarter report, crediting Invesco as the buyer. CPP announced the deal closing late last week, identifying the buyer only as a … more
From the Los Angeles website: Expansive spec homes dominated the highest end of the Los Angeles luxury market in 2016, accounting for six of the 10 priciest transactions, according to The Real Deal’s analysis of MLS data. But two pieces of new legislation threaten to slow their quick rise. more … more
Landlord Moishe Indig and other leaders of Williamsburg’s Hasidic community are being questioned by federal investigators in their widening probe into Mayor Bill de Blasio’s campaign fundraising. Indig, who co-hosted a 2013 fundraiser for de Blasio with another political operative, Yitzchok “Isaac” Sofer, was reportedly questioned by the FBI, who also seized one of Indig’s cell phones, sources told the New York Post. The FBI was also looking to speak with Rabbi David Niederman. They … more
In the early 20th century, photographer O.E. Dunlap captured an almost otherworldly view of a snow-laden landscape identified as Prospect Park. The seemingly black-clad figures add a somber contrast to the snowy view. While the Library of Congress labels the location as Brooklyn’s Prospect Park and dates it to circa… Read More >The post A Surreal Prospect Park Winter Landscape (1904) appeared first on Brownstoner.
The city reopened a section of West 56th Street near Trump Tower to traffic, in a bid to ease the burden of security measures on pedestrians and retailers. The area around Trump Tower has been closed off to cars to protect President-elect Donald Trump, who lives in the building. But local retailers and politicians had complained that the security measures damage business. Last week, retail owners met with the Department of Small Business Services to … more
Here’s a late 19th century brick and brownstone townhouse in Park Slope that could work as a rehab project or an investment property. Located at 710 Degraw Street between 4th and 5th avenues, it’s a four-story with an apartment on each floor, with near 4,000 square feet in total. The listing… Read More >The post Park Slope Four-Family Brick With Mantels, Original Tile, Shutters Asks $3.396 Million appeared first on Brownstoner.
After delaying approval, Albany finally signed off on $227 million in tax exempt bonds to fund repairs at the Ocean Bay public housing complex in Rockaway, Queens. The 24-building, 1,400-unit NYCHA complex was damaged during Hurricane Sandy in 2012 and its units are awaiting new boilers and kitchen and bathroom renovations. But in November, the Public Authorities Control Board canceled its meeting to vote on the bonds. Sources told Politico that lawmakers delayed the meeting … more
In the News Behind Brooklyn Walls: A World of Sound NYT Kwanzaa Festival Aims to Support Black-Owned Businesses NYDN Cuomo Ignores Mayor’s Plea to Pause Ocean Parkway Traffic Changes BK Paper Get Your Clothes Ironed for Free in Brooklyn Bars Next Month Gothamist Remembering 18th Avenue’s Walker Theater Bensonhurst Bean Meadow Buys Helen Keller HQ in… Read More >The post Daily Links: Kwanzaa Festival Draws Hundreds to Central Brooklyn, Helen Keller HQ Sells in DoBro appeared first on Brownstoner.
The U.S. single family housing market hit an all-time high for the second consecutive month in October according to the latest S&P CoreLogic Case-Shiller Index – but New York City is the gloomy exception. Single-family home prices in the Big Apple rose by a mere 1.7 percent between October 2015 and October 2016 – well below the national average growth rate of 5.6 percent and by far the slowest growth among the 20 largest metropolitan … more
The Manhattan retail market had a rough-and-tumble 2016, but still emerged with some pricey deals, particularly along Upper Fifth Avenue. Six of the top 10 most valuable retail leases were signed on Fifth Avenue, according to a review of data by The Real Deal. And the top two were both sporting brands. TRD ranked the most valuable leases signed in 2016, measured by the first year’s rent payment. Many of these deals come with a degree of … more
Manhattan’s real estate finance industry had a rough start to 2016, as global bond-market turmoil brought CMBS lending to a virtual halt. But markets calmed starting in March, and commercial real estate lending returned with a vengeance. Interest rates were at historical lows throughout much of 2016, and property valuations were still high, creating an ideal environment for all those seeking to refinance. Brookfield Property Partners, for example, was so eager to lock in favorable … more
Patch.comHome Buyers: BoCoCa Nabes Make List of 10 Most Expensive Brooklyn MarketsPatch.comBOCOCA, BROOKLYN — Boerum Hill, Cobble Hill and Carroll Gardens were all among the ten most expensive residential markets in Brooklyn this year, according to a new study. Real estate data firm PropertyShark took a look at the sales of single-family …
The city’s Department of Finance is expected to begin contacting thousands of renters who may have been wrongfully terminated from the city’s rent-freeze programMore than 12,000 seniors and people with disabilities may be eligible for retroactive rent rollbacks, DNAinfo reported. Advocacy group JASA joined with Cardozo Bet-Tzdek Legal Services and the Northern Manhattan Improvement Corporation Legal Services two years ago to file a lawsuit against the department on behalf of eight renters who they say … more