The Real Deal - New York Real Estate News

Chinese investment in London’s skyline is a shadow of what it was

Posted: 03 Jun 2018 03:23 PM PDT

All good things come to an end–at least until there’s some closure on Brexit. The Financial Times reports Chinese buyers’ interest in London has waned to a fraction of what it once based on research by Cushman & Wakefield, but not for the reasons New Yorkers are experiencing on this side of the Atlantic. Instead, London’s real estate industry is chalking it up to Brexit and the theory seems to have legs. “On recent trips […]

Cuomo’s $15M film studio sells for $1

Posted: 03 Jun 2018 02:36 PM PDT

The Central New York Film Hub was supposed to shine a spotlight on Syracuse and bring 350 new jobs, but not all dreams come true in show business, let alone in politics. The idea for the hub came from Gov. Andrew Cuomo, but after the executives and producers his administration selected became embroiled in scandal, the $15 million state-of-the-art facility became a political hot potatoe that, on Friday, was gifted to a new local entity […]

Developer and heir to Hong Kong’s largest fortune on how to cool property prices

Posted: 03 Jun 2018 01:01 PM PDT

The new chairman of one of Hong Kong’s biggest developers has some big ideas. Victor Li Tzar-kuoi, in his first public appearance since assuming his father’s role as chairman of CK Hutchison Holdings and CK Asset Holdings, weighed in on how Hong Kong’s property prices could be dampened, saying that the city needs to keep building, according to the South China Morning Post. “Supplies are currently still at a low level,” he said in his […]

Chelsea FC stadium project stalls due to Russian owner’s investor visa troubles

Posted: 03 Jun 2018 12:06 PM PDT

The “jewel in London’s sporting crown”–as the mayor Sadiq Khan has described Chelsea’s plans for a bigger stadium–has lost some of its luster. The football club was supposed to get a renovated 60,000-seat stadium, but now that the team’s owner, Russian oligarch Roman Abramovich, has withdrawn his application for a renewed investor visa, building plans have been put on hold indefinitely, according to the Financial Times. The club announced the change of plans on Thursday […]

Bankrupt department store heir’s parting words: “Blow up the model”

Posted: 03 Jun 2018 10:25 AM PDT

As he watches the store his grandfather founded in 1898 shutter, Tim Grumbacher has some advice for fellow retailers. “If I had had the foresight to realize I had to blow up the model, I would have,” he told the Wall Street Journal. Grumbacher is the former CEO, former chairman and largest shareholder of the department store chain Bon-Ton, which filed for bankruptcy protection in February of this year. Outsiders, such as Fitch Ratings’ Monica […]

Global surge in second-home buying is being led by this American city

Posted: 03 Jun 2018 09:15 AM PDT

Santa Fe is the king of luxury second home markets. The news comes fresh from Christie’s annual luxury housing analysis, which declared the city the global winner based on its luxury sales volume hitting levels “not seen since 2005-2006,” according to Mansion Global. Who are the buyers flocking to New Mexico’s capital city? Sotheby’s International Realty agent Darlene Streit says there’s the usual suspects from Texas and California, but, increasingly, those from further away are […]

Canadian pension fund in talks with US lawmakers about new infrastructure

Posted: 03 Jun 2018 06:00 AM PDT

Canada’s second largest pension fund is taking a new approach to infrastructure investment that’s got American lawmakers curious. The Caisse de dépôt et placement du Québec is going to create a new transit system in Montreal that will overlay the existing subway system, generate between 8 to 9 percent returns, and the Caisse will retain a majority stake of 53.3 percent, according to Bloomberg. While the model is new with an unproven track record, already […]

East Hampton contractor Ben Krupinski among 4 dead in plane crash

Posted: 03 Jun 2018 05:35 AM PDT

A plane carrying luxury home contractor Ben Krupinski, his wife Bonnie Bistrian Krupinski, 22-year-old grandson William Maerov and pilot Jon Dollard crashed yesterday afternoon. The plane went down about a mile off the Long Island coastline near Indian Wells Beach on Saturday afternoon around 2:50 p.m., according to the New York Post. The East Hampton Town Police confirmed to ABC affiliate WFTV 9 that all four people on board died in the crash, which is […]