The Real Deal - New York Real Estate News

Beyoncé and Jay Z dedicate song to Grenfell Tower fire victims

Posted: 16 Jun 2018 01:00 PM PDT

The couple dedicated a performance in last night’s London tour to the victims of the Grenfell Tower fire, which took place almost a year ago to the day. Beyoncé and Jay Z sang “Forever Young” in memory of those who perished as part of a stadium show on their “On The Run II” tour, according to the New York Post. Last night. I went on the run. There were a lot of tears, empowerment and […]

The rise and fall of a pricey Swiss housing market

Posted: 16 Jun 2018 12:00 PM PDT

The luxurious Swiss town is a buyer’s market for the time being, but the tides can turn quickly as local agents know. Several years ago, a new policy, forfait fiscal, allowed residents whose business interests were held elsewhere to only pay tax on annual expenses instead of worldwide income and wealth, according to Mansion Global. The introduction of forfait fiscal in part drove people and prices up in Cologny. “There was a peak in prices […]

Kevin O’Leary’s advice on home mortgages

Posted: 16 Jun 2018 11:00 AM PDT

The ABC “Shark Tank” host has one message for American homeowners: “Debt is evil.” His advice to everyone is pay off your mortgage by 45 at the latest, ASAP if possible, and clear all debts before retirement, according to CNBC. A Federal Reserve Bank of New York report pegs American mortgage debt at a total value of $8.88 trillion, making it the largest household debt, and notes that a “substantial” increased in mortgage debt in […]

Hong Kong’s commercial RE market is booming by the billions

Posted: 16 Jun 2018 10:00 AM PDT

A series of recent big commercial deals has propelled Hong Kong’s market to new heights. According to Bloomberg, a new consortium made of two Chinese developers inked a record-breaking $5.1 billion deal with one of billionaire Li Ka-shing’s previous companies, which are now run by his son, Victor Li Tzar-kuoi. Meanwhile, Hong Kong’s government sold its first commercial property in the Central district in over two decades for $2.9 billion. The most recent coup is […]

Seattle to strike affordable housing tax after Amazon-led coalition’s prolonged protest

Posted: 16 Jun 2018 09:04 AM PDT

Jeff Bezos wasn’t about to let a head tax on Amazon’s 45,000 employees take a chunk out of his bottom-line. Led by Amazon, a coalition of Seattle companies banded together to successfully oppose a new tax of about $275 per employee for any business that generated more than $20 million in revenue per year, according to CNBC. (When the city initially proposed the tax, it was pegged at $500 per employee, however Amazon’s outcry prompted […]

20 questions for CRE startup Truss’ co-founder Bobby Goodman

Posted: 16 Jun 2018 08:40 AM PDT

From TRD Chicago: Raised in the Chicago suburb of Glencoe, Bobby Goodman, 39, jumped into the world of real estate startups after working as a commercial broker for a little shy of two decades. He co-founded Truss alongside three technologists, one of whom was a long-time client, in 2016 to serve small and medium businesses by building an online listings platform. Truss features office and retail properties in Chicago, Dallas, Austin, Houston, Washington, D.C., Miami […]

San Fran’s “vulnerable” skyline: Buildings most likely to collapse in the “Big One”

Posted: 16 Jun 2018 07:00 AM PDT

A new government study has released a list of buildings not to be in, if a magnitude-eight earthquake hits California. Within the San Francisco area, the 39 steel-framed “vulnerable” high-rises house prominent office buildings and hotels, among other tenants, and were built using a so-called defective construction method, according to the New York Times. The questionable technique began being used in the mid-1980s when the building code was altered to prescribed stiffer joints, requiring steel […]

Why Canadian retail REITs are ““hitting the jackpot”

Posted: 16 Jun 2018 06:00 AM PDT

Retail REITs are catching a break via seemingly counter-intuitive circumstances. According to the Financial Post, Canadian REITs such as RioCan, SmartCentres and Choice Properties are launching residential developments with retail components, despite what seems like a hostile environment– namely, interest rates poised to climb and rising mortgage costs. But the former is actually helping retail REITs looking to take a left turn into resi development, according to Canaccord Genuity analyst Mark Rothschild. “If they raise rates, […]

Eastern Consolidated is done: Here’s who’s suddenly on the market

Posted: 16 Jun 2018 04:00 AM PDT

In the wake of Eastern Consolidated’s announcement that it’s shutting down next month, the firm’s 100 or so brokers are now on the market. While the news is just hours old, the recruitment frenzy has already begun, and all will be watching where the biggest fish land. Here are some names that will sit atop the list: Investment sales/multifamily Leading the charge on investment sales is Eastern’s vice chairman, Brian Ezratty, who has sold over […]