The Real Deal - New York Real Estate News

Forget flipping houses: Here’s how much flipping offices can net

Posted: 08 Sep 2018 01:00 PM PDT

Office-flipping is taking off in Hong Kong and New York as a reliable way to make quick–and sizable–returns. Flipping office space is done through strata-title office transactions, wherein ownership is parceled out over several sections of a building as opposed to the entire building. With just a few floors to consider, investors are increasingly finding office-flipping to be a good way to make a quick a buck, according to Bloomberg. Hong Kong-based investor, logistics heir […]

Hong Kong real estate scion to launch new co-working brand in D.C.

Posted: 08 Sep 2018 11:00 AM PDT

Hong Kong real estate scion Katherine Lo, 36, is officially getting into the family business. The daughter of Lo Ka Shui–the chairman of Hong Kong-based Great Eagle Holdings and owner of the luxury hotel chain Langham Hospitality Group–is launching her first U.S.-based venture this October, according to Forbes. “About five years ago, my father sent me a challenge to create a hospitality brand that would anticipate the changing needs of the world he saw around […]

LA builders are embracing mega-mansions — priced up to $500M

Posted: 08 Sep 2018 10:00 AM PDT

Even as the high-end market has slowed down, a handful of developers are banking on expensive, over-the-top creations. Mega-mansions are coming to Los Angeles — with price tags as high as $500 million, the Wall Street Journal reported. The lavish homes come with perks like commercial-sized movie theaters, helipads, hair salons and $1.5 million teak staircases. Many of the creators behind these projects started out in other industries. Scott Gillen, for example, previously directed commercials […]

Hundreds of Papa John’s stores could close: What retailers should takeaway

Posted: 08 Sep 2018 09:00 AM PDT

Unacceptable behavior at the corporate level has real consequences for business, as Papa John’s demonstrates. Since Papa John’s founder, John Schnatter, used a racial slur in an interview in July, same-store sales have been down about 10 percent with no sign of relief on the horizon. “We are surprised the company’s aggressive promotions the past several weeks have not curtailed the sales declines and we believe if the trend persists that it could lead to […]

The worst neighborhoods to rent in

Posted: 08 Sep 2018 08:00 AM PDT

Is your area earning As or Fs? Rentlogic’s annual report card for multifamily rentals around the city is out and the results somewhat de-couple price from quality apartment stock. According to the company’s analysis, as published in the New York Post, the lowest preforming neighborhoods are Tremont in the Bronx and Inwood in Manhattan. About 9 percent of buildings in both areas earned the lowest possible mark–F, or “unacceptable.” West Harlem was the third worst […]

New York Life Insurance president’s condo in One Madison hits the market

Posted: 08 Sep 2018 07:40 AM PDT

The president of America’s largest mutual life insurer is getting ready for retirement. John Kim will be retiring from New York Life Insurance at the end of the year and his wife and he are planning to move to Naples, Florida, according to the Wall Street Journal. Before they fly south, however, Kim wants to sell off their 2,723-square-foot Flatiron apartment at One Madison for $11.95 million–just north of the $10.25 million the couple paid […]

Hilton heir spotted townhouse shopping in UWS

Posted: 08 Sep 2018 07:00 AM PDT

Barron Nicholas Hilton II, heir to the namesake hotel fortune, recently scoped out a $12 million townhouse on the Upper West Side. The New York post reported that Hilton and wife Tessa checked out 24 West 71st Street, which is listed by Douglas Elliman brokers George Vanderploeg and Steffen Kral. The home, known as the Milbank mansion and named for its original commissioner, Jeremiah Milbank, was built in 1888 and measures 8,820 square feet. A […]

Demi Lovato lists her Hollywood Hills home for $9M

Posted: 08 Sep 2018 06:00 AM PDT

Demi Lovato has put her home in the Hollywood Hills on the market for sale for $9.5 million, after the singer suffered an overdose there in July. Located on Laurel View Drive, the two-story estate has four bedrooms and five bathrooms, Variety reported. It also features an outdoor grilling area, infinity-edge swimming pool and rooftop terrace, according to a listing on Zillow. David Parnes and James Harris at the Agency have the listing. Lovato purchased […]