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The Real Deal - New York Real Estate News |
| Higher home prices don’t mean a higher tax burden, study says Posted: 12 Sep 2018 03:15 PM PDT Staten Island and the Bronx have the city’s highest effective property tax rates — even though homes there are worth far less than those in Manhattan. A report by the Citizens Budget Commission analyzed property tax rates throughout the city, according to Crain’s New York. It focused on Class 1 properties — one- to three-family homes and condos up to three stories — which make up nearly half the market of taxable properties. Homeowners in […] |
| Related buying final piece of Jack Parker apartment portfolio for $250M Posted: 12 Sep 2018 03:00 PM PDT The Related Companies is buying a luxury apartment building in Tribeca for $250 million. Steve Ross’ firm is buying the 291-unit Truffles Tribeca building at 34 Desbrosses Street from the Jack Parker Corporation, sources told The Real Deal. The Jack Parker Corporation developed the apartment building, which sits on a full block facing the Hudson River between Vestry and Desbrosses streets, in 2009. The property consists of a pair of towers — one 11 stories and […] |
| Missed TRD’s Compass call? Subscribers can listen to the audio file Posted: 12 Sep 2018 02:15 PM PDT Earlier today, subscribers got an inside look at The Real Deal’s deep dive into Compass’ growth strategies — and potential pitfalls along the way — in a call with our editorial team. If you subscribe and missed the call, we’ll be posting the full audio cut on the website tomorrow. Not a subscriber? Don’t miss out — sign up now. On the call, TRD’s senior content director, Jill Noonan, spoke with senior reporter E.B. Solomont […] |
| Generation Z is bullish on homeownership, despite weight of college debt Posted: 12 Sep 2018 02:00 PM PDT Millennials might be scaling back their hopes for homeownership, but the generation behind them is dreaming big. More than eight in 10 adult members of Generation Z, the oldest of whom were born in 1995, said they expect to buy a home within the next five years, according to new survey results from PropertyShark. Survey respondents between ages 18 and 23 also said on average they expect to pay $37,000 for their next down payment, […] |
| Big win for brokers: IRS says certain real estate pros can qualify for tax deduction Posted: 12 Sep 2018 02:00 PM PDT After some initial confusion, the federal government has indicated that certain real estate brokers can qualify for a hefty tax deduction. The Internal Revenue Service recently published proposed rules that clear up whether or not brokers are eligible for the 20 percent pass-through deduction included in the new federal tax law. The law, signed into law in December, barred those who provide “brokerage services” from receiving the tax cut, but the definition of “brokerage” was […] |
| Maddd Equities, Cayre Equities just bought this Clinton Hill site Posted: 12 Sep 2018 01:30 PM PDT Maddd Equities’ latest purchase is a storage facility in Clinton Hill. The company, along with its frequent partner Joy Construction and Cayre Equities, purchased 235 Park Avenue in Brooklyn for about $27 million, according to property records. The American Self Storage facility stands four stories tall and spans 67,000 square feet. The firms bought it from 45 Clinton Avenue LLC, which is controlled by Warren Diamond and John del Monaco. It’s a part of a […] |
| Posted: 12 Sep 2018 01:00 PM PDT White Plains council greenlights 1328 apartments in two major redevelopments The White Plains Common Council last week approved a development called Hamilton Green, a replacement for the White Plains Mall. Pitched by Port Chester-based Street-Works Development, the project will include 860 apartments, a public plaza, a food hall, stores and co-working and flexible office space. Biederman Redevelopment Ventures will collaborate with Street-Works on the property, Westchester Business Journal reported. The council also approved plans from New […] |
| Google is renaming parts of Manhattan and Brooklyn, which isn’t sitting well with brokers Posted: 12 Sep 2018 12:30 PM PDT Google isn’t just snapping up chunks of New York City and the Bay Area, it’s also starting to rebrand neighborhoods. And it seems U.S. lawmakers aren’t the only ones looking for answers from the Silicon Valley search giant. After the New York Times reported that Google Maps has renamed parts of Manhattan, Brooklyn, San Francisco and Detroit, The Real Deal spoke to several New York brokers about their yearning for a dislike button. Stribling & […] |
| WeWork is hoping this acquisition will help it win corporate clients Posted: 12 Sep 2018 12:10 PM PDT WeWork acquired the workplace software company Teem in a bid to offer more services to its largest, corporate customers. Teem, founded in 2012, produces workplace software tools such as office analytics and desk and conference room reservations. The Salt Lake City-based company will continue to operate as an independent business division and keep its existing clients, which include Airbnb, Dropbox and GE, WeWork said in a statement Wednesday. It wasn’t clear how much WeWork paid […] |
| Tamir Sapir failed to report $194M from partial sale of 11 Madison: IRS Posted: 12 Sep 2018 11:30 AM PDT If you could make $194 million disappear from your taxes, that’d be pretty cool right? That’s what the Internal Revenue Service alleges now deceased Trump Soho co-developer Tamir Sapir (or his accountant) thought he could do, tax appeal proceedings filed in United States Tax Court in Washington, D.C. shows. In 2017, the IRS fined Sapir’s estate, now controlled by his son Alex, more than $600,000 for filing a false return for tax year 2010 and […] |
| Cities can now compete for $500M in economic funding from JPMorgan Chase Posted: 12 Sep 2018 11:00 AM PDT JPMorgan Chase is starting a $500 million project meant to boost economic growth in up to 30 cities throughout the country. The initiative is called “AdvancingCities,” and cities will compete against each other to receive the funding, according to the Wall Street Journal. The idea is tackle issues that traditional financing has had trouble reaching, JPMorgan CEO Jamie Dimon said. The program will focus on affordable housing, filling empty commercial buildings and helping small businesses […] |
| Convene is opening its largest co-working space yet Posted: 12 Sep 2018 10:15 AM PDT UPDATED, Sep. 12, 2:55 p.m.: Convene, the startup backed by Brookfield and the Durst Organization, signed a 116,000-square-foot lease at RXR Realty’s 530 Fifth Avenue, where it plans to operate flexible office space for companies with 10 to 100 employees. The 530 Fifth Avenue location is set to open by mid 2019. According to Bloomberg, Convene’s flexible office offering, dubbed WorkPlace, will occupy 80 percent of its space in the RXR Realty-owned building. Convene manages […] |
| Posted: 12 Sep 2018 09:45 AM PDT The Chetrit Group sold 123 William Street to East End Capital and GreenOak Real Estate for $133 million in October. In January, the new owners signed the Institute for Career Development, a workforce training company, to a 26,558-square-foot lease for the 27-story office building’s entire fifth floor, CompStak’s database shows. Asking rent for the space was $37 per square foot. But the very same space had earlier been listed on the website Office Space for […] |
| Debt-saddled HNA Group is giving up its pricey offices in Hong Kong Posted: 12 Sep 2018 09:00 AM PDT HNA Group is giving up more than 80,000 square feet of office space it leased in Hong Kong but never moved into. The debt-saddled Chinese conglomerate signed a nine-year lease at Three Exchange Square that started in June, Bloomberg News reported. But HNA Group never built out the space or moved in, and some of the floors are now being marketed to new tenants, people familiar with the matter told Bloomberg. HNA was said to […] |
| Berkshire Hathaway is continuing its buying spree with the purchase of this Boston firm Posted: 12 Sep 2018 08:15 AM PDT Berkshire Hathaway Homeservices just acquired Century 21 Commonwealth, taking on more than 500-brokers from the 22-office Boston firm. Commonwealth, which was among Century 21’s top 10 global brokerages, will drop its Century 21 branding for billionaire Warren Buffett’s firm, according to Inman. The firm will officially move to HomeServices on Nov. 1. George Patsio, a Commonwealth founding partner, said the company expects to double its sales volume to $3 billion with HomeServices. He said the […] |
| Judge greenlights NYCHA’s racism lawsuit Posted: 12 Sep 2018 07:30 AM PDT A federal judge has refused to dismiss a lawsuit brought by a New York City Housing Authority employee who alleges she faced a turbulent work environment after an official sought to replace her with a Spanish speaker. Allison Williams, who was the manager of Mill Brook Houses in the Bronx, and is black, alleges that the then-City Council Speaker Melissa Mark-Viverito sought to remove her after learning that translators were being used to speak with […] |
| Subscribers: Here’s the info for today’s conference call on Compass Posted: 12 Sep 2018 07:00 AM PDT Today at 2:30 p.m. (EST)/11:30 a.m. (PST), subscribers will get an inside look at The Real Deal’s deep dive into Compass’ growth strategies — and potential pitfalls along the way — in a call with our editorial team. Call-in number: +1-510-338-9438 Access code: 621 057 868 TRD’s senior content director, Jill Noonan, will talk to senior reporter E.B. Solomont about her discussions with Compass execs, what the industry has to say about the brokerage’s appetite for […] |
| Alchemy, Korean firm pay $158M for UWS church site Posted: 12 Sep 2018 06:25 AM PDT Ken Horn’s Alchemy Properties is expanding the firm’s Upper West Side portfolio, after paying $158 million for a development site owned by the West End Collegiate Church. The site consists of three buildings, the former Collegiate School at 260 to 262 West 78th Street, the adjacent 378 West End Avenue and a church at 245 West 77th Street, according to the New York Post. Bank OZK, formerly Bank of Ozarks, provided a $230 million loan […] |
| Not so fast: NY Bar says city has no authority to introduce commercial rent control Posted: 12 Sep 2018 05:42 AM PDT A proposed city bill that would give retail tenants control over lease renewals – in effect, commercial rent control – would not stand up in court, according to a recent report. The Small Business Jobs Survival Act, which was proposed in March by City Councilman Ydanis Rodriguez, would give commercial retail tenants a right to a 10-year lease renewal, given they met the terms of their existing contract, according to Crain’s. If a landlord refuses, […] |
| Queens hotel permits reached historic highs in August. Why the party could soon be over Posted: 12 Sep 2018 05:00 AM PDT Outer-borough hotel construction has been on a roll lately, with new construction in light manufacturing zones being a major driver. That window may be closing soon, but hotel builders seem determined to go out with a bang. According to an analysis of DOB filings by The Real Deal, August saw new building permits issued for six Queens hotel projects totaling 1,263 dwelling units, the highest numbers on record for any one borough in any one […] |
| Posted: 12 Sep 2018 04:30 AM PDT Robert Reffkin did not want his picture taken. Not in front of an illuminated Compass logo. Not seated. And certainly not with his arms crossed. Six years after co-founding the residential brokerage industry’s first unicorn with Ori Allon, Reffkin is working hard to cultivate the image of someone who is harnessing nearly $800 million in venture capital to transform the way real estate agents do business. On a drizzly day in mid-August, Reffkin was dressed […] |
| Can NY politicians fight Big Real Estate? Posted: 12 Sep 2018 04:00 AM PDT In the debate between Cynthia Nixon and Andrew Cuomo last month, the discussion briefly turned to the issue of homelessness. Cuomo touted his career-long dedication to housing, beginning with a nonprofit he founded in the 1980s. Meanwhile, Nixon blamed the state’s housing crisis, in part, on the governor’s close ties with the real estate industry. “I don’t think it’s any coincidence that we have one of the largest housing crises that we’ve ever seen in […] |
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