The Real Deal - New York Real Estate News

Why a luxury developer is now building affordable prefab homes by famous designers

Posted: 20 Oct 2018 01:00 PM PDT

Developer Robbie Antonio, 41, is forging a new path for prefabricated construction with his three-year-old startup, Revolution Precrafted. During a visit to New York last month, Antonio sat down with The Real Deal to talk about his company, which is the first based in the Philippines to reach unicorn status within two years. Antonio founded the company in December 2015 and a Series B funding round in 2017 valued the company at over $1 billion. […]

Move over, Masa: Century-old estate hopes to best Softbank chief’s record buy

Posted: 20 Oct 2018 12:05 PM PDT

A historic estate is seeking to break the record for the priciest sale in the Bay Area. The 74-acre property was purchased over a century ago by businessman Mortimer Fleishhacker, Sr. and now his descendants are looking to sell, the Wall Street Journal reported. Named “Green Gables,” the sprawling estate is “likely” to become the most expensive property deal in San Francisco’s Bay Area, according to listing agent Michael Dreyfus of Golden State Sotheby’s International […]

Big in Japan: WeWork sees the country as its biggest opportunity for growth

Posted: 20 Oct 2018 11:00 AM PDT

WeWork is targeting Japan, with its notoriously harsh work culture, as one of its prime international markets for growth. Naturally, the co-working giant is receiving a helping hand from its backer, SoftBank, which is Japan’s second-largest company. “When you are a newcomer and a US company entering Japan, there is only so much reach that you can have, but having SoftBank helping us is nothing but helpful,” WeWork Japan general manager Masami Takahashi, who was […]

St. Louis luxury realtor fired after barring black man from his own home

Posted: 20 Oct 2018 10:00 AM PDT

A St. Louis-based luxury apartment brokerage fired one of its employees after she was recorded physically blocking a black man from entering his building and demanding proof that he lived there. D’Arreion Toles, listed as a CEO of the marketing firm Global Wealth Insights, posted a video to Facebook on Saturday showing a woman identified as Hilary Brooke Thornton following him into the Elder Shirt Lofts apartment building in Downtown St. Louis and standing in […]

SEC charges law firm with EB-5 fraud scheme

Posted: 20 Oct 2018 09:00 AM PDT

The federal government has charged a Northern California law firm with running a fraudulent EB-5 scheme that generated more than $10 million in commission fees from foreign investors. The Securities and Exchange Commission’s complaint alleges that several people connected with the Law Offices of Jean D. Chen acted in concert to swindle foreign investors — who contribute $500,000 to a project — seeking permanent residence in the country. Named in the complaint were the law […]

Bridge Investment targets $500M in Opportunity Zone possibilities

Posted: 20 Oct 2018 08:00 AM PDT

A $12 billion real estate investment and management firm is the latest player looking to capitalize on the Opportunity Zones tax incentive development program. Salt Lake City-based Bridge Investment Group will launch what it’s calling an Opportunity Zones initiative, targeting $500 million in “attractive opportunities” across the U.S. The Opportunity Zones plan, part of President Trump’s tax overhaul, gives tax incentives to developers and investors for building in low-income areas. There are over 8,700 designated […]

Here are the best and worst places to try buying a home if you’re single

Posted: 20 Oct 2018 07:00 AM PDT

If you’re single and looking for a home, Edison, New Jersey is the place to be. Edison topped a study from Homes.com of the best cities in the United States to live in for first-time single homebuyers, according to the New York Post. The median price for a one-bedroom home is just $65,000, and the average mortgage for the properties makes up only 8.78 percent of monthly median income in the city. Other solid places […]

Developers bristle over Chicago’s new affordable housing rules

Posted: 20 Oct 2018 06:00 AM PDT

Last fall, when the city expanded its affordable housing requirements on apartment and condo construction in gentrifying areas, developers warned that new construction in those zones would dry up. While affordability advocates expressed disappointment with the October 2017 rule’s narrow scope, property owners complained the new measure would whittle away profits, punishing builders and the residents the ordinance was meant to help. The amendment to the city’s 2015 Affordability Requirements Ordinance directed developers to lower […]