The Real Deal - New York Real Estate News

FYI: Chicago is sinking

Posted: 02 Mar 2019 01:00 PM PST

Homeowners living along the shore of southern Lake Michigan who’ve dealt with wildly fluctuating water levels over the past few decades now have another worry: Chicago and other parts of the region are sinking. The Earth’s crust around southern Lake Michigan is dipping as areas of the northern United States and Canada are rising as once heavy sheets of ice melt and recede. The Chicago area is sinking up to 8 inches each century in […]

Can’t afford student housing? Live with retirees

Posted: 02 Mar 2019 12:30 PM PST

Student housing has become so unaffordable in expensive cities like San Francisco and Los Angeles that many universities are desperate to find ways to lower costs for their students. At UC Berkeley, one unusual solution seems to be picking up steam: graduate students now have the opportunity to live with retirees, Daily News reported. So long raucous dorm parties. The program matches students with seniors who have extra space in their homes. Students will pay […]

Why Vancouver could “literally run out of industrial land” in a matter of years

Posted: 02 Mar 2019 12:00 PM PST

Buildable land has always come at a premium in Vancouver, home to Canada’s busiest port. And with the e-commerce revolution pushing warehouse demand to new heights, the city could soon run out of industrial land entirely, according to CBRE. “There is a critical shortage of industrial land in Vancouver,” CBRE Canada vice president Paul Morassutti told Bloomberg. “It was our estimation that they could potentially, literally run out of industrial land by the early 2020s.” […]

Miami’s antiquated permitting system gets a reboot, but developers remain wary

Posted: 02 Mar 2019 11:30 AM PST

Being a developer can take a good amount of patience, but in Miami that virtue has long been put to the test. Initial approval for a commercial or residential project can take between six months to a year. Physical plans are carried from one city department to the next, and any changes in an application can lead to more submissions and more delay. Once the initial step is secure, a developer usually can wait up […]

Karlie Kloss and Josh Kushner are in the market for new digs

Posted: 02 Mar 2019 11:00 AM PST

Supermodel Karlie Kloss and entrepreneur Josh Kushner are selling their two- bedroom apartment at 211 Elizabeth Street for $6.9 million. The 2,000-square-foot unit — one of 15 in the Roman and Williams-designed red brick building — has an additional 1,120-square-foot terrace, marble bathrooms and a wood-burning fireplace in the living room. Nick Gavin at Compass has the listing. Kloss, who is hosting an upcoming reboot of Project Runway, married Kushner last October. He is the […]

L Brands to shutter 53 Victoria’s Secret stores this year

Posted: 02 Mar 2019 10:00 AM PST

L Brands is intending to close about 53 of its Victoria’s Secret stores this year. The parent company for the lingerie chain is scaling back on investing in new and remodeled stores, and accelerating closure plans from its prior average of about 15 per year, according to CNBC. The closures planned for 2019 comprise about 4 percent of the 1,143 Victoria’s Secret stores around the world. Victoria’s Secret is currently the weakest part of L […]

So SALTy: Taxpayers owe a collective $323B this year

Posted: 02 Mar 2019 09:00 AM PST

Nearly 11 million people are losing out on state and local tax breaks due to the 2017 tax law overhaul — and now there’s a hefty price to pay. The Treasury Inspector General for Tax Administration recently released a report that estimates the combined tax bill for the 10.9 million people on the hook for property taxes above the $10,000 cap totals $323 billion, according to Bloomberg. The tax overhaul limited the amount of state and local […]

NKF’s Cory Gubner on disbanding his brokerage, Stamford’s CRE sales market and why numbers can in fact lie

Posted: 02 Mar 2019 08:00 AM PST

More than three decades navigating Stamford’s investment sales market have made Cory Gubner a grizzled industry veteran. The executive managing director of Newmark Knight Frank has lived through the booms and busts in a city that has seen more than its share of both. Gubner first landed on the Stamford scene when he launched Chase Commercial Real Estate in 1998. Four years later, he sold the investment sales firm to commercial brokerage GVA Williams, where he was […]

Anthony Kennedy Shriver and wife list waterfront Miami Beach estate

Posted: 02 Mar 2019 07:00 AM PST

Anthony Kennedy Shriver and his wife are listing their waterfront Miami Beach estate for sale amid a pending divorce. Shriver, a nephew of President John F. Kennedy Jr., and his wife Alina Shriver are asking $10.8 million for their seven-bedroom, 6,822-square-foot home on Pine Tree Drive. Records show Alina Shriver filed for divorce from her husband in November. The Mediterranean-style house, built in 1935, sits on a 32,000-square-foot lot, according to property records. It was […]

Some California cities won’t hit housing goals for…1,000 years: report

Posted: 02 Mar 2019 06:00 AM PST

California is mired in a housing crisis, but its laws meant to promote construction are failing to generate enough development to meet demand. State law requires that municipalities zone enough land to meet local demand for housing, but many aren’t even reporting their progress to the state, according to the Los Angeles Times, citing a scathing report from the public policy group Next 10. Many of those towns and cities aren’t expected to meet that […]