The Real Deal - New York Real Estate News

Benvenuto! Why the number of high-net-worth individuals applying for Italian residency may spike

Posted: 06 Jul 2019 01:00 PM PDT

The number of ultra-wealthy taking up residency in Italy may surge this year. The influx of high-net-worth individuals is due to a new tax program for residents, Bloomberg reports. Known as the “New Resident Regime,” which the Italian government introduced in 2017, foreigners who establish a residence in the country can cap their income tax on worldwide income at €100,000, or US$114,000. Establishing a residence entails buying or renting a home, without a minimum investment […]

Buy this Beverly Hills home and be neighbors with a “Wild and Crazy Guy”

Posted: 06 Jul 2019 12:00 PM PDT

One of the “Three Amigos” has listed one of his casas in the Beverly Hills Post Office area. Actor, comedian, author and banjo player Steve Martin put the property up for sale next to his main house, the Los Angeles Times reported. What does it mean? That anyone who buys the $2.15 million home would be neighbors with the “wild and crazy” guy. Martin purchased the property in 1997 for $995,000. The two-story home was […]

WATCH: Miami’s biggest concrete pour for Aston Martin Residences

Posted: 06 Jul 2019 11:00 AM PDT

Construction crews poured the last of 14,000 cubic yards of concrete at about noon on Sunday, marking the end of the foundation spread for the Aston Martin Residences condo tower in downtown Miami. The marathon concrete pour began at 9 p.m. on Friday at 300 Biscayne Boulevard. G&G Business Developments, led by the Coto family of Argentina, is developing the 66-story, 818-foot, 391-unit luxury tower. Coastal Construction is the general contractor. Cervera Real Estate is […]

Blackstone to sell holiday park portfolio across Europe for 60% more than it paid: sources

Posted: 06 Jul 2019 10:00 AM PDT

Trust Blackstone Group to prove that even holidays can be used to make paper. The investment giant has entered exclusive negotiations to sell a portfolio of European holiday parks for about 60 percent more than it paid in 2006, sources familiar with the talks told Bloomberg. The buyer is German real estate company Aroundtown SA. Sources confirmed Aroundtown agreed in private negotiations to pay about 1 billion euros, or $1.1 billion, for the seven Center […]

Justice Department’s inspector general will investigate canceled FBI relocation

Posted: 06 Jul 2019 08:00 AM PDT

A watchdog in the Justice Department is putting his nose to the ground after plans to move the FBI to the suburbs were canceled. Inspector General Michael Horowitz announced, in a letter to Congress, his office will look into the FBI and the Justice Department for their roles in the decision to nix the relocation plan and, instead, renovate the existing FBI headquarters. The investigation looks to clarify President Trump’s personal involvement. The site of […]

In Hong Kong, an old airport is being transformed into a new neighborhood

Posted: 06 Jul 2019 07:00 AM PDT

A former airport in housing-hungry Hong Kong is becoming one of the city’s next big real estate developments. The city has made HK$173 billion in selling land from the old Kai Tak Airport to developers, Bloomberg reported, citing figures from Savills Plc. Hong Kong expects the area to be redeveloped into a neighborhood with parks, stadiums, hotels, offices and 90,000 residents by the mid-2020s. The old airport, roughly the size of New York’s Central Park, […]

This week in celeb real estate: Spelling Manor sets new record, David Geffen buys plot on Billionaires’ Row…and more

Posted: 06 Jul 2019 06:00 AM PDT

Move over, Peter Morton. An unknown buyer broke a record in the county this week, spending $120 million to purchase one of L.A.’s crown jewels, the Spelling Manor. Other than that, entertainment mogul David Geffen made a splashy land-only purchase in Beverly Hills. Celebrities also listed more homes for sale. After three years on the market and a 40 percent price chop from its original asking, the palatial Spelling Manor sold for $120 million this […]