Demolition: One of the last ways to deregulate a building
Owners are desperately seeking ways out of rent regulation in an attempt to recapture the profitability their buildings previously had.
Category : Featured
NYCHA residents sue city for making them live in unlivable conditions
The complaint cites a NYCHA tenant who compared city-owned residential housing to “a third-world country,"
Invesco closes on $380M sale of NoMad apartment building to Global Holdings
By James Hagedorn Invesco, through its entity Gateway Belvedere LLC, has sold 7 East 28th Street a luxury residential mixed-use tower, also known as the Instrata Nomad, to Global Holdings Management Group for $380.6 million. The building has 404 residential units and one commercial unit with a total of 389,000...
No more plane Jane for JFK, LaGuardia
Speaking at the Urban Land Institute's presentation on The Future of NYC's Airports, Derek Utter chief development officer at The Port Authority, said, “Everybody knows that our airports have been ranked among the lowest. Now we are taking our subpar legacy airports to what we consider world-class.
Landlord ordered to pay graffiti artists nearly $7M for destroying work
By Sabina Mollot A landlord who whitewashed graffiti art off his Long Island City property has lost his appeal to pay the artists $6.7.5 million in damages. But Jerry Wolkoff says he may take the case to the appeals court, claiming he thought what he did was “the humane thing...
Apple moving into Macyʼs old space?
By Linda OʼFlanagan Apple is set to sublease a 200,000 s/f chunk of Macyʼs office space at 11 Penn Plaza. According to numerous published reports, the tech giant has signed a deal with the retailer to occupy the space when Macyʼs moves its corporate offices to Long Island City this...
Foreigners back in love with Big Apple
By Sabina Mollot Foreign retailers are finding their way back to New York City as landlords learn to speak their language on rents. According to a report from NKF, around 30 foreign operators set up shop in Manhattan for the first time last year, including British lingerie maker Bravissimo, Japanʼs...
Brokers keep feeling the pain as virus keeps Chinese buyers at bay
Chinese purchases in New York residental market falls with virus fears. The Chinese nationals interested in seeing apartments canceled appointments, either deciding not to fly to the U.S. out of precaution or because they were unable to get a flight because of Coronavirus concerns.
Is it a support animal… or a wolf? New rules take stress out of pet screening
The stress and strain of city living is driving more New Yorkers to share their home with outlandish pets they claim bring them “emotional support.” They are cozying up with everything from tarantulas and snakes to wolves and wild cats and setting their climate-controlled units to equatorial temperatures to make...
Koreans make $350M loan on luxury Centrale condo
Seoul-based conglomerate Meritz mkaes it first foray in the the New York City apartment market with an inventory loan on Ceruzzi Property's luuxury condo