Toll Brothers grabs $1.6B opportunity to bulk up on land
By Linda O’Flanagan Luxury home builder, Toll Brothers announced it is paying $1.6 billion to buy the home building business of Shapell Industries, a California-based … Continued
Category : Featured
Listings drought hitting residential agents hard
This year has not been easy for many New York brokers. “I’ve been calling acquaintances and clients, sending postcards to addresses in streets with big apartment buildings, asking them if they know anyone who might want to list with me. But there isn’t much to sell out there,” said one Brooklyn broker. “It really makes you feel bad when you’re essentially begging for listings. It’s not much fun anymore” Rising prices and record sales of luxury condos might have a hold on the headlines, but most brokers are experiencing a very different side of the current market. Residential sales inventories in Manhattan fell to their lowest level in 13 years in the third Quarter, according to Douglas Elliman, leaving brokers in a scramble for the few available listings.
From $11.4 million to $16.5 million in just four months
After staying in the same hands for 70 years, this church building at 145 Central Park North has now been sold twice in just four … Continued
Brookfield still interested in Stuy Town as tenants brace for rent hikes
Another round of rent hikes at Stuyvesant Town should make the massive East Side apartment complex more attractive to investors. City Council Member Dan Garodnick said this week that the move announced by the state housing agency would bulk up the rent roll, a dangling carrot for potential buyers. The state’s Division of Housing and Community Renewal last week sent out letters to the 30,000 Stuy Town and Peter Cooper Village tenants advising them that five Major Capital Improvement charges for various renovation projects around the 110-building complex were about to be lumped onto their rent checks. The charges are retroactive to 2009 when the work was done by then-owner Tishman Speyer.
Industry leaders throw weight behind DeBlasio to keep building New York
Election day was still in the future when some of New York’s top real estate developers gathered for the annual “We Are the Golden Apple” panel at NYU Schack’s Capital Markets in Real Estate conference last week. But the panelists were ready to trust the polling numbers and assume that Bill de Blasio will become the next mayor of New York — and they said they were confident that de Blasio, expected to be a liberal mayor, would not stand in the way of development.
REBNY names 2014 honorees
The Real Estate Board of New York (REBNY) has announced the six leaders, trailblazers and power brokers it will honor at the industry’s most celebrated … Continued
Techies in space race
As WeWork continued to expand, its rivals aren’t staying put. TechSpace, which rents out space in shared offices on a short-term basis, just signed a … Continued
Lawyers making the case for smaller offices
Ever since lawyers became common in the Western hemisphere, their natural habitat was the spacious office, lush with armchairs and room to roam. But now, … Continued
Westside Market goes East
Westside Market NYC, the family-owned and operated neighborhood food markets in New York City, has announced that it will be opening its latest location at the base of the new luxury rental building, 84 Third Avenue. Located in the East Village on the corner of East 12th Street, this marks the fifth Westside Market NYC, and the first for the brand to be located on the East Side of Manhattan.
Queens firm sells residential towers for $60 million in Astoria
An Astoria-based real estate firm has sold two apartment buildings for $60 million in the booming Queens enclave of Astoria. Cushman and Wakefield represented The Criterion Group in the sale of 30-50 21st Street and 11-15 Broadway in Queens to an unnamed buyer, C&W told Real Estate Weekly exclusively on Nov. 1.