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  • WATCH: Prominent Miami condo developer talks President Trump, Russian buyers and why millionaires are moving south

    The Real Deal New York 18 Jan 2019 | 7:30 am

    Here’s what you need to know about the state of the luxury real estate sector from CNBC. Dezer Development’s Gil Dezer dabbled in topics like President Trump, Russian buyers and Florida’s beneficial tax laws in an appearance on CNBC’s Squawk Box on Thursday. Dezer, whose projects include the Porsche Design Tower and the planned Residences by Armani/Casa in Sunny Isles Beach, appeared on the show for a segment on South Florida’s luxury real estate market. […]

  • Infamous Podolsky brothers being investigated for tax fraud: report

    The Real Deal New York 18 Jan 2019 | 7:05 am

    They served five years probation for grand larceny and coercion in the 1980s. But now it looks like the Podolsky brothers may have been committing financial crimes too. Manhattan federal prosecutors are investigating whether hoteliers paid by the city to house the homeless hid money to evade taxes. Amsterdam Hospitality Group, the firm led by brothers Stuart and Jay Podolsky, allegedly hid money in attorney escrow accounts, sources familiar with the federal investigation told the […]

  • Wedding-planning startup Zola settles down at 7 WTC

    The Real Deal New York 18 Jan 2019 | 6:30 am

    Break out the champagne. Wedding-planning startup Zola just inked an 11-year lease on a 30,000 square-foot office at Larry Silverstein’s 7 World Trade Center. The five-year-old company, which offers tools like online gift registry and customizable invites to help to simplify the wedding-planning process, will take over an entire floor of the building, according to Bloomberg. It’s a step up from their previous 12,500 square-feet offices at 150 Broadway. The move follows a year of […]

  • NYC struggles to get rid of overpriced homes

    BrokerPulse 18 Jan 2019 | 5:32 am

    NYC Credit: Unsplash.com

    (NEW YORK, NY) — According to StreetEasy’s Q4 Market Reports, inventory in Manhattan rose 15.4 present year over year, its highest level since 2010.

    Last quarter, for the first time ever, homes for sale grew at double-digit rates across all five boroughs.

    Homes that were overpriced lingered on the market while home that were fairly priced moved at a quicker pace. Homes that went into contract during the last quarter of 2018 spent an average of 86 days, 9 days more than the previous year.

    “The glut of unrealistically priced homes in the city has been a main driver of the slow-moving market that ended 2018 – causing more and more homes to pile up before the new year and heightening competition among sellers,” said StreetEasy Senior Economist Grant Long in a statement. “Heading into 2019, sellers who are unwilling to budge on price are going to face an unforgiving market. Many sellers will have to make difficult pricing decisions in early 2019, particularly with another wave of inventory set to hit the market as the home-buying season heats up in the spring.”

    The report shows that the Upper West Side saw 405 recorded sales, the lowers number since the financial crisis. And since buyers are more hesitant, rent rose in all submarkets and saw the biggest increase in Upper Manhattan. In response to rents rising, the share of units offering rental concessions dropped.

     

  • Waterline Square stacks the deck in amenity race with its own skate park

    Real Estate Weekly 18 Jan 2019 | 3:53 am

    Is it a a hair salon? A personal assistant? No, it’s a skate park.

    Waterline Square, the five-acre mega-development on the Upper West Side, just announced that the project will be the first residential building to feature a skate park.

    The indoor, multi-level half-pipe skate park (rendering above) is the first-ever conceived amenity of its kind of any NYC residential project.

    Waterline Square

    Located within The Waterline Club, which is the shared amenities space designed by the Rockwell Group with over 100,000 s/f of sports, leisure and lifestyle offerings, the half-pipe skate park is nearly 42 feet long and four feet high.

    For the daredevils and pros looking to catch some extra air, a mini ramp is situated directly next to the half-pipe and is up to 10 feet high.

    Designed by SITE Design Group, whose credits include the BMX plaza at Stars and Stripes Park in Oklahoma and the Linda Vista Skatepark in San Diego, the skate park has open seating lounge area, a sound system with DJ deck and large screen TV.

    Skateboards and helmets will be available for use, and the space will be open year-round for all residents.

    Waterline Square is a complex of of three West Side condo towers developed by GID Development Group and designed by  Richard Meier, Rafael Viñoly, and Kohn Peterson Fox.

    The post Waterline Square stacks the deck in amenity race with its own skate park appeared first on Real Estate Weekly.

  • DONE DEALS: New Westhampton price record

    Real Estate Weekly 18 Jan 2019 | 3:20 am

    A beachfront property with its own infinity pool just sold for $6.425 million, the highest Bayfront sale on Dune Road since 2009.
    The 6,000 s/f home at 102 Dune Road (pictured top) sits atop a 3.2-acre site in Westhampton Beach. Built by Chatham Development Company, the seven-bed, 7-bath home has a heated saltwater infinity edge pool, pool house and deep-water dock.

    ROB CANBERG

    Rob Canberg, broker with Nest Seekers International, worked alongside celebrity broker Ryan Serhant to seal the deal. Canberg said the picturesque property that was listed at $6.75 million wasn’t without its problems though.
    “Many brokers said there would be roadblocks, like the close proximity to Beach Lane Bridge and the Rogers Beach parking lot,” Canberg said. “I never let these things stop me and never doubted my strategy and expertise.”
    Canberg added that properties in Westhampton, Quogue and the Hampton Bays often get overlooked, but they are just as comparable to others in the Hamptons.
    “These challenges fueled me to work even harder for my clients,” Canberg said.

    MANHATTAN
    Morningside Heights
    301 W110th St. #1P
    $600,000
    Move-in ready one-bedroom, 1-bath condo in the Towers on the Park complex. Living room with hardwood floors and garden views through a wall of windows. Kitchen with stainless steel appliances including dishwasher and microwave. Other features include three closets, entry vestibule and bathroom with rain shower. Building amenities include a 24-hour doorman, security, residents’ laundry, lounge and bicycle storage. On-site supermarket, cafe, dry cleaners, nail salon and liquor store. Asking Price: $600,000. CC: $361. Days on the Market: 37 weeks. Agents: Christopher Butt, Citi Habitats; Amelia Gewirtz, Halstead Property.

    Upper West Side
    176 W87th St. #2E
    $999,999
    Two bedroom, 1-bath currently configured as a one-bedroom home with an oversized living room with French doors leading to a dining room. Hardwood floors, high ceilings, period moldings, built-in bookcases, large rooms, and generously-scaled entry hall/gallery. Asking Price: $995,000. CC: $1,630. Days on Market: 27 Days. Agents: Brian K. Lewis, Compass; Talia McKinney of NestSeekers.

    Turtle Bay
    230 E50th St. #3A
    $862,500

    Two bedroom, 1.5-bath co-op in a pre-war property built in 1927. Estate condition home has living room with beamed ceilings and a new casement window and wood-burning fireplace. Windowed kitchen and the two south-facing bedrooms overlooking the building’s private garden. Good closet space plus additional basement storage. Two apartments per landing. There is a full-time doorman, live-in super, roof deck, private garden and laundry room. Asking price: $899,000; CC: $2,665. Days on Market: 88 days. Agents: Louisa Gillen and Chris Palminteri, The SIMPLE Real Estate Co. (left).

    NoMad
    50 W29th St. #9E
    $3,175,000
    Three bedroom, 2-bath unit with entryway, living room with corner views to the east and north through Panorama windows. Custom iron and glass French doors connect the living space to a home office/third bedroom with a desk with a hydraulic lift computer/TV screen. Asking price: $3,450,000. CC: $1,447. Days on Market: 170 days. Agents: Clayton Orrigo, Stephen Ferrara and The Hudson Advisory Team of Compass; Frank Giordano of Compass.

    Gramercy
    340 E23rd St. #10E
    $1,600,000

    BRIAN MORGAN

    Corner two-bedroom, 2-bath condo with floor-to-ceiling windows, hardwood floors and in-unit Bosch washer/dryer. Kitchen with Miele appliances, SubZero fridge and European-style cabinetry. Master bath with a double vanity, tub and separate shower stall. Building amenities include a 24-hour doorman, fitness center, lounge with library, theater and billiard room and a landscaped roof deck with private cabanas and East River views. Asking Price: $1,675,000. CC: $1,319. Days on the Market: 9 weeks. Agents: Edward Ham, Douglas Elliman; Brian Morgan, Citi Habitats.

    Greenwich Village
    42 W13th St. #3E
    $767,500
    One bedroom, 1-bath co-op in a low-rise, pre-war property built in 1886. Oversized windows, balcony, dining area, 11 ft. ceilings, exposed brick, hardwood floors, subway tiled bathroom and low maintenance. The Bakery Building has a live-in super, elevator, laundry room and bike room. Asking price: $799,000. CC:$1,118. Days on the Market: 75 days. Agents: Louisa Gillen and Chris Palminteri, The SIMPLE Real Estate Co.

    East Village
    526 E5th St.
    $6,100,000

    JOSH DOYLE

    Four-storying single family townhouse with seven bedrooms and five baths. Entrance hall with a built-out coat closet, marble mantle fireplace and custom staircase, living/dining room transitions to a three-exposure extension housing the eat-in kitchen with floor-to-ceiling sliding glass doors. Stairwell access to the garden and a windowed powder room. Asking price: $6,995,000. Days on Market: 345 Days. Agents: Nick Gavin, Josh Doyle and The Gavin | Doyle Team of Compass; Prince Dockery of The Prince Team of Compass.

    The post DONE DEALS: New Westhampton price record appeared first on Real Estate Weekly.

  • RE/MAX joins rush to Queens

    Real Estate Weekly 18 Jan 2019 | 3:06 am

    RE/MAX has planted another flag in Queens as the borough adjusts to its new status as the home of Amazon HQ2.

    Broker/Owner William Levin has opened RE/MAX City Square at 68-60 Austin Street in Forest Hills.

    ‟Queens is a hot market with significant construction and the recent announcement by Amazon that they will open a headquarters here,” said Levine. “We know RE/MAX is the right brand to serve those who live in this market as well as people who come here from across the nation and around the world.

    The office serves property buyers and sellers in Forest Hills and communities throughout Queens.
    Levin and his team have been active in the real estate industry for decades and have over 100 years combined experience.

    The RE/MAX City Square office currently has 15 real estate professionals who focus on residential real estate sales with a specialty in the luxury sector of the market. Over the next year, Levine plans to add over 10 more professionals.

    “The RE/MAX brand, along with our office culture, will support the growth of our business,” added the broker/owner. “Our approach to the real estate business is based on strong principals of professionalism, collaboration and mentoring. We know RE/MAX is the right brand to serve those who live in this market as well as people who come here from across the nation and around the world.

    Terri Bohannon, region vice president, RE/MAX New York Region, said Levine “recognized the power the RE/MAX brand had to offer and we are certain that RE/MAX City Square will thrive.” RE/MAX City Square is the third RE/MAX office to open in New York City in the past 12 months.

    The post RE/MAX joins rush to Queens appeared first on Real Estate Weekly.

  • Restoring Original Prewar Charm

    NYT > Real Estate 18 Jan 2019 | 2:59 am

    The years can be hard on a prewar home. If you want to bring it back to its original glory, you’ll need a team of expert craftsmen.

  • So You Want to Restore a Prewar Home?

    NYT > Real Estate 18 Jan 2019 | 2:01 am

    To bring an older apartment or house back to its original glory, you’ll need a team of expert craftsmen.

  • For a Deal, How About a Park Avenue Fixer-Upper?

    NYT > Real Estate 18 Jan 2019 | 2:00 am

    Some prewar co-ops are selling at discounts of as much as 25 percent.

  • Manhattan’s real estate market in 2019 as told by Louise Phillips Forbes

    BrokerPulse 17 Jan 2019 | 3:40 pm

    (NEW YORK, NY) — I had the pleasure of speaking with Louise Phillips Forbes, a licensed associate real estate broker at Halstead Real Estate, about what Manhattan’s real estate market will look like in 2019 and her advice to sellers.

    A bit about Forbes

    Louise Phillips Forbes

    Born and raised in Tennessee, Louise came to New York City seeking a dance career. After suffering an injury, she found herself working in real estate. Taking to the industry like a fish to water, Louise has since been the director of sales and marketing for over 30 development projects across Manhattan, sold over $3.5 billion of real estate, and founded Halstead’s leading sales team.

    While many are concerned about high inventory, hesitant buyers, and economic uncertainties in the year ahead, Louise is bullish about Manhattan’s markets in 2019.

    Inventory is high and properties are sitting on the market for long periods of time. Will this continue?

    Inventory on the market and whether it is going to continue depends on where you are.

    Forbes expects to see an increase in housing inventory in the first half of the year as sellers will want to sell before prices soften due to the co occurrence of rising interest rates and stock volatility.

    “Every seller wants last year’s prices and every buyer wants next year’s prices”

    Forbes will also keep a close eye on the rental market. Historically, as interest rates rise rents rise too. As long as prospective buyers remain hesitant, more and more traffic will flood to the rental market. After all, New York City is a city of renters.

    A word of advice to buyers entering the market in 2019

    Entering 2019, Forbes believes the decisions buyers make now will put them ahead of the game as the market becomes more volatile due to rising interest rates. The way a buyer approaches a transaction is going to depend on what type of buyer they are.

    For first-time buyers, Forbes recommends locking in a rate now. The fear of interest rates climbing is now going to become a reality. Buyers on the lower end of the market will become gridlock sensitive due to the reality of climbing interest rates.

    Similarly, Forbes believes that seasoned buyers who are looking to upgrade should buy now. Buy now and get more today rather than less tomorrow.

    For those looking to buy luxury units, Forbes believes there is no better time to buy than now. Buyers should not wait for prices to get lower to make an offer. They should use the power of negotiation, and act now.

    On the contrary, Forbes advises that if you are downsizing and have a lot of equity in your home, sell now but buy later. Liquidate your asset today but be patient about the next chapter as it will be better to buy after prices go down to maximize retirement funds. Remember, patience is your friend.

    What marketing trends will carry over into 2019?

    There are some basic things that will never change. Pricing, preparation, and presentation are the keys to successful marketing.

    Forbes believes technology is a blessing. Applications such as Facebook, Twitter, and YouTube will continue to be frontrunners in the industry. We will also see the use of more high-quality photos and videos when marketing listings. Experiential marketing is what buyers are listening to and what brokers are using to educate both peers and clients.

    What is the key to selling in a competitive market?

    Forbes again lists the three essential keys: Pricing, preparation, and presentation. One must be data driven and very systematic in order to be successful in a competitive market.

    Forbes’ success in various markets comes from her ability to educate buyers and sellers. A good product will always sell, as long as those selling know how to study and interpret the data that is so easily accessible these days.

    “I don’t think of myself as a seller. My job is to educate. One must listen to the data and price accordingly.”

    Will the luxury market continue to slow down 2019?

    While there are many reasons for the slowdown of the luxury market–less foreign buyers and changes to tax laws– Forbes believes the shift of the luxury market is healthy.

    Today, luxury buyers have the opportunity to negotiate. We will likely see buyers using that power to take advantage of high-end properties that have been sitting on the market.  

    Over the next two years, New York City will likely see an increase in wealthy investors worldwide due to the uncertainties of global financial markets.

     

    Forbes’ final piece of advice:

    “Today’s housing market is a call-to-action for sellers, whether you are selling to buy bigger and upgrade in space, or selling to downsize, as many Baby Boomers are doing. Either way, it’s important to sell now before prices soften even further as a result of rising interest rates putting pressure on prices, especially if you have a lot of equity in your home. Get more today than less tomorrow! That being said, be educated about the state of the market in your neck of the woods. Have realistic expectations and list your home with an accurate price buyers will respond to. If you price yourself too high, you will end up chasing the market instead of drawing the buyers to you. Additionally, find out how lenders can help you on the sale side. The re-financing game is over so lenders are more competitive and creative with their product offerings than they have been in years. Many of them can be great negotiating tools for sellers to help get both parties to a deal. One example is the Seller-paid Mortgage Rate Buy-down. In this scenario, the seller contributes money towards the buyer’s closing costs (AKA seller’s concession) out of the proceeds of the sale to buy down the buyer’s interest rate, resulting in a deal getting done without greatly reducing the sales price and the buyer has the immediate and long-term benefits of a cheaper rate. Align yourself with a real estate professional who has knowledge of all of these available options so that they can lead, guide, and direct you to a successful transaction that ultimately begins your next chapter.”

  • Top NYC broker to join Stribling & Associates

    BrokerPulse 17 Jan 2019 | 8:01 am

    (NEW YORK, NY) David Chang, one of the Corcoran Group’s leading brokers, will be heading to Stribling & Associates.

    In an effort to grow his new development business, Chang has joined Stribling with plans to work on top new development projects in New York City.

    “While I had a great experience at Corcoran, I felt that moving to Stribling was the right move at this point in my career,” said Chang in a statement. “Stribling has the platform to take my career to the next level. It will allow me the flexibility of working on some of the most exciting new development projects in New York, while still providing excellent service to my resale clients.”

    According to reports, Chang will partner with broker, Millie Perry, and will operate out of Stribling’s Tribeca office.

    Known as one of the top brokers in Manhattan and Brooklyn, Chang has totaled over $800 million in sales during the course of his career.

    Along with his new role, Chang will work with Stribling Marketing Associates on new projects.

    “We are incredibly excited to welcome David to Stribling and look forward to supporting his business as it continues to grow,” said Elizabeth Ann Stribling-Kivlan, president of Stribling & Associates. “His reputation, track record, and strong business acumen are traits we celebrate here at Stribling and I know he will bring a lot to the table not only for his clients, but his colleagues as well.”

  • Anna Faris Has Sold the Hollywood Hills Retreat She Shared With Chris Pratt

    Real Estate – Observer 14 Aug 2018 | 4:01 pm

    But the home didn't bring in quite the haul she was hoping for.

  • Joe Jonas Doesn’t Want Cake by His Sherman Oaks House

    Real Estate – Observer 14 Aug 2018 | 9:14 am

    He's listing the home for $4.25 million.

  • Summer Aboard a Boat: The Cheaper Version of a Vacation Home With Way Better Views

    Real Estate – Observer 10 Aug 2018 | 3:30 am

    Tired of your current location? With a boat as a summer home you can pick up and sail to Martha's Vineyard, Montauk or Maine.

  • Mannequin maker shifts to new showroom space

    Real Estate Deal Watch - Crain's New York Business 1 Feb 2016 | 9:00 pm

    Midtown / Park Ave. South - A company that manufactures and provides mannequins to retailers across the city is moving its midtown south showroom a few blocks away. Mondo Mannequins leased 4,500...

    To view the full story, click the title link.

  • Deal Preserves Apartments’ Affordability for 55 Years

    Multi-Housing News Online 30 Oct 2015 | 5:11 am

    Photo credit: www.forrent.com

    Photo credit: www.forrent.com

    By Dees Stribling, Contributing Editor

    Pacifica, Calif.—Ocean View Senior Apartments has traded hands, with National Church Residences selling the property to Bridge Housing for an unspecified price. The transaction will preserve Ocean View as an affordable housing property for seniors in Pacifica and pave the way for new capital improvements.

    In 2000, National Church Residences acquired the 100-unit Ocean View at the request of the City of Pacifica, with the goal of sustaining the property’s affordability. Since then, the nonprofit provided property management at Ocean View and raised funds for roof replacement and other improvements. Most recently, National Church Residences had been pursuing a refinancing of Ocean View to repay two maturing loans and address capital needs.

    Bridge will start renovations next month with new financing in place. That includes tax-exempt bonds, additional funding through California Housing Finance Agency, restructuring of existing debt with the San Mateo County and the Housing Endowment and Regional Trust, and the addition of low-income housing tax-credit equity.

    The planned renovations will replace aging building elements with more efficient and higher-performing alternatives; restore and enhance the physical condition of the building; and, according to Bridge, enhance residents’ quality of life. The recapitalization also provides funding to enhance on-site services. Residents will have access to programs such as wellness and nutrition classes and referral services, without charge.

    All current residents will be able to remain in their units for the long term, and new deed restrictions have been placed on the property to ensure rent restrictions will continue for 55 years. Ocean View is affordable to seniors whose annual incomes range from about $14,928 to $84,500 (minimum income standard to 80 percent of area median income, depending on household size), though 31 apartments will have additional subsidy provided by the Housing Authority of the County of San Mateo.

  • Suburban Dallas Apartments Up for Sale

    Multi-Housing News Online 30 Oct 2015 | 4:55 am

    By Adriana Pop, Associate Editor

    Dallas—Greysteel has been retained as exclusive advisor and agent for the sale of The Lakeshore, a 140-unit garden-style multifamily community in the Northwest Dallas suburb of Lake Dallas, Texas.

    The Lakeshore in Lake Dallas, Texas

    The Lakeshore in Lake Dallas, Texas

    Completed in 2015, the property offers 40 one-bedroom/one-bathroom units at 763 square feet, 36 two-bedroom/two-bathroom units at 1,080 square feet, 40 two-bedroom/two-bathroom units at 1,091 square feet, and 24 three-bedroom/two-bathroom units at 1,311 square feet.

    The community is conveniently located along Swisher Road, a high traffic thoroughfare which provides ideal accessibility to Interstate 35E, Dallas-Fort-Worth’s main north and south artery. Residents at The Lakeshore also benefit from the property’s proximity to the University of North Texas in Denton, which is educating over 36,000 undergraduate, graduate, and doctoral level students. Another attraction is the nearby Lewisville Lake, which features 183 miles of shoreline along with over 29,600 acres of navigable waters that offer a multitude of activities.

    Unit interiors feature wood-look vinyl flooring, ceiling fans, brushed nickel fixtures, walk-in closets, a desk nook with cabinetry, private balconies and patios with storage, washer and dryer connections, and black appliance packages with microwaves. Exterior amenities include a resort-style swimming pool, fitness center, business center, clubhouse, theater, BBQ grilling area, and garages.

    Greysteel’s multifamily investment sales team in charge with the assignment is led by Boyan Radic, Doug Banerjee, Andrew Mueller, and Ryan Hill.

    “The Lakeshore is one of only two Class A developments in the City of Lake Dallas in the past 10 years and the design was done by award winning BGO Architects along with the landscaping designed by Meeks Design Group (MDG),” Doug Banerjee, Greysteel director, said. “This property will allow a new buyer to come in and acquire a brand new asset on the highly trafficked Swisher Road extremely close to Lewisville Lake, which makes it a very desirable location for years to come.”

  • C&W Finds Buyer for Villas at Pine Hills

    Multi-Housing News Online 30 Oct 2015 | 3:21 am

    By Balazs Szekely, Associate Editor

    Villas at Pine Hills

    Villas at Pine Hills

    The Villas at Pine Hills multifamily community was recently sold. SCR Properties 3 LLC closed on the acquisition of the 96-unit property in a transaction valued at $5.85 million. Executive Director Jay Ballard and Senior Director Ken Delvillar with Cushman & Wakefield represented the seller, Villas at Pine Hills Partnership.

    Located on a 16.5-acre site at 5249 Champagne Circle in Orlando, Villas at Pine Hills is surrounded by a densely populated garden suburb northwest of the city’s core. Ridgewood Park Elementary and the Maynard Evans High School are both within walking distance from the community, which also offers easy access to a number of shopping and dining destinations. Completed in 1984, the community comprises two-bedroom, two-bathroom duplexes measuring 980 square feet. Each unit features a private driveway, direct access garage, a fenced patio and washer and dryer connections.

    Photo credit: Cushman & Wakefield

  • Ad firm takes a second floor in midtown south building

    Real Estate Deal Watch - Crain's New York Business 28 Sep 2015 | 10:00 pm

    Midtown / Park Ave. South - Lowe & Partners Worldwide is doubling its space at 386 Park Ave. South a year and half after signing a deal to move into the building. The advertising firm is taking the...

    To view the full story, click the title link.

  • Upper West Side goes upscale with new caviar bar

    Real Estate Deal Watch - Crain's New York Business 22 Sep 2015 | 10:00 pm

    Upper West Side - A 14-year-old caviar purveyor is expanding. Olma Caviar Boutique & Bar, which operates a location at Todd English’s Plaza Hotel Food Hall, has signed on for its first freestanding...

    To view the full story, click the title link.

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