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  • The Javits Center is already leaking

    The Real Deal New York 19 Jul 2018 | 6:45 am

    Even a pricey renovation can’t stop the sky from falling at the Javits Center. Tuesday’s rain caused significant roof leaks at the venue, the New York Post reported. The water was leaking for around 45 minutes, a security guard told the Post. A spokesperson said the cause was a drainage issue, which a roofing company is repairing, according to the report. Following a $500 million renovation, Gov. Andrew Cuomo announced another overhaul — costing at […]

  • Calculator: How Many Square Feet Does $200,000 Buy You?

    NYT > Real Estate 19 Jul 2018 | 6:30 am

    In the most expensive markets in the United States, just a small room. But in others, you’ll have room to spare.

  • Bon Jovi’s old condo sells at a $7.5M loss

    The Real Deal New York 19 Jul 2018 | 6:05 am

    The owner of a duplex condo that once belonged to Jon Bon Jovi just took a steep loss on the unit. Ivar Mitchell, a managing director at Andlinger and Company, sold the apartment at 583 Broadway for $26.5 million, according to New York City Department of Finance records. Austrian-American businessman Gerhard Andlinger bought property through JDA 2015 Investments LLC in 2015 for $34 million. But Andlinger died in December — and Mitchell sold the unit […]

  • On the Market: Homes for Sale in New York and New Jersey

    NYT > Real Estate 19 Jul 2018 | 6:02 am

    This week’s homes include a three-bedroom in Jersey City, N.J., and a seven-bedroom in Northport, N.Y.

  • On the Market: Homes for Sale in Brooklyn and Manhattan

    NYT > Real Estate 19 Jul 2018 | 6:01 am

    This week’s homes are in Murray Hill, the West Village and Fort Greene, Brooklyn.

  • Construction costs rise again, as tariffs increase

    Real Estate Weekly 19 Jul 2018 | 6:00 am

    Construction costs accelerated again in June, with steep increases for a wide range of building and road construction materials as tariffs against foreign goods come into effect, according to an analysis by the Associated General Contractors of America of new Labor Department data. Association officials say that contractors will have to assume much of the costs as tariffs increase the costs of many key construction materials.

    “Contractors’ costs for a wide range of materials and services have escalated dramatically in the past few months, putting a squeeze on profits and dimming the outlook for both public and private projects,” said the association’s chief economist, Ken Simonson, noting that the U.S. imposed steel and aluminum tariffs on imports from Canada, Mexico and the European Union on May 31 and has since announced over $200 billion in tariffs on Chinese goods. “Tariffs that took effect or have been announced since this price data was collected will push costs up even more.”

    The construction economist noted that the producer price index jumped by 20.0 percent for aluminum mill shapes, 17.4 percent for copper and brass mill shapes and 12.3 percent for steel mill products between June 2017 and June 2018. Other construction inputs that rose sharply in price from May 2017 to May 2018 include diesel fuel, 52.8 percent; lumber and plywood, 18.3 percent; asphalt felts and coatings, 7.5 percent; ready-mixed concrete, 5.5 percent; and paving mixtures and blocks, 5.0 percent.
    “Many of these increases far outstripped the 4.3 percent rise in the price index for new construction – what contractors are charging to build projects, implying that contractors’ profit margins are shrinking as they absorb some of the increased costs,” Simonson added.

    The producer price index for inputs to construction industries, goods—a measure of all materials used in construction projects including items consumed by contractors, such as diesel fuel—rose 9.6 percent over 12 months. The year-over-year increase was the steepest since October 2008, Simonson noted.
    Association officials say the new tariffs are putting new cost pressures on many construction firms. As many firms struggle to cope with rising materials prices they will have less capital available to invest in personnel – especially as labor costs continue to climb. And firms will have less money available to invest in technologies that can make the construction process more efficient.

    “The broader impact of the new tariffs and the trade fights that are now emerging is a significant and costly loss in productivity for many construction firms,” said Stephen E. Sandherr, the association’s chief executive officer. “Making real, sustained and long-term investments in our aging and over-burdened infrastructure will do more to boost domestic production of strategic resources without exacting lasting damage on construction firms and the high-wage jobs they offer.”

    The post Construction costs rise again, as tariffs increase appeared first on Real Estate Weekly.

  • Cranes up: US big cities report more crane activity but Toronto tops them all

    The Real Deal New York 19 Jul 2018 | 5:30 am

    The U.S. likes its construction projects, but the latest count of crane activity around North America shows that Canadian cities are in the middle of a building boom. Toronto had 97 active cranes in the air, up from 88 in January, according to Rider Levett Bucknall’s twice-annual survey of crane activity. The latest survey was conducted last month. The capital city of Ontario had more cranes in use than New York, Los Angeles and Chicago […]

  • Justin Timberlake Can’t Stop Discounting His Soho Penthouse

    Real Estate – Observer 18 Jul 2018 | 12:54 pm

    The pop star chopped the price three times in four months.

  • Compass gives “for sale” sign a digital makeover

    BrokerPulse 18 Jul 2018 | 12:49 pm

    

    Compass Chief Creative Officer Matt Spangler revealed how the company continues to rethink every aspect of the agent and client experience through this innovative release. Available for pre-order on July 30, you can sign up for exclusive product news and updates at sign.compass.com.


    (New York, NY) — It’s the era of re-branding in the real estate industry.

    “Out with the old, in with the new.” The digital era is forcing companies to rethink their marketing strategy. For Compass, this meant reinventing their real estate sign.

    Compass has a new customizable “for sale” sign and it’s taking the industry by storm. The circular metal signs are equipped with a customizable inner light-tube and information board which includes the listing agent’s name, number, email address, and title. While the new look is modern and clean, it’s not all the sign offers.

    When prospective buyers with the Compass app are within 20 feet of the sign, they’ll receive a notification on their smartphone that will take them directly to the listing page.

    For those without the Compass app, simply scanning the QR code on the sign will open the listing page.

    “By simply swiping right and opening your camera with the easiest movement on the phone, you can just put it up to the sign and view that QR code then you’ll get taken directly to that listing through the app,” says Matt Spangler, the chief creative officer at Compass.

    Agents will be able to customize the aesthetic of their sign through their agent app. According to Spangler, over time agents will also be able to track all of the interactions they’re having.

    Starting in July, the first 500 signs will be available for pre-sale and will start shipping this fall. There will also be support and insurance in case the sign is tampered with by vandals.

    Spangler says this is just the beginning for Compass. There are more technological advancements to come in the future.

  • Sandra Bullock Wants a Speedy Sale at Her West Hollywood Bungalow

    Real Estate – Observer 17 Jul 2018 | 9:43 am

    The home is right behind Chateau Marmont.

  • Airbnb plans to go public by 2020

    BrokerPulse 16 Jul 2018 | 7:16 pm

    Airbnb’s headquarters, pictured here, are in San Francisco where it’s partnering with the city’s largest residential landlord.

    (San Francisco, CA) — The wait is almost over, Airbnb is going public!

    According to a source close to the tech startup, the company has set its eyes ongoing public no later than late 2020.

    Airbnb, privately valued at $31 billion, has left many employees frustrated because of their inability to sell their shares on a regular basis.

    However, Airbnb is doing some serious damage control. Since employees haven’t been able to sell their stock to new investors since 2016, Brian Chesky co-founder and CEO says Airbnb will pay cash bonuses and will accelerate the vesting schedule for some stock grants.

    While the company is anticipated to earn $3.5 to $4 billion in revenue this year, it hasn’t always been smooth sailing. Back in March of 2017, the company announced it would be ready to go public this year. However, the resignation of the company’s chief financial officer Laurence Tosi, a proponent of the IPO, could have been a factor in the company’s decision to push back the date.

     

  • Caitlyn Jenner’s Former Malibu Escape Is For Sale

    Real Estate – Observer 16 Jul 2018 | 10:15 am

    Keeping up with Caitlyn will cost you nearly $8 million.

  • Bernie Madoff’s old homes are hitting the market with some jaw-dropping price tags

    BrokerPulse 15 Jul 2018 | 12:17 pm

    (New York, NY) — It was back in 2008 when Bernie Madoff was arrested for his $50 billion Ponzi scheme, but interestingly enough, over the past decade his old homes have been skyrocketing in value.

    The former homes include a Manhattan penthouse on East 64th Street, and vacation homes in Palm Beach, the French Riviera, and Montauk.

    The Manhattan penthouse which was sold for only $8 million in 2010 is worth nearly $14.5 million today.

    Madoff’s former Montauk home was originally sold for $9.4 million but has recently been re-listed for $21 million.

    The Palm Beach home, now listed at $12 million is worth double its original price, and the French Riviera home went from $1.3 million to $1.6 million.

    The Madoff home on the French Riviera, sold in 2009 by local authorities for about $1.3 million, is valued at about $1.6 million today. PHOTO: BLOOMBERG NEWS

    However, according to the Business Insider, the rise in value has nothing to do with Madoff and can be entirely explained by massive renovations.

    As for Madoff, also known as prisoner number 61727-054, he will continue to live out his days in a dorm-like prison cell.

  • 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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