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Category Archives: RE News

NYC home prices surpass pre-crisis peak, but savvy investors should have put their money elsewhere

A decade later, New York City housing prices have surpassed the peak levels from before the financial crisis. Sales prices for houses and apartments are 2 percent above the peak levels of November 2006, the Wall Street Journal reported, citing StreetEasy data. Prices are 28.5 percent higher than when the market bottomed in November 2011. People who bought and sold a house or apartment after September 2008 scored gains of 33 percent, or 7.5 percent […]

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Aby Rosen’s RFR refinances two 45th Street buildings for $200M

Aby Rosen’s RFR Realty refinanced two Midtown buildings with a $200 million loan package. The New York State Teachers’ Retirement System will provide a $25 million gap mortgage on top of an existing $175 million in debt, backed by both 350 Madison Avenue and 10 East 45th Street, records filed with the city Wednesday show. RFR bought 350 Madison Avenue, a 25-story office property, for $262 million in 2013. The deal also included the adjacent […]

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Related pays $96M for its piece of Hudson Yards development with Spitzer

The Related Companies paid $96 million for the Far West Side site that will be part of the 1.4 million-square-foot, mixed-use project the company is developing with Eliot Spitzer. The Hudson Yards developer closed less than two weeks ago on the site at 517 West 35th Street, property records filed with the city Wednesday show. Related is financing the purchase with a $65 million loan from Mack Real Estate Credit Strategies. The $96 million purchase […]

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Here’s what Fortis is planning at former Jehovah’s Witnesses site

The latest project to replace a former Jehovah’s Witnesses site in Brooklyn will stand 26 stories tall with 74 units at 30 Front Street, according to records filed Wednesday. Fortis Property Group filed plans with the Department of Buildings that call for about 250,000 square feet of development overall, split between 178,000 square feet of residential space and 72,000 square feet of community space. The property was the last development site that the religious group […]

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As Chen Feng’s grip on HNA tightens, the firm is selling its Deutsche stake

Chinese conglomerate HNA Group, the largest shareholder in Deutsche Bank, is reportedly selling its stake in the German bank. The move comes as chairman Chen Fang increases his control over the company with the appointment of relatives to key company positions. The Chinese firm, which spent $40 billion on overseas acquisitions and has carried as much as $90 billion in debt, has been told by the Chinese government to offload all assets except its core airline […]

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What would Attorney General Letitia James mean for real estate?

When the city wanted to tear down a Brooklyn condominium building plagued by scandal, Council member Letitia James, who represented a neighboring district, was the last line of defense. Developer Mendel Brach, who was accused of illegally developing the lot at 201 Spencer Street, allegedly exploited a faculty-housing exemption to build larger condo units. The nine-story property was supposed to house members of the local Yeshiva, but Brach sold the site’s 72 units on the […]

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Thanks to John D. Rockefeller, this church beat out a developer for a $45M dorm

Riverside Church is in contract to buy a Gothic stone dormitory from its neighbor Union Theological Seminary for $45 million. Another bidder, Craig Nassi of BCN Development, had been in contract to purchase the building at 97 Claremont Avenue, and had even received financing to redevelop the site, according to the New York Post. But the church stepped in and was able to lean on a restriction imposed by John D. Rockefeller that determined the […]

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Why title insurance firms are paying close attention to the latest Russian sanctions bill

A U.S. Treasury Department program that spotlights anonymous real estate purchases in a number of gateway cities could become a nationwide law if a Russian sanctions bill is passed. The little-known provision in the Defending American Security from Kremlin Aggression Act of 2018, a bipartisan bill introduced to the Senate last month, would force title insurance companies to report the identities of people using limited liability companies behind high-priced real estate transactions across the country. […]

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One way for NYC to get out of $252.5 billion debt: stop most construction projects

New York City must cut down on capital projects and employee benefits to emerge from its $252 billion debt hole, according to a new controversial report. Citizen’s Budget Commission, a fiscally conservative think tank, found that the city has been unable to capitalize on a boom in tax revenue and a strong economy to emerge from its debt, leaving it exposed in the event of a future downturn in the economy, according to Crain’s. The […]

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Do or die: Small and mid-sized firms are joining forces to stay alive

Residential sales have slowed, the cost of running a brokerage has climbed, and tech is becoming more of a threat by the minute. While there has been plenty of coverage of all of those issues, most of the headlines have focused on how New York City’s bigger players —  the Douglas Ellimans and Corcoran Groups of the world — are handling it all. The small and midsized firms, which grind out deals in the less […]

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