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Category Archives: RE News

Fire breaks out at base of Vornado’s 888 7th Ave

A fire broke out late Saturday morning inside the restaurant at the base of Vornado Realty Trust’s 888 Seventh Avenue. Fire officials said the blaze started around 10:30 a.m. inside the kitchen of the Redeye Grill, PIX 11 reported. The fire started in the duct work of the ground-floor kitchen and then made its way into the restaurant, according to Patch. The fire was shortly put under control with one civilian suffering minor injuries related […]

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“Aaron Burr House” sells for $5M

Greenwich Village’s “Aaron Burr House” just sold for $4.8 million. The 19th century townhouse at 17 Commerce Street was built on land once owned by the infamous Burr, who killed Alexander Hamilton in an 1804 Duel. The home was purchased by artist Walton Ford, whose artwork can be seen in museums such as the Museum of Modern Art and the Smithsonian American Art Museum, the New York Post reported. The popularity of Lin-Manuel Miranda’s “Hamilton” […]

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Industrial vacancy rate expected to hit 7.5% nationwide this year

Most of the national real estate market is expected to perform better this year than previously predicted, according to the Urban Land Institute. The country’s industrial sector is expected to perform the strongest, with availability rates this year hitting 7.4 percent, according to figures from ULI’s Center for Capital Markets and Real Estate cited in National Mortgage Professional. That’s well below the 20-year average of 10.1 percent. The industrial vacancy rate is projected to climb […]

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High commission costs, competitive recruiting led to Town’s downfall: Heiberger

Town CEO Andrew Heiberger said it was the cost of commissions and competitive recruiting climate that led to the decision to shutter the brokerage’s resales and leasing divisions last week. “Due to the new realities of the new marketplace, it is simply impossible [to] profit from those lines of business when considering the primary factors of the rapidly increasing agent commissions stemming from fierce competition to attract and retain the best talent; lead generation platforms; […]

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Is Germany heading toward a housing bubble?

German home prices have climbed by about 60 percent since 2010, and the unprecedented rate of growth is stoking concerns of a housing bubble. Berlin, for example, recently came in atop a list compiled by Knight Frank in the fourth quarter of last year of the globe’s top 150 residential real estate markets. Housing prices grew slightly more than 20 percent on the year, bucking the global trend of slow price growth in urban areas. […]

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How do you say “second home” in Italian?

Americans are increasingly looking overseas toward Italy when it comes to buying a second home. U.S. buyers made up 11.3 percent of foreigners who inquired about buying high-end homes in Italy during the first quarter of the year, according to a Knight Frank report cited in the Wall Street Journal. That was up from 6 percent during the same time in 2011 when Knight Frank started covering Italy’s luxury home market. “The love affair with […]

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Chinese investment in U.S. senior housing grinds to near halt

Chinese investment in senior housing in the United States has slowed to a trickle following a $1 billion-plus buying spree over the past few years. Chinese investors haven’t made a transaction in U.S. senior housing worth more than $2.5 million since the first quarter of 2017, according to data from Real Capital Analytics cited in Senior Housing News. Since the beginning of 2014, Chinese investors bought about $1.4 billion worth of senior housing properties in […]

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NYC’s middle class grows further apart

The rich get richer and the poor get poorer, so the saying goes. And in New York City, the upper middle class gets more upper and the lower middle class gets lower. The Big Apple ranked No. 6 among the Top 10 U.S. cities where the gap between both ends of the middle class grew the largest, according to an analysis of Census data by Bloomberg News. In 2011, the difference between those earning 30 […]

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Toronto developers pulling out of pre-sold condo projects

Toronto’s condominium developers are pulling the plug on projects with significant numbers of pre-sales as construction costs climb and home values continue to rise. Developers in Canada’s largest city are typically required to pre-sell 70 percent of a project’s units in order to financing. But construction costs have risen since many developments were penciled out. And condo prices have climbed too, meaning developers in many cases are leaving money on the table with contracts inked […]

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Wellness is the newest luxury amenity

Home buying is often an emotional decision, and now it’s increasingly becoming a mindful one. Developers are tapping into the market for wellness real estate by including amenities like open-air yoga studios, medicinal gardens with calming herbs and meditation courtyards, the Wall Street Journal reported. “Mindfulness is paying attention-it’s being present in the moment. When you build and design a house, you can design it in a way to cultivate mindfulness,” said yoga teacher Jeny […]

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