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Category Archives: RE News

RSA, CHIP file lawsuit challenging New York’s new rent law

In a highly anticipated federal lawsuit filed late Monday night, landlord groups challenge New York’s newly minted rent law based on alleged illegal taking of private property and violation of due process rights. The Rent Stabilization Association and the Community Housing Improvement Program, along with seven individual landlords, filed a lawsuit in the U.S. District Court, Eastern District of New York, alleging that the rent law approved last month violates the U.S. Constitution’s Fifth Amendment, […]

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On Long Island, home prices jump in June

Home prices rose last month on Long Island as the number of pending home sales dipped and inventory has continued to rise. The median closed sale price climbed to $405,125 in Suffolk County, up 8 percent from June 2018, according to Newsday, which cited data from the Multiple Listing Service of Long Island. While Suffolk’s luxury market has recently sagged, demand for affordably priced homes in Suffolk has surged, experts said. “I’ve been working with […]

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Prologis in talks for giant warehouse portfolio, after Blackstone’s monster deal

Prologis is in advanced talks to acquire a $4 billion warehouse portfolio, a month after getting outbid by Blackstone in a far larger industrial deal. Investors are increasingly drawn to warehouse properties, which attract major e-commerce firms, and are typically shielded from drastic market swings. In the fourth quarter of 2018, warehouse vacancy rates were at 7 percent, the lowest point since 2000, during the dot-com boom. This portfolio, Industrial Property Trust, spans 37.6 million […]

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Jeffrey Epstein will stay in jail for now as judge postpones decision on bail

Financier Jeffrey Epstein will have to sit in jail until later this week to find out if he can serve under house arrest at his $77 million Upper East Side mansion while he awaits trial on federal sex trafficking charges. Epstein had a bail hearing on Monday, during which a federal judge said he needed more time to make his decision on the matter of bail, according to the Associated Press. He will remain in […]

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This Westchester development site just hit the market seeking nearly $30M

A limited liability company has hired Paul Massey’s B6 Real Estate Advisors to market a commercial building and a 16,610-square-foot lot two blocks from the New Rochelle train station in Westchester County. The move comes amid a surge of development in New Rochelle, a New York City suburb that earlier this month announced plans for Westchester’s largest new hotel in 20 years. Thomas Donovan, a former vice chairman of capital markets at Cushman & Wakefield, is […]

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These real estate execs are donating big this campaign season

As the campaign season heats up, a preliminary list of second-quarter Federal Election Commission contributions reveal a number of real estate executives and developers made donations of varying amounts. The Real Deal gathered the data from the FEC’s website and ordered the donations by dollar amount, from highest to lowest. The data does not include state and local contributions, and only captures donations filed before Friday, July 5. The final deadline to file donations is […]

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Hispanic buyers prop up U.S. housing market

A sluggish housing market is receiving a much needed jolt from Hispanic first-time home buyers. The homeownership rate for Hispanics grew more during the past several years than for any other race or ethnic group, including whites, according to the Wall Street Journal. Since 2015, overall homeownership rate has risen 3.3 percentage points. During the past decade, Hispanics made up 63 percent of new U.S. homeownership, despite only accounting for 18 percent of the total […]

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Fort Greene townhouse tops Brooklyn luxury sales last week

A restored 1850s townhouse in Fort Greene topped Brooklyn’s luxury residential sales last week. The six-bedroom property, which asked $3.9 million, was one of 15 contracts signed between July 8 and July 18, according to the latest Compass report. The sales were worth a combined total of $38.9 million. The market was up from the previous week, when 9 contracts were signed for a total of about $24.8 million. The second most expensive contract was […]

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Harry Macklowe’s brother Lloyd has sold his Fifth Avenue co-op for $5M

Art world power couple Lloyd and Barbara Macklowe have sold their Fifth Avenue co-op, according to property records. The brother of Harry Macklowe and his wife sold their unit at 900 Fifth Avenue for $5.35 million. The unit contained one of the top collections of French art nouveau furniture and Tiffany lamps, according to a 2015 Wall Street Journal piece on the home. It spans 2,580 square feet and contains three bedrooms. Harry Macklowe and […]

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Locals had a dark nickname for Jeffrey Epstein’s Caribbean island

Jeffrey Epstein liked to call his Caribbean island of Little St. James Little St. Jeff’s. Locals gave it another, far darker name: “Pedophile Island;” and sometimes, “Orgy Island.” The financier, who has been charged with trafficking girls as young as 14, would come to his island as an escape from his daily life, according to Bloomberg. A former employee told the site that he would host young women on the island and bring them over […]

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