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Category Archives: RE News

Rheingold developers accused of shortchanging community on affordable housing

Bushwick’s Rheingold Brewery development will feature 20 percent affordable housing, despite efforts from local politicians and community to pressure the developers to build more. Simon Dushinsky and Isaac Rabinowitz’s Rabsky Group and Yoel Goldman’s All Year Management are building 1,411 new apartments at the site. The site’s previous owners, Read Property, made a non-binding agreement with the city to ensure that 24 percent of the apartments would be affordable. But under the zoning resolution, All […]

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Former exec says Schorsch was in on discussions about American Realty Capital fraud

The former chief accounting officer of American Realty Capital Partners testified this month that the company’s former chairman, Nicholas Schorsch, was involved in discussions about a quarterly earnings report that was inflated by $12 million. In a federal courtroom earlier this month, Lisa McAlister described an all-night discussion between the companies executives in 2014 about how to handle the inflated earnings report, the Wall Street Journal reported. McAlister pleaded guilty last June to her role […]

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StreetEasy to charge rental agents daily fee for each listing

The listings portal will charge residential agents $3 per day per rental listing advertised on its site.

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A breakup of Fannie and Freddie could be in the cards

Two senators are seriously looking at a plan that would split Freddie Mac and Fannie Mae into single-family and multifamily parts. Tennessee Republican Bob Corker and Virginia Democrat Mark Warner have devised the plan, Bloomberg reported, citing sources. Both senators are working on a bipartisan overhaul of the mortgage giants, according to the publication. The aim is to create more competition in the secondary mortgage market, the sources said. Many Democrats and Republicans have said […]

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Meet the owner of the $51M penthouse in foreclosure at One57

It looks like a controversial Nigerian energy magnate is the owner of the 79th floor penthouse at One57 — what looks like the biggest residential foreclosure in city history. Kolawole “Kola” Aluko, executive director of Atlantic Energy, hasn’t been keeping up with payments on the $50.9 million condo and Luxembourg-based Banque Havilland is pushing for sale of the unit next month, the New York Post reported. The bank issued a $35.3 million mortgage on the 6,240-square-foot […]

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Another controversial wall: Mayor, City Council clash over barrier between Greenpoint park and mixed-use project

Mayor Bill de Blasio’s administration and the City Council are locking horns again, this time over a controversial wall proposed as a barrier between a small park and a mixed-use project in Greenpoint. City Planning chair Marisa Lago wrote a letter rebuking the City Council for demanding that a six-to-10-foot high concrete wall be built as a buffer between a 77-unit project developed by BNS Real Estate at 3-15 Greenpoint Avenue and Transmitter Park. In […]

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Red Rooster chef to open new restaurant at Greenpoint luxury tower

Chef Marcus Samuelsson, founder of the Red Rooster, plans to open a new restaurant at a nearly-complete luxury residential complex in Greenpoint. Samuelsson inked a lease for more than 4,000 square feet at the base of the Greenpoint at 21 India Street , the New York Post reported. The 40-story rental tower is being developed by Mack Real Estate Group, Palin Enterprises and Urban Development Partners. Designed by Ismael Leyva, 21 India Street has 287 […]

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Forget the big deals: Commercial brokers are worried about rising availability, office downsizing

Don’t let the big deals fool you: Some commercial brokers are worried about climbing availability in the city and the increasing number of tenants who are scaling back on space. According to CBRE, Manhattan office availability hit 11.7 percent in the first quarter of 2017, jumping from 10.6 percent during the same time last year. Another 11.7 million square feet of new commercial space is expected to become available in 2020, and only half of […]

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Warren Buffett is making big bets on retail

Warren Buffett’s Berkshire Hathaway was revealed Monday as one of the largest shareholders in the real estate investment trust Store Capital Corp., the second big bet the investor made on commercial real estate in as many weeks. Store Capital, which focuses on single-tenant properties like restaurants, veterinary offices and fitness centers, revealed that Berkshire paid $377 million for a 9.8 percent stake in the company, the Wall Street Journal reported. That makes Berkshire its third-largest investor. The […]

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NYC construction salaries averaged $80K in 2016: report

The average number of construction workers in New York City soared to 146,200 last year, marking the first time employment in the city has exceeded 140,000 in at least four decades, according to a new report. Specialty trade workers, a group that includes plumbers and electricians, accounted for a majority — 93,900 — of the construction jobs created in 2016, according to a report by the New York Building Congress. Workers involved directly in building […]

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