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Category Archives: RE News

State senate passes bill favoring the title insurance industry. Here’s what happens next

The New York State Senate  has passed another bill attacking strict new regulations on the title insurance industry. The bill, sponsored by Sen. Marty Golden (R-Brooklyn), essentially says that the Department of Financial Services vastly overstepped its authority when it imposed new rules on the title insurance industry earlier this year. It states that the agency does not have the power to levy fees for “ancillary or discretionary non-insurance services” that title insurance companies provide. […]

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Starchitect, schmarchitect? Why top-tier design doesn’t necessarily translate to premium prices in the Hamptons

In the Hamptons, oceanside compounds with formal gardens, turf tennis courts and sumptuous swimming pools are a given. Creating distinctions among its highbrow mansions can be, therefore, more about design than scale. That’s why top architects — think Stanford White and the Cross brothers — have been tapped to build one-off show homes on the East End since its inception as the gilded playground for moneyed Manhattanites. But while a home designed by a Pritzker […]

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Financial firm Evercore near deal to grow by 170K sf at Park Avenue Plaza

Evercore will more than double its lease-space at Park Avenue Plaza, as three major tenants in the 44-story tower are preparing to move out. The New York-based financial-services firm, which currently occupies 130,000-square-feet at 55 East 52nd Street, is in the final stages of a deal to take over 300,000-square-feet, according to Crain’s. The company will move out of its office space at 666 Fifth Avenue to fill the extra floorspace. Details on the value […]

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Brooklyn is the borough of rats

According to this week’s market reports, Brooklyn registered the most complaints over rat infestation in 2017 and median rents for Manhattan two-bedrooms rose by 1 percent. Residential Rat complaints | RentHop Brooklyn is the most rat-infested borough in New York City. In 2017, the area registered 7,253 rodent complaints, higher than the 4,507 in Manhattan and more than one-third of the 19,152 total complaints in the city. Bedford-Stuyvesant, Harlem and the Upper West Side were […]

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Cushman files paperwork for its IPO

Cushman & Wakefield filed paperwork with the Securities and Exchange Commission for its long-awaited initial public offering, the company announced Wednesday. The number of shares Cushman plans to offer and the price range have not yet been determined, the company said. Rumors have been swirling since earlier last year that Cushman, which is backed by the private equity firm TPG Capital, would look to debut on Wall Street. The Real Deal first reported last month […]

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Hamptons Cheat Sheet: “RHONY” star lists Sag Harbor home for $6M … & more

RHONY’s Luann de Lesseps lists Sag Harbor home for $6.25M Luann de Lesseps of Real Housewives of New York put her 2,500-square-foot waterfront home on the market for $6.25 million. A friend told the New York Post that the onetime countess wants to move to the Catskills. De Lesseps bought the home, which was built in 1835, in 2013 for $2.43 million before updating the interiors. It features four bedrooms, four bathrooms, a gourmet kitchen and […]

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April is the cruelest month for New York’s multifamily market

The multifamily market in New York City slowed down significantly in April following a strong first quarter, with volume metrics dropping to their lowest levels of the year so far, according to a new report from Ariel Property Advisors. The first quarter of 2018 saw a solid rebound from the multifamily market’s painfully slow 2017, with dollar volume reaching almost $3 billion.  But in April, dollar volume was at just $431.4 million, spread across 31 […]

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RSA sues tenant leader Mike McKee for $40M claiming defamation

The Rent Stabilization Association, a landlord group that is one of the biggest lobbying and campaign spenders in New York State, filed suit against tenant leader Michael McKee on Wednesday alleging he defamed RSA in statements about its 2010 campaign contributions. RSA alleges that at a City Council meeting in May, McKee testified that RSA had “promised” $150,000 contribution to three state senators if they agreed to vote down two tenant-friendly bills that had managed […]

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No pooch left behind: Bill to protect pets during evictions advances

A bill meant to prevent pets from getting left in homes during evictions is almost the law of the land in New York. The bill has passed the state legislature and will now go to the governor’s desk to become a law, according to the New York Post. It would require officials carrying out eviction warrants to make sure any pets they find in the building are either brought back to their owners or properly […]

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Eastern Consolidated’s HQ space is up now up for grabs

Less than a week after Eastern Consolidated announced it would be shutting down, Rudin Management has begun the hunt to replace the commercial brokerage’s headquarters with a new tenant. The landlord has placed the roughly 20,000 square feet across the full 11th floor and part of the 10th floor at 355 Lexington Avenue on the market for lease, according to CoStar data and sources. The asking rent is $59 per square foot. Related: How Eastern […]

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