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Category Archives: RE News

“They know how to reach us.” Rejected Amazon HQ2 suitors may give it another try

What about now? They may have been rejected once, but they’re not giving up. At least a handful of cities that had been in the running for Amazon’s second headquarters said they would be willing to restart talks after the e-commerce giant’s stunning news it had pulled out of plans for New York City. Some of those cities that reached the Top 20 but missed out on the big prize — Chicago, Miami, Dallas and […]

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Alamo Drafthouse is growing at City Point in Downtown Brooklyn

Fans of dinner-and-a-movie chain Alamo Drafthouse rejoice. There will soon be 400 more seats at the theater’s Downtown Brooklyn location. Alamo Drafthouse have inked a lease to add 25,000 square feet to their current space at Acadia Realty’s City Point at 445 Albee Square West, according to Commercial Observer. The movie theater currently occupies 38,000 square feet and has seven screens at City Point. The new expansion will double the amount of screens. The chain […]

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Should seniors take the rap for the gap in homeownership by millennials?

Are senior homeowners preventing millennials from buying houses? Could the decisions of millions of older owners to “age in place” rather than sell their homes explain why millennials are lagging behind in homeownership? A provocative new study  from federally chartered mortgage investor Freddie Mac suggests the answer may be yes. “Who is living in those homes that millennials might otherwise have bought?” ask the study’s authors. Their answer: baby boomers, war babies and people born […]

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“Amazon will be missed”: LIC’s resi market mania will cool with tech giant’s departure

In mid-November, condo units suddenly began to sell sight-unseen. Lines for open houses stretched around the block. Amazon’s announcement that it would create a massive campus on the shores of the East River sparked a buying frenzy in Long Island City, transforming a buyer’s market into a seller’s market overnight as sellers seized the chance to hike up prices and developers eyed new projects. “We are thrilled that the rest of the world is discovering […]

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Faced with high land prices, developers are turning to oddly-shaped lots across the city

The future of affordable housing in the city might look a little…funny. Developers looking for new opportunities are building on lots previously ignored because they were too small, too narrow, or just too weirdly-shaped, according to the New York Times. There are 10,516 acres of vacant land with residential zoning scattered across the city, although only a fraction of them can realistically be built on. But developers and architects are finding inventive ways to build […]

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National Cheat Sheet: Amazon dumps NYC, Google plans $13B real estate investment, Sears survives… & more

Amid opposition, Amazon says ‘adios’ to LIC site for HQ2 So long, Big Apple. Amazon has scrapped its plans to build a new campus in Long Island City, Queens — a decision it attributed to political opposition. New York lawmakers, including Sen. Michael Gianaris and Councilman Jimmy Van Bramer, both of Queens, opposed the $3 billion incentive package the technology giant had been set to receive. Critics also took issue with the Seattle-based company’s business practices […]

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Amid mounting scrutiny, Trump Org abandons plans for hotel chains

The Trump Organization is abandoning plans to build two nationwide hotel chains amid growing scrutiny over the company, and as a Democrat-led House of Representatives looks to position itself against President Trump. While the company had only formally announced one hotel location in Mississippi, it was in negotiations for at least a dozen more deals in Washington, D.C., and five other states, the New York Times reported. In a statement, the president’s son, Eric Trump, […]

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JPMorgan is redesigning 270 Park after pushback over public space

JPMorgan Chase is going back to the drawing board. Following push-back from the local community and politicians over public space, the banking firm is redesigning its new proposed office building at 270 Park Avenue. The original design for the new 1,400-foot tower, which will be built on the site of their old office building, allotted 7,000 square-feet of external enclosed public space. The bank had previously argued that unique conditions at the site — namely […]

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At the desk of: Rachelle Friedman

Before Apple, Amazon, Google and Spotify dominated the music and tech scenes, there was J&R Music and Computer World. The store, a New York City institution, opened across from City Hall in 1971 and ultimately grew its footprint to 300,000 square feet on Park Row. Rachelle Friedman — who grew up in Brooklyn and graduated from what was then known as the Polytechnic Institute of Brooklyn — is the “R” in the J&R. She and […]

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After a year of fighting at Hudson Yards, Related and the unions are talking again

After more than a year of mudslinging and name-calling, it seems Related Companies and the Building and Construction Trades Council have returned to the negotiating table. In the past two weeks, BCTC president Gary LaBarbera and Related president Bruce Beal Jr. have met at least twice to discuss their ongoing dispute over labor at Hudson Yards. A memo provided to The Real Deal that was sent out by the president of the North America’s Building […]

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