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Category Archives: RE News

Right to work: Co-working giants battle each other over moniker

WeWork is taking on UrWork in London, claiming the Chinese rival is infringing on its trademarks. The shared-workspace behemoth filed a lawsuit in the U.K.’s High Court of Justice’s Chancer Division, claiming UrWork of “passing off,” or trying to confuse consumers that it’s somehow linked to WeWork, Bloomberg reported. “WeWork has invested substantial time and money building a globally recognizable brand. Our name is distinctive and well known,” a representative for WeWork wrote in an […]

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21 new affordable housing buildings are coming to East New York

The city and Monadnock Development are planning to bring a complex of 21 new affordable housing buildings to East New York that will bring a total of 240 affordable housing units to the neighborhood. The buildings will be located at 389-516 Schroeders Avenue, 1111-1123 Ashford Street and 127-129 Gateway Drive in Brooklyn, according to filings with the New York City Housing Development Corporation. The project will consist of 20 four-story apartment buildings and one 11-story […]

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Keep your eyes peeled for TRD Miami’s next issue, coming this September

The Real Deal South Florida is pleased to announce the publication of our fall issue, which is set to hit newsstands this September! The fall issue is packed with the most important industry news and insider information, including a ranking of the top brokerages in the tri-county region and a look at the priciest condo sales of this cycle. We survey the biggest multifamily investment deals of the last 12 months and look at the trends […]

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Broker claims Boris Kuzinez cut him out of Fifth Ave. supertall deal

Moscow’s “Golden Mile” developer Boris Kuzinez finally received his official welcome to New York City real estate: his Manhattan broker just sued him in New York State Supreme Court. Elhanani Group’s Eran Elhanani claims he brokered Kuzinez’s purchase of two Fifth Avenue development sites and two air rights deals but was never paid for the two air rights transactions. For all of the deals, Elhanani agreed to a modest 1 percent commission rate instead of […]

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At the desk of: Rick Chandler

From the August issue: Nearly 12 years after leaving his post at the New York City Department of Buildings, Rick Chandler has found himself home again. Mayor Bill de Blasio named Chandler — who headed up agency operations in Queens, the Bronx and Brooklyn in the late 1990s and early aughts — DOB commissioner in 2014. After his first DOB tour, Chandler did stints at the city’s Department of Homeless Services and at Hunter College. But his current gig […]

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MTA may have a hard time coming up with a replacement plan for rejected mall

It might be tough for the Metropolitan Transportation Authority to come up with new plans for a mall in the Bronx that the City Council recently rejected. The MTA and the New York City Economic Development Corporation had supported a plan to build a mall and senior housing project in Baychester called Baychester Square on city-owned land controlled by the MTA, but this plan died last week after local City Council member Andrew King objected […]

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Zac Posen sells Sutton Place starter apartment in off-market deal

From LLNYC: Alexander Wang can keep his Downtown digs. Zac Posen is sticking to his guns and staying uptown. The famed fashion designer just sold an apartment he owned at 345 East 57th Street for $1.15 million, according to the Observer. The deal appears to be an off-market one, as there is no listing for the unit. StreetEasy records note that the apartment has two bedrooms and two bathrooms. Posen paid $925,000 for it in […]

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Thor looks to sell FiDi retail condo

Another one of Joe Sitt’s commercial properties is on the block. Thor Equities has put the two-story, 50,000-square-foot retail condominium that’s home to the 9/11 Tribute Center up for sale for $52 million. The condo is in the Greenwich Club Residences at 88 Greenwich Street, the Commercial Observer reported. The 9/11 Tribute Center currently rents 37,000 square feet, and Sauce & Barrel, Coffeed, Yogorino, Petropolis and Dunkin’ Donuts leases the rest of the space, according […]

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Barry Sternlicht wants a “train wreck” in Manhattan’s luxe market, warns of less global money coming into CRE

Barry Sternlicht called the development of the residential strip on W. 57th St an impending “debacle.”

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Fannie and Freddie are quietly unloading more mortgage risk to bondholders

Fannie Mae and Freddie Mac have built a trillion-dollar business insuring mortgages. But increasingly they are doing something entirely different: selling off mortgage-backed securities without any guarantee that the two firms will pay in the event of a default. Sales of these so-called credit-risk transfers are expected to reach a record $15 billion this year, up from $13 billion last year, according to JP Morgan Securities. The trend comes as lawmakers debate the future of […]

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