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Category Archives: RE News

Rents are falling in Manhattan. But they keep climbing in this neighborhood

Apartments near the Second Avenue subway are in demand, and landlords are pricing them accordingly. The median rent in Manhattan declined to $3,245 in November, down 1.7 percent from the previous year. Rent was on the decline in almost every neighborhood in Manhattan but in Yorkville, the neighborhood through which the new subway line travels, rent climbed 3.9 percent during that time, according to data from StreetEasy. The increase “makes sense, considering how big a […]

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Fed fines 5 banks over mortgage servicing

The Federal Reserve settled five mortgage servicing cases by issuing $35 million in fines to banks that were cited for flawed services. The move ends enforcement actions from the dating back to 2011 and 2012 involving five other banks have already paid similar fines, Reuters reported. The five banks issued fines on Friday are Goldman Sachs, Morgan Stanley, CIT Group, US Bancorp and PNC Financial. Goldman Sachs will pay the largest fine at $14 million. […]

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Everything you need to know about real estate’s gender gap — in one handy chart

Investment sales and capital markets firms have far more men than residential and leasing companies.

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The multifamily wave continues to crest in Westchester County

From the Westchester and Fairfield Market Report: This decade has been good for multifamily development. From Port Chester to Eastchester to Cortlandt Manor, Westchester County has been adding rental units at a brisk clip after years when those types of  projects comparatively dribbled onto the market, according to an analysis by The Real Deal. It’s no longer a new phenomenon, and in fact, the number of added units from 2011 to date peaked in 2016, […]

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CREFC 2018: Amazon, retail bankruptcies, Trump tax law and more

From TRD Miami: Shifting trends in retail, blockchain technology, the effect of the Trump administration and CMBS trading were top of mind this week at the Commercial Real Estate Finance Council Miami 2018 conference in Miami Beach. Many real estate finance industry insiders said Trump’s impact on the commercial real estate industry is positive, but warned of his dangerous rhetoric. The White House’s tax bill will push more Americans away from home ownership and into renting, boosting the […]

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Victims of deadly Bronx blaze plan to sue city for $110M

Victims of last month’s deadly fire in the Bronx are planning a $110 million lawsuit against the city, arguing that officials should have kept better track of problems at the building and taken custody of the 3-year-old who started the blaze. A notice of claim was filed Thursday by 11 victims of the inferno against the Fire Department of New York, the Department of Housing Preservation and Development and the Administration for Children’s Services, according […]

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Ace: Andre Agassi’s investment fund sells Bronx building for $24M

The investment fund of tennis legend Andre Agassi has sold off a Bronx building for just over $24 million. Agassi’s Turner-Agassi Charter School Facilities Fund sold 180 West 165th Street in Highbridge to the Lighthouse Charter School, according to property records. The charter school network currently has two schools on site for kindergarteners through ninth graders and will now own the property itself. Lighthouse Academies currently operates schools in Arkansas, Indiana and New York with […]

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Multifamily market in BK, Queens rebounds

The multifamily market bounced back in Brooklyn, and Queens but stayed in the red in Manhattan. The total dollar volume for the city was $578 million across 40 deals, down 25 percent year-over-year and 15 percent from October, according to a report from Ariel Property Advisers. The number of deals and buildings traded increased by 25 and 30 percent year-over-year, indicating that while a slew of smaller deals in the outer boroughs closed in November, […]

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Zillow and REBNY finally come to the table over RLS feed

For the better part of a year, StreetEasy has been a magnet for criticism from much of New York real estate’s brokerage community. But a visit Thursday by Spencer Rascoff, CEO of StreetEasy’s parent company Zillow, to the Real Estate Board of New York may signal a thaw in relations. Sources said Rascoff — who is based on the West Coast — met with senior REBNY officials, including president John Banks, to discuss the possibility […]

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Property taxes as charitable deductions? Mnuchin says: Nope

Treasury Secretary Steven Mnuchin isn’t having any of this claim-property-taxes-as-charitable-deductions business. To curb the impacts of the new tax law, some states have floated the idea of allowing residents to replace their state and local taxes with deductible charitable contributions. But Mnuchin called the idea “ridiculous.” “From a Treasury standpoint and IRS, I don’t want to speculate on what people will do, but I think it’s one of the more ridiculous comments to think you […]

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