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Category Archives: RE News

Equity Residential looks to sell two Manhattan properties in soft rental market

Equity Residential is looking to sell two Manhattan multifamily buildings amid the city’s softening rental market. The real estate investment trust has put 800 Sixth Avenue in Chelsea and 505 West 54th Street in Hell’s Kitchen on the market, Bloomberg News reported. No pricing was given for the properties. A spokesperson for Equity Residential declined to comment, but outgoing CEO David Neithercut said on a July earnings call that the company is trying to reign […]

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Hudson Companies to redevelop Greenpoint Hospital into affordable housing

Hudson Companies will team up with two community groups to redevelop the former Greenpoint Hospital in Brooklyn into a mixed-use development with 512 units of affordable housing and a new building for an existing homeless shelter. The New York City Department of Housing Preservation and Development selected Hudson Companies’ proposal for the 146,000-square-foot development site at 288 Jackson Street with the local community development corporation St. Nicks Alliance and Project Renewal, a nonprofit organization that […]

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How Bob Knakal’s move to JLL will impact the i-sales market

Can Bob Knakal help JLL get its groove back? The company has been hurting on the investment-sales front since its team of top brokers left in late 2016. But now that the brokerage has landed one of the top brokers in the city, it’s looking to get back to form. “I think he’s got a pretty big following,” said Peter Riguardi, chairman and president for JLL’s New York tri-state region, who signed the highly coveted […]

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The Closing: Benjamin Brafman

Benjamin Brafman is the founder of the Manhattan law firm Brafman & Associates. Having spent decades representing celebrities, property moguls and other big names in criminal cases, Brafman has become famous himself. The New York native is arguably the most prominent criminal defense attorney in the country, having taken on thousands of cases. He defended the rapper Sean Combs, also known as Puff Daddy, against weapons charges in 2000, represented Dominique Strauss-Kahn in his 2011 […]

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The rental market is soft. So why are multifamily deals piling up?

New York City rents have been falling for two years, but the Blackstone Group just bet $500 million on the sector. The firm — which already owns Stuyvesant Town-Peter Cooper Village and Kips Bay Plaza — has agreed to buy Parker Towers, a 1,300-unit complex in Queens from the Jack Parker Corporation. Though the deal allows Blackstone to capitalize on a relatively-affordable option for renters fleeing Manhattan, other multifamily investors, too, are looking beyond the […]

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Why early buyers of the Trump Organization’s $200M Scottish housing project are raising eyebrows

Despite Trump International Golf Links Scotland money troubles, there is significant interest in buying homes the company’s developing adjacent to its Aberdeen course–at least according to their legal team. “It is rare for a development to attract such interest prior to the submission of a planning application,” Trump’s law firm noted in its filings to Aberdeenshire Council, as reported by Bloomberg. Many homes have been reserved, the lawyers claim, despite the development’s pending plans. The […]

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California unseats New York as home to the country’s priciest real estate

How far does a dollar go in terms of square feet? It used to depend on whether you were in New York or not, but now it largely depends whether you’re in Cali or not. A recent Zillow study examined the question by looking at how much space one dollar bought across the country, which Bloomberg then extrapolated to account for a king-sized mattress, or about 42 square feet. The results were not wholly surprising—money […]

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The future of prop tech to include software to ID weapons?

In a crowded space rife with venture capital, MetaProp is launching their fourth accelerator class–a New York City-based program that supports prop tech companies over about six months–and there are some unexpected participants this time around. Top among them is Chicago-based company, Aegis AI, which uses artificial intelligence to monitor surveillance camera footage and detect weapons in buildings. The company was founded in May and, according to CrunchBase, promises to deliver software that will send […]

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Who are NIMBYs anyway? Here’s what the studies say

White, older men who own homes will make up the majority of the audience at any public meeting on housing or zoning. Of that group, more than 60 percent already have their positions set before the meeting even begins–and they are against any proposal being discussed because, as they will explain, of traffic concerns. Those are the findings of a study conducted by researchers in the Boston area that tracked participants in nearly 3,000 public […]

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As Hurricane Florence pummels the Carolinas, what the damage could mean for the housing market

Hurricane Florence continues to slam the Carolinas with record-breaking rainfall and, with flooding now expected to reach Charlotte, NC, analysts are beginning to consider the after-effects of such a devastating, unusual storm. Realtor.com’s chief economist Danielle Hale said damage from the hurricane was “likely to disrupt national home sales and construction for months to come.” She expects rainfall and subsequent flooding to cause damage even to properties outside the path of the storm leading to […]

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