The Real Deal New York

Posts Tagged ‘New York City’

  • honolulu

    Honolulu, Hawaii

    New York City tied with Honolulu for the most overpriced city in the U.S., according to an annual Forbes Magazine list.

    The study relied on the quarterly Housing Opportunity Index to rank the 100 largest metropolitan areas based on housing affordability. It then factored in the Cost-of-Living index and Consumer Price Index.

  • Lynn Szymoniak

    Fraud expert Lynn Szymoniak

    A lawsuit against two dozen banks and mortgage servicers is alleging that New York City and New York State have been the victims of mortgage fraud with damages possibly exceeding $100 million.

    These allegations of violations of the False Claims Act from Florida-based attorney and fraud expert Lynn Szymoniak and her legal team have just been unsealed. Now, Szymoniak and her lawyers are looking to bring big banks and mortgage servicers to trial in federal court. [more]

  • Airbnb’s Nathan Blecharczyk, Joe Gebbia and Brian Chesky

    Principals of the hospitality website Airbnb, which allows homeowners or renters to lease their spaces to visitors on a short-term basis while out of town, are working to change local laws which make it difficult to use the site in New York, WNYC reported.

    New York’s multiple dwelling law, which serves to make short-term rentals in large buildings illegal, was tightened in 2011 to curb the spread of illegal hotels in the city. Instead, it’s led to users of Airbnb being slapped with violations by city authorities for hosting strangers in their homes for short periods. In one instance, a man who rented his East Village walk-up to tourists last year for three nights is being fined $30,000. [more]

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  • Despite a decidedly active August, New York City’s volume of multi-family transactions tailed off a little in September, according to a report released today by Ariel Property Advisors.

    Only 45 multi-family transactions took place in the city in September, compared with 62 in August; that’s a 27 percent decrease in deals. Dollar volume dropped more dramatically month-over-month, falling 48 percent, from $595.19 million to $308.92 million. Year-over-year, the numbers took a more modest hit. There were 50 transactions in September 2011 totaling $467 million. [more]

  • Multi-family landlords feel tax burden

    October 09, 2012 02:45PM

    Landlords of multi-family apartment buildings say they are victims of  the city’s poor system for property valuation, the New York Observer reported. While co-ops and condos pay approximately $10 to $12 per square foot in taxes, landlords of rental buildings pay more than $20 per square foot to the city.

    Some landlords say the city officials’ reluctance to raise taxes on condo and single-family homeowners may be politically motivated: “If you started raising taxes on co-op and single-family homes there would be tremendous political repercussions,” one residential landlord said. “So instead, the city puts it unfairly on rental buildings where tenants don’t know what the taxes are. It’s gotten to the point where taxes account for 30 percent of rent.” [more]

  • Which residential brokerages offer the best perks? Whose managers reign supreme? And where can a broker go to get the best commission splits?

    This September, The Real Deal will attempt to answer these questions, with our first-ever look at New York City’s best residential brokerages to work for. We’ll be evaluating companies in about a dozen different categories, from splits to training programs to office facilities.

    This week, TRD will start sending out detailed questionnaires to a slew of brokerages. We’ll also be conducting additional research, including surveying randomly selected brokers at each firm. Decisions will be made by TRD’s editorial staff.

    The deadline for survey responses is August 1, 2012. For more information, or if you do not receive a questionnaire by Friday, please contact Leigh Kamping-Carder at or 212-991-5026.

  • BP station on Houston Street

    More than 50,000 gas stations have closed across the country since 1991. And while rural communities have problems filling the spaces with new tenants, due to potential petroleum contamination, New York City has the opposite problem. The New York Times reported that due to the city’s high property values, gas stations are frequently being converted into more profitable enterprises, such as high-rises. This gives city drivers fewer locations to fill up. [more]

  • From left: interior shots of the St. Regis, the Crosby Street Hotel and the Setai Fifth Avenue

    New York may have some great hotels, such as the Ace (known for its social scene), the Standard (known for its High Line views) and Le Parker Meridien (known for its Burger Joint). Fabulous amenities aside, a hotel is all about the rooms. And this month, Departures magazine provides its picks for the city’s best hotel rooms. [more]

  • A rendering of the Cornell-Technion campus

    Not only did Google’s purchase of a Chelsea headquarters affirm the neighborhood’s tech sector appeal, but the Silicon Valley giant is also using the neighborhood to draw the next wave of start-up entrepreneurs. DNAinfo reported that Google’s headquarters on Eighth Avenue will house the Cornell-Technion applied science graduate school while the permanent campus gets built on Roosevelt Island. Classes are set to begin this fall. [more]

  • A screenshot of an online map

    It might be hard for some to believe that their high-rises sit atop former farmland, but a new set of online maps are meant to show city dwellers the history of the land on which they live. The New York Times reported that the Museum of the City of New York and Manhattan Borough President Scott Stringer’s office put the 92 maps online, which date back to the early 1800s. [more]

  • New York City renters pay a greater share of property taxes than homeowners, Crain’s reported, citing a new study conducted by the Furman Center for Real Estate and Urban Policy. “It’s not apparent because the property tax is hidden to renters,” Ingrid Gould Ellen, co-director of the Furman Center, told Crain’s. “Most [renters] don’t have a sense how much they are paying toward taxes.” [more]

  • From left: Robert Fried, an attorney with Jack Jaffa & Associates, Mayor Michael Bloomberg and 2610 Frederick Douglass Boulevard

    The number of violations issued against residential landlords who illegally house temporary occupants in their apartment buildings has more than doubled in the wake of 2011 state legislation curbing illegal hotels, according to data provided to The Real Deal today by the office of Mayor Michael Bloomberg.

    The administration’s Office of Special Enforcement task force issued 1,897 transient occupancy violations in 2011 – almost two-and-a-half times more than in 2010 – and about 96 percent, or 1,820 violations, have been issued since the law took effect in May 2011, the data through Dec. 31, 2011 show. [more]

  • From left: The Z NYC Hotel and Hotel BPM

    A total of 15 hotels opened around New York City in 2011, the New York Times reported, and nearly half of them that rose last year alone were outside of Manhattan. In fact, in the five-year span from 2006 to 2011, 42 percent of New York City’s new hotels popped up in the outer boroughs, according to data from New York City’s official marketing, tourism and partnership organization NYC & Company. [more]

  • In the latest effort to ban smoking in New York City, the City Council is expected to propose legislation today at the urging of Mayor Michael Bloomberg that would require residential buildings to inform prospective tenants and building owners of where residents can and cannot smoke inside and outside of  their condominium, co-op or rental building, the Wall Street Journal reported. In addition, according to the Journal, “it would require buildings to develop policies that address whether smoking is permitted in both indoor and outdoor locations, including lobbies, balconies, courtyards, laundry rooms and, most controversially, individual apartments.” [more]

  • NYC and Boston duke it out for tech

    April 16, 2012 04:30PM

    From the April issue: To many New Yorkers, Boston is a punch line, usually delivered during baseball season. But New England’s biggest city — along with Cambridge, its neighbor across the Charles River — is going head-to-head with the Big Apple to woo technology companies, not only fill office space, but also provide a boon to the local economy.

    Indeed, all three cities are stepping up efforts to become the No. 2 tech magnet behind California’s Silicon Valley — if not No. 1. [more]

  • From left: Ariel Property Advisors President Shimon Shkury and 1917-19 Adam Clayton Powell Jr. Boulevard, an Upper Manhattan portfolio that closed in the first quarter

    The overall volume of New York City multi-family transactions increased by 34 percent in the first quarter of 2012 compared to the same period last year, according to data released today by Ariel Property Advisors, and was up 11 percent over the fourth quarter of 2011. New York City recorded 145 multi-family transactions comprised of 222 buildings in the first quarter of the year, totaling $1.15 billion, compared to first quarter 2011 figures of 108 multi-family transactions comprised of 137 buildings totaling $548.9 million. [more]

  • Brooklyn Bridge Park’s Pier 1, where seven developers are vying to build a hotel, a restaurant and residential units.

    From the March issue: In real estate, waterfront views are gold. But for decades, much of New York City’s waterfront has been home to industrial sites that have been inaccessible to the general public — and to real estate developers.

    That’s changed a lot under the Bloomberg administration, which has put waterfront development at the top of its agenda. Indeed, hundreds, if not thousands, of units of housing abutting the city’s waterways have come online in recent years — some at private development sites and some that the city or state have helped nudge along. [more]

  • New York City

    Sorry, New Yorkers — this city isn’t the most expensive area in which to rent a two-bedroom apartment, not even the most expensive in the state. At least that’s what a new study covering rents in the country released by the National Low-Income Housing Coalition says, the Wall Street Journal reported. In fact, Long Island took the prize for the priciest two-bedroom rents in New York. Its average price ticked in at $1,682 per month, putting Long Island in fourth place nationwide. New York City came in at 14th with an average rent of $1,424. [more]

  • Despite political opposition to Walmart, many New Yorkers are growing more willing to welcome the store into their city. New figures reported by Crain’s show local politicians may have 7.7 million reasons to follow suit.

    Sales to New York City residents in suburban stores are up 10 percent from a year ago, and city dwellers are on pace to spend $215 million at the area’s stores this year. That would translate to at least $7.7 million in sales tax revenue alone, experts said. … [more]

  • alternate text
    From left: the Empire State Building, Steve Roth, William Mack, Sam Zell and the Capitol Building in DC

    Some of the industry’s biggest names, William Mack, Steve Roth and Sam Zell, said the real estate markets in
    New York City and Washington, D.C. have essentially recovered. The problem is the rest of the United
    During the NYU Schack Institute of Real Estate’s annual REIT symposium at the
    Pierre Hotel on Fifth Avenue yesterday, the industry giants gathered to share concern over America’s
    future, particularly in terms of real estate.
    In the past, Zell and Roth, the chairmen of Equity Investments Group and Vornado Realty Trust, respectively, said smaller markets roughly
    followed the central ones, but that’s not the case in the current recovery. And that’s hurting the U.S. … [more]