The Real Deal New York

Posts Tagged ‘real estate board of new york’

  • In an unusual twist, home prices in the outer boroughs held up better than those in Manhattan in an overall dreadful fourth quarter, according to the latest figures from the Real Estate Board of New York cited by the Wall Street Journal.

    While the median price in Manhattan tumbled 8.5 from the prior year quarter to $750,000, prices actually inched up by 2.9 percent in the Bronx to $350,00 and 1.4 percent in Brooklyn to $473,000. [more]

  • alternatetext
    The American division of the famed Swiss watch company Rolex claims that data technology firm RealPlus is infringing on its trademark by using the name R.O.L.E.X. for its residential property listing system, a new lawsuit filed in U.S. District Court in Manhattan says.

    The R.O.L.E.X. technology, an abbreviation of RealPlus Online Listings Exchange, is used by the Real Estate Board of New York as the backbone of its multiple listing service known as NY1Residential.

    Midtown-based Rolex Watch U.S.A. claims RealPlus and its managing director Eric Gordon are infringing on the timepiece maker’s trademark, the suit, filed Tuesday, says.

    “[RealPlus] use of this confusing and identical mark is likely to bring to mind [Rolex’s] famous Rolex trademark… and dilute the distinctiveness of the Rolex trademark,” the complaint says. … [more]

  • alternatetext
    The Real Estate Board of New York has increased the annual membership dues by as much as 17 percent in what will be the first fee increase for the influential group since 2008.

    The city’s leading real estate trade organization will be sending out renewal notices in the coming weeks to its more than 12,000 members. The payments are due Jan. 1, the group says.

    The percentage hikes are somewhat higher than the last time there was an increase, four years ago.

    For commercial associate brokers the fee rises 11 percent to $550 from $495, and for commercial salespersons, it increases 17 percent to $375 from $320. … [more]

  • Madison Avenue bounces back too quickly?

    November 09, 2011 12:01PM

    From left: Jeffrey Roseman, executive vice president at Newmark Knight Frank, Howard Davidowitz, chairman of Davidowitz & Associates, and Madison Avenue

    At least 60 new retailers have opened on Madison Avenue’s northern strip since January 2010, including high-end stores like Bottega Veneta with its $30,000 purses, the Madison Avenue Business Improvement District told the Wall Street Journal. An additional 10 new stores are under construction. Fifth Avenue also makes positive strides, as demand increases.

    It’s a notable comeback for the avenue, which lost multiple high-profile tenants in the recession, including Christian Dior and Yves St. Laurent, driving the vacancy rate up to 15 percent at the worst of the market. Rents, which had soared to $1,500 a foot during the boom, also collapsed. … [more]

  • Supporters of the Occupy Wall Street movement have now begun targeting the Real Estate Board of New York on social media and then in turn by phone, following news reports that REBNY seeks to submit a proposal to the city limiting the public access hours of privately owned public parks. In response to an opinion article in today’s New York Times by Jerold Kayden, a professor of urban planning at Harvard University, on the legal gray area of such privately owned public spaces, and the news reports of REBNY’s plans, a Twitter user called @OccupyMyCat this morning posted, “Announcement! It’s time to Occupy REBNY, the Real Estate Board of New York!”


  • The Real Estate Board of New York held its 23rd annual Residential Deal of the Year Awards and Charity Gala last night at Pier 60 at Chelsea Piers. The top prizes went to Sharon Baum, senior vice president and director of the exclusive properties division of the Corcoran Group, who received the Henry Forster Award for Lifetime Achievement, and Norman Horowitz, executive vice president at Halstead Property, who won the first prize Residential Deal of the Year Award in  sales. The Rookie Salesperson of the Year Award was given to Sarah Williams, an agent with Halstead Property, for what REBNY called “her impressive entry into New York City’s residential sales market.” — Miranda Neubauer[more]

  • While the wave of residential market reports issued by brokerages earlier this month found Manhattan home prices to be stable, the Real Estate Board of New York found prices to be increasing.

    The average Manhattan home price in the third quarter increased 5 percent compared to the prior year quarter to $1.39 million, according to the REBNY report released today. Citywide, REBNY found home prices increased 8 percent to $780,000. Chelsea/Flatiron saw the biggest price increase over the last 12 months, as homes averaged $2.08 million, 16 percent more than they cost in the third quarter of 2010. — Adam Fusfeld[more]

  • RealPlus, developer of real estate listings platform R.O.L.E.X., is planning to launch an enhanced version of the system, offering greater control in how firms co-broke and exchange listings, the company announced today.

    The R.O.L.E.X. system will be available to all Real Estate Board of New York members as an optional, fee-based service.RealPlus handles as many as 10,000 transactions per day, it said, and supports over 500 firms, all members of the REBNY Listings Service.

    Features of the new program, RealPlus said, include the option to feed listings to the New York State Multiple Listings Service, supply listings to national property site automatically and it offers a quicker means of co-brokering listings. — Katherine Clarke[more]

  • alternatetext
    Warburg broker and REBNY technology chair Steven Goldschmidt

    The Real Estate Board of New York is updating the technology behind its residential listing service, Crain’s reported, and switching to Stratus Data Systems from RealPlus Online Listings Exchange. The new service, which is compatible with applications and software that allow more programs to access information from the listing service, will be implemented in January, but the switch won’t be complete for a year.

    “We needed a system that could keep up with the times,” said Steven Goldschmidt, a broker at Warburg Realty and chair of REBNY’s technology committee. “We are going from a 1995 Audi to a 2013 Lexus.” … [more]

  • Over three-quarters of New York brokers believe that next quarter’s values and sales will be better than or the same as last quarter, according to a second-quarter survey conducted by the Real Estate Board of New York and released today. The survey found that 77 percent of respondents reported closing rental transactions at or above asking rent in the second quarter, up 16 percent from the quarter prior. Additionally, 13 percent more brokers reported closing rental transactions and 4 percent more reported closing sales compared to last quarter. Ten percent more brokers reported closing sales at or above asking price compared to what brokers reported in the second quarter of 2010. — Miranda Neubauer[more]

  • New York City home sales prices inched upward, while sales activity blossomed in the second quarter of 2011, according to a report released today by the Real Estate Board of New York.

    Sales activity increased 10 percent from the first quarter of 2011, but is down four percent from the same period a year ago due to “unseasonable fluctuations” caused by the looming expiration of the homebuyer’s tax credit, according to Steve Spinola, REBNY’s president. Meanwhile, sales prices increased 2 percent from last quarter and 3 percent from the same period a year ago. In the second quarter “we saw a return to normal cyclical market patterns,” Spinola said. — Adam Fusfeld[more]

  • alternatetext
    From left: Halstead Property President Diane Ramirez, Eileen Spinola of REBNY and Secretary of State Cesar Perales

    The little-known 15-member New York State Board of Real
    that helps craft regulations for the industry and hears
    public complaints about brokerage licensing has a mandate to
    meet at least three times per year yet has not held a meeting in
    more than 24 months.

    The quasi-governmental body, which includes appointed
    members such as Diane Ramirez, president of
    Halstead Property, and Eileen Spinola, a senior vice president
    for the Real Estate Board of New York, last met in June
    2009, before either Ramirez or Spinola began their two-year
    terms. Other members include real estate brokers from the
    Bronx, Brooklyn, Manhattan and upstate as well as corporate
    representatives. The governor, and majority and minority
    leaders in the State Senate and Assembly appoint the members.
    There are currently two vacant positions. … [more]

  • LPC weighs landmarking 40 UWS blocks

    June 28, 2011 12:49PM
    From left: 333 West 86th Street and 235 West 75th Street (building photo credit: PropertyShark)

    The Landmark Preservation Commission is holding a hearing today to
    decide whether to create a historic district spanning West End Avenue
    from 70th Street to 109th Street, DNAinfo reported. The
    district would encompass more than 800 buildings, and quell growing
    concern over the recent destruction of architectural detail on two Upper
    West Side buildings. In the last two months ornamental urns were
    removed from 333 West 86th Street and marble columns were detached from
    235 West 75th Street. Though both incidents were licensed with proper permits, residents of the buildings were surprised and angered by the changes. … [more]

  • alternatetext
    Clockwise from top left: Howard Dolch and Robin Abrams, Lansco; Gary Alterman, Robert Futterman, Ariel Schuster of RKF (credit Amanda Marsh); Joanne Podell, C&W; David Green, C&W; Natalia Macias, Tishman Speyer (credit Adam Pincus); Cherri Nanninga, CBRE; Gene Spiegelman, C&W; Mark Finkelstein, Retail Strategies (credit Adam Pincus); (center) Robert Futterman, RKF; (r.) Benjamin Fox, Massey Knakal (credit Adam Pincus)

    Robin Abrams and Howard Dolch of Lansco received the award for “Most Creative
    Retail Deal of the Year” by the Real Estate Board of New York last night for their
    representation of discount stores Filene’s Basement and Syms Clothing in opening a
    new flagship location at 530 Fifth Avenue
    in Midtown.

    Robert Futterman, Gary Alterman and Ariel Schuster of Robert K. Futterman &
    Associates received a prize for the deal that “most benefits Manhattan,” for representing
    grocery store Fairway Market, which took a space at 240 East 86th Street in Yorkville.

    The awards for the 2010 top retail deals were announced at a cocktail party at 101 Park
    Avenue in Midtown. TRD

  • The Bloomberg administration is ramping up its opposition to a GOP-sponsored Senate bill that would cap property taxes for apartment building owners whose tax abatements are about to expire, calling it “a large tax break dressed up as housing policy,” the Daily News reported. The legislation, introduced by Senate Housing Committee Chair Catharine Young, would extend the now-expired 421-a tax abatement program for four years, while imposing a 30-year cap on property taxes for landlords whose abatements are expiring and who agree to keep 20 percent of their housing units affordable. In those cases, property taxes would be capped at 20 percent of the buildings’ rental income, and according to Bloomberg administration officials, the city would lose an estimated $2 billion in revenue as a result. … [more]

  • New York-based landlord Friedland Properties is in settlement negotiations with the federal government for allegedly failing to comply with housing discrimination laws that protect the disabled, the Wall Street Journal reported. The building in question is the 22-story, 143-unit Melar, a rental building at 250 West 93rd Street on the Upper West Side, which the U.S. Attorney’s office believes Friedland did not make accessible enough for wheelchair users. Friedland initially agreed to set aside $180,000 to cover discrimination claims, pay a $40,000 fine and spend $288,300 to remedy the situation. But in April, the landlord filed a motion seeking to withdraw from the settlement. The implications of the ruling could extend far beyond the Melar and affect some 176,000 apartments — including 64,000 affordable housing units — throughout the city, industry insiders told the Journal. … [more]

  • Retail rents in Lower Manhattan jumped 23 percent in the spring of 2011
    compared to the fall of 2010, according to a report released today by
    the Real Estate Board of New York, and apparently that’s because of the  news coverage World Trade Center construction has garnered. “Lower
    Manhattan has been receiving national and international attention as a
    result of the progress at the World Trade Center site. The rise in
    asking rents for retail space shows that retailers are looking to
    capitalize on the increase in pedestrian traffic expected there in the
    years to come,” said Steven Spinola, REBNY’s president. TRD[more]

  • REBNY holds bedbug seminar

    May 11, 2011 04:43PM

    While rising spring temperatures would bring comfort to most, the real estate community in a city that had the most bedbugs in the nation last summer is on edge. In advance of a summer season that could achieve new heights in bedbug cases, the Real Estate Board of New York held an informal seminar on bedbug regulation and detection that featured property owners, pest control experts and entomologists, Crain’s reported. After all, 4,800 cases of bedbug violations were reported to the
    Department of Housing Preservation and Development last year, after
    numbering just 82 as recently as 2004. … [more]

  • A Department of Buildings safety regulation that for years has been the subject of gripes from property owners isn’t as onerous as the real estate industry originally thought. According to the Wall Street Journal, the DOB’s requirement that large buildings hire full-time safety inspectors during major façade work had been generally interpreted to mean that third-party safety managers must be hired to oversee contractors as they work. That has long been a source of frustration for landlords, who have paid thousands of dollars in fees to hire managers who have tons of downtime on the job. Recently, the DOB sought to clear up the confusion. … [more]

  • New York City Council member Dan Garodnick, who represents Stuyvesant Town and Peter Cooper Village, said a bill being kicked around the state senate ignores thousands of harmed individuals, lost affordable apartments and the law. In an interview with the Village Voice, Garodnick shreds the bill that would allow landlords who illegally deregulated apartments while taking tax breaks from the city to simply pay back their taxes and avoid further penalty. It would save landlords hundreds of millions of dollars, while tenants whose rents were illegally raised would lose their right, protected by a 2009 state appeals court ruling, to recover money. … [more]