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]
Posts Tagged ‘real estate board of new york’
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]
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
Estate 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]
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]
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]
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]
Notoriously stubborn New York City co-op boards would see their power wane if two bills being kicked around the City Council become law. The Observer reported that the two bills, known as the “Fair and Prompt Co-op Disclosure Law” would require co-op boards to make a decision within 45 days of application submission and provide a written response explaining a rejection. As The Real Deal previously reported, perceived discrimination has become too closely intertwined with co-op boards’ decisions. Though the bills’ origination date back to 2006, widespread opposition helped keep them grounded, but the Real Estate Board of New York recently switched its position and backed the bills providing new pressure to pass the proposals…. [more]
Residential brokers are bullish on the second-quarter housing market in New York City, according to a survey by the Real Estate Board of New York released today. Of the 394 residential brokers REBNY said it polled through April 8, 72 percent said they expect the market to improve in the second quarter. And brokers reported having the sales numbers to back that up. Five percent more brokers said they have closings scheduled in the next three months compared with last year. Among the survey’s other findings, 7 percent of brokers reported sales that closed above the sellers’ asking price, up from 4 percent in the fourth quarter of 2010. TRD… [more]
From left: David Noonan, Jennifer Schwartzman, Robert Eisenberg, Barry Gosin, Mark Weiss and Steven Spinola
Newmark Knight Frank brokers David Noonan and Jennifer Schwartzman took home the top prize last night at the Real Estate Board of New York’s Most Ingenious Deal of the Year Awards. The ceremony honored the most creative commercial deals made in the last year, as judged by a panel that includes brokers and property owners, according to REBNY President Steven Spinola.
Taking home second place were Robert Eisenberg, Barry Gosin and Mark Weiss, also from Newmark, while CB Richard Ellis’ Darcy Stacom and William Shanahan nabbed third place…. [more]
Vincent Peters, a vice chairman with Cushman & Wakefield, passed away Sunday, according to an obituary announcement from the Real Estate Board of New York. Peters, who died after a “short illness,” according to New York Post columnist Lois Weiss on Twitter, was 88. Peters, a REBNY member for 64 years, won the organization’s “Most Ingenious Deal of the Year Award” twice — in 1974 and 1985 while at Cushman. He was also influential in the real estate world beyond New York City, helping broker the development of Chicago’s famed Sears Tower. Cushman handed out an inaugural award in his name this past February. TRD
Karen Berman, director of sales at Argo Real Estate, has been appointed to the Real Estate Board of New York’s Residential Board, the brokerage announced today. Berman, who has been with Argo for over 35 years, will help REBNY shape its residential policy agenda in her new role. In the past, Berman has served on REBNY’s Ethics Committee and the membership committee of the Association of Real Estate Women. TRD… [more]
The Real Estate Board of New York is warming to the idea of an increase in the city’s $2,000 rent deregulation limit after years of opposing rent regulations altogether, according to the Wall Street Journal. “We are prepared to look at a higher number,” Steven Spinola, REBNY’s president, told the Journal. “It depends what the rest of the package is.” The stance represents a major shift for the real estate industry’s leading trade association, which has long been fighting off efforts by advocacy groups to limit landlords’ ability to charge market-rate rents in vacant rent-regulated apartments once their rents reached the a certain rent threshold. … [more]
Shirley Hackel, an executive managing director at Warburg Realty, has been named a chair of the New York Residential Specialist Program with the Real Estate Board of New York, according to Warburg. In her new role, Hackel will help oversee the NYRS certification program, a 30-hour continuing education class that identifies graduates as experts in the residential field. Only agents who have five years or more experience in the field and have completed upwards of $50 million in sales transactions (or $17 million in rental transactions) are eligible for the program, which was launched in 2007. Hackel said that she hopes to increase the NYRS program’s profile in her new role. “The NYRS program is still in its infancy,” Hackel said. “I’m delighted… to embrace the challenge of not only maintaining our standards but also raising awareness for the credential among consumers.” TRD
Frustrated with increasing property taxes on rental apartment buildings, New York City developers and contractors are warning the Bloomberg administration that if it doesn’t change its tax policy, development of new rental buildings will stop, the Wall Street Journal reported. The increase has become a particular concern for owners of rentals built within the past two decades with 20 percent of their units set aside for low-income families. If taxes continue to outpace revenue, the Real Estate Board of New York says new development of these projects will not be possible…. [more]
In an unusual move, the Real Estate Board of New York sent a mass e-mail to more than 500 members notifying them that the trade group had fined the residential brokerage Nest Seekers International $5,000 for laying claim to another broker’s exclusive listing.
Several residential real estate insiders said it was the first time they had received a mass e-mail from REBNY notifying them publicly about a punishment. But at the same time, they said Nest Seekers was deserving of a sanction because it has often improperly put other firm’s exclusives on its own site.
REBNY, the city’s leading real estate trade organization, sent the notice of the fine yesterday afternoon to residential brokers…. [more]