Real estate brokerage, long known as the last professional refuge of divorcees and retirees, has a new image these days, thanks in part to the rise of real estate-themed reality television, which showcase dramatic, multi-million dollar properties and the agents responsible for selling them. See the photos and more after the jump.
Posts Tagged ‘real estate’
The New York State Teachers Retirement System is set to make new investments in real estate worth $157.5 million, Investments & Pensions Europe reported.
The investment includes a $50 million commitment to Cerberus Institutional Real Estate Partners III, an opportunity fund which is aiming to raise $1 billion in capital to target investments in distressed mortgage-backed securities in both the U.S. and Europe, IPE said. The pension fund has also committed to investing $75 million into preferred REITs via Park Avenue-based Cohen & Steers Capital Management. [more]
While the New York City real estate world is known for its fierce competitiveness, last week’s hurricane brought out the industry’s more compassionate side. Agents and staff at many of the city’s large firms and real estate organizations have banded together to help those in need in Hurricane Sandy’s wake. Read on for a closer look at the relief efforts. [more]
Private equity giant the Blackstone Group has closed the largest real estate opportunity fund ever, GlobeSt.com reported. The Blackstone Real Estate Partners VII fund closed at $13.3 billion; The company launched the fund in 2010 with a plan to raise just $10 billion. Blackstone’s Jonathan Gray, global head of the private equity giant’s real estate business, will now set his team to work deploying the funds.
“We believe the current environment provides a highly attractive opportunity to generate favorable returns for [our investors,]” Gray said. [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 firstname.lastname@example.org or 212-991-5026.
From left: Town Residential’s David Salvatore, Prudential Douglas Elliman’s Sonia Stock and Fredrik Eklund, UrbanDigs’ Noah Rosenblatt and Gary Malin, president of Citi Habitats
With the stock market posting its best first quarter in 14 years, real estate agents and brokers are beaming about the effect it’s having on interest, sales volume and open house attendance in their day-to-day business, despite little data to definitively confirm a causal relationship between the performance of stocks and the real estate market (see charts prepared for The Real Deal by Miller Samuel after the jump)…. [more]
Apartments for families are all the rage in Long Island City, the New York Times reported, and new developments slated for the area are prioritizing amenities such as playrooms, capitalizing on the relative affordability, commuting possibilities and the suburban feeling of the city.
In the first quarter of 2011, the average size of a unit sold was 822 square feet, while in the fourth quarter it had jumped to 1,364 square feet, according to data provided by Jonathan Miller of appraisal firm Miller Samuel. [more]
From the February issue: With all the coverage surrounding the upcoming presidential election, New York City’s 2013 mayoral race feels a long way off. But that’s not the case for the politicos running for mayor — or even those rumored to be considering it.
Most have already been collecting campaign contributions for months or years, in many cases from prominent figures in the city’s real estate industry. [more]
From the February issue: It’s a question many New Yorkers, especially those with children, ask themselves at some point: Buy an apartment in the city, or spend the same amount on a spacious house in the suburbs? When choosing the latter, New Yorkers often flock to the stately homes, McMansions and well-tended lawns of a few affluent counties just outside the city’s borders: Westchester and Nassau counties in New York, Fairfield County in Connecticut and Bergen County in New Jersey (see charts of the top five sales in each county after the jump). [more]
While marketing a building on the strength of the school district it lies within is forbidden by the Fair Housing Act, a new interactive map designed by Education.com provides homebuyers with the tools to do their own research, without the help of a broker.
California-based Education.com, a website that offers advice and information to parents of school-age children who are in the market for a home, launched the new interactive map called “School Boundaries” with school district assignment information yesterday. The map, the company said, is a valuable tool for apartment hunters and brokers, who often have a hard time accessing these kinds of information cheaply or without significant offline research. Also, it’s not information that brokers can legally share. [more]
Brooklyn Borough President Marty Markowitz is pushing hard for New York University to further expand in the borough, he said at the Brooklyn Real Estate Roundtable luncheon today.
“NYU and their future belong in Brooklyn,” Markowitz told a crowd of real estate pros at the event, held at the Brooklyn Historical Society in Brooklyn Heights. [more]
From the February issue: Wannabe developers who fancy themselves the next Stephen Ross or Gary Barnett can now practice building their own city skyscrapers, thanks to a new iPhone application.
Called “Tiny Tower,” the addictive game lets players build their own high-rises — and collect rent from the “bitizens” that inhabit them — in real time. Designed by NimbleBit, a Solana Beach, Calif.–based company founded by twin brothers Ian and David Marsh, “Tiny Tower” launched in June, and was named Apple’s 2011 iPhone Game of the Year. [more]
Mayor Michael Bloomberg suggested yesterday that Alan Rosenfeld, a Queens teacher and real estate pro who hasn’t set foot in a classroom for almost a decade, put his property knowledge to good use to help the city, the New York Post reported.
The teacher, who hasn’t had any contact with children since he was accused in 2001 of making inappropriate comments to students (but not charged), continues to make $100,000 per year for making occasional photocopies and spends his days developing his $10 million real estate portfolio, including the acquisition properties in Queens, Great Neck, and Florida, the Post said. [more]
New York City lost 900 construction jobs in September and added 100 real estate sector jobs, according to an Eastern Consolidated report with the most recent city employment data from the New York State Department of Labor.
Overall, the city lost 13,500 jobs last month, including 8,700 private sector jobs, marking a correction in an otherwise positive trajectory of job growth.
“Since bottoming in September 2009, New York City has added 82,200 jobs, or 2.2 percent. The U.S. has added 2.09 million jobs since its nadir, February 2010, a growth rate of 1.6 percent,” the report says. “The city is 36,400 private sector jobs short of its peak in April 2008, or 1.5 percent below. The U.S. remains 6.26 million private sector jobs short of its peak in January 2008, or 5.4 percent below.” – Katherine Clarke… [more]
The Department of City Planning will be holding a public hearing on former City Council Speaker Gifford Miller’s Bronx real estate project later this month, the Wall Street Journal reported.
As previously reported, Miller and longtime friend Robert Frost, a partner at Signature Urban Properties, are planning to transform a derelict section of the Bronx near the Sheridan Expressway with 10 new “affordable” apartment buildings, they said.
The $400 million Bronx project is the pair’s first ground-up venture, the Journal said; the area is currently home to a strip of car repair shops and smaller residential buildings. Signature, founded in 2007, is currently working to have it rezoned to allow for the development. … [more]
As real estate sales have slowed and transaction taxes have dropped,
the Metropolitan Transportation Authority, the city and the state
overall are seeing revenues much lower than the $400-million plus that
came in on a monthly basis in early 2007, at the high point of the real
estate boom. The MTA on Monday announced a budget shortfall of $621
million for this year, and about half of the shortfall was due to real
estate transfer taxes being lower than expected. Between January and
February 2007, the city pulled in $604 million in mortgage recording
taxes and property transfer taxes, compared to $141 million during the
same period this year.