The city’s board of supervisors voted to legalize and regulate short-term stays through a controversial piece of legislation that has been two years in the making [...]
The key changes include a limit on non-hosted rentals for up to 90 days per year. [...]
[The hosts will] also have to pay the city’s hotel taxes. They — not Airbnb — are responsible for certifying that they’re only hosting 90 days a year and for keeping records that prove this. — techcrunch.com
A triplex penthouse at Zeckendorf Development Co.’s tower under construction on Manhattan’s Upper East Side will be offered for sale at $130 million, making it New York’s most expensive apartment listing.
The 12,394-square-foot (1,151-square-meter) property will span the top three floors at 520 Park Ave., where sales will begin the first quarter of next year, Arthur Zeckendorf said in an interview today. — bloomberg.com
“For 10 or so of these important properties to come on the market at the same time, that matters a lot,” - Gregory J. Heym, an executive vice president and the chief economist for Halstead Property and Brown Harris Stevens — NYT
Earlier this month Robin Finn, looked at one trend in Manhattan's luxury/high-end real estate market. Given the less than 2,000 single-family homes in Manhattan, a recent influx of historic mansions and townhouses into the market, offers buyers a rare opportunity to avoid co-ops and condos.Some...
RFR plans to spend $250 million on Manhattan land purchases, up to $500 million on office building deals and $100 million to $150 million more on retailing properties — all before the end of the year. [...]
Perhaps the most under-the-radar purchase was 190 Bowery... Developers have been trying for years to buy the six-story Renaissance Revival structure, which appears abandoned, with blocked-off doorways, boarded-up windows and graffiti covering nearly all of the lower facade. — nytimes.com
190 Bowery is a mystery: a graffiti-covered Gilded Age relic, with a beat-up wooden door that looks like it hasn’t been opened since La Guardia was mayor. [...]
With the Bowery Hotel and the New Museum, the Rogan and John Varvatos boutiques, 190 is now an anomaly, not the norm. Why isn’t some developer turning it into luxury condos?
Because Jay Maisel, the photographer who bought it 42 years ago for $102,000, still lives there, with his wife, Linda Adam Maisel, and daughter, Amanda. — New York Magazine
“It’s not rare for us to go and try to make sure that no one buys the house of someone who’s facing foreclosure,” says Rob Call, an organizer for Occupy Our Homes Atlanta (OOHA). In Georgia, houses are publicly auctioned every first Tuesday of the month on each county courthouse’s steps. "[...] these auctions were mostly vacant. No one was really trying to go after these homes, but then they were [suddenly] swamped with people bidding up houses with quick access to sizable cashier’s checks.” — nextcity.org
As New York City’s burgeoning tech economy continues to grow, startups face the same challenges for office space they would anywhere else—but have the added challenge of Manhattan-level price tags, vying for space with law firms, banks, and other well-financed tenants.
An absolute lack of space is not the issue, however. New York’s low 10 percent office vacancy rate may be second only to Washington, D.C.’s 9.6 percent, but an enormous amount of inventory is going up [...]. — urbanland.uli.org
Fed up with rising rents, bidding wars and neighborhoods that no longer resemble the low-rise bohemian enclaves they found when they arrived, many Brooklynites are moving out. They include decade-long renters who can no longer keep up with price hikes, qualified buyers who have been outbid one too many times, and young families who simply can’t find the space they want at prices they can afford. — nytimes.com
It has been the setting for music videos, TV commercials and scenes from the '80s movie "Less Than Zero." Now, the unusual Los Angeles home by influential architect John Lautner is slated to go on the market for $7.5 million.
Known as Silvertop, the house has a striking design: It is made up of a series of interlocking half-circles, with a massive, arched concrete roof over the living room. — online.wsj.com
“People are more comfortable...with something that feels authentic." - Toby Moskovits, president of Heritage Equity Partners — NYT
Earlier this summer, C. J. Hughes took note of a trend in NYC real-estate, the conversion of unusual buildings into apartments and condos. But, it isn't only your typical post-industrial loft, the conversions include; phone company buildings (like 140 West Street designed by Ralph Walker, a...
As prices rise in Brooklyn, brokers in Bedford-Stuyvesant have been breaking sales records left and right since March [...] Nine of Bed-Stuy’s top 15 residential sales in the past five years are from 2014 [...] Meanwhile, the median sales price during the second quarter rose to $630,000, up from $425,000 in the second quarter of 2013. In June of this year, the median asking price was even higher, according to StreetEasy data: $895,000, a 50.4 percent increase from June 2013. — The Real Deal
In just a few minutes I was hooked. . . The photos and video were stunning. By assuming unusual vantage points, the drone allowed me to “see” so much more of my surroundings than usual.
[The view] would have otherwise been impossible without the use of a private plane, helicopter, or balloon. With any of those vehicles, I would have needed a telephoto lens, and all of them would have made an unacceptable commotion on the beach. What’s more, I would not have been in the photos! — Martha Stewart
Purveyor of all things "Good", Martha Stewart has added her two color-coded cents to the debate on drones in a nearly gleeful op-ed for TIME magazine. Titled "Why I Love My Drone", Stewart gushes about her new "useful tool" and marvels at how large-scale planning projects like Chateau de...
The 2,700 acre property in Santa Barbara, California, was bought by Jackson in 1988 at the height of his fame, a place where the pop legend was reputed to have found sanctuary and happiness away from the illness and controversy that plagued his adult life. [...]
In 2008, heavily in debt, Jackson was forced to hand over ownership rights to Tom Barrack's Colony Capital and since then, as well as paying off $23million of unpaid debt, the company has coughed up $5million per year just in upkeep — dazeddigital.com
According to data compiled by the firm PropertyShark, since 2008, roughly 30 percent of condo sales in large-scale Manhattan developments have been to purchasers who either listed an overseas address or bought through an entity like a limited-liability corporation, a tactic rarely employed by local homebuyers but favored by foreign investors [...] “The global elite,” says developer Michael Stern, “is basically looking for a safe-deposit box.” — New York Magazine
The first renderings are out for Tadao Ando's first project in New York City, 152 Elizabeth Street, a 32,000 sq.ft "ultra-luxury" condominium building to be constructed at the corner of Kenmare and Elizabeth Street in NoLIta in Manhattan. New York-based luxury residential development firm Sumaida...
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