The cherry atop 520 West 28th, Penthouse 37 contains five bedrooms and six-and-a-half bathrooms, including a corner master suite with two windowed dressing rooms and his-and-hers baths nestled on its lower level, which also houses three guest en-suite bedrooms, a utility room, and a wet bar. — Forbes
A group of developers on the short list to buy Tribune Tower want to convert the Gothic Michigan Avenue landmark into condominiums, apartments and even a hotel [...]
The property also comes with something all developers love: land for new buildings. A buyer could build one or two more towers on the parking lot next door and on space created by demolishing some of the existing Tribune building that is not landmarked. [...] — Crain's Chicago Business
It has been whispered about for months, but now it’s official: Vornado Realty Trust is offering up a palatial four-floor apartment at 220 Central Park South that is priced at a record-smashing $250 million.
The massive condominium will encompass floors 50 through 53 of the Robert A.M. Stern-designed limestone tower, and it will span some 23,000 square feet [...]. The asking price works out to nearly $11,000 per square foot. — therealdeal.com
A study commissioned by the developer indicated that total economic output of the companies projected to occupy Hudson Yards will contribute $18.9 billion to the city's gross domestic product. [...]
Many projections in the report are also contingent on a host of economic indicators in the city, including demand for Class A office space. Out of the 10.4 million square feet Related will have to lease up, so far it has locked in commitments from tenants for 4 million square feet. — crainsnewyork.com
An hour south from the bright lights of the Las Vegas strip, a tiny town in Nevada is up for sale.
Cal-Nev-Ari, Nev. (pronounced Cal-Nev-Air) is off a lonely stretch of Highway 95, surrounded by distant mountains and endless desert. The town isn't far from the California and Arizona borders [...].
If you can afford the $8 million asking price, you'll get the airstrip, the diner and the town's only casino. That includes a dozen old slot machines and a smokey bar. This place has character. — npr.org
London’s red-hot housing market of late is by now an international legend, drip-feeding the media with tragicomic stories of insane pricing on a weekly basis—from the $710 cupboard to the one-bedroom flat on sale for $37 million. Now a new report out this week details some of the harmful social effects that this boom in housing costs has wrought. Unsurprisingly, they are many. — CityLab
Buy-to-let landlords should face new limits on the amount they can borrow, the Bank of England has proposed.
It suggested that lenders should be much stricter when deciding whether or not to grant landlords a mortgage.
Instead of just taking their rental income into account, the Bank wants lenders to look at their wider financial situation as well.
If adopted, the new rules could reduce lending to landlords by up to 20% over the next three years. — BBC
According to the Prudential Regulation Authority (PRA), the newly-proposed standards should "curtail inappropriate lending, and the potential for excessive credit losses."The new strictures would take into account the costs a landlord accrues in order to rent a property, tax liabilities associated...
Some New York City real estate agents have teamed up with their counterparts outside the five boroughs for organized seminars and “immersive tours” of the suburbs. The city agents get a cut of the commission if their clients decide to buy a house in the suburbs. The services, which reside somewhere between shrink session and sales pitch, intend to address the concerns of families unsure about leaving the city and guide them to suburbia, step by step. — nytimes.com
WeWork’s inspirational mottoes—"Do what you love," "Thank God it’s Monday," among many others—its evangelical faithful, and gatherings like the summit all have religious echoes..."Start imagining it a bit bigger," Neumann says about WeLive, stoking his idyllic view, "an entire building. And then instead of having just one building doing it, five buildings doing it. Then you’ll be able to imagine what a WeNeighborhood or a WeStreet would be." — Fast Company
This in-depth profile of WeWork founder and (pro-capitalist) visionary Adam Neumann is worth the read. Whether you like to freestyle your work and life or prefer the centuries-old model of deeded quiet, WeWork (and now, WeLive) is making a previously unsustainable model profitable. Is Neumann just...
New York collects about $60 million annually for allowing signs, ornamental lampposts, stand-alone clocks, benches, bollards, planters, permanent trash receptacles, delivery ramps and just about anything else imaginable on, over or under the city’s 12,000 miles of sidewalks. [...]
Overall revenue from sidewalk-permit fees has risen by about 50 percent in the past decade, the bulk of it from utility companies for pipes and transformers below ground. — nytimes.com
It's hard to remember that just a few decades ago it was difficult, if not impossible, for a woman alone to take out a mortgage. Federal legislation changed that.
And yet, it's still surprising to learn how dominant single women have become in the housing market today: Their share is second only to married couples, and twice that of single men. — npr.org
“I give it two years, max [...] It will be US business interests that finally push congress into lifting the embargo – they’re all going crazy being shut out of this market.” American architects and developers are already queuing up to be first in line, ready to pounce on investment opportunities when the embargo drops. Frank Gehry sailed into Havana in December, aboard a streamlined yacht he designed for himself, here to “offer his expertise to Cuba” according to a government statement. — theguardian.com
As an architectural historian, Ms. Clark, 30, has studied buildings throughout New York City in pursuit of her doctorate. [...]
Working for JDS, Ms. Clark felt she could have more than a theoretical effect on architectural history. “I think real estate in many ways is the story of New York, how the city grows and changes,” she said. [...]
As soon as JDS considers acquiring a property, Ms. Clark heads to the archives ... to start developing a case for or against the project. — nytimes.com
Rupert Murdoch has dropped his plans to relocate 21st Century Fox and News Corp. to 2 World Trade Center.
In a statement issued Friday afternoon, World Trade Center developer Larry Silverstein declared himself “disappointed” by the news. [...]
In June, the two media companies signed a letter of intent with Silverstein to occupy 1.5 million square feet for 30 years at a 2 World Trade Center designed by architect Bjarke Ingels. — capitalnewyork.com
"Concerned about illicit money flowing into luxury real estate, the Treasury Department said Wednesday that it would begin identifying and tracking secret buyers of high-end properties."
"The initiative is part of a broader federal effort to increase the focus on money laundering in real estate." — The New York Times
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