The Real Deal - New York Real Estate News

Playing this video game taught a generation of planners how to design cities

Posted: 10 Mar 2019 01:00 PM PDT

When the city-building game “Sim City” was released in 1989, video games were largely considered a leisure activity at best. But the groundbreaking city-planning simulator has influenced scores of players to become city planners, transit advocates and to run for office over the years. These professionals told the Los Angeles Times they found their calling through the game franchise, which puts the player in the role of mayor and largely gives them free reign to […]

Wealthy investors to face stricter rules to obtain a “golden visa” in the U.K.

Posted: 10 Mar 2019 12:00 PM PDT

Wealthy investors from Russia and China may face a tougher time gaining “golden visas” in Britain amid a new crackdown on money laundering. New rules in April will require visa applicants to show they have had control of more than 2 million pounds for at least two years rather than 90 days in order to gain the visa, according to the Financial Times. In the past, the tier-one “investor visa” was referred to as the […]

Private investors are buying more mortgage loans and reselling them as bonds

Posted: 10 Mar 2019 11:35 AM PDT

(Credit: Pixabay) Private investors are acquiring a growing volume of mortgage loans, a practice long dominated by government-backed Fannie Mae and Freddie Mac. Banks and other financial institutions are buying more mortgages that meet the standards of Fannie and Freddie, then selling them in the form of bonds without government guarantees. Recent issues of these so-called private-label securities comprised largely, or solely, of mortgage-loan pools have come from JPMorgan Chase & Co., Flagstar Bancorp Inc., […]

House music: Rapping resi broker makes music videos about the local housing market

Posted: 10 Mar 2019 11:00 AM PDT

Hip hop and home sales — a match made in real estate marketing heaven? That’s the approach South Shore broker Trinette Lindsey is taking with rap videos about the local housing market. Lindsey, a 36-year-old broker with Dreamspots Leasing-Sales in Chicago, released a number of rap videos under the moniker “T-Lindsey,” according to Crain’s. In the videos, which are posted to Youtube, Lindsey raps about the steps in homebuying and selling, and mentions that she […]

Deutsche Bank management agrees to discuss merger with Commerzbank

Posted: 10 Mar 2019 10:30 AM PDT

Top executives of Deutsche Bank agreed to informally discuss a possible merger with competitor Commerzbank. The two biggest banks in Germany are exploring strategic alternatives following an extended decline in their financial performance and stock prices. The Wall Street Journal also reported that German government officials have increased pressure on Deutsche Bank and Commerzbank to improve their performance and to consider merging. The Welt am Sonntag newspaper earlier reported that the management board of Deutsche […]

The world’s fastest growing luxury market is in the Philippines

Posted: 10 Mar 2019 10:00 AM PDT

Welcome to Manila, capital of the Philippines and the fastest growing luxury market in the world. The city’s luxury sector saw an 11.1 percent price increase year over year, making it the fastest growing city among 100 global prime markets that Knight Frank tracks, according to Mansion Global. This increase is due to the country’s strong economy and low supply of luxury housing. But Manila’s growth is much lower compared to top cities in prior […]

Tesla will close stores, lay off staff as carmaker goes online

Posted: 10 Mar 2019 09:00 AM PDT

Tesla is closing down its dealerships and will sells its cars solely online, the company said this week. The decision was made to cut costs in order to release its mass-market vehicle, the $35,000 Model 3, according to TechCrunch. The move is among several cost saving measures that will allow the company to lower all of its vehicle prices by 6 percent. “There’s no other way for us to achieve the savings required to provide […]

Nonprofit sues city over plan to build senior complex on garden site

Posted: 10 Mar 2019 08:00 AM PDT

A new lawsuit has ramped up a fight over preserving green space and providing housing for low-income seniors. A nonprofit group is suing the city and the Department of Housing Preservation and Development to try to stop the city from turning the Elizabeth Street Garden in Nolita into a seven-story affordable housing complex for seniors, Gothamist reported. The group, the Elizabeth Street Garden, alleges the city and HPD did not take into account a range […]

City of Newark to pay $27M lease on parking lot it sold for $1

Posted: 10 Mar 2019 07:00 AM PDT

Newark’s city council voted Wednesday on a deal to pay $27 million over 30 years to lease a parking lot that it previously sold to the Newark Parking Authority for a single dollar. And not everyone is happy about it. The land, at 43-67 Green Street, currently contains 258 parking spaces. The city sold the site to Newark Parking Authority, an autonomous agency with plans to develop administrative offices, ground-floor retail space and a five-story […]

Why big banks are pulling back from lower-income areas

Posted: 10 Mar 2019 06:30 AM PDT

JPMorgan Chase is increasingly shrinking its presence in low-income areas. Even as JPMorgan plans to open 70 new locations around the largely wealthy Washington, D.C. area, the bank is pulling back in less affluent neighborhoods, Crain’s reported. A year ago, the bank said it plans to spend billions to open 400 branches and boost lending in a national expansion. So far, JPMorgan has applied to open 185 new branches, with 71 percent of them in […]

New York City remains home to the world’s largest billionaire population

Posted: 10 Mar 2019 06:00 AM PDT

Forbes reported that New York City remains the most popular address in the world among billionaires. New York is home to 84 billionaires with a collective net worth of $469.7 billion, which is more than the annual economic output of Austria. The Big Apple’s wealthiest resident is media magnate and former mayor Michael Bloomberg, with a net worth of $55.5 billion, Forbes reported. Since 2015, New York has topped the annual Forbes list of the […]