The Real Deal - New York Real Estate News

Ventas acquires Canadian senior living developer in $1.8B deal

Posted: 09 Jun 2019 01:00 PM PDT

A chain of Canadian senior living facilities will soon get a taste of Chicago. Ventas has announced it has a deal in place to acquire 85 percent of Le Groupe Maurice, a Quebec-based senior living developer, Globe St. reports. Chicago-based Ventas will pay $1.8 billion for the equity stake, and will take ownership of 31 senior housing facilities and four in-progress developments. Le Groupe Maurice will continue to manage the properties and further develop senior […]

DIY maintenance? Why some golf community residents are doing the work themselves

Posted: 09 Jun 2019 12:00 PM PDT

Some owners of homes built around golf courses are getting their hands dirty in order save their property values from tanking with closing, deteriorating greens. Developers nationwide have built thousands of residential communities around golf courses since the 1980s, but many have closed due to an excessive supply of courses and a decline in the popularity of golf, the Wall Street Journal reports. Nearly 2,000 golf courses across the country closed in the 2006-2018 period, […]

What China’s warning to students studying in the US means for real estate

Posted: 09 Jun 2019 11:00 AM PDT

China’s recent warning to students about studying in the U.S. poses a potential threat to housing markets surrounding universities and colleges. The Chinese government has cautioned students considering studying in the U.S. of “prolonged review times” and a “rising rate of visa rejections,” which could deter students and their families, who historically spend billions on homes near their schools, from studying in America, Jing Daily reported. In 2018 alone, Chinese buyers spent $30.4 billion on […]

Toronto real estate firm offers Kawhi Leonard a free luxury condo if he stays with the Raptors

Posted: 09 Jun 2019 10:00 AM PDT

The Toronto Raptors could be just one game away from winning their first-ever N.B.A. championship Monday night, in large part thanks to the heroics of new signing Kawhi Leonard. But the Los Angeles native has the option to become a free agent this summer, and Torontonians are pulling out all the stops to persuade him to stay in town from free food to free real estate. Toronto developer, investor and brokerage, The Condo Store, is […]

This “paper brokerage” offers leads to agents for 1% in commission

Posted: 09 Jun 2019 09:00 AM PDT

A startup called Clever Real Estate is attracting investors with its discount-driven model for pairing homeowners looking to sell with real estate agents. The company on Wednesday announced that it raised equity capital in a $3.5 million Series A funding round, Inman reported. The round followed $1.5 million of seed-capital investment in Clever, a “paper brokerage” based in St. Louis, Missouri that began operating in May 2017. (A “paper brokerage” is a company that’s licensed […]

Fisher Island condo takes 14% price chop

Posted: 09 Jun 2019 08:00 AM PDT

The founder of Safeway Insurance knocked about 14 percent off the asking price for his 6,618-square-foot home on Fisher Island. Listing agent Robert Conway of Douglas Elliman said the asking price is now slightly less than $12 million, down from nearly $14 million in November, when the condo was listed by another brokerage, Mansion Global reported. Conway called the original ask “overzealous.” William Parrillo, who founded Safeway Insurance in 1959, and his wife Carol paid […]

BlackRock scoops up European hostel portfolio for $127M

Posted: 09 Jun 2019 07:00 AM PDT

BlackRock just checked into the European hostel business. The institutional investor acquired a 100 million pound pan-European hostel portfolio through a joint venture with operator Amistat International, IPE Real Assets reported. That’s roughly $127 million. “This transaction represents an opportunity to gain early-mover access into an increasingly institutional but undersupplied asset class,” said Thomas Mueller, BlackRock’s European head of value-added real estate. “The demand profile for hostels is particularly appealing given the lack of modern, […]

Twitter CEO assembles adjacent homes in San Fran’s exclusive Sea Cliff neighborhood

Posted: 09 Jun 2019 06:00 AM PDT

The chief executive officer of Twitter is doubling down on an exclusive clifftop neighborhood in San Francisco. Billionaire Jack Dorsey, who co-founded Twitter and Square, a credit card payment service, forked out $21 million for a house next to one he has owned for seven years, according to Mansion Global. Dorsey paid $10 million in 2012 for his first mid-century two-bedroom house in San Francisco’s Sea Cliff neighborhood. Dorsey, 42, reportedly bought his new two-story […]