The Real Deal - New York Real Estate News

The Bezos bump: Amazon deal pushes Realogy stock and market cap up by 19%

Posted: 23 Jul 2019 04:21 PM PDT

Hey Alexa, can you say bull market? Amazon and Realogy’s new partnership sent the real estate giant’s stock price and market cap soaring on Tuesday — but some analysts warn that it may be short lived. After the program, dubbed TurnKey, was announced early Tuesday morning Realogy’s stock prices soared 31 percent in premarket trading. The stock opened at a recent high of $6.44 per share and fluctuated throughout the day before closing at $6.18 […]

Proptech exec Ari Teman arrested on bank fraud charges

Posted: 23 Jul 2019 02:54 PM PDT

Proptech entrepreneur Ari Teman is facing Federal bank fraud charges after he was arrested earlier this month for allegedly cashing hundreds of thousands of dollars of counterfeit checks from companies that had worked with his virtual doorman business. Teman – creator of the GateGuard virtual doorman and SubletSpy, a company that helps landlords search for illegal Airbnb listings – is accused of depositing 27 counterfeited checks totaling $297,000 at a bank branch in South Florida, […]

Everything you need to know about Realogy and Amazon’s TurnKey partnership

Posted: 23 Jul 2019 02:46 PM PDT

Realogy has jumped into bed with Amazon to roll out a new program it hopes will simplify homebuying — and it’s paying for the privilege. The company on Tuesday unveiled “TurnKey,” a program that offers homebuyers support in finding a new home using Realogy-affiliated brokers, and provides incentives in the form of up to $5,000 worth of Amazon products and home services. Realogy’s head of strategy Eric Chesin, would not reveal how long TurnKey had […]

Robert Futterman charged with DUI in Hamptons car crash

Posted: 23 Jul 2019 02:25 PM PDT

Robert Futterman, the former head of retail brokerage RKF, was arrested for allegedly driving under the influence on Tuesday in connection with a crash that seriously injured a mother and young child. The crash occurred in Bridgehampton, where Futterman appeared to have T-boned a Nissan Maxima with his Ford F-150, according to the East Hampton Star. His Ford has been impounded. Futterman will be arraigned on Wednesday morning on Wednesday. The crash victims were airlifted […]

TRD’s daily digest: Everything NYC real estate needs to know today

Posted: 23 Jul 2019 01:00 PM PDT

Every day, The Real Deal rounds up New York’s biggest real estate news. We update this page at 9 a.m., 12 p.m., and 4 p.m. ET. Please send any tips or deals to tips@therealdeal.com This page was last updated at 12 p.m. The Trump administration’s new EB-5 rules have the industry biting their nails. The Department of Homeland Security increased the minimum an investor has to put into the cash-for-visa program to $900,000 from $500,000. Many […]

Big changes are coming to the EB-5 program

Posted: 23 Jul 2019 12:30 PM PDT

The Trump administration released new rules governing the EB-5 cash-for-visas program. And many in the real estate industry believe the changes will tighten the spigot on a source of cheap capital that’s partly fueled the post-recession development boom. The Department of Homeland Security on Tuesday released much-anticipated new rules that raise the minimum an investor has to put into a project in high-unemployment areas from $500,000 to $900,000. The new rules also make it more […]

US home sales slide again in June as prices hit all-time high

Posted: 23 Jul 2019 11:45 AM PDT

U.S. existing home sales posted a 16th straight month of year-over-year declines in June, but there was at least one nugget of good news for sellers. Those who are able to sell their homes are getting more for them, as the median nationwide sale price reached an all-time high, according to a new National Association of Realtors report cited in the Wall Street Journal. The number of sales in June declined 2.2 percent, year-over-year, and […]

What the real estate industry should watch for in the Robert Mueller hearings

Posted: 23 Jul 2019 10:12 AM PDT

Former special counsel Robert Mueller will testify in back-to-back hearings before Congress on Wednesday to discuss the 400-plus page report that has elicited calls for impeachment from some Democrats and declarations of victory from President Trump and his supporters. Though it’s unlikely that much new information will be revealed— the Justice Department reportedly instructed Mueller to limit his testimony to the report’s findings — members of the House Judiciary and Intelligence committees are expected to […]

At the desk of: Meredith Marshall

Posted: 23 Jul 2019 09:45 AM PDT

When Meredith Marshall and his family moved to Flatbush in the 1960s, all the white families moved out. Within 10 years, the neighborhood was 90 percent black, he recalled. “Neighborhood busting, as they call it,” he said. “First black family moves in, prices go down, all the white families move out. The brokers make money on both ends.” Today, as co-founder and managing partner of Manhattan-based BRP Companies — which pegs its real estate portfolio […]

Amazon and Realogy partner up amid brokerage giant’s falling stock and shrinking market cap

Posted: 23 Jul 2019 06:27 AM PDT

Real estate conglomerate Realogy, which has seen a steep drop in stock prices and a shrinking market cap, is turning to Amazon for a boost. Realogy announced Tuesday that it had entered a partnership with Amazon dubbed Turnkey, a new homebuying program through which homebuyers will receive up to $5,000 in complimentary Amazon products and services on move-in, courtesy of the brokerage giant. “When we designed TurnKey, we recognized that ‘closing’ on a home is really […]

Here’s what the $10M-$20M NYC investment sales market looked like last week

Posted: 23 Jul 2019 05:00 AM PDT

Last week’s mid-market investment sales around New York City included one country’s acquisition of a renovated carriage house in Lenox Hill and a church parting with its Brooklyn building. Here are the details on the deals made public last week. 1. Monitor Holding Corp. sold a 70,000-square-foot, three-story industrial property at 74-16 Grand Avenue in Elmhurst, Queens for $16.5 million, according to Kalmon Dolgin Affiliates, whose Neil Dolgin and Grant Dolgin negotiated the sale on […]

Commercial mortgage-backed insecurities

Posted: 23 Jul 2019 04:30 AM PDT

The six-story building at 600 Broadway had long served as an informal welcome sign to Soho with Hollister’s logo splashed across its broad side facing Houston Street. But in recent years, a new building went up next door and blocked the property’s northern façade. The loss of its branding status became all the more tangible in late May when Abercrombie & Fitch said it will close the Hollister store this year after a decade in […]

Brokers in cabs: An interview with Bohemia Realty Group’s Sarah Saltzberg

Posted: 23 Jul 2019 04:00 AM PDT

In the latest episode of The Real Deal’s “Brokers In Cabs” series, Bohemia Realty Group’s Sarah Saltzberg talks about juggling her work in theater and real estate, the future of Harlem and the mischaracterization of brokers as “money-hungry and doing the bare minimum.” When Saltzberg and Jon Goodell co-founded Bohemia in 2012, the two conceived of the brokerage as a place where artists could earn a steady paycheck between creative pursuits or build up the […]