The Real Deal - New York Real Estate News

New York’s real estate bigwigs offer predictions for 2020

Posted: 17 Feb 2020 01:00 PM PST

Real estate players at the Real Estate Board of New York’s annual gala were glad to put 2019 behind them, but saw reasons for optimism. The end of the year saw activity pick up, and leasing was strong, especially by the tech sector, said David Greenbaum, vice chairman of Vornado Realty Trust. “Young kids coming out of school want to be here in the city,” he said. “It’s going to be a gangbusters year,” predicted

Broker fees for NYC rentals mystified outsiders. Here’s how other US cities do it

Posted: 17 Feb 2020 11:00 AM PST

New York City’s rental market broker fee system, which has been especially perplexing for out-of-towners, is now mostly a thing of the past. But outside the five boroughs, just how rare is the practice of tenants having to pay landlord listing agents a fee before they can sign a lease? Interviews with real estate agents and industry pros across the country point to Boston as the last major stronghold where the practice is still common.

Pier 1 files for bankruptcy, seeks sale

Posted: 17 Feb 2020 09:52 AM PST

Pier 1 Imports is officially bankrupt, more than a month after the retailer began closing hundreds of stores. The Texas-based home goods chain, which filed for Chapter 11 bankruptcy Monday in the Eastern District of Virginia, said it intends to use the move to sell the company. The announcement comes after Pier 1 in January began closing 450 stores, including all of its locations in Canada, after the firm’s fiscal third-quarter sales sank 11.4 percent

Piecing together SoftBank’s disruptive real estate bets

Posted: 17 Feb 2020 09:00 AM PST

Masayoshi Son was widely regarded as an eccentric-but-gifted entrepreneur when, in 2014, he dazzled investors during an earnings presentation by showing them a picture of a large, brown-feathered bird. “SoftBank wants to become the goose that lays the golden eggs,” Son told them, two years before launching a $100 billion Vision Fund that went on to anoint a crop of promising startups. But over a turbulent six weeks starting in September, one of its biggest

Post-presidential pads: After the White House, what comes next?

Posted: 17 Feb 2020 07:00 AM PST

Former President Barack Obama and First Lady Michelle Obama recently closed on an $11.75 million, 6,900-square-foot estate in Martha’s Vineyard, making it the priciest post-presidential pad in history. But the Obamas are only the latest former first couple to retire to comfy confines after moving out of 1600 Pennsylvania Avenue. In 2008, George W. and Laura Bush snapped up a Dallas property just after the Dow Jones tanked. Bill and Hillary Clinton paid $1.7 million

This is how presidential elections really affect home sales

Posted: 17 Feb 2020 05:00 AM PST

Who will be president come January? It’s the biggest question of the year — and a thorn in the side of brokers, who regard uncertainty as an enemy of sales. “Election years are always the toughest years because people are hesitant,” said Stephen Kliegerman of Halstead Property Development Marketing. “They’re waiting to see an outcome.” But do elections really influence the market? Yes, according to a data analysis produced for The Real Deal by Miller