The Real Deal - New York Real Estate News

February wrapped Manhattan luxury market’s record-breaking start to 2022

Posted: 28 Feb 2022 09:07 AM PST

After kicking off the year with a bang, Manhattan’s luxury market remained ablaze — even reaching another record as February drew to a close. In the first two months of 2022, 244 contracts were signed at $4 million and above, according to Olshan Realty’s weekly report. That’s the strongest start of any year since the report began tracking in 2006. Thirty-four contracts were signed between Feb. 21 and 27, the priciest of which was PHB

Wealthy Russians’ NYC real estate is mapped out

Posted: 28 Feb 2022 08:15 AM PST

As Russia’s invasion of Ukraine nears the one-week mark, calls are growing for actions against oligarchs and their real estate in the United States. A number of oligarchs own properties in New York City, though their use of trusts and shell companies makes it easy to hide them, according to the New York Post. Nevertheless, some of the real estate holdings of those wealthy individuals have become known and were mapped out by the tabloid.

Rihanna’s Savage x Fenty coming to Brooklyn

Posted: 28 Feb 2022 06:45 AM PST

Rihanna is ready to shine bright like a diamond in Brooklyn, reportedly locating the city’s first Savage x Fenty store a stone’s throw from Barclays Center. The lingerie brand signed a 10-year lease for the three-story building at 182 Flatbush Avenue in Park Slope, Women’s Wear Daily reported. The 6,100-square-foot store in the Triangle Building — the former home of Triangle Sports — is in a high-traffic area near the arena and the Atlantic Avenue

City demanding more affordability in apartment projects

Posted: 28 Feb 2022 05:45 AM PST

Through the process of elimination, the city is demanding deeper affordability from its signature housing policy. The City Council last week approved three site rezonings in Brooklyn under the city’s Mandatory Inclusionary Housing program, but dropped a rent option that had become a favorite of developers. Council members have done so with increasing frequency in the past year. The affordability tier being targeted is called “option 2,” under which at least 30 percent of a

In Chelsea, biggest sales didn’t guarantee profit

Posted: 28 Feb 2022 05:00 AM PST

The following is a preview of one of the hundreds of data sets that will be available on TRD Pro — the one-stop real estate terminal that provides all the data and market information you need. Making the 10 most expensive sales in Chelsea last year wasn’t enough to keep sellers out of the red. Four out of the six resales on that list sold at a loss, according to TRD Pro research. And even

Housing Rights launches new suit at 421a scheme

Posted: 28 Feb 2022 04:00 AM PST

If a 421a building owner overcharges tenants and no agency is there to see it, is anyone held accountable? For Aaron Carr, founder of the tenant advocacy group Housing Rights Initiative, unchecked fraud is a key issue with the tax break that the governor must address if she reboots the program. The 421a program, aka Affordable New York, is set to expire June 15 and Gov. Kathy Hochul has outlined a replacement called 485W or

Protesters at Russian billionaire’s Manhattan hotel demand his stance on war

Posted: 27 Feb 2022 01:46 PM PST

Protesters of the Russian invasion of Ukraine gathered outside the soon-to-open Aman New York resort in Manhattan on Saturday, demanding to know where the Russian businessman who owns the ritzy inn stands on his home country’s attack. Billionaire Vladislav Doronin, who operates the Aman chain of hoity-toity hotels, made headlines last summer when it was announced his company would be offering a special “members only” space inside the Fifth Avenue building to 100 clients willing

What a Deal! Limestone mansion on UES sells for discounted $56M

Posted: 27 Feb 2022 09:49 AM PST

It took six years on the market and a number of price cuts, but a six-floor limestone mansion on the Upper East Side has sold for $56 million. The New York Times is reporting that the home, with a trove of amenities including a fitness center with pool, gym and massage room in the basement, was purchased by an anonymous buyer — and was the most expensive buy in the city during the month of

Tishman Speyer to lead transformation of 178-acre Hazelwood Green in Pittsburgh

Posted: 27 Feb 2022 08:50 AM PST

It’s a new deal for Appalachia. Trib Live is reporting Tishman Speyer has been named as the developer of 178 acres of land on the site of a former Pittsburgh steel mill, where it is partnering with numerous non-profit foundations to build a brand-new neighborhood in the Steel City. Plans for the Hazelwood Coke Works — the last steel mill to operate in Pittsburgh, which closed in 1998 — have been on the table for

Pols: Russian-owned Killenworth on Long Island should be shuttered

Posted: 27 Feb 2022 07:44 AM PST

It’s a new kind of NIMBY. A group of Long Island pols is calling on the federal government to expel diplomats from a posh Glen Cove estate that has for years been rumored to be a hive of Russian espionage. The New York Post is reporting Nassau County Executive Bruce Blakeman and Rep. Lee Zeldin made the demand from outside the gates of Killenworth, the palatial 36-acre manor that was built for George Dupont Pratt

Home on Minnesota island comes with hovercraft for easy access

Posted: 27 Feb 2022 06:00 AM PST

A three-story house on a secluded island for sale in Minnesota comes with its own hovercraft. The 9,400 square-foot home on a 2.3-acre island on Bald Eagle Lake in White Bear Township lies a half mile offshore, according to Realtor.com. It’s asking $6.6 million. “In the winter, you would drive across,” says the owner, Nathan Landucci. “In the summer, you would boat across. In the transition time, we have a Hovercraft that comes with the

Beavers, home maintenance bedevil NYC ex-pats upstate

Posted: 27 Feb 2022 12:00 AM PST

Some fish out of water now have a beaver problem. Andrew Joseph and his partner, Paul Pearsen, ditched their Harlem home In March 2020, for a four-acre property in Saugerties, the New York Times reported. The two took to rural living, enjoying the baby beavers that swam in the brook in their yard. The cuter rodent relatives of the rats Joseph knew in New York soon became tormentors. They dammed a brook, creating a swamp,

Manhattan Borough President: Seize Russian oligarchs’ NY assets now

Posted: 26 Feb 2022 12:16 PM PST

Many Russian oligarchs have for decades parked their money in the safe haven that is America’s luxury real estate market, but now that their country has invaded Ukraine, some are calling on the United States to seize those properties as punishment for the incursion. Such a strong statement came from Manhattan Borough President Mark Levine, who took on Russia in a tweet early Friday morning. “For years Manhattan has been one of the most popular

Home prices soar in new “it” city of Spokane

Posted: 26 Feb 2022 12:00 PM PST

A mad scramble to find an affordable home has hit Spokane. Prices jumped 60 percent in the eastern Washington city in two years, fueled by buyers fleeing the housing boom in cities such as Austin, the New York Times reported. As many as 4,500 people move to the largest city between Seattle and Minneapolis each year, more than double the number in 2014, despite its remoteness and reputation for freezing temperatures. The influx has been

Ukraine invasion sends shock waves to Miami, NY real estate

Posted: 26 Feb 2022 11:13 AM PST

Russian President Vladimir Putin’s invasion of Ukraine has set the stage for global economic turmoil and sanctions whose impacts will stretch to the U.S. real estate market. The invasion has led the U.S. government to join its allies in moving to freeze the assets of Russian elites close to Putin, and will likely slow real estate investment from both countries. The full extent of the sanctions is still being determined. Russian and Ukrainian buyers represent

Shack with a view in Hawaii asking $159k

Posted: 26 Feb 2022 09:00 AM PST

Call it a shack with a view. A newly built bamboo home on the island of Hawaii that overlooks the ocean and mountains is for sale. It’s asking $159,000, down from its initial price of $165,000 three weeks ago and a lot more affordable than the state’s $1 million average. The two-story island home at 94-6351 Pele St. in Naalehu has a fully enclosed 100-square-foot bedroom, with windows, downstairs. Upstairs is a 100-square-foot lanai, or

Flurry of activity at One World Trade, including new space for Templafy

Posted: 26 Feb 2022 07:36 AM PST

It’s high times again at One World Trade Center. The Commercial Observer is reporting that three tenants have inked new deals at the western hemisphere’s tallest building, filling an additional 73,000 square feet of space and bringing the Downtown building’s occupancy rate up to 92 percent. Business software company Templafy, Advertising platform LiveIntent and investment management firm Jordan Park are moving into or up in the 104-story skyscraper, according to the report, which houses nearly