The Real Deal - New York Real Estate News

How a student of architecture used the pandemic to launch a woman-owned business

Posted: 03 Apr 2022 12:30 PM PDT

Before you move in, it’s good to have a little Floorplay. That was the big idea Pratt Institute School of Architecture graduate Batya Cohen spawned as the pandemic raged back in 2020, when she pivoted from working for a few firms to taking on freelance assignments helping friends plan the layouts of the homes they would suddenly be spending a lot more time in. The now 27-year-old Cohen realized she had a knack for making

One-percenters flock to Hawaii as state battles gentrification

Posted: 03 Apr 2022 12:00 PM PDT

Hawaii, a tourist destination for more than a century, is becoming a victim of its own success as one-percenters put down roots. Sales of properties costing $10 million or more jumped sixfold in the last year alone, Town & Country magazine reported. “We always thought people wanted authentic experiences, and we encouraged them to come and live like a local,” said Chris Kam, president of Honolulu-based research company Omnitrak. “Somewhere along the line, that messaging

Locals scramble to raise $70M to buy California city’s only hospital out of bankruptcy

Posted: 03 Apr 2022 09:00 AM PDT

Locals are scrambling to raise $70 million to salvage a California city’s only hospital, which went bankrupt less than two years after a real estate investor bought it in 2019. Medical Properties Trust, a Birmingham, Alabama investment trust that oversees more than $20 billion and is among the nation’s biggest owners of hospital real estate, helped a group buy the struggling 127-year-old Watsonville Community Hospital, the Wall Street Journal reported. The hospital, a nonprofit for

A look inside the homes of pop star The Weeknd

Posted: 03 Apr 2022 08:23 AM PDT

It’s a Weeknd read! The Wall Street Journal took a deep dive into the many real estate holdings of pop star The Weeknd — the high-school dropout and son of Ethopian immigrants to Canada who has gone on to win three Grammy awards while buying and selling some of the most expensive properties in California and beyond. Born Abel Tesfaye in Toronto, The Weeknd made headlines back in August when he paid $70 million for

Facing possible jail time, real estate lawyer Mitchell Kossoff gets disbarred

Posted: 03 Apr 2022 07:12 AM PDT

Disgraced real estate lawyer Mitchell Kossoff, who pleaded guilty in December to swindling millions of dollars from his clients, has been disbarred in New York State. According to Reuters, New York’s Appellate Division, First Department, ruled on Thursday that Kossoff, who is awaiting sentencing since admitting he misappropriated $14.6 million from at least 35 people and companies, could no longer practice law in the state. The ruling was expected by his defense team, which told

Housing prices in Australia boost household wealth to records

Posted: 03 Apr 2022 06:00 AM PDT

Soaring real estate prices Down Under are driving wealth over the top. Property values pushed Australian wealth to a record in the last quarter, while net worth per person also hit an all-time high, Bloomberg reported. Household wealth climbed 4.5 percent to $11 trillion, the Australian Bureau of Statistics said. Home values contributed 3.5 percentage points to the quarterly increase, and demand for credit was also the strongest on record at $40.8 billion. Record-low borrowing

Oak View bets on Las Vegas with $3B casino, hotel, arena plan

Posted: 02 Apr 2022 12:00 PM PDT

A $3 billion casino, hotel and arena complex planned for Las Vegas would land miles south of its famous Strip. Oak View Group, a global developer of sports arenas, plans to build a 25-acre entertainment hub for high rollers on Las Vegas Boulevard, four miles from the nearest Strip casino of Mandalay Bay, Bloomberg reported. Groundbreaking is set for next year and construction is expected to take three years. The $3 billion entertainment campus would

Actress Rebel Wilson posts her home listing on Instagram

Posted: 02 Apr 2022 09:00 AM PDT

Forget whisper listings. Actress Rebel Wilson is harnessing the power of social media to help sell her Sydney home, Curbed reported. Across 10 images and a lengthy post to her 10.5 million Instagram followers, the “Bridesmaids” and “Pitch Perfect” star pitches her home and lets prospective buyers know what she’s asking: somewhere north of $9 million. Real estate and Instagram already have a cozy relationship, as agents have turned to the app to share their

Catskills developer ordered to halt Hudson River hotel project

Posted: 02 Apr 2022 06:00 AM PDT

A historic New York village along the Hudson River has challenged a developer whose nearly completed hotel ended up blocking river views. The village of Coxsackie issued a stop-work order on the five-story boutique hotel after officials said its construction sidestepped plans submitted by the developer, the Times-Union reported The 46-room James Newbury Hotel and Wire Event Center was set to open this fall by local developer Aaron Flach, who had submitted plans for a