The Real Deal - New York Real Estate News

NYU latest to sue over Soho rezoning

Posted: 15 Apr 2022 08:15 AM PDT

The latest group taking its issues with the Soho rezoning to the courts? One of the city’s preeminent academic institutions. New York University filed a lawsuit on Thursday in New York State Supreme Court, the Commercial Observer reported. The school is looking to eliminate a provision that prevents college and university use in the rezoned area. NYU argues the provision violates the Cornell Doctrine, which doesn’t allow for blanket exclusions of church or school use

Luxury lost: defect complaints rise in new residences

Posted: 15 Apr 2022 07:37 AM PDT

More residents have complained their experiences in new luxury buildings are anything but, with some alleging poor construction spurred problems with leaks, unfinished designs and mechanical failures. Complaints are on the rise for new construction residences in the city, the New York Times reported. The claims come after a host of supply chain issues that hampered pandemic-era construction, as well as the stop-and-start nature of finishing work under lockdown orders and without widespread vaccinations. In

Home prices in North Fork have outpaced the Hamptons’

Posted: 15 Apr 2022 06:30 AM PDT

Housing prices in the Hamptons are higher, but no market on Long Island has been hotter since the Great Recession than the North Fork. The median sale price on the North Fork surged 86 percent between 2012 and 2021, rising to $800,000 from $430,000, Newsday reported, citing data gathered by Miller Samuel for Douglas Elliman. The Hamptons boasted the highest median price on Long Island last year, $1.35 million, representing a 62 percent gain since

Expiring Covid discounts flood rental market

Posted: 15 Apr 2022 05:45 AM PDT

When approached by landlords attempting to navigate the hot rental market, Compass agent Carlos Aldana recommends they set rents 15 to 20 percent higher than they were before the pandemic. “Landlords have the ball in their court,” Aldana said. “They’re offering aggressive renewals and if that renter says no, they know that they’ll be able to achieve it elsewhere.” As Covid-era rental discounts expire, tenants have been left scrambling. Many who cannot afford steep increases

The truth about 421a

Posted: 15 Apr 2022 05:00 AM PDT

By now, you’re probably sick of reading about 421a. Really, what’s left to say about this property tax break? A lot, actually. Until now, we’ve been drubbed by supporters and opponents’ tiresome narratives about the abatement, which forsakes nearly $1.8 billion in taxes annually from apartments in the city. Backers say without 421a, developing rental buildings in New York City wouldn’t be profitable. All we’d get are luxury condos, and the housing crisis would get

Real estate investors eye student housing as college dorms come up short

Posted: 15 Apr 2022 04:30 AM PDT

People’s Park, a Berkeley institution since then-Gov. Ronald Reagan called in the National Guard to quell protests there five decades ago, may be the epicenter of a national student housing crisis that has real estate giants like Blackstone on the prowl. After years of back-and-forth, the city and the University of California, Berkeley agreed in March to relocate the park’s homeless encampment to allow for student housing — the original reason the university bought the

City Council’s storefront tracker comes up empty

Posted: 15 Apr 2022 04:00 AM PDT

For decades, City Council members have pondered commercial rent control and other ways to keep New York City’s retail corridors filled with the stores they want, rather than leave matters to landlords and tenants. Unable to get rent control or a vacancy tax to a vote, they settled for a precursor: a vacancy survey. The New York City Council passed in July 2019 what was dubbed the Storefront Tracker Bill. Under the legislation, the Department