The Real Deal - New York Real Estate News

Here’s how real estate stocks are faring in Wall Street chaos

Posted: 16 Jun 2022 03:26 PM PDT

The stock market has been battered by a torrent of inflation and monetary policy news in the past week, and the real estate industry has not escaped the chaos. The real estate industry did not perform equally throughout the pandemic, with sectors such as industrial and multifamily buoyed by high demand while office and retail languished during lockdowns and beyond. But the factors bringing the stock market down, notably inflation and the rising interest rates

Soho glass penthouse seeks peak price per square foot

Posted: 16 Jun 2022 01:45 PM PDT

Here’s one glass ceiling that shouldn’t be broken. A deconstructed glass cube penthouse at 40 Mercer Street has hit the market for $22.5 million. At 3,515 square feet, the unit is priced at $6,401 per square foot, which would be the most paid in Soho this year. The three-bedroom, three-bathroom unit occupies the entirety of the upper floor. It features a glass ceiling and a 20-foot, south-facing glass curtain wall that opens to transform the

Bruce Eichner out of Crown Heights project; owner to go it alone

Posted: 16 Jun 2022 12:28 PM PDT

A Crown Heights spice importer has filed plans for a residential development on the same land near the Brooklyn Botanic Garden where Bruce Eichner’s Continuum Company spent years trying to build a much larger one. The new filing for 960 Franklin Avenue, from Zev Golombeck, calls for six stories and 293 apartments. It’s one-fifth as many homes as the 1,500 that Continuum and Lincoln Equities filed to build in 2020 in two 39-story towers spanning

Broker sentenced over exploiting 91-year-old for $8.5M in mortgage loans

Posted: 16 Jun 2022 11:45 AM PDT

A real estate broker has been sentenced after pleading guilty to obtaining $8.5 million in unauthorized mortgage loans for properties that belonged to a 91-year-old man. Lyndon Chin was sentenced to one to three years in state prison, the Manhattan District Attorney’s Office announced this week. The 58-year-old Northport, Long Island, man was indicted in 2018 and later pled guilty to two counts of first-degree grand larceny in September 2020, according to the Manhattan DA’s