Co-op and condo buyers beware: maintenance fees are going up. With the contract for building service staff workers up for renegotiation and real estate taxes that are continuing to climb 5 to 12 percent annually, management companies have little choice but to raise fees in next year’s budgets. And these inevitable increases are pushing buildings to cut costs, Aaron Shmulewitz, head of the co-op and condo practice at the law firm Belkin Burden Wenig &… [more]
Following nearly two years of construction, 180 Broadway is set to open its doors to nearly 600 Pace University students this Labor Day weekend. Owned by retail tycoon Jeff Sutton, SL Green Realty and Harel Insurance, the 24-story dormitory in Lower Manhattan will feature a fitness center, staff offices and student common areas. In March, the building, located next door to the future Fulton Street Transit Center, locked down a 21,000-square-foot lease from hip clothing… [more]
Finding a few spare square feet, much less an entire room, for a new baby has long been a challenge for New York City families. But some well-healed parents with space to go-around are ditching the concept of a cramped single-room nursery for entire baby-centric complexes. Busy with careers that often keep them out late, these high-power parents are redesigning their entire homes for the benefit of their young children. These home-nurseries are getting souped-up… [more]
An elegant Federal-style town home in Brooklyn Heights is poised to smash Brooklyn’s sales record by a million dollars – that is, if it can find a buyer. Originally built in 1826, the home will re-enter the market asking $12 million, a price that will compete with the current $11 million Brooklyn sales record. That record was set last year by another Brooklyn Heights property at 212 Columbia Heights – a distinction it shares with… [more]
Crown Heights seems to have struck a chord with residential buyers and hipster friendly businesses alike. And a new music venue, dubbed Friends and Lovers, is betting that the quickly gentrifying area is ready for a taste of Williamsburg-style nightlife. Set to open in November on an industrial block of Classon Avenue between Pacific and Dean Streets – and apparently across the street from a shop that sells live goats and chickens – the venue… [more]
Every summer, my husband’s extended family coordinates a weeklong beach vacation in a rented home on the Jersey Shore. I get along with most of my in-laws, but his two sisters seem dead-set on criticizing my kids. I want my children to enjoy quality time with their grandparents and…
Upscale homebuilders may gain the upper-hand as mortgage rates rise, putting pressure on builders and buyers in the low-to-moderate income segment.
Real estate has boomed under Mayor Michael Bloomberg, but the industry is wondering if the good times will end when he leaves office at the end of the year. The Real Deal is bringing together Bloomberg’s would-be successors at a Sept. 16 forum to find out what they have in store for all sectors of the market — residential, commercial and retail. The candidates vying to replace the mayor after a dozen years in office – whose… [more]
Wall Street now a major single-family landlord in depressed markets. Legendary East Village bar Odessa to close its doors after 50 years. Preservationists turn focus to Long Island’s Carmans River. Read these stories and more after the jump.
A Williamsburg condominium and a luxury rental building, both developed by a company that faltered during the recession, traded together for $10.5 million to an undisclosed buyer, public records show. The buildings, at 203 and 205 North Eighth Street, sold to an entity named 203-205 North 8th Street Loft LLC. The developer was IVIZ, which does not list a telephone number or have a website. Across the street from the 2,500-square-foot buildings is boutique clothing… [more]