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  • Northeast Capital JV grabs Stamford office campus for $235M December 9, 2021
    An office complex in Stamford, Connecticut, is trading hands in what is reported to be one of the priciest transactions in Fairfield County in recent memory. A.M. Property and Northeast Capital Group are buying the 557,000-square-foot campus from Building and Land Technology for $235 million, CT Insider reported. The site includes interconnected buildings at 200 […]
  • Shvo launches sales at Mandarin Oriental condos on Fifth Ave December 8, 2021
    Sales have officially begun at Michael Shvo’s Mandarin Oriental condo project on Fifth Avenue. The upscale, 69-unit development at 685 Fifth Avenue is the first residential-only property managed by Mandarin Oriential on the East Coast. In addition to fully furnished, move-in-ready units, residents will have exclusive access to a private restaurant and bar run by […]
  • US mall values plummeted by one-third in 4 years December 8, 2021
    New data on United States mall values are the latest sign of how far the once-glorious retail centers have fallen. Malls have lost a third of their value in the past four years, according to Green Street data reported by Bisnow. Class-B and Class-C regional malls reportedly suffered the greatest value declines. The findings are […]
  • Year of the ‘Revenge Traveler’ December 8, 2021
    Alison Aplin cashed in air miles from pandemic-punctured trips to Hawaii and London for a Thanksgiving break in Los Cabos, her third vacation in as many months. The all-inclusive resort stay follows a trip to San Diego and another to Fort Myers, Florida, with a friend, which she described as a get-together for two “stir-crazy […]
  • New buildings must go electric under City Council deal December 8, 2021
    The City Council is poised to ban the use of gas in new buildings, requiring most to use electricity-powered heat and hot water. Lawmakers reached a deal late Wednesday on a bill requiring new buildings shorter than seven stories to go electric on Jan. 1, 2024, and taller ones after July 1, 2027. Projects that […]
  • Multifamily sales show market’s split personality December 8, 2021
    Two property deals recorded this week showcase a stark divide between Manhattan’s disparate ends. Downtown, the market for investment sales is rapidly heating up; Uptown, it’s stagnating. Shel Capital and Bluestone Investments’ $51.5 million acquisition of a four-building portfolio in the East Village is evidence of the former. The buildings, located off Second Avenue between […]
  • Formula One champion Lewis Hamilton trades Tribeca penthouse for $50M December 8, 2021
    Formula One champion Lewis Hamilton has brought his winning ways to New York real estate. Property records show Hamilton last month sold his penthouse at 443 Greenwich Street for $49.5 million, hitting the unit’s asking price. The identity of the buyer is unclear, as property records list a shell company registered in Seattle. The home […]
  • CEO apologizes for botching layoffs, anonymously leaking video December 8, 2021
    Mortgage originator CEO Vishal Garg has apologized for his handling of recent layoffs by the company, in which he announced the firing of more than 900 employees over Zoom, accused them of being unproductive and then anonymously leaking video of the rant. Days after video of the Zoom call showed the chief executive announcing […]
  • Rego Park apartment project lands $125M construction loan December 8, 2021
    A large new apartment building is moving forward in Rego Park. RB Realty Capital landed a $125 million construction loan from Madison Realty Capital for its 186-unit multifamily project in central Queens. The 22-story building at 98-08 Queens Boulevard will include 155 rentals and 31 condominiums. “Rego Park is a rapidly expanding neighborhood with exciting […]
  • iBuyers reached record housing market share, sales volume December 8, 2021
    iBuyers were all the rage in the third quarter, accounting for a record share of the housing market. But the new heights for selling and buying came at a price. Homeowners sold 27,244 homes totaling $10.6 billion through iBuying services, according to Zillow’s iBuyer report for the third quarter, which evaluated the four largest: Opendoor, […]