Manhattan, NY Solow Building Co. has launched leasing at 685 First Ave., a residential tower. Rising 43 stories tall and situated along the East River, the black glass building is introducing a collection of 408 rental apartments featuring breathtaking river views and located in the heart of Midtown East.
New York, NYOn January 31st, CREWNY held an evening event, “2019 Economic Forecast – What Will the New Year Bring?” at hos...
New York, NY Adelaide Polsinelli and Ronda Rogovin, both vice chairs of Compass, a technology-driven real estate platform, the investment sales division has expanded with new hire, Michael Caiola. As part of its continued growth and expansion, Caiola joins, George Moss, Karen Dome, Mitchell Goldstick, Trystan Polsinelli, along with Robin Abrams and her team who are expanding the retail leasing division.
New York, NY At the Real Estate Board of New York’s (REBNY) 123rd Annual Banquet on January 17th, New York City’s real estate industry gathered with city and state dignitaries to honor the professional and civic achievements
A very long time in the making, Hudson Yards is a project taking form in Manhattan’s Chelsea neighborhood. Thought up in the early 2000’s, the project broke ground in 2006 and for the past 13 years the eyes of Chelsea, Manhattan and the rest of the world have been focused on the once forgotten, vast, far-west part of Chelsea being redeveloped through this enormous undertaking. The dreaming up and execution of Hudson Yards involves renowned developers, architects, government offices and retailers, all part of an extensive list of the project’s stakeholders.
Manhattan, NY According to John Brod, a partner at ABS Partners Real Estate, men’s fashion and accessories brand, Bugatchi Group, Inc., has signed a 4,751 s/f lease for the entire ninth floor at 145 East 57th St., a 13-story, 64,000 s/f “curated” office property located between Lexington and Third Aves. Bugatchi will be utilizing the space to house its family and business offices
Manhattan’s real estate investment market was a mixed-bag last year and there are concerns that rising interest rates and changes to rent regulation may have the potential to suppress activity in 2019. A look back at Manhattan’s investment sales activity in 2018 shows that investors were already anticipating these market shifts; yet total sales volume and pricing remained rather stable compared to 2017. Investors will continue to be active this year as Manhattan will continue to prove to be one of the stronger markets for both national and international buyers.
The NYS Self Storage Association (NYSSA), in partnership with the National Self Storage Association, held its 12th Annual Investment Forum this past week at the Union League Club in New York City. This is a national self storage Conference intended for the real estate and capital markets professionals from across the nation as principals or resources serving our industry. Keynote address was given by Calvin Schnure, senior vice president of research at NAREIT, to a sell out audience. Talonvest Capital updated attendees on the changes occurring in both the debt and equity markets with their guest speakers from StorQuest Storage, Metro Self Storage and Christian Sonne, chief appraiser at CBRE’s self storage division.
When looking at primary real estate markets such as New York City and San Francisco, investors with limited experience in these markets usually comment on their inability to get comfortable with the low capitalization rates relative to secondary or tertiary markets. The main reason for this dichotomy in capitalization rates is due to the value of the land relative to the total value of the real estate, and a real estate investor looking to gain a comfort with primary markets needs to fully understand the factors that influence the value of land. A real estate investor looking to gain a comfort level with primary markets needs to fully understand the factors that influence the value of land.
Not many – if any – things in life remain exactly the same for long. Consider that statement in the context of real estate. What happens to a piece of real estate over several decades? Of course, without proper maintenance, the property would severely change in appearance and functionality. Certainly property values change from year to year, but over several decades, it’s possible the values increase many fold. How about a legal requirement that remains exactly the same for almost five decades? What if that legal requirement was permanently fastened to the value of real estate in 1973; and effectively precluded you from challenging the city assessor’s annual real estate tax guesstimate? What you have is a not so warm welcome to New York City tax certiorari.