Blockchain-powered listing network is ready to take on traditional portals

Amid ongoing tension between agents and third-party portals over who controls listing data, a New York-based startup is launching what it says is the first blockchain-based multiple-listing service. Founder Stephen King, a former commercial broker, said his company — imbrex — is a global MLS that is the first to syndicate data via the Ethereum blockchain. The decentralized, open-source system is billed as an alternative to traditional MLS networks and third-party sites like Zillow and […]… Read More Blockchain-powered listing network is ready to take on traditional portals

Question of the Month: Why ground lease and why now? – Q&A with Skyline Properties CEO, Robert Khodadadian

New York, NY The New York Real Estate Journal caught up with Robert Khodadadian, Skyline Properties’ founder, and CEO, for an overview on why the current market conditions have led to the recent resurgence of ground leasing in the city.… Read More Question of the Month: Why ground lease and why now? – Q&A with Skyline Properties CEO, Robert Khodadadian

Gazit-Globe buys Williamsburg retail condo for $47M

Israeli company Gazit-Globe has made another major purchase in the Brooklyn retail market. The firm purchased the retail condo of the Edge in Williamsburg from Madison Marquette for $47.3 million, according to property records. Madison Marquette put the property on the market last year for $50 million. The retail condo spans about 60,000 square feet, and tenants include CVS and Brooklyn Harvest Market. Madison Marquette bought the space with a silent partner for $45.5 million […]… Read More Gazit-Globe buys Williamsburg retail condo for $47M

StreetEasy launches “My Agent” — with notable disclosures

StreetEasy is letting Premier Agents in New York City double down on the lucrative advertising program. The Zillow-owned portal is rolling out “My Agent,” an optional feature that lets buyers continue working with agents they’ve already contacted on StreetEasy. Specifically, Premier Agents who spend a certain amount of money advertising on StreetEasy can send “My Agent” requests to their buyers; if the buyers opt-in, they can stay connected and share listings on an ongoing basis. […]… Read More StreetEasy launches “My Agent” — with notable disclosures

Soundview multifamily project receives third-biggest Bronx loan of 2018

Azimuth Development Group has landed about $107 million in financing from the city for a multifamily development in the Bronx, in what appears to be the third-largest loan the borough has seen so far this year. The developer is using the money from the New York City Housing Development Corporation to build a 326-unit apartment complex at the site of the Bronx Pentecostal Deliverance Center in Soundview, according to Commercial Observer. The church rezoned its […]… Read More Soundview multifamily project receives third-biggest Bronx loan of 2018

Google’s Chelsea Market purchase fuels rise in Manhattan I-sales dollar volume

Manhattan investment sales saw a sharp increase in dollar volume during the first half of 2018 thanks to an uptick in big-ticket deals, notably Google’s roughly $2.4 billion purchase of Chelsea Market. Investment property sales totaled $11.4 billion across 236 transactions and 273 properties during the first six months of the year, according to a new report from Ariel Property Advisors. Although these represented declines of 1 percent for transaction volume and 4 percent for […]… Read More Google’s Chelsea Market purchase fuels rise in Manhattan I-sales dollar volume

The market is strong — so why aren’t brokers making more money?

Steve Shull, a retired NFL linebacker, has been coaching real estate agents since 1993. He knows from experience that the brokerage business is cyclical: When the market is hot, paychecks are fat. But over the past few years that simple rule no longer seems to hold true. “This should be high time for agents,” Shull said, “and I don’t think it is.” Home prices in New York are much higher than they were a decade […]… Read More The market is strong — so why aren’t brokers making more money?

Stringer wants one-month cap on renters’ security deposits

City Comptroller Scott Stringer wants new restrictions on renters’ security deposits. A new report by the comptroller’s office found that New Yorkers spent approximately $507 million on security deposits in 2016, Pix 11 reported. “Right now, the landlords are collecting all this money and it’s doing nothing for the tenants,” Stringer said. Stringer has proposed that the state introduce legislation that would put a one-month cap on the deposits landlords can require of tenants, similar […]… Read More Stringer wants one-month cap on renters’ security deposits

Brooklyn luxury market saw 14 contracts signed last week

The Brooklyn luxury market saw 14 contracts signed last week, split between nine houses, four condos and one co-op. The properties went into contract with a combined asking price of $43.5 million overall and went for an average price of about $3.1 million, according to the latest report from Stribling & Associates. The firm defines the borough’s luxury market as all homes priced at $2 million or higher. Last week was slower than the week […]… Read More Brooklyn luxury market saw 14 contracts signed last week