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City Council passes bill targeting landlords who illegally subdivide homes

A new bill aimed at curbing illegal home conversions and subdivisions passed City Council this week with unanimous support. Under Intro 1218, proposed by City Council member Vincent Gentile, landlords who convert property into illegal apartments will be fined $15,000 for every unit above the property’s certificate of occupancy, Brklyner reported. If the fine goes […]

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Top TRD stories:

Current reader favorites: 1. Sam Zell on WeWork: “I wouldn’t let those guys near my business with a 10-foot pole” 2. Who is Nicole Kushner Meyer? 3. Sizing up NYC’s biggest construction bosses 4. Robert Gladstone’s risky business 5. The Long View: Premier Agent program is a race to the bottom Read More >> https://therealdeal.com/2017/05/12/top-trd-stories/

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Beer heir snags UES co-op for $55M

Colombian financier and beer heir Carlos Alejandro Pérez Dávila has picked up the late art collector Robert Ellsworth’s sprawling Upper East Side co-op for $55 million. Property records show Pérez Dávila — a former investment banker and a member of the wealthy Colombian family that controls brewing giant SABMiller — purchased the third-floor pad at […]

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HNA closes on $2.21B purchase of 245 Park

Chinese conglomerate HNA Group closed on its $2.21 billion purchase of 245 Park Avenue, or $1,227 per square foot, records show. The deal marks one of the biggest prices ever paid for a Manhattan office tower and is an example of how Chinese money continues to play a significant role in the New York market […]

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