Entertainment law firm takes 57K sf at 28 Liberty

Frankfurt Kurnit Klein and Selz, an entertainment and arts-focused law firm, is relocating to Fosun’s 28 Liberty Street in the Financial District, sources told The Real Deal. The firm will take 57,000 square feet on the tower’s 35th and 36th floors. Cushman and Wakefield brokers Mitchell Barnett and Barry Zeller represented Frankfurt Kurnit in the deal and Fosun was represented by an in-house leasing executive and a team from JLL. Asking rent for the space […]… Read More Entertainment law firm takes 57K sf at 28 Liberty

Mark your calendars: These are New York’s top real estate events next week

Next week brings a few new real estate events! On Oct. 16, Bisnow is hosting its NYC Affordable Housing and Community Development from 7:30 a.m. to 10:30 a.m. at the New York Bar Association, 42 West 44th Street. Attend and discuss the rising cost of construction and its impact on affordable housing, what opportunities exist in investing in the sector and more. Nathan Taft of Jonathan Rose Companies, Andy Cohen of BRP Development, Victor Sozio […]… Read More Mark your calendars: These are New York’s top real estate events next week

The top NYC office leases in September

Half of September’s top 10 office leases were signed by co-working companies, the largest deal of which was struck by Convene for 116,000 square feet at 530 Fifth Avenue. The top deal of the month, meanwhile, was Bessemer Group’s lease for 239,000 square feet in Midtown West.  However, September’s top 10 deals totaled less square footage than August, with 1.1 million square feet, down from 1.3 million square feet. 1) Bessemer Group, 1271 Sixth Avenue, Midtown […]… Read More The top NYC office leases in September

Manhattan office sales quadruple in the third quarter

According to this week’s market reports, Manhattan office sales more than quadrupled and FiDi home prices dropped 51 percent in the third quarter. Residential Sales | Corcoran In the third quarter, the median sales price in Brooklyn dropped 3 percent year over year to $702,000. The price decline coincided with weaker sales activity. During the period, the number of closed sales dropped 7 percent to 1,574 transactions and the number of contracts signed decreased by […]… Read More Manhattan office sales quadruple in the third quarter

New options open for homeowners seeking a reverse mortgage

You’ve probably seen actor Tom Selleck suavely pitching federally insured reverse mortgages on TV and thought, hmm, that sounds interesting. He says you can turn your home equity into cash and not pay back anything — no principal, no interest, no fees — for years after your retirement. And it’s true: Some form of a reverse mortgage could be a good choice for you, but it might not be the government-backed type Selleck is hawking. […]… Read More New options open for homeowners seeking a reverse mortgage

Why this billionaire art dealer is allowed to sell an UES townhouse during a divorce

A Manhattan Supreme Court judge has ruled that he cannot block billionaire art-dealer David Mugrabi from selling an Upper East Side townhouse for $72 million while he is going through a divorce. David is currently in the middle of a bitter divorce battle with his estranged wife Libbie Mugrabi, and she has concerns that he might send their money “south,” according to the New York Post. However, Justice Douglas Hoffman has said he can’t legally […]… Read More Why this billionaire art dealer is allowed to sell an UES townhouse during a divorce

Asking rents for Midtown South office space skyrocket during Q3

Midtown South is proving to be a very popular neighborhood for office space. Average asking rents for offices in the neighborhood hit $83.14 per square foot during the third quarter, according to the Wall Street Journal, citing data from JLL.  This was the 11th consecutive quarter of growth and its highest point since 1995. Owners of trophy towers in the neighborhood are also fetching a solid premium, with average asking rents hitting $94.61 per square […]… Read More Asking rents for Midtown South office space skyrocket during Q3

Ekstein Development puts Bushwick luxury resi building on the market for $34M

Erik Ekstein’s Ekstein Development placed a luxury residential building in Bushwick on the market for $34 million. The property, at 951 Madison Street near the corner of Broadway, is a 41,000-square-foot property with 37 apartments, according to B6 Real Estate Advisors, which is marketing the building on behalf of Ekstein. It also contains two retail spaces spanning 10,000 square feet. Ekstein commenced construction on the property in 2012, four years after filing building permits with […]… Read More Ekstein Development puts Bushwick luxury resi building on the market for $34M

This tax bill would be a massive win for condo developers, if it ever makes a vote

A stalled bill in the House of Representatives would grant luxury condominium developers the same tax benefits homebuilders already receive, saving them millions during construction. The “Fair Accounting in Condominium Construction Act,” introduced last summer by Miami Republican Carlos Curbelo and co-sponsored by Queens Democrat Joe Crowley, would allow condo developers to defer income tax on condo unit sales until they’ve finished building. It’s a tale of two tax accounting methods that stretches back decades. […]… Read More This tax bill would be a massive win for condo developers, if it ever makes a vote

National Cheat Sheet: SoftBank mulls majority stake in WeWork, Sears hires bankruptcy advisers … & more

SoftBank could buy a majority stake in WeWork, according to a report SoftBank is considering buying a majority stake in WeWork, the Wall Street Journal reported. The Japanese firm could end up investing between $15 billion and $20 billion in the coworking behemoth if it does. Money for the investment would likely coming from its Vision Fund. SoftBank already has a nearly 20 percent stake in WeWork, and if the deal goes through, it would […]… Read More National Cheat Sheet: SoftBank mulls majority stake in WeWork, Sears hires bankruptcy advisers … & more