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

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

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

Brooklyn, Queens, Riverdale all saw record high median sales prices in Q3

It was a strong quarter for sales in Brooklyn, Queens and Riverdale. Median sales prices hit record highs in all three areas of the city, according to the latest report from Douglas Elliman. In Brooklyn, they increased 2.3 percent year over year to hit $808,000; in Queens, they increased 4.3 percent to hit $573,500; and in Riverdale, they increased 15.2 percent to hit $345,500. Overall sales in Brooklyn declined year over year for the third […]… Read More Brooklyn, Queens, Riverdale all saw record high median sales prices in Q3

Albany’s power structure resets: Shifting political winds could spell trouble for the industry

On the morning after last month’s primary elections, John Banks, president of the real estate industry’s most powerful lobbying group, feigned disinterest. “It doesn’t matter to us who won last night,” said Banks during a press conference announcing the Real Estate Board of New York’s annual banquet. “We’ll reach out to the new people and begin to engage them in a dialogue.” Former New York City Comptroller John Liu, who beat out Tony Avella for […]… Read More Albany’s power structure resets: Shifting political winds could spell trouble for the industry

The penthouse pileup: Inventory swells thanks to the new dev glut

Penthouse listings — despite their catchet — aren’t immune to the new development glut. A flurry of post-Labor Day listings has brought the total number of penthouses on the market to 443. That’s a 19 percent uptick in the number of listings between September and March and a 16 percent year-over-year increase, according to data compiled by StreetEasy. Luxury inventory generally increases in the fall, as many units are taken off the market during the […]… Read More The penthouse pileup: Inventory swells thanks to the new dev glut

Behind Knakal’s plans for a territory system at JLL

The territory system Bob Knakal plans to implement at JLL could split New York into about 14 different areas, according to the broker. Knakal, who was fired from Cushman & Wakefield over the summer and joined JLL in early September as chairman of New York investment sales, said his new company is still figuring out exactly how its version of the territory system will work and what the boundaries will be. However, he said they will definitely […]… Read More Behind Knakal’s plans for a territory system at JLL

Jewish congregation files plans for new school building in Borough Park

Congregation Beis Shloime is bringing a massive school to Borough Park. The nonprofit religious organization filed plans to build a nine-story school building on a vacant lot at 1360 36th Street, according to documents filed with the city’s Department of Buildings on Thursday. The group acquired the plot for $8.2 million in 2015, according to city property records. In March of this year, Beis Shloime applied for a special permit to build a school building […]… Read More Jewish congregation files plans for new school building in Borough Park

NYC sales prices hit 10-year high, discounts continue at One57 and more of the biggest trends in resi right now

NYC sales prices notch 10-year high in volatile market A full decade after the financial crisis, New York City’s housing market has rebounded and then some. Average citywide sales prices are now 2 percent higher than their peak in November 2007 and 28.5 percent higher than the bottom of the market in September 2008, according to StreetEasy. In a new report, the Zillow-owned listings site found that wealthy buyers who bought in September 2008 saw […]… Read More NYC sales prices hit 10-year high, discounts continue at One57 and more of the biggest trends in resi right now