Joseph Chetrit’s townhouse sale is one of the largest such deals of the year

Developer Joseph Chetrit sold one of his three Upper East Side townhouses, marking one of the priciest townhouse deals to close so far this year. The property at 110 East 76th Street sold for a price in the low-$40 million range, the Wall Street Journal reported. It was originally asking $51 million. The largest of the trio, the house is 36 feet wide and measures 15,000 square feet. The design features marble, onyx and brass […]… Read More Joseph Chetrit’s townhouse sale is one of the largest such deals of the year

Costas Kondylis, the “developer’s architect,” dies at 78

Constantine “Costas” Kondylis, one of Manhattan’s most prolific architects and President Trump’s go-to designer, died on Friday. He was 78. Kondylis is best known for his frequent collaborations with Trump, but his mark on New York City reaches far beyond those projects. During his 50-plus year career in the city, he designed more than 86 buildings, including Trump World Tower, Silverstein Properties’ Silver Towers, the Moinian Group’s the Atelier and J.D. Carlisle Development’s One Morton […]… Read More Costas Kondylis, the “developer’s architect,” dies at 78

Will real estate developers seize on “Opportunity Zones” tax incentive?

A short drive from downtown Miami, colorful murals highlight the Haitian diaspora and pink and yellow island-themed buildings dot Second Avenue in Little Haiti. Among the traditional Creole eateries, some millennial-focused restaurants have emerged, advertising craft beer and featuring organic rotisserie chicken and jalapeno jam on their menus. The slow transformation has not gone unnoticed. As some see the area poised to become the next Wynwood, Little Haiti has piqued developers’ interests in recent years. […]… Read More Will real estate developers seize on “Opportunity Zones” tax incentive?

What real estate pros are reading now

David Lebenstein Executive Managing Director, Cushman & Wakefield What are you reading now, or what did you finish most recently? “My Promised Land: The Triumph and Tragedy of Israel” by Ari Shavit. It’s about the early beginnings of a Jewish state and Zionism, as well as the history of Palestine — both before and after the 1948 creation of the State of Israel. What prompted you to read this book? Being the son of a […]… Read More What real estate pros are reading now

Avison Young lines up $250M investment from Canadian pension fund

Canadian pension fund manager Caisse de dépôt et placement du Québec has invested $250 million in Avison Young, which plans to use the capital injection to expand its North American presence. Avison Young CEO Mark Rose said that the proceeds from the preferred equity investment will be used to repurchase shares in Avison held by its private equity partner, the Vancouver-based Parallel49 Equity. The deal means that Avison will once again be 100 percent owned […]… Read More Avison Young lines up $250M investment from Canadian pension fund

Rental discounts dropping in Battery Park City

Discounts are getting harder to come by in Battery Park City. Rental price drops in the neighborhood decreased by 14 percent year-on-year to 74 transactions, according to Platinum Properties‘ second quarter report. The decline is more pronounced on a quarter-to-quarter basis, with the number of discounts dropping by 77 percent over the first quarter. The dearth of discounts coincided with price growth in the neighborhood. During the quarter, the median rent in the area rose […]… Read More Rental discounts dropping in Battery Park City

Retail sales rise nationwide in Q2, indicating strong economic outlook

Nationwide retail sales were up in the second quarter year over year, a positive sign for the overall economy, though department store revenue continued the drop. From April to June, retail sales in the U.S. grew by 5.9 percent compared to the same period in 2017, the U.S. Commerce Department reported Monday, , according to the Wall Street Journal. June sales rose 0.5 percent from May figures. The news wasn’t good for everyone. Department store […]… Read More Retail sales rise nationwide in Q2, indicating strong economic outlook