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

New York State investigates Kushner over construction harassment allegations

New York’s Tenant Protection Unit is launching an investigation into allegations of tenant harassment against Kushner Companies at its Williamsburg condo conversion at 184 Kent Avenue, the New York State Homes and Community Renewal announced Monday. The announcement came shortly after a group of 19 rent-stabilized tenants at 184 Kent filed a tenant harassment lawsuit against Kushner Companies, accusing the landlord of subjecting them to toxic dust, noise and unsafe conditions. Kushner Companies, along with […]… Read More New York State investigates Kushner over construction harassment allegations