Real Estate

NYC investment sales hit multi-year peak to end 2021

The Real Deal 1/21 9:15A By Suzannah Cavanaugh
Mirroring a late-year surge observed in Manhattan, New York City’s investment sales market ended the year with a flurry of activity as deal volume topped levels last seen in 2018 and dollar volume achieved at least a four-year high. The city...

Tax assessments rise 9%, signaling higher bills for landlords

The Real Deal 1/21 7:00A By Suzannah Cavanaugh
Tentative property tax assessments for New York City are up, reflecting the city’s recovery. For landlords, however, the gains signal a tax hike. A preliminary report from the Department of Finance this week shows rental buildings’ market value...

Nine mid-market investment sales to start your day

The Real Deal 1/21 12:00A By Orion Jones
Investment sales in the city have returned to Earth after an end-of-year frenzy. Nine New York City i-sales in the $10 million to $40 million range were recorded last week. Brooklyn led the way with eight sales, while Manhattan and the Bronx each...

New name, same basic idea: Hochul pitches 421a reform

The Real Deal 1/20 1:45A By Kathryn Brenzel
It may have a new name, but Gov. Kathy Hochul’s proposed development tax break looks a lot like 421a. In her executive budget, the governor outlined a replacement for the incentive program, often cited by developers as essential to the...

Hochul seeks to fast-track NYC-area casinos

The Real Deal 1/18 8:30A By Kathryn Brenzel
Gov. Kathy Hochul laid her cards on the table Tuesday, calling for New York City to get new casinos earlier than expected. As part of her proposed budget, the governor called for speeding up authorization for as many as three casinos in or around...

UES townhouse rumored to have been owned by Grace Kelly sells for $25M

The Real Deal 1/15 6:24A By Vince Dimiceli
An Upper East Side mansion reported to have been once owned by Hollywood legend and Princess of Monaco Grace Kelly, has sold for $25 million, according to New York City Department of Finance records. The home, at 51-53 East 73rd Street was...

Rents in Manhattan and Queens recover while Brooklyn lags behind

The Real Deal 1/14 12:00A By Cordilia James
New York City made a rental comeback in December, with Manhattan and Queens leading the resurgence. As rent explodes nationally, New York City tops the charts Rent in Manhattan and northwest Queens soared past pre-pandemic levels in December...

These were the five priciest development sites sold in NYC in 2021

The Real Deal 1/13 1:00A By Rich Bockmann
The land market was one of New York City’s weaker real estate segments in 2021. The five largest deals for development parcels last year fetched nearly $396 million altogether, a roughly 7 percent dip from pandemic-stricken 2020 and a 34 percent...

Paramount+ debuting drama inspired by NYC construction boss

The Real Deal 1/12 1:45A TRD Staff
A New York City construction magnate is serving as the inspiration for a forthcoming streaming series. “Construction,” a new Paramount+ series, will follow a fifth-generation, Black and female construction leader in New York City as she navigates...

Northern NJ industrial properties are fetching record rents

The Real Deal 1/12 1:00A By T.P. Yeatts
Warehouse tenants in 2021 paid more for proximity to the largest consumer market in the U.S. than ever before. Retailers, manufacturers and other industrial renters want so badly to be near New York City that they’re willing to pay 50 percent...

Five industry priorities for Eric Adams

The Real Deal 1/11 12:30A By Kathryn Brenzel
Real estate backed Eric Adams, in large part, for his pro-business, tough-on-crime approach.  A former New York City Police Department captain, Adams campaigned on the idea that he was best equipped to prioritize public safety while also bringing...
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