Existing home sales sag for eighth month in a row

Existing home sales decreased in September, with rising mortgage rates as the key culprit behind the the eighth straight month of decline. Home sales sunk 1.5 percent last month from August to a seasonally adjusted rate of 4.71 million, according to the National Association of Realtors. The figure marked a 23.8 percent drop year over year. The median home price in September rose 8.4 percent year over year to $384,000. The market’s continued contraction is

The post Existing home sales sag for eighth month in a row appeared first on The Real Deal New York.

NYC construction returns to 2019 level, but spending shatters record

Despite economic uncertainty and rising interest rates, construction spending in New York this year is on pace to shatter its all-time high. But in terms of actual building, the industry will just barely meet or exceed 2019 levels. The New York Building Congress released a report projecting that construction spending in New York will reach $86 billion by the end of the year, for a total of 105 million square feet. Adjusted for inflation, that

The post NYC construction returns to 2019 level, but spending shatters record appeared first on The Real Deal New York.

The Real Deal sweeps NAREE Awards with 14 honors

Another year, another awards sweep for The Real Deal. The outlet, which judges called a “high-quality, must-read national real estate magazine,” snapped up 14 NAREE Journalism Awards for coverage in 2021. The New York City-based media company picked up Gold in the Best Commercial and Best Residential Trade Magazine categories for the third year in a row, just the latest credits to the outlet’s continued prominence and rigor in the world of real estate journalism.

The post The Real Deal sweeps NAREE Awards with 14 honors appeared first on The Real Deal New York.

Florida Showcase speaker spotlight: Corcoran’s Pam Liebman

Whether it’s from her leadership at the helm of one of the country’s biggest brokerages or her recent stint on reality TV, you already know Pam Liebman. The Corcoran Group CEO, who’s led the company as CEO for over 20 years and been in the industry for nearly 40, is a longtime real estate A-lister and a luxury resi expert. Now you can see her take the TRD stage this fall as she joins us

The post Florida Showcase speaker spotlight: Corcoran’s Pam Liebman appeared first on The Real Deal New York.

Former Las Vegas nightclub owner bringing 30K sf cannabis museum to SoHo

Who needs a license to cash in on New York’s newly legal cannabis industry? Not former Las Vegas nightclub owner Robert Frey. Frey is turning a historic SoHo building into a 30,000-square-foot immersive cannabis experience called The House of Cannabis, or THCNYC. The space will include rotating art exhibitions extolling the cultural influence of the plant. Missing from Frey’s concept are plans to have any weed on the property. Rather than focusing on getting New

The post Former Las Vegas nightclub owner bringing 30K sf cannabis museum to SoHo appeared first on The Real Deal New York.

Cannabis goes legit: Real estate sees green in budding industry

After its retail properties took a hit during the pandemic, Delshah Capital decided to explore a burgeoning new industry. The New York real estate firm listed three of its Downtown storefronts on 420 Property, a site for cannabis space. It has since received “a bunch of inquiries,” mostly from smaller operators, said Chad Roberson, partner at Delshah. But he is hesitant, seeing them as risky tenants facing entrenched obstacles. One is competition from the illicit

The post Cannabis goes legit: Real estate sees green in budding industry appeared first on The Real Deal New York.

Newmark brokers $514M “green” construction loan for Boston BioMed

Boston’s life sciences real estate market is going a bit green. Newmark arranged a $514 million construction loan for Boston BioMed’s Assembly Innovation Park in Somerville, Massachusetts. The financing will cover the first phase of the project, a 12-story, 485,000 square-foot life sciences building. The loan’s conditions don’t stop at interest and terms: The building must meet environmental sustainability standards, incorporating sustainable technologies such as rooftop solar panels to ensure it will be LEED Gold-

The post Newmark brokers $514M “green” construction loan for Boston BioMed appeared first on The Real Deal New York.

A syringe, a bite, and now a ruling in ex-partners’ 10-year feud

A decade-old New York real estate soap opera — involving, in part, a former executive allegedly biting an ex-business partner — came to a partial close last week. The Manhattan commercial division handed down a ruling last Wednesday in the sprawling legal battle between former United Realty executives Eli Verschleiser and Jacob Frydman. Judge Joel Cohen dismissed three of four counts in which Verschleiser, who was United Realty’s president, alleged that its former CEO, Frydman,

The post A syringe, a bite, and now a ruling in ex-partners’ 10-year feud appeared first on The Real Deal New York.

Priced-out buyers trigger drop in pending home sales

Homebuyers are still slowing their pandemic-fueled, contract-signing binge in response to the triple whammy of rising mortgage rates, high housing prices and low inventory. The number of pending home sales dipped by 8.6 percent in June after a slight uptick in May, resuming the previous six months’ trend of declines, a report from the National Association of Realtors showed Wednesday. June’s contract signings dropped a hefty 20 percent from last year. Meanwhile, housing was 80

The post Priced-out buyers trigger drop in pending home sales appeared first on The Real Deal New York.

Nation’s highest-taxed office buildings are all in one neighborhood

With its long history and concentration of skyscrapers, Manhattan is home to 82 of the 100 highest-taxed office buildings in the country, according to a new report. In fact, every one of the top 10 is in Midtown, the analysis by PropertyShark found. The list serves as a reminder that for all the headlines about the district becoming dated or losing tenants to Hudson Yards, it remains far and away the city’s and nation’s greatest

The post Nation’s highest-taxed office buildings are all in one neighborhood appeared first on The Real Deal New York.