Hong Kong sells Causeway Bay site for $2.5B

The Hong Kong government auctioned a parcel of land in Causeway Bay this week for the first time since 1997, and it sold for much more than expected. Hysan Development Co. and Chinachem Group paid the equivalent of $2.5 billion for the 159,330-square-foot property, according to Bloomberg. Midland IC&I most recently valued the property on Caroline Hill Road at around $1.9 billion. The land would yield about 1.1 million square feet of buildable space. The

The post Hong Kong sells Causeway Bay site for $2.5B appeared first on The Real Deal New York.

Another massive property outside LA lists for $75M

A 3,200-acre expanse in the hills of Santa Barbara County is hitting the market for $75 million. The property comes shovel-ready with plans for an 8,000-square-foot mansion designed by prolific Southern California architect Paul McLean, according to the Wall Street Journal. It also has permits for guest houses. It’s the second property of its kind to list in the area this week. The first was the 3,600-acre Black Mountain Ranch in nearby Ojai, home to

The post Another massive property outside LA lists for $75M appeared first on The Real Deal New York.

Lachlan Murdoch pays $30M for half-acre Sydney Harbor boat house

Lachlan Murdoch, the son of billionaire media mogul Rupert Murdoch, has purchased a small home on Sydney Harbor for around $29.8 million. The Piper Point property’s value is largely because it has 131 feet of frontage on unusually deep water, according to the Los Angeles Times. That means it can accommodate large yachts. The property has two docks and four moorings for that purpose, making it one of the area’s largest privately owned marina facilities

The post Lachlan Murdoch pays $30M for half-acre Sydney Harbor boat house appeared first on The Real Deal New York.

Steven Mnuchin’s $26M home finally finds a buyer

After more than two years and a few price chops, Steven Mnuchin’s luxury co-op has finally found a buyer, the New York Post reported. The treasury secretary had relisted his 740 Park Avenue pad in August and cut the asking price by 20 percent to $25.75 million. He had originally listed the home for about $33 million in 2018. The 6,500-square-foot apartment had been in his family for decades. He bought it from his aunt,

The post Steven Mnuchin’s $26M home finally finds a buyer appeared first on The Real Deal New York.

Demand for short-term rentals surges past pre-pandemic levels

It’s gearing up to be the best summer ever — for short-term vacation rentals. Last month, demand for short-term rentals was 5.4 percent greater than in the same period of 2019, according to data from AirDNA reported by Inman, and 66.4 percent more than last year. The boom has reached 201 of the 265 markets AirDNA tracks. Rental activity usually drops between spring break in March and the beginning of the summer travel season. But,

The post Demand for short-term rentals surges past pre-pandemic levels appeared first on The Real Deal New York.

Here’s where homes virtually sold out in the pandemic

New data confirm what brokers and home buyers have long felt: The pandemic surge in homebuying decimated inventories most drastically in vacation markets and exurbs. In an analysis of more than 1,000 ZIP codes with a median list price of $750,000, the Wall Street Journal and Realtor.com identified where the supply crisis hit hardest. The study compared inventories from 2017 through 2019 with those from March 2020 to February 2021. Cape Cod and the Jersey

The post Here’s where homes virtually sold out in the pandemic appeared first on The Real Deal New York.

Jumbo mortgage lenders invade Fannie and Freddie’s turf

With overnight bank funding rates near zero, investors are flush with cash — liquidity they are using to compete with Fannie Mae and Freddie Mac on the secondary mortgage market. Investors that would typically deal with jumbo loans are creeping into Freddie and Fannie’s territory, financing smaller loans below the agencies’ dollar cap for mortgages, according to a column in the Los Angeles Daily News. Borrowers can now get a 30-year fixed-rate jumbo mortgage for

The post Jumbo mortgage lenders invade Fannie and Freddie’s turf appeared first on The Real Deal New York.

DA targets tuition paid for Trump CFO’s grandkids

Tuition paid to a Manhattan private school is the latest target in New York prosecutors’ probe of former president Donald Trump and his real estate firm. The office of Manhattan District Attorney Cyrus Vance subpoenaed Columbia Grammar & Preparatory School over tuition payments made for two grandchildren of Trump Organization chief financial officer Allen Weisselberg, the Wall Street Journal reported. The children’s mother, Jennifer Weisselberg, told the Journal that checks signed by either Allen Weisselberg

The post DA targets tuition paid for Trump CFO’s grandkids appeared first on The Real Deal New York.

Willets Point redevelopment finally moves ahead

Plans for Willets Point are actually moving forward. After years of uncertainty, the first phase of the massive redevelopment was approved by the Queens Borough Board on Monday, the Queens Post reported. The approval was granted with only minor conditions, a sign that the City Council could do the same at the end of the process. The initial phase of the proposed redevelopment includes construction of 1,100 affordable apartments, public open space and an elementary

The post Willets Point redevelopment finally moves ahead appeared first on The Real Deal New York.

GDSNY, Klövern add 407 Park Avenue to project footprint for $31M

At two stories tall, the building at 407 Park Avenue stands out for being short. The buildings on either side of it are six or seven times taller. One of them, a 14-story, 29-unit cooperative at 417 Park Avenue, was sold for $184 million last year to two real estate firms planning a larger project on the site. That put the owner of 407 Park in an enviable position. Land Finance, based in Washington, D.C.,

The post GDSNY, Klövern add 407 Park Avenue to project footprint for $31M appeared first on The Real Deal New York.