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

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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

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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

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Real estate stocks, markets jittery over inflation

Major real estate stocks took a beating this week on concern that rising costs for everything from raw materials to the price of a hotel room could lead to higher interest rates, cutting consumer demand. A Standard & Poor’s index of homebuilder stocks dropped 4.4 percent for the week, while Lennar, the biggest U.S. homebuilder, dropped almost 8 percent. Soaring demand for homes during the pandemic had builders working at a furious pace, with housing

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Closing time: HFZ vacates the XI sales gallery in Chelsea

Little West 12th Street is down another tenant. Embattled developer HFZ Capital Group has moved out of its gallery space in West Chelsea. Though the signage touting the developer’s luxury condominium, the XI, still hangs off the storefront, the interior has been emptied of all its furnishings and artwork, The Real Deal observed on a recent visit. The gallery space had been elaborately renovated by HFZ to hold three art installations with its raison d’être

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Judge lets Eichner’s Crown Heights project near Botanic Garden advance

Two rezonings, held up by the same judge for similar reasons, can now both move forward. But in one case, a developer will need to figure out the logistics of holding an outdoor hearing. Brooklyn Judge Katherine Levine on Thursday lifted her temporary restraining order blocking the rezoning of a former spice factory at 960 Franklin Avenue, where Ian Bruce Eichner’s Continuum Company wants to build two 30-plus story rental towers. The move allows the

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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,

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Former Lehman exec lists Carnegie Hill mansion for $38M

A former Lehman Brothers executive is calculating a big profit for his Carnegie Hill mansion. Robert Millard listed his Beaux-Arts home for $38 million, more than six times what he paid for it 24 years ago, property records show. It’s unclear what kind of upgrades and improvements have gone into the six-story townhome. The 14,125-square-foot mansion at 9 East 88th Street was designed by architects James Turner and Willam Killian at the turn of the

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Chetrit Group falls behind on Soho portfolio mortgage

Between nonpaying tenants and antsy lenders, commercial landlords have been under increasing pressure throughout the pandemic, and even a major player is not an exception. The Chetrit Group, one of the biggest privately held real estate companies in New York, is a month behind on payments for the $76.5 million mortgage backed by its mixed-use buildings at 427 and 459 Broadway in Soho, according to Trepp. The problem is a drop in tenant occupancy and

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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,

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