Breaking down Manhattan’s investment sales comeback

Despite a slowdown in the second half of the year, Manhattan investment sales rose 40 percent in 2022, reaching nearly $21 billion in total volume. The biggest share of that increase went into large multifamily assets — those with 10 or more units — where sales volume more than doubled from 2021. Purchases of development sites also nearly doubled, and investments in commercial properties increased 63 percent year over year. Perhaps most remarkably, despite persistent

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Some states mull bills to limit foreign ownership of real estate

With tensions running high between the U.S. and China, at least 11 states are looking to limit or ban people and companies with direct ties to China from owning real estate within their borders, the New York Times reported. Texas is leading the way, with Republican state Sen. Lois Kolkhorst, R-Brenham, sponsoring a bill — spurred by a Chinese company’s purchase of 130,000 acres near Laughlin Air Force Base in South Texas for a wind

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Power couple builds up $140M real estate portfolio

Slack’s Stewart Butterfield and Away’s Jen Rubio with 3636 Clay Street, San Francisco (Google Maps, Getty) They’ve built up two businesses worth over $1 billion, now they’re building up their real estate portfolio. Silicon Valley power couple Stewart Butterfield, the co-founder of Slack, and Away co-founder Jen Rubio have amassed an impressive array of luxe homes, having spent at least $140 million since 2021, the Wall Street Journal reported. Butterfield and Rubio, who married in

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Power couple builds up $140M real estate portfolio

Slack’s Stewart Butterfield and Away’s Jen Rubio with 3636 Clay Street, San Francisco (Google Maps, Getty) They’ve built up two businesses worth over $1 billion, now they’re building up their real estate portfolio. Silicon Valley power couple Stewart Butterfield, the co-founder of Slack, and Away co-founder Jen Rubio have amassed an impressive array of luxe homes, having spent at least $140 million since 2021, the Wall Street Journal reported. Butterfield and Rubio, who married in

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Connecticut mayor runs afoul of city’s short-term rental rules

The stakes are significantly lower than corruption and racketeering charges, but Bridgeport Mayor Joe Ganim has drawn scrutiny for violating local regulations by listing his home on online rental platforms, CT Insider reported. Ganim listed on Airbnb and Vrbo for $125 a night his single-family home at 37 Thorne Place in the upscale neighborhood of Black Rock, despite city zoning regulations that forbid short-term rentals, the outlet reported. After a media inquiry, Ganim agreed the

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Florida governor: Disney has ‘new sheriff in town’

The latest round of culture war has seen the House of Mouse lose some of the autonomy it’s enjoyed in Florida the past six decades, but the company still held on to several key privileges. In a special session last week, the legislature gave Gov. Ron DeSantis the power to appoint the members of the board that oversees the development of Walt Disney World theme parks, The New York Times reported. DeSantis had fought with

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Watch: What the increase in millionaire renters means

Owning a home may be the hallmark of the American Dream, but not necessarily so for millionaires, according to The Real Deal’s Hiten Samntani in the latest edition of Resi Rundown. High mortgage rates, soaring home prices and the flexibility that comes with not laying down roots all play into wealthy millennials and members of generations X and Z renting their homes.  In 2020, there were close to 2,500 millionaire rental households in New York

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Developer on hunger strike after city halts construction on homes

If nothing else, Silicon Valley home developer Navneet Aron knows how to get attention. Aron, the CEO of Aron Developers, has gone on a hunger strike in response to Sunnyvale, California’s decision to stop the construction of 18 townhouses Aron’s company is building on North Fair Oaks Avenue, the Mercury News reported. He says he will not eat until his crews are permitted to go back to work. The city halted construction after discovering Aron’s

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They said what now? Real estate quotes of the week

Here’s a roundup of the prescient, colorful, sobering or simply interesting quotes from the past week across the real estate industry. “Generally none of us are dictators. No matter our title, we work in consensus.” Manhattan Assembly member Linda Rosenthal, who chairs the Assembly’s housing committee, on a Community Housing Improvement Program that seeks a rent reset for stabilized units when a tenant vacates. Rosenthal said a rent-reset bill would be “a non-starter,” but that

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Here’s your Super Sunday real estate week in review

Happy Super Bowl Sunday! Now is the perfect time to get caught up on the events of the past week before you tuck into your big game spread and hunker down for (hopefully) a close contest, as well as too-clever-by-half commercials. We don’t offer predictions or analysis of sporting events, regardless of their importance, at The Real Deal. But we do deep dives into real estate trends, including looking into Curbed’s claim that fewer people

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