REBNY rallies members to fight proposed cap on rental broker fees

The Real Estate Board of New York is urging its members to sign a petition against a proposed bill that would dramatically slash rental broker fees. An email blasted out by the co-chairs of REBNY’s Residential Board of New York asks its members to help “fight Intro. 1423, the proposed legislation that would put residential agents out of business.” The message refers to a bill put forward by Manhattan Council member Keith Powers, which seeks […]

source https://therealdeal.com/2019/03/01/rebny-rallies-members-to-fight-proposed-cap-on-rental-broker-fees/

The Real Deal’s March issue is now available to all subscribers

The Real Deal’s March issue is now live, and digital subscribers to TRD are getting the first look at what’s inside. Subscribers now have access to stories including: An inside look at Amazon’s abrupt exit from Long Island City How REBNY and the broader real estate industry are responding to New York’s political shift Can Ziel Feldman unload units at one of the city’s most high-stakes condo projects? A ranking of the most prolific architecture shops […]

source https://therealdeal.com/2019/03/01/the-real-deals-march-issue-is-now-available-to-all-subscribers/

Amazon is launching a new supermarket brand

Amazon is planning to launch a new line of grocery stores in several major U.S. cities. The first store is set to open in Los Angeles as early as the end of the year, as the e-commerce giant grows its footprint in the food business, the Wall Street Journal reported, citing people familiar with the matter. The company has reportedly already signed leases for at least two other locations slated to open early next year. […]

source https://therealdeal.com/la/2019/03/01/amazon-is-launching-a-new-supermarket-brand-starting-in-la/#new_tab

Lone Star sells Long Island garden apartments for nearly $500M

Lone Star Funds, which just sold a $1.1 billion portfolio of garden apartments to Kushner Companies, just sold another group of properties on Long Island for nearly $500 million. Fairfield Properties and Maryland-based real estate investor FCP paid $472.5 million to purchase the seven-property portfolio spanning 1,496 units, the buyers told The Real Deal. “The locations fit perfectly into our portfolio,” Fairfield managing partners Gary Broxmeyer and Michael Broxmeyer said in a joint statement, adding […]

source https://therealdeal.com/2019/03/01/lone-star-sells-long-island-garden-apartments-for-nearly-500m/

Zara Realty hit with suit from AG alleging tenant harassment, rent-stabilization violations

Attorney General Letitia James is taking action against multifamily landlord Zara Realty for allegedly harassing tenants with illegal broker fees, rent increases and late fees. James’ office and the state’s Division of Housing and Community Renewal filed suit against Zara Realty on Friday for repeatedly violating New York’s rent-stabilization laws. The suit claims that the company “prey[s] upon their tenants, many of whom have limited proficiency in reading and writing English, by relentlessly forcing them […]

source https://therealdeal.com/2019/03/01/zara-realty-hit-with-suit-from-ag-alleging-tenant-harassment-rent-stabilization-violations/

Health care investor snaps up massive 70 Vestry unit at 19% discount

The latest condo to close at Related Companies’ 70 Vestry Street is a sprawling combined unit that sold for $39.3 million. Unit 12S sold to “70 Vestry 12S LLC,” according to records filed with New York City’s Department of Finance. The unit, previously listed at $28 million, was later combined with Unit 11S — with an asking price of $48 million. The deal closed at at $4,707 per square foot, a 19 percent discount. The […]

source https://therealdeal.com/2019/03/01/health-care-investor-snaps-up-massive-70-vestry-unit-at-19-discount/

More Americans are paying mortgages on time

It’s a real estate and social barometer that doesn’t get a lot of publicity, but it’s important: More Americans are paying their mortgages on time today than they have in nearly two decades — maybe even longer. That’s a big deal, because when large numbers of owners do the opposite — stop paying on their home loans for months at a time — the entire economy feels the effects. Spiking delinquencies in 2007-2008 ushered in […]

source https://therealdeal.com/miami/2019/03/01/more-americans-are-paying-mortgages-on-time/#new_tab