Chinese Airbnb rival is raising funds to take on the American kingpin of home-sharing

The multi-billion-dollar home-sharing industry, which is transforming short-term rental markets around the globe, could soon be redefined by new competitors. One of Airbnb’s biggest rivals, Xiaozhu, is in talks with investors for more than $200 million to take on the pioneering American home-sharing giant, Bloomberg reported. The company’s website lets users rent and host homes and apartments across China, just like Airbnb. Xiaozhu is reportedly targeting a valuation greater than the $1-billion mark it hit […]

source https://therealdeal.com/la/2018/09/29/major-chinese-investments-could-shake-up-home-sharing/#new_tab

Hotelier André Balazs is back in NYC, threw himself a homecoming party

After a skiing accident last year left hotelier André Balazs bedridden, he ended up in Paris. Now, about a year later, he’s reportedly returned; he celebrated last night by hosting a party in his Soho loft, according to the New York Post. Ben Stiller, Gina Gershon, Helena Christensen, Uzo Aduba and Eric Schimdt were among the attendees. While he was gone, the #metoo movement began. In November of last year, the New York Times reported […]

source https://therealdeal.com/2018/09/30/hotelier-andre-balazs-is-back-in-nyc-threw-himself-a-homecoming-party/

The future of hotels? Extended-stay

Hoteliers are increasingly playing the long game. The number of extended-stay luxury hotel rooms are on the rise–increasing 34 percent over the past five years–and occupancy rates are coming back higher than typical rooms at an encouraging 77 percent, according to the Wall Street Journal. Though guests pay a premium for their hotel accommodations–at least a couple thousand dollars more than a comparable apartment, many guests say the convenience of hassle-free living in a hotel […]

source https://therealdeal.com/2018/09/30/the-future-of-hotels-extended-stay-rooms/

Amazon opens new brick-and-mortar concept store in Soho

The e-commerce giant’s love affair with brick-and-mortar continues with a new store concept, Amazon 4-Star. The store, which opened its doors Thursday in Manhattan’s Soho neighborhood, is similar to Amazon Books but with a range of products besides books stocked on its shelves–all of which must have a rating of at least 4 stars by Amazon customers, Forbes reported. Kitchen appliances, home gadgets, devices and electronics, toys and games–it’s all loaded into the store as […]

source https://therealdeal.com/2018/09/30/amazon-opens-new-brick-and-mortar-concept-store-in-soho/

Tax breaks, payment dispute haunt Glenstone Museum’s newly completed $200M expansion

Glenstone Museum, home to billionaire couple Mitchell and Emily Rales’ private collection of contemporary and modern art, is opening this week after a pricey revamp in which contractors claim they were shortchanged. Built in 2006, the complex that contains their collection is located a few miles outside of Washington, D.C. on the site of a former hunt club, in Potomac, Maryland. In its first seven years of operation, Glenstone attracted only 10,000 visitors, but, now […]

source https://therealdeal.com/2018/09/30/tax-breaks-payment-dispute-haunt-glenstone-museums-newly-completed-200m-expansion/

The zip codes where millennials congregate

Millennials are increasingly moving west. CNBC ranked what areas saw the biggest influx of millennials between 2011 and 2016 by using a combination of data from Zillow and RENTCafé. The report found that, though New York is among millennials’ top places to live, three Los Angeles neighborhoods in the top 10 made LA the most attractive city for the generation. But are the incoming millennials able to afford their adopted cities? It’s an open question […]

source https://therealdeal.com/2018/09/30/the-zip-codes-where-millennials-congregate/

Life among the 1%? Fisher Island couple sues after use of VIP ferry lane suspended

Ferry access to Fisher Island is so exclusive, owners and residents are banished to the back of the line if they or anyone going to their homes receives more than one speeding ticket traversing the ritzy community, according to a recently filed lawsuit in Miami-Dade Circuit Court. The issue led biomedical research company honcho Maxim Temnikov and his wife Elena to sue the Fisher Island Community Association and its president Gary Snider. The couple is […]

source https://therealdeal.com/miami/2018/09/28/life-among-the-1-fisher-island-couple-sues-after-use-of-vip-ferry-lane-suspended/#new_tab

Meet the Dallas developer amassing discounted estates through auctions

Mehrdad Moayedi seems to be making a habit out of buying vast properties at auctions. The Dallas-based developer just landed former billionaire Sam Wyly’s 244-acre ranch just outside Aspen for a mere $14 million and change–a 75 percent reduction from its original asking price of $60 million, according to Mansion Global. Moayedi got the six-house compound after Wyly resorted to an auction because it “got the job done,” as one of his listing agents put […]

source https://therealdeal.com/2018/09/30/meet-the-dallas-developer-amassing-discounted-estates-through-auctions/

Justice Ruth Bader Ginsburg may soon get a building named after her

Brooklyn Borough President Eric Adams wants to remind people where Flatbush-born Supreme Court Justice Ruth Bader Ginsburg came from by launching a campaign to rename the Brooklyn Municipal Building. “The life of Ruth Bader Ginsburg is a quintessential New York story,” Adams said, according to the New York Post. “She rose to the apex of her profession, staying true to her ideals and principles. [Justice] Ginsburg has become an icon, affectionately referred to as the […]

source https://therealdeal.com/2018/09/29/justice-ruth-bader-ginsburg-may-soon-get-a-building-named-after-her/

Incidents of property crime are falling across the country says FBI

Your property is a little bit safer today than it was last year, the Federal Bureau of Investigation said this week. A countrywide review of property crime, defined as “burglary, larceny-theft, motor vehicle theft, and arson,” found that the number of incidents fell by 3 percent between 2016 and 2017, according to the FBI, as reported by Inman. However, damages from property crime in the same time-frame amounted to a staggering $15.3 billion. The FBI […]

source https://therealdeal.com/2018/09/29/incidents-of-property-crime-are-falling-across-the-country-says-fbi/

Here’s how much you need to earn to buy a median-priced home in NYC

The salary New Yorkers must be earning to afford a median-priced home in the city is about $103,000. But despite that threshold in a city where the median household income hovers at just over $50,000, New York is not the most expensive city to own a home. In fact, West Coast cities of Los Angeles, San Francisco and San Diego all beat out the Big Apple, according to a recent survey by mortgage research firm […]

source https://therealdeal.com/2018/09/29/heres-how-much-you-need-to-earn-to-buy-a-median-priced-home-in-nyc/

Shahid Khan to buy Wembley Stadium for $790 million

Shahid Khan, the American billionaire who made his fortune designing a one-piece bumper for trucks, is expected to buy London’s Wembley Stadium for $790 million, after the English Football Association board approved the sale. Khan, who also owns the NFL team Jacksonville Jaguars and English Premier League team, Fulham F.C., has been in talks to make the purchase since April. As part of the sale, he must keep the famous stadium’s name, and not offer […]

source https://therealdeal.com/2018/09/29/shahid-khan-to-buy-wembley-stadium-for-790-million/

Looking to buy property overseas? These countries don’t want your money

If you’re looking to purchase property overseas, the options are becoming increasingly limited. New Zealand is the latest country to clamp down on foreign real estate investment, citing concerns over dirty money and an affordable housing crisis, as the Wall Street Journal reports. But several countries across Asia, Europe and even North America have adopted similar measures to cool off their booming housing markets in the past decade. Canada, the United Kingdom, Switzerland and New […]

source https://therealdeal.com/2018/09/29/looking-to-buy-property-overseas-these-countries-dont-want-your-money/

How a Hong Kong developer made nearly $600M in a day

Buyers in Hong Kong defied warnings about a housing-bubble burst when they snapped up more than 500 apartments Tuesday – the biggest home sale for the city in five years. A pair of developers offered 857 apartments for sale on the day following the Mid-Autumn Festival, which is considered a lucky time to buy, the South China Morning Post reported. For Nan Fung Development’s LP6 project, more than 4,100 buyers entered into a lottery for […]

source https://therealdeal.com/2018/09/29/how-a-hong-kong-developer-made-nearly-600m-in-a-day/

The number of buyers who find an agent online is still only 9 percent

The internet may be changing the real estate industry, but the amount of people who find an agent online has been stagnant for a decade. Just 9 percent of buyers find an agent online, which was the same amount that did so 10 years ago, according to Inman, citing data from the National Association of Realtors. Buyers and sellers were both more likely to find an agent through friends and family, with more than 40 […]

source https://therealdeal.com/2018/09/29/the-number-of-buyers-who-find-an-agent-online-is-still-only-9-percent/

Kevin Garnett shoots for high price on unfinished Malibu compound

NBA superstar Kevin Garnett was known as a finisher on the basketball court, but he’s bowing out early in Malibu. The 42-year-old retired star is shopping a seven-acre property with a half-finished mansion in the beachside city for $19.9 million, according to the Los Angeles Times. Listing photos show an 11,000-square-foot mansion under construction on the three-parcel property. The home is reportedly a year away from completion, with room for a buyer to customize portions […]

source https://therealdeal.com/la/2018/09/26/kevin-garnett-shoots-for-high-price-on-unfinished-malibu-compound/#new_tab

EB-5 extended again — until after midterm elections

The EB-5 program, which was set to expire at the end of this month, has been extended until the beginning of December. The controversial visa program, which was due to reach the end of its six-month extension period on Sunday, Sept. 30,  has been reauthorized through Dec. 7. President Trump signed the extension Friday at noon, as part of a spending package to avoid a federal government shutdown. The U.S. Immigration Fund, a regional center […]

source https://therealdeal.com/2018/09/28/eb-5-extended-again-until-after-midterm-elections/

Women-only co-working firm Luminary to open first location in NoMad

Women-only co-working firm Luminary is opening its first location in NoMad. The company, headed by former HSBC executive Cate Luzio, signed a 15,000-square-foot lease at Raizada Vaid’s 1204 Broadway. The 12-year deal covers the third and fourth floors and a rooftop space at the four-story, 21,300-square-foot property. Luminary is scheduled to open in November. The company is taking over the space of fellow flexible office provider District CoWork, which previously occupied the fourth floor and […]

source https://therealdeal.com/2018/09/28/women-only-co-working-firm-luminary-to-open-first-location-in-nomad/

Co-living company Ollie in talks to raise $50M+: sources

Co-living startup Ollie is in talks to raise more than $50 million in a new venture funding round, according to sources familiar with the situation. The company has held discussions with student housing operator EdR, along with other potential investors, according to a source. In a statement, Ollie said its “policy is not to comment on speculation about our fundraising activity.” If the round closes, it could make Ollie the best-funded co-living company in the […]

source https://therealdeal.com/2018/09/28/co-living-company-ollie-in-talks-to-raise-50m-sources/

Tax cheat looks to upzone Long Island City lot under city’s affordable-housing program

A disgraced car dealer from Queens who recently pleaded guilty to federal tax fraud is now looking to rezone one of his auto lots in Long Island City under the city’s affordable housing program. Bruce Bendell, a former senior manager at the Major World family of dealerships, is looking to upzone the site of a shuttered Kia dealership on Northern Boulevard to make way for an 11-story mixed-use building with 244 apartments. But the 64-year-old […]

source https://therealdeal.com/2018/09/28/tax-cheat-looks-to-upzone-long-island-city-lot-under-citys-affordable-housing-program/

AIG is trying to sell this Midtown hotel for more than $200M

AIG Global Real Estate is trying to offload a Manhattan hotel for more than $200 million. The company has enlisted Eastdil Secured to find buyers for the Embassy Suites by Hilton New York Midtown Manhattan, according to Bloomberg. The 310-room hotel is on West 37th Street. The 39-story hotel opened in January and has been fully operational since July. It’s the only location in New York AIG owns the majority stake of the hotel, which […]

source https://therealdeal.com/2018/09/28/aig-is-trying-to-sell-this-midtown-hotel-for-more-than-200m/

Hakimian Org buys Queens dev site with plans for 400-unit rental

The Hakimian Organization has purchased a development site in Woodside with about 300,000 buildable square feet for $33 million. The company announced Thursday that it bought 72-01/72-17 Queens Boulevard and 72-30 45th Avenue with Gorjian NY, Imagine Capital Group and CH Hakimi Group. Previous owner Piermont Properties had put the sites, along with another at 72-34 45th Avenue, on the market more than three years ago, asking $45 million. Piermont bought all the sites between […]

source https://therealdeal.com/2018/09/28/hakimian-org-buys-queens-dev-site-with-plans-for-400-unit-rental/

Mark your calendars: These are New York’s top real estate events next week

Next week brings a couple of new real estate events! On Oct. 3, the Columbia Alumni Association is hosting its Alumni in Real Estate Networking Happy Hour from 6:30 p.m. to 8:30 p.m at High Bar New York, 346 West 40th Street. Come for a night of drinks and networking with all Columbia alumni. On Oct. 4, the Asian Real Estate Association of America (AREAA) is hosting its State of Queens Real Estate event from […]

source https://therealdeal.com/2018/09/28/mark-your-calendars-these-are-new-yorks-top-real-estate-events-next-week-11/

Add it to the list: NYCHA needs $500M for senior housing, community center repairs

The New York City Housing Authority needs another $500 million for repairs to its senior and community centers. James Scanlon, NYCHA’s vice president of capital planning and design, on Thursday emphasized the need for the financing for the agency’s some 250 community centers, daycare centers and senior facilities, the Wall Street Journal reported. For example, the senior center at Fulton Houses in Chelsea, which cooks and serves 42,000 meals a year, hasn’t been renovated since […]

source https://therealdeal.com/2018/09/28/add-it-to-the-list-nycha-needs-500m-for-senior-housing-community-center-repairs/

PMG to build Waldorf Astoria tower in downtown Miami

The Waldorf Astoria is coming to downtown Miami. New York-based Property Markets Group signed a contract with the landmark hotel flag to build a Waldorf Astoria hotel-condo tower at 300 Biscayne Boulevard. The skyscraper, designed by Miami-based Sieger Suarez Architects as a stack of glass cubes, is projected to reach a total sellout of more than $1 billion, developer Ryan Shear told Bloomberg. PMG has delayed launching the condo project due to the slowdown in […]

source https://therealdeal.com/miami/2018/09/28/pmg-to-build-waldorf-astoria-tower-in-downtown-miami/#new_tab