The preliminary proposal from a mayoral commission to overhaul New York City’s property tax system would raise fees on owners of one- to three-family homes and hold down taxes on co-ops and condos. An analysis from the Wall Street Journal found that the plan would raise taxes on houses by more than $1.13 billion in total, although more than a third of building owners would pay less. Taxes would rise for owners of Manhattan mansions via The Real Deal New York https://therealdeal.com/2020/03/23/citys-property-tax-overhaul-would-increase-burden-for-single-family-homeowners/
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After watching rivals Opendoor and Redfin drop out of the iBuying game, Zillow Group said Monday that it would also suspend home-buying amid the coronavirus pandemic. In a statement, co-founder and CEO Rich Barton cited emergency orders in New York, California, Illinois, Louisiana, Ohio and Nevada, which have instructed nonessential businesses to shutter. In New York, Gov. Andrew Cuomo specifically told real estate agents to stop in-person showings and open houses. “Given the concerns for via The Real Deal New York https://therealdeal.com/2020/03/23/amid-uncertainty-zillow-is-latest-ibuyer-to-press-pause/ Colony Capital chairman and CEO Tom Barrack thinks the commercial mortgage market in the United States is on the verge of collapsing. Barrack wrote in a white paper, posted to Medium late Sunday, that the coronavirus pandemic and subsequent shutdown of sectors of the U.S. economy could lead to margin calls, foreclosures, evictions and potential bank failures. He claimed the impact of this could be greater than the impact of the Great Depression. “Immediate concerted via The Real Deal New York https://therealdeal.com/2020/03/23/tom-barrack-predicts-commercial-mortgage-market-crisis/ The Federal Reserve dramatically expanded its lending programs meant to unclog credit on Monday by expanding its facilities to include different types of municipal and corporate debt. The Federal Open Market Committee said the Treasury and mortgage security purchases it approved a week ago are basically unlimited, according to the Wall Street Journal. It plans to buy $375 billion worth of Treasury securities and $250 billion worth of mortgage securities this week. It will also via The Real Deal New York https://therealdeal.com/2020/03/23/fed-plans-major-commercial-mortgage-buyback/ SoftBank recently advised WeWork shareholders that it might renege on part of its rescue package, and a pair of independent directors for the co-working firm are considering all options in response, including legal action, according to Bloomberg and the Wall Street Journal. SoftBank had struck a deal to buy $3 billion worth of stock in WeWork, effectively rescuing the company after a disastrous initial public offering attempt. However, the conglomerate sent a message to stockholders via The Real Deal New York https://therealdeal.com/2020/03/23/wework-gears-up-for-potential-legal-fight-with-softbank/ As cases of Covid-19 surge, financial markets have nosedived — a fate that has not escaped public real estate investment. Industry experts say some investors are trying to turn lemons into lemonade, hunting for opportunistic plays. But others note that negative sentiment already has seeped into the private real estate investment world, as the uncertainty of the pandemic and its impact on the economy has stopped some deals in their tracks. “We’ve seen that investor via The Real Deal New York https://therealdeal.com/2020/03/23/how-will-coronavirus-affect-global-cre-deal-volume/ With the Coronavirus rapidly spreading, real estate firms across the country are enacting work from home policies. Major brokerages such as Compass, Douglas Elliman and Halstead have closed their offices and asked employees to work from home. With many scrambling to create a comfortable place to work within their own home, TRD presents a few essentials you’ll need to get it up and running. Here are a few of our picks: 1.Wireless Mouse If you via The Real Deal New York https://therealdeal.com/2020/03/23/8-tools-to-help-you-adjust-to-working-from-home/ Five properties traded hands in New York’s mid-level investment sales market last week, including a 12-story office building in the Flatiron District and two South Bronx warehouses that RXR purchased from Keith Rubenstein. Here are the details: 1. An LLC linked to Triad Professional Services purchased 1115 Broadway in Manhattan’s Flatiron District for $26.1 million from an LLC based in Westchester. The office building stands 12 stories tall and has 50 units. 2. Scott Rechler’s via The Real Deal New York https://therealdeal.com/2020/03/23/flatiron-office-building-leads-new-yorks-mid-market-investment-sales/ It was an audacious goal from the start. Five years after Compass hired its first 10 agents in New York City, CEO Robert Reffkin pledged the company would have 20 percent market share in 20 major U.S. cities by 2020. “That means we’re going to expand,” he told agents who gathered in New York for an all-team meeting in 2017. “We’re going to expand to Seattle, San Diego, Phoenix, Dallas, Austin, Houston, Atlanta, Philadelphia and via The Real Deal New York https://therealdeal.com/2020/03/23/compass-faces-a-reckoning/ StreetEasy will strike its days-on-market clock from listings, the company told agents Sunday. The move comes after previously insisting that doing so would compromise its integrity. In an email to agents Sunday night acknowledging the severity of the coronavirus pandemic, the Zillow-owned portal said it would replace the “Days on Market” field with “Counting Suspended.” It will also temporarily remove open house promotions from listings, search results and customer emails. StreetEasy cited Gov. Andrew Cuomo’s via The Real Deal New York https://therealdeal.com/2020/03/22/streeteasy-follows-rebny-in-cutting-days-on-market-count/ |
Aaron LeiderAaron Leider is an real estate professional. Hi is a founder of the Keller Williams office in Brentwood. ArchivesNo Archives Categories |