real estate trends

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City Living, Features, Policy, real estate trends

Can you move in NYC during the coronavirus outbreak?

By Devin Gannon, Fri, March 27, 2020

Photo © Daxiao Productions – Fotolio

While most of life seems to be put on hold at the moment, there are a few tasks that can’t be avoided. This includes moving apartments, typically a dreadful experience for New Yorkers with or without an ongoing pandemic. But moving companies are considered an essential service, according to New York City and State officials. Ahead, find out what you need to know about moving in NYC during the coronavirus outbreak, from the extra protocols movers are taking to your rights as a tenant.

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real estate trends

Amazon snags two Fairway Market stores in NJ

By Devin Gannon, Thu, March 26, 2020

Fairway, Fairway Grocery, Upper West Side, Whole Foods, Grocery Stores, Red Hook, Fairway Red Hook

Photo by Dougie WII on Wikimedia

Amazon has acquired the leases for two Fairway Market stores in New Jersey, half the number of stores the company originally hoped to buy. According to Supermarket News, the online retailer will acquire Fairway’s Paramus and Woodland Park, N.J. store leases for $1.5 million. It’s unclear why Amazon’s offer for stores in Red Hook and Westchester fell through. The auction comes just a few months after the beloved New York City grocery store filed for bankruptcy.

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real estate trends, Upper East Side

Photo by Jim.henderson on Wikimedia

A month after Barneys New York closed all of its stores, a food hall is reportedly in talks to occupy part of the luxury retailer’s former flagship. As first reported by the New York Post, Italian market Eataly is looking at leasing or buying some space at the now-shuttered store at 660 Madison Avenue on the Upper East Side.

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Featured Story

Features, Policy, real estate trends

brooklyn brownstone for sale sign, brooklyn real estate, brooklyn brownstone for sale

Image courtesy of 6sqft.

FaceTime video tours, virtual open houses, and plunging interest rates; the real estate business in New York City in the time of COVID-19 isn’t business as usual. But as impactful and uncertain as the global pandemic is, it may not be bad for business. An important and unique attribute of this particular crisis, though, is uncertainty. There are new developments each day, and new answers–for public health and welfare, of course, but also for businesses affected by the virus.

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Policy, real estate trends

Photo courtesy of CityRealty

Real estate agents can continue to charge New York renters broker fees until at least June, Crain’s reported. Last month, the state department updated a set of guidelines for last year’s rent reform laws to prevent brokers who are hired by landlords from charging tenants a fee as part of the application process. Industry groups, including the Real Estate Board of New York (REBNY) and a number of brokerages, filed a petition last month to stop the new rule, which resulted in a temporary restraining order. The office of  State Attorney General Letitia James on Friday asked for a three-month extension to respond to the lawsuit, pushing the court date from this week to June 12.

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Midtown West, real estate trends

Apple signs lease for four floors at 11 Penn Plaza

By Michelle Cohen, Tue, February 25, 2020

11 Penn Plaza, apple, vornado

Streetview of 11 Penn Plaza, Map data © 2020 Google

After the Post first reported speculations of the deal in January, they now report that Apple will lease four floors of space at 11 Penn Plaza. Sources told the Post that the tech giant became interested in the 1.15-million-square-foot building that stretches along Seventh Avenue between West 31st and 32nd streets across from Madison Square Garden after losing out to Facebook on a spot in the Farley Building. However, those with knowledge of the deal say that Apple has only signed a five-year deal, which may suggest that they are still keen on finding a larger, more permanent home in NYC.

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real estate trends, Upper East Side

All Barneys New York stores to close by end of the month

By Devin Gannon, Fri, February 14, 2020

Photo by Jim.henderson on Wikimedia

It’s the end of an era. Once an icon in the luxury fashion world, Barneys New York is officially closing its doors this month. All stores will shutter on Feb. 23, the New York Post reported on Thursday, with 719 employees losing their jobs at the retailer’s flagship location at 660 Madison Avenue, its store in Chelsea at 101 Seventh Avenue, an outlet in Central Valley, and its corporate offices at 575 Fifth Avenue. Barneys California stores in Beverly Hills and San Francisco will also close Feb. 23.

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Policy, real estate trends

Temporary restraining order rolls back broker fee ban

By Michelle Cohen, Tue, February 11, 2020

Photo by Rachel Martin on Unsplash

In an update made last week to the state’s recent rent reform laws, the Department of State said real estate brokers hired by landlords could no longer charge tenants a fee. The ruling sparked a widespread backlash from the real estate industry, particularly rental brokers. In response, a group of industry representatives filed an Article 78 petition in Albany, which resulted in a temporary restraining order on Monday, The Real Deal reported. The Real Estate Board of New York (REBNY) and a number of high-profile brokerages have filed a lawsuit claiming the new guidance was an “unlawful, erroneous, and arbitrary” interpretation of the rent reform law passed in June and wreaked “havoc and confusion” on the industry. The restraining order means agents acting on behalf of landlords can collect a commission from tenants until further notice without fear of discipline by the DOS.

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Policy, real estate trends

New York renters no longer have to pay broker fees

By Devin Gannon, Thu, February 6, 2020

Photo by Rachel Martin on Unsplash

Renters in New York will no longer have to pay a broker fee when they lease an apartment, the state ordered Tuesday. In an updated set of guidelines for last year’s rent reform laws, the state department said real estate brokers hired by landlords “cannot be compensated by the prospective tenant.” While brokers can still charge a fee, landlords are now responsible for paying it, according to the revised rules. However, if a renter hires a broker to find apartments on their behalf, a fee can be collected.

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Policy, real estate trends

Photo of Park Slope brownstones by Josh Wilburne on Unsplash

Owners of multi-million dollar co-ops and condos in New York City would have to pay property tax at full market value under a recently released proposal to overhaul the current system. The city’s Advisory Commission on Property Tax Reform on Thursday unveiled its long-awaited report detailing reforms of the complex system that would tax properties of similar values at equitable rates. Currently, homebuyers pay property tax based on assessed value, rather than the market rate, which puts a bigger tax burden on low- and middle-income homeowners.

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