Like many millennials, Michael Rotondo, still lived with parents up until this week when they took the unusual step of evicting him. Rotondo has lived in his parents’ home for the past eight years without paying rent or assisting with property maintenance and, in February, he began receiving notices from his parents asking for him to leave their residence in Camillus, New York, according to CBS News. “After a discussion with your Mother, we have […]
Portugal’s reputation as a vacation spot and a deal for real estate investors has been steadily growing, but the dark side to its successful strategy is chaffing on locals. Evictions of long-time residents are on the rise as foreign buyers and tourists flood the country, according to the New York Times. The 2011 lift of a rent freeze liberalized the market and so, in combination with Portugal’s program to offer property investors who pour in […]
A run-of-the-mill three-story Bushwick rental is suddenly the poster child of innovation led by Brooklyn-based company, Meridio (formerly Pangea), which is trying to introduce blockchain technology to New York’s housing market. The premise of Meridio’s disruption, backed by ConsenSys Media, is focused on how investors manage their ownership stakes. According to the New York Times, Meridio’s experiment involves introducing a cryptocurrency token for the eight current investors who own the Bushwick property at 304 Troutman […]
Though it’s not often central to the plot, your favorite characters pay rent — at least most of them. ForRent.com broke down how much characters in five Netflix Original shows paid versus real market conditions in the neighborhood to find that some plots unexpectedly took liberty with the facts, while others stuck pretty close to reality. Here’s a look at how much the rent bill was on various shows. — Erin Hudson Arrested Development – […]
A&E Real Estate Holding is in contract to buy a six-building multifamily portfolio in Queens’ Flushing and Elmhurst neighborhoods for $118.5 million, sources told The Real Deal. The Midtown-based multifamily giant is purchasing a total of 428 apartments from Treetop Development and the Weinroth family in three separate transactions, which are all expected to close around the same time in the next two or three months, sources said. The addresses are 41-40 Denman Street in […]
The stock market hasn’t been kind to REITs lately, and open-air shopping center operator Kimco Realty is no exception. Shares have fallen about 36 percent over the past 12 months, according to its Q1 2018 earnings report. Yet other metrics show that the New York-based company, which owns interests in 475 open-air shopping centers in the U.S., is otherwise doing quite nicely. Occupancy rates of its holdings — comprising about 81 million square feet — […]
State and local governments are vying for a federal subsidy intended to encourage energy-efficient technology in commercial properties. The application of the benefit, however, has some wondering: Is it a tax break or really just a kickback? As part of the Energy Policy Act in 2005, 179D offers tax deductions to property owners who incorporate green technology into their buildings. Since public agencies don’t pay income taxes, they can transfer the tax break to a […]
Federal investigators have opened a criminal probe into whether traders are manipulating the price of cryptocurrencies, just as the real estate industry has begun experimenting with Bitcoin and others. The Department of Justice is focusing its probe on illegal practices that can influence the prices of currencies like Bitcoin, according to Bloomberg. That includes “spoofing,” or flooding the market with fake orders to goad other traders into buying or selling and “wash trading.” Wash trading […]
Boerum Hill via Wiki Commons (L); Skyline via Pexels + Bitcoin via Pexels (R) The Boerum Hill house tour returns on Saturday, June 2nd. [Brownstoner] Though it’s already the top chain in NYC, Dunkin’ Donuts will roll out 60 more stores in Manhattan over the next three years. [TRD] Essex Crossing’s giant food hall the Market Line announced four more vendors, including LES favorites the Pickles Guys and Doughnut Plant. [amNY] The Instagram circus known as the Ice Cream Museum returns this summer serving its own line of ice cream (which will also be for sale at Target). [WSJ] Staying in […]