NYC Real Estate News

Talk about a foul: The NBA Store at 545 Fifth Avenue, which has remained closed throughout the pandemic, now owes $7 million to its landlord, the Moinian Group. The dispute is the basis of a lawsuit, first filed in New York State Supreme Court in June, by the landlord against NBA Media Ventures. At the time the suit was filed, the NBA owed the landlord nearly $1.9 million in back rent. But now, seven months

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Stanziola, P. (1964) Mayor Wagner greets Dr. & Mrs. Martin Luther King, Jr. at City Hall / World-Telegram & Sun photo by Phil Stanziola. 1964. [Photograph]; Courtesy of the Library of Congress While some of Rev. Dr. Martin Luther King Jr.’s most memorable moments of his career happened further South, like the Montgomery bus boycott and his “I Have a Dream” speech in Washington, support for his goals hailed first from advocacy organizations based in New York City, like the National Urban League. King held sermons at Riverside Church in Morningside Heights, led a march from Central Park to the United Nations […]

 As the pandemic rages across the U.S., it’s unclear when employees will be able to return to their offices. That’s led to a huge shift in San Francisco real estate that may impact the city for years to come. While companies try to figure out what the future of work looks like, some of their employees have abandoned the Bay Area, the New York Times reported. Now, those firms are following suit. Some of the

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JPMorgan Chase wrapped up the pandemic year with a 42% jump in quarterly earnings and released $3 billion in reserves in a sign the nation’s largest bank believes the damage done by Covid-19 is...

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Homeowners must grapple with the desire to rebuild and the realities of the housing market.

 The Trump administration, which has a lot going on in its final days, is dropping its effort to return Fannie Mae and Freddie Mac to private hands, the Wall Street Journal reported. The mortgage giants were put under government control when the bursting of the housing bubble triggered the financial crisis of 2008. Now the Biden administration must decide their future. Advisers to Biden say he’s in no rush to privatize the companies and will

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You’re at home all the time — why not improve how you display your favorite things?

Listing photos courtesy of Douglas Elliman You’d assume this gorgeous estate in Water Mill dates back to the 19th-century, but it was actually constructed in 2001 and was inspired by the designs of famed architect Richard Morris Hunt. Known for bringing his French Beaux-Arts style to America in the 1800s, Hunt is best known for the facade of the Metropolitan Museum of Art, the pedestal of the Statue of Liberty, and several of the grand homes in Newport. This modern interpretation in the Hamptons is on the market for $11,950,000. It sits on 11.6 acres and has eight bedrooms, a double-height barrel ceiling […]

Property tax revenue did not plunge with the city’s economy last year because assessments preceded the pandemic. This year, New York won’t be so lucky. The travails of hotels, office buildings and other real estate will cause property tax revenue to fall by $2.5 billion next year, the largest drop in at least three decades, the New York Times reported. The market value of those commercial properties fell 15.8 percent. “This is just a total

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 President-elect Joe Biden on Thursday outlined a $1.9 trillion emergency relief plan that would have major consequences for real estate and the economy at large. The proposal would extend a national moratorium on evictions and foreclosures to Sept. 30. The moratorium is set to expire Jan. 31, according to MarketWatch. Biden is also calling on Congress to come up with $30 billion for emergency rental, energy and water assistance for hard-hit families, as well as

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