Moments before the Rent Guidelines Board’s final vote Tuesday evening on rent increases, two camps prepared for the tense hearing. Joe Strasburg, president of the Rent Stabilization Association, smoked a cigar with RGB owner member Scott Walsh and RSA Chairman Aaron Sirulnick, while around the corner of Cooper Union, boisterous tenants shouted “rent freeze! In a final vote, the RGB recommended a 1.5 percent increase for one-year leases and 2.5 percent hike for two-year leases […]
Facebook is reportedly in talks to lease a 1 million-square-foot office space at 50 Hudson Yards. The office developers of the commercial tower, the Related Companies and Oxford Properties Group, are considering pushing aside a deal with law firm Debevoise & Plimpton for 450,000 square feet, according to Crain’s. The transaction would establish the emerging neighborhood as a center for the city’s technology sector. Amazon in 2017 signed a 15-year lease at Brookfield Property Partner’s […]
The state’s Court of Appeals on Tuesday ruled in favor of tenants at two Lower Manhattan buildings, finding that their apartments should have been rent stabilized. The issue resolves questions over the state legislature’s intent when the 421g tax program was created. The court reversed an appellate court’s decision, finding that because Clipper Equity and an entity tied to Kibel Companies respectively received 421g tax breaks at 50 Murray Street and 90 West Street, they’d […]
The housing market continued to show signs of a major slowdown, and through April, it had recorded 13 consecutive months of slowing home-price gains. Property values in 20 major U.S. cities increased 2.5 percent from a year ago, according to data from S&P CoreLogic Case-Shiller, Bloomberg reported. That’s down from 2.6 percent in March, and reflects the slowest pace since 2012. Most cities showed year-over-year gains, however. In Las Vegas, for example, home prices grew […]
In the same month that the Blackstone Group made a nearly $19 billion bet on the future of U.S. industrial real estate, a group of developers and brokers gathered on June 21 in northern New Jersey for a ground breaking ceremony on a 350-acre site that will become a state-of-the-art logistics park. Vertical construction on the 4.1 million-square-foot Linden Logistics Center in Union County began last week, NJBIZ first reported. When completed, the development will […]