NYC Real Estate News

Three years after the start of the pandemic, office occupancy across the nation finally hit 50 percent. Last week, the average office attendance was 50.4 percent, the Wall Street Journal reported. The figure comes from Kastle Systems, which noted it was the first time occupancy has topped 50 percent since March 2020. Texas cities Austin and Houston continue to lead the charge, or rather the trickle, back into offices, with both sporting occupancy rates above

The post Office attendance finally reaches 50% appeared first on The Real Deal New York.

Image courtesy of mari small on Unsplash Manhattan Borough President Mark Levine released a report this week outlining 171 locations in the borough he believes can be turned into more than 73,000 new homes. The report, titled “Housing Manhattanites,” seeks to address Manhattan’s housing shortage and answer a critical question: “Where in our borough can we build the housing that Manhattanites so desperately need?” Of these housing opportunities, Levine explained to the New York Times: “Some of it is hiding in plain sight. There has been a Post Office that has been closed. There’s an abandoned bus depot that is not being used. There’s manufacturing space which […]

The new year brought some good news for Manhattan and Brooklyn homebuyers and agents: New listings went up in January for the first time since September in both boroughs, according to Miller Samuel’s monthly report for Douglas Elliman. Though the uptick is a positive sign for an inventory-starved market, new listings were still lower than they were a year ago or before the pandemic. In Manhattan, new co-op listings were down 27 percent from January

The post New listings in Manhattan, Brooklyn rise for first time in 4 months appeared first on The Real Deal New York.

Rendering courtesy of the NYC Department of Housing Preservation and Development Applications are now being accepted for 144 mixed-income apartments at the currently-under-construction development known as Ruby at 241 West 28th Street in Chelsea. Upon completion later this year, the 25-story mixed-use building will have 480 rental apartments, 8,500 square feet of ground-floor retail, landscaped gardens, and an impressive menu of amenities including rooftop pools, terraces, and lounges. The affordable units are available to New Yorkers earning between 70 and 130 percent of the area median income, or between $48,138 for a single person and $130,046 for a five-person household. Apartments range from $1,329/month for studios to $3,793 […]

Last week, Mayor Eric Adams floated a way forward for office-to-residential conversions, saying the city could rezone Midtown so developers could convert underused office buildings into much-needed homes. The catch: Rezoning triggers an affordable housing requirement, adding costs to projects that already would require a property tax break to pencil out. Wednesday, Gov. Kathy Hochul proposed a solution: a tax exemption for office conversions that set aside a certain percentage of rental units as affordable.

The post Hochul pitches conversion tax break. Will developers bite? appeared first on The Real Deal New York.

The Hamptons and North Fork continue to be plagued by a lack of homes for sale, but there are signs of light at the end of the tunnel, according to a monthly report by Miller Samuel. While the Hamptons market remains tight, it may be beginning to rebound ahead of the spring market, said Jonathan Miller, who authored the report for Douglas Elliman. New inventory for single-family homes rose on a year-over-year basis for the

The post Signs of life for Hamptons, North Fork markets appeared first on The Real Deal New York.

This week’s properties are a six-bedroom house in Frenchtown, N.J., and a three-bedroom house in Locust Valley, N.Y.

This week’s properties are on the Upper West Side, in the Flatiron district and in Astoria.

Aiming to be her ‘own advocate’ and save on commission fees, a schoolteacher dove into the real estate game and emerged with her first single-family home. Here’s how she did it.

Construction is progressing on Terminal Warehouse, where a seven-story commercial addition is being constructed above the historic 132-year-old building at 261 Eleventh Avenue in West Chelsea, Manhattan. Designed by COOKFOX Architects and developed by L&L Holding Company and Columbia Property Trust, the $1.25 billion project was approved by the Landmarks Preservation Commission in January 2020 and will reinvigorate the structure with a mix of Class A office suites, retail space, and multiple dining options. New Line Structures & Development is the general contractor for the property, which spans an entire city block bound by West 28th Street to the north, West 27th Street to the south, Eleventh Avenue to the east, and West Street to the west.