Less than a month after launching in New York City, virtual brokerage eXp Realty is in hot water with a local competitor claiming trademark infringement. In a lawsuit filed Tuesday, EXP Realty Advisors, a boutique commercial real estate firm in Midtown, accused the newcomer of “false advertising” and “cybersquatting,” after it allegedly registered domain names and social media accounts that are confusingly similar to its own. According to the suit, EXP Realty Advisors has been […]
Last year, a 19th-century townhouse that sits on the edge of Central Park hit the market asking $29 million. But the reality of the city’s sluggish luxury residential market hit back. The Queen Anne mansion at 248 Central Park West sold for $16.25 million, or about $1,662 per square foot, according to a property record filed Tuesday. Seller Matthew Geller, founder and managing director of health-care investment firm Geller Biopharm, declined to comment. He paid […]
Image courtesy of Related-Oxford The technology sector at Hudson Yards may soon see a big boost. According to reports by Crain’s, Facebook is negotiating on a one million+ square foot space at 50 Hudson Yards, the 1,000-foot-tall office tower co-developed by Related and Oxford Properties Group that became the city’s most expensive office building at $4 billion. The arrival of Facebook would solidify the Midtown neighborhood as a major tech hub in the city. Amazon—who already occupies offices at 5 Manhattan West—is rumored to be looking at additional space in neighboring 2 Manhattan West. Facebook holds offices in several locations throughout the city, including […]
Josh Schuster’s Silverback Development lined up a $90 million construction loan for its Gramercy Park condominium development. Och-Ziff Capital Management Group and Michael Dell’s MSD Partners teamed up to provide the financing for the 13-story project at 359 Second Avenue, the developer told The Real Deal. Schuster said that the development will aim to keep apartments priced below $3 million and noted it sits across the street from a city playground, meaning its access to […]
Lennar Corp. saw its stock drop on Tuesday after it released second quarter earnings and said that tariffs on Chinese goods are costing the company an average of about $500 per home. Still, the Miami-based homebuilder’s quarterly earnings beat analysts’ expectations. The company’s profit, revenue and home deliveries rose thanks to lower mortgage rates and strong incentives offered to homebuyers. Lennar reported second quarter net income rose to $421.5 million, or $1.30 per share, up […]