First, let’s get one myth out of the way: Home prices did not rise faster in the suburbs than in urban areas when the pandemic hit. Urban home values outperformed their suburban counterparts for the first 15 months of Covid, through July 2021, as they had since the beginning of 2013. But in the past nine months, that trend has reversed, according to a report by Zillow. Since July, the typical suburban home has gained
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The New York Public Library isn’t taking a page from the rest of Manhattan’s beleaguered office market, instead signing a sizable lease in Midtown. The NYPL signed a 33-year lease at ABS Partners Real Estate’s 270 Madison Avenue, the Commercial Observer reported. The office space is across three floors of the 19-story building, covering 41,000 square feet. Financial terms of the lease weren’t disclosed. ABS did create a structure, however, that will allow the library
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Multifamily deals in Manhattan and the Bronx highlighted an otherwise slow week for mid-market investment sales as a handful of longtime New York City landlords traded apartment buildings for between $10 million and $40 million. Landlord Yechiel Newhouse bought a 96-unit apartment building at 1514 Sedgwick Avenue in Morris Heights, the Bronx, for $22.5 million. The seller was Sharp Management, which bought the building for $21.7 million in 2014. The 13-story property was built in
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Compass is planning an aggressive expansion on the North Fork as the market becomes increasingly like an extension of the Hamptons. The firm, which entered the market in March 2021, has opened an office at 54100 Main Road, Southold, and recruited three teams since the start of the year. In the months ahead, it plans to grow its agent count from six to 30 and could open a second location in Greenport. “It used to
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