Lachlan Murdoch, the son of billionaire media mogul Rupert Murdoch, has purchased a small home on Sydney Harbor for around $29.8 million. The Piper Point property’s value is largely because it has 131 feet of frontage on unusually deep water, according to the Los Angeles Times. That means it can accommodate large yachts. The property has two docks and four moorings for that purpose, making it one of the area’s largest privately owned marina facilities
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Major real estate stocks took a beating this week on concern that rising costs for everything from raw materials to the price of a hotel room could lead to higher interest rates, cutting consumer demand. A Standard & Poor’s index of homebuilder stocks dropped 4.4 percent for the week, while Lennar, the biggest U.S. homebuilder, dropped almost 8 percent. Soaring demand for homes during the pandemic had builders working at a furious pace, with housing
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Little West 12th Street is down another tenant. Embattled developer HFZ Capital Group has moved out of its gallery space in West Chelsea. Though the signage touting the developer’s luxury condominium, the XI, still hangs off the storefront, the interior has been emptied of all its furnishings and artwork, The Real Deal observed on a recent visit. The gallery space had been elaborately renovated by HFZ to hold three art installations with its raison d’être
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Two rezonings, held up by the same judge for similar reasons, can now both move forward. But in one case, a developer will need to figure out the logistics of holding an outdoor hearing. Brooklyn Judge Katherine Levine on Thursday lifted her temporary restraining order blocking the rezoning of a former spice factory at 960 Franklin Avenue, where Ian Bruce Eichner’s Continuum Company wants to build two 30-plus story rental towers. The move allows the
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After more than two years and a few price chops, Steven Mnuchin’s luxury co-op has finally found a buyer, the New York Post reported. The treasury secretary had relisted his 740 Park Avenue pad in August and cut the asking price by 20 percent to $25.75 million. He had originally listed the home for about $33 million in 2018. The 6,500-square-foot apartment had been in his family for decades. He bought it from his aunt,