The pending exit of the U.K. from the European Union is sending Amsterdam’s housing market for ride. Concerns over the uncertainty of Brexit has led dozens of companies to leave London, and companies that relocated to Amsterdam have created 2,400 local jobs and also put significant pressure on the city’s tight housing market, Bloomberg reported. The median sale price of an Amsterdam home surged 80 percent over the last four years to about $503,000 and […]
BlackRock, the world’s largest asset manager with $6 trillion under management, is restructuring its leadership. The company’s investment group BlackRock Alternative Investors, which handles private equity, direct lending, real estate and other alternatives to publicly traded stocks and bonds, will now be led by Edwin Conway, the Financial Times reported. Conway used to lead BlackRock’s institutional client business group; his predecessor, David Blumer, is taking a non-leadership advisory role. The asset manager’s head of real […]
A “starter home” is practically unheard of in New York City. New studies show New Yorkers buy their first homes later in life than the average American and keep them longer before reselling, Crain’s reported. The average New York City homebuyer is three years older than the average American homebuyer, according to recent surveys and 61 percent of NYC homebuyers last year were acquiring their first home compared to 46 percent nationwide, according to StreetEasy’s […]
Doug E. Fresh, the pioneer of modern American beatboxing, made his name as a member of the Get Fresh Crew. The musician is now suing a different kind of crew for getting his Harlem home decidedly not fresh. In a lawsuit filed with New York State Supreme Court on Monday, Fresh alleges that a neighboring property owner, three contractors and an architecture firm committed a series of blunders that ultimately led to a rodent infestation […]
A rent hike at Barneys New York’s flagship store already seems to be impacting the luxury retailer. In January, the rent at 660 Madison Avenue officially jumped to about $30 million in January from $16 million and the retailer, which has about $850 million in sales, extended the term of its credit line by $50 million, CNBC reported. The deal extends the retailer’s credit agreement with Wells Fargo and loops in TPG Sixth Street Partners […]
Three days after a group of self-described Democratic Socialists declared victory in their respective races for alderman, plenty of questions remain about the looming impact of a possible City Council “Socialist Caucus” on development across the city. Chief among them is whether they will form a caucus at all. But the presence of at least five Socialist council members — six, if 33rd Ward challenger Rossana Rodriguez-Sanchez clings to her 64-vote lead over Alderman Deb […]
Sales have launched for 561 Pacific Street's 63 residential units in Boerum Hill, Brooklyn. The 12-story project is being designed by ODA and developed by Adam America Real Estate. The site is located on the northern corner of Fourth Avenue and Pacific Street, next to the Atlantic Avenue Barclays Center subway station with access to the 2, 3, 4, 5, B, D, N, Q, and R trains. The development is also addressed as 24 Fourth Avenue.
Sunshine Cinema in the Lower East Side will soon be demolished to make room for a nine-story office building. Developers East End Capital and K Property Group have secured some $90 million in financing to fulfill their proposal at 141 East Houston Street. According to Crain's Business, the development partners obtained a $67 million construction loan from CapitalSource and $19 million of mezzanine financing from Canyon Partners.