An analysis of New York's top real estate news by TRD's Kathryn Brenzel (Credit: iStock) As landlords wait for a legal challenge to make its way through the courts, some are finding other ways to cope with the rent law changes.
JLL’s Bob Knakal said some of his clients are prepared to keep apartments closed off for 10 to 15 years to see if the law changes.
What we’re thinking about next: Are any other co-working companies close to attaining unicorn status? Will more investors throw money at WeWork competitors ahead of its initial public offering? Send a note to kathryn@therealdeal.com.
CLOSING TIME Residential: The priciest residential closing recorded on Wednesday was for a single-family home at 1937 East Third Street in Gravesend, at $5 million. Commercial: The most expensive commercial closing of the day was for a parking lot at 524 East 73rd Street in Lenox Hill, at $19.7 million.
BREAKING GROUND The largest new building filing of the day was for a 5,475-square-foot residential building at 710 Hart Street in Bushwick. Yehuda Cohen filed the permit application.
NEW TO THE MARKET The priciest residential listing to hit the market on Wednesday was for a condo unit at 92 Laight Street in Tribeca, at $18.3 million. Sotheby’s International Realty’s Juliette Janssens has the listing.
A thing we've learned... The word “yacht” comes from the Dutch word for hunting, “jacht,” and is a shortened version of jachtschip, which means "fast pirate ship." Thank you to Kevin Sun, who provided this appropriate end-of-summer tidbit.
Top stories from our other markets: NATIONAL Amid a softening luxury housing market, homebuilder Toll Brothers is developing lower-priced properties as it reaches out to higher-earning millennials. But the company is still enduring a difficult period, and its third quarter results released Wednesday saw a nearly 25 percent drop in net income year over year. The company reported net income and earnings per share of $146 million and $1 respectively, down from $193 million and $1.26 over the same period last year.
CHICAGO Developers in Chicago have been trying to recreate the wild success of the Fulton Market district, but one really thinks he has found it with a project in Humboldt Park. Gary Pachucki is working to redevelop three warehouse buildings into a mixed-use complex, featuring retail and “creative work space.” The loft-style office space will be marketed toward companies in creative fields, which may have been priced out of trendy Fulton Market years ago.
LOS ANGELES A land-only listing in Bel Air belonging to the estate of the late billionaire Jerry Perenchio has hit the market. For $15 million, the buyer gets the 1.41-acre lot, along with plans to build a 16,000-square-foot mansion. The property is across Bel Air Road from Perenchio’s crown jewel, the massive Chartwell Estate.
MIAMI The David Beckham-led development group planning to build a $1 billion soccer stadium complex may have to pay the city of Miami less in rent. That's because toxic contaminants were discovered at the site, the Melreese golf course. Pollutants were found to be above the legal limit in a report this week by environmental consulting firm EE&G. That led city officials to shut down the golf course to allow outside experts to analyze the results of the environmental testing. It’s unclear how long this process will take. — Compiled by Alexi Friedman If you feel you have received this in error, please unsubscribe .
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