Floral Park
REAL ESTATE
Feil completes reboot of its Garden City office property
The Feil Organization has completed an extensive capital improvement program at its Garden City office property. The landlord invested about $2 million in the redevelopment effort at Garden City C...
For $7.9M, this sprawling four-bedroom Chelsea condo is a modern city mansion in a landmarked building
Photo credit: Anton Brookes at H5 Property for The Corcoran Group. On Manhattan’s west side, the landmarked Cass Gilbert building at 130 West 30th Street is a classic Chelsea address. Asking $7,850,000, this 21st-century condo spans 4,000 square feet, offering the kind of space you’d expect in a country mansion, surrounded by iconic New York City views. There’s an abundance of outdoor space in the form of two sweeping terraces, so you can even include your garden dreams in your modern city estate.
Manhattan is now a ‘buyer's market' as real estate prices fall and inventory rises
Manhattan home price declines are a result of rising inventory of apartments for sale, which are also taking longer to sell. The gap between buyer and seller expectations is narrowing, and more deals are closing. High rents in Manhattan are also helping sales as many potential buyers who were waiting...
Bronx PACT Modernization Project Secures $275M in Financing
The New York City Housing Authority (NYCHA) has secured $275 million in financing for Sack Wern Houses, a PACT project in the Bronx. This funding will facilitate comprehensive renovations for 800 residents across seven buildings, converting them to Project-Based Section 8. The PACT partners, Douglaston Development, Asland Capital Partners, and...
Lower East Side rental opens lottery for 196 affordable apartments, from $454/month
Rendering courtesy of NYC Department of Housing Preservation and Development. A housing lottery launched this week for 196 affordable apartments in a new rental building on the Lower East Side. Located at 165 Broome Street, the 15-story building offers tenants new residences in one of New York City’s trendiest neighborhoods. New Yorkers earning 30, 50, 70, and 80 percent of the area median income, or between $18,480 for a single person and $154,080 for a household of seven, can apply for the units, which range from $454/month studios to $2,949/month for a three bedroom.
14,200 Affordable Housing Units Built in 2023: NYC Achieves Decades-High Increase, Prioritizing Underserved Communities!
In a significant development for New York City’s housing landscape, the construction of affordable housing has reached unprecedented levels. According to The Latin Times, more than 14,200 new affordable housing units were completed in 2023, marking the highest levels in decades. This surge, reported by the New York Housing Conference, primarily benefited lower-income Black and Latino neighborhoods, addressing the critical issue of housing affordability in the city. Districts such as Brooklyn’s District 30 and Queens’ District 21 led in housing production, focusing on communities with significant Black and Latino populations.
New NYC budget could help affordable housing groups buy notorious apartment buildings
A banner hanging on the fire escape at 440 West 45th Street warns “Buyer Beware: Organized Tenants Live Here. No Speculators.” The new budget includes $15 million to help affordable housing groups acquire apartment buildings – far less than the $250 million several councilmembers had demanded. [ more › ]
$10M Sands Point Home Promises 'Privacy, Elegance, Serenity'
The home at 18 Hicks Lane in Sands Point is a “secluded Oasis” waiting for its next owners. On the market for $9.9 million, the seven-bedroom, eight-bathroom home sits on a 5.7-acre lot at the end of a long driveway. Inside, it boasts 8,100 square feet of roomy,...
Cadman Towers Is First Mitchell-Lama Co-op to Convert to an HDFC
It's official. Under a strategy known as Article 2 to Article 11, the 421-unit Cadman Towers co-op in Brooklyn Heights has become the first in New York City to exit the affordable Mitchell-Lama program and convert to a Housing Development Fund Corporation (HDFC) co-op. The complex and controversial deal is...
NYC Real Estate Agents Make $104K Per Year: See What They Make in 43 Other Major Cities
If you've ever watched "Selling Sunset" or "Million Dollar Listing," you've likely been floored by the sky-high commissions the featured real estate agents can take home. But this is certainly not the...
Long Island City developers celebrate completion of 46-unit condo building and other milestones
Over 400 guests, including those involved in developing and selling Noble LIC, a 46-unit luxury condominium on 40th Avenue, celebrated several milestones with a launch party on Thursday, June 20. The first milestone recognized by attendees was the development’s offering plan being declared effective. This means that the paperwork detailing...
Displaced Sunnyside tenants’ leases renewed
After months of negotiation, more than 170 tenants impacted by the devastating 5-alarm fire in Sunnyside days before Christmas came to an agreement on Monday with their landlord, real estate company A&E Real Estate Holdings, that will extend their leases at temporary residences by six months, Queens Borough President Donovan Richards announced. The deal was reached just one day before they were set to expire.
Family office looking to sell 121,000 sq. ft. Hudson County industrial portfolio, CBRE says
A family office is seeking a buyer for a series of commercial properties in New Jersey, including two industrial buildings and a vacant lot in Hudson County. According to CBRE, which is marketing the sites, the facilities at 401 Supor Blvd. and 12 Breiderhoft Road in Kearny span a combined 120,836 square feet. They’re part of a listing that also includes a five-acre unencumbered lot at 201 Devon Terrace that the firm says is ready for immediate occupancy, as well as a freestanding, 3,367-square-foot fast-food restaurant and drive-through at 751-757 Harrison Ave. in neighboring Harrison.
New Owners Secure Long-Term Affordability for Brooklyn Portfolio
Tredway and ELH Mgmt have acquired a seven-building affordable housing portfolio in Brooklyn, New York. The firms have extended the affordability of the Section 8 properties for another 40 years, ensuring that all 193 homes will serve households earning no more than 50% of the area median income. An additional 30% of the homes will be reserved for formerly homeless individuals and families.
Gary Barnett’s Extell shuffles lenders at UWS condo project
Gary Barnett’s Extell Development is changing up the financing at its quick-selling luxury condo building on the Upper West Side. Jerusalem Venture Partners, the project’s mezzanine lender which goes by JVP, has taken on the project’s senior debt, replacing Bank OZK by refinancing $620 million in construction loans and issuing $70 million in new debt, a representative of Extell confirmed.
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