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Hank Freid, the landlord at 258 West 97th Street had recently been handed 15 violations for allowing for short term rentals in the apartment complex on the Upper West side. The city is said to have fined Freid $1,000 for each violation. Fried essentially converted the building into an Airbnbesque hotel by advertising the units on Expedia and Kayak. Visitors were charged between $400 and $800 a stay.
Melissa Grace, spokeswoman for Mayor Bill de Blasio issued the following statement regarding the incident: “We will use all enforcement tools to protect affordable housing and New Yorkers and visitors alike. Turning apartment buildings into illegal hotels, damaging neighborhoods and will not be tolerated.”
In addition to the fines, Freid
While the market for house under the $1 million mark in New York City is super-hot, the supply of real estate fall far below the demand.
According to data collected by StreetEasy, in 2016, more than half of all online searches were for homes with asking prices under $1 million. From that selection, slightly under 14 percent were looking for homes priced between $400,000 and $600,000. Houses priced from $800,000 to $1 million were sought by approximately 12 percent of searchers. Slightly more
A double penthouse combination at the glass-stacked condominium tower owned by Alexico Group and located at 56 Leonard Street in Tribeca, has been purchased for over $56 million by an anonymous buyer.
The gigantic unit is a whopping 11,892 square feet, and encompasses two full-floor condos on the 53rd and 54th floors. The deluxe apartment features multiple terraces, with a total of 3,300 square feet of balcony space. measure a whopping 11,892 square feet with multiple terraces and
A loan for $235 million has been secured by SL Green and Jeff Sutton’s Wharton Properties to refinance the 12-floor building located at 724 Fifth Avenue, in the heart of New York’s Plaza District that houses Prada’s flagship store.
According to loan documents, a loan for $325 million from Goldman Sachs in 2014 has been replaced by a loan for the same amount provided by Aareal Capital Corporation.
In 2012, Wharton partnered with SL Green purchased the 65,000-square-foot building located at
In 2016, the number of multifamily transactions in New York City reached a five-year low. At the same time, prices continued in their upward trend, especially in the outer boroughs, as reported by The Real Deal. Throughout the five boroughs, in 2016 there were 656 multifamily transactions of 1,120 buildings sold for a total of $14 billion. Transaction and building volume were down respectively 18% and 21% from the previous year.
According to the year-end report from Ariel Property Advisors