Month: July 2018

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Beverly Hills High School, Donald Trump, and local officials celebrating a 2014 groundbreaking on the Metro Purple Line Extension (Credit: Neon Tommy via Flickr, Wikimedia Commons) Between negotiating peace on the Korean Peninsula and Special Counsel Bob Mueller’s investigation into Russian interference in the 2016 election, President Donald Trump has plenty on his plate. Now…

Healthy amenity: Miami Beach luxury condo to offer buyers medical concierge service

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Ritz-Carlton Residences, Miami Beach, Dr. Arthur Agatston and Ophir Sternberg Forget about the yoga studio, spa service and fitness center, the latest condominium amenity is just what the doctor ordered. The developer of the Ritz-Carlton Residences Miami Beach, is partnering with South Beach Diet founder Dr. Arthur Agatston to offer buyers a yearlong membership to…

In Van Nuys, developers plan residential push with two apartment buildings

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Steven Friedmann and the sites of the projects A pair of developers are planning mid-rise apartment buildings in Van Nuys, reflecting a recent uptick in investment in the San Fernando Valley neighborhood. Topanga Partners, acting through an entity, filed plans to build a 31-unit apartment complex at 14541 W. Gilmore Street, according to documents published by…

HNA’s Chen Feng to step up leadership role following death of co-chairman

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Chen Feng and 245 Park Avenue (Credit: World Travel and Tourism Council via Flickr, 245 Park Ave, and Wikipedia) HNA Group chairman Chen Feng will likely play a larger role in steadying the debt-laden company following the sudden death of co-chairman Wang Jian Tuesday. Chen, 65, was suddenly thrust into the sole leadership role at…

Consumer protection bureau shifts gears on policing Zillow’s co-marketing schemes

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In a move with potentially significant implications for consumers, realty agents and lenders, the Trump administration has decided not to take legal action against online realty giant Zillow for alleged violations of federal anti-kickback and deceptive-practices rules. The decision represents a departure from the direction the Consumer Financial Protection Bureau appeared to be headed under…

Kurt Rappaport buys Brentwood home of former Viacom exec at discounted $16M

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Kurt Rappaport and Frank Biondi with the Brentwood Estate (Credit: Getty) When you are struggling to sell, maybe it’s time to sell to the listing agent. Kurt Rappaport, co-founder of Westside Estate Agency, paid $16.25 million to acquire one of his own listings, the Brentwood home of the former Viacom executive Frank Biondi Jr. The…

Price of Manhattan apartments drops for the fourth straight quarter

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One57 at 157 West 57th Street According to this week’s market reports, the median price for a Manhattan apartment dropped for the fourth straight quarter and U.S. construction spending reached a record high in May. Residential Sales | CityRealty The average sales price in Manhattan dropped 4.3 percent to $2.2 million in the four weeks…

In cooling markets, bump clauses are becoming a popular tool for agents

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An Upper West Side residential block (Credit: Wikipedia) As some markets in New York and elsewhere around the country cool off, a new contract clause that allows a home seller to continue fishing for offers while in contract is gaining in popularity. The bump clause allows those sellers to “bump” an existing offer in favor…

Will rental brokers get cut out as startups nip at their market share?

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(Illustration by Andrew Colin Beck) Being a New York City rental broker has always been a tough gig. But the job is getting even harder. It’s now been exactly one year since StreetEasy began charging a daily $3 fee to post a rental listing on its site — a move that hit brokers in the…

Third phase of Purple Line extension gets green light

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