New Federal Regulations on Real Estate Purchases Effective March 1st

Following disclosure requirements put in place by the city in May 2015, the U.S. Treasury Department has announced that they will begin tracking real estate purchases made in Manhattan through shell companies. Shell corporations, or companies with little or no nominal assets, have been used to purchase luxury real estate in New York without revealing the identity of the buyers. Since shell companies can be registered in the names of accountants, lawyers, and other related parties, purchases made by these companies are often difficult to trace to the actual beneficiary. However, […]

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A Selection of NYC’s Biggest Real Estate Deals of 2015

Real Estate predictions for 2015 guessed that we would see more luxury developments in Manhattan, continued activity in Queens, office space in Brooklyn, and increased interest in the Bronx. As the year comes to a close, let’s take a look at some of 2015’s highest-profile real estate deals, to see how accurate this year’s predictions were. Manhattan 308 Mulberry Street Noho After purchasing the site (along with 298 Mulberry) for $178.5 million this year, Broad Street Development plans to build a 58-unit residential building, complete with a gym, swimming pool, […]

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New Developments: The Bronx is Booming

Though it has been overlooked for decades, the Bronx is shaping up to be the next frontier in NYC real estate development. With land costing just $50 per foot (compared to $638 in Manhattan, $233 in Brooklyn, and $168 in Queens), the Bronx is an appealing spot for developers who have been priced out of other boroughs or who see the appeal in neighborhoods like Mott Haven which are reminiscent of Bushwick and close to the city. Of the $1.2 billion invested in Bronx real estate last year, $788 million […]

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