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December 18, 2024

860-Foot, 26-Unit NoMad Condo
Tower Wins Approval

Just Announced! Check Out New York's 2025 Event Calendar

Five Points Development has scored a key approval for a luxury skyscraper that will tower over NoMad but hold just over two dozen units.

860-Foot, 26-Unit NoMad Condo Tower Wins Approval

The New York Attorney General signed off this week on Boris Kuzinez's plan to develop an 860-foot, 26-unit tower at 262 Fifth Ave. Sales are expected to launch this spring on a handful of units with an average asking price of $16M.The tower will be adorned on top with a…

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Deutsche Bank Pays $237M For Essex Crossing Office And Retail Condos

A partnership led by Taconic Partners has sold off the office and retail components of 180 Broome St. and 202 Broome St., two key parts of the mixed-use megaproject Essex Crossing on Manhattan's Lower East Side.

Deutsche Bank Pays $237M For Essex Crossing Office And Retail Condos

Deutsche Bank real estate heads Thomas Vasile and Andrew Mullin signed for the deals, which was published in city property records Tuesday. The combined price of the office condos and two retail condos was $237M.A representative for Deutsche Bank declined to comment. A Taconic spokesperson didn't immediately…

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AI Is Coming For Delinquent Renters

AI Is Coming For Delinquent Renters  

Property managers don’t like hounding tenants about unpaid bills. 

But as apartment owners face issues with high rent delinquencies, they need someone to do it. So some of the nation’s largest landlords have decided to turn to artificial intelligence. 

In more than 1 million apartments across the U.S., building managers are using EliseAI’s artificial intelligence chatbot to push delinquent tenants to pay their rent — and in some cases to draft eviction notices. These practices have helped boost cash flow for apartment owners, but they have also raised some ethical…

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Investor Sentenced To 5 Years In $55M Freddie Mac Fraud Case

Investor Sentenced To 5 Years In $55M Freddie Mac Fraud Case  

A New Jersey real estate investor was sentenced to five years in prison this week for his role in a mortgage fraud scheme involving Freddie Mac.

Aron Puretz was sentenced to the maximum possible sentence and ordered to pay $22M in restitution after he pleaded guilty to a $55M fraud scheme that included forged financial statements and purchase contracts.  While leading Apex Equity Group, Puretz and his co-conspirators misled lenders about at least three…

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'The Math Isn’t Going To Lie': Lab Real Estate’s Woes To Continue In 2025

'The Math Isn’t Going To Lie': Lab Real Estate’s Woes To Continue In 2025  

With life sciences real estate looking to turn the corner in 2025, developers and landlords will find themselves struggling with the same issue that defined 2024: a surplus of space that’s pulling down rents, stopping new construction and weighing on balance sheets. 

“Ultimately, the math isn’t going to lie,” JLL Executive Managing Director Chad Urie said. “Understand what absorption is going to look like from demand, and if you take the supply and divide it out, you have several years in most markets to get back to an equilibrium of, say, 9% vacancy.”

Substantial new product was delivered in the big three markets in the third quarter, according to exclusive CBRE data  updating its October 2024 lab construction report — nearly 2M SF in Boston, 880K SF in San Francisco and 117K SF in San Diego. Even more speculative space remains under development in…

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Hospitals Go Back To The Drawing Board To Expand Postpandemic

Hospitals Go Back To The Drawing Board To Expand Postpandemic  

The pandemic forced hospitals to reckon with the realization that their real estate portfolios were ill-equipped to meet patient needs. As a result, many quickly abandoned their strategic long-term plans to spend on the immediate crisis.

Now, almost five years since the onset of Covid-19, hospitals are turning back to their long-term plans, New York healthcare real estate executives said at Bisnow's New York Healthcare Real Estate conference last week. This time, they are focused on the redevelopment of existing facilities and creating flexible space that can be…

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