February
27
2015

DEAL SHEET Week Ending February 27

Welcome to The Deal Sheet: A Witty Weekly Wrap Up of New York Real Estate Trends, Topics and Tidbits

 

THINK SPRING

SpringAlthough according to the groundhog, we have a few more weeks of Winter, the milder weather can’t come soon enough for some in the real estate industry. Recent reports cite extreme weather for a slower real estate market in the Northeast this quarter. Storms up and down the East coast have prevented transactions from closing, Open Houses to be cancelled and generally has made home buying inconvenient.

THE DEAL: The real estate market really doesn’t need Mother Nature interfering with the housing market, so move along Winter and let’s bring on a flurry of Spring house hunting.

 

BROOKLYN CHERRY FACTORY SITE OF MARIJUANA GROWING OPERATION

February
20
2015

Industry Alert: This Weeks Edition of The Deal Shares Information Regarding New Loan Application Regulations

Welcome to The Deal Sheet: A Witty Weekly Wrap Up of New York Real Estate Trends, Topics and Tidbits

 

SMOOTH ROAD TO CLOSING

Must ReadWith new laws that went into effect at the very end of last year (December 2014), there are small, yet essential, things that borrowers and loan officers now need to comply with in order to make their real estate transactions close smooth and successfully. Lenders are now requiring that security instruments (i.e. UCC1s) match the exact legal name of the borrower as it appears on their respective state issued drivers license. That “legal name” must exactly match the loan documents and the way their name appears on a stock certificate evidencing ownership of Coop Shares.   If the names do not match, an Affidavit must be completed by the bank’s attorney.

THE DEAL: Although this simple regulation seems easy to comply with, (i.e. the loan officer obtaining a copy of the Driver’s License at inception of the application process and making sure the all loan documents correctly reflect the name on all loan docs) if not executed correctly, can tie up a transaction and jeopardize a lender’s secured position.

February
11
2015

DEAL SHEET Week ending February 13th

Welcome to The Deal Sheet: A Witty Weekly Wrap Up of New York Real Estate Trends, Topics and Tidbits

PAY-TO-PLAY

bribesIn a citywide corruption sweep, the Department of Investigation and Manhattan District Attorney have named nearly 50 building inspectors and contractors with bribery charges in which inspectors would allegedly expedite projects and issue certificates of occupancy in exchange for cash.

THE DEAL: Over the past few years, construction projects in Manhattan have been on the upswing, with 35 percent increase in new building permits. Unfortunately, complaints to the building department has also increased 20 percent.

 

 

ALL STAR WEEKEND = ALL STAR TRAFFIC

February
6
2015

DEAL SHEET Week Ending February 6

Welcome to The Deal Sheet: A Witty Weekly Wrap Up of New York Real Estate Trends, Topics and Tidbits

 

FOR BETTER OR WORSE

MayorIn his annual State of the City address this week, Mayor de Blasio spent a good deal of time discussing New York City’s real estate prices and his housing plan, including zoning laws and requirements for affordable housing units; increased density and taller buildings; and expanded mass transportation, like a ferry system, to link outer boroughs.

THE DEAL: Although his ideas seemed to be well received in many real estate industry circles, he may not have the political support in Albany.

January
30
2015

DEAL SHEET Week ending January 30th

Welcome to The Deal Sheet: A Witty Weekly Wrap Up of New York Real Estate Trends, Topics and Tidbits

HIGH-TECH REAL ESTATE GADGETRY AND POWER PLAY

StreetEasyStreetEasy joined forces with Floored, a real estate tech company, and recently launched 3-D floor plans of online listings. Providing potential buyers with 3-D models of spaces, including window heights and room flow, that can be viewed on smartphones, tablets or laptops greatly enhances the home shopping process. Exciting stuff…and in other real estate tech news, Blackstone’s recent funding of VTS, a real estate data start-up, has industry rivals worried that the move will put the world’s largest real estate investor in a power position to consolidate and manipulate the real estate data world.

THE DEAL: Real estate technology is one of the fastest growing sectors in the industry and you either need to jump in or get out of the way.

 

DREAMING OF SUMMER

January
22
2015

DEAL SHEET: Week ending January 23rd

Welcome to The Deal Sheet: A Witty Weekly Wrap Up of New York Real Estate Trends, Topics and Tidbits

IF I CAN MAKE IT THERE, I’LL MAKE IT ANYWHERE….

Frank SinatraFrank Sinatra’s old-school jam must be the theme song of investors around the world as foreign development in NYC is hotter than ever. Leading the charge is Japanese developer Mitsui Fudosan Co. who is funding a planned $1.4 billion office tower on the West Side. In addition, Mitsui paid New York-based Related Cos. $259 million for a 92% stake in 55 Hudson Yards. But right behind is Chinese investor Greenland who is funding much of a $5 billion apartment development in Brooklyn; a Singapore investor is backing a 1,050-foot tower next to the Museum of Modern Art; and a Kuwaiti sovereign wealth fund is a main investor in a tower just south of Mitsui’s project. Across the Hudson River, a Chinese developer is planning the tallest building in New Jersey.

THE DEAL: Real estate experts site sovereign-wealth funds and foreign pension funds for the boost in real-estate holdings because low interest rates are capping yields on bonds. So the foreign development trend is just heating up.

January
15
2015

The Deal: Week ending January 16th

Welcome to The Deal Sheet: A Witty Weekly Wrap Up of New York Real Estate Trends, Topics and Tidbits

MOVE OVER CALI…

The ever-expanding commREONONMY logounity of New York-based commercial real estate tech startups has new kid on the block: Reonomy, a real estate research and data outfit that scours through public databases and brings together property information such as outstanding mortgages, capital expenditure, Department of Building violations and other metrics that provide users with knowledge of a property and its comparative assets. After securing another $13 million for their latest fundraising round from Bain Capital Ventures, Reonomy proves that data and technology targeted for the commercial real estate market is heating up. Along with other New York-based players in the space such as CompStak, Honest Buildings, Floored, and View the Space (VTS), Reonomy’s recent round of funding proves that NYC is quickly making its mark as the east coast’s Silicon Valley for real estate tech.

THE DEAL: And with Blackstone’s very recent investment in leasing and portfolio management company VTS, it seems that Manhattan is clearly winning the real estate tech race.

 

DEVELOPING DEVELOPMENTS
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December
29
2014

FNA Looks Ahead to 2015

2015 peakAs this year comes to an end, as most of us take time to reflect and take stock of our year in review, Felix Nihamin & Associates looks ahead to 2015 as an exciting and prosperous new year for our clients, colleagues and friends. In particular, we are thrilled to announce that 2015 will bring innovative new changes to our boutique real estate firm, including specialized services that will further enhance FNA’s diverse clientele’s unique needs.

For starters, keep your eyes peeled for a new look and a new voice from FNA. In the first quarter of 2015, FNA will be launching a new website and a weekly real estate wrap up that gives you everything you need to know to keep up with the movers and shakers of New York and New Jersey real estate.

So in the spirit of year-end blessings, FNA wishes you a happy and healthy new year with promises of new beginnings and greater things ahead!

 

December
2
2014

Holiday (House) Shopping

Gifted House by Howard DickinsBlack Friday, Cyber Monday, #GivingTuesday….the possibilities for post-Thanksgiving, pre-holiday marketing madness is endless.  But depending on your line of business, the products or services “on sale,” varies greatly and therefore, so does the deal.

November
11
2014

Knock, Knock, Who’s There? I Want to Know

NihaminFBcoverAs a real estate attorney with a pretty good sense of humor, I enjoy an off-color lawyer joke every now and then and I definitely get a chuckle out of the plethora of broker jokes.  It seems the real estate industry is terrific comedy fodder.  So I was truly amused recently when watching an episode of ABC’s sitcom Modern Family in which character Phil Dunphy, a residential realtor, is the listing agent on his next-door neighbor’s home.  This of course, leads to his controlling and uptight wife Claire to get involved in selecting and wooing their future neighbors.  As the episode unfolds, in typical MF fashion, despite their best efforts, the Dunphys foil their well-laid plans to secure the “ideal” neighbor.  To this end, and as usual, the show exploits the funny side of the real estate industry and exaggerates hilarious realtor stereotypes.  However, in this particular episode, “Won’t You Be Our Neighbor,” the Dunphys actually expose a very realistic issue facing buyers and renters (and neighbors) today.