March
26
2015

DEAL SHEET Week Ending March 27th

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

 

RE TECH SCENE

Kushner TheRealDealWhile it seems the real estate tech startup business is hotter than Paris Fashion Week, new players enter the market on a regular basis. With applications ranging from software to data to listing sites and crowdfunding, NYC is the gracious host to a plethora of newbies changing the real estate landscape. The most recent launch of the Kushner Brothers’ Cadre, a real estate investment vehicle that connects institutional investors with opportunities in gateway markets, is evidence that some of New York’s biggest real estate players are taking the space by storm.

THE DEAL: As new real estate tech startups enter the space almost weekly, the industry and the way it does business is evolving at a record-breaking pace.

March
20
2015

DEAL SHEET Week Ending March 20

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

NO LONGER PATIENT DOESN’T MEAN IMPATIENT. HUH?!

interest rate increaseThe Federal Reserve this week hinted in a policy statement that interest rates that have been at record lows for more than six years may see a gradual increase as early as June. But don’t get crazy. The job market needs to improve and inflation needs to rise before the Feds will consider nudging up borrowing rates. According to Fed Chairwoman Yellen, “Just because we removed the word patient doesn’t mean we are going to be impatient.”

THE DEAL: By even suggesting that rates could possibly increase for the first time since the financial crisis is a subtle hint that the U.S. economy is looking better to the Feds. But they are not making any promises. The mixed signal message caused stock prices to jump. Go figure.

March
12
2015

DEAL SHEET Week Ending March 13

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ALL’S FAIR IN LOVE and M&A

TruliaZillowJust as the ink was drying on News Corp.’ purchase of Realtor.com for $950 million, the Federal Trade Commission goes ahead and approves the merger of Zillow and Trulia, the two largest listing sites in the real estate industry.

THE DEAL: News Corp CEO Robert Thomson doesn’t seem worried. He plans on taking advantage of the consolidation “mayhem” potentially happening at the merged powerhouse and expects to poach their leftover talent.

March
5
2015

DEAL SHEET Week Ending March 6

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

 

UH, DUH

slow housing imageThe Federal Reserve’s Beige Book for February reports that weather conditions have slowed home construction in New York, Philadelphia, and Cleveland and caused Boston to have low levels of inventory. The report notes that lack of desirable lots and low inventory levels continue to slow the market. In addition, housing markets across New York and New Jersey have mostly been sluggish, in part due to the inclement weather.

THE DEAL: Kinda knew that Mother Nature is continuing to wreak havoc in the tristate area. And with this most recent snowfall, most New Yorkers are ready to stick a fork in it and relocate. The Fed’s good news? When measuring banking and finance, the report found that residential lending was positive at all reporting banks.

February
27
2015

DEAL SHEET Week Ending February 27

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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

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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

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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.