🏆 Residential: The largest residential transaction recorded in New York City took place in Nomad. A trust dropped $9.6 million on a penthouse in 30 East 29th Street. The seller, KFO Property NYC GMBHowned the apartment since 2023, when the entity purchased the property for $12.7 million. The unit, a duplex, spans 2,600 square feet and has three bedrooms and three bathrooms. It also has two fireplaces and over 600 square feet of outdoor space. The seller put the home on the market in February 2024, asking $13.2 million.
🏆 Commercial: Flushing had the most expensive recorded commercial transaction in the Big Apple, selling what appears to be part of a mixed-use complex at 131-02 40th road for $32 million. The seller was Jade century properties and the buyer was Tetra housing.
📊 Commercial: In Bay Ridge, a 180,000-square-foot former Century 21 store and parking garage 423 88th Street sold for $28 million. The seller was the real estate arm of the Gindi family, which founded the discount store. The buyer was the Abed family. A JLL Capital Markets team of Ethan Stanton, Jeffrey Julien, Brendan Maddigan And Michael Mazzara represented the seller and that of Specialized Realty Group Michael Feratovic represented the buyer.
📊 Residential: On the Upper East Side, Isis and Christopher Louw — he’s a financier — dropped $9.4 million on a full-floor sponsorship unit 201 East 74th Streetdeveloped by Elad group. The 3,800-square-foot unit has five bedrooms and four and a half bathrooms. The most recent asking price was just under $10 million. Douglas Elliman Barbara Russo, Danielle Englebardt, Elena Sarkissian And Christopher Salierno had the mention.
📊 Residential: Developer Stephen Ross sold his apartment at Superior Ink 400 West 12th Street for $6.6 million. Ross is the founder of Related Companies, which developed the West Village building in the early 2000s. He was seeking just under $7 million for the 1,900-square-foot lot. Compass’ Stephen Ferrara And Clayton Orrigo had the listing for the two bedroom unit.
According to the numbers: The first year of the FARE Act – which municipality saw the biggest rent spike?
In the year since the New York City Council passed legislation changing the way real estate agents are paid, one borough stood out with the biggest change in rents.
The Fairness in Apartment Rental Expenses (FARE) Act, passed on November 13, 2024, requires anyone who hires a rental agent to be responsible for paying the agent. Opponents of the legislation predicted that this would cause rents to rise as landlords would do their best to convert these fees into rents.
Citywide, the average rent grew 8.2 percent in October compared to the same period last year, and the average rent in every neighborhood also rose, according to an analysis by The Real Deal of rental data from advertising platform StreetEasy.
But Staten Island’s average rent grew the most, rising 16.4 percent year-over-year to $3,200 per month in October, according to TRD’s analysis.
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