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CoStar Q2 net income down 17%

CoStar Group’s second quarter profits fell after a strong first quarter even as traffic on its analytics and online marketplace jumped. The real estate data giant posted $61 million in net income from April through June, down 17.5 percent from the $74 million in Q1, it reported Tuesday afternoon. Second quarter profits were about flat compared to the same period in 2020, when the pandemic first took hold. Before the start of 2021, the compan...

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Chetrits to invest $200M in Manhattan apartment portfolio

The Chetrit brothers are using some of their Uniqlo cash to buy a stake in a $400 million apartment portfolio. Isaac and Eli Chetrit are in contract to acquire a roughly 50 percent interest in a group of Manhattan multifamily buildings owned by Josh Gotlib’s Black Spruce Management for approximately $200 million, sources told The Real Deal. The recapitalization values the 60-building portfolio at about $400 million, and comes as the city’s...

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Matt Lauer exposes Hamptons estate to the market

If at first you don’t succeed, try, try again. At least, that’s Matt Lauer’s plan for selling his massive Hamptons estate on the Peconic River. The disgraced former “Today” show host has attempted to unload his home in North Haven on and off for years. He has now put it back on the market with a price of $44 million, according to the New York Post. The home covers almost 14,000 square feet and sits

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Proptech revolution grows as landlords turn to big data to manage properties

The proptech revolution is accelerating as building operators turn to big data to monitor everything from tenant relations to their properties’ energy use. “Companies are making every piece of information available to every single person in the organization,” Anita Kramer, senior vice president at the Urban Land Institute Center for Capital Markets and Real Estate, said in an interview. “That’s powerful.” In a n...

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Birch Group buys Princeton office portfolio from BentallGreenOak

UPDATED, 6:30 p.m., July 27: The Birch Group has acquired a two-building office portfolio totaling 200,000 square feet in Princeton, New Jersey, as the company says it’s moving forward with its suburban office expansion. The investment firm paid $47.3 million for a pair of three-story buildings at 600 and 700 Alexander Park Drive, it announced. The seller was BentallGreenOak. Natixis provided the $37.8 million acquisition loan. JLL’s Kevin...

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Dumbo penthouse leads Brooklyn’s luxury market

Brooklyn’s luxury market activity continued its downward slide last week. There were 19 luxury contracts inked last week in Brooklyn, according to Compass’s weekly report on contracts for homes in the borough at asking prices of $2 million or higher. The combined value of the contracts was $60 million, with a median asking price of $2.89 million. Of the 19 transactions, apart from three condos, all properties were townhouses. The prior wee...

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Firm offer: Casper co-founder pays $500K over ask in Park Slope

A mattress magnate has found a new place to lay his head at night. The co-founder of mattress company Casper, Luke Sherwin, and his chef wife Clare De Boer have purchased a Park Slope townhouse at 605 3rd Street in all cash for $5.25 million, according to newly released property records. The 4,000-square-foot property is located in a historic district on a tree-lined street that is steps away from Prospect Park. It is surrounded by

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Elliman CEO: ‘People are afraid to walk in NYC’

Watch the latest video at Video via FOX The CEO of Douglas Elliman is tying New York City’s real estate recovery to public safety amid concerns over rising crime. “People are afraid to actually walk in the city anymore,” Dottie Herman said while a guest on FOX Business’ “Cavuto: Coast to Coast” Monday. “From everything I hear — and I’m out there all the time — the biggest problem is crime.” Herman also...

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Manhattan CB2 votes against Soho/Noho rezoning

Manhattan Community Board 2 voted overwhelmingly Monday night to reject the Soho/Noho rezoning proposed by the de Blasio administration. The 50-member board’s vote is only advisory, but its resolution against the plan represents a speed bump in the seven-month land use review, which will ultimately be decided by City Council members Margaret Chin and Carlina Rivera. The two members have said they want changes to ensure more affordable housin...

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Nowhere to go but up? Home prices smash another record in May

As home sales stagnated in the spring, a nationwide seller’s market saw prices continue to skyrocket. Housing prices broke records for the third consecutive month in May, surging 16.6 percent over May 2020 — the highest year-over-year jump in more than 30 years of data collected by the S&P CoreLogic Case-Shiller index. “A month ago, I described April’s performance as ‘truly extraordinary,’ and this month I find myself running ...

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