Mayor De Blasio is calling for a new transfer tax. 2.5% on 1 to 4 family residential properties that sell for $2 million or more. The City currently collects 1% at closing on sales for $1 million and above.
If passed it could further depress luxury property sales and cap rising property values in the outer boroughs.
Could this new transfer tax cost sellers of Brownstone townhouses in Bed Stuy and single family Tudors in Jamaica Estates?
According to research by StreetEasy, half of all home searches in the five boroughs were for properties between $400k to $600k.
In a City whose luxury real estate serves as the backdrop for Million Dollar Listing NY, the majority of its residents are looking for the most affordable.
Will this mean Queens neighborhoods may see more Open House foot traffic in 2017?
New York City’s Dept of Finance assessed property values in the five boroughs at $1 trillion for the first time. Brooklyn property sales broke records and saw growth in new development projects.
Queens and the Bronx are showing signs of a similar trend forming … but for how long?
BRP Companies secure financing commitment from NYC Housing Development Corporation for $323.6 million to build a 669 unit mixed used development in Jamaica, Queens.
BRP Companies paid $19.5 million to purchase the development site from Greater Jamaica Development Corporation and could wind up being worth close to $500 million after leasing only 60% its residential tenants.
Should you be building a valuable relationship with BRP Companies to lease their units?
Since 2015, more than $2.5 billion was invested with platforms crowd-sourcing debt and equity investments in real estate in major markets throughout the U.S.
Is there an opportunity to grow your real estate business using crowd funding?
Each week THE STREET brings you the 5 things moving New York real estate. Which story in this edition could mean profit or loss to your real estate business?
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