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NEWS ABOUT: New York real estate

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Katie Drops $14M in NYC

Star racks up impressive bill in 6 months during Broadway stint, Post estimates

(Newser) - Katie Holmes is “Manhattan’s Most Valued Shopper” after spending more than $14 million during her 6 months in New York, the Post estimates. Dining at hot spots like Nobu accounts for more than $7,000, while dressing herself and Suri racked up at least $17,000. But the... More »

Long Way Down for NYC, Boston Home Prices

Cities can't buck market forces forever

(Newser) - New York, Boston, and Charlotte, NC, are at the center of the financial industry, but so far those cities haven’t seen home prices plummet the way they have in the rest of the country. New York’s single-family-home prices are down from their 2006 highs, roughly half the decline... More »

Madoff Shakes NY Real Estate Industry

Scandal jeopardizes dozens of projects; loans may be called in

(Newser) - New York's once booming real estate industry has already been struggling with the recession, but the revelation of Bernie Madoff's $50 billion Ponzi scheme has hit commercial brokers and developers particularly hard. Deals across the city have been put in jeopardy, buyers have withdrawn pledges to purchase, and Madoff investments... More »

Madge, A-Rod Want Love Shack

Pair may move in together in New York

(Newser) - Madonna and Alex Rodriguez are looking to shack up together in a high-end Manhattan mansion, the New York Post reports. A real estate source revealed the pop star and her slugger beau are scouting the Upper East Side for “private, double-width mansions in the vicinity of $30 million to... More »

Manhattan Real Estate Prices Plummet

News will only get worse, experts predict

(Newser) - Manhattan real estate is already taking a major hit from the economic crisis, reports the New York Times. Median property prices in Harlem are down nearly 20%, and east midtown condos have plunged more than 18%. The downturn will eventually rock even the toniest neighborhoods, experts predict. Sales have slowed... More »

NYC's Luxury Apartment Bubble Bursts

There's now a glut of pricey listings on the market

(Newser) - New York’s top real estate agents subscribed to an 8-word mantra last year, the New York Observer notes: So many eager buyers, so few trophy properties. But 2008 has brought a dose of cold reality. More than 168 luxury apartments and townhouses are on the market, dozens more than... More »

Wall Street's Wealthy Can't Nab Apartments

With 7-figure bonuses in jeopardy, the rich lack buying power

(Newser) - Manhattan’s most rabid real estate buyers are finding that a million-dollar bonus doesn't cut it anymore, the New York Times reports. With markets in turmoil, Wall Street bankers' staggering bonuses are in jeopardy, and apartment sellers are taking note. “They’re looking for people who have stable incomes... More »

Abu Dhabi to Buy Chrysler Building

Sovereign wealth fund offers $800M for NYC landmark

(Newser) - The Chrysler Building—a jewel of the New York City skyline since 1930—is poised to be sold to the Abu Dhabi Investment Council, reports the New York Post. The nation's oil-rich sovereign wealth fund is offering $800M for a 75% stake in the skyscraper. More »

Real Estate Slump Strikes Manhattan

Average apartment price soars to record; big picture grim

(Newser) - Manhattan real estate prices hit record highs in the first quarter of 2008, but sales declined, showing that the housing crunch is starting to affect the island, Bloomberg reports. The average price of a Manhattan apartment was $1.7 million, up 33.5% from last year, the New York Times ... More »

Assistant Confesses to Stein Murder

She flew into a rage, beat celeb Realtor with a yoga stick

(Newser) - The assistant to celebrity Realtor Linda Stein confessed today to beating her boss to death. Natavia Lowry was arrested and charged with second-degree murder after she made a videotaped confession that she flew into a rage when Stein blew pot smoke in her face and was verbally abusive to her.... More »

Coney Island on Track for Ritzy Makeover

Fans grumble at cyclone-speed gentrification

(Newser) - Landmark Brooklyn amusement park Coney Island is set to undergo a major makeover as an upscale techno-theme park with ritzy retail space and timeshare towers, the Washington Post reports. Thor Equities bought much of the six-block thrill park and officials hope to launch the $1.5B renovation in 18 months—... More »

Newmark Brains Scammers

Craig's List founder tracks online swindlers the old-fashioned way— brainpower

(Newser) - “We are not really that high-tech of a company,” the man who brought classifieds into the Internet age, Craig’s List founder Newmark, tells the New York Observer, explaining why he uses a combo of customer feedback and his own memory—instead of techie solutions like IP-address blockers... More »

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