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The Starting Line... your 4-minute blast of all things NYC Real Estate and beyond:
🔨 Lincoln Center broke ground on a long-overdue upgrade, including a free-standing 2,000-person amphitheater. ==>
🌳 Putting the "Park" back in Park Ave - a redesign is planned for one of NYC's more iconic stretches. ==>
✂️ Two proposed Queens skyscrapers are getting cut in half. ==>
🏋️♀️ A mega, world-class Chelsea Piers Fitness location is headed to the Seaport. ==>
🏠 A Rev War-era townhouse in Bklyn Heights hits the market. ==>
🏛️ Across the river, a 7,000 sq ft Meatpacking mega loft (complete with a private spa wing and recording studio) is being offered. ==>
⚽️ NYC restaurants are offering $26 World Cup dining deals. ==>
🌭 Speaking of grub, NY's most iconic deli unearthed a secret dining room... see it for yourself. ==>
🎪 Finally, NYC's only music festival is mere days away... get tickets here. ==> |
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| | | 543 Manhattan Ave TH, Unit TH, 10027 |
| 5 BD 4 BA 3420 SF $2,350,000 |
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| | | | | 235 E 40th St, Unit 40A, 10016 |
| 2 BD 2 BA 1094 SF $1,599,000 |
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| | | 90 E End Ave, Unit 6B, 10028 |
| 3 BD 3 BA 1744 SF $2,250,000 |
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| | | | | 565 Broome St, Unit N8A, 10013 |
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| The year that NYC’s “Cabaret Law” was created. It was established during Prohibition largely to restrict Black jazz clubs and immigrant nightlife. It required venues to obtain a special license for any dancing or live entertainment — and since almost none were issued, most bars and restaurants technically operated illegally for decades.
That changed this week. Gov Hochul directed the State Liquor Authority to allow dancing by default in approved bars and taverns, and to create a new hybrid restaurant-tavern license for venues that operate as both. For real estate purposes, this expands what hospitality tenants can legally operate without extra licensing — potentially increasing the value and flexibility of commercial spaces used for dining and nightlife. |
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| Development in Focus: The Grove - Doha, Qatar |
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Comprised of 293 apartments offering panoramic views of Qetaifan Bay and the Lusail skyline, The Grove has been designed with its waterfront promenade as the heart of the community. A tree-lined pedestrian street along the shore, The Grove’s waterfront promenade will incorporate the local cafes and restaurants, as well as the local shops and boutiques that enrich the vibrancy of enticing neighbourhoods around the world.
Developed by JMJ Group Holding, one of Qatar's most dynamic and visionary developers, and designed by world renowned Zaha Hadid Architects, this landmark development redefines luxury living. Blending architectural brilliance, referencing the unique patterns of erosion from the shifting desert sands and Qatar's coastal shores, with a deep commitment to sustainability and technological advancement, it offers connectivity with the land from which it is forged and a vision of the future. |
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| The Parting Shot: Pied-A-Terre Tax Passes: What We Know So Far |
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Well, it's official, the much-discussed (and often maligned) "Pied-à-Terre Tax" has now become a reality. Before we get into our thoughts, let's unpack the measure and how it's expected to be applied.
The goal is to levy additional annual taxes on "high-value" residential properties that are not used as a primary residence. While the actual text is yet to be released, reports suggest that the proposal would apply to condos, co-ops with current market value exceeding $1MM, and certain 1-3 family homes with assessed values above $5MM. Taxes on co-ops/condos are expected to be 4%-6%, while 1-3-family homes will range from 0.8%-1.3%. And there are loopholes, namely properties that are rented full-time or occupied by the owner's family members. Finally, this will be a two-phased process. For the 1st few years, the values would be calculated via the City's assessment system (which undervalues properties), then by 2028/29, values would be based on comparable sales.
The takeaway: While we understand that taxes such as this are necessary to generate new revenue for public services and target only part-time, luxury homeowners, many aspects of this law are discouraging. Chiefly, that condos/co-ops in the $1MM range were included (initial reports had the tax kicking in only for properties over $5MM). We feel this discourages investment from buyers that might not be as "flush" as City Hall claims.
Generally speaking, the fear is that this could create a domino effect of sorts with softened demand at the high end of the market. If domestic and international buyers opt to look elsewhere, future new condo development activity could absolutely be slowed. As we have been speaking to our buyers and investors, it's clear they are paying closer attention to how this evolving tax policy may influence the overall cost of ownership in New York City. |
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Private Exclusives may not be available in all markets, and availability is subject to change. Private Exclusives, inclusive of pre-marketing and listing strategies, are at the discretion of the seller. They are only visible to buyers and the Compass agents representing them in that market. Compass does not recommend one particular strategy or guarantee results. #1 in 2023 closed sales volume in the US per RealTrends. |
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Office: 646-982-0353 Compass is a licensed real estate broker. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. All Coming Soon listings in NYC are simultaneously syndicated to the REBNY RLS. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. |
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