George E. Grace

Trending in Residential Real Estate Market in Manhattan: Although inventory levels are low, in Manhattan, and demand level is high, prices are mostly holding; but in the luxury segment of the market for example, Jonathan Miller, CRE®, Member of RAC, at a recent Townhall Meeting at Douglas Elliman Real Estate, points out that sales, in certain market segments, like the $50M market, are robust! Stephen Larkin Scott Durkin #RichardFerrari #JohnGomes (Moderator) #ResidentialRealEstate #MarketReport

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🚨 New Tenant Protections Now Impact Landlords in Philadelphia 🚨 On December 4, 2024, the Philadelphia Commission on Human Relations (PCHR) began enforcing key amendments to the Fair Practices Ordinance, affecting landlords working with Section 8 and other rental assistance programs through the Philadelphia Housing Authority (PHA) and U.S. Department of Housing and Urban Development (HUD). Key Changes for Landlords: No Income Discrimination: Landlords cannot deny or exclude tenants using rental assistance. Service Obligations: Equal repairs and prompt processing of vouchers are mandatory. Increased Legal Risk: Tenants now have expanded rights to pursue lawsuits for unresolved violations. These changes require landlords to stay vigilant about compliance to avoid penalties and protect their properties. #LandlordCompliance #PHA #HUD #FairHousing #PhiladelphiaRealEstate #Section8 #PropertyManagement #ComplianceSolutions

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Cities With the Most Expensive Homes in Massachusetts #massachusetts #massachusettshomes #massachusettshousing #massachusettsrealestate #massachusettsinvesting #massachusettsrealtor #massachusettsrealestateagent #realestate #realtor #realestateagen

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With the passing of the FY Budget passed in Albany earlier today, the Real Estate Development landscape has shifted dramatically. These might be the most developer-friendly policies passed in New York State in the last 20 years. Improvement on the expired 421A, Office to residential conversion incentives, improvements to the IAI formula, lifted caps on FAR 12 (specifically catered for City of Yes passing). Aspects of Good Cause also passed, but in a drastically watered down form. This is an exciting time to be in real estate in New York City. 🚀🚀🚀

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Accelerated Supply of Affordable Production Housing Act (ASAP), is the latest brainchild of Bronx Rep. Ritchie Torres to remove all bond cap limits from affordable housing until 2034. Roughly 20 states have exceeded their bond cap limits and the competition for the available funds is fierce. The senator believes this will allow for a doubling of affordable housing production. Bond cap directly plays into the delivery of 4% tax credit deals due to the 50% test. The 50% test stipulates that more than 50% of the financing for these deals come from bonds. To help provide some background. Low Income Housing Tax Credit (LIHTC) deals come in 2 types, 4% and 9%. (9% don't use bonds, different conversation) You calculate these by taking your total eligible basis (bricks and sticks plus soft costs) and multiply by the eligible percentage. Example: Basis of $10,000,000 x .04 = $400,000 per year for 10 years or $4,000,000 in tax credits. These are then sold to an equity provider (right now for about $0.85, so $1,000,000 in tax credits = $850,000 in capital) in exchange for equity day one. The equity provider then takes the credits over the next 10 years. Which is why they tend to stay in the deal until all of those are paid back. Because the cost to build has gone up by 30-50% since 2019 but bond cap has not, those funds are not going as far. Thus, not only are they competitive, but the number of units that they provide has decreased. Another proposed solution to this problem has been reduction of the 50% test to a 25% test, but it hasn't gotten much traction. I'm not so sure that this will be the panacea the senator is expecting. Because ultimately, if we double the amount of tax credits, we have to have buyers for them. These buyers only buy to the extent that they have taxable liability that they need to offset. Therefore, unless taxes drastically increase, they have a capacity limit. Prior to the tax cuts during the Trump administration, tax credit prices were as high as $1.17. Barring massive tax increases the effect of a large increase in credits could dilute the entire pool. As a result, what we could see is a decrease in the price per credit, from the current .85 cents to say .50 cents. These prices dictate the amount of equity, which dictate whether a project "pencils." The only way I see the numbers working would be to increase the buyer pool for the credits. Current rules do not allow these credits to offset earned income. Which means they don't do any good for a doctor. If we amended those rules and thereby increased the buyer pool, then maybe we would actually see positive effects from increased bond cap and thus increased tax credit deals. https://lnkd.in/eutsJk6a

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🔔 Affordable Housing Mandates Spark Legal Challenges Across NJ 🔔 Many towns in New Jersey are turning to legal action to contest state-mandated affordable housing quotas. The pushback highlights concerns over the feasibility of these numbers, particularly in smaller communities with limited land and resources. MY PERSPECTIVE: Not surprising based on the number of units targeted that towns are using legal action. For example, my town of Allendale is expected to accommodate 159 units—a figure that’s unrealistic given our limited undeveloped properties. Such mandates could place an overwhelming burden on local services and taxpayers. Learn more about the growing movement to challenge these mandates. Click the link below to read the full article: https://lnkd.in/exZn7vTb Comment below or contact me. Michael G. Walters, SIOR Executive Managing Director Corporate Services ☎ 201-232-7111 📧 [email protected] . . . #realestate #corporateservices #advisor NAI James E. Hanson #cre #investment #commercialrealestate #buysell

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Jersey City is emerging as a top destination for marquee office tenants, with 2024 marking a turning point for its office market. Major deals this year include:  - Bank of America: Renewed and expanded to 547,962 SF at Newport Tower in the city’s largest office lease in over a decade.  - J.P. Morgan Chase: 550,000 SF renewal and expansion.    - Samsung: 321,207 SF for its headquarters in Englewood Cliffs.    - Fidelity Investments: 185,000 SF renewal at 499 Washington Blvd.  These deals, alongside rising net absorption and leasing activity, reflect Jersey City’s growing appeal due to its affordability compared to Manhattan, a strong talent pool, and high-quality real estate offerings. As amenities and infrastructure improve, the city is cementing its position as a hub for corporate growth.  #CommercialRealEstate #JerseyCity #OfficeMarket #LeasingActivity #CRERecovery #CorporateExpansion

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the crisis is a direct effect of the 2019 rental law. lower rates will not help the fact that banks will continue to have lower LTVs due to the law. this crisis will continue to worsen as owners are unable to properly maintain the buildings. AMEND THE 2019 RENTAL LAW!

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Our 2024 Q1 Boston Real Estate Market Report is out- we do a deep data dive on the current real estate market as of early 2024. We highlight several trends in property transactions compared to the previous two years. We also provide several ideas on how we could get this market back on track and deliver more supply. Please let me know your thoughts below! Enjoy!   Please let me know your thoughts on how the Greater Boston real estate market could improve.       #Bostonrealestate #Bostonsalesmarket #Bostonapartments #MarketReport #InterestRates #SalesMarketForecast   #MostApartments #MostListings #MostKeys #MostLandlords #MostTrusted #BostonPads

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Real Estate Joins Chorus of Criticism Toward Hochul’s Congestion Pricing Pause Robert Khodadadian | Commercial Observer Articles about Robert Khodadadian from Commercial Observer New York’s authority on commercial real - https://buff.ly/4bML2WF #commercialrealestate #crenews #broker #investmentsales

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Rising interest rates can impact your real estate plans. Here’s how to navigate the market and make informed decisions. @greinermaltzofli Greiner Maltz of Long Island 🏢 📞 516-364-1000 💻https://lnkd.in/djqT4FYm #GreinerMaltzLI #RealEstate #IndustrialRealEstate #InterestRates #RealEstateAdvice #MarketTrends

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Land values in the Bronx are going to continue increase…..my prediction is by the end of year 2025 the average price will be $100/BSF (Currently $87/BSF). My rationale for this is as follows; -Anticipating rate cuts.  -Positive market sentiment with the city of Yes and East Bronx re-zoning demonstrating the Bronx is pro-development. -Establishment of free market rents of $55/psf range, section 8 rents have been increasing 9% year over year for the past few years. -Lower land values in comparison to other boroughs. A lot of Brooklyn/Queens/ Manhattan developers are looking at this market's increasing competition and demand. -Bronx land values have increased 7% on average over the past 5-years.   -Hearing from developers there has been a reduction in Construction costs. Our team has sold/under contract/marketing $100mm worth of Bronx land over 10 transactions during 2024. Contact me if you would like to discuss further 917 348 0242 / [email protected]

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As the summer heat intensifies, the Manhattan real estate market is cooling down, and the languid season could present unexpected opportunities for savvy buyers. An emerging trend shows an increasing number of properties being listed at prices lower than their previous sale prices. This phenomenon offers a chance to secure homes with potentially less downside risk and more upside potential should the market’s nascent pricing recovery continue.

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