Recently, the Real Estate Board of New York (REBNY), a politically powerful trade group, has joined forces with the city’s hotel industry organizations in an effort to stamp out advertised short-term rentals and companies, like Airbnb, that thrive on them. On June 17, both houses of New York’s legislature passed a bill that will dispel remote tenants from advertising their units for short-term rentals. Should New York Governor Andrew Cuomo sign the bill into legislation, the building’s owner, not its tenants who advertise the rental listings, will be fined for violations. Continue reading “NY Building Owners Beware: Advertised Short-Term Rentals of Your Units May Cost You”
Two developers — Westbrook Partners and Atlas Capital Group — recently announced an agreement to pay $100 million to acquire 200,000 square feet of air rights over Pier 40 for a proposed mixed-use development. The amount is 33% above the valuation of the air rights. The air rights were valued at $75 million, based on an appraisal commissioned by the owner, Hudson River Park Trust.