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4/1/2020 Manhattan apartment listings, contracts signed drop significantly amid pandemic—New York Business Journal

New listings for Manhattan apartments and condos were down 85% last week, compared with the same week a year earlier, according to the latest report by UrbanDigs.
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4/1/2020 The show must go on—virtually—for brokers—Crain's New York Business

Closing day arrived for two Manhattan condo units that brokers Jacky Teplitzky and Barak Dunayer had listed for sale—and that, in the age of Covid-19, was a problem.
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3/31/2020 Thousands of New York City Residential Buildings Shutter Construction Amid Covid-19—Mansion Global

A mandate to close all non-essential construction sites, including most of the 4,000 new buildings rising across the city, was in many cases a fait accompli by the time Gov. Andrew Cuomo announced it last week.
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3/31/2020 4 COVID-19 Questions Clients Are Asking Real Estate Lawyers—Law360.com

The global spread of COVID-19 has created great uncertainty in the real estate market and as a result, real estate lawyers have been bombarded over the last six weeks with wide-ranging questions and concerns from clients.
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3/31/2020 COVID-19 Update: NYS Department of Law Modifies Submission Requirements for Condo and Co-op Offering Plans and Amendments—JDSupra

On March 25, the State of New York Department of Law (DOL) issued a policy memorandum temporarily modifying certain submission requirements for condominium and cooperative offering plans and amendments thereto. The COVID-19 state of emergency has made these requirements increasingly difficult to enforce for the DOL and comply with for sponsors. Accordingly, the modifications seek to create a more relaxed and, with few exceptions, entirely digital process intended to facilitate the continued offering and marketing of projects without sacrificing DOL’s oversight function.
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3/31/2020 The Manhattan Condo Market Showed a Flicker of Hope. The Virus Snuffed It Out.—The Wall Street Journal

Just as the Manhattan residential real-estate market was shaking itself out of a multiyear slowdown, the party was suddenly over.
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3/31/2020 Can you move in NYC during the coronavirus outbreak?—6sqft.com

While most of life seems to be put on hold at the moment, there are a few tasks that can’t be avoided. This includes moving apartments, typically a dreadful experience for New Yorkers with or without an ongoing pandemic. But moving companies are considered an essential service, according to New York City and State officials. Ahead, find out what you need to know about moving in NYC during the coronavirus outbreak, from the extra protocols movers are taking to your rights as a tenant.
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3/31/2020 Luxury Park Ave. condo owners asked to ‘volunteer’ as doormen amid coronavirus pandemic—NY Post

Residents of a luxury Park Avenue building are up in arms after their management company suggested they “volunteer” as doormen if staff shortages continue amid the coronavirus pandemic, The Post has learned.
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3/31/2020 New York bans nonessential construction amid coronavirus pandemic—Curbed

Gov. Andrew Cuomo has halted most construction statewide in response to the novel coronavirus pandemic sweeping New York, following outcry from workers and lawmakers when the industry was largely unaffected by a shut down of all nonessential businesses.
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3/30/2020 Extell Halts Central Park Tower Work Due To Coronavirus: Report—Patch.com

Developers of the largest planned residential tower in New York City are self-enforcing a construction stoppage due to safety concerns presented by the spread of coronavirus, according to reports.
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3/27/2020 Bonanza for Rich Real Estate Investors, Tucked Into Stimulus Package—New York Times

The federal government’s planned $2 trillion economic rescue package includes financial aid for individuals and industries that are struggling to survive the coronavirus pandemic. It also includes a potential bonanza for America’s richest real estate investors.
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3/26/2020 City could to lose up to $6B—Politico

City Comptroller Scott Stringer predicted Monday that the economic effects of the coronavirus outbreak will cost the city up to $6 billion through the end of the next fiscal year.
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3/26/2020 City offers to help property owners with tax payments—Real Estate Weekly

he New York City Department of Finance offers several programs to assist property owners who face hardships making their property tax payments.
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3/26/2020 People are still putting their mansions on the market—Business Times

Bill Grabowski, the owner of Healthstar Inc a pharmaceutical machinery business, has lived with his wife on the same piece of land in Quincy, Massachusetts, for more than 30 years. Now, with US equities imploding and states of emergency being declared across the country, Mr Grabowski has decided to list his four-bedroom, four-bath house for just under US$2.7 million. "The worst thing that happens is, nobody buys it," he says.
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3/25/2020 How To Minimize Taxes On NY Co-Op Sales—Lawyers.com

New York “co-op” apartments are unique to the State of New York. When a person owns a co-op apartment, they own a share of a “corporation,” which is the apartment complex itself. But, at the same time, the owner of the co-op also owns a piece of real estate. That is, at least from a legal perspective. Historically, courts support the notion that co-ops are technically real estate. That’s why many co-ops are eligible for use in 1031 exchanges.
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3/25/2020 How Coronavirus Is Impacting Luxury Real Estate—Forbes

In the final quarter of 2019, luxury real estate in the U.S. rallied both in sale volume and price. The segment posted double-digit sales growth year-over-year for the first time in 2019. The entry price rose by 2.1% to $1.27 million, according to the realtor.com’s latest luxury report.
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3/25/2020 New York’s Millennial Homeowners and Where to Find Them—New York Times

On a police officer’s salary, Jakia Morton, 29, bought a brand-new townhouse last year for $265,500 in East New York, Brooklyn, near shopping, public transit and a community of first-time buyers.
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3/23/2020 New Development: Sales launch at LIC waterfront condo—Real Estate Weekly

Sales have launched for 8 on 5th, a new building designed with sustainability in mind, adding eight two-bedroom units to Long Island City’s waterfront. Queens-based brokerage Modern Spaces is exclusively handling marketing and sales for units ranging in price from $810K to $1.28M.
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3/23/2020 Permits Filed For 172-02 Hillside Avenue In Jamaica, Queens—New York YIMBY

Permits have been filed for a seven-story mixed-use building at 172-02 Hillside Avenue in Jamaica, Queens. Located at the intersection of Hillside Avenue and 172nd Street, the corner lot is a couple blocks from the 169th Street subway station, serviced by the E and F trains. Ben Kaftari under the Elanot LLC is listed as the owner behind the applications.
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3/23/2020 Construction projects plug away even with city shutting down—Crain's New York Business

For now, construction continues. As the coronavirus outbreak quiets New York City—closing offices, idling taxis and shuttering bars—workers in bright-yellow reflective vests, hard hats and steel-toe boots are still showing up.
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