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Real estate transactions involve various types of properties

Several real estate projects are coming to New York in the near future. These projects include the development of residential buildings along with some commercial space and mixed-use buildings. As long as New York continues to be an in-demand area for real estate, both buyers and sellers will take part in a variety of real estate transactions that meet their goals.

One of the projects coming to New York is a residential building that will be 10 stories tall. This 145,322-square-foot building is expected to feature 165 units. The site was bought for a whopping $60 million. Meanwhile, a second project that is in the works is a mixed-use building that will be 11 stories tall. This 134,000-square foot facility will feature nearly 170 residential units and retail space spanning a little more than 20,000 square feet.

Real estate transactions involving leases may rise in New York

A battle to preserve local businesses in New York resulted in a victory recently. The New York City council and mayor were able to strike a deal aimed at reducing taxes on commercial real estate for the city's small businesses. This may make commercial real estate transactions involving leases even more appealing for the owners of small businesses in New York who are interested in finally getting a storefront or expanding to a bigger space.

After the deal was struck, small business owners said they were happy about the move. Reducing and reforming the area's commercial rent tax may help thousands of businesses to stay open at a time when business operation costs are generally high. In other words, it may help to end the rapid increase in the number of empty storefronts available for rent.

More buyers may be interested in real estate transactions now

Home prices keep dropping throughout the United States. This may be music to the ears of home buyers in New York and elsewhere who have been waiting for a buyer's market to finally return so that they can take part in residential real estate transactions. Existing homes' median prices dropped by 0.24% to reach nearly $250,000 from September to October.

Home prices have been plummeting every month since reaching a peak of more than $260,000 back in June. This is not completely atypical, though, as home prices often increase in the summer season, when large numbers of buyers are shopping for homes and trying to close prior to the start of the school year. Then, prices typically drop during the autumn season.

Nassau County employees may join legal action over pay violations

As a Nassau County employee, you may have noticed that your overtime pay has often been late in the past. Not only that, but your pay stubs also may not have the information you need to verify that you have indeed received the earnings your employer owes you. This could cause inconvenience or even hardship, and according to both state and federal law, it is also illegal.

The Federal Labor Standards Act includes requirements to ensure that, as a nonexempt employee, you get your pay in a timely manner along with documentation of the hours you worked and your overtime rate. The New York Labor Law also includes requirements of this nature.

Firm's real estate transactions involve overlooked properties

A real estate investment corporation from another state has invested more than $100 million in the New York City area during the past five years. None of the firm's commercial real estate transactions have been record-setting. However, that is exactly what the executives intended.

The out-of-state firm has decided to quietly invest $114 million in eight New York properties so far. One of the deals is an apartment building acquisition that occurred earlier this year and was valued at $5.8 million. The building features 23 units.

Real estate transactions during cool months can be beneficial

Although fall and winter can be busy times in New York, they can also be excellent seasons during which to purchase a home. Buying a house is often promoted during the spring and summer seasons, when temperatures are warmer and people are more eager to get outdoors. However, several reasons exist for engaging in real estate transactions when it starts to get cool outside.

First, homebuyers during cooler seasons face less competition than they would during warmer months. As a result, they are more apt to acquire the houses they want without having to engage in fierce bidding wars. Competing with several offers is admittedly one of the most frustrating aspects of buying a house.

Landlord/tenant matters may involve commerical spaces

Multinational professional services firm Ernst & Young recently committed to some office space at a commercial property in New York. Leasing a property can be exciting for a business owner interested in having or increasing a presence in an in-demand area of a city. However, landlord/tenant matters can easily crop up and require careful attention.

In the case of Ernst & Young, the company has chosen space in the One Manhattan West building. It recently signed a lease for a whopping 600,000 square feet spanning 17 floors. The company shares the building with other major tenants, including J.P. Morgan Chase & Co., Amazon and Accenture.

Landlords cannot evict tenants for certain things

Many people who reside in New York actually rent a property rather than own it outright. Some reports estimate that as much as 69 percent of people who live in New York City alone rent instead of own. 

Where there are renters, there are landlords. In dealing with tenants, landlords typically save eviction as a last resort, but no matter how rude a tenant may be, there are certain qualifications he or she needs to meet to face eviction. Landlords should be aware of tenant protections so that they do not accidentally stumble into a lawsuit.

Selling mistakes during real estate transactions can be costly

The real estate market in New York and other parts of the country currently appears to be a seller's market. However, when selling a home, becoming too confident in this seller's market may be one's downfall. A few negotiation tactics may end up backfiring for sellers involved in real estate transactions this fall season.

One common tactic that may prove unhelpful is to start a bidding war. Fueling some competition among home buyers can certainly be helpful for attaining the best deal possible for the seller. However, the best offers might end up walking away if sellers fail to clearly explain upfront how they will address multiple offers, or if they insist that every possible buyer comes back with his or her highest bid. Proceeding with caution is paramount when seeking bids from potential buyers.

Real estate transactions may involve opulent apartments

The well-known NBA coach, Phil Jackson, recently decided to part ways with his apartment in New York. The apartment he is selling is located in a building that is 132 years old, known as the Osbourne. These types of real estate transactions can be complex to complete in New York but rewarding when executed properly.

Jackson spent about four years in the New York Knicks' front office before being dismissed in the latter part of June of this year. Now, his luxury apartment is up for grabs for a whopping $4.95 million. The apartment is generally considered to be desirable with its two bedrooms and its convenient location, which will allow the new apartment owners to easily access the best parts of Manhattan. In addition, Central Park is essentially the back yard of the apartment building.


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