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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.

Mistakes may harm homebuyers in real estate transactions

Making careless mistakes in life is natural, but sometimes, these mistakes can have major consequences. This is especially true when buying a home. A few tips may help homebuyers to protect their best interests when taking part in residential real estate transactions in New York.

First, a common mistake that homebuyers make is not taking time to review property disclosures. Sometimes, buyers avoid reading these disclosures because they are long. However, even homebuyers who plan to get a home of interest inspected would benefit from fully reading the property disclosures that the home seller has provided. Major issues to look for include mold or pest infestations, HVAC issues, a foundation that is faulty or a leaky roof.

Real estate transactions planned for several New York areas

A number of real estate projects will be coming to the Big Apple in the near future. The biggest one will take place in Brooklyn, whereas other ones will take place in locations including Manhattan, Staten Island and the Bronx. Such real estate transactions can quickly add value to communities in New York in addition to benefiting the bottom lines of the investors or real estate developers involved in them.

The largest of the projects, the one in Brooklyn, will happen in the downtown area of the city. A realty company plans to develop a tower that is 37 stories tall in Albee Square. It will take up a whopping 385,000 square feet and feature both commercial and office space, including a school on the first few floors.

Recent real estate transactions involve Amazon, other companies

Some of the commercial leases that were made public last month span a variety of industries and totaled more than 1.2 million square feet, ranging from media and law to government and retail. One of the biggest real estate transactions involving a lease, however, involved Amazon. In fact, the online retailer signed the biggest deal at 5 Manhattan West.

Amazon ended up signing a lease that will last 15 years and give the company a whopping 360,000 square feet at the New York site. This area will serve as the company's chief location for its hub for advertising. The company will take up the whole sixth and seventh floors of the building, which is 16 stories tall, along with some of the eighth floor and 10th floor.

Landlords should avoid these 3 costly mistakes

Being a landlord can be profitable and fulfilling, but it is easy to make mistakes if you are not careful. Do not think of being a landlord as something you can do passively. You must be aware of landlord-tenant laws at all times and follow proper and legal procedures. 

If you make missteps, you could end up in legal trouble, debt or both. Here are the top mistakes you should avoid when renting. 


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