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Recent Commercial Real Estate Transactions – The New York Times

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This apartment  building, center, in Brooklyn was built in 1931.
Credit…Rise Media

$2.375 MILLION

236 Kingsland Avenue (between Nassau and Driggs Avenues)

Brooklyn

This 4,875-square-foot apartment building in Greenpoint contains six free-market apartments, all of which have two bedrooms and one bathroom. It was built in 1931 and last changed hands in 1987. The building was delivered vacant.

Buyer: 236 Kingsland

Seller: Estate of Cecilia Markowski

Brokers: Derek Bestreich, Luke Sproviero, Donal Flaherty, Hakeem Lecky and Corey Haynes of Bestreich Realty Group

Credit…Christopher Bride

$5.35 MILLION

1921 Hobart Avenue (between St. Theresa and Wilkinson Avenues)

The Bronx

Built in 1929, this 27,000-square-foot, four-story walk-up apartment building in Pelham Bay contains 29 one-bedroom units and four two-bedrooms.

Buyers: Arber Realty and 1111 East Tremont Realty R.G.

Buyers’ Brokers: Aaron Jungreis and Alex Fuchs of Rosewood Realty Group

Seller: 1921 Hobart, c/o the Morgan Group

Seller’s Broker: Mr. Jungreis

Credit…CoStar

$40/SQ. FT.

$147,000 approximate annual rent

350 Seventh Avenue (at West 29th Street)

Manhattan

Unipharm, a pharmaceutical company, is subleasing 3,675 square feet of office space in this building in Midtown. The sublease is through Aug. 31, 2022.

Landlord: Empire State Realty Trust

Landlord’s Brokers: Bert Rosenblatt and Michael Herz of Vicus Partners

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Vancouver real estate: heritage home called Jeffrey House sold $1.6 million, was bought in 2010 for $809000 – Straight.com

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One of Vancouver’s heritage homes has a new owner.

The residence called Jeffrey House sold for $1,614,750 after only two days on the market.

The 2168 Parker Street residence is located in the Grandview Woodland neighbourhood, where many heritage homes can be found.

In 2018, the Jeffrey House got a centenary sign from the Grandview Heritage Group.

The grassroots-based organization recalls online that the building permit for the house was issued on November 18, 1912.

The house was built for William Jeffrey, who worked as a furnace man at the Terminal City Iron Works.

The builder was R. Armishaw, according to the Grandview Heritage Group.

“It was to be a $1,500 one-storey residence for William, his wife Georgina, and their three children,” the local heritage group related.

“In 1921, they added a $75 garage. They were still living in the house when Georgina died in January 1924 after a long illness. This house is a bit of a hybrid, but its main form is California Bungalow – the cottage-sized version of the Craftsman house of the period.”

The Jeffrey House is listed in the Vancouver Heritage Register in the C category.

This means that the home’s heritage significance is “Contextual or Character”, based on the City of Vancouver’s classification.

A home of contextual or character significance “represents those buildings that contribute to the historic character of an area or streetscape, usually found in groupings of more than one building but may also be of individual importance,” the city register explains.

On its website, the Vancouver Heritage Foundation refers to the original owner as William Jeffery.

“Jeffery, a printer, remained at the house until at least 1955. The house is an example of a simple Craftsman style residence,” the heritage foundation relates.

RE/MAX Select Properties listed the home on November 10, 2020 for $1,698,000.

The listing was terminated, and replaced with a new one on the same day for a reduced price of $1,568,000.

The property sold on November 12 for $1,614,750, according to tracking by real-estate information site fisherly.com.

Real-estate site Redfin provides a sales history for the 2168 Parker Street home.

Available information from the site indicates that the house sold in 1975 for $45,000.

In May 1985, it was bought for $104,000.

In June 2010, a buyer purchased the heritage home for $809,000, according to documentation by Redfin. 

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Real Estate Can Be Your Solution in 2021 – Entrepreneur

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November
26, 2020

6 min read

Opinions expressed by Entrepreneur contributors are their owns.

 

As we enter the homestretch of perhaps the most turbulent year of our lifetimes, it’s hard not to ask the major questions: How did we get here? How can we fix it? And what does the future hold?

In March, virtually the entire US shut down as the world grappled with the Covid-19 pandemic. Companies around the country were forced to close their offices, quickly implementing work-from-home policies for non-essential workers; and many of those policies remain in effect for the foreseeable future, as organizations continue to prioritize their workers’ health and safety. The closing of offices and need for social distancing simultaneously caused a mass exodus from major US cities like , and , with suburban markets experiencing a boom as a result. And systemic — highlighted in recorded acts of police brutality, violence and injustice — spurred widespread, national protests and ignited a sense of responsibility for many Americans.

So what does have to do with this, you might ask?  and Urban Land Institute recently published a new report, “Emerging Trends in Real Estate 2021,” which highlights the ways the pandemic will change how property is bought, sold and used. Perhaps one of the most interesting takeaways from the report is “Housing as a solution — for people, for communities, and for societal repair” — and the way real estate will emerge as one of the coming decade’s forefront business opportunities.

In this article, we examine some the report’s findings, including the opportunities for housing and real estate to emerge as a solution for afflicted individuals, communities and at large.

Related: Here Are Real Estate’s Winners and Losers In the New Normal

Real estate as a solution for individuals

When examining recent trends from an individual perspective — for buyers and sellers of single-family properties — Covid-19 has impacted everything. According to the PwC and Urban Land Institute report, “listings during the first half of 2020 declined,” with many homeowners fearful of inviting contagious disease through their doors during showings and open houses. But the second half of 2020 has seen a boom in both listings and sales, particularly in suburban areas. The report goes on to suggest that the months spent adjusting to social distancing, working from home and sheltering in place, “emerged as one of COVID-19’s wild-card forces, tripping thoughts to motivations, tripping interest to pursuit, and tripping new-home purchases into a higher gear.”

Individuals and families are shifting into planning mode. Looking ahead, they are thinking about their living space in terms of both personal and professional comfort, as well as safety. This shift in focus has undoubtedly impacted the homebuilding and construction sectors, which despite logistical challenges due to the pandemic, experienced booms in the warmer months as families and individuals continued to seek home upgrades ahead of the colder months.

Technologies like Punch List, which enables seamless, contact-free communication, progress tracking, project approval and payment via a mobile app, have made the process easier and safer for both contractors and homeowners. If anything, the pandemic has cemented the importance of “home” for many Americans, as home has become not just where we sleep and eat, but also where we work, where our children learn and where our in-laws and even adult children can stay safe. At Punch List, we’ve witnessed a continued increase in bathroom and kitchen renovation projects, as well as upgrades to indoor/outdoor space, in-law suites and home-offices. Homeowners and contractors are doing what they can to prepare for the uncertainty of this winter with home purchases and upgrades that will help keep everyone safe.

Related: 3 Reasons to Invest in Real Estate Right Now

Real estate as a solution for communities

For larger developments, living communities, and multifamily enterprises, the need for social distancing has caused a massive shift in focus and outlook. Amenities like community pools, fitness centers, theaters, and game rooms were a top selling point for these developments — until recently, when the health and safety of residents became top priority. Then there is the pandemic’s economic effect on vulnerable populations, who can’t afford to contribute a large percentage of their income toward rent.

As the pandemic has decreased the popularity of community living, many developers and investors have temporarily hit pause on large development projects, both in major cities and suburban markets.

But pausing is not the answer. As an industry, real estate needs to better address the needs of working-class families and individuals with secure, affordable communities — focusing less on amenities and more on health and safety.

As the PwC and Urban Land Institute report indicates, “The pandemic’s lens could favorably alter the conversation. For instance, in light of the likely need for a New Deal–style work, training, and economic vitalization megaprogram, might housing — especially multifamily rental communities for working-class families and individuals — qualify as infrastructure?” It’s certainly a solution worth considering.

Related: 3 Factors Driving Real Estate Investment in 2020

Real estate as a solution for society

As I pointed out earlier, 2020 has been trying — both due to the pandemic, and the police brutality and violence that highlighted our society’s ingrained systemic racism. It is our responsibility as a society to do better. According to the 2021 Emerging Trends survey, only 25 percent of respondents agreed with the statement, “I believe that the real estate industry understands how past policies and practices may have contributed to systemic racism.” We need to educate ourselves and take an objective look at how the real estate industry, lenders and the government share responsibility for historic redlining and segregation across the .

Per the report, “Many interviewees suggested that the real estate industry could be more proactive in creating and supporting neighborhoods that are racially and socioeconomically integrated, and reversing the impact of de jure segregation, as well as investing more in areas that have been overlooked and that have suffered from perpetual and deliberate disinvestment. Institutional investors are increasing commitments to ‘impact investing,’ and real estate investments that address racial inequality are a key target.”

Let’s challenge ourselves to be more proactive in addressing the wellbeing of our society — and in promoting racial equality within the real estate industry, starting with housing. We can and should be part of the solution.

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Toronto Real Estate Issue of the Year: 2020 – Toronto Storeys

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In early December, Toronto Storeys will launching our highly anticipated selection for Toronto Real Estate Issue of the Year: 2020.

While it’s not quite ready to be unveiled yet, why not revisit last year’s choice in the meantime: The Rise Of Mississauga written by Christopher Hume.

And don’t forget to keep checking back in to find the 2020 announcement.

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