On the Market: Congress Eases Taxes on Foreign Real Estate Investors

Dave Henri/flickr.

Dave Henri/flickr.

Art dealer Alberto Mugrabi has paid $18.5 million for a spread in the Schumacher, a Noho condo conversion, The New York Times reports. “The sponsor units, known as Mansions 2 and 3, at 36 Bleecker Street, encompass 8,719 square feet of combined space that was sold as a ‘white box’ without interior walls or finishes.”

It’s official: the Stuy-town and Peter Cooper Village sale has gone through for $5.45 billion to Blackstone and Ivanhoe Cambridge, the Associated Press, via The Wall Street Journal reports. The sale was finalized Friday.

A rezoning in Inwood designed to spur commercial development and retail in the sleepy, Northern Manhattan neighborhood will be discussed at a community meeting on January 14, according to DNAinfo.

Meanwhile, amid the debate over the de Blasio’s administration’s rezoning proposals, a City Limits editorial calls for a human-scaled city. (Though the knock on most new construction being Chinese modular components assembled by de-skilled unions is not really fair.)

When former lawyer and harpist Lorcan Otway found out that his aged mother was planning to sell the building where he lived at 78-80 St. Mark’s Place, he resorted to ever-more-desperate tactics to dissuade her, including telling her that he’d become a journalist in Afghanistan if she sold the building, DNAinfo reports.

Congress is easing curbs on foreign real estate investors, removing the restrictions of a 1980s law that critics claimed was outdated and protectionist, according to The Wall Street Journal“The law, known as the Foreign Investment in Real Property Tax Act, subjects foreign investors to income tax when they sell U.S. property” and its removal could bring billions of dollars in additional investment to U.S. commercial real estate.

Can co-ops change their bylaws to restrict liberties that shareholders had when they bought into the building? Yes they can, The New York Times responds to a query from a pianist who has been told she can’t give evening lessons.

Optimistic estimates about how de Blasio era programs would reduce homeless have resulted in a shortfall for the Department of Homeless Services budget, which will be offset with $137.5 million of emergency city council funding, according to Crain’s.

On the Market: Congress Eases Taxes on Foreign Real Estate Investors