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☆ People can't believe an NYC studio with an open shower in the kitchen costs this much
▼ + stars: | 2024-03-08 | by ( Maria Noyen | ) www.businessinsider.com time to read: +4 min

People are aghast at a video of an NYC studio apartment with an open shower in the kitchen. The small apartment in downtown Manhattan had been on the market for two months at $3,495 a month. AdvertisementNew York City rents are no joke, but people are finding the monthly fees of a small Manhattan apartment with an open shower in the kitchen laughable. The camera pans over the shower, located steps from the door and the refrigerator of the open kitchen. In 2023, BI's Hana R. Alberts reported on a bidding war by prospective renters over a studio apartment without a bathroom listed for $2,350 a month because of its location in Manhattan's Greenwich Village.

Persons: isn't, —, Elizabeth, it's, Alexander Spatari, wasn't, BI's Hana, Alberts, David Brand Organizations: Service Locations: NYC, Manhattan, York City, Soho, NYC's, Nolita, Midwest, Little Italy, NYC New York, York, Greenwich, it's

☆ The tallest building in the US could be in... Oklahoma
▼ + stars: | 2024-01-25 | by ( Hana R. Alberts | ) www.businessinsider.com time to read: +2 min

Read previewThings are looking up — way up — for Oklahoma City. A California real-estate development firm said it wants to build the tallest tower in the US on an L-shaped plot in the Sooner State capital that currently holds a mundane parking lot. In December, Matteson Capital filed plans for an already eye-popping 1,750-foot-tall building for the site, located in a downtown Oklahoma City neighborhood called Bricktown. The current tallest building in the US is New York City's One World Trade Center, which stands at a patriotic 1,776 feet. AdvertisementDon't get too excited: To build a structure this big in Oklahoma City — where the current tallest building is the 844-foot-tall Devon Tower, home to a regional oil and natural gas company — Matteson will need to get city approval.

Persons: — Organizations: Service, Oklahoma City, Sooner State, Business, Matteson, Trade Center, Oklahoma City —, Oklahoma City Free Press, Free Press Locations: —, California, Sooner, Oklahoma City, Oklahoma, New York, Devon, Bricktown

William Cahill, 30William Cahill, an associate director at Aventuur. AventuurCahill was on a rowing trip on the Zambezi River in Zambia surrounded by crocodiles and hippos when he met his future boss. Cahill followed suit, leaving behind a job touching on mergers and acquisitions and data and analytics at the management-consulting firm L.E.K. Aventuur's parks allow paying customers to surf in wave pools with artificial beachfronts dotted by amenities such as restaurants and beach clubs. The systems Cahill creates make him indispensable to the growing recreational-real-estate sector.

Persons: William Cahill, Aventuur Cahill, Nicholas Edelman regaled, Cahill, Aventuur, — Zoe Rosenberg Organizations: Deutsche Bank, L.E.K, Consulting Locations: Zambia, London, Australia, New Zealand, North America, Dallas, Phoenix, Las Vegas, Jacksonville , Florida, Los Angeles, South Africa

☆ A new 'wake-up call for real-estate agents' could reshape how we buy and sell homes
▼ + stars: | 2023-11-01 | by ( Hana R. Alberts | ) www.businessinsider.com time to read: +4 min

A jury found Tuesday that real-estate agents and brokerages kept their commissions artifically high. The verdict, she added, is "a wake-up call for real-estate agents." The seller might no longer pay out both agents' commissions after the sale closes. Currently, home sellers often list their properties for higher sums because they expect to pay broker fees. AdvertisementAdvertisement"NAR and corporate real-estate companies have had a stranglehold on real-estate commissions for too long," the plaintiffs' lawyer, Michael Ketchmark, said outside the courtroom Tuesday, according to the Journal.

Persons: brokerages, —, Sissy Lappin, James Rodriguez, Rodriguez, Bernstein, Keller Williams, Michael Ketchmark Organizations: Service, National Association of Realtors, NAR, Wall Street, Keller, Keller Williams Realty Locations: Houston , Texas, Midwest

☆ How a 77-square-foot apartment with no bathroom for $2,350 a month sparked a bidding war: 'If you want to be on a prime block, you can't have everything'
▼ + stars: | 2023-06-06 | by ( Hana R. Alberts | ) www.businessinsider.com time to read: +4 min

A tiny New York City studio with no bathroom and $2,350-a-month rent was quickly snapped up. "If you want to be on a prime block," a student who bid on it said, "you can't have everything." But does a 77-square-foot studio apartment in New York City — which has no kitchen, a shared bathroom in the hallway, and recently rented for $2,350 after a bidding war — count? Homes like these, however, are actually relatively common in New York City. "This apartment has allowed me to live in the center of NYC, which was a priority for me.

Persons: —, David Brand, Gothamist, Omer Labock, Brand, Labock, Douglas, Gothamist's Brand, Alaina, haven't, they'd, Hendrix, fryer Organizations: New York City, Greenwich Village, Service, TikTok, Zillow, Pace University, New York, New, Via, Hendrix, futon Locations: New York, Greenwich, Manhattan, it's, New York City, St, —

☆ Matt Onofrio quickly made millions as a real-estate influencer. Then he was indicted for bank fraud.
▼ + stars: | 2023-06-04 | by ( Matt Turner | ) www.businessinsider.com time to read: +6 min

That was the verdict a top tech executive shared with me recently, describing the impact he predicted AI would have on the workforce. The unfolding situation has the potential to cast Onofrio as a real-estate confidence man for the influencer age. Also read:Wall Street's new normalPeople walk by a Lamborghini car along Wall Street in Manhattan. In that environment, any fool — or anyone on Wall Street — could buy almost any asset, sit back, and watch its value increase. Wall Street is hoping that — and investing like — we're going back to that era sometime soon.

Persons: Matt Turner, Nicholas Braun, Greg Hirsch, AI's, Lance McMillan, Matt Onofrio, he'd, Spencer Platt, There's, Insider's Linette Lopez, ANDREW CABALLERO, REYNOLDS, OPMs, Spriha Srivastava, OpenAI, Nicole Miranda, Elizabeth Holmes, Hallam Bullock, Bob Bryan, Hana R, Alberts Organizations: Toronto Star, Getty, Lamborghini, Getty Images, Tech Locations: California, Midwest, Manhattan, Washington ,, Florida

☆ The 16 cities around the world with the most billionaires, ranked
▼ + stars: | 2023-06-03 | by ( Hana R. Alberts | ) www.businessinsider.com time to read: +2 min

A third of the world's billionaires are concentrated in just 16 cities, according to a new study. Wealth-X's annual Billionaire Census tracks where they live, how they make their money, and more. Here, the 16 cities across the globe with the most billionaires, from Istanbul to Moscow. Almost a third of the world's billionaires are concentrated in just 16 cities, according to a new analysis of the habits and patterns of the richest individuals. So let's take a tour of the 16 cities the most members of the world's wealthiest population call home.

Persons: — Organizations: Service, New Locations: Istanbul, Moscow, New York City, Asia, America, Singapore, Europe, China

Sam Zell — the legendary, outspoken real-estate tycoon and self-made billionaire who founded a property empire — has died, his company announced on Thursday. Zell was 81. This story is developing. Please check back for updates.

☆ From the future of work to algos for home pricing, these are what the brightest young minds in real estate are working on
▼ + stars: | 2022-11-29 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

There's no shortage of ties between Wall Street and real estate. So it's only fitting that we'd highlight Insider's third-annual list of rising stars in real estate. The latter boils down to trying to use tech to automate and innovate a key, but sometimes costly, part of the business, something Wall Street is well versed in. There is Megan LeMense, 34, a former WeWorker who is thinking about the future of the office in her role at Raise Commercial Real Estate. BlockFi is the latest crypto firm caught up in the FTX debacle.

☆ The housing-affordability crisis is sparking startup founders, Wall Streeters, and nonprofit leaders to try to offer new solutions
▼ + stars: | 2022-11-15 | by ( Hana R. Alberts | Jordan Pandy | ) www.businessinsider.com time to read: +6 min

Some innovations may help homebuyers, renters, and investors cope with the affordability crisis. 100 People Transforming Business is an annual list highlighting people across industries who are changing the way the world does business. Mortgage rates have topped 7%, the highest rate in 20 years, which means homebuyers can afford less house for their money. That's why many people and companies in the real-estate industry are trying to help homebuyers, renters, and investors cope with an affordability crisis. That's where the Washington, DC, nonprofit Grounded Solutions Network comes in: It says it helps repurpose "vacant space into vibrant space."

☆ Home prices will fall in half of the US next year, and places like California will be hit hardest, a top economist warns
▼ + stars: | 2022-10-13 | by ( Hana R. Alberts | ) www.businessinsider.com time to read: +2 min

Home prices will fall in half the US in 2023, said the National Association of Realtors' chief economist. Lawrence Yun, who spoke at a real-estate conference, predicted 0% home-price growth next year. He forecast prices will rise in about half of American markets and decline in the other half. Lawrence Yun, chief economist at the National Association of Realtors (NAR), said he is forecasting 0% home-price growth in 2023. That means prices will increase in about half of the areas that NAR tracks, but decrease in the other half, Yun said.

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