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National Cheat Sheet: Malls put on a show for holiday shoppers, NAR lobbies for protections in tax reform bill & more

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National Cheat Sheet: Malls put on a show for holiday shoppers, NAR lobbies for protections in tax reform bill more
Clockwise from top left: Holiday show at the mall, National Association of Realtors president Elizabeth Mendenhall, Brazilian developer Galwan s Miami hotel tower, and Jay Newman of Athens Group and One Beverly Hills.
Trying to lure back holiday shoppers, malls put on a show
From temporary ice rinks to Santa parades to baking classes, shopping malls are getting creative in their efforts to lure customers back to brick-and-mortar stores this holiday. Malls typically spend $150,000 to $500,000 on holiday decorations, Greg Maloney, chief executive officer of JLL’s retail business in The Americas Told The Wall Street Journal. And retailers are looking to spruce up their stores ahead of the shopping season: work orders for fresh paint, new lighting and other fixes were up 8 percent to 10 percent compared to 2016 according to Bill Hayden, CEO of facilities management company FacilitySource. This year, 164 million people nationwide plan to shop over the Thanksgiving weekend, compared to up from 154.4 million at the same time last year, according to the National Retail Federation. [TRD]
Realtor lobby fights to protect homeownership incentives in GOP tax plan
The National Association of Realtors, with allies like the National Home Builders Assoc[……]

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Womp womp: Rental vacancies and concessions stay high in Manhattan

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Womp womp: Rental vacancies and concessions stay high in Manhattan
Incentives in Queens jumped significantly
New York /
Clockwise: 23 Elliott Place, 900 Park Avenue, 15 West 53rd Street #31B and 33 Bond Street
Though slightly down from last month, the vacancy rate in Manhattan rental apartments in October remained high.
According to Douglas Elliman s latest market report, the vacancy rate hit 2.5 percent last month. In September, the rate reached 2.6 percent, the highest seen all year. Concessions rose last month, with 28 percent of new leases offering concessions, a roughly 4 percent increase year-over-year. Meanwhile, median rents stayed flat at $3,400 in October, around the same as September.
We are seeing just general malaise or weakness in the market, said Jonathan Miller, the CEO of appraisal firm Miller Samuel and author of the report. The market is soft. We re seeing a lot of concessions.
Median net-effective rent in the borough — meaning that concessions were taken into account — continued to fall for the 10th month in a row. October s median net effective rent was $3,300, down from September s $3,334, according to the report.
Gary Malin, president of Citi Habitats, noted that the vacancy rate is high in the borough, in part due to a seasonal decline in demand. But he also pointed to landlords who haven t changed their leasing strate[……]

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Gimbel townhouse listed for $18M

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An Upper East Side townhouse that was once home to department store heir Louis Gimbel Jr. and his wife Elinor hit the market today asking $18.45 million.
Built in 1899, the 36-foot wide house at 163 East 78th Street has a gated garden entry, seven bedrooms and several fireplaces. It spans 6,517 square feet plus 2,200 square feet of outdoor space, including front and rear gardens and a parlor-level terrace. A living room has six window bays and two fireplaces; a third-floor master suite features a marble bath and fireplace. Brown Harris Stevens’ Paula Del Nunzio has the listing, which is priced at $2,996 per foot.
The typical mansion in Manhattan is 20 feet wide. When you re getting into 36 or 40 feet, you re really pushing into another stratosphere, said Del Nunzio. She pointed out that the house has big, square rooms courtesy of extra-wide floorplates. The roof of the property could be landscaped into an additional terrace, she said.
Curbed was the first to spot the listing.
The seller is Thomas Hexner, CEO of Value Trust Capital, who bought the house in 1997 for an unknown sum, according to property records. Before him, investment banker Samuel Wasserman and his wife Sandra purchased the house from Elinor Gimbel in 1984.
Elinor Gimbel — whose father Samuel Steiner was a major hops distributor — was a champion of women’s rights during World War[……]

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