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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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Title exec alleges “boys club” at TitleVest, First American sidelined women

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Title exec alleges boys club at TitleVest, First American sidelined women
Complaint said president Brian Tormey favored attractive women dubbed “Brian’s Angels”
New York /
From left: John Paku, Jacqueline Gold and Brian Tormey (Credit: LinkedIn)
A TitleVest senior executive who alleges she was fired after reporting a pervasive bro culture at the title firm, is suing the insurer and its parent, First American Corp., alleging there was an egregious strategy in place to remove female executives and replace them with less qualified males.
In a Feb. 2 lawsuit filed in Manhattan Supreme Court, Jacqueline Gold, 53, a former senior vice president of operations at TitleVest, said she was ostracized, stripped of responsibilities and later terminated after complaining to HR about widespread misconduct by her superiors, including TitleVest president Brian Tormey. According to Gold s suit, Tormey perpetuated a boys club culture and favored young and conventionally-attractive women dubbed Brian s Angels.
The explosive lawsuit is just the latest declaration in which women in the real estate industry say they ve been systematically marginalized and discriminated against in favor of male colleagues. The suit also shines a harsh light on the title industry — which has a reputation for hard partying and over-the-top entertainment. New regulations by New York s Dep[……]

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