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At the turn of the new year, New York City unveiled a city-funded adaptation of the 421a tax incentive (named after Section 421a of NY Real Property Tax and Proceedings Law), the lucrative state tax exemption that lapsed in 2022. Since the 1970s, developers for most major residential projects in New York City relied on 421a, which froze property taxes on new developments for up to 30 years. Building owners were required to only pay [...]

A real estate development generally progresses through the following stages before construction can begin: Project planning; Forming an investment entity; Negotiating the development agreement; Negotiating the land acquisition and performing due diligence; Land use, zoning, and regulatory compliance; Retaining the contractor; Securing the financing; and Closing the acquisition and financing. A commercial real estate development project typically begins with a real estate developer who formulates and oversees a project from inception through completion. One consideration [...]

In an episode of The Simpsons in the late '90s, Marge Simpson takes a job as a real estate agent to make some extra cash. She made her first sale by selling a big, reasonably priced home to the Flanders family. In her haste to close the deal and despite her better judgment, she failed to disclose one small detail: a number of high-profile homicides happened at the property and it was dubbed the "murder house" as [...]