We must have upgraded the sound system for panel discussions at our annual New York Forum. Before, the buzz from the event made it hard to hear the speakers.
That’s what you call a good problem. As interesting as some of the panels are, many attendees prefer networking and kibbitzing with other real estate junkies away from the stage.
I did a lot of that myself on Wednesday and met a lot of interesting people.
I stopped by F&F Supply’s booth when I saw its display of DeNova Detect gas detectors, which have become a must-have for multifamily buildings thanks to Local Law 157.
“You don’t need a booth to sell these things. It’s the only UL-rated, battery-powered detector!” I told one of the F&F guys. “How long is your backlog?”
That got a smile from Brian Jacobs, F&F’s director of business development. “Eleven weeks,” he said.
The deadline to install these devices above gas appliances was May 1, but I said that if owners can show they’ve put in an order, they could avoid a fine. “That’s what we’re telling people,” Jacobs said.
His business card said F&F has been “Family Operated for Over 75 Years,” which rang true because the other guy at the booth was also named Jacobs. Director of operations Evan Jacobs’ card, slightly updated, said “Family Operated for Over 80 Years.”
Eighty years is a long time. I was pretty sure that if I ordered some detectors, F&F would still be around to deliver them 11 weeks from now.
I also met Priscila Chateau, a bubbly residential agent at Douglas Elliman. She asked me about Park Slope, where I lived for 50 years. Family friendly, beautiful architecture, great schools, and Prospect Park, I said, adding, “And if you’re showing a home to dog owners, tell them the park has off-leash hours until 9 a.m.”
“Ooh, that’s good to know. I’m going to use that!” Chateau said.
She asked to connect on LinkedIn. I said, “Sure, look me up,” which she did on her phone. “Oh, we’re already connected!” she said.
Turns out we’d been connected for a couple of years. But there’s nothing like connecting in person.
What we’re thinking about: At the NY Forum, panel speaker Don Peebles said Andrew Cuomo would be a mayor like Mike Bloomberg. I was moderating the discussion, but didn’t get a chance to point out one key difference: Bloomberg delegates decision-making, while Cuomo is a micromanager. Which do you prefer? Send your thoughts to eengquist@therealdeal.com.
A thing we’ve learned: Buildings guru Henry Gifford, who just authored a massive book about how buildings work, doubts the effectiveness of using heat pumps for hot water, which more owners have been doing lately.
“This water needs to be heated to 140 degrees to prevent Legionella, which is much, much more difficult and energy-intensive for heat pumps than heating indoor air to 72 degrees,” he said by email. “And, approximately 99 percent of the refrigerant in those systems will end up in the atmosphere, as almost none of it is recovered for recycling. Almost nobody is questioning the wisdom of this.”
Elsewhere…
Insurance claims for dog bites cost an average of $110,488 in New York last year, much higher than in any other state. Pennsylvania dog-bite claims were second at $88,668. The U.S. average was $69,272, up 18 percent from 2023.
But total payouts for dog-bite claims were up more than twice as much — 40 percent, to $1.57 billion — because the number of claims increased as well, by 19 percent, according to the Insurance Information Institute and State Farm.
It is not clear why dogs suddenly did so much more biting. My guess is the increases had more to do with human behavior, such as a wave of insurance fraud — although it would seem harder to stage a dog bite than a car crash.
The good news for landlords is that they are rarely liable for injuries caused by their tenants’ dogs. The landlord is only at risk if he or she is in control of the animal (a good reason not to pet-sit?) or knew the animal had previously threatened or injured someone, according to legal site Nolo.
Closing time
Residential: The priciest residential sale Thursday was $5.8 million for a 2,089-square-foot, sponsor-sale condominium unit at 50 West 66th Street in Lincoln Square. Douglas Elliman’s Janice Chang and Timothy Hsu had the listing.
Commercial: The most expensive commercial closing of the day was $30.8 million for five parcels at 2740-2742 and 2752-2768 Webster Avenue in Fordham. TRD reported in April on the development plans by Maddd Equities and the Stagg Group. The transactions include 2752-2768 for $21.25 million, 2740 for $8.7 million, and 2742 for $825,000.
New to the Market: The highest price for a residential property hitting the market was $39 million for a 3,703-square-foot condominium unit at 220 Central Park South. The owner paid $26.5 million in 2018. Manju Jasty of the Corcoran Group has the listing.
Breaking Ground: The largest new building application filed was for a 32,606-square-foot, 52-unit residential project 1066 University Avenue in Highbridge. Nikolai Katz filed the permit on behalf of Joel Steinmetz of Bonei Builders.
— Matthew Elo
