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When actor Brian Kerwin decided to sell his longtime Manhattan home—an 1880s Romanesque townhouse he and his late wife had carefully restored—he was hoping it would go for about $12 million, based on similar sales in the neighborhood. When he and his agent, Kim Mogul Wright of Douglas Elliman Real Estate, agreed on a price tag of $8.5 million, he thought there would be “five takers within a week,” said Mr. Kerwin, 69, who has appeared in movies such as “The Help” and “27 Dresses.”

So he was shocked when the Upper West Side listing got “absolutely zero interest.” Finally, after a year on the market and several price cuts, the redbrick house is now in contract for about $5.5 million.

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Amazon isn’t the only tech giant doubling down on the Big Apple.

Google plans to double its workforce in New York City to more than 14,000 people over the next decade, setting up a showdown for top tech talent in the city where Amazon is putting one of its two HQ2s. Ruth Porat, Google’s chief financial officer, discussed the New York expansion at Wall Street Journal’s D.Live conference, framing the move as a way to gain access to a greater variety of talent.

“Not everybody — big surprise — wants to live in Silicon Valley, so we want to make sure we have the opportunity to build vibrant centers across the country,” Porat said at the event.

The Big Apple is in for a crush of tech jobs over the next decade, as Amazon today confirmed New York as one of two winners of the infamous HQ2 competition, along with Northern Virginia. The New York office will be in the Long Island City area in Queens, and Amazon pledges to bring 25,000 jobs and $2.5 billion in investment.

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Developers keep slashing prices amid the glut

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Condo discounts are getting deeper.

As sales have slowed and buyers are shopping around, developers are slashing prices at a rate the market hasn’t seen in years, the Wall Street Journal reported.

The market reset, thanks to an abundance of supply, is driving down prices. At the same time, the number of closed deals has also slid. In the third quarter, new development sales were down more than 30 percent compared with the same quarter in the previous three years, the report said.

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Los Angeles was 2nd biggest destination for capital, followed by London, Paris and Hong Kong, according to Cushman & Wakefield

Total global real estate investment reached $1.8 trillion over the past year, a record amount.

New York City once again led the way, with more money poured into real estate than any other city, according to a new Cushman & Wakefield global capital market report of the top 50 cities.

But other metro areas are catching up.

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Masa Son has given almost $5B to WeWork and Compass

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The app is launching in London, followed by other European cities

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Landlords are cutting rents and prices, spooked lenders are holding back, and the industry loses hope for Trump tax cuts.

Real estate developer Louis Ceruzzi has grand plans for a sleek $1 billion Manhattan skyscraper, featuring luxury shops and condos that soar high above Fifth Avenue.

Two years after Ceruzzi and a partner bought the site, they have yet to break ground. For now, all he has to show for his trouble is an empty lot, an idle backhoe and scattered piles of rubble.

The delay suggests an irony: even with election of Donald Trump, the first developer as president, commercial real estate investment has slowed to a near standstill—especially in Trump’s hometown, the nation’s largest market.

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