Month: June 2019

Home / Month: June 2019

Asian Financial Society

2019年6月18日 | 未分类 | No Comments

Chinese money isn t going away anytime soon: experts American insiders and investors from China swapped advice at real estate forum

Prudence may be the greatest virtue when it comes to Chinese investments in 2016.

Despite volatility in Chinese markets and concerns about over-saturation in U.S. commercial real estate, bigwigs at the recent Asian Financial Society China-U.S. real estate investment forum argued that Chinese money won’t be exiting the American arena anytime soon.

“There are both opportunities and challenges in the U.S. real estate market today,” said keynote speaker Sh爱上海同城手机版 新爱上海同城对对碰论坛anqing Zhou, who works as a commercial counselor for the Chinese consulate in New York. “爱上海龙凤419桑拿 上海龙凤论坛sh1fThe Gilded Age has just begun — but we should bear the risks in mind.”

In 2015, Chinese money accounted for $14 billion in American real estate deals, CCP Holdings partner Michael Pralle cited in the opening remarks. And according to Real Capital Analytics, 2016 could see as much as $21 billion from Chinese investors if the current pace continues. Zhou attributed the recent surge to the loosening of Chinese regulations in the past few years as well as President Obama’s December move to w爱上海 爱上海同城手机版aive taxes imposed on foreign pension funds under FIRPTA.

As luxury absorption has slowed and a surplus of residential units now accumulates in New York, however, projects and such international partnerships may be harder to pursue.

“There are certainly a lot of new hotels, new condo plans — they will not all ge[……]

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NYC Rental Market

2019年6月18日 | 未分类 | No Comments

As rents dip, landlords use temporary walls to lure tenants Property owners are cutting up f新爱上海同城对对碰论坛 上海同城对对碰交友社区loor plans to keep vacancy rates down

Flex apartments in Stuyvesant Town

With rents in Brooklyn and Manhattan remaining relatively flat, landlords are returning to a tried-and-true method to generate more money from their apartment units.

Temporary walls fell out o上海夜网论坛 上海夜网f favor amid legal and safety concerns in recent years, but they re now back in full force, according to a report by DNAinfo.

These types of walls aren’t necessarily illegal, but need to be proposed by a licensed architect or engineer. They must also be reviewed by the Department of Buildings. According to brokers, landlords have been nervous about using them after the owners of a Bronx building were charged with manslaughter in 2010 when two firefighters died in an apartment with illegally built temporary walls.

But that now seems to be changing. For example, at the Grayson, at 17-story rental in Kips Bay, 新上海贵族宝贝论坛 上海贵族宝贝交流区an apartment is listed for $5,500 a month as a three-bedroom, even though the floor plan shows it as a two-bedroom.

“We’re seeing walls and dividers in a lot of new development,” Mirador Real Estate s Karla Saladino told DNAinfo. “A lot of the stuff in Murray Hill has to be convertible or people can’t afford to be there.”

Apartments at Stuyvesant Town, owned by the Blackstone Group, are also being marketed as flex units. In 2015, TRD analyzed more than 1,700 DOB alteratio爱上海同城论坛 爱上海同城n permits and found t[……]

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State Street Townhouses

2019年6月18日 | 未分类 | No Comments

Boerum Hill residents bewildered, furious that NYC taxes them to sit on their stoops Hamlin Ventures, Time Equities cut deal that allows city to tax townhouse staircases,
homeowners say

Abby Hamlin and Francis Greenburger with the State Street townhouses in Boerum Hill

The city and a pair of developers who built a row of Brooklyn townhouses have stooped to a new low, residents in Boerum Hill claim.

Hamlin Ventures and Time Equities cut a side deal with officials that allows the city to tax nearly three dozen homeowners more $1,000 a year to use the steps leading up to their stately homes.

“It’s one of those weird, bureaucratic things that doesn’t make sense,’’ home上海夜网论坛 上海夜网owner Luke Gunnell, 50, who forks over 新上海贵族宝贝论坛 上海贵族宝贝交流区$1,154 a year for his stoop, told the New York Post.

When Hamlin and Time built a row of 34 townhouses on State Street between Hoyt and Smith streets in 2005, they struck an agreement with the city that extended the homes’ stairways 6 feet and 3 inches past the property line and onto the city-owned sidewalk, residents say.

And the buyers, who paid as much as $2.4 million for their homes starting in 2008, are left paying the special annual tax each year. The special “revocable consent agreement” also means the city can demolish the staircases at any time.

“It is inconceivable,’’ said attorney Jack Lester, who sued the city on behalf of the residents in 2015.

Roughly half of the homeowners admit they were 上海贵族宝贝交流区 上海贵族宝贝论坛aware of the agr上海贵族宝贝 上海千花网龙凤论坛eement, and others said they di[……]

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Robert Gladstone

2019年6月18日 | 未分类 | No Comments

The developer’s latest project, at 45 Broad, is his most ambitious and riskiest yet, but if he succeeds it could launch him into a new league

Robert Gladstone (Photo by Studio Scrivo)

A few months ago, a Chinese investor approached developer Robert Gladstone about getting in on his latest project — a 1,100-foot-tall skinny tower at 45 Broad Street in Lower Manhattan. Whe爱上海同城对对碰 爱上海同城论坛n Gladstone turned him away, the investor headed to Hermès down the block and spent $75,000 to cheer himself up. At least that’s how Gladstone remembers it.

But despite the developer’s confidence — he said he didn’t need the investor, because h上海千花社区 上海千花网交友e had enough capital to score a construction loan — industry insiders say the project is one of the trickiest in New York. That’s thanks in part to the site’s location across the street from the New York Stock Exchange, a major tourist attraction with extremely tight security.

It’s also the most ambitious project Gladstone has ever attempted — by far. And de爱上海同城 爱上海spite his confidence, he still needs to lock down close to $280 million in financing at a time when the condo market is softening.

The project is not without risk. Several New York Ci上海同城对对碰交友社区 上海夜网论坛ty developers told The Real Deal that they passed on the site after determining that it didn’t pencil out as a condo.

But the Madison Equities CEO — a wisecracker with the mischievous grin of a teenager up to no good — said he’s fully aware of the risk and is confident his firm, along with partners Pizzarotti[……]

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Zara Realty

2019年6月18日 | 未分类 | No Comments

Zara Realty picks up two more resi buildings in Jamaica for $20M Pair of six-story proper爱上海 爱上海同城手机版ties contain 82 apartments

88-22 Parsons Boulevard and 89-21 153rd Street

UPDATED, 12:18 p.m. Sept. 7: Zara Realty, a major player in southeast Queens real estate, purchased a pair of buildings in Jamaica for just under $20 million.

The company purchased the two six-s爱上海 爱上海同城手机版tory elevator apartment buildings at 88-22 Parsons Boulevard and 89-21 153rd Street—close to Rufus King Park—from Vincent Ragosta, who property records show purchased both buildings in 2014 for a total of $10.25 million.

The buildings contain a total of 82 mostly rent-stabilized apartments and one commercial unit, and the sales price of $19.5 million works out to roughly $235,000 per unit, according to Yosef Katz of GFI Realty, w爱上海龙凤419桑拿 上海龙凤论坛sh1fho represented Zara in the transaction. GFI’s Shlomo Antebi represented the seller, as did Darius Pereira.

Yosef Katz and Shlomo Antebi

Zara plans to renovate the buildings and hold onto them for the long haul, Katz said.

“They’re long-term players. They’re holding stuff for their grandkids,” he said. “It’s generational.”

Zara has built up a substantial profile of buildings in southeast Queens over the past few years, purc上海夜网 阿爱上海同城hasing a six-building portfolio in Jamaica for $21.5 million and a 76-unit rental building in Elmhurst for $21.1 million in 2016.

A lawsuit recently accused the company of asking undocumented tenants about their visa status and posting signs in their buildings adverti[……]

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Macklowe Divorce

2019年6月18日 | 未分类 | No Comments

Macklowe says his 432 Park profits were $350M less than he hoped Developer testified Thursday in his $2B divorce trial

432 Park Avenue and Harry and Linda Macklowe (Credit: Getty Images)

When Har新上海贵族宝贝论坛 上海贵族宝贝交流区ry Macklowe set out to develop 432 Park Avenue, he hoped to pocket about $400 million in profits from the sale of top-shelf condominiums. It turns out, he testified Thursday, that his expectations were off – about $350 million off.

“My share was down to $48 million,” 爱上海同城手机版 新爱上海同城对对碰论坛Macklowe said during testimony in his high-stakes divorce trial. That gulf was a result of several factors, he said, one of which was a capital infusion in 2012 that diluted his potential stake. A luxury market slowdown also took its toll, he said.

“The sales, at first, started off very robustly and then they slowed down,” Macklowe said. Ultimately, construction “took longer and was more costly” than anticipated, eating into the profits, he said. The total projected sellout of the building, according to filings with the New York Attorney General is $3.1 billion. According to CityRealty, closed sales at the building to date total over $1.95 billion.

Macklowe said he bought the site, formerly home to the Drake Hotel, in 2006, and brought in Los Angeles-based CIM Group in 2009. CIM invested $350 million that year, but in 2012, the investment firm hired Citiban阿拉爱上海同城 爱上海龙凤419桑拿k to raise additional eq上海千花网交友 上海千花网论坛uity. The bank ultimately syndicated $400 million from high-net-worth investors. The developers sewed up the fina[……]

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NYC Intro 1632

2019年6月17日 | 未分类 | No Comments

These 3 City Council bills could be a game changer for property managers Hearing and bill signing scheduled for Jan. 8

Empire State building

The City Council is scheduled to上海龙凤论坛 新上海贵族宝贝论坛 hold a hearing on Jan. 8 on three bills that could have a big impact on property managers.

Intro. 1632 would, if passed, require property managers to post Energy Star grades rating上海千花网论坛 上海千花网 a building’s energy efficiency outside properties similar to restaurant health grades, the New York Post reported. The measure, proposed by Councilmember Dan Garodnick, would impact owners of buildings over 25,000 square feet. As of now, the city collects energy usage information about public buildings and private buildings over 50,000 square feet; the bill would affect about 20,000 structures should Mayor 上海夜网 阿爱上海同城Bill de Blasio sign it in上海贵族宝贝论坛 上海贵族宝贝to law. Grades wouldn t have to be新上海贵族宝贝论坛 上海贵族宝贝交流区 displayed until 2020.

Under Intro. 385, building owners would be required to inspect for and fix allergens that can lead to asthma, such as mold and pest infestations.

And Intro. 978 would require building owners to hire licensed contractors to remove mold in any space larger than 10 square feet. Under current rules, property managers can do the job. [NYP] Konrad Putzier

Tags: Commercial Real Estate, energy efficiency, Politics
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2019年6月17日 | 未分类 | No Comments

National Cheat Sheet: Real estate industry braces for steel tariffs, Uber founder takes the reins of a real estate startup more

Clockwise from top left: 80 acres at the Armed Forces Retirement Home in D.C. could be redeveloped, Sam Zell has harsh words for retail real estate, Chicago s new flagship Apple store is for sale, and Travis Kalanick is driving into real estate.

Real estate industry braces for tariffs as steel prices climb
President Trump s tariffs on steel and aluminum imports are already having an impact on the commercial real estate industry, as steel prices have climbed around 10 percent nationwide. Some projects are including a “steel tariff contingency” in their budgets, according to Paul Rohrer, a real estate partner at Los Angeles law firm Loeb Loeb. Trump announced the 25 percent tax on foreign steel and 10 percent tax on aluminum earlier this mon新爱上海同城对对碰论坛 上海同城对对碰交友社区th. [TRD]

Uber founder takes the reins of a real estate startup
Travis Kalanick, the founder and former CEO of Uber, is now the CEO of Los Angeles-based City Storage Systems, a startup that focuses on repurposing distressed real estate. His new fund, 10100, invested $150 million in the 15-person company. Under Kalanick, City Storage will focus on parking, retail and industrial properties that “will need to be repurposed for the digital era,” Kalanick wrote on his Twitter account. [TRD]

Fed raises short-term interest rates
The Federal Reserve voted to raise short-term interest rates by a quarter of a percent an[……]

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Eric Schneiderman

2019年6月14日 | 未分类 | No Comments

16 candidates vie to fill out the rest of Schneiderman’s term Disgraced AG had a reputation for being tough on mul上海千花网论坛 上海千花网tifamily landlords

Eric Schneiderman and Barbara Underwood

Sixteen candidates have lined up to finish out Eric Schneiderman’s term through the end of the year as state attorney general, Politico reported.

Acting Attorney General Barbara Underwood is among those vying for the position, alongside incumbent Congressman Sean Patrick Maloney and former New York City Councilman David Yassky.

Some of those who were thought to be early contenders for the coveted position – including state Sen. Mike Gianaris, Public Advocate Letitia James, former gubernatorial candidate Zephyr Teachout and ex-U.S. Attorney Preet Bharara – opted to sit out the selection process.

Public interviews with the candidates will take place on Tuesday and Wednesday, Assembly Speaker Carl Heastie announced Sunday.

Schneiderman had been considered a lock to win reelection in November before a report in the New Yorker last week detailing allegations of physical and ver上海千花网龙凤论坛 上海千花社区bal abuse against former romantic partners led to his abrupt resignation.

Schneiderman leaves a legacy 上海龙凤论坛 新上海贵族宝贝论坛as Attorney General of cracking do爱上海龙凤419桑拿 上海龙凤论坛sh1fwn on landlords accused of harassing rent-regulated tenants, as The Real Deal reported last week. [Politico] – Rich Bockm上海贵族宝贝交流区 上海贵族宝贝论坛ann

Tags: eric schneiderman, Politics
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Celebrity Real Estate

2019年6月14日 | 未分类 | No Comments

Tribeca townhouse linked to John Lennon and Yoko Ono s invented country sold Nutopia’s embassy a上海同城对对碰交友社区 上海夜网论坛t 1 White Street in Tribeca sold for $8 million

(Credit from back: Google Maps, Credit Koch, Eric Anefo)

The house at the center of John Lennon and Yoko Ono s self-declared country, Nutopia, recently sold for about $8 million.

The singer and his wife announced their new country and its Tribeca embassy at 1 White Street on April Fool s Day in 1973 as part of an attempt to allow Lennon to stay in the country, according to the New York 新爱上海同城对对碰论坛 上海同城对对碰交友社区Post. They asked the United Nations to recognize Nutopia as a country and grant them diplomatic immunity.

Though the couple never lived in the renovated 1808 house, letters addressed to them continue to arrive.

The undisclosed sellers first listed the property for nearly $9 million in late 2017 and its listing price fell over subsequent mon上海贵族宝贝论坛 上海贵族宝贝ths with the deal closing at $8.12 million. The four-阿拉爱上海同城 爱上海龙凤419桑拿story building, with a triplex on its upper levels and commercial space on 上海千花网龙凤论坛 上海千花社区the ground floor, was last sold in 2013 for $4.2 million.

Lauren Muss of Douglas Elliman handled the listing. [NYP] Erin Hudson

Tags: celebrity real estate, Residential Real Estate
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