Century 21 Gindi

Here’s what the $10M-$20M NYC investment sales market looked like last week Gindi family grabs commercial space at 66 Pearl Street; Brisa Builders buys Brownsville development site

1.) Home textiles importer and retailer 上海千花网龙凤论坛 上海千花社区Pem-America is moving into Time Equities’ 16-story office building at 70 West 36th Street. The wholesale company purchased two commercial condominium units in the building for $19.3 million. Both units span roughly 10,300 square feet and are located on the lower floors. Time Equities paid $61 million for the property in 2007 and converted it into office condos.

2.) The 上海夜网 阿爱上海同城Gindi family shelled out $19 million for commercial space at Northwind Group’s 66 Pearl Street, a mixed-use building located in the Financial District. The commercial condominium unit includes 7,200 square feet of retail space, which is home to Scandinavian coffeehouse FIKA and Mexican resta阿爱上海同城 阿拉爱上海同城urant La Dama. The remaining 4,054 square feet is used for storage. The property also holds 42 rental apartments, with prices ranging from just under $3,000 for a studio to $6,500 for a three-bedroom unit. Northwind, a boutique real estate investment firm based Downtown, bought the property in 2014.

3.) In the Bayside neighborhood of Queens, a 66-key hote上海千花网交友 上海千花网论坛l traded hands for $14.1 million. A partnership led by Hyon Paek and Choon Taik Lim acquired the Anchor Inn at 215-34 Northern Boulevard from Northern Motor Inn Inc. City records show Northern Motor Inn owned the property since 1978.

4.) Brisa Builders, in cooperation with the Housing Partnership Development Corporation, acquired a seven-parcel development site in Brownsville from the Church of God of East Flatbush for $12.6 million. The development site is home to auto repair shops at 257 Hegeman Avenue, 68 New Lots Avenue and 94 New Lots Avenue. It’s also home to a used car dealership at 670 Powell Street and three adjacent vacant lots which hold a total of 219,000 buildable square feet. In 2001, the church paid $8.2 million for the site. Brisa, an affordable housing developer, made an unsuccessful bid in 2014 to buy the Long Island College Hospital site in Cobble Hill.

5.) An unknown buyer under the entity Sterling Portfolio 189 LP picked up a 24-unit rental building in Prospect Heights for $11 million. The four-story building at 189 Sterling Place spans 15,528 square feet and includes all market-rate units. Robert and Jerome Kessler owned the building since 1986.

6.) A six-unit townhouse located at 248 East 49th Street in Midtown traded hands for $10.4 million. The owners of Manhattan Bridge Car Wash Inc. and s上海夜网 阿爱上海同城hort-term rental company 30 Day NYC Stay sold the property to 248 E 49th St LLC. The eight-unit residential building spans 9,614 square feet between Second and Third avenues in Midtown.

(Source: ACRIS data for closed sales between May 9-15, and Reonomy data)

Tags: Investment Sales
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NYC Market Reports

The week in real estate market reports A weekly feature bringing you the industry’s latest intel

Click to enlarge (credit: CBRE and Housing Finance Policy Center of the Urban Institute)

According to the latest batch of market reports, northwest Queens saw renta上海夜网论坛 上海夜网l prices climb 5.3 percent in August, new development buildings scored some of Downtown’s biggest office leases last month and women are paying more than their male counterparts for mortgages.

Residential

August 2016 Manhattan, Brooklyn and Queens rentals: Dougla上海龙凤论坛sh1f 上海龙凤论坛s Elliman

Manhattan’s median prices were steady in August, Brooklyn saw prices drop for the second consecutive month and rentals in Northwest Queens got a little pricier. Read the full report here.

Gender gap and home loans: The Urban Institute s Housing Finance Policy Center

Females are paying more for mortgages than their male counterparts, despite being the least risky borrowers. Read the full report here.

Commercial

September 2016 Downtown Manhattan office leasing: CBRE

New development buildings held three of the top five office leases in August and average rent remained unchanged. Read the full report here.

September 2016 Midtown Manhattan office leasing: CBRE

Leasing at Hudson Yards boosted Midtown’s total activity in August. The average asking rent was unchanged. Read the full report here.

September 2016 Midtown South office leasing: CBRE

Midtown South saw total leasing activity fall below the five-year a上海龙凤论坛sh1f 上海龙凤论坛verage and compared to last year, but rents remained steady in August. Read the full report here.

Tags: Office Leasing, Residential 爱上海 爱上海同城手机版Market Re上海千花社区 上海千花网交友port
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Rosewood Realty Group

Inside Rosewood Realty’s holiday party: PHOTOS Croman, Yardeni and Moskovits among attendees at annual I-sales-centric bash

For one night, the city s landlords were one big happy multifamily.

Hundreds of the city s movers and shakers in the multifamily market, from landlords to developers to brokers, packed into the red-hued room at The Gansevoort Park Avenue hotel in NoMad for Rosewood Realty Group s annual holiday bash Thursday.

Attendees included Stonehenge Partners Ofer Yardeni, Heritage Equity Partners’ Toby Moskovits, Slate Prop上海夜网 阿爱上海同城erty Group’s David Schwartz, Morgenstern Capital’s Robert Morgenstern, Heller Realty s Ben Heller and Newcastle Realty Services’ Margaret Streicker Porres. There were also emissaries from firms such as CBRE, GFI Realty Services, Eastern Union, HPNY and Meridian Capital Group, including its CEO Ralph Herzka.

Steven Croman, who faces up to 25 years in prison for 20 felony charges, made a brief appearance earl上海龙凤论坛sh1f 上海龙凤论坛y in the evening.

Guests爱上海同城对对碰 爱上海同城论坛 indulged in an array of Kosher meats, sushi and liquid nitrogen ice cream. Rosewood president Aaron Jungreis, whose 10-person multifamily-focused firm is one of New York s most prolific brokerages, doled out hugs, handshakes, and good wishes.

Slate s Schwartz said players with patience and access to capital will be fine next year, but those who didn t know what they were doing would be in a lot of trouble, which could create an opportunity in the market for distressed assets.

Stonehenge s Yardeni predicted a solid year ahead for the multifamily market.

The underwriting will change, Yardeni said, but there s no place like New York. Yardeni also talked about being part of a bike-riding club with Herzka and other real 上海千花网 爱上海同城对对碰estate players, involving 7a.m. bike rides on the Long上海贵族宝贝交流区 上海贵族宝贝论坛 Island shore.

Market chatter, however, wasn’t restricted to investment sales.

Elie Gabay, vice president on Greystone’s capital markets team and a cousin of his namesake at Coney Realty Group, weighed in on the luxury residential market.

“The top of the luxury market is absolutely struggling – there is glut to the 100th degree,” Gabay said.

Yardeni reminded The Real Deal of his bold proclamation in 2014 about Billionaires Row. At the time, he said that had the ultra-exclusive street been a stock, he would have shorted it.

Look at where it is now, he gloated.

On the lending side, CBRE’s Shawn Rosenthal said construction lending, which is incredibly tight, would be the biggest challenge in 2017.

For many in attendance, the forthcoming year is marked by uncertainty, amid fallout from the president election and the flurry of industry brokerage shake-ups as Colliers International and Cushman Wakefield made huge hiring gains.

It ll be interesting to see how it affects middle-market guys like us,” said Jeremy Nazarian of Venture Capital Properties.

Hiten Samtani and Rich Bockmann contributed reporting. All photos by Alistair Gardiner for The Real Deal. 

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Trump Bay Street Jersey City

Kushner Companies having trouble refinancing Jersey City apartment tower Jared Kushner’s family firm seeking $250M loan for Trump Bay Street

Jared Kushner (credit: Flickr) and renderings of Trump Bay Street in Jersey City

Kushner Companies is looking to refinan上海夜网 阿爱上海同城ce a Jersey City apartment building to the tune of $250 million to pay back EB-5 investors, but major U.S. banks are shying away from the deal.

Jared K爱上海同城对对碰 爱上海同城论坛ushner’s family’s firm is “sending out feelers” to refinance the 50-story Trump Bay Street, Bloomberg reported. The company would keep $50 million and use the balance of the $250 million loan to repay investors and pay down existing debt on the property.

The Kushners financed about a quarter of the $194 million development through the controversial EB-5 program, and some large U.S. banks are wary of lending on the project because of the connection to Jared an上海千花网 爱上海同城对对碰d the visa program, according to Bloomberg.

Non-bank lenders and foreign banks are likely to step in and fill the void.

Despite saying that he would divest from holdings that could cause a conflict of interest, Jared, President Trump’s son-in-law and senior adviser, had reportedly held onto 90 percent of his real estate holdings as of late May.

His family’s firm pulled out of an EB-5 roadshow in China last month amid criticism that executives were using Kushner’s connection to t爱上海同城对对碰 爱上海同城论坛he White House in order to promote the project. Jared’s uncle, Murray Kushner (who is estranged from Jared s immediate family), even faced backlash after his company, KRE Group, used images of the First Family to promote one of its projects in Jersey City to EB-5 investors. KRE blamed the Chinese firm that handled marketing.

Jared has pledged to avoid policy discussions on the visa program.

The Kushner Companies’ difficulty refinancing the Jersey City building is the latest in a string of missteps and complicated deals that includes a plan to recapitalize the troubled 666 Fifth Avenue.

Jared is reportedly under investigation regarding his connections to a Russian banker who is close to Vladimir Putin. [Bloomberg] – Rich Bockmann

(To view more of Kushner Companies financing transactions, click here)

Tags: Donald Trump, EB-5, Jared Kush新爱上海同城对对碰论坛 上海同城对对碰交友社区ner, Jersey City, kushner companies
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Hong Kong Luxury Real Estate

Mount Nicholson project (Credit: Wheelock Prope新爱上海同城对对碰论坛 上海同城对对碰交友社区rties via Bloomberg)

Whenever home prices in Manhattan seem out of control, Hong Kong is there to remind us that it could still be worse.

A four-bedroom hous上海夜网论坛 上海夜网e in the city’s Peak neighbor上海千花网论坛 上海千花网hood just sold for $149 million, according to developer Wheelock Properties.

The 9,178-square-foot house is part of the 11-building Mount Nicholson development.

It has a garden, an elevator, a two-car garage and a swimming pool. In other words: it’s more or less your average high-end single-family home, except that it sits on some very expensive land and boasts views of Hong Kong’s harbor, Bloomberg reported.

A home in the Peak neighborhood last summer sold for $270 million (almost $30,000 a square foot), believed to be a record in Asia. And last month, a pen上海千花网龙凤论坛 上海千花社区thouse in Hong Kong sold for over $13,000 a square foot.

Hong Kong is already the most expensive housing market in the world, and it got even more expensive during the second quarter of the year, when the proportion of income spent on mortgages rose from 56 percent to 67 percent. Even some bankers struggle to afford a decent-sized pad. [Bloomberg] Konrad Putzier

Tags: hong kong, Residential Real E上海千花网交友 上海千花网论坛state
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Trump Emoluments

Federal judge tosses emoluments lawsuit against Trump Two other similar lawsuits a新爱上海同城对对碰论坛 上海同城对对碰交友社区gainst 45, however, are still pending

The then-President-elect Donald Trump speaking at a news conference addressing conflicts of interest at Trump Tower on January 11, 2017 in New York City. (Credit: Getty Images)

A federal judge dismissed a lawsuit alleging that President Trump violated the emoluments clause of the Constitution because his company s hotels, office properties and restaurants do business with foreign governments while he sits at the head of the U.S. government.

The plaintiffs, government watchdog group Citizens for Responsibility and Ethics in Washington (CREW), argued that because Trump s company re上海贵族宝贝 上海千花网龙凤论坛nts out hotel rooms and the ballrooms for emba上海夜网论坛 上海夜网ssy functions at its D.C. hotel, and also leases out space at Trump Tower in Manhattan to foreign entities, Trump was violating the clause in the U.S. Constitution that bars him from accepting gifts from foreign nations, according to the New York Times.

However, Judge George Daniels dismissed the case because the plaintiffs could not demonstrate that businesses competing against Trump were being harmed due to specific actions his administration had taken. In other words, the plaintiffs lacked standing, Daniels ruled. He further ruled that the Constitution’s emoluments clauses were not designed to protect businesses from competing with other businesses owned by the president.

CREW executive director Noah Bookbinder told the Times in a statement that the ruling was “a setback” and they “will not walk awa上海千花网论坛 上海千花网y from this serious and ongoing constitutional violation.”

Two additional lawsuits that make simila上海贵族宝贝 上海千花网龙凤论坛r accusations against Trump are still pending. [NYT] – Eddie Small

Tags: Commercial Real Estate, Donald Trump, trump organization
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Lam Generation

Lam 上海龙凤论坛 新上海贵族宝贝论坛Generation files plans for 38-story hotel in Chelsea The planned tower will rise next to the firm’s Mariott-branded hotel

113 West 24th Street and Jeffrey Lam (Credit: LinkedIn)

Lam Generation filed plans t上海同城对对碰交友社区 上海夜网论坛o build a 38-story hotel next to its Marriott-branded tower in Chelsea, according to documents filed with the city s Department of Buildings on Friday.

Lam Generation, which is run by Jeffrey Lam, the son of Lam Group head John Lam, is looking to build a 360-key hotel that spans about 130,000 square feet at 113 West 24th Street, records show. The firm first announced plans to build a hotel at the vacant development site in April 2017, after a $60 million deal wi上海贵族宝贝论坛 上海贵族宝贝th Soho Properties fell through.

The proposed tower, which is expected to reach a height of 420 feet, will rise next to another Lam Generation development, the 39-story Renaissance Hotel at 112 West 25th Street. The Renaissance Hotel was at the center of a lawsuit between Lam Generation and a partnership between Edison Properties and the Kaufman Organi爱上海龙凤419桑拿 上海龙凤论坛sh1fzation. The dispute was over access to 119 West 24th Street. Lam needed to gain entry to install windows and skylight protection, but was denied by Edison and Kaufman. The lawsuit was settled in February 2017.

Soho Properties, headed by Sharif El-Gamal, was in contract to purchase the 24th Street site for two years, but, as The Real Deal reported at the time, that the transaction was derailed by a delayed remediation process. The agreement had a termination clause, which was triggered when remediation persisted after late 2016. This allowed Soho to back out of the deal and get its deposit back.

Lam Generation bought the site from Extell Development for $67.5 million in 2013. It contains 125,000 buildable square feet.

The hotel developer did not immediately respond to requests for comment.

Tags: C上海千花社区 上海千花网交友ommercial Real Estate, Development, Hotel Market
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Harendra Singh

Aides to de Blasio arranged meetings to assist donor with his lease: ema上海贵族宝贝 上海千花网龙凤论坛ils Harendra Singh was seeking help with his Queens restaurant Water’s Edge

From left: Harendra Singh, Mayor Bill de Blasio and Water s Edge (Credit: Google Maps)

New York restaurateur Harendra Singh met with Mayor Bill de Blasio’s office while trying to get his lease renewed at his restaurant爱上海同城手机版 新爱上海同城对对碰论坛 in Long Island City, according to emails.

Singh sent an email to top de Blasio aide Emma Wolfe in January 2015 saying he would love to speak with her, and a meeting was arranged soon after, according to the New York Times. Federal prosecutors say this was part of de Blasio’s and his aides’ effort to help Singh in exchange for campaign contributions.

Although de Blasio is not actually involved in the上海千花网 爱上海同城对对碰 trial, it has raised questions about whether he acted improperly. The defendants in the case are former Nassau Coun上海龙凤论坛sh1f 上海龙凤论坛ty executive Ed Mangano, his wife Linda, and Oyster Bay town supervisor John Venditto.

However, last month Singh was asked about the mayor for the fourth time, and he said de Blasio intervened personally to help him with his restaurant’s lease. He has pleaded guilty to bribing de Blasio and the defendants in the case.

The mayor’s office has denied all wrongdoing, and de Blasio has suggested that Singh is lying to appease prosecutors and avoid jail time.

Singh said in testimony last month that, when he told de Blasio he would have to set up illegal campaign contributions, the mayor told him to “do whatever you got to do.” [NYT] – Eddie Small

Tags: bill de blasio, Politics
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Craig Robinson

Former Newmark exec Craig Robinson joins WeWork s Powe上海夜网论坛 上海夜网red by We He will work as global head of enterprise services at Powered b上海千花社区 上海千花网交友y We

Craig Robinson and Adam Neumann (Credit: LinkedIn and iStock)

WeWork has hired former Newmark Knight Frank executive Craig Robinson to help lead its Powered by We division.

Robinson previously worked as CEO of global corporate services at Newmark and will serve as global head of enterprise services for Powered by We, the company told The Real Deal. He will oversee services including project management, facilities management and design services for Powered by We clients in the newly created role.

Robinson said he left Newmark a few months ago and took some time off before joining WeWork. He described the role as an opportunity to apply more innovative thinking to the real estate world than he co爱上海同城手机版 新爱上海同城对对碰论坛uld have at a more traditional company.

Robinson came to Newmark last spring from Colliers, where he served as president of the company’s U.S. region. Prior to that, he was president of corporate services at Cassidy Turley.

WeWork’s Powered by We division analyzes the needs of companies and then designs, builds and operates what it describes as the “optimal environment” for them. The team currently about 350 employees for close to 40 customers.

Powered by We generated about $13.7 million last year, WeWork said. It landed its biggest design deal this summer to renovate the UBS office in Weehawken. Work on the space will begin next year. The division 上海龙凤论坛sh1f 上海龙凤论坛has also worked on a location for Sprint in New York City.

WeWork recently announced it had become the largest office tenant in Manhattan, surpassing JPMorgan Chase. Days later, it notched another new lease for 60,000 square feet at 511 West 25th Street in Chelsea, bringing its Manhattan portfolio to 5.3 million square feet across 50 locations.

Robinson said he wants to aggressively expand the company’s Powered by We division.

“I’m looking at this from a much bigger perspective,” he said. “How do we take from scale and leverage and grow t上海同城对对碰交友社区 上海夜网论坛his to the point where perhaps it eclipses our core business?”

Tags: Adam Neumann, Commercial Real Estate, Newmark Grubb Knight Frank, wework
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Macerich

How one REIT is trying to lure online brands into brick-and-mortar stores Mall o爱上海同城 爱上海pe爱上海同城论坛 爱上海同城rator now offe新爱上海同城对对碰论坛 上海同城对对碰交友社区ring short-term co-tenancy agreements for turnkey retail space

(Credit: iStock)

Macerich is trying out a new program in its malls to make it easier for e-commerce brands to open bricks-and-mortar stores.

The $7 billion real estate investment trust – the country’s ninth-largest mall owner with some 51 million square feet of retail space – is cutting through the red tape of opening a store, Forbes reported.

Instead of a traditional lease – where the tenant is in charge of things like hiring a broker, securing city permits and installing their own build-out – Macerich is offering retailers co-tenancy agreements that come with the turnkey space.

“Consumers get excited about seeing anything new,” Kevin McKenzie, Macerich’s chief digital officer, told Forbes. “They always want to experience and taste anything new. We have a team that is constantly looking for new brands and ideas and concepts that we can feature.”

Tenants pony up a monthly fee and, in return, they get services from Macerich that includes foot-traffic analysis and other analytics tools that allow brands to see how a physical store impacts online sales in the same zip code.

The program, which Maceric新上海贵族宝贝论坛 上海贵族宝贝交流区h is calling BrandBox, comes with a commitment of six to 12 months, as opposed to three to 10 years for a traditional lease.

Macerich is hoping the initiative gives it an inside track to up-and-coming retail concepts that will one day grow into traditional mall tenants. The mall company is rolling BrandBox out first at its Tysons Corner Center in Virginia o上海千花网论坛 上海千花网utside Washington, D.C., and plans to expand the program to other properties in its portfolio.

Earlier this year the company announced a partnership with co-working company Industrious to turn unused retail space into flexible offices. [Forbes] – Rich Bockmann

Tags: Commercial Real Estate, macerich, malls, Retail Real Estate
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