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NYC Population Growth

Wonder why the rental market is slowing? Take a look at census numbers NYC’s population growth fell for fifth year in a row

One of the bigger stories of 2016 is the slowdown in New York’s rental market. But what explains it?

One common view is that rents simply rose too quickly in previous years, making many apartments unaffordable and eventually putting downward pressure on prices. Others point to the boom in mu上海千花网龙凤论坛 上海千花社区ltifamily construction, which added heaps of new supply. Figures released by the U.S. Census Bure新爱上海同城对对碰论坛 上海同城对对碰交友社区au Thursday hint at a third possible factor: New York’s population is no longer growing at the rate it used to.

The city’s annual population growth阿爱上海同城 阿拉爱上海同城 has fallen for five consecutive years and now lags well behind major West Coast cities like San Francisco and Los Angeles (see chart).

New York City added 55,000 residents between July 2014 and July 2015, bringing the total population to 8.55 million, the census bureau estimates. That translates to an annual growth rate of 0.65 percent. Meanwhile, San Francisco and Los Angeles saw their populations grow by 1.44 and 0.89 percent, respectively.

Census figures also show that despite all the talk of a flight to cities, suburbs have actually been growing at a faster pace than major urban centers. The 50 largest cities 上海龙凤论坛sh1f 上海龙凤论坛accounted for 20 percent of overall U.S. population growth in 2015 – down from 26.7 percent in 2上海同城对对碰交友社区 上海夜网论坛011.

Population growth is an important driver of rental prices because it increases the demand for housing.

According to an April report by appraisal firm Miller Samuel, median net effective rents in Manhattan and Brooklyn grew by 0.4 and 0.6. percent respectively between April 2015 and April 2016 – down from 3.9 and 5.5 percent a year earlier.

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Abby Leigh

Abby Leigh s UES townhouse under contract at steep discount Home first listed for $38M was last priced at $26.5M

49 East 68th Street in Lenox Hill

An Upper East Side townhouse once home to the late composer Mitch Leigh and his wife, visual artist Abby Leigh, has gone into contract after 18 months on the market. It was last priced at $26.5 million, down from $38 million in 2015.

The hom上海千花网 爱上海同城对对碰e, at 49 East 68th Street, was purchased by 上海同城对对碰交友社区 上海夜网论坛the Leighs in 1999. Mitch was best known for writing the score for the 1964 musical 爱上海同城对对碰 爱上海同城论坛Man of La Mancha. He died in 2014, prompting Abby to downsize her living quarters. Last year, she picked up a combined pair of apartments at 455 Central Park West for $8 million.

The Corcoran Group s Steven Cohen, who had the listing, was not immediately available for comment on the final contract price.

The 25-foot-wide, five-story townhouse comprises more than 12,500 square feet of interior and exterior space. It was designed in 1913 by Trowbrid爱上海龙凤419桑拿 上海龙凤论坛sh1fge Livingston, the same architecture firm responsible for the New York Stock Exchange building.

Leigh is among a handful of Upper East Side townhouse sellers chopping their prices to generate interest in their properties. Similarly, a townhouse at 34 East 74th Street is now available for $19.9 million, after first listing earlier this year for $26 million.

Tags: celebrity real estate, Corcoran Group
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661 8th Ave

Sutton refis Times Sq. retail building with $60M loan Two-story building at 661 Eighth Ave is valued at more than $100M: report

661 Eighth爱上海龙凤419桑拿 上海龙凤论坛sh1f Avenue and Jeff Sutton

A group of investors led by Jeff Sutton refinanced a Times Square retail property occupied by D上海龙凤论坛sh1f 上海龙凤论坛uane Reade with a $60 million loan from Bank of China.

The bank is replacing a $60 million note securitized by Wells Fargo on the property at 661 Eighth Avenue that was set to mature on Jan. 11, the Commercial Observer reported. That loan carried an interest rate of roughly 5.9 percent. The new loan has a three-year term with a Libor-based floating rate that currently sits at 3 percent.

The 17,667-square-foot property, which Sutton owns along with Crown Acq上海贵族宝贝交流区 上海贵族宝贝论坛uisitions and Midtown Equities, is valued at more than $100 million based on Duane Reade’s increased rent and the air rights over the two-story building, sources told the publication.

Those air rights helped the borrowers lock down a lower interest rate.

“Times Square is a prime location for retail because of its heavy pedestrian traffic and accessibility阿爱上海同城 阿拉爱上海同城 to Port Authority and numerous subway lines,” said Meridian Capital Group’s Carol Shelby, who negotiated the deal on behalf of the borrowers. “Additionally, the available signage-rights gives the property significant upsi上海贵族宝贝交流区 上海贵族宝贝论坛de potential.”

Duane Reade’s lease expires in December 2021, according to Trepp. [CO] – Rich Bockmann

Tags: bank of china, jeff sutton, wharton properties
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421a

421a land mines: Attorneys sound off on program s uncertainties Lawyers are wary of lack of preliminary certificate of eligibility

Jay Seiden and Alvin Schein

Real estate attorney Jay Seiden is pretty sure the city is going to muck up 421a for developers.

Nothing is ever simple, he said during a panel on Thursday. The future will be as confused as the last.

For one, the new 421a doesn t employ a preliminary certificate of eligibility. Instead, developers apply for the tax exemption after the project is completed. Seiden said this means dealing with increases in assessed values 上海贵族宝贝交流区 上海贵族宝贝论坛during the three or mor爱上海同城 爱上海e years of construction and then being at the mercy of the city s Department of Housing Preservation and Development to provide benefits retroactively. He said HPD likely won t issue opinion letters — showing the likelihood of receiving the tax break — prior to providing a permanent certificate of eligibility. This could make it more difficult for developers to secure financing for 421a projects.

I think that s a critical issue because banks want certainty, he said. It may very well that you take three years to complete the proje爱上海同城对对碰 爱上海同城论坛ct, and then HPD will take another three years [to decide].

A spokesperson for HPD later confirmed that the agency doesn t plan to issue opinion letters.

That said, we are committed to working with developers to ensure the process runs as smoothly as possible, he said.

In the basement of the Real Estate Board of New York s O新爱上海同城对对碰论坛 上海同城对对碰交友社区ffice On Lexington Avenue, Seiden Schein held a forum on the new program — officially called Affordable New York, a moniker that both Seiden and his partner, Alvin Schein, intentionally ignored — to highlight some of the questions left unanswered by the Legislature. Earlier this month, Gov. Cuomo signed the program into law as part of the state s $163 billion budget.

Another issue cited by the panel was whether or not HPD will require developers to provide proof of construction wages爱上海同城 爱上海 for the 300-plus-unit projects that require minimum average wages at the time they apply for the tax break. For projects south of 96th Street in Manhattan, the average is at least $60 an hour. For projects on the Brooklyn or Queens waterfronts, that average is $45.

As the legislation is written, developers need to provide a project-wide payroll report of general contractors and subcontractors within one year of completing their project. If they fail to comply, they are subject to various penalties. The law makes it seem that failure to comply won t be grounds for denying the exemption altogether. But Seiden said the city is likely to introduce requirements that will make the process more difficult. The HPD spokesperson said the new law expressly prohibits the agency from basing approval or termination of the tax break on whether the wages were properly paid.

These are just a few of the ambiguities built into the legislation, including how the city will assess new condominium projects that a[……]

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The Real Deal August 2017

The September issue is live! Inside: Sam Zell talks assessing risk, a look at global investment sales & more

In 2007, Sam Zell, the outspoken chair of Equity Group Investments, sold Equity Office Properties Trust to Blackstone Group for $36 billion. That same year, he bought Tribune Company for $8.2 billion, but the following year, the newspaper company sank into bankruptcy. Four years later, its ownership was turned over to creditors and lenders.

“Let me put it this way my goal is to be right seven out of 10 times,” he says i爱上海同城手机版 新爱上海同城对对碰论坛n this mont新上海贵族宝贝论坛 上海贵族宝贝交流区h’s issue of The Real Deal. “But what I’ve gotta do, and what a lot of other people in my field have not done well, is assess the scale of the risk. I start by saying, ‘Can I afford to lose it all?’”

For our cover story this month, we feature Zell, the ou上海贵族宝贝交流区 上海贵族宝贝论坛tspoken billionaire who s earned the nickname the grave dancer for his penchant for snapping up distressed real estate. He speaks about his views on President Trump, the secret to negotiation, owning motorbikes and why he gets away with saying what he wants.

Meanwhile, we look at investment sales across the globe, and compare New York and London. Despite the shock of Brexit, the London’s central business district saw investment sales jump 18 percent year over year in the first half of 2017 to hit almost $11.3 billion, according to Cushman Wakefield. In Manhattan, however, commercial property sales are on track to end the year at $19.8 billion the same figure record in 2008, when Lehman collapsed.

We go behind the scenes at the Real Estate Board of New York, and profile billionaire developer Richard LeFrak, who di阿拉爱上海同城 爱上海龙凤419桑拿scusses his personal relationship with the president. In “NYC’s great retail facade,” we offer a deep dive into the side deals going on between landlords and retail tenants.

Elsewhere in the issue, we look into the city’s next wave of real estate dynasties, and rank family firms by portfolio size and profitability. We examine whether the glory days of the Upper East Side are a thing of the past, and provide a rundown of the top 12 countries investing in commercial real estate in NYC, Los Angeles and South Florida.

To read the September issue of TRD, click here or on the “Magazine” tab on the top left of the homepage. Enjoy! — Miriam Hall

Tags: Commercial Real上海千花网交友 上海千花网论坛 Estate, issue is live, Residential Real Estate
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25 Kent Avenue

New renderings offer look inside 25 Kent Ave Building is Williamsburg’s first ground-up office in more than 10 years

Renderings of 25 Kent Avenue (Credit: Steelblue via Curbed)

Companies considering moving int上海千花网 爱上海同城对对碰o the first speculative ground-up office development in 上海贵族宝贝论坛 上海贵族宝贝Brooklyn in decades can now get a better idea of what it might look like.

Rubenstein Partners and Heritage Equity Partners have released new renderings for their building at 25 Kent Avenue, according to Curbed. Amenities will include a public plaza, art space, shops, restaurants, a roof deck, and a priv上海千花网交友 上海千花网论坛ate balcony for each floor.

Rendering of 25 Kent Avenue (Credit: Steelblue via Curbed)

The eight-story building is being designed by Gensler and HWKN, and it will include 350,000 square feet of office space, 80,000 square feet of light manufacturing and 70,000 square feet of retail. It is bound by North 13th and North 12th Streets and Kent and Wythe Avenues, and the city has proposed it as a possible location for Amazon’s second headquarters.

Asking rents at the project are in the low $70s per square foot, and the owners hope to find an anchor tenant to take between 100,000 and 200,000 square feet of office space. Brooklyn hasn’t seen a deal that big since July 2015, when WeWork inked a 222,000-sq爱上海同城对对碰 爱上海同城论坛uare-foot lease to anchor Dock 72 at the Brooklyn Navy Yard.

In July, The Real Deal did a deep dive into the hype and slow evolution of Brooklyn s burgeoning office market, where 23 new office projects are underway, which would add roughly 6.9 million square feet of space by 2020. [Curbed] – Eddie Small

Tags: Architecture and Design, brooklyn office market, Commercial Rea上海千花网论坛 上海千花网l Estate, heritage equity partners, Ruben Companies
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Burlington Coat Factory

Burlington to open huge store at Kings Plaza Shopping Center Lease is for 10 years with three optional five-year extensions

Kings Plaza Shopping Center in Brooklyn (Credit: Macerich)

Burlington Coat Factory has signed a lease for 55,000 square feet at the Macerich Company’s Kings Plaza Shopping Center in Brooklyn s Mill Basin neighborhood.

The space spans 52,915 square feet on the fourth floor of the mall, which is located at 5100 Kings Plaz爱上海同城论坛 爱上海同城a. An additional 2,163 square feet is included on other floors due to elevator access.

The lease, signed on Nov. 16, is for 10 years and includes three optional extensions for five years each.

Repre上海千花社区 上海千花网交友sentatives for Macerich Company could not be上海龙凤论坛sh1f 上海龙凤论坛 reached for comment.

CNS Real Estate s Cliff Simon who brokered the deal for Burlington Coa上海龙凤论坛 新上海贵族宝贝论坛t Factory, now known as just Burlington declined to comment on how much the clothing retailer would pay per year. He said Burlington was interested in the location because of its high traffic volume and amount of available space.

“Kings Plaza is a highly successful shopping destination in Brooklyn,” he said, “and it offered the right size space on one floor.”

Burlington signed a 上海千花网 爱上海同城对对碰lease over the summer to open a store in the South Bronx at 2948 Third Avenue. The store will occupy 55,000 square feet there as well and should open in the first quarter of 2018.

Other clothing retailers at Kings Plaza Shopping Center include Forever 21, H M and Old Navy.

Adam Pincus contributed reporting.

Tags: burlington coat factory, Commercial Real Estate, Retail Real Estate
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Luxury Retail Miami

Luxu爱上海同城 爱上海ry retail’s battle royale Three high-end shopping centers are in the midst of expansion, with the Design District and Aventura Mall looking to unseat Bal Harbour Shops as the number one spot for world-famous brands

Construction will soon begin on the Bal Harbour Shops’ expansion, including more than 340,000 square feet of new retail space.

When construction begins later this year at the Bal Harbour Shops, it will mark the first time in three and a half decades that the luxury mall’s owners will expand its footprint. Whitman Family Development, which owns Bal Harbour Shops, is adding more than 340,000 square feet to the center’s existing 450,000 square feet of retail space, and the new area is going to be anchored by the first Barneys New York in Florida.

For boosters of the ritzy shopping center, landing Barneys is a testament to the drawing power that Bal Harbour Shops still wields in the fickle luxury retail market. For skeptics, the long-delayed update is proof that the Whitman family needed a bold move to stave off the rising fortunes of Aventura Mall and the Design District, two tourist-driven retail destinations that have poached some of Bal Harbour Shops’ big-name luxury tenants in recent years.

“Bal Harbour Shops still stands as the gold standard in luxury retail in South Florida,” said Rafael Romero, a vice president with commercial brokerage CREC. “There are more luxury reta爱上海同城手机版 新爱上海同城对对碰论坛il projects, but at the end of the day, it is very challenging for these new players to trump Bal Harbour Shops.”

Some hard data backs up Romero’s assertions. According to Green Street Advisors’ 2016 report on the top 10 malls in the U.S. by sales — the most recent available — Bal Harbour Shops took the number one spot. The 520,000-square-foot shopping center had $3,185 in sales per square foot. Aventura Mall, which came in fifth, made $1,595 in sales per square foot with 2.1 million square feet of retail space.

However, Bal Harbour Shops’ long reign as South Florida’s crown jewel of luxury retail is in peril. Aventura Mall’s owners, Turnberry Associates, recently opened a $214 million new wing, which features 315,000 square feet of shops, restaurants and an interactive, nine-story Carsten Höller sculpture with two slides people can ride down. Before the expansion, Turnberry had also convinced Louis Vuitton, Gucci and Givenchy, among others, to plant flagships at Aventura Mall.

Matt Levinson, a Turnberry spokesman, said the company sells tenants on Aventura Mall’s popularity by noting that it draws more than 29 million visitors each year and ranks as the sixth most visited destination in Miami-Dade by the Greater Miami Convention and Visitors Bureau.

“The breadth of Aventura Mall’s offerings is unrivaled,” Levinson said. “Aventura Mall also offers wide-ranging programming and experiences that drive engagement with locals as well as international visitors.”

Levinson declined to say if Turnberry offers luxury retailers lease incentives to open storefr[……]

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Pei Cobb Freed & Partners

Employees accused of stealing $4M from Pei Cobb Freed Partners They allegedly used company money to pay off credit card bills

New York County Supreme Courthouse (Credit: Wikimedia Commons)

Two employees of the architecture firm co-founded by Pritzker Prize winner I.M. Pei face charges that they stole $4 million from the company to pay off their own credit car爱上海龙凤419桑拿 上海龙凤论坛sh1fd bills.

Vincent Longo, 63, and Theresa Hawkins-Pole, 65, res阿拉爱上海同城 爱上海龙凤419桑拿pectively stole $2.1 million and $1.9 million while working in the finance department at Pei Cobb Freed Partners, according to an indictment handed down in state Supreme Court on Friday. The two allegedl上海千花网龙凤论坛 上海千花社区y misappropriated company funds from May 1, 2001, to February 2018, by using blank checks signed by a senior partner at the firm to pay off their own American Express credit cards.

Longo and Hawkins-Pole couldn t immediately be reached for comment.

Vincent Longo and Theresa Hawkins were terminated from our firm several months ago, and we are working with the authorities to ensure that they are held accountable for their actions, a spokesperson for the firm said in a statement. Importantly, outside legal and accounting experts conducted a thorough examination of the firm’s books and records, and confirmed that clients, consultants, and other employees were not affected.

The company s funds were used to pay for airline tickets, clothing, tickets to sporting events and other personal expenses, according to the Manhattan District Attorney s Office. Longo, who worked as the firm s director of finance, also told authorities that he was in debt due to his daughter s health issues.

In a statement provided to the court, Hawkins-Pole indicated that she felt bullied by Longo to pr阿爱上海同城 阿拉爱上海同城esent her personal bills as company expenses. She said she felt intimidated, since Longo was her boss. Hawkins-Pole worked as the firm s accounts payable clerk.

“Insider theft affects companies and organizations across all industries,” said Manhattan District Attorney Cyrus Vance in a statement. “In this case, the defendants are charged with taking insider theft to new heights.”

The pair face two counts of grand larceny and falsifying business records. Their next court date is slated for May 30.

Pei co-founded the firm in 1955 with Henry Cobb and Eason Leonard. He retired in 1990.

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Michael Cohen

Meet Trump attorney Michael Cohen’s nemesis: Uber Chunk of his net worth is invested in taxi medallions, which have taken a big hit

Caption: Michael Cohen (Credit: Getty Images, Pixabay)

Michael Cohen is President Trump’s premier fixer. The personal attorne上海夜网 阿爱上海同城y to the president is also a successful real estate investor in his own right, with a property portfolio of several luxury condos and a tony rental building on the Upper East Side. But much of his wealth is tied up in New York 上海夜网论坛 上海夜网City taxi medallions, and those have plummeted in value since the rise of Uber and Lyft, likely wiping out a chunk of his net worth.

Cohen owns at least 34 medallions through 17 LLCs, according to an analysis by The Real Deal of the latest available city data from 2017. In 2013, when medallion values were at their peak, those metal plates could sell for $1 million a pop. In recent months, medallions have struggled to command even $200,000.

At an auction in January, a package of five medallions was purchased for $875,000 — or about $175,000 each. In an auction earlier that month, a set of six sold for $1.1 million, or roughly $186,000 each, Crain s reported. Even at the higher average price, Cohen s medallions would be worth $6.3 million — an 81.5 percent decrease from the $34 million they could ve secured just five years ago.

Cohen disputed TRD’s figures, but declined to specify how many medallions he owned.

“While my finances are personal to me and my family, at the risk of being trashed with ‘fake news,’ I am fortunate to have created a portfolio of assets and investments that are well diversified,” he said. “While medallion values have suffered negatively and impacted so many individuals and lenders, I sincerely hope that evenhanded regulation and legislation by the Mayor and TLC will assist this iconic NYC service in making an economic comeback.” De Blasio told state legislators this month that customers of Uber and other for-hire vehicles should pay a fee toward the transit system, as taxis do.

It s not clear exactly how much the decrease in medallion values will impact Cohen s overall net worth. Fifteen years ago — before Uber and Lyft walloped the industry — he was more involved in the taxi business and several reports have mused that this was a major source of his initial wealth.

When he ran an unsuccessful campaign for a City Council seat in 2003, his biography on the city s Campaign Finance Board website described him as the co-owner of a fleet of 200 taxis. That was likely connected to his partnership with Simon Garber, who owns hundreds of medallions, and with whom Cohen co-owned a taxi business up until the early 2000s, according to Talking Points Memo.

Up until last April, Evgeny Freidman , the so-called “taxi king,” managed Cohen s remaining medallions. Freidman is barred from managing medallions in the city, after the Taxi and Limousine Commission declined to renew his licenses in April amid his litany of ongoing legal troubles, including allege上海贵族宝贝交[……]

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