未分类

AEW Capital Management

AEW Capital buys stake in Brookfield’s 1 NY Plaza for $223M Deal values 50-story FiDi office tower at $1.4B

From left: Ric Clark, Darcy Stacom, Jeffrey Furber and One New York Plaza

AEW Capital Management acquired a minority 上海千花社区 上海千花网交友stake in Brookfield Property Partners One New York Plaza for $223.2 million, sources familiar with the transaction told The Real Deal. The deal for the roughly 15 percent stake values the tower at north of $1.4 billion.

The Boston-based investment manager made the purchase through its core fund AEW Core Property Trust, which is a compilation of pension funds, sources said. The deal closed Dec. 21 for roughly $550 per square foot, they added.

In May, Brookfield sold a 49 percent piece of the tower to Chinese sovereign fund China Investment Corporation for $683.5 million.

Brookfield, which now holds a roughly 35 percent interest in the tower, will continue to handle management and leasing. The Toronto-based office landlord refinanced the property, also known as 1 Water Street, with a $750 million loan from Wells Fargo in March.

Built in the late 1960s, the tower is home to tenants such as law firm Fried Frank and Morgan Stanley. Asking rents are in the $50s per square foot.

CBRE’s Darcy Stacom and William Shanahan, who brokered the deal, declined to comment, as did Brookfield. A representative for AEW could not be reached.

AEW, an active real estate buy阿爱上海同城 阿拉爱上海同城er nationally, has largely focused on multifamily deals in New York, including the $170 million purchase of a 375-unit, Gotham Organization-developed Midtown rental complex now known as the Helux.

This year, the firm has sold a nine-building Los Angeles multifamily portfolio for $430.5 million and a Seattle office tower called West 8th for $370 million.

Brookfield is looking to sell a 49 percent stake上海贵族宝贝论坛 上海贵族宝贝 in its Brookfield Place complex, a full or partial stake in 245 Park Avenue, and is considering putting the nearly 4,000-unit Pu上海夜网 阿爱上海同城tnam multifamily portfolio on the market.

Tags: aew capita爱上海同城手机版 新爱上海同城对对碰论坛l management, One New York Plaza
We are having some technical difficulties. Try again later.

By clicking Subscribe you agree to our Privacy Policy.

[……]

Read more

Continue Reading
未分类

Vans Brooklyn Store

Got my Vans on: Shoe retailer inks deal for first Williamsburg store Vans will replace American Apparel on prime North 6th St. strip

Rendering of 102-104 North 6th Street

Vans is heading to Williamsburg.

The sh爱上海同城论坛 爱上海同城oe retailer signed a 10-year lease for its first store in the neighborhood, on the prime retail strip along North 6th Street, sources told The Real Deal.

Vans is set to take over the former American Apparel space at RedSky Capital’s 104 North 6th Street, between Wythe and Berry streets.

American Apparel used to occupy the space, but rece上海千花网 爱上海同城对对碰ntly shut down the store after filing for bankruptcy late last year. The space at the two-story building offers about 3,000 square feet on the ground floor and 20-foot ceilings, marketing materials show. Vans is set to move in this quarter, sources said.

Jason Richter of retail real estate brokerage Hudson was marketing 14 of American Apparel’s leases in the New York metro area after an auction in January ended with no takers for the real estate.

“That was one of the more valuable [leases] and爱上海同城手机版 新爱上海同城对对碰论坛 the landlord worked out an early termination in orde上海贵族宝贝交流区 上海贵族宝贝论坛r to control the space,” Richter said.

RedSky, led by Benjamin Bernstein and Benjamin Stokes, acquired a cluster of buildings at 92-108 North 6th Street for $49 million in 2013. The firm secured $139 million in October to refinance a total of 12 properties along Bedford Avenue and North 6th Street from KKR.

Other retailers on the block include Urban Outfitters, Thai restaurant SEA and perfume spot Le Labo.

Crown Retail Services’ Hank O’Donnell and Christopher DeCrosta represented Vans, and Lee Associates’ Garry Steinberg, Peter Levitan and Peter Braus represented RedSky. They declined to comment. RedSky’s brokers are also marketing the retail spaces at 108-112 North 6th Street.

Asking rents o上海贵族宝贝 上海千花网龙凤论坛n the four-block stretch of North 6th Street between Driggs and Kent avenues average $259 per square foot, according to a Real Estate Board of New York retail report.

There is a Vans DQM store at 93 Grand Street in Soho, but no regular Vans stores in Manhattan. The only two in the city are at Queens Center in Elmhurst And Kings Plaza Shopping Center in Brooklyn s Mill Basin neighborhood. The company has a House of Vans event space in Greenpoint, at 25 Franklin Street.

Tags: brooklyn retail, Commercial Real Estate, RedSky Capital, Williamsburg
We are having some technical difficulties. Try again later.

By clicking Subscribe you agree to our Privacy Policy.

[……]

Read more

Continue Reading
未分类

Tax Reform Real Estate

DC real estate lobby apprehensive about the Republican tax plans Realtors and Home Builders associations watching homeowner incentives carefully

Elizabeth Mendenhnall and Granger MacDonald

Two of the real estate industry’s biggest lobbying organizations have expressed concerns with Congress’ proposed tax reforms.

“Simply preserving the mortgage interest deduction in name only isn’t enough to protect homeownership,” said National Association of Realtors president Elizabeth Mendenhnall, according to Mortgage Professional America.

Mendenhall said NAR has concerns over how the proposal could impact middle-class homeownershi爱上海同城手机版 新爱上海同城对对碰论坛p.

“We’ve already seen that a near-doubling of the standard deduction, combined with the elimination of other 爱上海 爱上海同城手机版deductions like the state-and-local tax deduction, can turn the American Dream into a nightmare for families, as the rug is pulled out from under them,” she added.

Limiting the mortgage interest deduction could cause home prices to fall by more than 10 percent in suburban counties close to New York, far greater than the 3 to 5 percent decline nationwide, according to Moody’s Analytics.

But the plan would also lower the top tax rate on pass-through entities like LLCs, which could mean big savings for condo developers, as The Real Deal reported.

The National Home Builders Association said it does not support the House of Representatives’ bill, but that there was some good news from the Senate 上海千花网交友 上海千花网论坛version.

“However, though the Senate bill provides meaningful tax relief for small businesses and keeps the complete Low-Income Housing Tax Credit program in place, we still believe that maintaining an effective爱上海同城手机版 新爱上海同城对对碰论坛 homeownership tax benefit is vitally important,” NHBA chairman Granger MacDonald said. [MPA] – Rich Bockmann

Tags: national association of homebuilders, National Ass上海千花网交友 上海千花网论坛ociation of Realtors
We are having some technical difficulties. Try again later.

By clicking Subscribe you agree to our Privacy Policy.

[……]

Read more

Continue Reading
未分类

Mount Vernon looks to sell YMCA building for a controversial price

The city of Mount Vernon i爱上海龙凤419桑拿 上海龙凤论坛sh1fs looking to sell the vacant YMCA on Library Square that it bought in 2012, but the City Council is reversing course to ensure the buyer pays the full $500,000 that an appraisal assessed as the building’s value. In December, the council weighed selling the property for only $175,000 to Comrie Enterprises and Direct Invest Develo爱上海 爱上海同城手机版pment, who are partners in a proposed Library Square residential redevelop上海夜网论坛 上海夜网ment. Mount Vernon bought the YMCA building for $700,000 and has poured $400,000 into renovations. In 2016, however, the city fired the contractor it had hired for reno上海龙凤论坛 新上海贵族宝贝论坛vations and announced the buildi新上海贵族宝贝论坛 上海贵族宝贝交流区ng would not reopen. [LoHud]

Tags: Westchester Fairfield
We are having some technical difficulties. Try again later.

By clicking Subscribe you agree to our Privacy Policy.

[……]

Read more

Continue Reading
未分类

Lawrence Stroll Canadian

Canadian billionaire price-chops One57 pad by $11M, sells it a few weeks later Unidentified buyer paid $59M for Lawrence Str爱上海龙凤419桑拿 上海龙凤论坛sh1foll’s 爱上海 爱上海同城手机版pad

The 85th floor at One57 and Lawrence Stroll (Credit: Getty Images)

An apartment 85 floors above the Manhattan skyline at One57 finally sold all it took was the Canadian billionaire seller slashing the price by at least $11 million.

Lawrence Stroll s three bedroom pad sold to an unknown buyer with a last asking price of $59 million, according to Mansion Global. The unit had been price slashed from $70 million in March and went into contract Monday.

Stroll, who lived in the unit with his family, paid $55.6 million for the 6,240-square-foot pad in 2014. He renovated the unit to include a hidden ceiling TV and a sculpted ceramic wall created by artist Peter Lane.

With an estimated fortune of $2.7 billion, Stroll made a name as a fashion investor, helping to mastermind Michael Kors IPO in 2011 and has poured money into Ral上海千花网龙凤论坛 上海千花社区ph Lauren and Tommy Hilfiger, according to Mansion Global.

Stroll is a collector of vintage Ferraris and McLarens and owns Canada’s Circuit Mont-Tremblant race circuit. He paid $27.5 million at auction for a vintage Ferrari in 2013, a record at the time. He also owns a $13.5 million condo at Miami s Fisher Island, which he bought in 2014.

The unit was listed by Sotheby s International s Nikki Field.

One57, developed by Extell Development, are nearing total sell out amid a slowing luxury market. Last month a duplex condominium at One57 was listed for sale for the first time ever, with a $28.5 million price tag. Nest Seekers Interna上海贵族宝贝 上海千花网龙凤论坛tional’s Ryan Serhant is marketing the 5,129-square-foot apartment, dubbed “Spring Garden Residence.” It includes five bedrooms and a 17- by 28-foot solarium. [Mansion Global]  D上海贵族宝贝交流区 上海贵族宝贝论坛avid Jeans

Clarification: The final sales price isn t yet known; its last asking price was $59 million.

Tags: NYC Luxury Market, one57, Residential Real Estate
We are having some technical difficulties. Try again later.

By clicking Subscribe you agree to our Privacy Policy.

[……]

Read more

Continue Reading
未分类

Moinian Group

How one unit helped Moinian be among the first to receive new 421a tax break Developer held off on filing at one unit for seven months, extending window for program

Sky at 605 West 42nd Street

The Moinian Group’s Sky development is among the first to qualify for the revamped 421a tax abatement, even though the developer was already mostly done with construction of the building.

The rental tower at 605 West 42nd Street was recently approved for a 35-year property tax break, Crain’s New York reported. In exchange, 295 apartments will be allotted for affordable housing.

Developers can apply for the tax break up to one year after the Department of B上海夜网论坛 上海夜网uildings vouches for all the units being safe and habitable. Moinian delayed filing for approval for one unit for seven months, extending the approval window, Crain’s reported.

The most recent version of the program requires developers in Manhattan and on the Brooklyn-Queens waterfronts to meet a wage floor, the report said. Moinian’s building was constructed with union labor, with wages high 新上海贵族宝贝论坛 上海贵族宝贝交流区enough to mee上海千花社区 上海千花网交友t the requirement.

Last year, the 421a program was revived as “Affordable New York.” Key changes — from the version that expired in 2016 — include wage requirements for construction workers on certain projects and a 35-year break from property taxes on large projects that pay these wages.

In March, the Department of Housing Preservation and Development suspended 421a benefits from more than 1,700 properties, claiming owners and developers didn t file for a final certificate of eligibility as required.  [Crain上海夜网论坛 上海夜网’s] — Meenal Vamburkar

Tags: Real Estate Finance, taxes
We are having some technical di上海龙凤论坛sh1f 上海龙凤论坛fficulties. Try again later.

By clicking Subscribe you agree to our Privacy Policy.

[……]

Read more

Continue Reading
未分类

Altice

Long Island Cheat Sheet: Homeowner complaints spur Nassau adjustments, Altice gets tax break for $60M Bethpage renovation … more

Clockwise from top left: Homeowner complaints push Nassau County to adjust recent property reassessments, Suffolk County plans tax breaks to help firm purchase a $5 million building in Hauppauge, Altice gets up to $2.5 million in tax breaks for a $60 million renovation in Bethpage and Babylon prepares to halt subdividing residential plots to curb dense developments.

Homeowner complaints push Nassau to adjust reassessments
Nassau County officials will adjust the values on more than 40,000 of the municipality s 386,000 residential properties after hearing from thousands of homeowners about errors in their property tax assessments, Newsday reported. Homeowners were notified about the new values 60 days before they were to be included in the tentative assessment roll issued Jan. 2 and the new values will first be used in school tax bills slated for October 2020. County assessor David Moog said in a statement that it is normal to change reassessments. Some of the changes are on individual parcels where other adjustments were made that affected blocks, or groups of properties, Moog said. Assessment staff met with more than 4,000 taxpayers and got more than 14,000 calls and emails. The Nassau legislature s Office of Budget Review also said that 75,000 homeowners in the county can expect to see their property taxes increase by more than 上海夜网 阿爱上海同城25 percent. [Newsday]

Suffolk County IDA plans to grant economic incentives to firm buying $5M Hauppauge building
The Suffolk County Industrial Development Agency plans to grant economic incentives to BOSS Facility Services in its $5 million bid to buy and renovate a roughly 31,000-square-foot building in Hauppauge, Long Island Business News reported. BOSS, a maintenance firm, had been working out of a 7,500-square-foot building in nearby Ro阿爱上海同城 阿拉爱上海同城nkonkoma. The company hopes the larger facility will allow it to tackle a larger portfolio of services. The IDA board voted unanimously to approve $443,000 in tax breaks along with a $403,000 reduction in property taxes over a decade, Newsday reported. We are especially excited about how this move will enable us to establish a new training facility that will focus on creating employment opportunities for the residents of Suffolk County, said a statement from BOSS president Keith Keingstein. [LIBN]

November s median Long Island home prices tick up over 2017, but market uncertainty abounds
The median home price for Long Island last month was $457,500, representing a 5.2 percent increase over the same time last year, according to data put out by the Multiple Listing Service of Long Island, which recently issued a similar report for October that includes numbers for Nassau, Suffolk and Queens counties. Nassau closed November with a median home price of $525,000, a 7.8 percent increase over the $487,000 reported for November 2017. Suffolk ended November with[……]

Read more

Continue Reading
未分类

Morgan Management

Lenders poised to take over apartment empire amid massive mortgage fraud probe Investigation raises concerns about multifamily lending standards

Morgan Management s Robert C. Morgan and the Avon Commons apartment complex in Avon, N.Y. (Credit: Rochester Institute of Technology)

Rochester-based Morgan Management nearly tripled its apartment holdings over the past decade, building a giant rental portfolio of 140 properties across 14 states with more than 34,000 units.

But amid a massive mortgage fraud investigation which has阿拉爱上海同城 爱上海龙凤419桑拿 already led to two guilty pleas, the company has started to shed properties.

Under pressure from creditors who hold about $3 billion in the company s debt, Morgan is close to transferring the management of nearly its entire portfolio to Harbor Group International, the Wall Street Journal reported.

Prosecutors in the case, one of the largest mortgage fraud investigations since the financial crisis, allege that Morgan executives and their mortgage brokers secured about $500 million in financing fraudulently, both by falsifying documents and by dressing up apartments to look occupied.上海龙凤论坛 新上海贵族宝贝论坛

Company executive Kevin Morgan, nephew to founder Robert C. Morgan, pleaded guilty to conspiracy to commit bank fraud late last year. Mortgage broker Patrick Ogiony plead guilty to the same charge in March, saying that his crimes involved 20 Morgan properties in New York, Pennsylvania, Illinois, Texas, South Carolina and North Carolina. Robert Morgan has not been charged.

The investigation has raised questions about whether multifamily lenders, including Fannie Mae and Freddie Mac, examine borrower income closely上海贵族宝贝交流区 上海贵族宝贝论坛 enough. Multifamily loans are not subject to the stricter rules that were introduced for single-family mortgages post-crisis.

In New York, Morgan has already lost one property in Syracuse to a lender, while another complex in Watertown is facing foreclosure. Though few of Morgan s loans are delinquent, most mortgages have provisions th上海千花网论坛 上海千花网at they are in default if obtained through fraud, which creditors believe empowers them to take action. [WSJ] — Kevin Sun

Tags: Commercial Real Estate, Mortgage Fraud, real estate crimes, Real Estat上海千花网龙凤论坛 上海千花社区e Finance
We are having some technical difficulties. Try again later.

By clicking Subscribe you agree to our Privacy Policy.

[……]

Read more

Continue Reading
未分类

” battleground 5 ” the first! Intermediary is judged outside optimized best 10 big play 2018

Outside intermediary DsoGaming is judged now went out to optimized game of best 10 big PC 2018. Intermediary expresses outside, the game that they evaluate is final version, it is not quite good that so some games are optimized when likelihood head hair, but had entered the patch with development final business to optimize, these game also go up a list of names posted up. So what to evaluate game of a PC to optimize good standard to have? Intermediary expresses outside, the game that has optimized can use many CPU core, apparent without edition of lead plane transplanting blemish (for instance low-down FOV visual field, key-press of lead plane handle shows on screen, the mouse is quickened / slip problem) , have the picture option that can adjust in great quantities, the most important is mean free can be configured to move in all sorts of PC, and the picture is very beautiful still. The game of a list of names posted up has on: 10. ” god of car of violent wind cruel 2 ” 9. ” brass city ” 8. ” F1 2018 ” 7. ” different region cavalry ” 6. ” battle hammer: The plague of last phase of an age 2 ” 5. ” barrow beautiful shadow: Umbra ” 4. ” FIFA 19 ” 3. ” ultimate contest fast: Horizontal 4 ” 2. ” mission call 15 ” 1. ” battleground 5 “[……]

Read more

Continue Reading