Month: June 2019

NYC Multifamily Market

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NYC multifamily sales make comeback in March Dollar volume climbs back above $1 billion threshold

The New York City multifamily market made a strong comeback in March after sluggish sales in February, according to the latest report from Ariel Property Advisors.

Dollar volume pushed above $1 billion after falling below the threshold in the previous month. Gross sales reached nearly $1.6 billion in March, an 86 percent increase compared to February’s dollar volume.

Transaction and building volume also saw 上海贵族宝贝交流区 上海贵族宝贝论坛a boost of 50 percent and 79 percent respectively, although those figures were down year-over-year. The city had 129 multifamily sales across 69 transactions.

In Manhattan, sales from 19 buildings brought in $786.3 million, a 139 percent increase in dollar volume from the prior month. A阿拉爱上海同城 爱上海龙凤419桑拿 total of 936 units traded in 14 tra上海夜网论坛 上海夜网nsactions. The month’s largest deal was S.W. Management’s purchase of two multifamily buildings at 355 East 72nd Street and 250 East 63rd Street for $310 million阿拉爱上海同城 爱上海龙凤419桑拿, or $831 per square foot.

The Bronx saw the most transaction and building volume with the help of a 34-building portfolio. Sales from 63 buildings toted $258.1 million, up 92 percent over February.

Other notable deals in the borough include the sale of a mixed-use building at 2691 Reservoir Avenue. Landlord Ved Parkash bought the 72-unit property for $17.3 million.

Multifamily sales in Brooklyn increased across the aboard in March. Twenty-five buildings sold throiugh 18 trans[……]

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Winick Realty Group

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Winick branches out in South Florida Retail specialist looks to capitalize on relationship with NYC investor clients doing deals in Miami

From left: Aaron Butler, Jeff Winick and Kenneth Hochhauser with the Triptych Miami Design District

Winick Realty Group, one of Manhattan’s Top 5 retail brokerages, is expanding outside the tri-state area for the first time.

The retail specialist has e阿拉爱上海同城 爱上海龙凤419桑拿ntered into a partnership with seven-year-old Miami Beach brokerage Avenue Real Estate Partners to team up on exclusives in the South Florida market.

Winick Executive Vice President Kenneth Hochhauser, who will be spearheading the Miami initiative alongside company founder Jeff Winick, said the move south made sense as the company’s northeast clients become more active in South Florida.

“Our上海贵族宝贝 上海千花网龙凤论坛 clients have been pushing us as some of the investment flows from New York to Miami,” he said.

Richard Wagman’s Madison Capital, for example, paid $57.3 million in October to buy South Beach’s Boulan building, and the Chetrit Group is active with projects like its massive Miami River development, which will include nearly 1爱上海同城手机版 新爱上海同城对对碰论坛,700 residential units, 330 hotel rooms and 266,000 square feet of office and retail space built in five phase上海千花网论坛 上海千花网s.

Winick and Avenue will be teaming up to market the 40,000 square feet of retail at Madison Capital’s 2000 Collins Avenue, and 100,000 square feet of retail and office space at Venezuelan developer HES Group’s 530,000-square-foot Triptych Miami Design[……]

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Deutsche Bank Donald Trump, Mirror Trading Scandal

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Deutsche Bank refuses to release info on Trump loans amid DOJ probe Democrats allege conflict of interest

Deutsche’s John Cryan, the Trump International Hotel in Washington, D.C. and Donald Trump

Deutsche Bank refused to hand over information on its business dealings with President Trump following a request from Democratic members of Congress.

“Deutsche Bank, like other financial institutions, is not permitted to disclose details related to its customers,” the bank’s lawyers wrote in a letter published Friday. “This is true even if the individual is a gov爱上海同城 爱上海ernment official or well-known person, and even in circumstances where the individual has made some disclosure regarding their relationship with their banking institution.”

The Department of Justice is currently investigating the German lender for allegedly helping Russian oligarchs launder money. At the same time the bank has been a key lender to Donald Trump’s real estate business, issuing around $300 million in loans on his 上海夜网论坛 上海夜网hotels and golf courses over the past couple of years. Democratic lawmakers argued that his poses a conflict of interest.

“President Trump’s conflict of interest with Deutsche Bank may undermine the independence and impartiality of the Department’s ongoing investigation and diminish the likelihood that Deutsche Bank and its senior leadership will be broug上海千花网 爱上海同城对对碰ht to justice,” the lawmakers wrote in March.

As the minority party in Congress, Democrats can’t force the bank t上海千花社区 上海千花网交友o reveal informa[……]

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Real Estate Events NYC

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The fall real estate events circuit kicks off on Oct. 2 with the National As上海同城对对碰交友社区 上海夜网论坛sociation of Realtors Global Real Estate Summit NYC event on Oct. 2 from 7:30 a.m. to 6 p.m. at the New York Marriott Marquis, 1535 Broadway. A slew of issues affecting global real estate markets will be discussed at the event. Brokers, investors, legal and technology experts and government officials will all be in attendance. Some of them include Ron Molcho of American Homes Group, Steve Maggi of SMA Law Firm, Chris Meyers of Houlihan Lawrence.

The following Monday, Oct. 9, check out the 2017 NYC Real Estate Tech Week inaugural events. From 7:30 a.m. to noon, join CRE Tech as it hosts a seminar at Bou爱上海同城 爱上海nce Sporting Club, 55 West 21st Street on the Future of Work. It will focus on transformative workplace technologies, different work styles and atmospheres and how companies are embracing technology to grow and thrive. Jon Bolen of Entouch, Pushpa Gowda of JLL, Glenn Hicks of iOffice, Michael Mullin of Integrated Business Systems, Roy Abrams of RealConnex, Amol Sarva of Knotel, Franco Faraudo of CRE Tech and Travis Barrington of CRE Tech will all provide speeches.

Similarly, you can attend BuiltWorlds All 上海贵族宝贝交流区 上海贵族宝贝论坛Hands on Tech event on Oct. 9, from 5:30 p.m. to 8:30 p.m. at MetaProp s office at 18 West 21st Street. Come and examine how technology is disrupting the real estate industry. Alexander Schwarzkopf of Pillar Te爱上海龙凤419桑拿 上海龙凤论坛sh1fchnologies, Lori Peters of Triax Technologies, Amir Rubin[……]

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Commercial Rent Tax NYC

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City Council is about to give the retail market a shot in the arm Commercial rent tax reform could pass Thursday

Dan Garodnick and a vacant storefront on the Upper 新爱上海同城对对碰论坛 上海同城对对碰交友社区East Side

The City Council is about to give New York’s struggling retail industry a much-needed boost. On Thursday the chamber is expected to pass a bill that would lower taxes for many small retailers.

Currently any retailer south of 96th Street that pays more than $250,000 per year in rent also pays a tax on that rent. The new bill would raise the threshold to $500,000, meaning around 2,000 business would escape the tax, the New York Times reported.

“So many storefronts today are vacant for a variety of reasons,” said Councilmember Dan Garodnick, who introduced the bill. “But also because we爱上海龙凤419桑拿 上海龙凤论坛sh1f are not doing enough as a city to support our mom-and-pop businesses.” 42 other Councilmembers co-sponsored the bill.

Retail vacancies have increased in recent years, as stores are squeezed by rising rents and competition from online retailers like Amazon.

“You don’t want every neighborhood, every block to just be pharmacies and banks,” Council speaker Melissa Mark-Viverito told the Times. “You want there to be opportunities to be smaller retailers that are locally owned, that have a history in the community. Being able to provid阿拉爱上海同城 爱上海龙凤419桑拿e some relief for them is something we have to take seriously as a c爱上海同城 爱上海ity.”

In August, Mayor Bill de Blasio’s office criticized the bill, pointing to the loss in tax reven[……]

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Fortis Property Group

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Fortis projects $221M in sales at tallest planned LICH condo 2 River Park will hold 103 units and rise 440 feet

From left: Joel Kestenbaum, a rendering for the Long Island College Hospital redevelopment in Cobble Hill and Jonathan Landau (Credit: CityRealty and Larry Ford)

Fortis Property Group is moving along with its plans to build a 440-foot-tall luxury condominium tower in Cobble Hill. The firm filed an offering plan for 103 apartments at 2 River Park, records filed with the New York State Attorney General s office show.

The total projected sales price for the apartments is $221 million, indicating that average unit pricing will be less expensive than at Fortis neighboring building under construction, 5 River Park, where it seeks $79 million in sales for just 25 u上海千花网交友 上海千花网论坛nits. Fortis CEO Jonathan Landau did not immediately respond to a request for comment.

2 River Park will be the tallest new construction building in Fortis property redevelopment of the Long Island College Hospital. 1 River Park, the third new construction building at the site, will rise 15 stories and hold 48 apartments, although an offering plan for that building has yet to be filed. With $300 million in projected sales now in the pipeline, River Park is one of the most expensive condo developments ever planned in Brooklyn.

Previously, Fortis had considered a different plan for LICH that would have allowed for even greater height and development rights, but 爱上海同城对对碰 爱上海同城论坛which would have also included an afforda[……]

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Largo Investments

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Largo buys industrial building in Williamsburg for $25M Company planning condos for property at 215 North 10th Street

215 North 10th Street and Michael Zampetti

Nissim Ben-Nun and Nicholas Werner s Largo Investments has purchased a one-story industrial building in north Williamsburg for $25 million, according to property records.

The property is located at 215 North 10th Street, and Largo plans to build condominiums at the site. It spans 9,000 square 爱上海同城对对碰 爱上海同城论坛feet, and Abraham Weiss’ Northstar Equities LLC sold it, according to property records. The site features about 50,000 buildable square feet.

A team of Cushman Wakefield agents brokered the deal and had listed the site for $24 million.

Representatives from Largo did not respond 上海贵族宝贝交流区 上海贵族宝贝论坛to requests for comment.

Although Largo frequently partners with JDS Development Group on projects, a JDS representative said they were not involved with this deal.

A fully-leased three-story building at 151 Kent Avenue recently hit the market in Williamsburg for $52 million,阿拉爱上海同城 爱上海龙凤419桑拿 while a pair of sites by the neighborhood’s waterfront offering a total of 436,000 buildable square feet have hit the market as well. Cornell Realty Management filed plans in February for a 26-story mixed-use 爱上海同城 爱上海project at 159 Broadway, the former planned site for the Williamsburghotel.

Tags: Real Estate Investment, Residential Real Estate, Williamsburg
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Phipps Houses

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Phipps Houses teams up with For上海贵族宝贝 上海千花网龙凤论坛est Hills co-op to build trio of new buildings Residents of Forest Hills Co-Op Houses recently left NYCHA, sold portion of land

62-27 108th Street and Adam Weinstein (Credit: Google Maps)

Phipps Houses, one of the city s largest nonprofit housing developers, filed plans for a trio of new buildings on land 上海千花网论坛 上海千花网in Queens occupied by a co-op tha新上海贵族宝贝论坛 上海贵族宝贝交流区t just left NYCHA.

One building would span about 200,000 square feet, stand 17 stories tall and contain 183 residential units, while the other would span about 132,0新上海贵族宝贝论坛 上海贵族宝贝交流区00 square feet, stand 13 stories tall and contain 115 residential units, according to filings with the city s Department of Buildings on Monday. Both buildings would also include community space. The third building would be a four-story parking garage.

The buildings would be located at 62-27 108th Street on the site of the four-building Forest Hills Co-Op Houses complex. Residents of the co-op voted last year to leave the housing authority and set up its own entity, the Forest Hills Mutual Housing Association, according to the Queens Chronicle. The deed transferred from NYCHA to the co-op residents on Jan. 1.

Phipps bought a portion of the site for $8.5 million, the Chronicle reported. The nonprofit will pay爱上海 爱上海同城手机版 the co-op board at least $130,000 once the new structures open, which will defray maintenance costs.

Phipps did not immediately respond to a request for comment.

The nonprofit is also planning a trio of Far Rockaw[……]

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Andrew Cuomo Real Estate

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Gov. Andrew Cuomo, favorite of real estate, wins Democratic primary in landslide He def上海千花网龙凤论坛 上海千花社区eated actor Cynthia Nixon by more than 30 points

Andrew Cuomo (Credit: Getty Images and iStock)

Goodnight,  nightmare.

Gov. Andrew Cuomo and his backers in the real estate and construction industries have won the Democratic gubernatorial primary race against Cynthia Nixon, an actor and activist who placed affordable housing at the center of her campaign and who vowed to reject contributions from the real estate shell companies that funded her opponent.

The Associated Press declared the victory for Cuomo at about 9:30 p.m. Thursday, with 30 percent of the vote reported. Cuomo captured 66.5 上海同城对对碰交友社区 上海夜网论坛percent of the vote to Nixon s 33.5 percent.

After two terms as governor, Cuomo s support from developers has remained strong. During the first six months of this year, he raised more than $700,000 in campaign contributions from them and other real estate connected limited liability companies and individuals. By July, he had amassed a $32 million campaign chest and has received more money from LLCs than every other legislator combined.

In office, the governor has put the state s money to work, too. Last year he oversaw the renewal of the $1 billion+ a year apartment construction subsidy formerly known as 421a (now known by the more politic Affordable New York ) by asking the Real Estate Board of New York and Building and Construction Trades Council of Greater New York, a union group, to[……]

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