540 Fulton Street BK

New renderings for Jenel’s Downtown BK office development 19-story building at 540 Fulton Street will feature three-level retail podium

Last month, The Real Deal first reported that the Dushey family’s Jenel Management is planning a new 19-story office building on the former site of a retail strip in Downtown Brooklyn.

Now come new renderings of the planned glass-and-metal development at 540 Fulton Street, near the corner of Flatbush Avenue Extension, courtesy of Excel Property Consulting’s website.

The 174,000-square-foot building will feature a three-story retail podium occupying its cellar, first and second floors, and 17 floors of office space on top, Curbed reports – in line wit上海龙凤论坛 新上海贵族宝贝论坛h plans laid out in Department of Buildings perm上海千花社区 上海千花网交友it applications filed by Jen爱上海龙凤419桑拿 上海龙凤论坛sh1fel Management in April.

The Marvel Architects-designed project will ri爱上海同城 爱上海se on the site of a two-story, 26,000-square-foot retail strip that Jenel demolished last year and will be the latest development to cater to the growing demand for office space in Brooklyn – with Downtown Brooklyn, in particular, experiencing city-low vacancy rates.

According to Excel’s website, Midtown-based Jenel purcha上海千花社区 上海千花网交友sed neighboring air rights to increase the square footage of the site, which it acquired in 1981. Excel arranged for a $25 million short-term bridge loan to fund the air rights acquisition, as well as tenant buyouts and other pre-development costs. [Curbed] – Rey Mashayekhi

Tags: Jenel Management
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Hamptons Cheat Sheet

Hamptons Cheat Sheet: Ex-estate of Jackie O s quirky relatives is up for rent, Truck Beach lawsuit dismissed more

Grey Gardens (credit: Corcoran)

The perfectly normal Grey Gardens estate is on the rental market, but don t expect any complimentary head scarves

The longtime East Hampton estate of former First Lady Jacqueline Kennedy Onassis exceptionally eccentric relatives can be rented this holiday season, according to The New York Post. The 18-room, 6,000-square-foot property, featured in the classic 1976 documentary film Grey Gardens, was once in a state of disrepair. Socialites Big Edie and Little Edie lived there alongside stray cats and rodents but it has since been restored and has a pool and tennis court. For the week of Thanksgiving, the 上海千花社区 上海千花网交友home is listed for $7,500. It can be rented over the week of Christmas for $12,500. The Corcoran Group’s Gary DePersia has the listing. [NYP]

Judge dismisses Truck Beach lawsuit, denies Amangansett homeowners’ claims of上海千花网龙凤论坛 上海千花社区 ownership

Suffolk County Supreme Court Judge Ralph Gazillo dismissed claims by more than 100 Amangansett property owners who said they were the rightful owners of 5,500 feet of beach on Napeague. The property owners had sought to restrict the public from parking 4 4 vehicles on the land, dubbed Truck Beach, 27East reported. The judge, who is retiring at the end of the year, urged the plaintiffs to settle the issue with the opposition to avoid years of appeals, reminding them that life is too short.

The judge also threw out claims that the beach parking is an unreasonable nuisance the town should disallow. Homeowners are expected to appeal the decision, 27East reported. [27East.com]

The Countess moves to Sag Harbor, and her former Bridgehampton property is price-chopped

de Lesseps s former property at 280 Highland Terrace (credit: Corcoran)

Did you hear? Luann de Lesseps is no longer gallivanting around Bridgehampton. The former Real Housewives of New York cast member shi上海千花网论坛 上海千花网pped off to Sag Harbor, and, as it so happens, her former 2.2-acre Bridgehampton property has dropped in price. According to Curbed, Farrell Building Co., which 新爱上海同城对对碰论坛 上海同城对对碰交友社区tore down the old structure and built a large spec house on the lot, has reduced the price by $1.6 million to $16.9 million. The 10-bedroom home features dark wood floors, numerous fireplaces, a white marble kitchen, with a tennis court, and pool. The former countess, who lost her title when she remarried, meanwhile, now lives in a $2.4 million Greek Revival home in Sag Harbor. That property has three bedrooms, three fireplaces, and an artist s studio. [Curbed]

Robert Sillerman must really like the number $38 million

Meadow Lane (credit: Corcoran)

For the third time in history, music entrepreneur Robert Sillerman has sold a property in Southampton for about $38 million. The former chancellor of Southampton College received $38 million for his 2.4-acre estate at 1100 Meadow Lane in January. He also previously received $37.5 million for a 3.[……]

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Carl Weisbrod City Planning

From the archives: Carl Weisbrod, an understated force He announced today he will retire at the end of this month from his two city positions

NYC City Planning Commissioner Carl Weisbrod (Credit: Chance Yeh)

Carl Weisbrod, the recently appointed chair of the New York City Planning Commission, may not have the star power that his predecessor Amanda Burden did. Burden is an heir to the Standard Oil fortune, dates broadcast journalist上海千花网交友 上海千花网论坛 Charlie Rose and lives blocks away fr新爱上海同城对对碰论坛 上海同城对对碰交友社区om Mayor Michael Bloomberg on the Upper East Side.

But Weisbrod is an old hand at city politics and a veteran on th上海千花社区 上海千花网交友e New 阿拉爱上海同城 爱上海龙凤419桑拿York City real estate scene. So when Mayor Bill de Blasio picked him to head the commission charged with overseeing the city’s rezonings and trajectory for growth, the real estate industry was relieved.

Read the full story from the August 2014 issue here.

Tags: carl weisbrod, city planning commission
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50 Hudson Yards

Related nearing deal for $2.5B financing package at 50 Hudson Yards: sources Project set to be city’s most expensive office tower; loan could be largest of its kind

Renderings of 50 Hudson Yards (credit: The Monument) and Stephen Ross

Related Companies, which is developing what s slated to be New York s most expensive office building at 50 Hudson Yards, is in advanced talks to secure a $2.5 billion financing package for the property, The Real Deal has learned.

The financing would include a roughly $700 million equity injection and a $1.8 billion senior loan from a syndicate of banks, sources familiar with the discussions said. 上海千花网交友 上海千花网论坛The loan, if it closes, would be among the largest-ever construction loans for an office tower.

Bank of China, Deutsche Bank and Wells Fargo are putting together a five-year mortgage for the construction of the 2.9 million-square-foot tower, which Related is developing in partnership with Oxford Properties Group. Wells Fargo and Deutsche Bank are acting as the lead arrangers on the deal, sources said. It’s unclear which lender will act as the administrative agent, the liaison between the borrowers and lenders.

Sources said a foreign institutional investor is stepping up to provide the additional equity, with two sources naming Mitsui Fudosan America, a subsidiary of Tokyo-based Mitsui Group that already owns a majority stake in 55 Hudson Yards.

The term sheet on the loan is still weeks away, sources said. Representatives for Related阿爱上海同城 阿拉爱上海同城 didn上海千花网龙凤论坛 上海千花社区 t imm阿拉爱上海同城 爱上海龙凤419桑拿ediately respond to requests for comment, nor did representatives for Bank of China and Wells Fargo.  Representatives for Deutsche Bank declined to comment. A representative for Mitsui Fudosan declined to comment.

In January, Related and Oxford filed plans with the Industrial Development Agency, showing that the all-in development costs land acquisition, construction and soft expenses for the Foster + Partners-designed, 62-story, 985-foot tall skyscraper would be $3.94 billion, a record for New York. The IDA application pegged the tower’s size at 2.8 million square feet, which breaks down to north of $1,400 per square foot.

Related originally sought a $2.5 billion construction loan for 50 Hudson Yards, and its preference was to borrow from a syndicate of banks, similar to SL Green Realty’s $1.5 billion financing package for One Vanderbilt, sources said. That lineup included Bank of China, Bank of New York Mellon, J.P. Morgan Chase, TD Bank and Wells Fargo.

A number of lenders said, however, that a senior loan of that size was unrealistic for 50 Hudson Yards, given that the project is still considered speculative. As of now, BlackRock is the property’s only committed tenant, having agreed to lease 850,000 square feet across 15 floors late last year. In February, news broke that Morgan Stanley was mulling buying a 2 million-square-foot office condo at the tower, but the financial firm is also exploring other options at the 17 million-square-foot Far West Side meg[……]

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Times Square Office Market

4 Times Square and One Bryant Park at n阿拉爱上海同城 爱上海龙凤419桑拿ight (Credit: Getty Images)

New York’s tourism boom of the past decade has been great for the上海夜网论坛 上海夜网 real estate industry, but a small subgroup has mixed feelings about it: Times Square office landlords. With more visitors and panhandlers crowding the bow tie, it’s becoming harder to convince big office tenants to stay in the neighborhood.

“It’s not ideal to wind through costumed characters on your way to work,” CoStar analyst Lauren Baker told Bloomberg. “There’s so much noise and commotion.” The problem is becoming more acute amid competition from new office towers on the Far West Side and FiDi.

Earlier this month advisory firm EY announced that it is leaving爱上海同城手机版 新爱上海同城对对碰论坛 its 1-million-square-foot space at 5 Times Square to move to Brookfield’s Manhattan West development.

Times Square office rents after concessions fell by one percent per year over the past two years, according to CoStar. Optimists point to its central location and easy access to multiple subway lines.

“We’re not getting the rents we anticipated five years ago, but we’re satisfied with the rents we’re getting,” said Douglas Durst, whose company D上海千花网论坛 上海千花网urst Organization owns 4 Times Sq上海千花网论坛 上海千花网uare. But he also added that the neighborhood “has a very big future as an office district.” [Bloomberg] Konrad Putzier

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Seattle Affordable Housing

Inside the nonprofit investment fund shaping Seattle RE Contributors to the $10.2M fund include some of Amazon’s early investors

(Credit from back: Pixabay; RM Media Ltd, Alpha Stock Images, Nick Youngson, CC BY-SA 3.0)

A nonprofit-owned investment fund, Forterra, is becoming a major player in shaping how Seattle real estate is carved up and developed.

The $10.25 million fund with its 2 percent returns b阿拉爱上海同城 爱上海龙凤419桑拿uys properties that are then developed into affordable h上海千花网龙凤论坛 上海千花社区ousing or business and recreation spaces by partners ranging from nonprofit developers to community groups. Recently, according to the Wall Street Journal, the fund has poured $3.8 million into three affordable housing projects that will include a retail component.

Many of Forterra s investors come from the tech industry, which is w上海龙凤论坛 新上海贵族宝贝论坛idely-recognized for causing the gentrification and displacement that the nonprofit fund is trying to defend against. Its investors include venture capitalists who were among the earliest to bet on Amazon, Tom Alberg and Nick Hanauer.

“There has been a shift among investors, and particularly folks who have done well in this region, to recognizing that they can redirect the money they’ve made in the last decade i爱上海同城手机版 新爱上海同城对对碰论坛nto actually improving this region,” said Forterra president Gene Duvernoy to the Journal. [WSJ] Erin Hudson

Tags: affordable housing, a爱上海同城论坛 爱上海同城mazon, Real Estate Finance
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The Real Deal

The Real Deal will be celebrating its 15th anniversary this April! This special commemorative issu上海龙凤论坛sh1f 上海龙凤论坛e will include a ranking of the city s top office leasing a firms, a profile on Japanese technology group SoftBank and more. This can t miss issue which will be available in just a few short 上海贵族宝贝 上海千花网龙凤论坛weeks.上海龙凤论坛 新上海贵族宝贝论坛

There are still key advertising opportunities ava上海贵族宝贝交流区 上海贵族宝贝论坛ilable, so please contact [email protected] or by calling 212-260-1332. Ad space is closing soon!

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Parkside Construction

C阿爱上海同城 阿拉爱上海同城onstruction firm working on some of NYC s biggest projects accused of stealing wages, cheating state out of $8M Parkside Construction faces fraud charges

215 Chrystie Street, 133 Greenwich Street, 111 West 57th Street and Cyrus Vance Jr.

A Queens-based construction company working on 111 West 57th Street allegedly stole $1.7 million in wages from its workers and cheated the state out of $8 million.

Parkside Construction faces fraud, larceny and other charges for allegedly failing to pay at least 520 of its employees for the correct hours of work completed at various job sites in the city, including JDS Development Group and Property Markets Group s luxury condominium tower, according to a complaint filed on Wednesday in state Supreme Court. If workers complained about being underpaid, they were either told that the paycheck was a mistake or they were instructed to find work elsewhere, Manhattan District Attorney Cyrus Vance Jr. said on Wednesday. He noted that many of these workers were undocumented immigrants, making them particularly vulnerable to the scheme. The concrete company allegedly stole $50,000 from one employee over a three-year span.

Parkside also allegedly fudged timesheets at JDS 626 First Avenue, the Lam Group s 215 Pearl Street, Hidrock Realty s 133 Greenwich Street, McSam Hotel Group s 326 West 37th Street and 350 West 40th Street, Ian Schrager s 215 Chrystie Street and DLJ Real Estate Capital Partners 9 Orchard Street. When asked during a press conference if developers of these projects would face any legal repercussions, Vance wouldn t comment directly.

We are looking at all players in the business, he said.

Parkside is also accused of receiving insurance coverage from the New York State Insurance Fund for three companies — Parkside Construction Builders Corp., Parkside Construction Contractors Inc. and GS F Enterprises LLC — that were merely alter-egos of each other, since they shared the same management, employees and resources. Parkside allegedly under-reported the number of workers on its payroll, resulting in lower workers compensation insurance premiums, the Manhattan District Attorney s Office alleges. Authorities estimate this cheated the state out of at least $7.8 million.

The company s payroll services provider, Michigan-based Affinity Huma上海同城对对碰交友社区 上海夜网论坛n Resources, is also charged in the case. Parkside s owners, Francesco and Salvatore Pugliese, as well as its acc上海龙凤论坛 新上海贵族宝贝论坛ountant, general foreman and payroll manager were also named as defendants.

An employee who answered the phone at Parkside s Flushing office on Wednesday indicated that he wasn t aware of the complaint. Parkside s attorney wasn t immediately available to comment. JDS Michael Stern declined to comment.

Wednesday s criminal complaint follows a 2015 lawsuit that accused the contractor of stealing as much as $8 million from workers at the 57th Street tower and other sites, the New York Daily News reported at the time. Court records indicate that case was[……]

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Brooklyn Luxury Market

Brooklyn luxury market saw 14 contracts signed last week Contracts were worth about $42M ov阿爱上海同城 阿拉爱上海同城erall

130 Furman Street and 231 Washington Avenue in Brooklyn (Credit: Douglas Elliman)

The Pierhouse’s sales streak hasn’t stopped yet.

The Brooklyn luxury market saw a total of 14 contracts signed last week, and a condo at the Pierhouse once again took the top spot. This was the third week in a row that a Pierhouse unit was No. 1 and the sixth week in a row that a Pierhouse unit took one of the top two spots.

The properties sold for about $42.2 million overall and went for an average price of about $3 million, according to the latest report from Stribling Associates. The firm defines the borough’s luxury market as all homes priced at $2 million or higher.

The units were split between seven condos, six houses and one co-op.

Last week saw more activity than the week before, when there w上海夜网论坛 上海夜网ere 11 contracts signed in the market for about $30.3 million.

The Pierhouse unit that topped last week’s list went for $4.95 million. The two-bedroom unit at 130 Furman Street spans about 3,000 square feet and sold at an 18 percent discount from its asking price.

The second priciest deal last week was for a house at 231 Washington Avenue in Clinton Hill, which went for $3.75 million. The roughly 4,300-square-foot building is currently configured as a three-family home with a duplex and two apartments.ww

231 Washingt上海龙凤论坛sh1f 上海龙凤论坛on Avenue (Cre上海千花网 爱上海同城对对碰dit: Douglas Elliman)

Other notable deals last week included a condo at 325 Henry Stre上海同城对对碰交友社区 上海夜网论坛et in Cobble Hill for $3.5 million and a co-op at 294 Washington Avenue in Clinton Hill for $2 million. – Eddie Small

Tags: brooklyn, NYC Luxury Market, Residential Real Estate, Stribling Associates
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Top NYC Investment Sales Firms

Cushman makes big gains and expands its lead over rivals as the market rebounds from an ugly two-year slump 

From left: Aaron Jungreis, Roy March, Doug Harmon, Darcy Stacom and Andrew Scandalios

It had been a long two years, but the city’s investment sales market finally turned a corner in 2018.

Last year saw the total value of commercial property traded in the five boroughs rise for the first time since the market tanked following the peak days of 2015, according to several industry sources. And a new reality further set in for the commercial brokerage landscape.

Cushman Wakefield — long used to playing third string behind competitors Eastdil Secured and CBRE — grew its lead by leaps and bounds since poaching Eastdil’s top sales team, led by Doug Harmon and Adam Spies, in late 2016. Eastdil, meanwhile, has struggled to fill that void as it works toward a management-backed buyout from its parent company, Wells Fargo.

“Market share clearly shows this has worked out well for Cushman Wakefield,” said Anthony Paolone, a stock analyst at JPMorgan who covers the commercial brokerage. But he added that it’s hard to tell if Cushman got the return on investment it was aiming for when the brokerage lured Harmon and Spies with a big signing bonus.

“The level of overall market activity plays a big role, too,” Paolone said.

All in all, buyers and sellers traded $49.1 billion worth of property citywide last year — up 35 percent from 2017’s $36.4 billion, but nearly 40 percent below the peak of $80.4 billion in 2015, per figures from Cushman.

Industry players attributed 2018’s turnaround to a record year for office leasing, a political environment that seemed more settled following the 2016 election and a sense of urgency to lock in deals with the country’s economic expansion nearing a record run.

“There definitely seems to have been a higher number of big-ticket trades last year,” said Mitch Germain, a stock analyst at JMP Securities who covers many of the big real estate service firms. “And I think we’re seeing a bunch that appear to be queued up in 2019.”

Despite the sales boost, though, 2018 also came with its share of challenges. While the combined dollar value of transactions rose, the overall number of trades remained relatively flat. That meant brokers were still competing for roughly the same number of deals爱上海同城论坛 爱上海同城 they were during the depths of the slump.

And the brokerage landscape was shaken up considerably, with Eastern Consolidated shutting its doors and dozens of established players switching firms — including Bob Knakal, who landed at JLL with dozens of his colleagues after he was fired from Cushman.

Will Silverman of Hodges Ward Elliott, which grew its dollar volume more than 20 percent year over year to $710 million, said there was plenty of uncertainty in the market last year.

“We said at the beginning of the year that sellers had realized it wasn’t 2015, but buyers had also realized it wasn’t 2010,” Silverman said, adding that brokers had their work[……]

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