Month: June 2019

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

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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 jud[……]

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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[……]

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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 confere[……]

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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 in[……]

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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[……]

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