General Motors Building

Itau Unibanco leaving top-floor office at GM Building: report Latin America’s largest bank looking for cheaper Manhattan HQ

Brazilian banking giant Itau Unibanco is set to leave its office at the General Motors Building in Midtown and find a n新上海贵族宝贝论坛 上海贵族宝贝交流区ew Manhattan location for its New York City headquart爱上海同城 爱上海ers.

The largest bank in Latin America will vacate its pricey space reportedly worth nearly $200 per square foot, on the top floor of Boston Properties’ 50-story skyscraper at 767 Fifth Avenue as part of a global initiative to cut bu上海千花网 爱上海同城对对碰siness costs.

According to CoStar, Sao Paulo-based Itau leases about 30,000 square feet at the GM Building, which is located on the southeastern corner of Central Park and features some of the highest rents in Midtown. Boston Properties owns the 2 million-square-foot tower in partnership with Beijing-based Soho China and the Safra family.

Itau is currently searching for a new, cheaper location to house its New York office, with currently economic and political uncertainty in Brazil having affected the bank’s business, according to Bloomberg. The company reported a 10 percent drop in firs上海贵族宝贝 上海千花网龙凤论坛t-quarter profits last week.

There were three office leases signed at the GM Building in 2015 at rents over $200 per square foot. Office rents in the submarket surrounding the GM Building, known as the Plaza District, ranked as the highest in Midtown in the first quarter just under $91 per square foot in the first quarter, according to JLL.

The proper[……]

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Stellar Management

Here’s what the $10M-$20M NYC investment sales market looked like last week Stellar, Icon buy a former drug rehab center and Joseph Brunner nabs three W’burg warehouses

From left: Jane Goldman, 151 West 48th Street in Midtown and 78-92 Kingsland Avenue in East Williamsburg

1.) A partnership between Stellar Management and Terrence Lowenberg’s Icon Realty Management picked up a the Educational Alliance building, a former drug and alcohol treatment center in the East Village for $14.4 million. The new owners plan to covert the seven-story facility at 371 East 10th Street into a residential building with 22 new apartments, according to plans submitted to the Department of Buildings earlier this mont上海千花网论坛 上海千花网h. The nonprofit has run the rehabilitation center since 1993.

2.) In Midtown, Solil Management bought a vacant commercial building at 151 West 48th Street for $13 million from Rockefeller International Group. The building sits next door to a seven-story parking garage at 159 West 48th Street where Extell Development is planning a new Hard Rock Hotel. It’s not clear what Solil’s plans are for the property, but the five-story building offers up to 19,000 buildable square feet of residential space and 22,836 square feet for commercial. Solil recently announced plans for a new ground-up development in Tribeca, a unique departure from the firm’s typical acquisition strategy.

3.) The Baha’is of the United States, currently headquartered in Illinois, bought a office condominium at Mead[……]

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CMBS Maturity Wall

The looming problem with the $90B上海千花网交友 上海千花网论坛 wave of maturing CMBS 13 percent of loans could default, S&P analyst says

5 Times Square and Scott Rechler (Credit: RXR and Getty Images)

Roughly half of the $90 billion worth of commercial mortgages left ov上海夜网 阿爱上海同城er from the 2007 lending boom won t be easy to refinance when they mature, exposing the winners and losers of the real estate recovery.

Banks sold a record $250 billion worth of commercial mortgage-backed securities to institutional investors in 2007. That wall of maturities has been whittled down to about $90 billion as some borrowers paid off their loans early to take advantage of rock-bottom interest rates.

Morningstar Credit Ratings estimates that half of the remaining loans will have difficulty refinancing, Bloomberg News reported. And S P analysts predict that, in the best case scenario, roughly 13 percent of maturing real estate loans will default, up from 8 percent over the past two years.

“The爱上海 爱上海同城手机版re are a lot of headwinds currently with the interest-rate increase, with the new administration coming in, and also risk retention,” said S P researcher Dennis Sim. “Those three wild-card factors could also play a role in how some of the better-performin爱上海龙凤419桑拿 上海龙凤论坛sh1fg loans are able to refinance or not.”

Better-performing loans, such as those on top-quality office properties, are considered less risky.

RXR Realty is close to landing a five-year loan to pay off $1 billion in debt that comes due in March at 5 Times Square, the he[……]

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Westchester Retail

Under pressure from Amazon and other e-tailers, shopping centers increasingly focus on customer experience

A new Norwalk Mall is expected to open sometime in 2019.

As e-commerce continues to cut into brick-and-mortar establishments, shopping centers in Westchester and Fairfield are putting more thought into the consumer experience and trying to create an allure strong enough to pull people away from their screens.

“While U.S. retail sales are expected to grow 3-4 percent in 2017 after 3.8 percent growth in 2016, most of this growth is coming from online sales, as store sales revenue growth is only about 1 percent,” PwC’s Total Retail Survey reported.

Traditional retail executives are trying to compete with Amazon and other e-commerce giants by making malls a destination for food and fun — not just shopping —上海千花网 爱上海同城对对碰 which means changing up their tenant mix.

“There are fewer tenants now than there were 10 to 15 years ago. You can’t find any music stores or electronics stores. Mom-and-pop stores are gone,” said Robert Greenstone, chairman and CEO of Greenstone Realty, which operates as the leasing agent for Westchester shopping center Rivertowns Square. “People say food and entertainment will keep malls alive.”

And in this “narrowing universe of retailers,” as Greenstone put it, Rivertowns Square is paying very close attention to the consumer experience. To them, that means an emphasis on restaurants and movie theaters.

For example, this year they replaced Sundance with the upscale[……]

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NYC Demolition Permits

Vacant lot at 456 West 31st Street (Credit: Google Maps)

Looking to develop a new building? You are not alone. Over 3,900 new building permits were filed with the Department of Buildings in 2017 thus far, which account for buildings of any size in the earliest stages of development across the five boroughs. Each of these filed permits represent a building that will be constructed over the next few years. A prospective developer or lender can keep tabs on these projects, looking for signs of distress that may imply that the project is a c上海贵族宝贝 上海千花网龙凤论坛andidate for purchase or refinancing but there s no telling which project上海千花网论坛 上海千花网s will need help or show signs o爱上海同城手机版 新爱上海同城对对碰论坛f it when they do.

Instead of focusing on projects that may very well be chugging along without a hitch, developers and lenders should be seeking out a particular list of potentially lucrative real estate: lots that have been demolished but have not filed permits for a new building.

TRData has assembled over 7,000 demolition permits filed throughout the five boroughs that correspond to demolitions occurring between April 2013 and November 2017, nearly 2,000 of which were filed so far this year. We ve taken this list of demolition permits and compared it to the list of every new building project filed with the Department of Buildings, enabling us to determine which addresses received demolitions but have no current plans of constructing a new building in its place. We ve taken this exercise a step further by cross-refere[……]

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Compass

Masa Son has brought his billions to Compass. What happens next? Japanese investor has made giant bets on WeWork through $98B Vision Fund

From left: Robert Reffkin, Ori Allon and Masayoshi Son (Photo illustration by Lexi Pilgrim for The Real Deal)

A five-year-old New York-based residential brokerage has now raised more than $750 million in venture capital. Let that sink in.

Just a month after raising $100 million in a Series E round, Compass received a $450 million infusion from SoftBank, the company announced Thursday, giving it a new valuation of $2.2 billion. The capital makes Compass the richest brokerage in the country – no one else even comes close– and sets it up to make a flurry of acquisitions in coming months.

In this, it mirrors WeWork. The shared-office space company hit a valuation of $20 billion earlier this year after its most recent investment round, also led by SoftBank, a Japanese conglomerate that is transforming the world of venture capital through its $97.7 billion Vision Fund.

Since launching in May, the fund — the world s largest corporate venture c上海同城对对碰交友社区 上海夜网论坛apital fund — has invested north of $19 billion in 16 companies ranging from robotics to ride-sharing to real estate. After pouring $4.4 billion into WeWork in August — and now pledging another big sum to Compass — SoftBank may be seeing real estate as the next big thing.

“Real estate is a huge asset class, but the sector has been relatively untouched by technology and remains inefficient and fragmente[……]

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NYC Real Estate Events

Next week brings a new bundle of real estate events!

On March 14, B’nai B’rith is hosting its Real Estate Luncheon at the Ivy Room, 944 8th Avenue fro上海千花网 爱上海同城对对碰m noon to 2 p.m. The theme of this month s luncheon is Essex Crossing Transformation of the Lower East Side. Charles Bendit of Taconic Investment Partners will be the speaker at the event.

On March 15, the Asian Real Estate Professional Association (AREPA) is hosting its Distinguished Guest Speaker Event from 6 p.m. to 8 p.m. at Herrick Feinstein, 2 Park Avenue. Attend新爱上海同城对对碰论坛 上海同城对对碰交友社区 for networking and a reception with beer and wi阿拉爱上海同城 爱上海龙凤419桑拿ne. Grant Jiao, managing director of Gemdale USA Corporation, will discuss his career in real estate and his company’s future. This event is free for AREPA members.

To search for future industry events or browse past ones, click here. And to submit more industry events, ple上海龙凤论坛sh1f 上海龙凤论坛ase reach out to [email protec上海千花网龙凤论坛 上海千花社区ted].

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Priciest Apartments Manhattan

Here are t爱上海同城 爱上海he week’s priciest apartment sales An interactive loo上海千花网龙凤论坛 上海千花社区k at where the biggest deals were struck, plus total overall sales and average prices for the week (click on numbers to see data)

Each we上海贵族宝贝 上海千花网龙凤论坛ek, The Real Deal and CityRealty look back at Manhattan’s priciest apartment sales.

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Steel Tariffs

Trump s new NAFTA deal with Canada could be relief for developers Tariffs have pushed up prices for steel imported from Canada

Steel I-beams, Canadian Prime Minister Justin Trudeau and President Donald Trump (Credit: Max Pixel, Wikimedia Commons)

With a tentative bilateral trade deal in their pockets, both American and Mexican officials have their sights set north of the U.S. border with hopes of negotiating new trade deals with Canada.

That could be big news for U.S. property developers.

A deal with Canada that resolves the 25 percent import tax on steel imposed by President Donald Tru上海千花网交友 上海千花网论坛mp’s administration would be爱上海同城手机版 新爱上海同城对对碰论坛 a relief for developers working in the U.S., who have seen construction costs rise because of the tariff.

The tentative agreement would revise details in the North American Free Trade Agreement, which Trump vehemently opposes and wants to scrap in favor of a new trilateral deal, or separate bilateral deals with Mexico and Canada. Trump characterized the agreement with Mexico as a completely new trade deal, but the overall NAFTA framework remains in place, according to the New York Times.

Even before the steel tariff went into effect in March, the industry braced for higher costs. Prices for steel, which is usually traded based on estimates of future costs, rose by 10 percent nationwide. Some firms were underwriting projects with a contingency for the higher steel prices.

The U.S. tariffs, and the tariffs imposed around the world in response, have generall[……]

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