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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 Meadow Partners’ 866 United Nations Plaza. The religious group paid $12.4 million for the first-floor office space which spans nearly 14,000 square feet. Recent buyers in the new building include Egypt’爱上海 爱上海同城手机版s Foreign Affairs office, the Government of Monaco and the Military Office of Angola.

4.) Brooklyn investor Joseph Brunner and Abe Mandel s Bruman Realty scooped up an industrial office and warehouse at 78-92 Kingsland Avenue in Williamsburg for $12.5 million. Epner Technologies, a century-old business that made plating technology for NASA and coated this year’s Oscar awards, occupied the warehouse for over 40 years. The block-long site is three stories and spans 23,000 square feet. It has up to 47,856 buildable square feet available with a community facility component.

5.) Brunner and Mandel also purchased two warehouses at 347 Flushing Avenue and 361 Flushing Avenue in East Wil上海贵族宝贝交流区 上海贵族宝贝论坛liamsburg for $11.2 million.  Color Tex, a textile dye company, was one of the buildings’ occupants. Combined, the buildings hold more than 55,000 buildable square feet. No plans have been filed yet for the site.

上海贵族宝贝论坛 上海贵族宝贝(Source: ACRIS data for closed sales between Sept. 12- Sept. 18, and Reonomy data)

Tags: Investment Sales
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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 hea上海贵族宝贝论坛 上海贵族宝贝dquarters for Ernst Young that David Werner bought in 2014 for $1.5 billion.

“We are currently reviewing term sheets from a number of institutions and expect to settle on a lender within a week or so,” said RXR CEO Scott Rechler, whose firm acquired a 49 percent stake in the 39-story property shortly after Werner bought the building.

Retail properties and especially malls hit hard by e-commerce are expected to struggle the most. [Bloomberg] – Rich Bockmann

Tags: 5 Times Square, NYC Retail Market, RXR Realty
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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 movie chain iPic, which offers luxury seats, a full menu, wine and cocktails, all inside the theaters.

The evolving tenant mix has helped to keep vacancy and availability rates relatively stable over the last year, experts said. According to a report by Kerin Fazio — a real estate valuation and advisory firm — as of the first quarter, the retail vacancy rate in Fairfield County was 3.9 percent, compared with 4 percent a year ago. Availability was at 6.3 percent, very slightly down from 6.4 percent last year, the firm said.

For Westchester County, the retail vacancy rate at the end of the second quarter was 4.5 percent, unchanged from a year ago, according to Admiral Real Estate Services. The availability rate was 7.5 percent, up from 7 percent a year ago, Admiral reported.

Prime locations are available as big-box stores shutter — but landlords are careful about who they bring in.

“There’s certainly a lot more opportunity in the last six months than in the last few years. There are some different sites that have become available that haven’t been available in a very long time,” said Tyler Lyman, senior vice president at the commercial real estate firm Rhys.

Filling those sites up with the right tenants is the goal. He used Morton’s steakhouse as an example. The restaurant recently relocated to White Plains’ City Center from the Source, citing higher foot traffic as the reason for the move. The management at White Plains City Center agreed to the deal because the steakhouse was “[……]

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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-referencing our list of properties without new building job filings with the list of properties that performed zoning lot mergers, the act of combining multiple parcels of land into one new lot with a s上海同城对对碰交友社区 上海夜网论坛ingle identification number.

Our list of demolished lots without new building permits filed contains over 2,000 addresses. Each address contains the property s BBL, BIN, zip code, zone district, building class of demolished building, lot square fo上海千花网交友 上海千花网论坛otage, residential FAR, commercial FAR, facility FAR, land use, lot frontage, lot depth, owner s name, owner s business address, owner s business phone number and owner s email address.

Click here to download a free sample of 5 properties located in Manhattan, The Bronx, Brooklyn and Queens that have been demolished and have not yet filed a new building permit with the Department of Buildings.

Contact Derek Smith at [email protected] or (646) 503-3561 to learn more about pricing and request a free custom sample

Tags: TRData
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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 fragmented,” Justin Wilson, a senior investment professional at the Vision Fund, said in a statement Thursday.

Founded by Masayoshi Son in 1981 as a software and media publisher, SoftBank was worth an estimated $180 billion by the late 1990s before it lost 99 percent of its value during the dot-com bust. But Son, known widely as “Masa,” who reportedly lost $70 billion himself, m上海夜网论坛 上海夜网anaged to salvage the company by betting big on Japan’s broadband market. He is now the richest man in Japan.

In 2006, Son paid $15 billion for Vodafone’s telecom carrier unit — which today is one of SoftBank’s most profitable business lines. Son then made the mother of all prescient bets, on an upstart Chinese e-commerce company lead by a Tai Chi enthusiast called Jack Ma. Ma s company Alibaba, now has a market cap of nearly $450 billion, and Son s $20 million investment in the company is now上海贵族宝贝交流区 上海贵族宝贝论坛 worth an estimated $139 billion.

Through the Vision Fund, Son hopes to shape many of the country s most buzzed-about companies. He takes positions that allow him to shape the companies he s investing in.

“Most of our investments will range between 20 and 40 percent, making us the largest shareholder and board member, in a position to discuss strategy with the founders,” Son said earlier this year.

Backed by $28 billion of SoftBank’s own capital, the fund’s other investors include Saudi Arabia’s Public Investment Fund ($45 billion), Abu Dhabi’s Mubadala Investment Company ($15 billion) and companies like Apple[……]

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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].

Tags: real estate events
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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 generally increased prices. Because of strong demand in the U.S., prices for steel produced in the country was up by around 40 percent as early July, according to Global News, a Canadian outlet. That’s driving up prices around the world.

Canada has sat out the talks between the U.S. and Mexico. Trudeau spoke about the possibility of resolving a trade war last week, saying that he was “encouraged by the optimism expressed b爱上海龙凤419桑拿 上海龙凤论坛sh1fy the U.S. and Mexico,” but added that “we also recognize that we will only sign a good deal for Canadians.”

Getting the Canadians to agree to come to the table might not be the only challenge. Both U.S. and Mexican officials said Monday they are now focused on Canada.
But their respective heads of state struck much different tones when discussing their northerly neighbor.

Mexican President Enrique Pena Nieto said he spoke to Canadian Prime Minister Justin Trudeau and emphasized to him “the importance of his reinstatement in the process in order to conclude a trilateral negotiation.”

Trump, meanwhile, signaled he was taking a hard stance going into talks with Canada. “We’ll see if Canada can be a part,” of any deal, he said. The president added that the U.S. could further tax car imports from Canada in response to a 300 percent Canadian tariff on American dairy products.

“We can have a separat爱上海同城 爱上海e deal or we can put it into this deal,” Trump said.

Tags: Donald Trump, politics, Steel Tariffs
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Belize Fraud

Andris Pukke and the Sanctuary Belize development (Cre新爱上海同城对对碰论坛 上海同城对对碰交友社区dit: Google Plus and Belize Real Estate Property for Sale)

Ever fantasize about fleeing the winter cold and getting in on the ground floor of a beachfront real estate deal in which you double your money in a few years? If you ve dreamed that dream, here s how it could turn nightmarish.

When Frank Balluff and his wife, Rebecca, purchased a lot in what seemed to be an exciting new Caribbean resort development, little could they imagine what they were getting into. In fact, it was what the Federal Trade Commission now calls the biggest real estate scam involving overseas property it has ever investigated. Promoters allegedly fleeced 1,000-plus lot buyers out of $100 million or more. Earlier this month, the FTC sought and obtaine新爱上海同城对对碰论坛 上海同城对对碰交友社区d a federal court order temporarily shutting the project down and freezing promoters assets.

Balluff, a business owner from Michigan, estimates that his person上海夜网 阿爱上海同城al losses exceed $310,000, but he says he s heard of others who invested their full retirement funds and planned to build homes and move to the resort. Now they just have nothing left, he says.

Balluff and others mainly Americans nearing retirement age or already retired bought into a slickly marketed development known variously as Sanctuary Belize, Sanctuary Bay and The Reserve. The 14,000-acre project is located on the Caribbean coast in Belize, an English-speaking nation bordering Mexico.

Through advertising pitches on Bloomberg News, Fox News and infomercials, developers promised purchasers a seductive list of amenities fine restaurants, a luxury hotel, a world-class marina and shops, a hospital staffed by Americans, a championship golf course, a casino and even an airstrip, according to the FTC. Plus they dangled financial catnip: fat and fast profits if buyers chose to sell their parcels. The promoters pushed on-site tours to people like the Balluffs, who flew to Belize to insp爱上海 爱上海同城手机版ect the property before putting down any money. However, according to the FTC, many consumers purchased lots costing $150,000 to $500,000 sight-unseen.

Balluff says he was attracted by the promoters innovative no-debt approach; unlike most real-estate developers, they wouldn t depend on lenders to finance their activities. Instead they d plow sales revenues back into the resort to speed its completion within two to five years.

High on the Balluffs priority list was that the project be completed as quickly as promised, because they wanted to build a home and get away from Michigan s harsh winter weather. When they periodically inquired about progress at the site, they were assured by officials that Sanctuary Belize would meet its timelines. But six years have passed, and most of what was promised hasn t been delivered. Hardly any homes have been built, according to the FTC, and Balluff says the developers seem to be doing little more than moving dirt around and making excuses for delays. When buyers ask for the de[……]

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