Month: June 2019

L Train Shutdown

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CityRealty prez pitches East River cable car once again Daniel Levy says gondola system connecting Williamsburg and Manhattan could be completed in time for potential L train shutdown

With the impending L train shutdown inching toward reality, the president of CityRealty is revisiting his idea to connect Williamsburg and Lower Manhattan via suspended cable cars.

Daniel Levy is once again floating the idea he first proposed in 2014 for the East River Skyway,爱上海同城论坛 爱上海同城 and he says private investors could build the gondol上海贵族宝贝论坛 上海贵族宝贝a system in time for the planned shutdown.

It s not going to be easy to get [it done] but it s certainly not impossible, Levy told DNAinfo, adding that a similar system went up in London in time for the 2012 Olympics.  It s certainly well within reach.

As the Metropolitan Transportation Authority moves closer to shutting down the Canarsie Tube carrying the subway under the East River for 18 months beginning in 2019, real estate players on the Brooklyn side are bracing for the potential impacts.

Levy has been meeting with investors and is working on organizing them for the effort, which he says can be done for an estimated $134 million.

While the L train carries about 300,000 passengers between the two boroughs each day, the Skyway would be able to ferry about 200,000 people across the river, according to DNAinfo. A monthly pass would cost $25.

On the Manhattan side, Levy would build a station a station at Delancey Street. The origin爱上海同城 爱上海al plan called for one[……]

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Manhattan Property Sales

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The Manhattan apartment market saw its low上海千花网 爱上海同城对对碰est total sales figures since 2011 during the third quarter, which is usually the busiest part of the year. And many brokers said that uncertainty over the presidential election doesn’t bode well for a turnaround.

The number of co-op上海千花网论坛 上海千花网 and condominium sales in the borough fell 15.3 percent from the same quarter in 2015, the Wall Street Journal reported, citing New York City Department of Finance data.

Sales of co-ops fell notably 17.5 percent, and those of lower-priced apartments below the $1 million price point dropped off 22.2 percent. Market experts said a lack of supply was to blame for the slowdown on the lower end of the market.

This was the slowest three mont上海龙凤论坛 新上海贵族宝贝论坛hs since the third quarter of 2011 when the market was still recovering from the financial crisis.

Brown Harris Stevens president Hall Willkie said the market takes a hit every four years during a national election, but this year is particularly notable.

“It is a much more polarizing event,” he said. “Both sides have dire predictions of what will happen if the other side wins.”

阿爱上海同城 阿拉爱上海同城

Wilkie said he doesn’t expect the market to recover at least until the holiday season at the end of the year.

Median prices for Manhattan apartments were up 10.5 percent from the third quarter of 2015, but down from peak prices earlier this year.

On Friday, The Real Deal reported that the target offering price of new condos approved for sale in New York City is down 34.4 percent ye[……]

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Berkshire Hathaway HomeServices New York

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Warren Buffett s firm takes on New York real estate Former Sotheby’s manager Ellie Johnson will lead Berkshire Hathaway HomeServices NYC

Ellie Johnson

Undaunted by the cutthroat residential brokerage game in New York City, Berkshire Hathaway HomeServices opened its first office in the city this week.

Ellie Johnson, the longtime former senior vice president and manager of the Upper East Side sales office at Sotheby’s International Realty, is leading Berkshire Hathaway HomeServices foray into New York City, the company announced Monday.

The New York City operation is the latest step in the company s “strategic expansion” in the northeast. Over the past two years, Berkshire Hathaway has been establishing a presence in Westchester County by acquiring brokerages in Scarsdale, Larchmont, Eastchester a上海夜网论坛 上海夜网nd Rye.

Johnson, who resigned from Sotheby’s last September, said the brokerage now has five brokers and will continue to recruit. The team is focusing exclusively on the residential market, but Johnson said the company will eventually expand into commercial real estate.

The team already has exclusive listings in the city, according to Johnson, and is operating in Manhattan and some neighborhoods in Brooklyn. She did not immediately provide the exclusive listings or state what the firm was targeting in terms of sales volume or agent counts. The firm s new office i上海千花网 爱上海同城对对碰s on the 37th floor of 590 Madison Avenue.

“We might be new in New York City, but the brand is globally known and wel[……]

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Central Park Tower

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Central Park Tower, NYC s f爱上海 爱上海同城手机版irst $4B condo, can now launch sales AG’s office greenlights offering plan for Extell’s 179-unit project

Rendering of Extell s Central Park Tower and Gary 阿拉爱上海同城 爱上海龙凤419桑拿Barnett

New York City now officially has a $4 billion condo project.

Central Park Tower, the most expensive condominium project in the city s history, can now launch sales, after Extell Development s offering plan was approved by the New York State Attorney General s office.

The tower at 217 West 57th Street, designed by Adrian Smith + Gordon Gill, will feature 179 uber-luxury apartments, with a total target sellout of $4.02 billion. That puts the average unit price at just under $22.5 million, twice as much as the average sales price for an apartment in the top 10 percent of the market, according to Miller Samuel data.

Prior to Central Park Tower, the most expensive offering plan ever accepted was Vornado Realty Trust s 220 Central Park South. With a $3.4 billion projected sellout, that project was accepted in March of 2015 and a duplex there recently hit the market priced at more than $10,000 per square foot. Hedge fund mogul Ken Griffin is reportedly in contract to buy a spread there for north of $200 million.

A spokesperson for Extell, which is led by Gary Barnett, did not immediately respond to a request for comment.

Extell s 1,55上海贵族宝贝论坛 上海贵族宝贝0-foot supertall has undergone a number of notable changes on its way to its $4 billion ask. It was first floated as Nordstrom Tower, with a rooftop s[……]

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The 10 largest homes for sale in the US right now

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Courtesy of Brian McGrath, McGrath Realty Inc

Small homes may continue to rise in popularity, but bigger will always be better for the most luxurious end of the real estate market.

When your budget has no bounds, you can afford endless space for you, your family and your helicopter.

Whether you ve been dreaming of your own villa near Hollywood or a remote castle in upstate New York, these truly grand estates have earned their spot on the list of the ten biggest houses currently for sale in the United States.

1. Deluxe lakeside compound

Courtesy of Kristin Hayes Claire, LandVest, Inc.,

$19,800,000

63,000 sq ft

It s two magnificent estates for the price of one in this jaw-dropping compound on the shores of scenic Lake Winnipesaukee in the quaint town of Alton, New Hampshire. Between these two properties, you ll enjoy 12 bedrooms and a combined total of 63,000-square-feet. Your commute to either home can be whatever you choose, thanks to the on-site helicopter pad and multiple docks. (Those traveling by luxury car will simply enjoy the drive in from the gated entrance and through six acres of manicured lawns.)

Though built for year-round enjoyment, certain features stand out for milder months of the year, like the stone amphitheater, an infinity pool with grotto and the tennis court. For those who plan on hosting many get-togethers, you have a 7,655-square-foot reproduction post-and-beam barn specifically built for entertaining. There s also one of the most charming features we ve ever c[……]

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Cornell Realty Management

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Conceptual rendering of 200 Kent Avenue

Isaac Hager’s Cornell Realty Management just landed a $64 million construction loan for a six-story mixed-us上海千花社区 上海千花网交友e project in Williamsburg.

Madison Realty Capital provided the financing for 200 Kent Avenue, where Cornell plans to build a 117,00-square-foot office and retail project. Trader Joe s has long been rumored to be the anchor tenant for the retail portion of the project, and the store appears in documents filed with the city s Department of Finance.

The building will feature 50,000 square feet of retail space, 22,000 square feet for office and restaurant tenants and 45,000 square feet of parking.

“In this case, w上海贵族宝贝论坛 上海贵族宝贝e’re working with a repeat Madison Realty Capital borrower who understands our ability to execute efficiently, Josh Zegen, co-Founder and managing Principal of Madison, said in a statement.

Cornell purchased the roughly 23,000-square-foot vacant lot in 2016 for $33 million. Records filed with the city indicate that California-based ABP Capital provided a $24.6 million mortgage.

Cor上海贵族宝贝论坛 上海贵族宝贝nell had been pursuing a rezoning of a Crown Heights prop上海贵族宝贝交流区 上海贵族宝贝论坛erty to make上海贵族宝贝论坛 上海贵族宝贝 way for 565 apartments, but the developer withdrew the application in April amid community opposition. Sources told The Real Deal in February that Cornell was looking to sell the Kent Avenue site.

Tags: Commercial Real Estate, Cornell Realty Management
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Emad Khashoggi

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Meet the developer who built – and sold – the world s most expensive home Emad Khashoggi made a killing with his $300M Chateau Louis XIV

From left: Emad Khashoggi, the Chateau Louis XIV and Mohammad bin Salman (Credit: LinkedIn and Getty Images)

In 2011, three weeks before construction of the Chateau Louis XIV would finish, celebrity real estate broker Jeff Hyland spent half a day touring Emad Khashoggi’s magnum opus on the outskirts of Paris. He came away impressed by the development’s splendor and attention to detail, but also a little baffled.

Sitting on a 57-acre park a short drive from Versailles, the mansion is built in the style of a 17th-century palace: gold-plated water fountains and marble statues outside, grand staircases and elaborate chandeliers inside. Also included: a nightclub, a movie theater, a moat doubling as an aquarium and two downstairs lounges. As Hyland understood it, one lounge was for men and the other for women. The design didn’t seem like it would appeal to his rich American clients.

“I was racking my brain. Who could I have for it?” the Los Angeles-based broker recalled. In hindsight, he said, the answer was obvious: “[Khashoggi] must have known up front that he’d be selling it to a Middle Easterner.”

“The guy just for lack of a better term has huge balls and put them on the table.

Four years later, in December 2015, the property sold to an unnamed buyer for around $300 million. It was reportedly the most expensive home sale in modern history. Last[……]

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Real Estate Brokers Who Invest

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Why does your agent have a nicer house than you do? Brokers often see smart investments first

Douglas Elliman s Darren Sukenik and Greenwich Village

Douglas Elliman s Darren Sukenik invested in a condo in the West Village 12 years ago when the neighborhood was still, as he said, fringy.

But like other residential agents, he drew on decades of experience and instinct. Two years ago, Sukenik and his husband purchased the adjacent 上海千花社区 上海千花网交友unit, which is designed with a neutral palette. Any real estate I ever purchase, I purchase with an eye to resale, he told the Wall Street Journal. I practice what I preach.

Agents have a built-in edge when it comes to buying and selling real estate. They are the first to know about listings, know the ins and outs of the market and often know when is the best time to buy or sell.

Michael Rankin, managing partner of TTR Sotheby s International Realty in Washington, D.C., utilized his market knowledge — and experience with renovations — to gut the Georgetown home he owns with his husband, Mark Green. They paid $5 million for the 7,00上海贵族宝贝 上海千花网龙凤论坛0-square-foot house in Georgetown and spent another $2 million to renovate. He estimated his experience saved them 10 months of waiting and design work. We knew not to go in and 爱上海同城 爱上海ask for things that you couldn t do in a historic neighborhood, he said.

Pate Stevens, a Nourmand Associates agent in Beverly Hills, used his experience with renovations to save money on his newly-built million home in Palm Springs. H[……]

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Cynthia Nixon

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Cynthia Nixon unveils her housing plan. And landlords won t like it Plan f上海千花社区 上海千花网交友ocuses on overhauling rent regulations

Cynthia Nixon (Credit: Metropolitan Transportation Authority/Patrick Cashin)

Gubernatorial hopeful Cynthia Nixon has released her housing plan, which focuses largely on a major overhaul of the state’s rent regulations.

The former “Sex and the City” actress challenging Gov. Andrew Cuomo for the Democratic gubernatorial nomination has proposed eliminating methods that landlords use to deregulate and raise rents at rent-stabilized apartments, according to Politico. She would increase funding for the Division of Homes and Community Renewal, which enforces tenant protection laws, and change the formula that landlords use to determine rent increases based on apartment renovations they make.

Nixon also promised to end vacancy decontrol, a practice that allows landlords to deregulate rent-stabilized apartments once a tenant moves out and the rents hits a legally-mandated threshold, which is currently $2,733. Housing advocates have criticized this policy as creating an incentive for landlords to make rent-stabilized apartments unlivable to force out tenants and raise rents, and Cuomo said last month that he wants to end the practice as well.

Her plan would end the “vacancy bonus loophole” as well, which lets landlords raise rents by 20 percent each tim上海贵族宝贝 上海千花网龙凤论坛e an apartment is vacated, and wants rent increases based on renovations to only exist long enough for landlords t[……]

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WeWork

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WeWork is hoping this acquisition will help it win corporate clients Co-working giant buy爱上海 爱上海同城手机版s software startup Teem

Teem’s CEO Shaun Ritchie and UBS’ Weehawken office (Credit: Eventgrid and Wikipedia)

WeWork acquired the workplace software company Teem in a bid to offer more services to its largest, corporate customers.

Teem, founded in 2012, produces workplace software tools such as office analytics and desk and conference room reservations. The Salt Lake City-based company will continue to operate as an independent business division and keep its existing clients, which include Airbnb, Dropbox and GE, WeWork said in a statement Wednesday.

It wasn’t clear how much WeWork paid for its acquisition of the company.

WeWork said it plans to include Teem in the services it 上海贵族宝贝论坛 上海贵族宝贝offers its so-called enterprise customers. Last year, the co-working company launched the business line Powered By We, which manages corporate offices for a fee. WeWork claims it has 30 such projects in planning. In July, the company announced it will renovate UBS’ offices in Weehawken, Ne阿拉爱上海同城 爱上海龙凤419桑拿w Jersey.

WeWork, which last year raised more than $4 billion in venture funding from SoftBank and raised another $1 billion last month, has acquired several co新上海贵族宝贝论坛 上海贵族宝贝交流区mpanies in recent years, including the Flatiro爱上海同城 爱上海n School, construction technology company Case and marketing company Conductor.

Tags: Commercial Real Estate, Tech, wework
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