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  • WeWork considers freezing China expansion plans

    The Real Deal New York 1 Oct 2019 | 2:18 pm

    WeWork is discussing a freeze of expansion plans in China, where it has 60 locations, sources familiar with the matter told The Real Deal. Executives are also considering stalling expansion plans in Hong Kong and South Korea, according to a source. However, the discussions are ongoing, and no final decisions have been made. WeWork did not immediately provide comment. A spokesperson for SoftBank, which is the majority investor in WeWork’s Asia operations, declined to comment.

  • Editor’s note: Recession fears and shelved IPOs

    The Real Deal New York 1 Oct 2019 | 2:00 pm

    “I don’t know why anyone was paying [Adam] for the word ‘we.’ The only word he knew was ‘I.’” Those were the reflections of a former WeWork executive on the company’s co-founder Adam Neumann, who grew one of the world’s most-hyped startups into a $47 billion behemoth with a presence in 111 cities — until it all came crashing down last month. Neumann was removed as CEO as he sought to take the company public

  • Jacob Chetrit buying Daily News building from SL Green for $815M

    The Real Deal New York 1 Oct 2019 | 1:59 pm

    Jacob Chetrit is buying 220 East 42nd Street from SL Green Realty for $815 million. SL Green announced Tuesday that the property went into contract, but did not identify the buyer. The deal should close in the first quarter of 2020, according to SL Green. Sources told The Real Deal that Chetrit is the buyer. SL Green and the team at Cushman & Wakefield marketing the property had given pricing guidance of about $900 million.

  • Living Charming and Invest Smart in this Brooklyn Townhouse

    BrokerPulse 1 Oct 2019 | 6:35 am

    (BROOKLYN, NY)— Encompassing the best of Brooklyn townhouse living, 10 Monroe is a 20’ wide; four-story, two-unit townhouse listed at $2.,885,000.

     The two-family home holds a total of six bedrooms, four baths, a generously sized kitchen, a deck, and a garden. This house is a haven and a smart investment, with annual real estate taxes at an unbelievably low $3,098.

     The top three floors comprise a 4BR/3BA Triplex, and the garden and finished basement comprise a fully independent two-bedroom rental apartment, ideal for monthly rent or to accommodate out of town guests. 

     This charming and sundrenched townhouse features a smart triplex owners unit with a full floor, master suite on the top, with the added bonus of an accessible 700 sqft rooftop with wide-open NYC Skyline views, three comfortable bedrooms on the middle floor, and a huge open parlor floor, well-designed for living/entertaining. The modernized chef’s kitchen has high-end appliances, a spacious island, sleek cabinetry, subway tile, is flooded with light and overlooks the sunny private deck and garden giving direct access to the space. 

     Within the past two years, 10 Monroe has been fully renovated including new mechanical systems and central AC throughout. The townhouse sits at the beginning of Monroe Street where Clinton meets Bedford Stuyvesant located in the middle of a delightful neighborhood. Surrounded by acclaimed restaurants, cozy cafes, and Prospect Park this unit sits at a central location for social life.  

     The home is currently listed with Brown Harris Stevens with real estate agents Nadine Adamson and Kelsey Hall. Nadine Adamson has set numerous sales records in Manhattan and Brooklyn, through 2012-2014 Nadine received the BHS award for the most townhouses sold by a Manhattan agent. Kelsey Hall an experienced real estate agent known for his positive and unrelenting enthusiasm instantly attracts buyers to work along side him as a trusted advisor. 

  • Tishman Speyer receives $1 Billion loan to finalize Jackson Park

    BrokerPulse 30 Sep 2019 | 5:15 am

    (LONG ISLAND CITY, NY)—  Tishman Speyer, a prominent real estate investment company has just acquired $1 billion in financing for Jackson Park. The company has a lengthy history of working on notable sites such as the new development of the Yankee Stadium, the Met Life Building, and Rockefeller Center. 

     In 2015 Tishman Speyer began the construction of Jackson Park in Long Island City, opening in stages beginning last year.  The three buildings that comprise ‘Jackson Park’ will consist of more than 1,800 apartments, a 50,000-square-foot clubhouse, and a 1.5-acre private park. 

     Back in 2015, the developer acquired a $640 million construction loan from Bank of America and Wells Fargo. On Friday the company announced that they have replaced the first loan with a 10-year interest-only loan worth $1 billion from the same banks. Michael Tepedino, Michael Gigliotti, and Geoff Goldstein of JLL represented Tishman Speyer in the deal, according to the Real Deal. 

    Jackson Park is located at 28-40 Jackson Avenue directly across from a Tishman Speyer retail and office complex known as JACX. It has not yet been announced when Jackson Park will be done with construction.

  • Tishman Speyer secures $1B to refinance luxury LIC towers

    Real Estate Weekly 27 Sep 2019 | 1:05 pm

    Tishman Speyer today announced that it has secured $1 billion in permanent financing for Jackson Park, its new luxury residential rental community in Long Island City, Queens.

    Jackson Park, which began construction in 2015 and opened in phases from 2018 through early 2019, features 1,871 luxury apartments in three glass towers, a five-story, 50,000 s/f clubhouse and a private 1.5-acre park.

    The development, which incorporates 120,000 s/f of indoor and outdoor amenities, is virtually 100 percent leased.

    Tishman Speyer and its investment partners secured a $1 billion first mortgage from Bank of America and Wells Fargo Bank. The 10-year interest-only loan will be used to retire a $640 million construction loan obtained in 2015.

    JACKSON PARK

    Tishman Speyer was represented in the transaction by the Capital Markets team of Michael Tepedino, Michael Gigliotti, and Geoff Goldstein from JLL

    In the past decade, Tishman Speyer has transformed six acres of essentially vacant land into a 24/7 community with approximately 1.8 million square feet of new office space, nearly 1,900 apartments and more than 50,000 square feet of restaurants and shops.

    The mixed-use developments, which collectively encompass 3.7 million square feet, are adjacent to The JACX, a 1.2 million-square-foot creative office development.

    The JACX, which is fully leased to Bloomingdales, Macy’s and WeWork, is the single biggest addition to Long Island City’s office inventory since the Citicorp Building opened in 1990.

    In 2011, Tishman Speyer completed Two Gotham Center, a 700,000 square foot office tower located next door to The JACX and fully occupied by the New York City Department of Health.

    The post Tishman Speyer secures $1B to refinance luxury LIC towers appeared first on Real Estate Weekly.

  • Greystone expands bridge financing capabilities with $600 million offering

    Real Estate Weekly 27 Sep 2019 | 12:40 pm

    Greystone, a CRE lending, investment and advisory company, announced the closing for Greystone CRE Notes 2019-FL2, Ltd., a $600 million CLO backed exclusively by bridge loans on primarily multifamily properties.

    Greystone CRE Notes 2019-FL2 is the company’s third CLO. The initial collateral pool consists of 24 loans totaling $492.1 million that Greystone originated, secured by mortgages on 24 properties in nine states.

    Greystone will invest the remaining $107.9 million of CLO proceeds over the next 180 days into comparable mortgages.

    Jeffrey Baevsky

    The CRE CLO accretively provides financing at a weighted average coupon at issuance of L+1.46 percent, before transaction costs.

    “Our newest CLO expands our ability to meet the financing requirements of our borrowers. This transaction, coupled with our previously issued healthcare CLO, further strengthens our balance sheet as we continue to expand our match-funded non-recourse financing structures,” said Jeffrey Baevsky, Executive Managing Director of Corporate Finance and Capital Market Finance at Greystone.

    The company has originated high credit-quality collateral with anticipated attractive returns through a well-established bridge lending program and experience working with investors, owners and operators in the multifamily and senior housing space.

    “This CLO further demonstrates Greystone’s role as a leader in multifamily lending,” Baevsky added.

    The three-year actively managed CLO offers seven classes of notes, including a senior structure consisting of $336.75 million Class A tranche, with a AAA rating from Moody’s and Kroll Bond Rating Agency. Greystone will transfer most of the collateral from its 2017 CRE CLO into the new Greystone 2019-FL2 and its 2017-FL1 deal is expected to be fully redeemed.

    All of the loans were originated by Greystone, which offers a bridge loan product as part of its lending program. Greystone has originated $4.7 billion in bridge loans since its program launched in 2004, and today, bridge loans make up approximately 5% percent of Greystone’s $35 billion loan servicing portfolio.

    Greystone’s participation in the broader multifamily market includes mortgage and mezzanine lending, management and ownership/operational advisory activities.

    The company is a top 25 U.S. commercial mortgage lender specializing in FHA, Fannie Mae, Freddie Mac, CMBS and short-term balance sheet lending.

    Wells Fargo Securities, LLC, J.P. Morgan Securities LLC and UBS Securities LLC acted as placement agents of Greystone CRE Notes 2019-FL2, Ltd. with U.S. Bank National Association serving as Trustee.  

    The post Greystone expands bridge financing capabilities with $600 million offering appeared first on Real Estate Weekly.

  • SB One makes senior committment

    Real Estate Weekly 27 Sep 2019 | 12:39 pm

    SB One Bancorp, the holding company for SB One Bank, announced its partnership in the development of the Saddle Brook Senior Housing which was just recently completed by the Housing Development Corporation (HDC), the non-profit arm of the Housing Authority of Bergen County.

    SB One Bank provided $4.95 million in financing for the two-story senior citizen low-rise apartment building which is located at 29 Caldwell Avenue.

    Additional project funding was provided by the New Jersey Housing and Mortgage Finance Agency (HMFA), Federal Home Loan Bank, the Township of Saddle Brook and the HDC.

    “We are honored to be a part of this project as it rings true to our commitment to giving back to the communities that we serve,” said Anthony DeSenzo, Executive Vice President & Head of Commercial Banking at SB One Bank.

    “Affordable housing is a commodity in Bergen County, and we are confident that the new development is not only necessary but will make a considerable difference in the lives of local residents.”

    The property owned by the Township of Saddle Brook was leased to the HDC.

    RSC Architects of Hackensack designed the building which features 30 one-bedroom apartments for senior citizens with incomes less than 50 percent of Area Median Income and six apartments for households that are homeless or precariously housed.

    The post SB One makes senior committment appeared first on Real Estate Weekly.

  • Upper East Side Duplex: A grand staircase included

    BrokerPulse 27 Sep 2019 | 10:32 am

    (NEW YORK, NY)— Brown Harris Stevens has listed a luxury home in an Upper East Side townhouse for $3.75 million. 47 East 67th is a triple-mint co-op apartment located between Park and Madison Avenues. Spanning across two separate floors, this apartment has been flawlessly designed by Daniel Frisch Architecture to display a lasting yet modern ambiance with a grand circular glass staircase from which all rooms emerge. 

    Apartment five offers a very private feel with an entrance right from an elevator landing. Perfect for both casual and formal events, the apartment offers a powder room and coat closet directly off the foyer, and the dining banquette excellently sits beneath the stairwell. 

    The open floor plan of this home features a chef’s kitchen, containing custom cabinetry, granite countertops and stainless steel appliances supplied by Miele. One of the three burning fireplaces resides in the living room and faced with three large south-facing bay windows that allow for unparalleled light to provide soft illumination to the home.

    The second floor of the home displays a south-facing bedroom with a second wood-burning fireplace, separate staff room or office use and a beautifully furnished bathroom. In addition, the second floor offers a private corridor which leads to the master bedroom. The master holds the last of three fireplaces and is fitted with a wall of windows that provide a blissful view of a quiet garden. A five-fixture master bathroom sits opposite to a massive walk-in closet containing built-in shelves.

    6-inch white oak flooring is laid throughout this residence along with recessed lighting, state-of-the-art electronics and central air conditioning residing in two locations. The neighborhood surrounding this two-floor limestone mansion holds luxury boutiques and shops, museums, Central Park and transportation such as the 4,5,6, F, N, Q, and R trains

    The property listed with Brown Harris Stevens and is being overseen by real-estate agent Roger Gillens. Gillen’s joined the agency in 2008 and has earned numerous amount of prestigious awards alongside recognition from the Real Estate Board of New York.  

  • Living In: Asbury Park, N.J.: A Seaside Community Reborn

    NYT > Real Estate 15 May 2019 | 2:01 am

    The once-desolate oceanfront resort is being restored and rebuilt. But some worry that threatens the quirky energy that made it unique.

  • Square Feet: Visit Times Square? These Projects Want You to Experience It

    NYT > Real Estate 14 May 2019 | 4:36 pm

    TSX Broadway, which will a feature a theater, a hotel, a shopping center and an outdoor stage, is the latest effort by developers to lure visitors.

  • Living In ... Asbury Park, N.J.

    NYT > Real Estate 14 May 2019 | 12:48 pm

    The once-desolate oceanfront resort is being restored and rebuilt. But some worry that threatens the quirky energy that made the city unique.

  • Anna Faris Has Sold the Hollywood Hills Retreat She Shared With Chris Pratt

    Real Estate – Observer 14 Aug 2018 | 4:01 pm

    But the home didn't bring in quite the haul she was hoping for.

  • Joe Jonas Doesn’t Want Cake by His Sherman Oaks House

    Real Estate – Observer 14 Aug 2018 | 9:14 am

    He's listing the home for $4.25 million.

  • Summer Aboard a Boat: The Cheaper Version of a Vacation Home With Way Better Views

    Real Estate – Observer 10 Aug 2018 | 3:30 am

    Tired of your current location? With a boat as a summer home you can pick up and sail to Martha's Vineyard, Montauk or Maine.

  • Mannequin maker shifts to new showroom space

    Real Estate Deal Watch - Crain's New York Business 1 Feb 2016 | 9:00 pm

    Midtown / Park Ave. South - A company that manufactures and provides mannequins to retailers across the city is moving its midtown south showroom a few blocks away. Mondo Mannequins leased 4,500...

    To view the full story, click the title link.

  • Deal Preserves Apartments’ Affordability for 55 Years

    Multi-Housing News Online 30 Oct 2015 | 5:11 am

    Photo credit: www.forrent.com

    Photo credit: www.forrent.com

    By Dees Stribling, Contributing Editor

    Pacifica, Calif.—Ocean View Senior Apartments has traded hands, with National Church Residences selling the property to Bridge Housing for an unspecified price. The transaction will preserve Ocean View as an affordable housing property for seniors in Pacifica and pave the way for new capital improvements.

    In 2000, National Church Residences acquired the 100-unit Ocean View at the request of the City of Pacifica, with the goal of sustaining the property’s affordability. Since then, the nonprofit provided property management at Ocean View and raised funds for roof replacement and other improvements. Most recently, National Church Residences had been pursuing a refinancing of Ocean View to repay two maturing loans and address capital needs.

    Bridge will start renovations next month with new financing in place. That includes tax-exempt bonds, additional funding through California Housing Finance Agency, restructuring of existing debt with the San Mateo County and the Housing Endowment and Regional Trust, and the addition of low-income housing tax-credit equity.

    The planned renovations will replace aging building elements with more efficient and higher-performing alternatives; restore and enhance the physical condition of the building; and, according to Bridge, enhance residents’ quality of life. The recapitalization also provides funding to enhance on-site services. Residents will have access to programs such as wellness and nutrition classes and referral services, without charge.

    All current residents will be able to remain in their units for the long term, and new deed restrictions have been placed on the property to ensure rent restrictions will continue for 55 years. Ocean View is affordable to seniors whose annual incomes range from about $14,928 to $84,500 (minimum income standard to 80 percent of area median income, depending on household size), though 31 apartments will have additional subsidy provided by the Housing Authority of the County of San Mateo.

  • Suburban Dallas Apartments Up for Sale

    Multi-Housing News Online 30 Oct 2015 | 4:55 am

    By Adriana Pop, Associate Editor

    Dallas—Greysteel has been retained as exclusive advisor and agent for the sale of The Lakeshore, a 140-unit garden-style multifamily community in the Northwest Dallas suburb of Lake Dallas, Texas.

    The Lakeshore in Lake Dallas, Texas

    The Lakeshore in Lake Dallas, Texas

    Completed in 2015, the property offers 40 one-bedroom/one-bathroom units at 763 square feet, 36 two-bedroom/two-bathroom units at 1,080 square feet, 40 two-bedroom/two-bathroom units at 1,091 square feet, and 24 three-bedroom/two-bathroom units at 1,311 square feet.

    The community is conveniently located along Swisher Road, a high traffic thoroughfare which provides ideal accessibility to Interstate 35E, Dallas-Fort-Worth’s main north and south artery. Residents at The Lakeshore also benefit from the property’s proximity to the University of North Texas in Denton, which is educating over 36,000 undergraduate, graduate, and doctoral level students. Another attraction is the nearby Lewisville Lake, which features 183 miles of shoreline along with over 29,600 acres of navigable waters that offer a multitude of activities.

    Unit interiors feature wood-look vinyl flooring, ceiling fans, brushed nickel fixtures, walk-in closets, a desk nook with cabinetry, private balconies and patios with storage, washer and dryer connections, and black appliance packages with microwaves. Exterior amenities include a resort-style swimming pool, fitness center, business center, clubhouse, theater, BBQ grilling area, and garages.

    Greysteel’s multifamily investment sales team in charge with the assignment is led by Boyan Radic, Doug Banerjee, Andrew Mueller, and Ryan Hill.

    “The Lakeshore is one of only two Class A developments in the City of Lake Dallas in the past 10 years and the design was done by award winning BGO Architects along with the landscaping designed by Meeks Design Group (MDG),” Doug Banerjee, Greysteel director, said. “This property will allow a new buyer to come in and acquire a brand new asset on the highly trafficked Swisher Road extremely close to Lewisville Lake, which makes it a very desirable location for years to come.”

  • C&W Finds Buyer for Villas at Pine Hills

    Multi-Housing News Online 30 Oct 2015 | 3:21 am

    By Balazs Szekely, Associate Editor

    Villas at Pine Hills

    Villas at Pine Hills

    The Villas at Pine Hills multifamily community was recently sold. SCR Properties 3 LLC closed on the acquisition of the 96-unit property in a transaction valued at $5.85 million. Executive Director Jay Ballard and Senior Director Ken Delvillar with Cushman & Wakefield represented the seller, Villas at Pine Hills Partnership.

    Located on a 16.5-acre site at 5249 Champagne Circle in Orlando, Villas at Pine Hills is surrounded by a densely populated garden suburb northwest of the city’s core. Ridgewood Park Elementary and the Maynard Evans High School are both within walking distance from the community, which also offers easy access to a number of shopping and dining destinations. Completed in 1984, the community comprises two-bedroom, two-bathroom duplexes measuring 980 square feet. Each unit features a private driveway, direct access garage, a fenced patio and washer and dryer connections.

    Photo credit: Cushman & Wakefield

  • Ad firm takes a second floor in midtown south building

    Real Estate Deal Watch - Crain's New York Business 28 Sep 2015 | 10:00 pm

    Midtown / Park Ave. South - Lowe & Partners Worldwide is doubling its space at 386 Park Ave. South a year and half after signing a deal to move into the building. The advertising firm is taking the...

    To view the full story, click the title link.

  • Upper West Side goes upscale with new caviar bar

    Real Estate Deal Watch - Crain's New York Business 22 Sep 2015 | 10:00 pm

    Upper West Side - A 14-year-old caviar purveyor is expanding. Olma Caviar Boutique & Bar, which operates a location at Todd English’s Plaza Hotel Food Hall, has signed on for its first freestanding...

    To view the full story, click the title link.

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