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  • Watch: These are the 5 most valuable real estate startups

    The Real Deal New York 20 Nov 2018 | 5:00 am

    Earlier this month, Japanese investment firm SoftBank made another big bet on co-working company WeWork, providing a $3 billion investment. It values the firm at $45 billion, second only to Uber in the startup world. We compiled a short list of the other big venture-capital backed real estate companies. Take a look!

  • Ceruzzi Properties’ retreat from risk

    The Real Deal New York 20 Nov 2018 | 4:30 am

    Not long after developer Lou Ceruzzi suddenly died in August 2017, his longtime deputy and designated successor, Arthur Hooper, started getting calls from banks. “Every lender called up and said, well, are you okay? Are you still in business? We have a guarantee here, are the assets still in place?” he said. Ceruzzi’s unexpected death, caused by an aortic aneurysm at age 64, shook the company to the core. It left Hooper and a small […]

  • This debt startup wants to take on real estate VCs

    The Real Deal New York 20 Nov 2018 | 4:00 am

    Amid a boom in real estate-focused venture funds, one investment outfit is going against the grain. Upper90, founded earlier this year by Seamless co-founder Jason Finger, Goldman Sachs veteran William Libby and Alex Urdea, formerly of Solus Alternative Asset Management, offers an alternative to venture capital. Rather than provide cash in exchange for big stakes in startups, it seeks to fund startups’ more capital-intensive real estate projects, for example by extending loans. The model is […]

  • SELLING POINTs: $70M Brooklyn multifamily portfolio for sale; RCR buys $48M Washington Heights pair

    Real Estate Weekly 20 Nov 2018 | 3:51 am

    ● AVISON YOUNG
    Nelson team marketing $70M Brooklyn multifamily portfolio

    Avison Young’s New York Investment Sales team has been tapped as the exclusive sales agent for the Central Brooklyn Portfolio.
    The package includes nine multi-family properties located in Crown Heights, Prospect Lefferts Gardens, Prospect Park South, Bedford-Stuyvesant and Bushwick. The asking price is $70 million.
    A Tri-State Investment Sales team led by principal James Nelson amd imcluding Fritz Richter, Sam Schertz, Joseph Rosenfeld and Allan Fries are marketing the package on behalf of ownership.
    The buildings total 182,490 total gross square feet across 212 residential units. Five properties with 124 units are located off the Eastern Parkway in Crown Heights; two totalling 60 units are blocks from Prospect Park; and the remaining two properties with 28 units are in Bedford-Stuyvesant and Bushwick.
    “Central Brooklyn continues to be one of the most in-demand, up-and-coming residential markets in Brooklyn, showing no signs of slowing down,” said Nelson.
    “The portfolio is a perfect opportunity for a buyer looking to benefit from multiple income-producing multifamily properties in one of Brooklyn’s best markets. This is an assignment that our experienced investment sales team is eager to market.”

    ● ROSEWOOD REALTY
    RCR buys $48M Heights pair

    Rosewood Realty Group announced the $48 million sale of two contiguous six story elevator apartment buildings with 141 apartments on Fort Washington Avenue in Washington Height.
    Together the buildings, at 80 & 86 Fort Washington Avenue, total 138,228 s/f. The buildings also come with over 48,000 s/f of air rights. Number 80 was built in 1920 and number 86 was built in 1930. The buildings sold for 19.5 times the current rent roll, at a 3.38 percent cap rate.
    Rosewood Realty’s Aaron Jungreis represented the buyer, RCR Management and Rosewood’s David Berger represented the selle10

    GSAM / MADISON MARQUETTE
    Partners purchase Newark shopping center

    Goldman Sachs Asset Management Private Real Estate, together with Madison Marquette, have acquired Springfield Avenue Marketplace, a newly constructed, 112,000 s/f retail center in Newark, NJ.
    Built by Tucker Development, the property is 100 percent occupied and anchored by a ShopRite grocery store with a mix of restaurant, retail, and medical tenants.
    GSAM PRE and Madison Marquette expect to see population increase in the area due to new multifamily construction and corporate expansions.
    Springfield Avenue Marketplace is located a mile from Newark Penn Station at the intersection of Springfield Avenue and Jones Street, adjacent to five NJ TRANSIT bus stops, and near the Rutgers School of Dental Medicine.
    “Although Newark has experienced substantial mixed-use development with an influx of residential development, the city remains underserved in terms of grocery retailers,” said Joseph Gorin, Co-Head of GSAM PRE.
    “We are excited about the opportunity to acquire a retail center that meets a need in the community by providing a full-service grocer, ample dining options, and quality retail vendors that are committed to serving Newark.”
    Springfield Avenue Marketplace is GSAM PRE’s seventh retail investment and fourth acquisition in New Jersey over the past 18 months.

    ● CBRE
    Garrison / Onyx partnership offloads office complex

    Premium Capital Resources has purchased Country Club Plaza in Paramus, NJ.
    CBRE announced that Jeffrey Dunne, Jeremy Neuer, Travis Langer and Zachary McHale represented the partnership of Garrison Investment Group and Onyx Equities in the sale of the 303,777 s/f, two building office complex..
    The team also procured the buyer of the property located at 115 & 117 W. Century Road.
    The buildings feature long-term leases with investment grade tenants.
    Since acquiring the buildings in 2016, ownership invested over $3.2 million in common area and amenity upgrades which included a new lobby and landings, new elevator cabs and a shared conference center.
    These improvements, coupled with a broad amenity package, helped Country Club Plaza capture 250,000 s/f of leasing activity.
    “Premium Capital Resources will enjoy long-term investment grade income from this premier office asset,” said Dunne.
    “Onyx, in partnership with Garrison, has restored Country Club Plaza as one of the pre-eminent office assets in the submarket. Country Club Plaza joins their long list of successful value-add projects in the tri-state region,” added Neuer.

    The post SELLING POINTs: $70M Brooklyn multifamily portfolio for sale; RCR buys $48M Washington Heights pair appeared first on Real Estate Weekly.

  • Hirschfeld buys Baltimore property as it ramps up East Coast multifamily investment

    Real Estate Weekly 20 Nov 2018 | 3:45 am

    A joint venture of affiliates of Hirschfeld Properties LLC and PCCP, acquired Rosemont Towson, an 828-unit multifamily community located in Towson, Maryland, 14 miles from downtown Baltimore

    The community consists of a 16-story mid-rise tower surrounded by 36 three-story garden buildings. The buyers plan an extensive renovation, rebranding and re-positioning of the property.

    JEFFREY HIRSCHFELD

    Jeffrey Hirschfeld, chairman and CEO of Hirschfeld, said Hirschfeld Management has assumed stewardship of the property and will lead the planned renovations, together with Hirschfeld Building Construction Company.

    New amenities a will include a fitness center, yoga studio,playroom, pet spa, dog park and playground. Also planned are a poolside beach bar, outdoor lounge and grilling area.

    20

    TH Real Estate, an affiliate of TIAA, provided $110 million debt financing, which was arranged jointly by the New York City and Washington D.C. offices of CBRE Capital Markets. CBRE Capital Markets Institutional Investment Group of Baltimore, led by Bill Roohan and Brian Margerum, represented the seller in the transaction.

    Hirschfeld Properties owns and manages 3,000 multifamily units from Connecticut to Maryland. The company is currently expanding acquisition and multifamily redevelopment in the Eastern United States.

    The post Hirschfeld buys Baltimore property as it ramps up East Coast multifamily investment appeared first on Real Estate Weekly.

  • Jonathan Rose JV buys Brooklyn senior housing property

    Real Estate Weekly 20 Nov 2018 | 3:41 am

    Jonathan Rose Companies, The NHP Foundation (NHPF) and Nuveen, the investment manager of TIAA, have acquired Shore Hill Housing, a two-building, HUD senior housing complex in Bay Ridge, Brooklyn, from NYU Langone.

    The 558-unit HUD project-based Section 8 Housing complex is located at 9000 Shore Road was bought for $150 million.

    The property consists of two interconnected 14-story towers totaling 414,127 s/f built in 1977 and set on 2.69 acres. The unit mix includes 325 studios and 233 one-bedrooms.

    The acquisition was financed by a $102 million Freddie Mac loan arranged through Prudential. The Rose Affordable Housing Preservation Fund IV, along with joint venture non-profit partner, NHPF, and co-investor Nuveen, will invest $52 million of equity in the property.

    “Shore Hill is a near perfect match for our Fund and our firm’s capabilities,” said Nathan D. Taft, partner and managing director of acquisitions at Rose.

    JOSHUA PLATTNER

    “We are making a long-term investment to preserve an important affordable housing property for seniors with a conventional debt and private equity execution,” added Joshua Plattner, who led this acquisition for Rose.

    The venture will invest in capital improvements to increase energy efficiency and enhance the resident services at Shore Hill as part of Rose’s Communities of Opportunity programming.

    “We are excited about the opportunity to drive capital into this Brooklyn neighborhood, preserving a significant number of affordable units and improving the living standards of the residents in these buildings,” said Pamela West, Senior Director with Nuveen’s impact investing team.

    “We look forward to continuing our efforts by investing in similar assets across the country for families and seniors.”

    Rose Community Management, an affiliate of Jonathan Rose Companies, will take over management of the community. The partnership between the Fund and NHPF will allow for an increased capacity to provide services to residents of the property.

    Operation Pathways, NHPF’s Resident Services affiliate will oversee the provision of services, which currently includes operation of a Community Center, onsite transportation services, and resident service coordination to connect residents to other local health, wellness, and support services.

    “Partnering with Jonathan Rose Companies for the first time provides a tremendous opportunity for both of our organizations to showcase our strengths,” said NHPF President & CEO Dick Burns. “We look forward to working together with them on other successful co-ventures.”

    The post Jonathan Rose JV buys Brooklyn senior housing property appeared first on Real Estate Weekly.

  • On Location: Poetry on a Budget

    NYT > Real Estate 20 Nov 2018 | 2:03 am

    In Sullivan County, N.Y., an architect set out to build the bare minimum of a rural retreat: a pared-down house with soul.

  • On Location: A Haiku of a Home in Sullivan County

    NYT > Real Estate 20 Nov 2018 | 2:01 am

    In Phillipsport, N.Y., an architect set out to build the bare minimum of a rural retreat: a pared-down house with a sense of poetry.

  • The best ice-skating rinks in NYC

    BrokerPulse 19 Nov 2018 | 6:04 am

    (NEW YORK, NY) — If you’ve been out and about in New York City this past week, we don’t need to tell you that the cold is upon us. Heavy jackets and scarves have made their way from our cozy closets to the brisk Manhattan streets.

    The winter months in the city are nothing short of spectacular. With Bryant Park’s winter wonderland, Macy’s spectacular holiday decor, and Fifth Avenue’s glorious lights, a celebration is called for on nearly every corner!

    Whatever your favorite activity may be, nothing says “let it snow” quite like an evening of ice-skating and a marshmallow-topped hot chocolate. This year, New York City’s holiday festivities come with an abundance of ice-skating rinks with extraordinary views.

    Wollman Rink

    October 28, 2018 : Wollman Ice Rink in Central Park , New York City

    This picture-perfect rink is the best way to get an authentic New York City view. Located in the southern part of Central Park, this rink has appeared in some of Hollywood’s most noteworthy movies such as Mr. Popper’s Penguins and Home Alone 2. Wollman Rink is so beautiful you’ll have to pinch yourself, not to be woken up, but to remind yourself to stop looking at the view and start skating!

    The rink opened October 22 and holds an entrance fee of $6 and upward (cash only).

    Bank of America Winter Village at Bryant Park

    The Winter Village at Bryant Park

    Get lost in this winter wonderland and lace up your skates at one of Manhattan’s most iconic ice-skating rinks. Surrounded by holiday shops and restaurants, this rink opened on October 28 and is free! However, you’ll still have to pay $20 to rent skates, or if you’re a seasoned skater, you can bring your own.

    The Rink at Rockefeller Center

    Rink at Rock Center

    Soak up the views of Midtown at this beloved landmark. This rink is perfect for those looking to skate without a big crowd. Only 150 people are allowed on the rink at once which means bumping into the person in front of you is unlikely. However, only 150 skaters at a time means the line will be long. Go online and make a reservation to be amongst the first skaters of the day.

    LeFrak Center at Lakeside Prospect Park Brooklyn

    Curling Comes to Lakeside – Prospect Park Alliance

    Looking to add some Brooklyn to your winter wonderland experience? There is nothing like Prospect Park during the winter season.

    This massive arena is perfect for ice-skating, figure skating, hockey, and more. You can’t beat the stunning foliage of Prospect Park and the warm winter feeling it instills in all its visitors. For those looking for a Brooklyn getaway, look no further.

    The Rink at Brookfield Place

    Brookfield Place: A Holiday Kickoff. Credit: Mocha Mommy

    This spot, formally known as the World Finance Center, will give skaters the perfect touch of winter in Lower Manhattan. This rink spans 7,350 square feet and is open to skaters of all skill levels, so don’t be shy! You can skate for just $15 plus a $5 rental fee. So, what are you waiting for? Grab your cohorts of choice and lace up your skates. It’s the most wonderful time of the year!

  • Shopping Guide: Shopping for Doorknobs

    NYT > Real Estate 19 Nov 2018 | 2:00 am

    Think of door hardware as jewelry for a room: Without the right knobs or levers, your home isn’t properly dressed.

  • Celebrity homes affected by Southern California wildfire

    BrokerPulse 16 Nov 2018 | 9:40 am

    (NATIONAL) — The wildfire that has been roaring through Southern California, dubbed ‘the Woolsey fire,’ has swept through Malibu, Calabasas, and Agoura resulting in an unprecedented amount of devastation and tragedy.

    The deadly fire, which started last week, has affected many celebrities causing them to evacuate and some to lose their homes.

    Amongst those who have been affected are:

    Kim Kardashian West

    According to a video Kim Kardashian posted on Instagram, she arrived back home with just one hour to pack and evacuate her Calabasas home. She later reported that she is safe with her loved ones.

    Caitlyn Jenner

    Caitlyn was forced to evacuate her Malibu residence with partner Sophia Hutchins. She later reported that she, her partner, and the dogs were safe. The home is featured on the show “I Am Cait” and has been Jenner’s since 2015.

    Gerard Butler

    Actor Gerard Butler’s Malibu home burned in the wildfire and he returned to the site to document the raw devastation.

    “I feel bad. … There are so many communities here, trailer parks and suburban working-class houses that are completely destroyed, and people have lost everything,” said Butler.

    In light of the tragedy, he shared a GoFundMe page created to help victims of the fire and encouraged his followers to help those in need.
    He plans to rebuild his home.

    The Westworld Set

    Paramount Ranch in Agoura Hills, Calif. was decimated by a wildfire on Friday, officials said.CreditCreditMarcio Jose Sanchez/Associated Press

    The iconic Western town area at Paramount Ranch in Agoura Hills, California, where “Westworld” was shot, has burned down in the fire.

    The 2,700-acre ranch was purchased in 1927 by Paramount Studios. Since then, it has been the filming site for dozens of TV series.

    A TMZ report stated that all the buildings on the set were destroyed and HBO expressed their concerns for those affected by the dramatic fires.

    BrokerPulse stands in solidarity with those affected by the California wildfires. These wildfires have altered the lives of hundreds of thousands of people and have taken the lives of dozens. We continue to keep those affected in our thoughts. California, we stand with you.

    BONUS — 

  • Compass acquires Wydler Brothers Real Estate

    BrokerPulse 15 Nov 2018 | 1:54 pm

    650 A St SE Washington DC (JENN SMIRA Team, Compass)

    (WASHINGTON, DC) — With much expectation and little surprise, Compass has acquired another brokerage. This time, they’ve gone back to the beginning, Washington D.C., with their eyes locked on Wydler Brothers Real Estate.

    Though the terms of the acquisition have yet to be disclosed, Compass now hosts 500 agents in Washington D.C., who have produced nearly $3 billion in sales volume in 2018.

    D.C. was one of the first markets the company entered after venturing away from New York City in 2014. Since then, Compass’ presence has been a growing empire. With hopes to expand to a dozen more markets both in the U.S. and internationally, this new acquisition is just one of the many that are to follow as Compass plans to hold true to its promise of 20 percent market share in 20 major U.S.markets by 2020.

    Hans Wydler (left) and Steve Wydler (right)

    Founded in 2016, has grown to produce $400 million in sales volume. Amongst their competitors are Berkshire Hathaway HomeServices PenFed Realty, Keller Williams Capital Properties, Washington Fine Properties, Century 21 New Millennium, and TTR Sotheby’s International Realty.

    Compass currently has more than 7,000 agents. One of the company’s biggest pulls is the Agent Equity Program, which permits agents to invest a portion, or all, of their earned commissions in stock options. The brokerage has been recently valued at $4.4 billion and is leading the way to massive expansion for both the company and real estate technology.

  • 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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