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  • Fifth Avenue is the 2nd priciest US office market: report

    The Real Deal New York 11 Dec 2017 | 11:05 am

    Office rents on Fifth Avenue are the second-most expensive in the country, according to a new report from JLL. Average asking rents on the Midtown stretch between 50th and 61st streets clocked in at $116.04 per square foot, and at the top end of the range reached $185 per square foot, the Wall Street Journal reported. “When you think about Fifth Avenue buildings, they’re comprised of a subset that are all proximate to the park […]

  • World’s tallest Holiday Inn hits the market

    The Real Deal New York 11 Dec 2017 | 10:37 am

    The tallest Holiday Inn in the world is up for grabs. Chinese developer Jubao Xie is looking to sell the 50-story, 492-key Holiday Inn Manhattan-Financial District, The Real Deal has learned. There is no official asking price for the hotel, which opened in 2014, but sources said Xie is looking for just north of $300 million for the property. Xie, who is based in China’s Jiangsu Province, developed the hotel at 99 Washington Street with […]

  • Greystone Development’s CEO leaves to launch own firm

    The Real Deal New York 11 Dec 2017 | 10:05 am

    Greystone Development’s CEO Jeff Simpson is leaving the company to launch his own real estate investment and development firm, Arch Companies. Greystone Development’s head of acquisitions, Jared Chassen, is joining him. Thomas Ryan, who currently serves as head of operations, will replace Simpson on Jan. 1. Arch Companies will collaborate with Greystone on existing projects and future developments, the firm said in a statement Monday. Simpson joined Greystone in 2007 and became the CEO of […]

  • Renters: Kew Gardens: Where New York Doesn’t Feel So Urban

    NYT > Real Estate 11 Dec 2017 | 9:41 am

    A pair of composers find an affordable rental roomy enough for two pianos, two keyboards and a cat.

  • LeBron James Scored a Spectacular Brentwood House

    Real Estate – Observer 11 Dec 2017 | 4:30 am

    The basketball superstar's new mansion includes a 1,500-bottle wine cellar

  • What's Selling Now: Homes That Sold for Around $1.5 Million

    NYT > Real Estate 10 Dec 2017 | 2:00 am

    Recent residential sales in New York City and the region.

  • Ask Real Estate: Can the Landlord Do Anything to Help Prevent Package Theft?

    NYT > Real Estate 9 Dec 2017 | 7:00 am

    A tenant wonders how to get the landlord to improve security after packages are taken.

  • Airbnb advocates to rally outside of local pol’s office Saturday

    Real Estate Weekly 8 Dec 2017 | 1:48 pm

    Airbnb hosts and advocates are planning to rally outside of Assemblymember Linda Rosenthal’s office on the Upper West Side tomorrow, to protest what they call “broken promises and “collusion” with the hotel industry.

    Danny Glover

    According to a press release sent out today through a PR spokesperson, Airbnb hosts and other advocates will ral

    Linda Rosenthal

    ly at 11 a.m. outside of 230 W. 72nd Street to rally for “sensible home sharing regulations.”

    The attendees will include Rev. Kirsten John Foy, the northeast regional director of the National Action Network and an Airbnb advisor, and the actor Danny Glover, also an Airbnb advisor.

    The group of advocates for the home sharing site said that Rosenthal had promised not to go after “Joe Tenant,” but instead targeted Airbnb users through legislative proposals.

    “Thousand of hosts throughout the five boroughs rely on home sharing to earn extra money in an increasingly expensive city so they can stay in the homes and communities they love,” read the press release.

    The group claims that Rosenthal is backed by hotel lobby groups and is pushing for “draconian” laws that go after all Airbnb hosts and not just “bad actors” who operate illegal hotels.

    The post Airbnb advocates to rally outside of local pol’s office Saturday appeared first on Real Estate Weekly.

  • Park life pulling buyers to new south Brooklyn

    Real Estate Weekly 8 Dec 2017 | 1:30 pm

    Downtown Brooklyn’s renaissance is well underway as new retail and residential continues to grow.
    In one pocket of the neighborhood, a sleek and modern condo building is leading the charge to draw in a new wave of residents.

    550 Vanderbilt is the first building to open at Pacific Park Brooklyn, the 22-acre site that will ultimately have 16 buildings and 350,000 s/f of public park space once completed.

    The 17-story 550 Vanderbilt was developed by Forest City Ratner and Greenland USA.

    Ryan Serhant

    The tower first launched sales in June 2016. This summer, the development team brought in Ryan Serhant and his team from NestSeekers to close out the tower.

    “We got involved this summer and it’s been absolutely insane,” said Serhant. “We’re really looking at it as a new era for Brooklyn. It’s not just another building with pretty finishes and nice amenities.”

    Serhant did call the building one of the “most amenitized” in Brooklyn.

    The 218-unit condo, designed by architect COOKFOX, has 10,000 s/f of amenities. They include a massive gym, a large amount of lounge space, a library that was created in partnership with bookstore McNally Jackson, and a roof deck where residents can grow their own vegetables.

    “What we’re really selling is a new neighborhood,” Serhant said. “This is the first chance to own in a building inside of a park. How often do you get the chance to do that in New York? It’s a great deal for people who don’t want to look back and say, I wish I did that.”

    Many current denizens of Brooklyn and nearby neighborhoods have come to see the building, but many have also made the trek from Manhattan, said Serhant.

    “More than I think we even anticipated,” he said of prospective buyers. “What you can get with money here you can’t get in Manhattan.”

    Pricing starts from the mid $700’s for the units, which range from studios to a four-bedroom penthouse, which is listed for $6.86 million.

    Residences feature wide plank white-washed hardwood flooring, lofty ceilings, large windows and a

    550 Vanderbilt

    mple light. Kitchen finishes include white Carrara marble countertops and backsplashes, a complete Miele suite of appliances, polished chrome Grohe fixtures and custom cabinetry. Bathrooms feature polished Grohe fixtures and Carrara marble flooring.

    In early 2014, 550 Vanderbilt first started to take shape when Forest City Ratner signed a joint venture agreement with Greenland USA. One of the conditions of the agreement called for starting two buildings within a certain time, as well as starting construction.

    Susi Yu, executive vice president of development at Forest City Ratner, said the team looked at the overall Pacific Park project and chose the corner of Dean Street and Vanderbilt Avenue for the first building.

    “It was the bookend to really jumpstart the project,” said Yu. Construction began at the end of 2014, and sales were first launched in June 2016, after the project received approval from the Attorney General’s office.
    Forest City tapped Jodi Stasse of Corcoran Sunshine to lead sales. “They did an amazing job helping us come up with a unit mix and initial pricing,” said Yu.

    After they had opened the building and sold through about 65 percent of the inventory, the development team decided they needed “fresh blood” at the project, so that’s when they tapped Serhant to close out sales.
    “He’s obviously very different to Corcoran Sunshine’s approach toward marketing and definitely has a cult of personality that follows him around,” said Yu. She said the since bringing in Serhant and his NestSeekers team this summer, sales have been “robust” at the project.

    550 Vanderbilt

    Yu and the development team felt the location of the building would attract a diverse demographic, and attract residents from nearby areas like Prospect Heights, Park Slope, and Clinton Hill.

    “People love brownstone living, but after doing it for decades, it sort of gets harder and they want full-service building living,” she said.

    “I think that offering has not been regularly available in the Prospect Heights area, especially with a designer like Rick Cook, who did 150 Charles and 1 Bryant Park.”

    The Pacific Park project as a whole is picking up steam, as four other buildings in the plan are under construction or in various stages of opening. Yu said the new developments have helped turn interest more south than north in Brooklyn.
    “I think people’s perception of the neighborhood and center of excitement and energy about Brooklyn has definitely shifted from the northern borders of Brooklyn to the south and Prospect Heights,” she said.

    The post Park life pulling buyers to new south Brooklyn appeared first on Real Estate Weekly.

  • FAO Schwarz Is Making a NYC Comeback in Rockefeller Center

    Real Estate – Observer 8 Dec 2017 | 10:55 am

    FAO Schwartz is coming to Rockefeller Center.

  • GDC Properties closes on $106M deal for Connecticut apartments

    Real Estate Weekly 8 Dec 2017 | 7:45 am

    GDC Properties closed on a $105.9 million deal earlier this week for an apartment community in Norwalk, Connecticut.

    Represented by the in-house team of William Ingraham, Christine McWalters, Michael Orlandi and Kali Valenzuela, the Westchester County firm acquired the 235-unit development at 597 Westport Avenue from Hunt Investment Management an affiliate of Texas-based Hunt Companies, which was represented by Jeff Dunne, Gene Pride and Eric Apfel of CBRE.

    GDC obtained the AA apartment community through a 1031 exchange using first and mezzanine financing packages put together by CBRE’s Debt and Structured Finance team.

    Founded in 1994, GDC Properties is a developer and property manager that specializes in luxury housing, shopping centers and office buildings. The Connecticut apartments add to a portfolio that includes property in New York, Delaware, Colorado, Georgia and Florida.

    The post GDC Properties closes on $106M deal for Connecticut apartments appeared first on Real Estate Weekly.

  • Joy Behar’s Upper West Side Apartment Is Already In Contract

    Real Estate – Observer 8 Dec 2017 | 7:44 am

    'The View' co-host listed the Astor Court co-op just two months ago

  • When Is A Bench A Bench? Time Squares Today

    BrokerPulse 10 Aug 2017 | 7:57 am

    Time Square NYC, Taken on February 1, 2017: Image Credit: Conny Schubert – Flickr

    (New York, NY) — The famous and infamous Times Square in the heart of midtown Manhattan celebrates the completion—work was finished in 2016—of its successful and ingenuous way to create more outdoor public space for many diverse crowds to use. By successfully rerouting southbound traffic to make room for a piazza-like, the pedestrian-friendly outdoor space is now part of the transformation of Times Square. It is a cultural hub, a public, dynamic and always changing site, and a place to relax and take in the immense colorful view.

    FINDING SPACE YOU DIDN”T EVEN KNOW YOU HAVE

    After the rerouting, ushered along by architecture firm, Snøhetta, Times Square gained two and a half acres, or 110,000 square feet of new multifunction meeting places for tourists to sight-see or for midtown workers nearby who want to have lunch al fresco. The reconstruction takes up an interesting bowtie-shaped intersection.

    NOT YOUR FATHER’S BENCH

    More than just tables and chairs, what’s sparking renewed public interest are eleven benches spread throughout Times Square. This is not your father’s bench. This is a bench built to last, and range from 30-to-50 feet long. It conceals a system of fiber-optic cables and conduits and power is generated by ConEdison. A 400-amp socket was designed for big productions like concerts or as a movie backdrop, or anything that needs a lot of power. A 20-amp will allow for a guitar-playing singer to perform here.
    But don’t expect to get wired up and descend upon the square. To power up the bench, you need city permits. Even security is tight; there are stainless steel locks that are guarded by the DoT.

    THIS BENCH IS NOT A BENCH

    But Snøhetta, the design team, refuse to call the benches benches because they are so much more than that, and even so much more than the fact that they have been wired. Claire Fellman of Snøhetta questions the general “use” of a bench, and argues that the Times Square bench does more than an ordinary bench. You can lean on it, lie back against, or sit in multiple rows. They direct pedestrian traffic and, to paraphrase Snøhetta, they are trying to draw in visitors, not keep them away, especially since how many times can you come to Times Square to dine at Red Lobster or to buy your Strivecton at Sephora, two over-the-top flagship-like stores that serve to anchor the brightness of Times Square.

  • Bill May Require Airbnb To Disclose Full Addresses For Listings

    BrokerPulse 9 Aug 2017 | 1:44 pm

    Airbnb, the enormously popular hospitality service, allows people to lease or rent short-term lodging mostly in the homes of strangers so that they can experience the city they are visiting in a more intimate way, which a hotel can’t even begin to do.

    PROPOSED BILL AGAINST AIRBNB

    New York state Assemblywoman Linda Rosenthal at a rally against Airbnb in front of City Hall in New York on Nov. 1, 2016. The rally was largely attended by members of Local 6, the city’s hotel employees union. (Petr Svab/Epoch Times)

    But last week, Assemblywoman Linda Rosenthal, a huge critic of Airbnb, is trying to push legislation that would require the short-term rental site to fully disclose the full address of all available units in New York City. The bill would require Airbnb, as well as other home-sharing sites, to include the street name, street number, apartment number and even the borough, town and county in each listing. Right now, addresses are only revealed to guests once they book a rental.

    FULL DISCLOSURE FOR TRANSPARENCY

    A bill that would require disclosure of a full locations is an effort on Rosenthal’s part to create “an open and honest system that prioritizes transparency and safety,” according to the NY Daily News. It’s also meant to curtail commercial operators that are posting illegal hotels in apartment buildings, thereby reducing short-stay renters from getting scammed.

    Because many Airbnb hosts operate behind a “veil of secrecy,” Rosenthal added, “Connecting online activity with offline identity shines some much-needed light on the process, provides guests with information pertinent to their reservation and ensures enforcement agencies can effectively protect residents, guests and community members alike.”

    OFFENSES WILL RESULT IN STEEP FINES

    In this way, it will be easier to crack down on those who are posting illegal listings because then they will be hit with very expensive fines. If the bill is passed, a first offence would be $1,000, a second offense would be $5,000 and a third offence or more would be $7,500.

    AIRBNB FIGHTS BACK

    Of course, Airbnb has fought back, and its spokesman Peter Schottenfels, claims the disclosure of full addresses would result in a disaster.

    “Forcing New Yorkers to publish their addresses online for anyone to see, especially while they are on vacation or visiting family, will put thousands of lives at risk. . . This is a dangerous bill, and we trust lawmakers will see this for exactly what it is: another favor for the hotel industry sponsored by their favorite taskmaster.”

    According to critics of Airbnb, the bill would only help to serve the real estate industry, its hosts and its visitors and that Airbnb has no reason to refuse to cooperate. In their defense, Airbnb reminded critics that they are in compliance, as they have already been forced to provide addresses to city officials in Chicago, New Orleans, San Francisco and such far-flung cities like Paris, Barcelona and Amsterdam.

    But Schottenfels pointed out that the information is not disclosed publicly, which the New York bill would require.

    So the war begins. Already, both Airbnb and Rosenthal have retaliated by filing ethics complaints against the other over potential lobbying irregularities.

  • Top 5 Most Secure Buildings in New York City

    BrokerPulse 8 Aug 2017 | 5:32 am

    New York, NY — Although many in New York City developed safety concerns following the horrific attacks on 9/11, when it comes to safety and security; no city can rival New York.

    The Big Apple is known around the world for housing some of the most secure buildings in the entire world and for creating some of the most innovative properties not only in terms of design but in safety features as well. Here are five of the most secure buildings in all of New York City.

    Federal Reserve Bank of New York

    “New York City, USA: Security barriers in front of transport truck entrances to the Federal Reserve Bank of New York in the Lower Manhattan Financial District.”

    Found along the streets of Manhattan the New York Federal Reserve Bank is the world’s largest gold depository and the holder of 25% of the entire world’s gold, meaning more than Fort Knox. With approximately $270 billion worth of gold in store, there is a lot to be protected in this bank, which is surrounded by an armed security protection force. Any time one of the airtight and watertight vaults are opened, closed-circuit cameras and detectors sound off.

    The vault of the bank is below a three story bunker that has separate teams monitoring its contents, three separate team members from each teams but be present to open the vault, and not one single person knows the entire combination. Once the vaults are opened, men aren’t even allowed inside, the pallets are moved by robots.

    7 World Trade Center

    7 World Trade Center Image Credit: som.com

    When the two towers were destroyed so was the 7 World Trade Center building. This property, the smallest of the three structures was the only to be rebuilt and now the 52 story building has been deemed the safest in the world. With a concrete core designed to be like a bunker meaning if a similar attack here to happen the structure outside the core could catch or fire or go down, but the core will always stay in tact.

    Empire State Building

    Empire State Building: This shot was during the winter months. Empire State Building facing south in New York City. The Manhattan Skyline and in the distance the Statue of Liberty. Image Credit: Flickr, Gregg Jaden.

    Shown to be one of the safest buildings in the country for the inhabitants inside, the Empire States Building is more than just a famed piece of architecture. The 102 stories that make up this iconic New York structure are made from a steel frame clad by limestone and granite. The structure was built specifically to withstand winds and earthquakes and has some of the strictest security measures for entrance. Security checks are done to everyone that enters and visitors looking to enter the building must first have a valid ticket and walk through full body scanners.

    New York Stock Exchange

    NYC – Financial District – New York Stock Exchange. Image Credit: Flickr, David Pirmann.

    Although the New York Stock Exchange is not even a bank it has security measures in place that rival some of the most secure banks in the world. Underground there is a steel safe deposit vault that’s over 120 feet long and 22 feet wide. The NYSE even implemented new street security options for the area around the financial district. With the new swiveling perforated bollards put in place there are barriers that can quickly rotate to block the street or allow vehicle access as needed. These fast-acting barriers are strong enough to stop a 15,000 pound truck driving 50 miles a hour.

    AT&T Long Lines Building

    The AT&T Long Lines Building. Image Credit: Panoramio, Max Lolinberg

    Often hailed as one of the most secure buildings in the entire world the AT&T Long Lines Building in New York is one property that was truly designed with optimal security in mind from top to bottom. The building was created with the exact purpose to protect the very sensitive and expensive telephone equipment housed in side. It has a ‘windowless’ exterior and has one of the most intensive security systems guarding the entrance. The walls are constructed of granite faced concrete panels that will protect the building and its contents and that is even safe from a nuclear blast. The building was created to be protected and self-sufficient from nuclear fallout for up to two weeks following a blast.

    —Email  richard@brokerpulse.com

  • 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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