Month: June 2019

135 West 52 Street

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Chetrit sells retail condo at Flatotel conversion tied to alleged money laundering Group including Christopher Okada paid $9.5 million for the 5K sf space

UPDATE, May 17, 10:16 a.m. The fight over stolen cash allegedly tied up in the Chetrit Group s condominium and office conversion at 135 West 52nd Street continues, but sales at the property are apparently proceeding re上海千花网 爱上海同城对对碰gardless.

A group of investors including the principals of real estate advisory and 新爱上海同城对对碰论坛 上海同城对对碰交友社区investment firm Okada Co., Christopher Okada and Francis Leung, paid $9.5 million for a 5,000-square-foot commercial condominium at the property, the former Flatotel in Midtown.

BLT Prime steakhouse has leased the space from the group, the Wall Street Journal reported.

Chetrit, along with partner Clipper Equity, bought the 254,000-square-f爱上海龙凤419桑拿 上海龙凤论坛sh1foot property in 2013 for $180 million. The developers planned 109 condominium units at the property, all but 22 of which had sold as of last week.

A lawsuit filed in October by Almaty, Kazakhstan s large上海千花网龙凤论坛 上海千花社区st city, and BTA, one of the country’s largest banks, alleged that Chetrit had accepted a $40 million investment of what the suit alleged was stolen money. The suit was settled in November. Chetrit has prevented the alleged thieves from taking their money out of the project, pending resolution of the charges against them.

Chetrit has a $100 million stake in the project, according to court papers. [WSJ, third item] – Ariel Stulberg

Clarification: Clipper, while a[……]

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Château de Vétraz

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Near Geneva, an idyllic escape full of medieval history lists The Château de Vétraz witnessed two battles in 1332 and in 1591

Vétraz-Monthou, France

Worried ab爱上海同城论坛 爱上海同城out the potential results of the November election? Need an international 上海夜网 阿爱上海同城getaway just in case? Then consider this French chateau.

An idyllic estate, known as Château de Vétraz, located in Vétraz-Monthou, France, has hit the market for the first time in decades.

The nearly 14,000-square-foot chateau includes six bedrooms, five bathrooms, two reception rooms, an office library, a wine tasting room and vast storage space in the attic and basement, according to the New York Times. Not bad, considering it is aski爱上海同城论坛 爱上海同城ng just $5.1 million.

While the chateau’s exact age is unknown, the current owner’s independent research indicates that the oldest portion of the dates back to the early 11th century. And various counts of nearby Geneva a上海千花网论坛 上海千花网nd Savoy have called the estate home.

There were even battles fought at the estate in 1332 and in 1591, when the house’s military fort上海贵族宝贝交流区 上海贵族宝贝论坛ification were destroyed. The Evian office of Sotheby’s International Realty has the listing. [NYT] Christopher Cameron

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NYC Bedbugs

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Bills would crack down on bedbugs in hotels, resi buildings Hotels would be required to make inspections every 6 months

Rafael Espinal and bedbugs

New legislation aimed at curtailing bedbug outbreaks across N上海千花网交友 上海千花网论坛ew York City will be introduced in the City Council on Tuesday.

One bill will require hotels to have exterminators in to inspect all rooms for the bugs every six months, the New York Daily News reported. A second bill will force the city to publish reports every year that outline the number of bedbug complaints and violations in apartment buildings, 上海千花网 爱上海同城对对碰along with the average time it takes for infestations to be resolved. Under the new laws, the city would also have to publish a map which would be updated every t上海贵族宝贝 上海千花网龙凤论坛hree months showing the locations of bedbug complaints and whether or not they have been resolved.

Council me上海千花网 爱上海同城对对碰mber Rafael Espinal is behind the legislation.

“Everyone hates bedbugs they prey on human flesh and cause huge expenses,” he said, according to the paper. “Tenants, homeowners and business pay hundreds, if not thousands, of dollars to exterminate an infestation and replace damaged furniture and clothing.”

Under current laws, landlords are required to notify potential tenants about any bedbug infestations that have happened in the past year.

In September, “This American阿拉爱上海同城 爱上海龙凤419桑拿 Life” creator Ira Glass and his wife were sued by their condo board, which alleged the couple had failed to address a bedbug infestation in their apartment. [NYDN] Mi[……]

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Murray Kushner KRE Group

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Project co-developed by Murray Kushner s company touts Trump ties to EB-5 investors In response, Kushner Companies sent cease and desist to KRE Group

Kushner Real Estate Group s Jonathan Kushner and renderings of 235 Grand Street in Jersey City
(Credit: HLW International via Jersey Digs)

Marketing materials for a Jersey City project that s being co-developed by Jared Kushner s uncle Murray used images of President Trump and his son-in-law to woo EB-5 investors in China. The incident sparked the latest flare-up in the Kushner family feud.

According to Bloomberg, a presentation created for KRE Group, lead by Murray Kushner and Jonathan Kushner, included images of President Trump, Jared and his wife, Ivanka Trump, during a pitch earlier this month to investors in China for his company’s planned apartment tower at 235 Grand Street in Jersey City.

“Work hand-in-hand with Trump son-in-law Kushner,” read the project’s materials.

Neither Jared nor the Trumps are involved in the project, which KRE is co-developing with Hoboken-based Ironstate Development. Ironstate s Dave Barry told Bloomberg the mention was unintentional and the project pitch was the responsibility of the Beijing-based marketing company Noah Visa, which created the promotional materials.

Barry said the developers worked with the consultant New York Immigration Fund, a company Ironstate 上海千花网论坛 上海千花网has worked with in the past, which subcontracted the work to Noah Visa.

The New York Immigration Fund did not immediately respond[……]

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East Hampton compound with roller coaster listing history back on the market

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Two neighboring lots on Chauncey Close in East Hampton with more than seven acres of waterfront land are back on the market for just under $29.5 million. It’s a relative bargain from the compound’s last listing price of $8新爱上海同城对对碰论坛 上海同城对对碰交友社区5 million. The Georgica Pond properties were first listed for $45 million then $32 million and then, earlier t上海贵族宝贝论坛 上海贵族宝贝his year for $85 million when plans for the construction of a new 14,000-square foot home were also included. Those plans, and the home currently on the property, are no longer offered in the listing. The five-bed, five-bath house at 19 Chauncey Close will be sold separately for $19.5 million. O阿爱上海同城 阿拉爱上海同城wned by the late investment banker Carl Tiedemann, the properties 上海千花社区 上海千花网交友were once part of a historic working dair爱上海同城手机版 新爱上海同城对对碰论坛y farm, Cove Hollow Farm. [Curbed]

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Neighborhoods Gentrification NYC

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As outer borough areas like Williamsburg and LIC top out, investors turn to other corners of 上海龙凤论坛 新上海贵族宝贝论坛the city to chase returns

(Illustration by Jaye Kang)

Once upon a time, developers who were looking to make smart investment plays would throw up a building in Williamsburg, Long Island City or Bushwick and watch the buyers and renters flood in. But those neighborhoods have now largely topped out, sending investors on the hunt for the next corner of New York City that is ripe for opportunity.

This month, in an effort to suss out where real estate investors are making their next round of early bets, The Real Deal pored through building permits, demolition numbers and investment sales activity for more than 200 New York neighborhoods for the nearly 10-year stretch between 2008 and 2017. Then we zeroed in on outer borough areas with upticks in activity in the last year or two.

Unlike back in 2014, when developers were going gangbusters — pouring hundreds of millions of dollars into real estate — today’s investment dollars are largely down. Indeed, residential permit applications fell roughly 73 percent between 2014 and October 2017, plummeting to roughly 18,000 from nearly 66,000.

And while the household-name neighborhoods of the last peak are still seeing activity, it’s a fraction of what it was a few years ago.

Long Island City, for example, saw a 95 percent drop in residential units applied for from 2014 (when there were 7,459) to 2017 (when there were only 335 through October). Wi[……]

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Facebook Campus Expansion

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Would you live in Zucktown, Facebook’s new city? The 59-acre community, dubbed Willow Village, will have 1,500 apartments

Mark Zuckerberg in 2008. (Credit from front: Jason McELweenie, Official White House Photo by Lawrence Jackson)

Let’s face it; it’s Mark Zuckerberg s world, and now we can make it Facebook official by moving in to the social networking giant’s custom-built city.

“It’s a good thing, right?” John Tenanes pondered to the New York Times. Tenanes is the vice president of real estate for Facebook and has been overseeing the development of the mixed-use community that includes offices, housing (225 of which will be offered at below-market rates), cultural centers, retail and all the other a爱上海同城手机版 新爱上海同城对对碰论坛menities essential to cit新上海贵族宝贝论坛 上海贵族宝贝交流区y living.

The plan went public last summer, and several other tech companies, like Google and its 10,00上海龙凤论坛sh1f 上海龙凤论坛0 new housing units close to its Mountain View campus, have 阿拉爱上海同城 爱上海龙凤419桑拿similar plans for workers’ housing nearby their sprawling tech companies, as the Times reports.

But outsiders remain skeptical. For them, this is just another encroachment into surrounding neighborhoods, which has seen prices soar—the median cost of a home in Silicon Valley now $968,000, and could living in Willow V上海龙凤论坛 新上海贵族宝贝论坛alley feel like constantly being at work?

“Facebook has the attitude that if you are really a good employee you will live, eat and sleep Facebook. That creates insularity, which is a big problem in Silicon Valley already,” author David Kirkpatr[……]

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Home Sharing China

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Homesharing is growing in China amid millions of vacant homes Companies like Tujia see more users listing multiple homes

Chinese ghost cities, like this one at the Do上海贵族宝贝论坛 上海贵族宝贝ngfang railway station, hold millions of vacant homes that are contributing to the growth of homesharing in the country. (credit: Wikimedia Commons)

Homesharing in China on sites like Airbnb and Tujia is on the rise as the country a上海贵族宝贝 上海千花网龙凤论坛mid an increasing number of vacant homes.

Rising real estate prices and a growing housing supply have produced ghost towns with more than 50 million vacant homes in the country, according to上海同城对对碰交友社区 上海夜网论坛 figures cited by Skift.

Chinese homeowners are increasingly using homesharing sites as a mainstay source of income, rather than to supplement their incomes.

Yang Changle, the chief operations officer of Tujia, China s largest homesharing company, said that out of the 130,000 landlords and operators his company provides services for, 80,000 operate more than one shared home.

China s sharin阿爱上海同城 阿拉爱上海同城g economy hit a market value of $680 billion last year, and some estimate it will grow at an annual rate of 40 percent over the next five years.

Airbnb launched in China in 2008, and as of last October had 120,000 listings. Hong Ge, former head of Airbnb in China, stepped down last year after only a few months on the job.[Skift] Rich Bockmann

Tags: airbnb, china, Residential Real Estate
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WeWork

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Investors discount office buildings with high WeWork occupancies: Cushman New study shows cap rates expand when co-working tenant has a large footprint

WeWork s Adam Neumann (Credit: Pixabay and Freepik via Flaticon)

WeWork has spr上海贵族宝贝交流区 上海贵族宝贝论坛ead like wildfire in just a few short years and now occupies more than 5.1 million square feet in Manhattan – enough to fil上海千花网交友 上海千花网论坛l almost two Empire State Buildings.

But would an investor want to own a property entirely occupied by – or even one with a relatively large exposure to – the co-working phenom?

A new study by Cushman Wakefield shows that investors apply a discount when pricing office properties with large WeWork occupancies.

With this new co-working environment, we haven’t yet been through a full office cycle,” said David Bitner, Cushman’s head of capital research for the Americas and co-author of the report. “Particularly on the bank side – which are providing the debt capital – there’s some conservatism on their confidence and underwriting.”

Cushman looked at 17 office buildings across the country that traded between the beginning of 2016 and the start of this year. The study found that properties with high WeWork occupancies traded at capitalization rates that were higher compared to the overall market rate for similar buildings – indicating that investors viewed these properties as risker bets.

“The cap rate actually ended up being higher once you got above 40, 45 [or] 50 percent of the building, in most cases,” said David Smit[……]

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Rabsky Group

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Rabsky lands $134M refi for LIC resi project Money from Berkadia is for Rabsky’s Halo LIC project on Pur上海千花网 爱上海同城对对碰ves Street

Halo LIC at 44-35 Purves Street in Queens

Simon Dushinsky and Isaac Rabinowitz’s Rabsky Group received about $134.2 million from Berkadia to refinance its Long Island City apartment complex on Purves Street.

The financing package for the de上海贵族宝贝交流区 上海贵族宝贝论坛velopment, known as Halo LIC, also includes a gap mortgage for about $8.1 million, according to property records.

Rabsky purchased the Halo LIC site at 44-35 Purves Street in 2013 for $32.2 million, and it s the company’s first project in the neighborhood. The complex has 284 units overall, according to StreetEasy.

Rabsky and Berkadia did not immediately respond to re阿爱上海同城 阿拉爱上海同城quests for comment.

Rabsky recently landed a $65 million loan for its controversial Broadway Triangle project in Williamsburg. The Real Deal ranked 阿爱上海同城 阿拉爱上海同城the firm as Brooklyn’s seventh most active developer earlier this year.

Tags: long island city, Rabsky Group, Real Estate Finance, Residential Real Estate
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