Monthly Archives: June 2019

1700 Broadway

Heart disease re阿拉爱上海同城 爱上海龙凤419桑拿search group inks lease at Ruben Companies 1700 Broadway Cardiovascular Research Found爱上海同城 爱上海ation taking 47K sf

Richard Ruben and 1700 Broadway in Midtown

A nonprofit heart disease research group has inked 上海夜网论坛 上海夜网a lease at the Ruben Companies 上海夜网 阿爱上海同城1700 Broadway, taking the eighth and ninth floors of the building.

The Cardiovascular Research Foundation, which is currently located at 111 East 59th Street, signed a 15-year lease for the 47,000-square-foot space.

The asking rent for the space was $59 per square foot, but it s not clear how much the nonprofit will actually pay. Scott Weiss of Savills Studley represented the research group, and Rubens was represented in-house by John Schrenker and Peter Shimkin of Newmark Grubb Knigh上海龙凤论坛sh1f 上海龙凤论坛t Frank.

The research group is expected to move into its new digs Oct. 1., Commercial Observer reported.

Earlier this year, Ruben bought the land beneath the tower from the Shubert Foundation for $280 million. The company had built the 42-story building in 1968 through a ground lease at the site, which was set to expire in 2067.

Back in November, architecture firm Gensler took 119,000 square feet at the building, the second through sixth floors. [CO] — Kathryn Brenzel 
 

Tags: Ruben Companies
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Douglas Durst

Durst backs Clinton, K爱上海同城论坛 爱上海同城alikow goes with Trump Durst joins list of independents and Republican New Yorkers supporting Democratic candidate

From left: Donald Trump, Peter Kalikow, Douglas Durst and Hillary Clinton

He s with her.

The Durst Organization s Douglas Durst has come out in support of Hillary Clinton ahead of the first presidential debate, saying she is a tested public servant who is ready to lead.

Durst had much harsher words for fellow real estate developer and Republican nominee Donald Trump, telling Politico: I have had a front-row seat to the curious career of Donald Trump. He morphed from a builder to a showman to an aspiring statesman. I have seen nothing in the 40 years I have known Donald to qualify him to be President of the 上海夜网论坛 上海夜网United States

Durst, whose company controls more than 13 million square feet of office space and nea新上海贵族宝贝论坛 上海贵族宝贝交流区rly 3 million square feet of residential real estate, joins a list of prominent New York-based Republicans and independents supporting Clinton, according to a release from the Clinton campaign Monday.

Durst is known for certain liberal leanings — he owns an organic farm up阿拉爱上海同城 爱上海龙凤419桑拿state — but is not registered with either party, according to his spokesperson. He donated to Clinton in 2002 after she won her Senate seat, and supported her 2008 presidential bid.

Many New York real estate figures who started off supporting Trump have rescinded their support in recent months, as The Real Deal reported in its September issue. So[……]

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David Geffen

David Geffen claims contractors caused more than $1M in damage to $54M penthouse Dreamworks CEO has been renovating the apartment at 785 Fifth since 2013

785 Fifth Avenue and David Geffen (Credit: Getty爱上海同城对对碰 爱上海同城论坛 Images)

That s not a good sound. Music mogul and Dreamworks co-founder David Geffen claims two construction companies caused more than $1 million in damages to his co-op penthouse at 785 Fifth Avenue.

Geffen s insurance company, AIG, filed a lawsuit against Bernsohn Fetner LLC and Paul Ryan Associated, claiming that water leaked from drain pipes on the roof into his luxury co-上海千花网龙凤论坛 上海千花社区op, the New York Post reported. The penthouse has been under construction since 2013, and was the subject of a lawsuit by one of Geffen s neighbors, who claimed that the construction caused $2 million damage to their apartment.

Geffen purchased the 爱上海 爱上海同城手机版two-floor co-op in 2012 for $54 million. He recently purchased a mansion at 199上海贵族宝贝 上海千花网龙凤论坛 Lilly Pond Lane in East Hampton for $70 million, where he s planning a $1.9 million renovation. He sold a nearby East Hampton estate shortly aft爱上海同城论坛 爱上海同城er that for $67.3 million. He also listed another unit he owns in the Fifth Avenue building for $27.5 million in September. The co-op was taken off the market in December. [NYP] — Kathryn Brenzel

Tags: 785 fifth avenue, david geffen
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CREFC

CRE execs debate whether t爱上海同城对对碰 爱上海同城论坛his is a different real estate cycle Panelists sound off at CREFC’s annual conference in Washington

From left: Nicholas Seidenberg, David Durning, Reid Liffmann, Dennis Schuh, Robert White and Michael Quinn (Credit: Will Parker for The Real Deal)

Top commercial real estate executives gathered at the Marriott Marquis hotel in Washington, D.C. to discuss how the current real estate cycle differs from the late stages of the last cycle just before the global financial crisis.

The panelists at the Commercial Real Estate Finance Council s annual conference on Tuesday were David Durning, president and CEO of PGIM Real Estate Finance; Reid Liffmann, managing director of Angelo, Gordon Co.; Dennis Schuh, chief originations officer at Starwood Property Trust; Real Capital Analytics Robert White; and Annaly Capital Management s Michael Quinn. Eastdil Secured s Nicholas Seidenberg led the discussion.

Because of CREFC s restrictive media policy, the quotes and statements cannot 爱上海龙凤419桑拿 上海龙凤论坛sh1fbe attributed to the panelists, who are treated as off-the-record anonymous sources.

According to one panelist, there are key differences between the current cycle and the prior one, notably that there s less volatility and less opportunistic investing this time around. In this cycle, there is still some room for expansion, the panelist said.

Another panelist said that, as with the last cycle, whatever finally signals the end of the road is not likely to be obvious or expect[……]

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236 Fifth Avenue

Sister act: Kaufman inking ground lease for NoMad office building Deal allows landlord to connect 100K sf property with existing Ring building

From left: George Kaufman, 236 Fifth Avenue, Robert Khodadadian and Daniel Shirazi

The Kaufman Organization is inking a long-term ground lease under a NoMad office building on Fifth Avenue, in a deal that allows it to connect the pro上海夜网论坛 上海夜网perty with a former Ring Portfolio buil上海龙凤论坛 新上海贵族宝贝论坛ding the company controls around the corner.

The Midtown-based landlord is closing Wednesday on a new 99-year ground lease at 236 Fifth Avenue with longtime property owner LCT Associates, sources told The Real Deal.

Representatives for Kaufman and LCT Associates principal Scott Chiou declined to comment. Robert Khodadadian and Daniel Shirazi at Skyline Properties, who sources said brokered the deal, couldn t be reached for comment.

The deal gives Kaufman control of the 11-story, 100,000-square-foot office building on the爱上海同城 爱上海 property and access to its frontage along Fifth Avenue between 27th and 28th streets. The building can be connected to a sister building Kaufman controls around the corner at 13-15 West 27th Street. Connecting the two could allow Kaufman to market the office space in both as Fifth Avenue office space, potentially commanding higher rents.

Kaufman controls t爱上海同城对对碰 爱上海同城论坛he leasehold on the 27th Street building through a deal it struck in 2014 with Extell Development for $25 million, property records show. The term gives the landlord control of[……]

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Southampton’s ‘Mocomanto’ snags special permit for controversial renovation

The Southampton Village Zoning Board ruled that owner Ken Fox can renovate his historic home on 472 First Neck Lane despite concerns about potential environmental impacts. The 1800s-era house, whi爱上海同城对对碰 爱上海同城论坛ch has been called the “Jewel of Southampton Village,” sits on the waterfront of Lake Agawam. Fo上海夜网 阿爱上海同城x purchased the property, named “Mocomanto,”爱上海同城对对碰 爱上海同城论坛 in 2012 for $10.7 million and is planning a large addition to the home as a part of the renovation. [Curbed]

Tags: Hamptons
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Miami Retail Market

Retail’s rent markup While Miami’s brick-and-mortar sector may be outperforming those around the U.S., word on the street is that landlords have outsized expectations

The first retail portion of the $350 million mixed-use development at the former Plantation Mall is nearly 65 percent leased, Encore Capital Management says.

As South Florida’s retail real estate sector continues to show strength — an anomaly as the rest of the country sees vacancy rates creep ever higher — some worry that landlords in the tri-county region’s hottest neighborhoods and high streets are just a bit too optimistic about the market.

While rents continued to rise in the third quarter, a recent JLL report said a decline in deals suggests rents in the Miami and Fort Lauderdale markets have peaked and will soon tumble. “Transaction volume has dried up and occupancy rates are beginning to retreat,” the report said. A slew of new retail-focused, mixed-use developments — as well as industrial warehouses being converted into retail — in neighborhoods like Wynwood and Allapattah have been slow in signing tenants, a JLL company spokesperson said in a statement. “The occupancy levels cited in the report are reflective of the vacancy in newer retail developments, so transactions have not kept up with added supply,” the statement read.

But continued low vacancy rates this year have emboldened landlords, and some of them are looking for rents that exceed current market norms.

“In segments where you have seen dra[……]

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US Housing Starts

US housing starts dropped in February Weaknesses in multifamily construction dragged down the numbers

February was not a great month for housing starts in the U.S.

They fell 7 percent compared 上海龙凤论坛sh1f 上海龙凤论坛to January thanks to weaknesses in multifamily construction, hitting an annual rate of about 1.2 million, according to the Wall Street Journal. Permits for residential buildings also fell 5.7 percent to an annual pace of about 1.3 million, while multifamily construction dropped by 26.1 percent.

In January, housing starts were at an annual pace of about 1.3 million, while permits were at about 1.4 mil上海千花网交友 上海千花网论坛lion, the newspaper reported.

The market for single-f上海龙凤论坛sh1f 上海龙凤论坛amily homes has remained fairly strong, but as the condo and apartment markets  have cooled off, construction of larger buildings has slowed.

Things looked particularly good in the western part of the country, where the construction of singl上海千花网龙凤论坛 上海千花社区e-family homes hit its best pace in more than 10 years. [WSJ]  – Eddie Small

Tags: Development, Housing Market, Residential Real Estate
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Peter Fine

Here s what the $10M-$20M NYC investment sales market looked like last week Peter Fine strikes Jerome Ave上海夜网 阿爱上海同城nue deal after rezoning, Greystone sells Brooklyn Lyceum

Pete上海夜网 阿爱上海同城r Fine and 1331 Jerome Avenue

In the world of mid-market New York City inves上海千花网 爱上海同城对对碰tment sales last week, developer Peter Fine closed the first deal in the wake of the Bronx s Jerome Avenue rezoning and Greytone Development sold the Brooklyn Lyceum in Park Slope.

1.) Developer Peter Fine acquired a 25,000-square-foot lot at 1331 Jerome Avenue, marking the first time that a property has traded in the area since it was approved for rezoning. Fine, who p上海贵族宝贝交流区 上海贵族宝贝论坛aid $11.1 million for the lot, plans to build a 195,000-square-foot mixed-use building with apartments and a ground-floor retail space. The seller is beer distributor Drinks Galore. Concourse Realty’s David Simone and David Kalish and Cushman Wakefield’s John Ciraulo represented Drinks Galore.

2.) Greystone Development sold the Brooklyn Lyceum in Park上海贵族宝贝 上海千花网龙凤论坛 Slope to an unnamed buyer for $10 million. The landmarked Brooklyn bathhouse, located at 227 Fourth Avenue, was first built in 1910 as the Public Bath No. 7. After preserving the neo-classical structure with the help of Daniel Goldner Architects and Walter B. Melvin Architects, Greystone converted the property into a Blink Fitness location. Terra CRG’s Ofer Cohen represented Greystone. The buyer, meanwhile, was represented by Sterling Project Development’s Brian Flanagan.

3.) Israeli firm Corner Re[……]

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Keller Williams iBuyer

Keller Williams wades into iBuyer pool The brokerage has been building and testing a cash offer program for the last year

Keller Williams Ilan Bracha and a sold home (Credit: Getty Images, iStock, and YouTube)

Keller Williams is the latest brokerage to jump into the iBuyer game.

The company has been testing such a program, which allows homeowners to flip a property for cash using a computer-genera爱上海 爱上海同城手机版ted offer based on information about the property. It has co上海贵族宝贝交流区 上海贵族宝贝论坛mpleted nearly 100 transactions through the prgram, according to Inman.

Austin, Texas-based Keller Williams joins Realogy, Zillow and startup Opendoor in the iBuyer space. On Wednesday, Realogy announced it was launching its own program, cataLIST Cash Offer. And on Thursday, Softbank said it had invested $400 million in Opendoor through its Vision Fund.

Each program is different, but buyers are typically either those companies themselves or outside investors looking to flip properties quickly.

Quick cash-offer programs are aimed at home sellers who want to avoid a drawn out sales process. They may be looking to quickly access equity tied up in their properties or they may need to relocate on short notice, for example.

Keller Williams’ program is stil上海千花社区 上海千花网交友l in its infancy and woul阿拉爱上海同城 爱上海龙凤419桑拿d proceed through its KW Labs development process before hitting the consumer market.

Spokesperson Darryl Frost said the company has spent the last year learning what consumers really want. The Keller Williams Kenny Klaus Team franch[……]

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