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 expected. The probability of making mistakes is now higher in the current part of the cycle, he said, c阿拉爱上海同城 爱上海龙凤419桑拿iting overambitious price expectations in Class B multifamily properties, one of the same mistakes he said he saw in 2007.

All of the panelists said that the current cycle would be over within five years, with one speaker expressing optimism that there were still a few strong years left. He said there s been too much pessimism t上海千花网龙凤论坛 上海千花社区hat belies the reality that pricing is still strong. And despite capital controls on wealth fleeing China, there s been no notable drop in Asian investment in U.S. real estate so far, he said.

Another sign that the current cycle is different than the last is the crowding in the debt market, panelists said. Mezzanine lending, for example, is an increasingly stocked field, as more equity investors 爱上海龙凤419桑拿 上海龙凤论坛sh1fmove into doing debt deals.

Perhaps the biggest difference between the two cycles, panelists said, is how the real estate finance industry has adjusted to what happened last time. Today, banks are less leveraged and newer regulations like those restricting high volatility commercial real estate make for more conservative lending practices.

The last cycle was marked by cheap and easy credit and that s not how things work this time around, one panelist noted.

As for how close we are to the end of this cycle, only one panelist said it was basically already over. Like many a financier before him, the speaker opted for a baseball metaphor: The cyc[……]

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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 the property for 25 years, with an option to extend the lease to a total of 99 years.

Extell turned around in 2015 and sold the fee position on the property to Edison Properties for $38.8 million.

While ground leases provide buyers with a chance to own real estate at an attractive basis, they re not without their risks. Several recent, high-profile cases have highlighted how fee holders can bend their lessees over a barrel when it comes to resetting rents or valuing the underlying real estate.

Tags: Commercial R阿爱上海同城 阿拉爱上海同城eal Estate, George Kaufman, Kaufman Organization, ring portfolio
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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 dramatic investment activity, like Lincoln Road, the Design District and Wynwood, there is a little bit of a disconnect,” said Ken Krasnow, executive managing director for Colliers International’s South Florida 上海千花网 爱上海同城对对碰region. “Investors thought, ‘If I am going to spend $1,000 a square foot, then I am going to get $400 a square foot in rent.”

While the retail vacancy rate stood at 10 percent nationally in the third quarter, according to data from Reis, rates in Miami-Dade and Broward counties were at 3.6 percent, Colliers reported, and in Palm Beach, the rate was 4.4 percent. Meanwhile, rental rates in South Florida posted a 17 percent increase year over year, according to Colliers.

Despite healthy overall vacancy rates and rents trending upwards in South Florida, there are signs that should cause landlords to think twice about high rent expectations.

A closer examination of some submarkets revealed a downward slide. For instance, Lincoln Road’s vacancy rate climbed to 13 percent in the third quarter of 2017, up 4.5 percentage points from the same period last year. Yet at $305 per square foot, Lincoln Road has the highest average asking retail rent among the nine prime retail destinations in Miami-Dade, according to a Q3 2017 Miami retail report by Cushman Wakefield.

Justin Berryman

Whether landlords are willing to lower their asking prices depends on their long-term strategy, Krasnow said. “Some can hold and wait,” he said. “It is really a function of how patient their capital is.”[……]

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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 Realty Group is in contract to buy 11 Hubert Street, a three-story commercial building in Tribeca, for $19.2 million. The current structure on the site contains two apartments and four commercial units, according to city data. Corner Realty plans to convert the property to a condo building with five units. The sellout for the development is projected at $45 million.

4.) The Weirfield Coal Company sold a one-story industrial building in Ridgewood for $12.5 million. The 6,900-square-foot property, at 10-51 Irving Avenue, is currently home to construction materials seller Forest Building Supply. The buyer is Messing Irving Realty, LLC, which is controlled by Bernd Messing.

Tags: Commercial Real Estate, Investment Sales
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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 franchise operates OfferDepot in Phoenix, which allows agents to find offers for clients through other iBuyer programs. The company would not confirm that its own program was related to OfferDepot.

The rapid rise of iBuyer programs has created confusion with consumers, Frost told Inman, and suggested Keller agents would be involved in transactions.

“Through our test market, we have confirmed that consumer want an agent to help through all their options available,” he said. [Inman] — Dennis Lynch 

Tags: i上海龙凤论坛 新上海贵族宝贝论坛Buyer, keller williams, Tech
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Trulia

Trulia: Hottest housing-market conditions will move inland from coasts in 2019 The firm 上海千花网交友 上海千花网论坛predicts that Colorado Springs will be the best housing market in 2019, followed by Grand Rapids, Jacksonville, Bakersfield and Austin

(Credit: iStock)

Housing markets in coastal cities have been the hottest in recent years, but Trulia predicts that the top markets in 2019 will be inland cities where homes are more affordable.

San Francisco-based Trulia, a provider of online guides for home buyers and renters, predicts that these will be the five best housing markets next year:

1. Colorado Sprin新爱上海同城对对碰论坛 上海同城对对碰交友社区gs, Colorado

(Credit: iStock)

2. Grand Rapids, Michigan

(Credit: iStock)

3. Jacksonville, Florida

(Credit: iStock)

4. Bakersfield, California

(Credit: iStock)

5. Austin, Texas

(Credit: iStock)

Trulia based its rankings of the best housing markets in 2019 on measures that include employment growth, residential vacancy rates, the percentage of the local population under age 35 and the potential for young adults to become first-time home b阿拉爱上海同城 爱上海龙凤419桑拿uyers.

The firm also based ranked cities higher if they show more inbound than outbound searches for homes, indicating that people who want to remain in those cities outnumber those who want to relocate.

Trulia also predicted that 2019 will be a year of moderation for the overall U.S. housing market.

Home sales are likely to decelerate in 2019 as owners hesitate to list properties for sale at lower prices than they could have 上海夜网论坛 上海夜网commanded in recent years.

“After several years of breakneck appreciation following the end of the housing recession, the latter half of 2018 may have marked a turning point and the beginning of a return to more normalcy and balance in the market,” according to Trulia. [HousingWire.com] – Mike Seemuth

Tags: Residential Real Estate, 上海贵族宝贝论坛 上海贵族宝贝Top Housing Markets, trulia Trump admin moves to end conservatorship of Freddie, FannieFrançois and Betty Catroux’s French estate is on the marketParty on? Companies host extravagant bashes at ICSC, while others temp…Burke Leighton asks $45M for Little Havana apartments
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Wells Fargo Advisors inks 21.3K square foot lease ahead of move to Purchase

Leaving White Plains in its rear view, Wells Fargo Advisors is moving its Westchester County office to nearby Purchase, the Westchester County Business Journal reported. The brokerage plans to move 75 employees from 1133 Westchester Avenue i上海千花网 爱上海同城对对碰n White Plains to 2500 Westchester Avenue in Purchase, where it has signed a 21,300-square-foot lease, according to the outlet. CBRE Group, which advised landlord Normandy Real Estate Partners, told the outlet that the asking rent was $27 per square foot. Jones Lang LaSalle’s Paul Kauffman represented Wells Fargo. The lease “marks the largest in Westchester County by square footage for the first couple months of 2019,” the outlet reported. The Purchase building is part of an office building portfolio 阿爱上海同城 阿拉爱上海同城known as The Exch上海千花社区 上海千花网交友ange. In January, a group of developers sought to add three five-story apartment buildings to Wells Fargo’s former Westchester Avenue home in White Plains. [WBJ]

Tags: W上海龙凤论坛 新上海贵族宝贝论坛estchester Fairfield
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Rent Stabilization

Tensions run high between landlords and state Assembly committee at rent regulation hearing Landlords, tenants testified about proposed changes

Steven Cymbrowitz and Joseph Strasburg (inset)

In what one state lawmaker referred to as a brave move, a landlord accused of harassing rent stabilized tenants appeared before a state housing committee Thursday to testify in favor of the very programs his company is accused of abusing.

Amir Sobhraj, financial controller of Zara Realty in Queens, spoke before the state Assembly 上海贵族宝贝交流区 上海贵族宝贝论坛Housing Committee on Thursday in defense of Major Capital Improvements, Individual Apartment Improvements and other programs that the legislature has proposed eliminating. In March, Attorney General Letitia James and Gov. Andrew Cuomo announced a lawsuit against Zara, accusing the Queens landlord of harassing tenants with illegal broker fees, rent increases and late fees. The developer has also faced tenant lawsuits alleging rent overcharging for capital improvements and harassment of undocumented tenants.

What makes a landlord take advantage of tenants the way Zara does? asked Committee chair Steven Cymbrowitz.

Sobhraj disagreed with the lawmaker’s characterizat上海贵族宝贝交流区 上海贵族宝贝论坛ion, and noted during his testimony that the court of public opinion is not the court o阿拉爱上海同城 爱上海龙凤419桑拿f law. He also blamed third party agitators for instigating tenant lawsuits.

The hearing, the first of three scheduled on a package of legislation that would dramatically change the state s rent regulation laws, became heated on Thursday, especially between legislators and landlord representatives. The proposed bills seek to change how preferential rent is applied to regulated units, and axe vacancy bonuses, MCIs, IAIs and vacancy decontrol. Another, referred to as the good cause eviction bill — regarded as a path to universal rent control — received support from some who testified, though it wasn t initially on the list of measures being considered for the hearing.

When Rent Stabilization Association president Joseph Strasburg said that proposed rent regulation reforms would NYCHA-tize private housing — a warning repeatedly uttered by his and other landlord groups — Assembly member Charles Barron responded that the comment was racist. He also criticized Strasburg s claim that the elimination of MCIs would disproportionately hurt minority construction workers because they d lose work on building renovations.

You are so concerned about people of color losing your jobs, Barron said. That is a fear tactic that will never, never work.

He then compared the strategy of threatening job loss to imposing sanctions on Apartheid South Africa.

Strasburg noted that it seemed the elimination of vacancy decontrol was a done deal. He warned that the consequences of discarding this and other programs — which landlord groups argue will result in the decline of the city s housing stock as costs of owning property in New York continue to rise — will emerge within a few years.

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