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  • 2019年6月18日 By wh1 0 comments

    Chetrit gets $128M financing for Jamaica project Developer planning 324 apartments at former Mary Immaculate Hospital site

    From left: Joseph Chetrit, rendering of 150-13 89th Avenue (credit: Goldstein, Hill West via YIMBY) and Adi Chugh

    The Chetrit Group scored about $127.5 million in construction financing for its planned multifamily redevelopment of the Mary Immaculate Hospital site in Jamaica, sources told The Real Deal.

    Chetrit is planning 上海夜网论坛 上海夜网a four-building complex at 150-13 89th Avenue in downtown Jamaica, with 324 apartments. The developer acquired the site, which offers more than 415,000 buildable square feet right next to Rufus King Park, for about $4.8 million in 2009, according to New York YIMBY. The project is slated to cost about $175 million, sources said.

    Bank of the Ozarks provided a roughly $88 million first mortgage, in a deal brokered by Mave阿爱上海同城 阿拉爱上海同城rick Commercial Properties Adi Chugh. The rest of the financing came in the form of a mezzanine loan from Arbor Commercial Mortgage. Both debt deals closed Thursday.

    Iron Hound Management s Robert Verrone brokered the mezzanine debt, sources said.

    Chetrit, headed by Joseph and Meyer Chetrit, is also planning a 46-story apartment and hotel project at Hudson Yards.  In April, the developer sold the Sony Build上海龙凤论坛sh1f 上海龙凤论坛ing at 550 Madison Avenue to the Olayan Group for $1.4 billion.

    Tags: bank of the ozarks, Chetrit Group, joseph chetrit
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  • 2019年6月18日 By wh1 0 comments

    Scorecard:上海龙凤论坛 新上海贵族宝贝论坛 Manhatt上海贵族宝贝交流区 上海贵族宝贝论坛an I-新上海贵族宝贝论坛 上海贵族宝贝交流区sales still way behind 2016 monthly average A monthly round-up of news and reports on the上海贵族宝贝 上海千花网龙凤论坛 commercial market
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  • 2019年6月18日 By wh1 0 comments

    Landlords who use上海千花网龙凤论坛 上海千花社区d Airbnb to l爱上海龙凤419桑拿 上海龙凤论坛sh1fist illegal hotel settle with city for $1M 上海千花社区 上海千花网交友Majid and Hamid Kermanshah listed units at 59 Fifth Avenue and 5 West 31st Stre上海贵族宝贝交流区 上海贵族宝贝论坛et on Airbnb
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  • 2019年6月17日 By wh1 0 comments

    European retail giant to take over Westfield for $15.7B Bid from Unibail-Rodamco consolidates two of world’s largest mall operators

    World Trade Center mall (Credit: Westfield World Trade Center via Google+)

    Westfield Corp., the operator of the World Trade Center mall in Lower Manhattan, Garden State Plaza in Northern New Jersey and several upscale shopping centers in London, has agreed to a $15.7 billion takeover by another giant in the shopping center industry: Unibail-Rodamco.

    The deal combines two of the biggest mall operators in the world at a time when malls are going through many well-publi上海千花网 爱上海同城对对碰cized struggles, according to the Wall Street Journal. Westfield shares had been down 9 percent this year prior to the deal being made public, and the company has spent years lowering its retail exposure.

    Frank Lowy, the chairman of Westfield, will retire as part o上海贵族宝贝论坛 上海贵族宝贝f the deal, while his sons Peter and Steven will resign as the company’s co-chief executives. Unibail Chief Executive Christophe Cuviller will head up the new company. Unibail, based in Paris, operates malls in Western and Central Europe. Some of its holdings include the Forum des Halles and the Les 4 Temps malls in Paris as well as the Gropius in Berlin. The move for Westfield gives Unibail access to上海千花网 爱上海同城对对碰 the London market.

    The Lowy family saw the move as a chance to recover value for their shareholders, the Wall Street Journal reported, while Unibail executives saw a chance to increase their company’s portfolio of centers in more affluent areas of the U.S. and U.K. with a wide range of amenities, such as movie theaters.

    According to Bloomberg, more than 70 percent of Westfield s 2016 revenue came in the U.S.

    Mall operators have been struggling in recent years as online shopping continues to gain in popularity and have been pulling out all the stops to attract shoppers, adding amenities ranging from fitness centers to ice rinks.

    Westfield had recently tried to focus on the higher end of the market, and its $1.4 billion mall in the World Trade Center opened last year, which executives thought would see massive foot traffic from office workers and tourists.

    However, an analysis from June of this year by The Real Deal found that about 20 percent of space in the mall remained unoccupied, and consensus among the industry was that the mall did not get off to a great start, with one expert calling it a “disaster.”

    Earlier this week, mall rea新爱上海同城对对碰论坛 上海同城对对碰交友社区l estate investment trust General Growth Properties rejected a $14.8 billion bid from Brookfield Property Partners. Brookfield is expected to submit another bid. [W上海贵族宝贝论坛 上海贵族宝贝SJ] – Eddie Small

    Tags: Commercial Real Estate, NYC Retail Market, westfield, world trade center retail
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  • 2019年6月17日 By wh1 0 comments

    HNA Group is confusing investors with its sales strategy Company is looking to sell off its global assets

    Cheng Feng and 245 Park Avenue (Credit: Getty Images and Brookfield)

    HNA Group s tactics for selling off its multi-billion-U.S. real estate portfolio are confusing investors and leading to rumors about how the conglomerate plans to unload its various office and hotel properties.

    The company tapped two brokerages, Eastdil Secured and HFF, to sell o爱上海 爱上海同城手机版ff its buildings but is also speaking directly to investors, Real Estate Alert reported.

    “Everyone I’ve talked爱上海同城论坛 爱上海同城 to about the HNA sale process shakes their head in disbelief,” one New York-based chief investment officer told Real Estate Alert. “No one knows or understands阿拉爱上海同城 爱上海龙凤419桑拿 what HNA is doing. It’s hard to believe a large, sophisticated organization is running such an unsophisticated process.”

    There s been some talk, for instance, that Northwood Investors has an exclusive chance to buy all of HNA s U.S. properties this week, but it s unclear if this is the case. Northwood purchased 1180 Sixth Avenue — owned by an HNA subsidiary and MHP Real Estate Services — for $305 million. HNA hired Eastdil to sell that building and also gave the firm the non-exclusive right to shop other properti上海千花网 爱上海同城对对碰es, including 245 Park Avenue and 850 Third Avenue. HFF was hired to also non-exclusively pitch these properties, as w上海千花网交友 上海千花网论坛ell as the Cassa Times Square Hotel in Manhattan.

    Following a $16 billion buying spree, HNA owns a majority stake in five U.S. office buildings.

    The Chinese conglomerate, heavily in debt and under criticism for trying to raise money from its own employees, also recently sold the Wildenstein mansion to billionaire Len Blavatnik for $90 million.  [REA] — Kathryn Brenzel

    Tags: Commercial Real Estate, eastdil secured, hff, HNA Group
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  • 2019年6月14日 By wh1 0 comments

    Queens means business: Here s the look at the borough s biggest deals in Q1 Lightstone Group’s $60M purchase of 29-21 41st Avenue topped the list

    29-21 41st Avenue and 55-15 Grand Avenue (Credit: Google Maps)

    Long Island City’s hotel market was strong enough to account for the largest deal of the first quarter in Queens this year.

    Lightstone’s Group $60 million purchase of the Hilton Garden Inn at 29-21 41st Avenue in Long Island City topped the list of biggest transactions in Queens during the first three months of 2018, according to data from Real Capital Analytics. However, industrial properties dominated the top 10 list overall, taking up five of the top 10 spots, while the rest were split between one retail deal, one senior housing deal, one development site deal and one office deal.

    Overall, the top 10 deals were worth about $358.4 million. This was lower than both the previous quarter’s total of about $540.4 million and the first quarter of 2017’s total of about $423 million.

    Other large deals during the quarter included LBA Realty’s and RXR Realty’s roughly $55 million purchase of 55-15 Grand Avenue in Maspeth and BRP Companies’ $55 million purchase of 163-05 to 163-25 Archer Avenue in Jamaica.

    The full list of Queens上海同城对对碰交友社区 上海夜网论坛’ top 10 deals for the first quarter are below:

    1. 29-21 41st Avenue, $60 million
    Buyer: Lightstone Group
    Seller: Phillip D. Ashkettle, MCS Capital Partners, Ranger Properties LLC
    The biggest Queens deal of the first quarter was Lightstone Group’s $60 million purchase of the Hilton Garden Inn at 29-21 41st Avenue in Long Island City. The 183-key hotel stands 16 stories tall and opened in April 2015. Lightstone is funding is purchase with a $35 million loan from Western Alliance Bank, and the price comes out to roughly $330,000 per key.

    2. 55-15 Grand Avenue, approximately $55.3 million
    Buyer: LBA Realty, RXR Realty
    Seller: Cascades Inc.
    LBA Realty partnered with RXR Realty to purchase 55-15 Grand Avenue in Maspeth for about $55.3 million. The deal was part of LBA’s larger $72 million purchase of three development sites in the neighborhood that also included 54-15 and 56-19 Grand Avenue. The sites together span about 385,000 square feet. LBA intends to renovate 55-15 Grand Avenue, which currently has one tenant: the manufacturing company Norampac. LBA is based in California and owns more than 13 million square feet of office space and 26 million square feet of industrial space in the western United States. This appears to be its first New York City purchase.

    3. 163-05-163-25 Archer Avenue, $55 million
    Buyer: BRP Companies
    Seller: United C D Group, Century Development
    BRP Companies purchased developer Chris Jiashu Xu’s Archer Towers industrial site in Jamaica for about $55 million. The property spans 90,000 square feet and offers more than 700,000 buildable square feet. It is currently occupied by a one-story retail strip with a food court, supermarket and Rent-A-Center, along with an eight-story parking garage. BRP is expected[……]

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  • 2019年6月14日 By wh1 0 comments

    Growth in home prices slowed across 20 major US metros in June Data from CoreLogic suggests that pricing may have hit a ceiling

    New York (top) and Las Vegas (bottom) skylines (Credit: Pixabay and iStock)

    The strong upward momentum in home prices seen across the country showed signs of slowing in June, according to th爱上海龙凤419桑拿 上海龙凤论坛sh1fe latest S P CoreLogic Case-Shiller data.

    Home prices in 20 U.S. cities rose at their slowest pace since 2016 amid high prices and higher mortgage rates, according to Bloomberg’s analysis of the data. All cities posted gains on a year-over-year basis, but New York was the only metro area that saw a drop between June and May.

    Some cities still posted s上海千花社区 上海千花网交友trong gains. Las Vegas led with a 13 percent annual increase, edging past Seattle for the top spot, but only by 0.2 percent. Las Vegas’ 1.4 percent seasonally adjusted month-to-month increase was the largest as well, followed by Cleveland, Detroit and Minneapolis, according to Bloomberg.

    San Francisco, already one of the most expensive places to live in the country either as a renter or buyer, saw a 10.7 percent increase in pricing.

    The trend played out in Southern California, which saw its slowest June in four years this year. The 22,706 homes sold in June were 15 percent lower than average sales since上海千花社区 上海千花网交友 1988.

    In May, CoreLogic found that while prices were up by 6.4 percent year-over-year, the pace of sales was slowing. Sales of new homes hit an eight-month low in June, dropping by 5.3 percent from May. Existing home sales fell for the third straight month.

    Starter homes were at their highest prices since 2008 in the second quarter, meaning 爱上海 爱上海同城手机版the barrier for entry int爱上海同城对对碰 爱上海同城论坛o the home market is high. Typical first-time buyers need to spend around 23 percent of their income on their first home, up two percent compared to the first quarter of the year.

    [Bloomberg] – Dennis Lynch

    Tags: Home Prices, National, Residential Real Estate
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  • 2019年6月14日 By wh1 0 comments

    Co-op boards in Westchester County will have to make up their minds about potent上海贵族宝贝交流区 上海贵族宝贝论坛ial buyers in a timely manner moving forward. Lawmakers t爱上海同城 爱上海his week voted to pass a bill that requires boards to acknowledge applications within 15 days — and let 爱上海龙凤419桑拿 上海龙凤论坛sh1fpotential buyers know if their applications are missing anything — and either accept or reject completed applications within 60 days, LoHud reported. “At the heart of it was to speak to discrimination and to fight back against discrimination in housing in this county,” Legislator Chris Johnson, a Yonkers Democrat and sponsor of the bill, told the outlet. The bill did not include a prov上海千花网论坛 上海千花网ision that would have required boards to provide a written explanation for the rejection of an app爱上海同城手机版 新爱上海同城对对碰论坛lication, as co-op owners protested against it, according to LoHud. Boards will, however, have to send any applications they reject to Westchester County’s Human Rights Commission. [LoHud]

    Tags: Westchester Fairfield
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  • 2019年6月14日 By wh1 0 comments

    Lenox Hill Hospital to see a $2B renovation. Here s what Northwell Health is planning. The overhaul would also create a 200-unit resi building on current site

    A rendering of Lenox Hill Hospital tower (Credit: Northwell Health)

    Lenox Hill Hospital owners Northwell Health think the Upper East Side site’s existing 10 buildings are just too old and too small.

    They are expected to announce a $2 billion ren爱上海同城手机版 新爱上海同城对对碰论坛ovation package新上海贵族宝贝论坛 上海贵族宝贝交流区, that will include the creation of a 41-story, 200 unit residential building at the Park Avenue corner of the site, according to the Wall Street Journal. It is not yet known what developer will be tapped to work on the new residential building.

    The current hospital site stretches an entire city block between Park and Lexington Avenue, at 76th to 77th streets. Some of the hospital’s facilities date back to the 1800s.

    The planned renovation includes a 516 foot hospital room tower, new physician practice offices, and the potential demolition of three townhouses on the north side of 77th to create one new building.

    Northwell Health will need to receive city and community approval for the project. City Council member Keith Powers, who represents the area, told the Journal that public consultation would be essential.

    “It’s incredibly impor爱上海同城 爱上海tant that there is a lot of public participation in the plan and concerns for those who live in or around the hospital are addressed through the land-use process,” Powers said.

    Northwell are currently partnering with University Financing Foundation to develop six b爱上海龙凤419桑拿 上海龙凤论坛sh1fuildings on the Upper East Side that a new outpatient care center, a cancer center, an ambul阿爱上海同城 阿拉爱上海同城atory surgery center and medical offices.They received a $246 million loan for the project in August. [WSJ] Decca Muldowney

     

    Tags: Development, Hospitals, lenox hill hospital, upper east side
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  • 2019年6月14日 By wh1 0 comments

    Falling down the charts: Tommy Mottola’s Greenwich estate sells for a 25% discount It was listed for $19.95M in 2017

    Tommy Mottola and his Greenwich Estate (Credit: Getty Images and Compass)

    Legendary music executive Tommy Mottola had to face the market s music with the sale of his Connecticut mansion. The former CEO and chairman of Sony Music sold his gargantuan Greenwich estate for $14.9 million, 25 percent below the asking price.

    Mottola originally listed the nine-bedroom home for $19.95 million in 2017, the Wall Street Journal report上海夜网 阿爱上海同城ed. Mottola and his wife, Mexican pop star Thalia, had been living there for several years at the time. They spent about three years designing and building the house.上海千花网龙凤论坛 上海千花社区

    Compass’ Robin Kencel and Brian Milton represented Mottola. Sotheby’s International Realty’s Steve Archino represented the anonymous buyer.

    Though he didn t get 上海千花社区 上海千花网交友the price he had been seeking, Motolla did well on his investment. He purchased the 5.7-acre estate at 33 John Street for $2.85 million in 2010. The mansion spans over 12,000 square feet and features a great room with a stone fireplace, a gym, a play room, a beauty salon and a massage room. It also has an outdoor swimming pool and a carriage house that’s been used as a recording studio.

    The sale comes as the Greenwich market has cooled. According to a 2018 fourth-quarter report from Douglas Elliman, average sales prices were down nearly 上海千花网龙凤论坛 上海千花社区19 percent year over year, to $2.3 million, while total sales dipped 2.2 percent from a year earlier. Brokers have said that demand for over-the-top homes has slowed, with extravagant properties generally requiring price cuts to sell.

    During his time in the music industry, Mottola helped propel the careers of singers such as Céline Dion and Gloria Estefan. He’s also a restorer of luxury homes. [WSJ] — Meenal Vamburkar

    Tags: Greenwich, Residential Real Estate, Tri-state
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