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Rivington House

City knew former Rivington House owner wanted to remove deed restrictions: report VillageCare president discussed lifting restrictions with high-ranking de Blasio aide in 2014

Two years before the Allure Group sold the Rivington House to Slate Property Group and partners for $116 million in a scandal that’s embroiled City Hall, a high-ranking adviser in the de Blasio administration was aware that the previous owner was looking to have the property’s deed restrictions removed.

In May 2014, a representative for the nonprofit healthcare provider VillageCare, which at the time owned the AIDS-care residence at 45 Rivington Street, sent an email to the first deputy mayor’s chief of staff requesti阿拉爱上海同城 爱上海龙凤419桑拿ng help removing restri上海贵族宝贝交流区 上海贵族宝贝论坛ctions that required the former city爱上海龙凤419桑拿 上海龙凤论坛sh1f-owned building to be used as a nonprofit and for residential health care, Politico reported.

I am writing to seek Mayor de Blasio s assistance and support on changes VillageCare would like to make to its service delivery infrastructure,  VillageCare President Emma DeVito wrote to Dom Williams, chief of staff to First Deputy Mayor Tony Shorris, according to emails obtained by Politico.

DeVito wrote that VillageCare wanted to sell the property and was told by the Department of Citywide Administrative Services (DCAS) that one restriction could be lifted in exchange for a $4.25 million fee to the city, while both could be removed for a fee of $8.25 million.

Both scenarios do not account for the millions of dollars we have invested in the property and will direct up to $8.25 million away from much-needed healthcare programming for the community, she wrote. The timing of these discussion are important to the completion of the sale and reinvestments.

VillageCare later sold the building for $28 million to the for-profit Allure Group, which paid the fee to have the restrictions removed and sold it earlier this year to Slate, which plans to build 100 luxury condos with Adam America and Vanke.

DeVito asked to have a meeting with Williams to discuss an alternative to the fees in order to expand and maintain its health care services, but did not mention the site’s future use.

It was not clear if the meeting ever took place, according t爱上海同城手机版 新爱上海同城对对碰论坛o Politico. A spokesperson for the de Blasio administration did not comment on the matter. [Politico] – Rich Bockmann

Tags: bill de blasio, Rivington House, Sla爱上海同城对对碰 爱上海同城论坛te Property Group
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NYC Home Sales

Home prices in NY area climb新爱上海同城对对碰论坛 上海同城对对碰交友社区ed 5.1% year-over-year in上海夜网 阿爱上海同城 August Month-over-month prices for single-family properties also went up: CoreLogic

August prices for single-family homes in the New York metro area rose 5.1 percent compared to the same time last year, according to a new report from CoreLogic.

CoreLogic rele爱上海同城 爱上海ased its monthly Home Price Index and Home Price Index Forecast for August on Tuesday, covering all single-family home transactions in New York City, Jersey City and White Plains. The analysis also shows prices rose 1.7 percent month-over-month.

The slight rise is in keeping with a national trend, which CoreLogic CEO Anand Nallathambi attributed to investor-fueled demand and lack of adequate supply.

“This continued price appreciation is contributing to a growing affordability crisis in many market around the country,” Nallathambi said.

Nationwide house prices increased by 6.2 percent year-over-year, and 1.1 percent on a month-over-month basis, the data showed.

CoreLogic predicts U.S. home prices will increase by 5.3 percent on a year-over-year basis between August 2016 and August 2017. The month-over-month prices are expected上海贵族宝贝论坛 上海贵族宝贝 to rise by 0.4 percent.

“Home prices are now just 6 percent below the nominal peak reached in April 2006,” said Frank Nothaft, chief economist for CoreLogic. He predicts that, with ho上海千花网交友 上海千花网论坛use prices forecast to increase by 5 percent over the next year, they will be back to their peak level in 2017. Miriam Hall

Tags: corelogic, home sales
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50 Hudson Yards

Paydirt: Kushner s exit strategy, gutting the condo glut, NYC’s priciest new building … more The industry news you need to know to start your week, and what’s ahead

From left: Rendering of 50 Hudson Yards, Jared Kushner (credit: Getty Images) and 40 Wall Street

The era of the $4 billion office tower is upon us.

Related Companies and Oxford Properties Group上海龙凤论坛sh1f 上海龙凤论坛 are pegging the cost of 50 Hudson Yards, a 2.8 million-square-foot, 985-foot-tall tower, at $3.94 billion. That’s according to an application, spotted by TRD’s Rich Bockmann, that the partners filed with the New York City Industrial Development Agency. The estimate makes it the priciest office building expected to be built in New York, eclipsing 1 World Trade Center (pegged at $3.8 billion).

On a per-square-foot basis, it pencils out to a total development cost (land, financing, construction, soft costs) of more than $1,400 a foot. Related is in the market for a construction loan of over $2.5 billion.

BlackRock is set to be the anchor tenant at 50 Hudson, committing to 850,000 square feet over 15 floors. The money manager, which scored a $25 million state tax break as part of the deal, was also considering the “Spiral,” a neighboring building being developed by Tishman Speyer and designed by Bjarke Ingels that’s projected to cost $3.2 billion. Perhaps Larry Fink is more of a Norman Foster man?

40 Wall: Owning a piece of Manhattan’s skyline is a g上海夜网 阿爱上海同城lobal aspiration, and many of the city’s most famous properties fly foreign flags. The Plaza Hotel, for example, is controlled – though likely not for long – by India’s embattled Sahara Group.  The Roosevelt Hotel is owned by state-run Pakistan International Airlines. CIC, a Chinese sovereign wealth fund, recently bought a noncontrolling stake in 1221 Sixth, though it tried to mask its involvement by going through Invesco. But perhaps no ownership is as intriguing as that of 40 Wall Street, Donald Trump’s prized Lower Manhattan tower.

Though it s often reported as being owned by Trump, the property is actually controlled through a byzantine web of entities connected to twin wealthy ship brokers from Hamburg, a woman who married into the famous German von Bismarck dynasty, and a descendant of another prominent dynasty, the von Arnims. In other words, the president-elect is set to make regular lease payments on his most valuable asset to the European A-list.

Shots fired: The fuzzy feelings couldn’t last. Just weeks after JLL’s star trio of investment-sales brokers decamped for Colliers, word emerged from within JLL that they weren’t pulling their weight. One high-level source at the brokerage told TRD’s Mark Maurer that last January, Richard Baxter, Ron Cohen, Scott Latham and Jon Caplan were warned that they needed to do more. In September, they were reportedly given an ultimatum: either deliver the goods, or walk. But a source close to the three brokers who joined Colliers (Caplan opted to start his own firm) said that was hogwash: According t[……]

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Hamptons Cheat Sheet

Hamptons Cheat Sheet: Mid-range luxury kills it in Q1, Riverhead found to be cheapest nabe more

From top left: 61 Becky s Path, 111 Bailey Road, and the site of EMP Summer House at 341 Pantiago R新上海贵族宝贝论坛 上海贵族宝贝交流区oad

Mid-market luxury posts a strong first quarter in the Hamptons

Sales of Hamptons homes priced between $1 million and $5 million jumped nearly 22 percent in the first quarter year-over-year, according to the latest report from Douglas Elliman. Meanwhile, the top of the market — properties over $5 million — continues to soften, w上海贵族宝贝交流区 上海贵族宝贝论坛ith sales dropping 13 percent since this period last year. The strength of the mid-priced luxury sector may be indicative of a more stable market, according to Jonathan Miller, CEO of appraisal firm Miller Samuel and author of the report. The median sales price overall was $995,000 in Q1 2017, which is an 11 percent year-over-year increase. [TRD]

What are the most affordable neighborhoods in the Hamptons?

Riverhead, Hamptons Bays, followed by North Sea, according to a new analysis from Neighborho上海千花网 爱上海同城对对碰odX. Mapping out the range of April sale prices per square foot in 20 towns and nei上海千花网龙凤论坛 上海千花社区ghborhoods in the North and South Forks, NeighborhoodX revealed th上海千花社区 上海千花网交友at Quogue, Napeague, and Noyac were at the top end of the spectrum, with the highest price per square foot hitting nearly $2,200.  [Curbed]

Couple claims East Hampton is violating the constitution in “unreasonable searches”

A Montauk couple is suing East Hampton to challenge its right to inspect their property without cause, 27East reported. Under a covenant with a previous owner, the town has the authority to inspect the home because it has an artist’s studio. Claiming that they weren’t aware of the agreement — no official record of it exists — the couple contends that the inspections may violate the Fourth Amendment, which protects Americans from unreasonable searches and seizures. The town, on the other hand, argues that the inspections are necessary to ensure artist’s studios are not being misused as rental properties. [27East]

Media execs buy and sell in East Hampton

Only in this town are television bigwigs a dime a dozen. Cory Shields, NBC’s executive vice president of communications, just bought a one-acre compound in East Hampton for $4.5 million, 27East reported. The four-bedroom, four-bath at 11 LaForest Lane features cathedral ceilings and a kitchen with a fireplace. Meanwhile, Sheraton Kalouria, the president of Sony Pictures Television, sold his digs at 11 Muchmore Lane for $3.95 million. The newly constructed home has six bedrooms, 6.5 bathrooms, three stories, and a dining room with wine bar. [27East]

Make your reservations for Eleven Madison Park — NOW

Better act fast: The East Hampton spin-off of Eleven Madison Park, dubbed EMP Summer House, is accepting reservations ahead of its June 24th opening, Bloomberg reported. The space formerly occupied by Moby s will feature indoor and outdoor dining spaces in addition to a large gaming area for cor[……]

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Struggling shopping malls are dragging down on commercial property values

Mall valuations took a上海贵族宝贝 上海千花网龙凤论坛 6 percent dive from September to October and fell by 11 percent in the last 12 months, according to a report by real estate res上海千花网 爱上海同城对对碰earch firm Green Street Advisors. Those dwindling values are weighing down the the entire commercial real estate market, Green Street found. The firm’s commercial property price index, which tracks REIT-owned properties, decreased by 1 percent from September to October — the largest month to month drop since th上海夜网 阿爱上海同城e financial crisis, the Wall Street Journal reported. [WSJ]

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888 Broadway

Normandy lands SL Green loan for
A上海龙凤论坛 新上海贵族宝贝论坛BC Carpet Home爱上海同城手机版 新爱上海同城对对碰论坛 redevelopment Tot爱上海龙凤419桑拿 上海龙凤论坛sh1fal project cost 上海贵族宝贝论坛 上海贵族宝贝pegged at $250M: sources
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Real Estate Reading List

Real estate pros share their picks for books on the Trump administration, surmounting Everest, and more…
上海贵族宝贝 上海千花网龙凤论坛

Michael Shapot
Licensed real estate broker, Keller Williams NYC

What are you currently reading or what did you finish most recently? I’m currently reading “Fire Fury: Inside the Trump White House” by Michael Wolff.

What spurred you to read it? Oh, to be a fly on the wall inside the dysfunctional Trump White House. Everyone is talking about the book, and I thought it would be a quick and easy read. It is!

Has anything in the book stayed with you? The details are shocking — the different factions, personalities, egos, arrogance and the stories behind the stories. Even if only 25 percent of the vignettes are true — and I personally believe that it is closer to 80 percent — we are in trouble as a country. One thing I found especially interesting is that the president takes many “working holidays” where he plays golf and dines with colleagues and associates. Clearly, President Trump understands that significant business gets done in these situations. Yet, the new tax law no longer permits the cost of these expenses to be deductible as business expenses. 

Andrea Saturno-Sanjana
Licensed associate real estate broker, Citi Habitats

What are you reading now? “Reputation: What It Is and Why It Matters” by Gloria Origgi (translated by Stephen Holmes and Noga Arikha).

What spurred you to read it? A favorite client of mine gave the book to me as a gift, so I had to read it right away.

Has anything stayed with you? Origgi’s book talks about how our reputation becomes a part of our personality, and how the grow新上海贵族宝贝论坛 上海贵族宝贝交流区th of the internet can now make or break a reputation at lightning speed. While the internet has a large quantity of information, we cannot possibly read everything ourselves. So, we need to trust other people to rank that information for us. For Origgi, the internet is a “reputational device” because the mere ranking of a thing as higher than something else can enhance its reputat新上海贵族宝贝论坛 上海贵族宝贝交流区ion.

Would you recommend it to others? Absolutely. Origgi uses exam上海贵族宝贝 上海千花网龙凤论坛– ples from literature, economics and psy- chology to bring this book of philosophy into the real world. One fascinating example of the power of reputation at work is attorney Robert Parker, who became known as the world’s “most powerful wine critic.” Origgi provides fascinating insight on how his opinion came to be considered more valuable than those of wine experts with years of formal training.

Andrew Cohen
Director, BRP Development

What are you reading now? “Into Thin Air” by Jon Krakauer.

What spurred you to read it? I stumbled upon the 2015 movie “Everest” on Netflix, and [then] I discovered it was [the same expedition as the one in] Krakauer’s book, which is a true story about a particularly devastating Everest climbing season. My wife and I recently purchased a house near state parks. We’ve been trying to get our family into hiking, which spurred an interest in the book.

Has anythin[……]

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WeWork

WeWork takes 1上海贵族宝贝交流区 上海贵族宝贝论坛00K sf in Chelsea 爱上海同城手机版 新爱上海同城对对碰论坛Co-working firm signed a lease for six floors at 214 West 29th Str爱上海同城 爱上海eet
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Ronald Ratner

Forest City’s chief development officer leaves company De上海贵族宝贝 上海千花网龙凤论坛parture comes as Ratner family loses influence at REIT

Ronald Ratner and Pacific Park Brooklyn (Credit: Forest City and Curbed NY)

Forest City Realty Trust’s chief development officer Ronald Ratner is leaving the company, the real estate investment trust announced in a filing with the Securities and爱上海同城论坛 爱上海同城 Exchange Commission Tuesday.

The departure comes as the Ratner family is gradually losing influence at the Cleveland-based company. Ronald Ratner is the son of the company’s founder, Max Ratner, and is the first cousin of Bruce Ratner, who serves as executive chairman of Forest City New York.

In mid-2017 Forest City’s shareholders voted to scrap新爱上海同城对对碰论坛 上海同城对对碰交友社区 a dual-share structure that gave the Ratner family outsize上海千花网龙凤论坛 上海千花社区d influence at the REIT.

This March, the company announced that Ronald Ratner, Brian Ratner and Deborah Ratner Salzberg would leave the company’s board of directors. Brian Ratner and Deborah Ratner Salzberg are the children of Ronald Ratner’s cousin, Albert Ratner.

The company had initially said that Ronald Ratner would remain a part of the management team.

In late July, Brookfield Asset Management agreed to buy Forest City for $6.8 billion. Forest City previously sold most of its stake in the Pacific Park project in Brooklyn and sold the rental tower 461 Dean Street.

Tags: forest city realty trust, Real Estate Finance, Reality TV
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Harry Macklowe

Harry Macklowe closes on $750M construction loan for One Wall Street Deutsche Bank originated the debt after the developer dropped JPMorgan Chase

Harry Macklowe and 上海同城对对碰交友社区 上海夜网论坛One Wall Street

After a series of delays and a lender swap, Harry Macklowe has closed on construction financing for One Wall Street.

Deutsche Bank provided Macklowe Properties with $750 million in construction debt for the office-to-residential conversion, sources told The Real Deal. In partnership with Qatari billionaire and former prime minister Sheikh Hamad Bin Jassim Bin Jaber al-Thani (HBJ), the developer is planning 566 condos with retail at the base.

The construction loan carries a five-year term with a rate in the 5 percent range. It replaces a $460 million loan that Deutsche Bank issued on behalf of Qatar National Bank at the time of Macklowe’s ac上海贵族宝贝论坛 上海贵族宝贝quisition. The developer paid $585 million to buy the site in 2014, property records show.

JLL’s Aaron Appel and Kellogg Gaines arranged the new debt.

Mack爱上海龙凤419桑拿 上海龙凤论坛sh1flowe had been negotiating with JPMorgan Chase for a $850 million loan for roughly a year, before switching to Deutsche Bank in May. At the time, sources told TRD that Deutsche Bank offered the developer a $750 million loan at a lower interest rate. As a part of the new deal, sources said HBJ provided an additional $100 million in equity, bringing the development’s t爱上海同城对对碰 爱上海同城论坛otal equity commitment to nearly $1 billion.

Representatives for Macklowe, Deutsche Bank and JLL were not immediately available for comment.

In May, TRD reported that Target was in talks with Macklowe Properties to take 35,000 square feet of retail s上海同城对对碰交友社区 上海夜网论坛pace at the base of One Wall Street. In the same month, Macklowe said he was targeting buyers in Asia before launching sales in the United States.

CORE is leading marketing efforts on the residential portion, and Macklowe has said that he s aiming for between $2,000 and $2,500 a square foot on the lower floors.

Tags: condo financing, Harry Macklowe
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