Month: June 2019

Manhattan Residential Development

Developers said a Manhattan without 421a would be a Manhattan without new rent爱上海同城论坛 爱上海同城als but no signs that s actually happening yet No clear shift to condos in resi permit filings: TRData

UPDATED: May 19, 3:21 p.m.: Manhattan residential developers have pulled back significantly in 2016 in the face of a sagging luxury market and the end of the 421a tax abatement. But the predicted shift to condos hasn’t yet materialized, according to a rough, back-of-the-envelope analysis of building permit applications by The Real Deal.

In the first four months of year, developers filed 37 applications to build about 2.1 million square feet of total residential space in Manhattan, down from about 4 million square feet over the same period last year and just over 5 million in 2014.

The weakest month by far was January, when applications totaled just 134,000 square feet, the lowest in any month in over two years.

Part of the reason might be what happened on the 15th day of that month: the expiration of 421a.

Predictions abounded at the time, with developers and analysts anticipating both a decline in overall development and a radical shift away from rentals towards condos.

“New York is a city of renters and one that continues to grow,” said Real Estate Board of 新爱上海同城对对碰论坛 上海同城对对碰交友社区New York president John Banks in a statement at the time. “Without a program like 421-a, one can’t build multi-family rental housing with a significant below-market, or affordable, component on a scale necessary to address the C[……]

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  • 2019年6月18日
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Sandy Recovery NYC

Sandy repairs could cost $1M a home in Queens De Blasio administration plans to allocate $500M to completing overbudgeted Build It Back program

A NYC home damaged by Hurricane Sandy

How much does it cost to rebuild a home damaged by Super Storm Sandy? It appears the costs could re上海贵族宝贝交流区 上海贵族宝贝论坛ach about $1 million a home in low-lying areas of Queens.

According to the Wall Street Journal, Tishman Construction, which is overseeing hundreds of homes for the federal Build It Back program, submitted bids to the city to elevate 53 homes damaged by Sandy in Queens. The bid? A fat $50 million.

The mass上海千花网 爱上海同城对对碰ive cost overruns in the federal Build It Back program have spurred the de Blasio administration into moving $500 million in federal funds that were earmarked for storm-protection program toward repairing and elevating homes damaged in Sandy.

“Our goal is to invest and create resilient neighborhoods, and we’ve identifi上海贵族宝贝论坛 上海贵族宝贝ed additional needs to accomplish this goal,” Raul Contreras, a spokesman for de Blasio, told the Journal.

City officials will be asking Tishman to negotiate the costs with contractors. A source told the Journal that it likely won t reduce the bid by more than 20 percent.

Part of the reason for the ballooning costs can be attributed to the location of the h爱上海龙凤419桑拿 上海龙凤论坛sh1fomes, where a complicated anchoring system is needed to build foundations underground, officials told the Journal. [WSJ] James Kleimann

 

Tags: build it back, Hu上海贵族宝贝论坛 上海贵族宝贝rricane Sandy
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  • By wh1
  • 2019年6月18日
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SBE Entertainment Group

SBE Entertainment Group gears up for trial over hotel sale Investors accuse hotelier Sam Nazarian of self上海千花网交友 上海千花网论坛-dealing in SLS deal

Sam Nazarian (Credit: Twitter)

L.A. hospitality guru Sam Nazarian is headed to court.

The hotelier and his company, SBE Entertainment Group, are accused of self-dealing and breaching fiduciary duties in the sale of the SLS Hotel South Beach in 2015.

The plaintiff, Century City-based firm 4 Corners Holdings, alleges that Nazarian and SBE neglected to pay back its investment in the South Beach hotel project even after the property was sold. Nazarian instead favored CIM Group, another partner on the project, because it offered the hotelier lucrative management contracts at Hollywood’s Redbury Hotel, 4 Corners claimed. The company is seeking $15 million 上海千花网交友 上海千花网论坛in damages.

Some of the original claims contained within the lawsuit have been dismissed, but “triable issues of material fact” remain阿爱上海同城 阿拉爱上海同城, a Los Angeles Superior Court judge ruled in November, according to the Los Angeles Business Journal. The plaintiff’s attorney, Scott Gizer of Early Sullivan Wright Gizer McRae in Mid-Wilshire, said his client s primary allegations remain intact.

The trial date is set for February.

“The case is about the defendant breaching his fiduciary duty and misrepresenting how much my client爱上海 爱上海同城手机版s would make,” Gizer told the Business Journal. “We are very confident th新爱上海同城对对碰论坛 上海同城对对碰交友社区at at trial our claims will be borne out.” [LABJ] Cathaleen Chen

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  • 2019年6月18日
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Tenant Interim Lease Program

Letitia James calling for review into corrupt city housing program The Public Advocate says the Tenant Interim Lease program is damaged

615 West 150th Street and Letitia James (Credit: Getty Images)

Public Advocate Letitia James is calling for an independent review into a housing program that allows renters to buy city-owned apartments for as little as $250.

The city’s Tenant Interim Lease program, which offers below-market rents in city-owned buildings with the understan上海夜网论坛 上海夜网ding tenants will eventually be able to buy the apartments, is currently being probed by the city’s Department of Investigations, DNAInfo reported.

The department is looking into accusations that the coordinators of the rent-to-own program, who were charged wit爱上海同城 爱上海h supervising buildings, would regularly爱上海 爱上海同城手机版 doctor or falsify reports. There’s also allegations they failed to do site visits and that residents stole money from tenant association s bank accounts. The investigation has now been underway for more than a year.

James claims the Department of Housing Preservation and Development has not properly funded or managed the program.

“As our city faces a crisis in affordable housing, it is shocking that a city-run program is allowing hundreds of affordable units to remain vacant,” James said, according to the website. She said around 40 percent of the more than 2,300 units the program’s buildings are empty.

James will release a policy brief Thursday detailing her concerns about the program. It claims the p[……]

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  • 2019年6月18日
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Costar Group

CoStar asks federal court to dismiss Xce上海贵族宝贝交流区 上海贵族宝贝论坛ligent lawsuit Rival claims real estate-data giant violated antitrust laws

CoStar’s CEO Andrew Florance and Xceligent’s CEO Doug Curry

CoStar Group filed a motion last week asking a federal judge to dismiss rival data company Xceligent’s antitrust lawsuit.

The Washington, D.C.-based firm filed a 27-page motion in the U.S. District Court for the Western District of Missouri arguing that Xceligent did not make an adequate case for a court judgment, Bisnow reported.

Xceligent’s antitrust claims should be dismissed because Xceligent fails to plead facts sufficient to allege that CoStar blocks brokers from doing business with, or providing updates to, Xceligent,” the motion read.

On Monda爱上海 爱上海同城手机版y, Xceligent filed a motion for judgement on a lawsuit the famously litigious CoStar filed in December, claiming Xcel爱上海同城 爱上海igent stole and resold CoStar’s proprietary content “on an indus阿爱上海同城 阿拉爱上海同城trial scale.”

CoStar had pledged to spend up to $20 million on the lawsuit to bury its smaller rival.

In response to the intellectual property case, Xceligent filed a 139-page counterclaim accusing CoStar of violating federal antitrust laws by preventing users from sharing data with competitors

The Missouri-based company is attempting to expand into CoStar’s biggest market: New York City. In May, it reached a deal to integrate its platform with leasing comp database CompStak. [Bisnow] – Rich Bockmann

Tags: Costar Group, Tech, Xceligent
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  • 2019年6月18日
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7 WTC

7 World Trade Center

Fitch Ratings upgraded two tranches of CMBS debt on Silverstein Propert上海贵族宝贝论坛 上海贵族宝贝ies’ 7 World Trade Center, due to significant paydown of the loan and the building’s strong leasing performance.

Silverstein refinanced the 52-story tower in 2012 with a combination of $452 million in liberty bonds and $125 million in CMBS debt, for a total of $578 million. Fitch upgraded both classes of the CMB上海千花网交友 上海千花网论坛S loan, which as of November was 78 percent paid down, with $28 million remaining, and affirmed the rating of the liberty bonds.

Despite a drop in occupancy rate at the 1.7 million-square-foot-tower in 2017, the tenancy is strong, according to Fitch. The four largest tenants, including Moody’s Corporation, Wilmer Hale LLP, and the Royal Bank of Scotland, occupy roughly 74 per爱上海同城论坛 爱上海同城cent of the building, with the earliest expiration date in 2022. Moody’s is the building’s largest tenant, with over 800,000 square feet, and 上海夜网 阿爱上海同城a lease expiration in 2027.

In 2011, the building hit full occupancy and was appraised at $940 million. Occupancy has since dipped and was pegged at 94.8 percent in June 2017, down from 97.7 percent at the end of 2016.

Net operating income for the first half of the year was $32 million, in line with the building’s previous performance since 2013, with the NOI ranging from $59 million to $62 million per year. Average asking rents in lower Manhattan were at $62 per square foot in the third quarter of 2017.

Tags: 7 World Trade Center, Commercial Re[……]

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  • 2019年6月18日
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Developers who get tax breaks in Yonkers must follow union labor rules

The Yonkers Industrial爱上海同城对对碰 爱上海同城论坛 Development Agency approved rules that will force developers to abide by union project labor agreement爱上海同城 爱上海s at properties that receive fi上海千花网龙凤论坛 上海千花社区nancial assistance. La爱上海同城手机版 新爱上海同城对对碰论坛bor unions have been critical of developers and city officials because projects that enjoyed public上海贵族宝贝论坛 上海贵族宝贝 funding or tax breaks often employed cheaper out-of-state labor, they claim. The one-year pilot program applies to developments with construction budget of more than $5 million. [Lohud]

Tags: Westchester Fairfield
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  • By wh1
  • 2019年6月17日
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Discount Retail Stores

With prices that will best Amazon’s deepest discounts, dollar stores are opening L.I. locations faster than ever

Tesla, L.L. Bean and Neiman Marcus have all touched down on Long Island in recent years, and they’ve generated plenty of buzz.

But they’re not the only national retailers that are targeting the shopping-center-saturated suburbs. Mid-size discount stores — often with “dollar” in their name — are also sweep上海千花社区 上海千花网交友ing across Nassau and Suffolk counties, packing into plazas near rival stores at a pace that seems to have quickened over the past 12 months, brokers told The Real Deal.

Often focused on serving lower-income areas where stretching a paycheck is vital, these stores — which include Family Dollar, Dollar Tree, Five Below and Ocean State Job Lot — are moving in where traditional retailers have withdrawn amid the retail meltdown.

“The [discount retail] sector is doing really well,” said Jayson Siano, the chief executive of Garden City-based Sabre Real Estate, a retail brokerage that recently worked with a handful of discount retailers on the Island. “I think that the impact that the Internet is having on traditional retail is creating a lot of white space for discount stores.”

And, because the stores often sell brand-name household items for low prices, they can weather the competition from deep-discounters such as Amazon, Siano added.

While there’s no definitive count of the number of discount stores in Nassau and Suffolk counties, anecdotally speaking, numbers[……]

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  • 2019年6月17日
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Plainview industrial parts company wants tax breaks in $4.7M expansion

Supreme Screw Products is looking for some tax breaks in its effort to expand its Plain上海贵族宝贝交流区 上海贵族宝贝论坛view facilities. The company is in talks to buy another 31,000-square-foot industrial spot right next door, at a cost of $4.7 million. Now, it wants Nassau’s Industrial Development Agency to help with the mortgage recording tax, sales taxes and property taxes. T上海千花网龙凤论坛 上海千花社区he IDA helped t新上海贵族宝贝论坛 上海贵族宝贝交流区he company relocate from The Bronx more than two years ago. [Newsday]

Tags: long island
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  • By wh1
  • 2019年6月14日
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Advantage America

Westchester Fairfield Cheat Sheet: Battle over zoning at Stamford office parks rages on … more

Clockwise from top left: Visa investment fund hits Westchester condo developers with $5M lawsuit (credit: iStock and Wikipedia), Dannel Malloy marks opening of Stamford high-rise with ribbon-cutting ceremony (credit: John), Developer seeks $20M in tax breaks for project it says will revitalize part of Yonkers (credit: istockphoto.com), and New Canaan resident h阿拉爱上海同城 爱上海龙凤419桑拿its zoning commission with suit over planned athletic facility (credit: Emily Serven).

The battle over zoning for fitness complexes at Stamford office parks rages on
Earlier this month, Stamford’s Board of Representatives rejected a zoning change that would have allowed George Comfort Sons to build a fitness complex at an office park it owns. Now, George Comfort Sons is appealing the board’s decision, the Stamford Advocate reported. The owner claims the board’s representatives “voted based upon political or other arbitrary or improper reasons or motivations,” according to the outlet. At issue are the signatures residents gathered after the zoning board initially approved the change to permit the fitness centers in office parks. City attorney James Minor rejected most of them, claiming most signatures did not come from landowners. The residents asked the Board of Representatives assert the validity of the petition, which they did, proceeding to rule in favor of overturning the zoning board s approval of the change. Some S[……]

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  • By wh1
  • 2019年6月14日
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