ABC Carpet Home
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ABC Carpet Home

Normandy to buy ABC Carpet Home s longtime HQ Rug purveyor would lease back a portion of 888 Broadway, 38 East 19th Street

880-888 Broadway (inset: Normandy s Finn Wentworth)

UPDATED, Sept. 1, 11:39 a.m.: Normandy Real Estate Partners is in contract to acquire ABC Carpet Home’s longtime headquarters in the Flatiron District for roughly $130 million, The Real Deal has learned.

The New Jersey-based investment firm, which has been active with New York City office repositionings, signed a contract for the rug purveyor’s home at 880-888 Broadway and the interconnected property at 38 East 19th Street in 上海龙凤论坛sh1f 上海龙凤论坛the past week, sources said.

Under the deal, ABC would continue to own the 20,600-square-foot retail condo at 888 Broadway and lease back a portion of both buildings. The retailer has owned and fully occupied the six-story building at 888 Broadway since 1981, sources said. ABC also owns the 10-story, 130,600-square-foot prope上海龙凤论坛 新上海贵族宝贝论坛rty at 38 East 19th Street, which houses the upscale restaurant ABC Cocina.

The space that Normandy is buying spans roughly 217,500 square feet, according to an offering memorandum.

ABC would still occupy the ground floor, basement and a small portion of the office space at 888 Broadway, sources said. Normandy plans to lease out the upper four floors of The Broadway building and floors four through seven at the 19th Street building, documents show.

The Broadway building consists of a retail condo and an 86,900-square-foot condo for office and manufacturing space. The square footage that each parties would own was not immediately clear.

ABC began quietly shopping the office-and-retail condominium at 880-888 Broadway last summer, and sources said Normandy has been circling the building since at least May.

Normandy is now seeking $94 million in senior mortgage financing and $46 million in future loan proceeds for both the acquisition and redevelopment of the buildings, documents show.

Arcturus Group’s Jonathan Mayblum advised ABC on the acquisition, and a Newmark Knight Frank debt team led by Dustin Stolly is handling acquisition financing.

The Weinrib family founded ABC in 1897, and in 1961 Jerome Weinrib took over the business and opened its first retail location at 881-887 Broadway in the Flatiron District. In 1981, ABC expanded and renovated the building across the street, at 880-888 Broadway, into its flagship location. Weinreb di上海同城对对碰交友社区 上海夜网论坛ed last year.

In March, ABC signed a lease for 78,000 square feet at the Industry City office complex in Brooklyn’s Sunset Park, just months after closing a warehouse in the Bronx.

Representatives for上海千花网论坛 上海千花网 Normandy, ABC and Newmark declined to comment, and Arcturus did not respond to requests for comment.

Normandy also owns the nearby 200,000-square-foot Class A office building at 797-799 Broadway, which it is considering either redeveloping and replacing with a new “新爱上海同城对对碰论坛 上海同城对对碰交友社区51 Astor Place”-esque property.

Konrad Putzier and Hiten Samtani contributed reporting.

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Residential Mortgages NYC
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Residential Mortgages NYC

As all-cash buyers disappear, banks have a wider net of borrowers to choose from — and the deals are getting bigger and bigger

Two years after going into contract on a sky-high condo at 432 Park Avenue, Hong Kong casino mogul Lawrence Ho finally closed on the $65.2 million purchase in late March. The same day, he sewed up a $30.5 million mortgage from Citibank — the second-largest loan to close on a residential property in the five boroughs in the first half of 2017.

Wealthy investors like Ho are helping fuel another residential mortgage boom in New York City. While the lending market picked back up in 2013, six years after the subprime mortgage crisis, the recent drop-off in all-cash buyers has created an even larger pool of individuals in need of financing. And despite regulations put in place after the downturn, residential brokers and loan officers told The Real Deal that banks and other financial firms have regained their appetite to lend to qualified borrowers — even as large construction and commercial loans become increasingly rare.

Lenders provided roughly $8.9 billion in residential mortgages in the five boroughs in the first half of 2017, according to an analysis of public records by TRD. While that’s 32 percent below the $13.1 billion originated during the first half of 2007, deal flow has certainly rebounded from the throes of the crisis in 2009, when residential loans plummeted 26 percent in a 12-month period, according to New York University’s Furman Center.

Though few expect residential lending to hit the highs it did just before the crisis, sources say banks and other mortgage underwriters are increasingly willing to work with borrowers to make deals happen.

“We’re very bullish on mortgages,” said Bob Donovan, a senior vice president in Bank of America’s home mortgage division. “We have the money to lend,” he told TRD, noting that the bank leans on home loans as a “core product” to drive market share.

And it’s a two-way street. Buyers lured by the prospect that interest rates will continue to hover below 4 percent are eager to finance deals — whether it’s a $1 million starter apartment or a multimillion-dollar mansion in the sky.

“Money still seems cheap,” said Brown Harris Stevens agent Lisa Lippman, who estimated that 70 percent of her buyers get financing when only about 20 percent of them need it.

“I have a guy buying an apartment for $5.5 million, and he could easily pay cash,” she added, “but he’s getting a 10-year, interest-only mortgage at 2.5 percent.”

The sweet spot

Residential lending across the board is on the upswing, from Manhattan penthouses to three-family homes in the Bronx. Banks underwrote 55,053 mortgages in 2016, a 6 percent increase from the prior year, according to data from the New York City-based title insurer OneTitle. Loan volume totaled $27.3 billion in 2016 — including $18.8 billion worth of new loans and $8.5 billion in refinancings.

Bob Donovan

And though the first half of 2017 saw a 6 percent slip in th[……]

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TRData
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TRData

1爱上海同城对对碰 爱上海同城论坛51 East 121st Street

For every skyscraper on the Manhattan horizon, there are hundreds of buildings that never came to fruition. Money dri上海贵族宝贝论坛 上海贵族宝贝es 上海贵族宝贝交流区 上海贵族宝贝论坛up, permits don t pan out or partners can t see eye-to-eye. Suddenly, a once-promising project sits idle. This is par for the course in New York City real estate but it s very difficult to monitor without keeping track 爱上海同城 爱上海of every project filed with the Department of Buildings.

TRData has done just that. Since 2009, we ve tracked every project filed with the Department of Buildings that has at least 5,000 square feet or 5 residential units. Our pipeline now contains over 12,000 projects and completed properties and allows us to single out projects that have made no permit progress in a significant amount of time.

We ve assembled a list of over 300 projects throughout the five boroughs that we consider abandoned due to a long period of inactivity in their new building job filings. These projects represent a variety of locations, sizes and proposed building classes. Each project contains valuable property information, such as the size and permit progress, and also includes the developer for each project and the contact information filed with the Department of Buildings.

Click here to download a free sample of 5 abandoned projects. Contact Derek Smith at [email protected] or (646) 503-3561 to receive a custom sample and discuss pricing.

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Steve Wynn
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Steve Wynn

Wynn Resorts will not pay Steve Wynn
a severance Separation agreement says the company will notify the disgraced hotelier if it decides to drop his name from its resorts

Steve Wynn (Credit: Getty Images)

Wynn Resorts will not pay Steve Wynn any severance following his resignation as chief executive and chairman of the casino company he founded after he resigned in connection with allegations he sex上海夜网 阿爱上海同城ual assaulted several company employees, according to a filing with the U.S. Securities and Exchange Commission.

Wynn’s original employment agreement made him eligible for a severance package worth around $330 million, the Wall Street Journal reported.

Federal filings detailing Wy上海千花网龙凤论坛 上海千花社区nn’s separation from the company say that the billionaire has until June 1 to leave his residence at the Wynn Las Vegas and is subject to a two-year non-compete clause. His benefits expire at the end of the year.

Should Wynn Resorts Ltd decide to no longer use the WYNN name and trademark, the c爱上海同城对对碰 爱上海同城论坛ompany will notify Wynn and sign over the trademark to him.

Wynn resigned from his company earlier this month, a few days after an explosive Journal report detailed decades of alleged sexual misconduct against employees, including a 2005 alleged assault of a manicurist that阿拉爱上海同城 爱上海龙凤419桑拿 resulted in a $7.5 million payout.

The casino 爱上海同城手机版 新爱上海同城对对碰论坛mogul denied any wrongdoing and the company’s leadership said the board accepted Wynn’s resignation “With a collective heavy heart” and called Wynn “a philanthropist and a beloved leader and visionary.”

Tags: Commercial Real Estate, steve wynn
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The Real Deal turns 15: our favorite covers
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The Real Deal turns 15: our favorite covers

From the dark days of the recession to Trump’s electio上海千花网交友 上海千花网论坛n, The Real Deal looks page on some of our best magazine covers
阿拉爱上海同城 爱上海龙凤419桑拿 We爱上海 爱上海同城手机版 are having some technical di爱上海龙凤419桑拿 上海龙凤论坛sh1ffficul爱上海同城 爱上海ties. Try again later.

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Former employee of Stamford’s Building and Land Technology sentenced in kickback scheme
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Former employee of Stamford’s Building and Land Technology sentenced in kickback scheme

Former employee of Stamfor爱上海同城对对碰 爱上海同城论坛d’s B上海贵族宝贝论坛 上海贵族宝贝uilding and Land Technology sentenced in kickback sc上海千花网论坛 上海千花网heme

An employee who used to work for a Stamford construction and development firm was sentenced to eight months in prison, four months of home confinement and three years of supervision after pleading guilty to conspiracy to commit wire fraud and filing a false tax return, the Fairfield County Business Journal reported. Jave上海贵族宝贝 上海千花网龙凤论坛d Choudhry, who worked for Building and Land Technology, got between $250,0上海千花网 爱上海同城对对碰00 and $500,000 in “cash kickbacks” from contractors between 2011 and 2014 after he sent millions of dollars in Stamford construction project contracts their way, according to the outlet. BLT lost millions in the process, the outlet reported, noting that Choudhry could have gotten up to 20 years in prison for the conspiracy to commit wire fraud count. [FBJ]

Tags: Westchester Fairfield
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311 West 43rd Street
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311 West 43rd Street

Ca爱上海同城 爱上海lifornia firm to buy Billy Macklowe s Midtown office tower for $130M Billy Macklowe and Principal Real Estate Investors are selling 311 West 43rd Street to DivcoWest

Billy Macklowe and 311 West 43rd Street

Billy Macklowe and a partner are in contract to sell a 186,000-square-foot Midtown office tower to a Californian real estate investment firm for $130 million, according to a new report.

San Francisco-based DivcoWest is expected to purchase the 15-story office bu爱上海 爱上海同城手机版ilding at 311 West 43rd Street, according to the New York Post. A Cushman Wakefield team led by Adam Spies is marketing the property.

Macklowe s firm William Macklowe Co. and Principal Real Estate Investors have been trying to sell the Midtown office building since April 2017. The partn爱上海同城 爱上海ership purchased it in 2015 for $107 million from Atlas Capital.

During that time, WeWork took a 64,000 square foot space in the building in 2016.  The 186,000-square-foot Cantonese restaurant Hakkasan occupies the ground-floor retail space. [NYP] David Jeans 

Tags: billy macklowe, Commercial Real Estate, Investment Sales
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GOP Tax Law
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GOP Tax Law

Tax perk 上海千花网 爱上海同城对对碰meant for mom-and-pop owners will instead benefit major property investors Treasury Department has barred part-time property owners from being eligible for the benefit

(Credit: iStock)

Small-time real estate investors are being blocked from a tax break that was originally meant to benefit them.

The Treasury Department recently released final rules detailing how owners of businesses including limited liability companies can receive a deduction of up to 20 percent, according to Bloomber上海千花社区 上海千花网交友g. The law, which was part of 2017 tax reform, lets real estate firms claim the deduction in full, but bars part-time property owners from the benefit.

Part-time property owners ar上海夜网论坛 上海夜网e defined as those who spend less than 750 hours a year on their real estate business and those who rent buildings to tenants under triple-net leases, 爱上海同城对对碰 爱上海同城论坛a common arrangement under which tenants pay their landlords for maintenance, insurance and property taxes along with utilities and rent.

Some Democrats have criticized the provision as geared toward helping the rich and several members of the Trump s administration, including the president himself and his son-in-law Jared Kushner.

“It seems counter to the idea o爱上海同城手机版 新爱上海同城对对碰论坛f allowing a tax break for small businesses,” Greenberg Traurig tax attorney Marvin Kirsner told Bloomberg. “A really big company isn’t going to have a problem with this.” [Bloomberg] – Eddie Small

Tags: Commercial Real Estate, Real Estate Finance, taxes, treasury department
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Berlin Gentrification
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Berlin Gentrification

Activists in this city want to seize 200K apartments from landlords Campaign must first collect 170K signatures

Expropriate Deutsche Wohnen and Co founder Rouzbeh Taheri and Deutsche Wohnen apartments (Credit:Deutsche Wohnen and Berliner S-Bahn-Tisch)

Are we heading back to socialism now? asked Germany s largest tabloid, Bild, earlier this month.

The reason? A referendum initiative in Berlin is seeking to expropriate 200,000 hom爱上海龙凤419桑拿 上海龙凤论坛sh1fes from the city’s biggest landlords and convert them into social housing, The Nation reports.

The proposal, known as 阿爱上海同城 阿拉爱上海同城Expropriate Deutsche Wohnen and Co, would affect a total of 10 companies, each of which owns at least 3,000 units in the rapidly-gentrifying German capital.

Resistance against gentrification has grown so much stronger in the last 10 years. It has been proven that protest pays off,” the founder of the initiative, Rouzbeh Taheri, told The Nation.

The company specifically called out in the name of the proposal, Deutsche Wohnen, is Berlin’s largest private-property owner. Deutsche Bank founded the company in 1998, and it now owns 110,000 apartments in Berlin. Asset manager BlackRock owns more than a 10 percent stake in the company, m爱上海同城对对碰 爱上海同城论坛aking it Deutsche Wohnen’s largest shareholder.

The official referendum campai新上海贵族宝贝论坛 上海贵族宝贝交流区gn will begin next month, and will need to collect 170阿拉爱上海同城 爱上海龙凤419桑拿,000 signatures as a first step in the process. A long legal battle will likely follow, and the city would have to determine how much to pay the landlords as compensation. If approved, the referendum would be held sometime next year.

If the referendum succeeds, it would mark the first use in 70 years of Article 15 of the German Constitution, which allows for nationalization of private property.

The city of Berlin privatized about 200,000 units between 1989 and 2004, after the end of the Cold War. Rents have more than doubled in the past decade as the city has evolved into a world hipster capital.

The Berlin anti-gentrification movement has established ties with groups around the world, including anti-Amazon protesters in New York.

“We can learn from each other. And I hope we will talk soon about the socialization of Facebook, Google, and Amazon and others. But for now, in Berlin, it’s about housing companies,” said Nina Scholz, a Berlin-based journalist who supports the initiative. [The Nation] — Kevin Sun

Tags: landlords, Residential Real Estate
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