Downtown Brooklyn s second act: Q A, Part II CPEX’s Timothy King and Stahl’s Roger Fortune weigh in
From the May issue: The buzz surrounding Downtown Brooklyn’s skyline has lately reached a fever pitch. Last year, JDS and the Chetrit Group unveiled plans to build Brooklyn’s tallest tower, a 73-story residential skyscraper that would be twice as high as anything surrounding it. The investment represents a stark contrast to where the neighborhood was just over a decade ago.
Read on for the second installment of our Q A on Downtown Brooklyn with Timothy King of CPEX Real Estate and Roger Fortune of the Stahl Organization.
Founder/managing partner, CPEX Real Estate
What kind of statement does the arrival of a supertower make about the neighborhood and where it’s headed?
It was simply a matter of timing and pricing. When we moved into our building at 81 Willoughby Street, The Brooklyner was the tallest building in Brooklyn. A few years later it was Stahl’s 388 Bridge, a year later, Avalon Bay Willoughby West. The JDS project is special. It includes the iconic landmarked Dime Savings Bank building at 9 DeKalb, which will be a very special retail venue. If you look at the combined acquisition costs for the Flatbush and DeKalb properties, take into consideration the dollar cost average by backing out the retail and stacking the air rights. I’m sure JDS and the Chetrit Group are very comfortable with their basis. These are smart guys with proven track records
America gets its first developer-in-chief New York real estate players have a lot to keep an eye on
Donald Trump (Credit: Getty Images)
Surrounded by family and a few pals from the real estate industry, Donald J. Trump on Friday became the 45th President of the United States — and the first developer-in-chief.
“I will never, ever let you down,” Trump said during his inauguration speech. “America will start winning again like never before.”
Although Trump didn’t talk industry shop during the occasionally bleak inaugural address, his friends in real estate are filled with excitement about what he can do as president.
Leading up to the inauguration, many bigwigs in city real estate — Howard Lorber, Richard LeFrak, Steve Witkoff, to name a few — descended on Washington D.C., pressing flesh and sipping wine at various events reserved for the biggest campaign donors. Lorber said he was seated close behind Trump during the inauguration ceremony. Close-up camera shots of Trump repeatedly showed his son-in-law, Jared Kushner, directly behind the president and Melania Trump.
“When you’re in the real estate business, you’re dealing with risk-management every day,” Steve Witkoff said in Washington. “Reagan was a decision maker, and that’s what Donald Trump is going to be.”
Michael Cohen, executive vice president of the Trump Organization, who was just named personal attorney to the president, said Trump will be a boon 阿拉爱上海同城 to the real estate industry in New York City. He wouldn t specify if[……]
WATCH: Slate princi阿爱上海同城 pals on how they re dealing with oversupply in the market Partners blame current condo, rental glut on “type of supply”
Slate Property Group founders Martin Nussbaum and David Schwartz recently dropped b爱上海同城 y The Real Deal s Hudson Yards headquarters, where they offered their take on oversupply in the New York market.
The two principals told TRD managing web editor Hiten Samtani that conservative underwr新爱上海同城对对碰论坛 iting has provided them with a considerable cushion, allowing them to rent at or close to projection.
We re a little bit more conservative, we never got into super high新上海贵族宝贝论坛 -end condos, and things that may have been a little bit riskier, Schwartz said. We re very well上海贵族宝贝论坛 -situated for waiting it out.
Watch the above video for more insight, and click here to see the full interview.
Tags: condo market, Rental Market, Residential Real Estate, Slate Property Group, The Real Deal Studio
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Jemal fami上海贵族宝贝 ly scores $68M loan to acquire Chelsea building Signature Bank is the lender for the 40K sf property
258-278 Eighth Avenue
Retail players JJ Operating secured $68 million to Acquire A Two Stor阿拉爱上海同城 y Commercial Property On Eighth Avenue in Chelsea, accordin爱上海 g to records filed with the city Monday.
Signature Bank provided the financing for the acquisition of the two-story, 40,000-square-foot property at 258-278 Eighth Avenue. The money is divided into two mortgages, documents show. There is one for $31.5 million and another for $35 million, documents show. Once consolidated with the remaining principal of a $3 million loan, the total package is for $68 million, per records.
The real estate firm, which is owned by the Jemal family, paid $107 million for the commercial building at 24th Street and Eighth Avenue earlier this month. New York Sports Clubs, Gap, CVS and other stores are tenants in the building.
The Jemals, a prominent Syrian Jewish real estate family,上海千花网 recently refinanced their property at 2501 Grand Concourse with a loan from Bank of America. The firm also owns 1775 Grand Concourse, and retail properties in New阿拉爱上海同城 Jersey and Pennsylvania.
Representatives for Signature Bank and JJ Operating were not immediately available to comment.
Tags: Commercial Real Estate, Real Estate Finance, signature bank
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Hamptons Cheat Sheet: Riding the pricing roller coaster for a historic East Hampton compound, demolition set for Amagansett barn more
Clockwise from top left: A modern home in Hamptons Bays sold for $3 million, a Georgica Pond compound on the market for $30 million, the late j新上海贵族宝贝论坛 azz great Chico Hamilton, and East Hampton Town is looking to tear down this barn.
East Hampton compound with roller coaster listing history back on the market
Two neighboring lots on Chauncey Close in East Hampton with more than seven acres of waterfront land are back on the market for just 上海贵族宝贝论坛 under $29.5 million. Even if you buy the separately listed $19.5 million home that sits on one of the lots — for a grand total of about $49 million — it s a relative bargain from the compound s last listing price of $85 million. The Georgica Pond properties were first listed together with the existing home for $45 million then $32 million and then, earlier this year for $85 million when plans for the construction of a new 14,000-square foot home were also included. Those plans are no longer offered in the listing. The 6,000-square-上海贵族宝贝论坛 foot house at 19 Chauncey Close has five bedrooms and five bathr上海夜网论坛 ooms and boasts historic wood beams that were once part of Anne Boleyn s estate in Kent. Owned by the late investment banker Carl Tiedemann, the properties were once part of a historic working dairy farm, Cove Hollow Farm. [Curbed]
Barn on Amagansett farm bought by preservation fund to be torn d[……]
Here are the shakeups in Realogy s C-Suite Changes affecting Corcoran, Sotheby’s will dri上海贵族宝贝 ve growth: CEO
From left: Ryan Schneider, John Peyton and Ryan Gorman
It s the dawn of a new era at Realogy Corp., the $3.5 billion real estate corporation that has a new CEO for the first time in 21 years.
Just days into his tenure, chief executive Ryan Schneider has announced a series of management changes designed to accelerate th爱上海同城论坛 e company s growth, Realogy said Friday.
In a statement, the successor to longtime CEO Richard Smith signaled a more integrated company going forward, compared to the highly-segmented business lines currently in place. The intent of these organizational changes is to drive better results while accelerating the pace of change required to transform our company, Schneider said.
Among the changes, Ryan Gorman was named president and CEO of NRT —上海贵族宝贝论坛 the company that owns the Corcoran Group, Citi Habitats and Sotheby s International Realty. In that capacity, Gorman will run day-to-day operations for company-owned brokerages under the Coldwell Banker banner. Gorman, previously NRT s chief strategy and operating officer, replaces Bruce Zipf, who will now serve as executive adviser to Schneider.
S上海千花社区 eparately, John Peyton, president and CEO of Realogy Franchise Group (RFG), will now oversee the Corcoran and Sotheby s brokerages.
In a statement, Rea上海龙凤论坛 logy outlined several other imminent changes, including a search for a new CEO for Cartus Corp.,[……]
Going up: Elevator technology is reaching new heights in skyscrapers across the globe Here’s a look at the firms revolutionizing vertical tra阿爱上海同城 vel
During the next two years alone, 187 skyscrapers are expected to pop up across the glob上海夜网论坛 e each of which will rise 820 feet in the air. As developers look to build taller and taller, some elevator companies are exploring ways to revolutionize vertical travel.
A recent report by Bloomberg examined new technologies addressing speed, capacity and, in some cases, direction in skyscrapers of the 爱上海同城论坛 future. In this video, The Real Deal looks at the go-to technology that s being engineered by some of the world s leadi上海贵族宝贝交流区 ng elevator firms.
Video produced by Ben Heitmann and Jhila Far上海贵族宝贝 zaneh.
Tags: elevators, skyscrapers, Tech, Videos
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Revealed: Richard Rogers first NYC condo bu上海千花网论坛 ilding, One Beekman爱上海同城手机版 Prices range from $2M to $14M
We新上海贵族宝贝论坛 are having some technical difficul爱上海同城论坛 ties. Try again late上海贵族宝贝 r.
Supportive housing nonprofit planning new 93-unit Bronx resi project Building from Unique People Services will stand 13-stories tall at 2050 Grand Concourse
A rendering of 2050 Grand Concourse and Yvette Brissett-Andre (Credit: New York Housing Conference and Unique People Services)
UPDATED, 2:08 p.m., September 4: Unique People Services, a nonprofit 新爱上海同城对对碰论坛 organization focused on supportive housing, plans to bring a 93-unit pr爱上海同城论坛 oject in the Bronx.
The organization filed plans Wednesday with the city s Department of Buildings for the 13-story, 135-foot project at 2050 Grand Co新爱上海同城对对碰论坛 ncourse in Mount Hope. The building will span about 64,000 square feet, split between 62,000 square feet of residential space and 2,000 square feet of com上海同城对对碰交友社区 munity space. The property is currently a vacant lot.
Housing in the development will be for low- to moderate-income households and formerly homeless people with special needs, according to Unique People Services. The project will be split between 55 supportive housing units for single adults, 23 units for low-income households, 14 units for moderate-income households and one superintendent s unit.
The nonprofit has 27 supportive housing programs throughout New York City and Westchester focused on helping the formerly homeless and people with developmental disabilities, according to its website.
Other projects on their way to the Bronx include a 152-unit residential building from nonprofit Breaking Ground at 448 East[……]
Real estate stocks are doing better than the S P 500 for the first time in years REITs have not outperformed stock market since 2015
Real estate investment trusts w上海龙凤论坛 ill likely outperform the stock market this year for the first time since 2015, thanks to investors seeking out high-yielding property stocks.
Although much of the stock market has been extremely volatile as of late, real estate stocks appear ready to have another solid year, according to the Wall Street Journal. JPMorgan Ch上海夜网 ase estimates that REITs will have dividend yields next year of 4 percent, which could continue to be appealing for investors.
The top performers are expec新爱上海同城对对碰论坛 ted to be multifamily, industrial, health care and office companies wi上海千花社区 th access to the West Coast market.
Some remain skeptical that the recent momentum REITs have will continue, noting that the property-market rally has already been going on for almost 10 years. Green Street Advisors found that values of office and neat lease buildings leveled off this year, and values of strip centers and malls dropped by between 2 and 7 percent.
Others have noted stock and economic trends that tend to favor more defensive stocks like REITs, such as trade tensions between the United States and China, and stressed that property companies have been lowering their debt, with outstanding loans accounting for a healthy 30 percent of valuation.
Some of the REITs that had the strongest performances last year were geared to[……]