Priciest Apartments Manhattan

The week in luxury: A map of NYC’s priciest apartment sales An interactive look at阿爱上海同城 阿拉爱上海同城 where the biggest deals were struck, plus total overall sales and average上海贵族宝贝交流区 上海贵族宝贝论坛 prices for the week (click on numbers to see data)
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421a

Late Sunday night, when the New York State上海夜网 阿爱上海同城 Senate finally passed a revenue bill, it put in place a $163 billion budget and revived the 421a developer tax exemption, now called “Affordable New York.”

But some parts of the new 421a law, which by some estimates will subsidize New York City real estate to the tune of $2.4 billion annually, remain convoluted and unclear, and real estate attorneys and other sources said details still need to be ironed out.

The Real Deal identified three potential problem areas in the new bill that are likely to pose major headaches for developers and the city in the months to come.

One of the most contentious components of a new 421a had always been about what types of condominium projects would qualify. Brooklyn state senators Simcha Felder and Marty Golden attempted to significantly expand outer-borough condo exemptions but weren t successful in doing so. The new law will instead enact what was proposed back in 2015: Only outer-borough condo projects of 35 units or fewer can get 421a. No more Manhattan projects, and no more glitzy large-scale Brooklyn projects.

The grey area, though, spreads from the caps on condo assessments introduced by the legislature and the governor. The new law caps the average tax assessment value for the condos at just $65,000, a limit that attorney Alvin Schein said will make it impossible for developers to promise 421a savings to condo buyers because of fluctuating city assessments they can t predict.

“To me, it’s usel[……]

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Russian Investors

What to do阿爱上海同城 阿拉爱上海同城 about rich Russians buying NYC real estate? Asking for De Blasio. De Blasio wishes he knew what to do, but he’s only the mayor of NYC

Tell us how you really fee上海贵族宝贝论坛 上海贵族宝贝l, Bill. BuzzFeed asked the NYC mayor whether real estate investment from foreign wealthy buyers particularly Russians is a gift to the city. (Kevin Case, front/Pixabay, 上海贵族宝贝论坛 上海贵族宝贝back)

New York City mayor Bill De Blasio has a problem he s not sure how to fix.

On BuzzFeed News Friday morning show, Editor-in-Chief Ben Smith asked De Blasio how he feels about the world s wealthy particularly Russians investing in New York real estate to clean their money. As TRD reported, Russian investment is picking up thanks to Trump s presidency and local New York players are their fixers.

Is that basically a gift to the city because you get some extra ta上海龙凤论坛sh1f 上海龙凤论坛x revenue? Smith asked.

I see Russian oligarchs as a problem, responded De Blasio. (Cue slow clap.) The mayor went on to talk about Russian interference in the U.S. elections before circling back to respond directly to Smith s question on how the city views investment from wealthy Russians in New York real estate with a shrug.

It manifests here as people with a lot of ill-gotten gains buying a lot of property I don t like it one bit, said De Blasio. I wish I had a specific law or approach t新上海贵族宝贝论坛 上海贵族宝贝交流区o address it.

Live and let live seems to be the de facto approach now.

[BuzzFeed News] E.K. Hudson

Tags: bill de blasio, Residential Real Estate, Russ[……]

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30 Hudson Yards

British hospitality company plans two restaurants in Hudson Yards rhubarb to open locations 上海千花网 爱上海同城对对碰at 30 Hudson Yards, the mall

Rendering of Hudson Yards (inset: P.B. Jacobse)

The British are coming! To Hudson爱上海龙凤419桑拿 上海龙凤论坛sh1f Yards, that is.

London-based rhubarb, a major hospitality company in England, plans to open new restaurants at 30 Hudson Yards and at the Hudson Yards Shops Restaurants, the New York Post reported. The restaurant at the mall will occupy 5,800 square feet on the fifth floor. The mall, which is expected to open in March 2019, is anchored by Neiman Marcus, though the Post reported in September that the company plans to downsize its flagship store.

At 30 Hudson Yards, rhubarb plans to open a 1爱上海同城论坛 爱上海同城0,000-square-foot restaurant on the tower s 92nd floor — above the outdoor observation deck. The tower is expected to open by the end of 2019.

The new restaurants will mark rhubarb s first expansion outside Britain. The hospitality company operates Sky Garden on the top floor of 20 Fenchurch in London, better know上海千花社区 上海千花网交友n as the walkie-talkie tower.

“It’s always been our desire to go to New York,” rhubarb CEO P.B. Jacobse told the Post. “I lived there in the 1990阿爱上海同城 阿拉爱上海同城s when I worked at the Waldorf Astoria for five years.” The Hudson Yards venues will employ more than 250 people, he said. [NYP] — Kathryn Brenzel

Tags: Commercial Real Estate, Hudson Yards
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US Housing Starts

US housing starts were up 10% in January, led by multifamily building The 46% increase in the Northeast was the highest in the country

(Credit: Pexels)

Housing starts nationwide jumped 9.7 percent in January over December, thanks largely to a 19.7 percent increase in residential rental and condominium star上海同城对对碰交友社区 上海夜网论坛ts the biggest increase since December 2016.

The annual pace of starts nationwide last month was 1.33 million, up from 1.21 million in December and up from 1.24 million last January, according to the Department of Commerce. January’s increase followed December’s sharp drop of 8.2 percent to an annual rate of 1.19 million starts, the largest since November 2016. Single-family construction was up 3.7 percent nationwide.

Construction was up in all corners of the country but the Midwest, where it dropped 10.2 percent. The Northeast was the s上海贵族宝贝交流区 上海贵族宝贝论坛trongest market, rising 45.5 percent. That’s an increase four times higher than in the West, which saw the next highest increase爱上海同城对对碰 爱上海同城论坛. The South was up 9.3 percent. In November, both the South and West recorded their highest monthly rates sin上海贵族宝贝论坛 上海贵族宝贝ce July 2007.

Building permits rose 7.4 percent in January, which means there’s good indication homebuilding will continue to be healthy in the near future.

Home prices remain strong thanks to low上海贵族宝贝论坛 上海贵族宝贝 supply. Prices rose 6.2 percent between November 2016 and November 2017, according to Standard and Poor’s CoreLogic Case-Shiller national home price index. Seattle, Las Veg[……]

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Former bank CEO’s Chappaqua estate listed for $6.2M

The former chairman and CEO of Bank of New York Mellon, Gerald Hassell, listed his 6.4-acre Chappaqua estate 上海同城对对碰交友社区 上海夜网论坛and a neighboring 4.4-acre lot for for $6.2 million. The 8,816-square-foot Normany Tudor main home is available for $4.9 million, while the other parcel is listed for $1.3 million. Claudine Colletti of Giner Realty and Ryan Serhant of Nestseeke上海千花社区 上海千花网交友rs International share the listings. [Lohud]

Tags: West上海龙凤论坛sh1f 上海龙凤论坛chester Fairfield
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Vornado Realty Trust

Vornado mulls splitting itself up, again Steve Roth said spinoffs of retail, development businesses are possible

Steven Roth and 2 Penn Plaza (Credit: Vornado Realty Trust, Google Maps)

More than a year after spinning off its Washington, D.C., business, Vornado Realty Trust is once again toying with the idea of splitting itself into separate companies.

Steven Roth, CEO of the firm, said it’s possible Vornado will spin off a development company from its income-producing real estate. The rationale: Vornado has several expensive development projects in planning around Penn Stati爱上海 爱上海同城手机版on, and REIT investors tend to dislike the阿拉爱上海同城 爱上海龙凤419桑拿 uncertainty associated with development.

“Development is not a business that can be measured quarter to quarter,” Roth said. If the stock price continues to trade below asset values because investors don’t like the development risk, Roth said, it “doesn’t make intellectual sense” to not try to change that. He declined to say how exactly the company could be split up, saying these are “glimmers of value creation ideas.”

Forest City Realty Trust, another public REIT, has been grappling with the same 阿爱上海同城 阿拉爱上海同城problem and responded by shrinking its developmen爱上海同城对对碰 爱上海同城论坛t business. The former CEO of its New York division, MaryAnne Gilmartin, recently left the firm to found a new development firm, L L MAG.

Roth also said Vornado is considering another split: spi上海贵族宝贝 上海千花网龙凤论坛nning off its retail business.

“The softness of retail is what’s hurting our stock the most,” he sai[……]

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Fairfield County office leasing faring well, while Westchester’s is ‘lackluster’: report

Fairfield County office leasing faring well, while Westchester’s is ‘lackluster’: report

The first six months of 2018 were good ones for office leasing in Fairfield County, which saw “its best first half of the year since 2015,” per CBRE’s second quarter office market reports for Westchester and Fairfield counties, the firm said in a release. More than 1 million square feet of office space were leased in Fairfield County as of the mid-year mark, and the availability rate in Greenwich’s central business district dropped in the second quarter, an indication that “leasing activity will spill over into neighboring Stamford,” according to Tom Pajolek, an executive vice president at CBRE. Westchester County, me上海千花网龙凤论坛 上海千花社区anwhile, had a “lackluster second quarter for leasing activity,” according to William V. Cuddy Jr., another executive vice presid上海夜网 阿爱上海同城ent at CBRE, but上海千花网龙凤论坛 上海千花社区 “other economic conditions in Westchester County remain strong.” [CBRE]

Tags: Westchester Fairfield
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Biggest Real Estate Projects NYC

The top 10 biggest real estate projects coming to NYC The largest development is a roughly 740K sf Bronx warehouse

Clockwise from top: 2505 Bruckner Boulevard in the Bronx, 31-08 Northern Boulevard in Long Island City, and 3-50 St. Nicholas Avenue in Ridgewood (Credit: 2505bruckner, Google Maps, and BuzzBuzzHome)

A Bronx warehouse topped the list of largest projects in New York City last month.

The Bruckner Boulevard project from Innovo Property Group and Square Mile Capital Management topped the list by a wide margin. It would span about 740,000 square feet, more than 300,000 square feet larger than the No. 2 spot, which went to a mixed-use building in Harlem from L M Development Partners. The list also included two projects from Meir Babaev’s AB Capstone: one in Queens and one in the Bronx.

Queens led the way with four projects in January, followed by Brooklyn with three, the Bronx with two and Manhattan with one.

The full list of January’s top 10 biggest real estate projects is below:

1. 2505 Bruckner Boulevard, Bronx
Innovo Property Group and Square Mile Capital Management are planning to build a roughly 740,000-square-foot warehouse at the former site of Whitestone Multiplex Cinemas in the Bronx. The two firms bought the site from Extell Development for about $75 million and plan to lease the warehouse to e-commerce companies for deliveries. The project’s total cost should range from $300 million to $500 million.

2. 60 East 112th Street, Manhattan
L M Development Partners filed上[……]

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Priam Properties

Nashville office REIT eyes sector s first IPO this 上海夜网论坛 上海夜网year Priam Properties is considering going public as REITS bounce back from rough 2018

Priam CEO Abhishek Mathur (Credit: iStock and Priam Properties)

As office REITs in general continue to underperform, growth-focused office landlord Priam Properties is considering an initial public offering.

The Nashville-上海夜网论坛 上海夜网based company would be the first U.S. REIT to go public this year, according to Bloomberg. Led by CEO Abhishek Mathur, the firm has had discussions with investment banks about selling shares in 2019, sources told Bloomberg. Representatives for Priam did not respond to requests for comment.

Though REITs took a beating in the markets last year, they have slightly outperformed the S P 500 to start the year, with the Bloomberg U.S. REITs index rising by 12 percent. And with the Federal Reserve deciding to hold off on more interest rate hikes for now, investors are again turning to REIT shares.

As for office REITs in particular, lu上海千花网龙凤论坛 上海千花社区kewarm demand and increased space efficiency mean that they have continued to trade well below net asset value, and investors such as DWS Group have a negative outlook on office properties.

Priam Properties is focused on high-growth urban areas in the Midwest and Southeast other than the major markets, according to the company s website. The REIT owns 31 properties in cities like Columbus, Ohio; Indianapolis; Nashville and Memphis, Tennessee; Tampa and Orlando, Florida; Richmond, Vi[……]

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