Co

Condopsy: The dea爱上海同城手机版 新爱上海同城对对碰论坛th of the New York co-op Since 2000, developers have filed just 75 plans for new co-op projects: TRData

In 1882, the developers of the Rembrandt declared they were seeking “people of means and good social standing,” as owners. The building, at 152 West 57th Street, was New York City s first co-op, a form of vertical living that quickly became ubiquitous in the city and still makes up a good chunk of its housing stock. But the age of the co-op is well and truly over: Since 2000, developers have moved to create a mere 75 new co-op projects, and no more than seven total in any given year, according to a new analysis by The Real Deal.

Just two new co-op plans were filed in 2015, and two more so far this year: a c爱上海同城论坛 爱上海同城onversion at the 92-unit 644 Riverside Drive in Hamilton Heights, and a 39-unit new development at 269 West 87th Street on the Upper West Side. That s according to offering plan data from the New York State Attorney General analyzed by TRD.

Compare that 75 number to 6,155, which is the number of new condominium plans filed over the same period. In 2006, the year of peak activity, developers filed 870 new condo plans.

On top of that, the majo上海千花网 爱上海同城对对碰rity of the co-op plans filed were actually for cond-ops, a legal structure in in which a building’s residential units operate like a co-op, but commercial units ar上海千花网 爱上海同城对对碰e treated as condos, allowing developers to profit off a building s lucrative commercial space.

So, what’s the deal?

The condominium ownership structure has only been legal in New York since 1964. Many prospective homeowners were initially skeptical of condos. But over time, their less stringent disclosure rul上海夜网论坛 上海夜网es and the fact that they were easier to trade boosted their popularity.

“When you’re buying a condo you actually own it, and what the board can do to subvert your transfer of the property is very minimal,” said Shaun Pappas, an attorney at Starr Associates who specializes in condominium law. “The only time we see co-ops being built now are cond-ops,” Pappas said.

Over the past decade, condos appear to have been the better investment:
The median co-op price was $755,000 in 2015, a 12 percent increase from 2006. Those gains pale in comparison to the condo market, which had a median price of $1.52 million in 2015, a 52 percent leap from a decade earlier.

The distinction between condos and co-ops may be getting less pronounced, however.

“Co-ops are loosening up and condos are adding restrictions,” said Dean Roberts, an attorney at Norris McLaughlin Marcus, adding that it is simultaneously becoming harder for co-ops to deny potential buyers and more common for condo boards to tighten their own rules.

Tags: co-ops
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Donald Trump Conflicts of Interest

Trump renegotiating $300M in Deutsche Bank loans President-elect is reportedly looking to reduce conflicts of interest

Trump Tower Chicago, Donald Trump and the Trump International Hotel Washington DC

Donald Trump is currently in negotiations with Deutsche Bank to remove personal guarantees from $300 million worth of real estate loans, in an attempt to m新爱上海同城对对碰论坛 上海同城对对碰交友社区itigate potential conflicts of interest.

It wasn’t clear under what terms the loans could be restructured, or whether the talks are near a conclusion. The U.S. Attorney General s Office is currently investigating Deutsche Bank over stock trades for Russian customers, and Trump’s personal financial ties to the bank could created conflicts of interest once he assumes the presidency.

“When you have political appointees making decisions about banks that the president owes a lot of money to, it looks terrible,” Richard Painter, a law professor at the University of Minnesota and former chief ethics lawyer for President George W. Bush, to新爱上海同城对对碰论坛 上海同城对对碰交友社区ld Bloomberg. “The U.S. government is dealing with regulatory and criminal issues with the big banks all the time, and if he owes them a lot of money, there might be an incentive to favor上海千花网交友 上海千花网论坛 less regulation and less enforcement for the bank爱上海同城 爱上海s.”

The $300 million Trump owes to Deutsche includes a $170 million loan on his new Washington, D.C. hotel, two loans on the Trump National Doral Miami resort and a loan on the Trump Tower in Chicago. All four loans were issued by Deutsche Bank’s private banking arm. According to Bloomberg, the loans carry a low interest of 2 percent over Libor and have no use restrictions, but in return he personally guaranteed them.

TRD recently broke down the broader risks of上海千花网 爱上海同城对对碰 cronyism and conflicts of interest under a Trump administration.  [Bloomberg] Konrad Putzier

Tags: Deutsche Bank, Donald Trump
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Quadrum Global

Quadrum files scaled-back plan for 20-story hotel in Garment District London-based investor is planning a 353-key hotel, down from 500

Rendering of 351 West 38th Street (credit: Marvel Architects)

London上海贵族宝贝 上海千花网龙凤论坛-based investment firm Quadrum Global filed has scaled back its plans to build a hotel in the heart of the Garment District.

In a new permit application to build a hotel at 351 West 38th Street, Quadrum describes a 20-story hotel with 353 keys — down from earlier plans for a 26-story, 500-key hotel.

Initially, the firm envisioned a modern hotel with compact rooms CEO Oleg Pavlov told The Real Deal in 2015. The firm aims to capitalize on the booming office submarket near Hudson Yards. We expect that to be a huge engine,” he said. “The Garment District will elevate itself.”

The latest plans, first reported by Real Estate Weekly, call for a 145,406-square-foot buildings with 12 hotel rooms on the second floor and between 20 and 24 rooms on the remaining floors. There will be an amenity space on the ninth floor and a rooftop terrace, according to the filing. Marvel Architects is the architect of record.

Quadrum partnered with hotelier Sam Chang in 2014 to buy the site for a combined $112 million, with plans to subdivide the property and build two hotels — one developed by each. Each party paid $56 million for the properties at 351 West 38th and 350 West 39th streets, records show.

In 2015, Chang s McSam Hotel Group filed pla上海千花网交友 上海千花网论坛ns to build a 21-story, 400-key hotel at 350 West 39th. The Gene Kaufman-designed Hotel Will Be A Hy上海龙凤论坛sh1f 上海龙凤论坛att Place. Chang is also developing the 25-story, 175-room Pastana Hotel at 338 West 39th Street, a former factory, with Scott Barone s Barone Management.

Quadrum is also developing the Arlo NoMad at 11 East 31st Street and the Arlo SoHo at 231 Hudson Street. The firm is also partnering with Simon Baron De阿爱上海同城 阿拉爱上海同城velopment on a 42-story rental building in Long Island City. The partners landed $150 million in financing from AIG for the tower, 29-26 Northern Bouelevard, which will have 467 units.

(T上海千花社区 上海千花网交友o view other hotel projects in the Garment District, click here)

Tags: Commercial Real Estate, Quadrum Global
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National Real Estate News

National Cheat Sheet: Home Builders Association knocks Trump tax bill, houses across U.S. selling at fastest clip in 30 years more

Clockwise from left: A home in Lennar s new Arden development in Wellington, Fl., Green-Wood Cemetery, flooding in Miami.

Trump tax reform opposed by National Association of Home Builders

The National Association of Home Builders (NAHB) gave a thumbs-down response to President Trump’s tax reform proposal this week. That s because tax credits for mortgage interest and state property taxes are not a part of the bill, Curbed reported. The organization warned that removing these established incentives for buying a home would be harmful to the housing market. NAHB chairman Granger MacDonald called the plan particularly disappointing and said it would severely diminish the effectiveness of the mortgage interest deduction. President Trump s plan would double the standard deduction, and the expectation is that more people would choose this route over itemized deductions such as the mortgage interest deduction. [Curbed]

Homes in the U.S. selling at fastest rate in 30 years

A lack of inventory across the U.S. is having an historic impact on the length of time homes are lingering on the market. Homes are now selling at their fastest rate in 30 years, according to a report by the National Association of Realtors cited by Bloomberg. Homes were marketed for just three weeks in the year ended in June, the report said, down from four weeks in the year-ago period. It’s the fastest pace since NAR started tracking the metric in 1987. Inventory declined in September, the 28th consecutive month of year-over-year drops in the number of homes for sale. [Bloomberg]

Number of home owners rises in the U.S., signaling a trend

High prices and 上海同城对对碰交友社区 上海夜网论坛low inventory have not dampened the rate of U.S. home ownership, which has ticked up in recent months. In the third quarter of 2017, 63.9 percent of U.S. adults owned a home, a slight increase from last year’s 63.5 percent, according to the Wall Street Journal, which cited U.S. Census Bureau statistics. The increase marks the second consecutive quarterly increase. Svenja Gudell, chief economist at Zi上海夜网 阿爱上海同城llow, told the WSJ that the rise is a positive indicator for “trying to get renters into homes” but not as high as expected considering country’s increase in jobs and low mortgage rates. [TRD]

Lennar to acquire CalAtlantic for $5.7B, creating largest U.S. homebuilder

There’s a new heavyweight in the homebuilding industry. The merger of Lennar Corporation with CalAtlantic Group in a $5.7 billion deal announced this week means the new entity will be the largest homebuilder in the U.S., The Real Deal reported. Miami-based Lennar will also assume $3.6 billion of debt in the deal, making the purchase price a total of $9.3 billion. Lennar and CalAtlantic recorded revenues of more than $17 billion combined last year. The new entity will be in charge of 240,000 home sites and 1,300 communities in 49 markets acr[……]

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SoftBank

SoftBank deploys $865M into construction startup Katerra The Japanese conglo上海夜网 阿爱上海同城merate is bullish on the tech startup’s future

Softbank s Masayoshi Son and Katerra s Michael Marks (Credit: Getty Images and Katerra)

SoftBank s latest investment in real estate tech comes in the form of an $865 mill爱上海同城手机版 新爱上海同城对对碰论坛ion infusion into Katerra, the one-stop co上海千花社区 上海千花网交友nstruction shop.

SoftBank, the Japanese conglomerate, deployed the cash through its $100 billion Vision Fund.

Katerra will use the proceeds to expand its manufacturing operation — including adding new factories — and speed up deployment of its customer platform, in addition to research and development, according to a company release.

Rapidly expanding, the three-year-old Katerra said it has more than $1.3 billion in bookings for new construction contracts in multifamily, student housing and hospitality.

The company designs and builds its projects, sources its materials, and manufactures its own components at its Phoenix,爱上海同城手机版 新爱上海同城对对碰论坛 Arizona, factory, according to the New York Times.

Katerra has a “roadmap in place” to expand its manufacturing outfit, and already broke ground on a timber factory in Washington state, according to a news release.

Former Flextronics International CEO Michael Marks founded the company and is its chairman. Nearly all of Katerra’s business until the middle part of last year came from Wolff Company, a real estate-focused private equity company run b爱上海同城 爱上海y Katerra co-founder Fritz Wolff, according to the Wall Street Journal.

Tags: construction, softbank, Tech, venture capital
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Trump Organization

Trump Organization out at branded hotel and tower in Panama City It marks the fourth property to remove Trump’s name since he won presidency

The Trump Ocean Club International Hotel in Panama City (Credit: Wikimedia Commons)

A week-long legal battle over control of a Trump Organization-run hotel 上海千花网交友 上海千花网论坛in Panama that included physical altercations has come to a dramatic end. On Monday, armed Panamanian police escorted Trump Organization management out of the establishment, seemingly for good.

A Panamanian government official, who led the police escort at the The Trump Ocean Club Interna上海千花社区 上海千花网交友tional Hotel in Panama City, wouldn’t comment. But Orestes Fintiklis, the charismatic Greek Cypriot investor and majority owner who sued to remove the Trump name from the hotel, had something to say. He claimed a Panamanian court allowed him to take control of the property, the Washington Post reported.

The ejection appears to be lasting — a worker was photographed on Monday pulling the “TRUMP” name off a marble sign in front of the property.

The Panama hotel would be the fourth property that removed Trump’s name since he won the 2016 presidential election. CIM Group signed a deal with the Trump Organization in November to remove its name from the former Trump Soho in New York — now the Dominick — citing poor performance since the election.

Fintiklis played a Greek song on the hotel lobby piano Monday, which he had done throughout the dispute to mark certain victories. Fintiklis, now based in Miami, purchased 202 of the 369 room units last, according to the Post report, and took control of the condo association there.

He moved to pry management of the hotel from the hands of the新上海贵族宝贝论坛 上海贵族宝贝交流区 Trump Organization, which does not own the property but has a contract to manage it until 2031. The hotel opened in 2011.

Fintiklis and 爱上海同城手机版 新爱上海同城对对碰论坛his allies claimed that Donald Trump’s name had hurt business, which hurt their investments. He sued in New York and flew to Panama in February to fire Trump 上海千花网论坛 上海千花网Organization staff, but they refused to let him past the lobby.

Trump Organization lawyer Alan Garten called Fintiklis’ actions “pure thuggery” last week, according to the Post. Now President Trump hasn t been involved with the business that bears his name since the election, but his immediate family is and he is still financially tied to the company. [Washington Post] — Dennis Lynch

Tags: panama, Politics, trump organization Bankruptcy judge approves sale of Palm House Hotel for $40MJPMorgan Chase Bank lends $36M for Pompano Beach industrial developmen…IMC Equity Group buys flea market property near Liberty CityClutter scoops up rival Omni Storage, three months after SoftBank-led …
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Chetrit Group

Chetrit lands $83M loan to refi DoBro hotel, rental property Financing comes from Mack Real Estate Credit Strategies

85 Flatbush Avenue Extension and Joseph Chetrit (Credit: Kutnicki Berstein Architects)

The Chetrit Group has received an $82.5 million loan for refinancing its Down上海夜网 阿爱上海同城town Brooklyn residential-and-hotel property at 85 Flatbush Avenue Extension.

Mack Real Estate Credit Strategies provided Chetrit with the mortgage, which is backed by a building is home to the Tillary Hotel and luxury rental apartments, according to the Commercial Observer. The loan is also backed by condominium units in Chetrit’s project at 135 West 52nd Street.

The deal refinances and replaces about $40 million of constr上海同城对对碰交友社区 上海夜网论坛uction financing from TD Bank for the Tillary and 60 Duffield, and it 爱上海同城论坛 爱上海同城includes a three-year, $19.5 million bridge loan as well.

Both buildings are part of the roughly 126,000-square-foot mixed-use property at 85 Flatbush Avenue Extension. Tillary is l上海贵族宝贝 上海千花网龙凤论坛ocated on the first six floors, and 60 Duffield is located on the seventh through 1上海千花网龙凤论坛 上海千花社区2th floors.

Chetrit has a 60 percent stake in the building, while Read Property Group owns the other 40 percent. [CO] – Eddie Small

Tags: Chetrit Group, Real Estate Finance
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Home Flipping

From hard money lenders to hedge funds to iBuyer startups, investors are rushing into the fix-and-flip space in NYC and beyond

(Illustration by Laurène Boglio)

For former Keller Williams agent Parish Pradhan, home flipping started as a side gig in 2014.

That’s when he and a few buddies pooled their money to buy, rehab and flip a single-family home in Westchester County. At the time, no lender would take a risk on a first-time borrower.

Four years and 17 deals later, Pradhan is still syndicating money from clients and friends to buy and sell homes in Westchester and Fairfield County, Conn. But now lenders are eagerly financing their deals, and some are even dropping rates to attract his business. “There’s so much money out there,” sai爱上海 爱上海同城手机版d Pradhan, who was an agent in Manhattan but recently dropped his license to flip houses full time. “These guys will do whatever it takes to do a transaction,” he said.

And his experience is not unique.

Home-flipping rates hit a six-year high during 2018’s first quarter, according to California-based ATTOM Data Solutions. New York City saw a 20 percent year-over-year increase, among the highest jump of any market with 1,000 or more flips during that time.

In the last few years, home flipping has become the darling of Wall Street and Silicon Valley, as lenders flock to high-interest loans — in the eight to 12 percent range — that typically get repaid within 12 months.

Manhattan-based Roc Capital is one of the fast-growing lenders, along with LendingHome, an online platform that securitizes “fix and flip” loans and sells them to investors.

In addition to hard-money lenders, venture-backed startups like Opendoor and Offerpad —known as iBuyers because they allow buyers and sellers to transact online — have upended the industry. And in the past year, listings platform Zillow and discount brokerage Redfin have jumped on the home-flipping bandwagon.

“The capital that’s being put into the market right now, I think these are all people willing to take the risk for the upside of a good opportunity,” said Clelia Peters, president of Warburg Realty and a co-founder of MetaProp, a real estate tech incubator that recently announced a $40 million venture fund.

None of this has been lost on the brokerage industry, which is facing stiff competition for talent, deals — and profits.

“Sometimes we see it as being adjacent to the brokerage industry,” said Peters. But, she said, in reality, iBuyers have disrupted the status quo. “If they are able to do this at scale and raise that capital at scale, it’s a direct threat to brokerage,” Peters said. “It’s a broker-free model.”

Instant buyers

The rise of investor home flipping emerged in the wake of the financial crisis. That’s when many realized there was an opportunity to acquire homes, improve them and rent them to individuals who no longer wanted to be homeowners (or could no longer afford to be).

By 2012, that gave rise to companies such as American Homes 4 Rent (a real estate investment trust tha[……]

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