The 5 biggest multifamily sales of 2016 so far Rockpoint Group’s $430M-plus Financial District buy topped the list

Stuyvesant Town and Caiola portfolio are hard acts to follow, but the city’s biggest multifamily investors are leaving it all on the negotiating table in 2016.

Why wait for New Year’s to look back on who s dropped the most coin? The Real Deal combed through the year’s biggest multifamily deals to date, and laid it all out, from Downtown, to Harlem, to the Bronx.

The year’s biggest deal to date falls far short of last year’s titanic trades: Rockpoin上海龙凤论坛 新上海贵族宝贝论坛t Group dropped just $430 million or so for two Wall Street residential towers with 810 units (Stuy Town, you may remember, hit $5.3 billion). The second largest involved Emerald Equity Group’s Isaac Kassirer, who paid over $350 million for a collection of East Harlem buildings with a colorful history. Kassirer also struck the fifth biggest multifamily buy this year, grabbing a swath of rent-stabilized apartments in the Bronx.

Deals announced late last year, which closed in 2016, were excluded.

1) 63 and 67 Wall Street

Price: more than $430 million (in contract)

Buyer: Rockpoint Group | Seller: DTH Capital and Metro Loft Management

Alexander Hamilton, godfather of American federalism, once had his offices at the Downtown luxury conversion that is the most expensive multifamily transaction of 2016 thus far. Clearly, this is what the founders intended. Boston-base上海夜网论坛 上海夜网d private equity giant Rockpoint Group went into cont[……]

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Swift gIving Katie Couric a tour of her Nashville penthouse (image credit: ABC)

When you re the highest-paid entertainer in the world, you can afford to live in the height of luxury — and in many locations.

Taylor Swift topped Forbes Celebrity 100 l爱上海同城论坛 爱上海同城ist this year with reported earnings of $170 million.

Over the years, she has used her money to purchase and rent a number of incredible residences across the US, from Bev上海夜网论坛 上海夜网erly Hills, California, to Nashville, Tennessee, where she made her name as a country star.

We 上海千花社区 上海千花网交友ve previously taken a look inside Swift s $17 million seaside Rhode Island mansion — which she reportedly paid for in cash in 2011 — and her new $40,000-a-month townhouse in New York s West Village.

All told, she s spent about $44 million buying real estate (not counting her rental).

Take a look inside all five of Swift s current homes across the country:

NASH上海夜网 阿爱上海同城VILLE, TENNESSEE: In 2009, at the age of 20, Swift bought a penthouse apartment at The Adelicia complex in midtown Nashville for nearly $2 million.

In 2012, Swift gave Katie Couric a tour of the 4,062-square-foot penthouse, which Vulture has described as whimsically girlie, with a style that resembles a shabby-chic Alice in Wonderland.

The rooms are reportedly cluttered with books and tchotchkes and feature brick walls and an eye-popping cacophony of patterned wallpaper.

BEVERLY HILLS, CALIFORNIA: Swift purchased a Cape Cod-style home very far from Cape Cod for $3.97 million in 2011.

The 2,826-squa[……]

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Where’s the Chinese money?上海千花网论坛 上海千花网 South Florida remains a distant afterthought for most Chinese commercial investors

Chinese financing funded this office project in Miramar, said Rodrigo Azpurua of Riviera Point Development Group.

When a Beijing-based partnership scooped up a Brickell Avenue development site for $74.5 million in 2014 and subsequently announced plans for a $1 billion mixed-use complex, it marked the first significant foray by Chinese investors into South Florida commercial real estate. The joint venture between China City Construction and American Da Tang Group appeared to signal that the region was primed for an influx of Chinese capital in the office, hotel and retail sectors.

But nearly three years later, capital 上海千花社区 上海千花网交友from Asia’s largest economy remains largely elusive for South Florida projects despite the fact that Chinese nationals now represent the single largest group of foreign investors in U.S. commercial real estate.

For one, South Florida lacks signature commercial buildings that attract high-net-worth Chinese investors and companies, said Seth Gordon, a Miami publicist who represented the China City Construction partnership and is co-chair of the Greater Miami Chamber of Commerce’s Asia advisory committee.

“The Chinese go for high-profile trophy properties,” Gordon told The Real Deal. “Most of those tend to be in New York City, Boston and other areas of the Northeast. I don’t think our commercial properties are old enough to fit that profile.”

T[……]

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These new dev marketing firms have the most爱上海同城 爱上海 unsold inventory Corcoran leads the pack with $17B in unsold condos

Source: TRD analysis of unsold units (active or in-contract listings and shadow inventory) in new development buildings as of June 29, 2017 in Brooklyn, Queens and Manhattan. Only buildings with a price-on-acceptance of $20 million or MORE were considered. To qualify as a new development, the offering plan on the building must have been effective AS of Jan. 1, 2010. Any buildings that were effective before that date were not considered, unless a later amendment showed a new sponsor and sales offerings of at least $20 million. No re-sales were considered: Brokerages must have demonstrated that they were the sponsored agent on the building for their sales to count. TRD analyzed deeds recorded in ACRIS, listing credits in StreetEasy and OLR, and documentation from firms to assign credit. Each firm’s shadow inventory was estimated by taking the AG’s current sell-out of every building and subtracting the total volume of closed sales, crediting the difference to the current marketing firm.

Despite New York’s softening new development market, the brokerages that made the cut on our pipeline ranking, which includes all active listings, in-contract deals and so-called shadow inventory — units that have been assigned to firms but have not yet hit the market — have a combined $35.94 billion worth of condos to sell.

The divide is even more stark when looking at unsold inven[……]

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NYC biz leaders make the case to Jeff Bezos for HQ2 Letter from top executives across several industries highlights workforce and transit

Partnership for NYC’s Kathryn Wylde and Jeff Bezos

The Partnership for New York City is urging Amazon.com CEO Jeff Bezos to pick the Big Apple as the location of its new company headquarters.

A group of 7上海龙凤论坛 新上海贵族宝贝论坛0 business leaders in banking, finance, real estate, retail and media plans to send a letter to Amazon on Monday highlighting New York City’s talent pool and mass transit assets, Bloomb爱上海龙凤419桑拿 上海龙凤论坛sh1ferg News reported.

“New York Metro is the world’s largest and most diverse regional economy,” the letter reads. “It features unparalleled diversity of industry talent and institutional resources, all of which would enhance Amazon’s prodigious strengths and generate new opportunities to learn, grow, and partner.”

The corporate titans are hoping that t阿爱上海同城 阿拉爱上海同城he city’s diverse talent pool will help offset the expensive housing market, which stands to be a large impediment to landing Amazon’s HQ2.

The Seattle-based e-commerce giant in September sent out a request for proposals for a second headquarters上海千花网 爱上海同城对对碰 that is expected to cost $5 billion and create 50,000 jobs over the course of the next 15 to 17 years.

Industry City and Silverstein Properties’ World Trade Center are among the sites vying to land the tenant. The deadline for bids is Oct. 19.

Last month, Amazon 上海贵族宝贝 上海千花网龙凤论坛inked a lease for 360,000 square feet at Brookfield Property Partners 5 Manhatt[……]

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Pier 17

Howard Hughes Pier 17 roof will house 4,阿爱上海同城 阿拉爱上海同城000 concertgoers. Residents aren t happy Noise and crowd control among concerns

Render爱上海同城手机版 新爱上海同城对对碰论坛ing of Pier 17 (Credit: SHoP Architects)

Some residents aren t happy that the roof of Pier 17 has become a 4,000-seat concert venue.

Residents sounded off on the events planned for Howard Hughes Corporation s pier at a Community Board 1 meeting on Friday, the Downtown Express reported. They are concerned about noise and crowd control and feel blindsided by the rooftop s use as a concert venue.

“For a lot of us, what is most 上海贵族宝贝 上海千花网龙凤论坛disturbing is the pattern here of escalation of a project that started off as a moderate use of a rooftop with no canopy, said resident Caroline Miller. It was sold [to us] that way. Then it has, when no one is looking, morphed constantly into som上海夜网 阿爱上海同城ething bigger. Now it’s an entertainment center on steroids.”

Saul Scherl, an executive vice president at HHC, noted that the pier rooftop is still open to the public when it is not in use. On the whole, the developer s plans for the South Street Seaport have been controversial. The developer scrapped plans for a 52-story hotel and condo project in 2015. [Downtown Express] — Kathryn Brenzel

Tags: Development, howard hughes corporation, pier 17, South Street Se新爱上海同城对对碰论坛 上海同城对对碰交友社区aport
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Waldorf-Astoria is not for sale Hilton CEO sets record straight as Anbang sells off assets

Park Avenue entr上海千花网交友 上海千花网论坛ance to the Waldorf Astoria. (Credit: Hennem08)

The Waldorf Astoria isn t for sale.

That s according to the CEO of Hilton Worldwide Holdings, which manag上海千花网 爱上海同城对对碰es the iconic New York City hotel on behalf of Anbang Insurance Group.

Despite repo上海千花社区 上海千花网交友rts that the Chinese firm is selling off assets, at the moment, the Waldorf is not one of them, Christopher Nassetta said during an earnings call Wednesday. He said Anbang plans to plow ahead with a luxury condo conversion, and no上海千花网龙凤论坛 上海千花社区ted that the hotel is currently under heavy demolition, according to Bloomberg.

Anbang paid $1.95 billion for the Waldorf three years ago as part of a massive buying spree. But it has reportedly scaled back 阿爱上海同城 阿拉爱上海同城its investments under a clampdown by Chinese government officials.

Another major Chinese investor, HNA Group, is currently marketing a $4 billion portfolio of U.S. properties to pay off its mounting debt. (HNA is Hilton s largest shareholder.) HNA just sold an Upper East Side mansion for $90 million.

[Bloomberg] — E.B. Solomont

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Zillow CEO Spencer Rascoff

Lucky for Spencer Rascoff, Zillow Group isn’t relying on a Zestimate to calculate his paycheck.

The CEO of the Seattle-based listings giant pocketed $7.9 million in 2017, including a base salary of $717,286, according to regulatory filings. That s up from $3.5 million in total earnings in 2016. Rascoff, 42, earned a much-heftier $16.9 million in 2015 — but that year’s compensation included stock options that vest over seven 上海贵族宝贝论坛 上海贵族宝贝years. It was also the year Zillow closed on its acquisition of Trulia for $2.5 billion in stock.

The company, which owns New York City listings service StreetEasy, pulled in a record $1.077 billion worth of revenue in 2017 — up 27 percent year-over-year.

“We’re in growth mode,” Rascoff said during a Feb. 8 earnings call. “The market opportunity in front of us remains massive.” Revenue from the company’s controversial Premier Agent advertising program — which St上海千花网龙凤论坛 上海千花社区reetEasy debuted last year — jum爱上海同城手机版 新爱上海同城对对碰论坛ped 26 percent year-over-year to $761.6 million in 2017.

But Rascoff isn’t the爱上海同城手机版 新爱上海同城对对碰论坛 only one with a happy bank account. Zillow’s CEO-to-worker pay ratio is 65 to 1, with the median employee taking home $121,790 a year, according to filings.

At Realogy — the largest brokerage conglomerate in the country, the CEO-to-employee ratio was far higher at 1:159.

Former CEO Richard Smith — who was succeeded by Ryan Schneider on Jan. 1 — took home $9.1 million in 2017 while the median employee salary was $57,295.

Douglas Elliman[……]

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Steel Tariffs

Trump’s latest tariffs on China target steel, metal products Domestic steel prices were already上海夜网 阿爱上海同城 at a 7-year high as of July

U.S. President Donald Trump and Chinese President Xi Jinping (Credit: Getty Images and iStock)

Steel and other metal products are among the goods included in President Trump s latest round of tariffs against Chinese imports, and come months after a similar tax on imported metals.

The trade war between the U.S. and上海千花社区 上海千花网交友 China intensified Tuesday, as the Chinese government announced $60 billion in tariffs on American goods in response, according to Bloomberg.

On Monday, the president announced he would impose a 10 percent tariff on $200 billion of Chinese goods. The import tax will take effect Sept. 24, and is expected to jump to 25 percent on Jan. 1. Steel is usually priced in anticipation of future supply, which means prices could increase before the January hike.

The Chinese government s retaliatory measures include a 5 percent tax on 1,600 products, such as computers and textiles; along with a 10 percent tax on 3,500 pr上海贵族宝贝交流区 上海贵族宝贝论坛oducts including meat, liquid natural gas and wine.

The U.S. already imposed a 25 percent tariff on steel goods from nearly all foreign countries earlier this year. The U.S. only imports around 3 percent of its steel from China, but those larger tariffs have had a noticeable effect on overall U.S. steel imports. In June, imports dropped by 10.2 percent, according to Forbes.

Domestic steel prices were at a seven-year high as of[……]

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UpstreamRE

After committing $15M, NAR walks away from Upstream Company will announce new vendor in January

NAR CEO Bob Goldberg

After pumping $15 million into UpstreamRE, the National Association of Realtors is ditching the data mana爱上海龙凤419桑拿 上海龙凤论坛sh1fgement platform.

The organization announced on Wednesday that it will no longer serve as Upstream s vendor, Inman reported.

“As I’ve said since the beginning of my tenure as CEO, we are not in the business of inventing at NAR; we’ve supported Upstream to the extent that makes sense for both our strategic missions and now it is time for them step out on their own,” NAR CEO Bob Goldberg said in a statement.

NAR began committing m上海同城对对碰交友社区 上海夜网论坛oney to Upstream in 2015, billing the portal as a single point of entry for residential listings nationwide. But members became frustrated with the delayed rollout of the platform as their dues continued to flow to Upstream with little progress. The task of building Upstream fell to Realtors Property Resource, a property database and NAR subsidiary. In August, NAR cut RPR s staff上海千花网龙凤论坛 上海千花社区 by 10 percent.

Upstream plans to announce a new vendor in January. [Inman] — Kathryn Brenzel

Tags: National Association of Realtors, Tech
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