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Extell sells East Side site to Chinese developer for $75M China Overseas is behind Jersey City’s proposed tallest tower
Gary Barnett and 499 and 501 Third Avenue (Credit: Google Maps)
China Overseas Land Investment, the developer behind what will be Jersey City’s tallest skyscraper, bought a devel上海贵族宝贝交流区 opment site from Extell Development on the East Side of Manhattan for about $75 million, sources told The Real Deal.
China Overseas, a 上海夜网论坛 subsidiary of the state-owned development giant C上海龙凤论坛 hina State Construction Engineering Corporation, picked up Extell’s assemblage at 4上海龙凤论坛 99-501 Third Avenue at the border of Murray Hill and Kips Bay along 34th Street.
The deal works out to $550 per buildable square foot for the site, which has 135,000 square feet of development rights.
A spokesperson for Extell declined to comment, and representatives for China Overseas could not be immediately reached. Meridian Capital Group’s Helen Hwang marketed the property on behalf of Extell, and did not respond to requests for comment.
Gary Barnett’s Extell began assembling the site in late 2015 with the purchase of two properties at the corner of Third Avenue and 34th Street for $16.5 million. He picked up an adjacent building on Third Avenue the following year for $11.25 million, then transferred the property’s air rights to his development site before selling the five-story building for $7.2 million. The developer then filed a permit application for a 13-story mixed-use property last yea[……]
Walt Whitman’s BK house not worthy of landmark status, city says Poet didn’t spend enough time there, according to Landmarks
Walt Whitman and 99 Ryerson Street
Famed poet Walt Whitman may have spent some tim上海千花网论坛 e in Brooklyn, but the city has ruled it wasn’t enough time to make his house a landmark.
Whitman spent part of his life in Clinton Hill at 99 Ryerson Street, but the Landmarks Preservation Commission has determined that, because he lived there for a short amount of time and because the home now looks markedly different, it is not worthy of being a landmark, according to Brownstoner.
Whitman’s mother bought the Brooklyn house on May 24, 1855, and sold 上海龙凤论坛 it six months later, according to the commission. This means that Whitman was living there when his most famous work “Leaves of Grass” was published.
Lawyer, poet and preservationist Brad Vogel had su上海千花网论坛 bmitted a request for evaluation to the commission in October, and the 爱上海同城论坛 organization’s decision did offer some hope for the future, saying that “we remain open to further evaluation should additional information come to light.”
Vogel told Brownstoner he is not going to give up the fight.
“The commission rejected our initial request for evaluation, but this is not over — not by any means,” he said. “99 Ryerson Street is an incredibly significant building.” [Brownstoner] – Eddie Small
Tags: landmark, landmarks preservation commission, Residential Real Estate
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Interior construction keeps attracting corruption. But why? Officials are reportedly looking into $100M worth of fraud, highlighting the industry’s checkered past
Corruption seems to be an enduring theme in interior construction: Every few years, a major contractor is forced to pay hefty fines for one form of fraud or another.
Most recently, state officials and investiga上海千花网论坛 tors from the Manhattan District Attorney’s Office raided the offices of Bloomberg L.P. and Turner Construction in October, in relation to an alleged overbilling scheme, a New York Times report revealed last week. Bloomberg overpaid Turner $1 million as part of an agreement between company executives and subcontractors to inflate contracts, according to the publication. The raid was reportedly part of a broader investigation into $100 million worth of fraud involving other contractors and clients.
Representatives for the Manhattan District Attorney s Office declined to comment on Friday. A representative for Turner said the employees involved in the alleged scheme no longer working for the company, though didn t identify the individuals. The representative noted that Turner had no participation in the alleged situation and did not profit from it.
We firmly believe our staff takes compliance very seriously and does the right thing, ” It is a shame that a few rogue employees may have acted in a non-compliant and criminal manner and tarnished the image of the companies they worked for and the industry as a[……]
Mike 爱上海 Sroka and Michael Mandel
UPDATED, 8:54 a.m., April 25: Real上海千花网 estate acquisitions management platform Dealpath and data company CompStak formed a “strategic partnership,” the latest case of tech startups banding together to appeal to a broader swath of customers.
Under the agreement, people who上海千花社区 subscribe to both products can integrate them and look at CompStak’s data on the Dealpath platform.
Dealpath, founded in 2014 by Mike Sroka, Kenter Wu and Andy Lee, runs an online platform to help acquisition teams manage potential deals. Sroka said his customers often turn to CompStak, a leasing and sales comp database, when analyzing which properties to buy.
“We want to be the command center for investment decisions,” he said, adding that the company already links its platform to products like Dropbox. He predicted that more software startups will form alliances in the future.
CompStak, founded by Michael Mandel and Vadim Belobrovka in 2011, previously str上海千花网交友 uck partnerships with Argus, VTS and Xceligent (which filed for bankruptcy in December). Launched as a crowdsourced leasing comp database, the company branched out into sales comps last year. In a statement, Mandel described the alliance with Dealpath as a “natural partnership.”
Correction: An earlier version of this story wrongly identified Dealpath s new partner. It is CompStak.
Tags: Commercial Real Estate, Reonomy, Tech
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Corcoran’s Vickey Barron jumps to Compass VC-backed firm also lands top agents from CORE, BHS
Vickey Barron and Robert Reffkin
Vickey Barron — one of the city’s top age上海夜网 nts and a heavy hitter in new development brokerage — has left the Corcoran Group for Compass.
Barron, who joined Corcoran in June 2017, is best known for leading sales at a trio of Ralph Walker buildings that were converted into condominiums, including 100 Barclay, Stella Tower and Walker Tower, where she sold the record-breaking $51 million penthouse in 2014. At Corcoran, she was recently marketing the penthouse at Magnum Real Estate’s 100 Barclay, which is asking $59 million.
Barron did not immediately respond to a request for comment, but so上海贵族宝贝交流区 urces said she is not bringing any of Corcoran Sunshine Marketing Group s listings to Compass.
Barron s team — which includes daughters Teka Klopfenstein and Pacey Barron — ranked No. 2 on The Real Deal’s annual list of top agents last year, closing $286 million in sell-side deals in 2017.
In addition to Corcoran, Barron has been affiliated with several firms in recent years. She worked at Douglas Elliman from 2000 to 2011 and 2013 to 2017. In between stints at Elliman, she worked at CORE, where she first landed the assignment at Walker Tower.
“I enjoy Vickey as a person she’s quite giving when it comes to her wish to share her educational platform with others,” Corcoran CEO Pam Liebman said of Barron’s move. “I think she’s hoping to expand this in her next ven[……]
As interest rates climb and salary growth stalls, borrowers are taking cash out against their homes in volumes not seen in over a decade.
Close to $14.6 billion was withdrawn from home equity across the country during the third quarter, as more than 80 percent of borrowers chose to take out cash against their homes, according to The Wall Street Journal. However, these figures are still well below rates seen before the financial crisis, when borrowers cashed out over $80 billio上海千花网 n for three consecutive quarters in 2006.
Homeowners often seek to refinance their homes to retire their previous loans上海贵族宝贝论坛 , and cashing out can be used to fund renovations or retire a college debt. The economy s growth is driving up housing prices, but leaving worker salari爱上海同城论坛 es growing at a slower rate, so many borrowers are turning to the cash stored within their homes.
“I don’t have that much cash on hand,” Mandy Whitworth, a resident of Dallas, told the Journal. “It allowed me to pull out equity from the home to reinvest in the repairs and addition.”
It follows a report this month that found home loan application volume fell to its lowest point since December 2014. [WSJ] David Jeans
Tags: freddie mac, interest rates, Mortgages, Residential Real Estate
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Suit against Isaac Kassirer raises questions over Fannie and Freddie s increased lending on NYC multifamily Cheap government-backed loans attract investors and raise rents, critics say
Isaac Kassirer with 1569 Lexington Avenue and 411 East 118th Street
More known for backing single-family loans, Fannie Mae and Freddie Mac have seen their involvement in rental mortgages grow dramatically since 2008. Though the agencie上海夜网论坛 s aim to promote affordable housing with cheap, government-backed loans, critics say these loans can have the opposite effect.
While housing advocates mostly agree that Fannie and Freddie loans for affordable housing and in rural areas have benefited renters significantly, their financing of market-rate apartments in major cities can end up attracting investors to gentrifying neighborhoods and increasing rents.
In one notable case, Isaac Kassirer s Emerald Equity Group received a $189 million Freddie Mac mortgage last month to refinance much of its extensive $358 million East Harlem Dawnay Day portfolio, despite being sued by tenants at three buildings for charging market rates on rent-stabilized units, the Wall Street Journal rep爱上海同城手机版 orted. The sides are currently in settlement talks.
The irony here is that it’s the exact kind of thing that Fannie and Freddie are supposed to m爱上海龙凤419桑拿 itigate,” said Aaron Carr of the nonprofit Housing Rights Initiative, whose investigations led to the lawsuits.
Kassirer called the lawsuit meritless, and Fannie and Freddi[……]
Related enters contract on $2.2B Hudson Yards sale-leaseback The media giant will be located at Related’s 30 Hudson Yards until 2034
From left: Related Companies chairman Stephen Ross, 30 Hudson Yards, and WarnerMedia CEO John Stankey 爱上海同城对对碰 (Credit: Getty Images)
The Related Companies went into con爱上海同城对对碰 tract on its $2.2 billion sale-leaseback deal with WarnerMedia at 30 Hudson Yards, the firms said Tuesday.
The media giant has entered a 15-year lease with Related to take 1.5 million square feet at the 101-story to爱上海同城对对碰 wer, according to Deadline. News of the deal broke earlier this month, which initially suggested a 20-year lease. Related expects to close on the deal late in the second quarter.
The firm is currently in the process of moving its network titles — CNN, HBO, Warner Bros. and Turner — from their location at 10 Columbus Cir上海千花网论坛 cle to the 101 story tower.
WarnerMedia made a similar play at its Columbus Circle location, where it entered a $1.3 billion sale-leaseback deal with Related, GIC and the Abu Dhabi Investment Authority in 2014.
AT T, which acquired WarnerMedia for $85 billion last year, said it would use the sale-leaseback to reduce its $170 billion debt. [Deadline] — David Jeans
Tags: 30 Hudson Yards, Commercial Real Estate, Hudson Yards, Related Companies
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