Extell Development
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Extell Development

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 上海贵族宝贝论坛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 上海夜网subsidiary of the state-owned development giant C上海龙凤论坛 新上海贵族宝贝论坛hina State Construction Engineering Corporation, picked up Extell’s assemblage at 4上海龙凤论坛 新上海贵族宝贝论坛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 year, though those plans have not yet been approved.

China Overseas, headed by CEO Yan Jianguo, is developing a condominium tower at 99 Hudson Street in Jersey City, which will be the city’s tallest tower at 900 feet when it tops out next year. The 79-story, 1.5 million-square-fo上海千花网论坛 上海千花网ot tower is designed by Perkins Eastman and will have 781 condominium units.

Tags: extell development, kips bay, murray hill
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Walt Whitman
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Walt Whitman

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 上海千花网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 新上海贵族宝贝论坛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 上海千花网bmitted a request for evaluation to the commission in October, and the 爱上海同城论坛 爱上海同城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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NYC Interior Construction
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NYC Interior Construction

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 上海千花网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 whole, a representative for Turner said in an email. Turner, as a company, had no participation in the alleged situation and did not profit from it.

The investigation is reminiscent of a similar scheme at Structure Tone: The company agreed in 2014 to pay $55 million after admitting to overbilling various clients, including Bl上海龙凤论坛sh1f 上海龙凤论坛oomberg, for electrical, plumbing and other work. It wasn t the company s first conviction, either. In 1998, Structure Tone pleaded guilty to paying bribes to secure a multimillion-dollar contract to renovate Sony s old headquarters.

Lendlease inked a deferred prosecution agreement in April 2012 to settle claims that it paid overtime to workers that never actually took place on various projects including the renovation of Grand Central. And Tishman Construction, before it was acquired by AECOM in 2010, paid more than $20 million in fines after officials claimed the company overcharged for work on One World Trade Center, the Jacob K. Javits Center and other projects.

Despite these blemishes, the companies emerged relatively unscathed and continue to dominate the market. Structure Tone, for instance, was the top general contractor in the city for renovation and alteration work between January 2012 and March 2017, according to an analysis by The Real Deal. Turner followed in second place. Meanwhile, Lendlease and Tishman are among the biggest general contractors for ground-up projects.

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CompStak
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CompStak

Mike 爱上海 爱上海同城手机版Sroka and Michael Mandel

UPDATED, 8:54 a.m., April 25: Real上海千花网 爱上海同城对对碰 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 上海千花网交友 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 上海千花网论坛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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Vickey Barron
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Vickey Barron

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 阿爱上海同城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 上海贵族宝贝论坛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 venture.”

Attracting Barron is a coup for Compass — which has landed few big name agents in New York lately, though it has been recruiting heavily nationwide. Barron’s expertise could also bolster the firm’s fledgling new development division.

In addition 上海贵族宝贝交流区 上海贵族宝贝论坛to Barron, Compass said it brought on the mother-daughter team of Anne and Amanda Young from Brown Harris Stevens. It also hired CORE’s Heather McDonough and Henry Hershkowitz.

Though Compass has always recruited heavily, Barron s move generated buzz in New York s residential world, where agents are known to switch firms when the market is soft.

Compass’ newest recruits are also joining the firm amid its well-documented 阿拉爱上海同城 爱上海龙凤419桑拿push to control 20 percent market share in 20 U.S. cities by 2020. Last year, it landed a $450 million funding round from SoftBank, which is rumored to be doubling down on its earlier investment.

Compass currently has 1,365 agents and eight offices in New York City, the firm said.

Last month, Compass told TRD it is on track to hit $35.6 billion in sales volume this year, up from $14.8 billion in 2017, thanks in part to a wave of acquisit上海夜网论坛 上海夜网ions including Pacific Union International in San Francisco. Compass is also projecting $1 billion in 2018 revenue, a massive jump from $370 million in 2017.

Tags: compass, Corcoran Group, Residential Real Estate, vickey barron
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Home Loan Mortgage Rates
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Home Loan Mortgage Rates

Interest 爱上海龙凤419桑拿 上海龙凤论坛sh1frates are climbing, but borrowers are tapping home eq上海千花社区 上海千花网交友uity in droves Over 80% of borrowers opted to cash out with refinancing during 3Q, the highest rate in over a decade.

(Credit: iStock)

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 爱上海同城对对碰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 上海贵族宝贝, 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 爱上海同城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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Fannie Mae
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Fannie Mae

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 上海夜网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 新爱上海同城对对碰论坛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 上海龙凤论坛sh1fitigate,” said Aaron Carr of the nonprofit Housing Rights Initiative, whose investigations led to the lawsuits.

Kassirer called the lawsuit meritless, and Fannie and Freddie denied being responsible for any increase in rents.

In 2018, Fannie Mae and Freddie Mac guaranteed $95.7 billion in rental apartment mortgages, more than 11 times higher than the pre-recession peak in 2003, which was just $8.2 billion.

Though Fannie and Freddie s proponents argue that cheaper, government-backed loans can reduce the pressure on landlords to raise rents, critics say it can also provide further incentive to do so.

Fannie and Freddie are the cheese at the end of the maze, Carr said.

Meanwhile, the ongoing national debate over the mortgage guarantors future has brought new attention to their multifamily activities. At a Senate confirmation hearing last Thursday, 上海贵族宝贝 上海千花网龙凤论坛the Trump administration s pick上海龙凤论坛sh1f 上海龙凤论坛 to head the Federal Housing Finance Agency, Mark Calabria, said that he doesn’t believe the multifamily program needs “the same sort of changes” he has in mind for single-family mortgages. [WSJ] Kevin Sun

Tags: Commercial Real Estate, fannie mae, freddie mac, Multifamily Market
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WarnerMedia
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WarnerMedia

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 爱上海同城论坛(Credit: Getty Images)

The Related Companies went into con爱上海同城对对碰 爱上海同城论坛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 爱上海同城论坛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 上海千花网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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The battle intensity of oppressor is exciting ” biochemical crisis 2: Refashion edition ” as comparative as original
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The battle intensity of oppressor is exciting ” biochemical crisis 2: Refashion edition ” as comparative as original

” biochemical crisis 2: Refashion edition ” be about to meet with the player, the intermediary outside now released a paragraph of comparative video, revealed ” biochemical crisis 2 ” and ” biochemical crisis 2: Refashion edition ” BOSS battle setting, look together. Comparative video:
This paragraph of video revealed the Claire in game and oppressor the occasion to battle, serve as what released 1998 work takes the place of first, in those days but such setting psyched out many players, the heavy plate making nowadays this setting further upward, let game experience more nervous stimulation. ” biochemical crisis 2: Refashion edition ” after put on sale, media and player are right its reputably ceaseless. This making undertook completely be makinged afresh from ground floor, on refashion foundation, not only perfect and reductive the enigma of nervous expeditionary, classical movement, exciting atmosphere and biochemical crisis series plays a way, and still had promotion, can weighs the example that is refashion game. [……]

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Whole platform game ” domesticate dragon ace: The dawn of new knight ” appear on the market conduct propaganda piece
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Whole platform game ” domesticate dragon ace: The dawn of new knight ” appear on the market conduct propaganda piece

The whole platform play that adapts according to homonymic film ” domesticate dragon ace: The dawn of new knight ” appeared on the market formally today, the hair of this game is peddling BANDAI NAMCO released a paragraph of conduct propaganda piece, look together: ” domesticate dragon ace: The dawn of new knight ” appear on the market conduct propaganda piece:
” domesticate dragon ace: The dawn of new knight ” by Outright Games development is made, the player will operate brand-new part in game, the everybody such as the Xikapu in combining original work’s familiar character rides respective love dragon, eliminate the Eir that uses dragon to implement wrong plan. Pass ” domesticate dragon ace: The dawn of new knight ” , the player seeks help leading role missing memory. The mixes the ability unlock with kind of respective dragon to differ enigma that uses new leading role and him, experience the grand fight that launchs in each district. ” domesticate dragon ace: The dawn of new knight ” already landed PC, PS4, XboxOne and Switch platform now. [……]

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