NYC Multifamily Market

NYC multifamily deal volume picks up in May Dollar volume falls under $1.2B: Ariel Property Advisors

(credit: Ariel Property Advisors)

The number of multifamily investment sales across New York City picked up in May after a slow April, according to the latest report fr新上海贵族宝贝论坛 上海贵族宝贝交流区om Ariel Property Advisors. Even so, dollar volume fell just under $1.2 billion, down 11 percent from an adjusted rate of $1.3 billion in the prior month.

The city saw 100 total sales and 59 transactions in May, a 24 percent and 14 percent jump, respectively over the same p上海龙凤论坛sh1f 上海龙凤论坛eriod last year. Brooklyn, Queens and Northern Manhattan accounted for most of the city’s sales. The Iskander family’s sale of a nine-building portfolio in Washington Heights for $165 million was the month’s priciest closed deal.

The Manhattan multifamily market saw a boost in building volume while dollar volume took a downturn from April. It had 39 building sales in May, up from 21 in the previous month and year-over-year. Meanwhile, sales totaled $492.8 million a 41 percent decrease from the previous month. Black Spruce Management , breaking into the Chelsea multifamily market, purchased a 13-building portfolio in the neighborhood for $80 million and was Manhattan s priciest deal in May.

Unlike Manhattan, Brooklyn had an increase in爱上海同城手机版 新爱上海同城对对碰论坛 sales activity across all metrics上海贵族宝贝交流区 上海贵族宝贝论坛. Dollar volume totaled $295.8 million, a 52 percent increase over the prior month and building volume rose from 21 to 34 in May. Propelling th[……]

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Barbara Corcoran Investing

Barbara Corcoran

Embracing fear and failure is a key component of becoming an entrepreneur; you need to take a leap of faith. Despite her $80 million net worth and tremendous success as a businesswoman and TV personality, Shark Tank star Barbara Corcoran is no stranger to failure.

She received straight D s throughout her academic career and held 20 different jobs by the time she turned 23. But that all began to change in 1973 when she co-founded a real estate business that flourished into an exceptionally successful company.

In 2001, she sold her business for $66 million to NRT Incorporated, the largest residential real estate brokerage company in the U.S.

Corcoran s numerous successes over the past several decades are linked to several 爱上海同城论坛 爱上海同城key insights and philosophies. She recently compiled an online class entitled, The Fundamentals of Entrepreneurship: Pitching Your Business and Yourself. The goal of the course is to force people off the fence: to push them either to go into entrepreneurship or to keep their day jobs.

Here are the core philosophies highlighted in the course that all successful entrepreneurs should have:

Embrace fear

Corcoran firmly believes that success and failure are irrevocably linked: All successful entrepreneurs know how to fail well and deal with rejection.

Every failure has an equally great upside if you re willing to stay in the game. The first time Corcoran gave a presentation to a large audience, she lost her voice. While many people would have avoid[……]

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Amazon Whole Foods

National Cheat Sheet: How Amazon s Whole Foods deal changes retail, Freddie Mac sells off modified loans more

Clockwise from top: Whole Foods, Adam Neumann and Jonathan Gray (Getty)

Examining the impact of Amazon s Whole Foods acquisition

The mother of all buyouts went down, and it makes a ton of sense. Amazon’s success, fueled by a market cap of $500 billion, is decimating retail shopping and Whole Foods has been hemorrhaging cash, recently announcing plans to close stores. If Amazon was going to make a brick-and-mortar statement anywhere, a struggling but we阿爱上海同城 阿拉爱上海同城ll-regarded Supermarket Chain Would Be The Place, experts said. Amazon’s data acquisition, e-commerce and distribution know-how are expected to be key components in reversing the fortunes of Whole Foods. [TRD]

Freddie Mac aims to get back in the black by selling modified loans

Borrowers who had their mortgages modified after the 2008 housing crash have recovered enough to have their notes sold by Freddie Mac for $292 million to Towd Point Master Funding. The loans have an average balance of $231,100 and are valued at 101 percent of the loan amount according to broker priced opinions, Housing Wire reported. This is part of Freddie Mac’s long-term strategy to lessen its riskier assets.  [Housing Wire]

Israeli stock market to launch an index of North American real estate companies

Approximately $4.1 billion in bonds issued by North America real estate companies will start to trade on the Tel Aviv Stock Exchange on July 16[……]

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Google NYC

Google upping its footprint at Pier 57 Tech giant just agreed to buy Chelsea Market building for $2.4B

Rendering of Pier 57 and Google CEO Sundar Pichai (credit: RXR Realty)

Google seems to be in an expanding mood when it comes to its presence in New York City.

The tech giant is adding another 70,000 squ上海千花网论坛 上海千花网are feet to its new digs at Pier 57, 上海千花网龙凤论坛 上海千花社区Crain s reported. Google initially agreed to lease 250,000 square feet at the 480,000-square-foot office-and-retail complex, which is being developed by RXR Realty and Youngwoo Associates. The company will lease an additional 50,000 square feet for public and educational activities.

News of the expansion came just days after The Real Deal上海千花社区 上海千花网交友 reported that Google is buying the Chelsea Market building from Jamestown for more than $2 billion. If the deal closes at around $2.4 billion, it would be the second-priciest single-building sale in New York City history.

The deal at Pier 57 means that an expansive food market initially intended for celebrity chef Anthony Bourdain will be downsized to roughly 40,000 square feet. In December, Bourdain said that he still didn t have a lease at the complex, despite signing a letter of intent to lease 155,000 square feet.

Google is also n上海贵族宝贝交流区 上海贵族宝贝论坛egotiating to take 200,000 square feet of short-term space at the Starrett Lehigh Building at 601 West 26th Street, while the Pier 57 space is being built out. [Crain s] — Kathryn Bre上海贵族宝贝论坛 上海贵族宝贝nzel 

Tags: Commercial Real Estate, google, Pier 57
We[……]

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Tower 56

Pearlmark seeking $125M loan for Tower 56 Owner aiming to lease up rest of 33-story Plaza District office tower

Tower 56 and Stephen Quazzo

Pearlmark Real Estate Partners is on the hunt for a $125 million refinancing of the 33-story Plaza District office tower called Tower 56, sources told The Real Deal.

The Chicago-based real estate private equity firm plans to use the extra debt toward leasing the remainder of the 190,000-square-foot property at 126 East 56th Street, between Park and Lexington avenues.

The financing would replace a loan from Canadian上海同城对对碰交友社区 上海夜网论坛 bank CIBC, property records show.

The building has vacancies on second,上海贵族宝贝 上海千花网龙凤论坛 fifth, ninth and 11th floors, according to the its website. Tenants include the Lanier Law Firm and art appraisal firm Winston Art Group.

In 2008, Pearlmark, then known as Transwestern Investment Company, 上海夜网 阿爱上海同城bought the building from Harry Macklowe’s Macklowe Properties for $158 million.

The tower was a part of the $7 billion Equity Offic爱上海同城对对碰 爱上海同城论坛e Properties portfolio Macklowe acquired in 2007, which he then defaulted on the following year.

Dustin Stolly (Photo by Emily Assiran)

A Newmark Knight Frank team led by Dustin Stolly and Jordan Roeschlaub is handling the financing search. The b阿爱上海同城 阿拉爱上海同城rokers declined to comment, and a representative for Pearlmark, led by Stephen Quazzo, could not be reached.

In New York, Pearlmark also owns 375 West Broadway, where Gucci signed a two-year lease in October.

Tags: Real Estate Finance
We are having some te[……]

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Fisher Island

Life among the 1%? Fisher Island couple阿爱上海同城 阿拉爱上海同城 sues after use of VIP ferry lane suspended Maxim and Elena Temnikov want a Miami-Dade judge to restore privileges reserved for owners and residents that they allege were unfairly revoked

Fisher Island (Credit: Michael Au via Flickr)

Ferry access to Fisher Island is so exclusive, owners and residents are banished to the back of the line if they or anyone going to their homes receives more than one speeding ticket traversing the ritzy community, according to a recently filed lawsuit in Miami-Dade Circuit Court.

The issue led biomedical research company honcho Maxim Temnikov and his wife Elena to sue the Fisher Island Community Association and its president Gary Snider. The couple is seeking a court injunction to restore their privileges for use of the ferry s first lane, which is reserved for owners and residents only.

Attorneys for the Temnikovs and the association declined comment. Snider did not return a phone message and email seeking comment.

Fisher Island s 33109 zip code ranks as the country s richest: Residents earn an average of $2.5 million a year, according to a Bloomberg analysis of 2015 tax data.

The lawsuit reveals how access to Fisher Island is so tightly controlled that even owners and renters risk being penalized for excessive speeding by anyone visiting their homes. In addition to maintenance and assessments, owners are required to pay about $30,000 a year to help cover the costs for operating and maintaining the islan[……]

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Jho Low

阿拉爱上海同城 爱上海龙凤419桑拿Jho Low, former Goldman Sachs bankers face criminal charges in Malaysian money laundering case The charges relate to services provided to a Malaysian sovereign wealth fund where $4 billion went missing

From left: Tim Leissner, Jho Low, and Roger Ng (Credit: Getty Images)

Two former Goldman Sachs bankers have been indicted alongside fugitive Jho Low in r上海贵族宝贝交流区 上海贵族宝贝论坛elation to the $4 billion embezzlement of a Malaysian sovereign wealth fund.

The former bankers, Tim Leissner and Roger Ng, were named Thursday by federal prosecutors in Brooklyn, according to The New York Times. Authorities had been negotiat爱上海同城对对碰 爱上海同城论坛ing a plea deal with the former bankers for several months, and reportedly charged them with conspiring to commit money laundering and violation of anti-bribery laws. Leissner pleaded guilty, and Ng was arrested in Malaysia. Low, who was also indicted, remains at large.

It is a stark charge against the former Goldman employees, who until now have faced no charges of wrongdoing in the years-long money laundering and embezzlement saga involving the 1Malaysia Development Berhad fund, or 1MDB.

Goldman acted as the primary bond underwriter for the fund. Among its services, it helped raise $6.5 billion for the fund and earned almost $600 million in fees for the bond issuance. Both Leissner and Ng departed the bank over 12 months ago.

Park Lane Hotel

The scandal has stretched from the U.S. to Asia and New York real estate. Developer Steve Witkoff and the Department of Justice[……]

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Ron Kim

Public Advocate candidate didn t tell ethics commission about his luxury condos or upstate house Queens Assemblyman Ron Kim paid less than $100 city excise on Sky View Parc pad

Ron Kim and the Grand Sky View Parc condo at 40-26 College Point Boulevard in Queens (Credit: Wikipedia and CityRealty)

A Queens candidate for the city s Public Advocate has failed to report his ownership of multiple luxury properties to a state ethics agency.

Ron Kim, who is one of 17 Democrats vying for the position vacated by Letitia James, now the Attorney General, has registered his voting address at a modest home on Ash Avenue in Queens since 2014, but made a series of real estate purchases the same year that suggest it s not his primary address, Crain s reported.

That same year, he reportedly purchased an apartment at the Sky View Parc luxury condo tower in 爱上海同城论坛 爱上海同城Flushing for $1 million,上海千花网 爱上海同城对对碰 in part aided by a $618,000 mortgage provided by Citibank and 421a tax abatement, bringing his annual city excise tax to below $100.

And then in 2017, Kim purchased another apartment in the adjacent complex, the Grand Sky View Parc, for $943,000, where he claimed the co-op/condo abatement the following year and took another property tax reduction a benefit only given if 上海千花社区 上海千花网交友it is the owner s primary residence.

He also reportedly purchased an upstate home in Poughkeepsie for close to $632,000 that year, and property records list the condo at Sky View Parc Luxury Condominium Tower as his own.

During this time[……]

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