Brooklyn Real Estate

What s next in commercial real estate? Top execs from WeWork, CushWake, RKF and TerraCRG weigh in Panelists at TRD showcase discuss co-working, Brooklyn market and retail sans the L

UPDATED, 9:10 a.m., May 13爱上海同城论坛 爱上海同城: Brooklyn’s commercial market may very well be a field of dreams: If you build it, they will come.

What’s going to change Brooklyn in terms of the tenancy is going to be the product that they build,” Bruce Mosler, chairman of global brokerage at Cushman Wakefield, said during a panel on New York City s shifting commercial real estate scene at The Real Deal’s New York Real Estate Showcase and Forum Thursday.

“We haven’t yet seen that first blue-c上海夜网论坛 上海夜网hip lease in Brooklyn … the Facebooks, the Googles,” he added.

Mosler joined WeWork s Artie Minson, RKF s Robert Futterman and TerraCRG s Ofer Cohen on a panel moderated by The Real Deal s Hiten Samtani. The dealmakers discussed some of the big changes taking place on the commercial front, including co-working, co-living, the unique demands of TAMI tenants and an end in sight to rising re上海千花网 爱上海同城对对碰tail rents.

Mosler said that projects like Dock 72, the 675,000-square-foot new office development at the Brooklyn Navy Yard, will set the standard and draw the types of corporate tenants that have yet to plant their flags in Brooklyn.

(See more event highlights: Shvo, Macklowe, Eichner and Zeckendorf spar over state of luxury market)

The building is being developed by Boston Properties, Rudin Management and WeWork, and Minson said starting from scratch will provide the co-working company with an opportunity to improve its platform in ways it hasn’t yet done.

WeWork founders Adam Neumann and Miguel McKelvey grew up in communal settings, Minson said, so they have a unique perspective as to how to make increasingly denser spaces more attractive and functional for users.

“I think it comes down frankly to how you do it,” Minson said.

Minson came to WeWork from Time Warner Cable, and made the analogy that if real estate is the cable, then WeWork is the programming it brings to customers. Having the opportunity to buil上海龙凤论坛sh1f 上海龙凤论坛d a space from scratch in Brooklyn, he said, will allow WeWork to push things阿拉爱上海同城 爱上海龙凤419桑拿 like “design, amenities and services to a new level.”

(See more event highlights: Indian buyers jump onto the NYC real estate bandwagon) 

On the retail side, Futterman said that with big supermarket chains like A P and Fairway filing for bankruptcy, the more adaptive retailers are finding ways to fit into smaller footprints. The most innovative retailers are finding ways to make their stores go “ground and up or ground and down” the way that Whole Foods and Trader Joe s have been able to do.

Futterman also noted the retail market right now that needs a major adjustment, saying that prices in many corridors had gone out of control.

Cohen bemoaned the death of 421a and its effect on Brooklyn development, saying that  in terms of new projects, we re at a complete halt, and noted that investment sales in the bo[……]

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Flatiron Retail

Pottery Barn to take 20K sf space in Flatiron District The store is taking Lillian August’s space

11 West 19th Street

Pottery Barn is serious business. The home decor store has inked a lease for a 20,000-square-foot space in the Flatiron District.

The上海千花网龙凤论坛 上海千花社区 company will take a ground-floor space at 11 West 19th Street, which is currently occupied by Lillian August, the New York Post reported. The store will have entrances at both 19th and 20th streets. Williams-Sonoma, Pottery Barn s parent company, was represented by Mark F爱上海 爱上海同城手机版inkelstein of Retail 爱上海同城 爱上海Strategies. Bob Savitt of Savitt Partners, which owns the building, represented himself. He told the Post that Lillian August surrendered its lease for the deal. The store had signed a 10-year lease in 2010, when asking rent was $62 per square foot.

The neighborhood has become an attractive landing 上海千花网交友 上海千花网论坛place for furniture and home furnishing stores. Last year, for instance, Flying Tiger Copenhagen opened its first U.S. store at Broadway and 21st Street.

Details of Pottery Barn s lease were not immediately available. Asking retail rents in the neighborhood range from $130 to $150 a square foot. Other tenants in the building include Tory Burch and Publicis and Zio Ristorante. [NYP] — Kathryn Br上海千花网交友 上海千花网论坛enzel 

Tags: Bob Savitt, flatiron district, NYC Retail Market
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3 Pierrepont Place

Brooklyn’s most expensive property now up for rent Ho上海千花网 爱上海同城对对碰me at 3 Pierrepont Place has been on the market for nearly 2 years

3 Pierrepont Place in Brooklyn Heights

The owner of Brooklyn’s most expensive listing a house asking $40 million is changing tack. 

The 17,500-square-foot mansion at 3 Pierrepont Place was first listed bac上海贵族宝贝论坛 上海贵族宝贝k in February 2015, and has been sitting on the market ever since. It’s now no longer for sale, Curbed reported, and is being offered as four rental apartments listed between $4,500 and $12,000 a month.

Built in the 1850s, the home is currently divided into eight 上海同城对对碰交友社区 上海夜网论坛sep爱上海同城论坛 爱上海同城arate apartments, and features 16 bathrooms, nine fireplaces and a grand central staircase beneath a large skylight. Matt Damon reportedly inspected the property in September. .

The unnamed owner has decided to keep the home as an investment property, Corcoran broker Vicki Negron told Curbed. Unlike many properties in the city’s over-$10 million market, there’s been no reductions in the asking price.

However, renting the property may also not be easy. New York City landlords are increasingly offering concessions to renters in order to fill vacancies at 阿拉爱上海同城 爱上海龙凤419桑拿their properties. That’s expected to continue in 2017, with a flood of luxury apartments hitting the market this year. [Curbed] Miriam Hall

Tags: NYC Luxury Market
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Steve Witkoff

WATCH: Steve Witkoff talks about the problematic Park Lane Hotel The scandal-plagued condo project would have been one of Witkoff’s most ambitious

In 2013, developer Steve Witkoff led a partnership in the purchase of The Park Lane Hotel with the intent of building a condo tower in its place. The project fell into disarray, however, when a major equity provider, Malaysian businessman Jho Low, was accused of being involved a money-laundering scheme.

The Real Deal s Hiten Samtani sat down with Witkoff to talk about his career, his reputation and to pick his brain on a number of his projects, Including The Failed Park Lane Hotel redevelopment.

I don t think we made a mistake there, I think it was a well-conceived project, said Witkoff, who explained that full background checks on investors were executed.

Remember that 1MBD, which was the sovereign wealth fund in Malaysia which everyone talks about, had then just finished a bond offeri阿爱上海同城 阿拉爱上海同城ng through Goldman Sachs, Witkoff said.

Watch the video above for Witkoff s thoughts on what could have been his most ambitious condo pro上海千花网交友 上海千花网论坛ject to date. To see the conversation in full阿爱上海同城 阿拉爱上海同城, click here.

Produced by Alistair Gardiner and Kerry Barger. Interview conducted by Hiten Samtani. 

For m新上海贵族宝贝论坛 上海贵族宝贝交流区ore videos, visit The Real Deal’s YouTube pa上海贵族宝贝交流区 上海贵族宝贝论坛ge.

Tags: 1mdb, Helmsley Park Lane Hotel, Steve Witkoff, The Real Deal Studio
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NYC Real Estate Bankruptcy

Urban Standard Capital looking to flip Carroll Gardens property Searching for a CRE bargain? Try small-ticket bankruptcy auctions

320 Court Street

UPDATED, Oct. 25, 4:55 p.m.: t’s harde阿拉爱上海同城 爱上海龙凤419桑拿r than ever to find bargains in Brooklyn’s property market, but bankruptcy auctions may be the exception. That, at least, is Urban Standard Capital’s hope.

The investment firm paid close to $5 million for a three-story apartment-and-retail building at 320 Court Street last year after owner James McGown, dubbed the Bankruptcy King, lived up to his nickname.

Urban Standard’s Seth Weissman said it helped to have enough cash on hand.

In a bankruptcy, you上海千花网 爱上海同城对对碰 have to close in 30 days — that basically elimina爱上海同城 爱上海tes 95 percent of the marketplace and creates a niche for us, he said.

Now the investor put the Carroll Gardens property on the market through brokerage TerraCRG for $7.8 million, or more than 50 per上海夜网 阿爱上海同城cent more than what it paid for it. [Crain’s] Konrad Putzier

Correction: Urban Standard bought the building last year, not last month.

Tags: bankruptcy, Com上海贵族宝贝 上海千花网龙凤论坛mercial Real Estate
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TRData

Real estate vets: TRData s 上海千花网 爱上海同城对对碰construction dashboard can tell you how much is being built in NYC

(Click to launch dashboard)

The Department of Buildings last month released an interactive dashboard that charts 2017 construction across the five boroughs. While this dashboard is impressive and contains a variety of useful information for the New York City real estate industry, TRData took it as a challenge.

TRData has been tracking every project with at least 5,000 square fe上海千花网论坛 上海千花网et or 5 residential units filed with the Department of Buildings since 2009 to create a comprehensive pipeline for our reporters at The Real Deal. We follow each project through the development process as builers receive their permits, file for their temporary certif上海千花网交友 上海千花网论坛icate of occupancy and complete their building. After seeing the Department of Buildings dashboard, the obvious next step for us was to chart our pipeline into a visual, interactive dashboard of our own.

In addition to more in-depth versions of many of the charts included in the Department of Buildings dashboard, such as the number of jobs filed in each borough and a map of those filings, TRData s dashboard takes it a step further by including the number of temporary certificates of occupancy filed and issued across the city. Additionally, TRData s dashboard includes a comprehensive list of hundreds of developers and the number of square feet and residential units they ve created across their numerous projects. We ve identified these developers beyond the anonymous LLC they ve filed with to create a reliable list of developers that cannot be found an上海千花网论坛 上海千花网ywhere else.

The ultimate downside of the Department of Buildings construction dashboard is that you re forced to take them at their word that these numbers are completely accurate. TRData s das上海龙凤论坛 新上海贵族宝贝论坛hboard was created using our pipeline, which can be easily purchased for the purpose of market reports, lead generation or a variety of other uses. Each project filed contains over 60 columns of information such as property details, developer contact information and permit progress.

Click here to view TRData s comprehensive construction dashboard

Contact Derek Smith at [email protected] or (646) 503-3561 to discuss pricing and receive a custom sample of our pipeline

 

Tags: Commercial Real Estate, department of buildings, TRData
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West Chelsea Air Rights

Get your air rights here: City to charge $625 per sf in West Chelsea Price is higher than initially considered

West Chelsea (Credit: Starrett-Lehigh)

The City Planning Commission on Wednesday unanimously approved selling development rights to property owners in West Chelsea for $625 per square foot, the proceeds of which will go toward building affordable housing in the area.

The vote gives developers in the West Chelsea Special District another option to build out their lots, following the downzoning of the neighborhood in 2005. The pricing is higher than the $500 per square foot the commission initially considered. Community Board 4 and others arg上海千花网龙凤论坛 上海千花社区ued it was too low for a district where air rights have recently sold for $800 per square foot.

The disagreement over air rights pricing — as was the case for disputes over the landmarked air rights in Midtown East — boils down to the methodologies for calculating going rates in the district.

An analysis by City Center Real Estate shows that seven of the sales included in the city s calculations ranged from $100 to $230 per square foot, even though a majority of the 22 sales clocked in at more than $400 per square foot. City Center Real Estate s Brian Strout noted that all of these lower sales were assignments, which essentially means that what shows up in public records isn t always a true reflection of the sales price. The contract signed by the initial buyer of the air rights — which wasn t recorded in public records because the deal never technically closed — was assigned to a third party at a later date (and often at a different price). What gets recorded is the price the initial buyer agreed to pay the developer, not the price that was actually paid.

Michael Smith, a partner at Herrick Feinstein, noted that the long contract p上海同城对对碰交友社区 上海夜网论坛eriods for these deals — which can range from a few months to years — allows buyers to change their minds. This can be a result of prices rising during a lengthy closing or option period. In some cases, the i上海千花社区 上海千花网交友nitial buyer purchased more rights than they needed (either intentionally or unintentionally) and decided to sell off the rest (sometimes at a higher price).

Assignments allow developers to seamlessly shift rights from one site to 爱上海同城对对碰 爱上海同城论坛another. They also, as seen here, can skew the public s perception of the value of air rights. City Center s report shows that excluding those seven assignments would result in an average price of $720 per square foot.

In the scheme of the city s budget, it s not going to be a huge impact, Strout said. But if you have the opportunity to make another $95 per square foot, that does generate more money for affordable housing.

The city calculated the new price through a weighted average, in which the latest air rights sales in the area were more heavily counted. Community Board 4 recommended that the rights be priced at $800 per square foot.

Most of the air rights — at least 90 percent — owned by private property owne[……]

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Dana DeVito Elliman

Dana DeVito, Elliman s top marketer, leaves the firm She replaced Nicole Oge, who left in 2016 after a two-year marketing blitz

Dana DeVito

Douglas Elliman s highest-ranking marketing executive is leaving the firm.

As senior vice president of marketing, Dana DeVito spearheaded last year s multi-million dollar brand campaign, dubbed It s Time for Elliman. She has held the top marketing spot since 2016, when she replaced Nicole Oge, who left Elliman after a two-year marketing blitz.

DeVito s departure coincides with Elliman s search for a new chief marketing officer to expand the department on a national level following several acquisitions over the past 12 months. Last summer, Elliman purchased Los Angeles-based Teles and Otis Ahearn in Boston.

Sources said DeVito was not in line for that job — nor was it in her wheelhouse — though she brought structure to the division after Oge s departure. Much of Oge s effor阿爱上海同城 阿拉爱上海同城ts involved trying to turn the brokerage into a lifestyle brand.

In a stateme上海贵族宝贝论坛 上海贵族宝贝nt, Elliman president and COO Scott Durkin credited DeVito with planning an array of exceptional experiential events for the company.

DeVito could not be reached for comment.

Twi爱上海同城论坛 爱上海同城tter account @nycregossip first made note of DeVito s departure.

A former executive at Conde Nast, DeVito joined Elliman in 2015. Previously, she was brand development director for Conde Nast Traveler. She d also held marketing jobs at Vogue, W, Domino and Vanity Fair. She came to Elliman as vice president of Elliman Experience.

Although Elliman at first seemed to be reining in its flashier branding initiatives under DeVito, the firm launched another marketing push last year. It s Time for Elliman includes television spots, print and digital advertising, billboards and event sponsorships.

This is going to reach 750 million people — from outdoor to print to digital to social, DeVito said last year. We ve been scouring the country and making sure that if you re not aware of Douglas Elliman, you will soon b上海千花网 爱上海同城对对碰ecome aware.

Tags: Douglas Elliman, Residential Real Estate
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Long Island added more than 7,000 construction jobs in the past year

Between August 2017 and last month, Nassau and Suffolk gained a combined  7,200 construction jobs — a nine percent increase from the amount employed in construction as of August 2017, Long Island Business News reported. The rise put the number of people in construction at about 91,000, according 上海贵族宝贝 上海千花网龙凤论坛to a report from the Associated General Contractors of America. New York City saw a three percent rise with 5,300 new jobs created over the same time period. But the tristate are新上海贵族宝贝论坛 上海贵族宝贝交流区a also saw some of the largest job losses nationwide. Middlesex, New Jersey, lost 4,500 jobs. 爱上海同城 爱上海Camden, NJ, lost 2,600 and nearby Newark lost 2,400. [LIBN]

Tags: long island
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NYC Multifamily Market

NYC multifamily market crossed the $1B mark in September Dollar volume was fueled by Equity Residential’s $416M sale of 101 West Avenue

From left: 101 West End Avenue, 3440 Broadway and 711 East 231st Street (Credit: iStock)

New York’s multifamily market saw one of the largest transactions of the year in September, carrying dollar volume for the sector over the $1 billion mark.

The city saw 33 deals across 78 buildings for $1.02 billion during September, according to Ariel Property Advisors. This was a 10 percent increase in deal volume, a 100 percent increase in building volume and a 139 percent increase in dollar volume compared to last year. It also represents almost half of the dollar volume for New York’s entire third quarter, which saw 115 deals across 186 buildings for $2.23 billion overall.

Manhattan led the way by dollar volume in September with $683.44 million worth of sales, more than half of New York City’s total for the month. The borough saw 10 deals across 11 buildings, respective increases of 43 and 38 percent year over year. Dollar volume shot up by 335 percent, largely due to the $416.1 million sale of 101 West End Avenue from Equity Residential to the Dermot Company and a Dutch pension fund. As of September, that was the largest multifamily deal of the year in Manhattan. The outer boroughs have seen even bigger deals this year, including Brooksville Company and Rockpoint Group’s $905 million acquisition of Starrett City in Brooklyn and Blackstone Group’s $500 million buy of Parker Towers in Queens.

Northern Manh上海夜网论坛 上海夜网attan was the only part of the city to see year-over-year drops in transaction an上海夜网 阿爱上海同城d dollar volume during September. The area saw just five deals across 10 buildings for $52.17 million. Although this was an 11 percent increase in building volume compared to last year, transaction volume dropped by上海同城对对碰交友社区 上海夜网论坛 17 percent, and dollar volume dropped by 38 percent. The neighborhood’s biggest deal was the estate of Upper East Side landlord Jacques Chretien selling 3440 Broadway in Hamilton Heights to Big City Realty for $18.45 million.

The Bronx multifamily market continued its strong 2018 in September, seeing nine deals across 22 buildings for $121.78 million. These were respective year-over-year increases of 200, 633 and 232 percent. The largest deal was Prana Investments’ purchase of eight multifamily buildings from the Morgan Group for $64.63 million.

Brooklyn saw seven multifamily deals across 33 buildings for $155.78 million. This was a 46 percent drop in sales volume, an 83 percent increase in property volume a爱上海同城手机版 新爱上海同城对对碰论坛nd a 9 percent increase in dollar volum上海贵族宝贝 上海千花网龙凤论坛e.

Queens, which has a notoriously slow multifamily market, had a predictably slow September, with just two deals across two buildings for $5.75 million. These low numbers still represented a 100 percent increase from last year in both transaction and building volume and a 19 percent increase in dollar volume.

Tags: ariel property advisors, Commercial Real[……]

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