HFZ Capital

HFZ complete爱上海龙凤419桑拿 上海龙凤论坛sh1fs $500M refi on four-building condo portfolio JPMorgan, Oaktree provided the loan

From left: 301 West 53rd Street, Ziel Feldman, 88 and 90 Lexington Avenue and 235 West 75th Street

Ziel Feldman s HFZ Capital Group completed an approximately $500 million refinancing of four condominium buildings, sources told The Real Deal.

JPMorgan Chase and Oaktree Capital provided financing for the properties, located at 301 West 53rd Street, 88 and 90 Lexington Avenue and 235 West 75th Street. The new loans look to have replaced existing financing from Deutsche Bank in 2013. Both JPMorgan and Oaktree declined to comment on the deal, as did HFZ, and a Deutsche Bank spokesperson wasn t available for comment.

The deal was brokered by Aaron Appel, Jonathan Schwartz, Mark Fisher and Matthew Collins of JLL . Sources said Howard Michaels Carlton Group advised on the deal. Michaels and Appel also declined to comment.

In July 2013, HFZ and partner Fortress Investment Group acquired the four properties, which comprised 743 rental units, for $610 million from Westbrook Partners. The partners have since converted them into for-sale condominiums, and have sold about half the units, an insider said.

There are several reasons why developers may choose to refinance existing interests in condo properties. Such deals are known as inventory or unsold share loans.

JLL s Aaron Appel

Hypothetically, you d do it to get better terms on your inventory loan as compared to your construction loan, sa[……]

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Extell Development

Extell sells commercial condo to Success Academy for $68M Deal may provide the company with fresh liquidity

From left: 555 10th Avenue, Eva Moskowitz and Gary Barnett

Gary Barnett s Extell Development, currently working to lock down financing for several of its high-profile condominium projects, has collected $67.7 million from the sale of a commercial condominium unit at its 555 10th Avenue rental tower.

Success Academy Charter Schools bought the 93,871-square-foot commercial space at the base of the 562,325-square-foot tower, according to public records filed with the city Wednesday.

The sale price equates to $721 per square foot.

The deal comes as Extell works to secure financing for its Central Park Tower project, at 217 West 57th Street. Earlier this week, the company secured a one-week extension on a $235 million land loan from Blackstone Group for the tower, according to public disclosures made to its 上海同城对对碰交友社区 上海夜网论坛Israeli bondholders. Sources said the short-term of the extension may be an indication that Barnett is close to closing a financing deal.

Israeli investors have long pointed toward a prospective sale or refinancing of the 10th Avenue building as a potential source of new capital for Extell. The 52-story project comprises 478 luxury rental units and 30,000 square feet of爱上海龙凤419桑拿 上海龙凤论坛sh1f amenities, including a rooftop pool. It s slated to be fully occupied by the third quarter of 2017.

Success Academy, th爱上海同城论坛 爱上海同城e controversial charter scho爱上海龙凤419桑拿 上海龙凤论坛sh1fol network headed by[……]

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Spacious Coworking NYC

WeWork s under-the-radar rival?
Bars and restaurants Startups tran爱上海 爱上海同城手机版sform eateries into offices during their off hours

Spacious’ Preston Pesek and Public restaurant at 210 Elizabeth Street in Nolita (Credit: Google Maps)

First, WeWork brought the bar to the office. Now, a string of startups are bringing the off上海龙凤论坛sh1f 上海龙凤论坛ice to the bar.

Amid the coworking boom, a handful of entrepreneurs are teaming up with restaurants and bars to transform their locations into shared-working spaces during the off hours, Bloomberg reported.

For members, it’s less expensive than WeWork, but more organized than a Starbucks.

“Walking by a coffee shop and seeing everybody piled on top of each other, and seeing a beautiful empty restaurant next door—it just seemed to be a natural fit,” said Preston Pesek, co-founder and CEO of Spacious, which converts spaces like the dining room at Nolita’s Michelin-star restaurant Public into co-working hubs.

Subscriptions run somewhere in the range of $95 to $110, or about half the cost of a desk at WeWork. They don’t offer as many bells and whistles, but do provide quick Wi-Fi connections, printers, office supplies and cof爱上海同城 爱上海fee.

Spacious normally uses high-end restaurants, so it doesn’t have to worry about cleaning up a big mess from the night before. The business model is popping up in places like Austin, Texas and Tel Aviv.

Spacious has another location at La Sirena in Chelsea, the eatery owned by celebrity chef Mario Batali.

“You walk out of here and go to th[……]

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1041 Madison Avenue

Naftali Group-connected entity buys UES mixed-use building Israel Discount bank provided $11M mortgage

1041 Madison Avenue and Miki Naftali (Credit: Getty Images)

An entity connected to Miki Naftali s Naftali Group just closed on a five-story mixed-use building on the Upper East Side for $21.1 million.

The developer purchased 1041 Madison Avenue, a six-unit re上海千花网论坛 上海千花网ntal property between East 79th and East 80th阿爱上海同城 阿拉爱上海同城 streets. Israel Discount Bank provided an $11 million mortgage for the deal, filings with the city s Department of Finance show.

Representatives for Naftali didn t immediately return requests for comment. The buyer, 1041 Madison Owner LLC, is registered C/O the Naftali Group, Department of State records show.

The sellers, Albert Monasebian a上海千花网龙凤论坛 上海千花社区nd Yusuf Bildirici, bought the property in 2014 for $15 million, city records show. The building is home to Gentile s Fine Foods on the first floor and Michael s, a women s consignment shop, on the second floor.

Earlier this year, the Naftali Group sold 14 residential condo units at 275 West 10th Street, a rental-to-condo conversion, for $10.3 million. In July, rent-stabi爱上海同城 爱上海lized tenants filed a lawsuit against the developer, alleging that it refused to pay rent credits promised during construction.

Last year, Naftali tapped David Hochfelder, a former senior executive at RFR Holding, to head up the company s acquisit新上海贵族宝贝论坛 上海贵族宝贝交流区ion team. At the time, Miki Naftali indicated the hiring meant the company would again start[……]

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RXR and Rising Development top off new apartment tower in $200M Yonkers project

Construction of Larkin Plaza, a joint project between Rising Development and RXR Realty on the Yonkers waterfront, hit a milestone as de上海千花网论坛 上海千花网velopers topped off of a 17-story residenti上海夜网 阿爱上海同城al tower, Westchester Business Journal reported. The 170-unit building is the first of three in the planned $200 million mixed-use development. Another 25-stor爱上海同城 爱上海y tower will add 269 more resident新爱上海同城对对碰论坛 上海同城对对碰交友社区ial units, while the project爱上海同城论坛 爱上海同城’s 35,000 square feet of restaurant and retail space will be in the third building. The first residents are expected to move into Larkin Plaza in 2019. [WBJ]

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Forest City Layoffs

Forest City lays off 20 staffers at BK office Pink slips follow the departure of CEO MaryAnne Gilmartin and other key executives

Aerial rendering of Pacific Park (Credit: VUW Studio)

MaryAnne Gilmartin isn’t the only person leaving Forest City New York.

The company has laid off 20 staffers from its Brooklyn o上海贵族宝贝 上海千花网龙凤论坛ffice, according to the Atlantic Yards/Pacific Park Repo上海千花社区 上海千花网交友rt. Some workers will be let go effective at the上海龙凤论坛sh1f 上海龙凤论坛 end of the week, while others will leave at later dates.

The layoffs come on the heels of joint-venture partner Greenland USA taking a 95 percent stake in the Pacific Park megaproject, reducing Forest City s interest to just 5 percent.

It s also the third round of layoffs at the real estate firm s Cleveland-based parent company Forest City Realty Trust in recent years. Forest City reportedly pink-slipped 50 employees in June, and 上海夜网 阿爱上海同城also laid off employees amid a corporate restructuring in early 2016. It also sold its modular division in 2016.

Jeff Linton, a senior vice president at Forest City, said in a statement to Atlantic Yards that the Brooklyn office still has the company’s second-largest concentration of employees outside of its Cleveland headquarters, and that in total the firm employs about 1,500 people.

Gilmartin, who spent four years as CEO of Forest City’s New York division, left the company earlier this month, telling The Real Deal that “it’s time.” Since transitioning into a real estate investment trust, Forest City has pivoted away[……]

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Commercial Brokerage Firms NYC

More national brands launch NYC commercial shops, but breaking into the upper reaches of the sector can still be a pipe dream

(Illustration by Dean Rohrer)

UPDATED, March 19, 2:33 p.m.: Winning the assignment to lease up a trophy Midtown building is a brass ring for any brokerage. Not only can it generate millions of dollars in commissions, but it also serves as a towering billboard announcing a firm’s place in the upper echelons of the commercial world.

Last year, HNA Group was dangling one of those trophies: 245 Park Avenue, which it had recently purchased for $2.2 billion.

The commercial industry’s Big 3 — CBRE, Cushman Wakefield and JLL — were all invited to pitch the Chinese conglomerate. But another, more under-the-radar firm was also in the mix: Avison Young, the Canadian firm that’s been trying to muscle its way up New York’s brokerage food chain since launching in New York seven years ago.

“We were at the table pitching that,” said Mitti Liebersohn, president and managing director of Avison’s local office.

While HNA never selected a firm in 2017 (it is now once again looking to sell the tower under pressure from the Chinese government), for Avison, getting the invite was significant — a sign of the inroads it’s made here, even if it has yet to break into the top ranks of the brokerage world. And, perhaps more importantly, the firm is not alone in its quest to make a name for itself in New York.

In the years since the Great Recession, at least six brokerages with strong tr[……]

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Manhattan Townhouse Sales

Home values in formerly redlined areas still lagging behind A weekly feature bringing you the industry’s latest intel

Harlem townhomes (Credit: Getty Images)


Sales | Zillow

The value of homes in formerly redlined neighborhoods still lag behind other areas. In December 2017, the median value of a U.S. home in a redlined district stood at $276,199, 14.9 percent less than the $324,489 in non-redlined areas. The disparity was less pronounced in Manhattan. During the month, the median value of a home in a redlined area stood at $1,778,488, which is 4.4 percent less compared to the $1,860,758 for non-redlined neighborhoods. Read the report here.

Sales | Leslie J. Garfield

Between April 8 and 22, Manhattan posted only two townhouse sales and no signed contracts. The most expensive sale was for 43 West 87th Street, which sold for $6.95 million. A total of 34 townhouses went on the market during the period, generating a total asking price of $318.6 million. The pace of activity was the same in Brooklyn, which saw two sales and one signed contract. Read the report here.

Sales | Olshan

There were 37 contracts signed in Manhattan at $4 million and above during the week o爱上海 爱上海同城手机版f April 16 to 22. The total is tied for the highest for the year, matching the figure from February 12 to 18. The top contract for the period was Unit PHE at 155 West 11th Street in Greenwich Village, which sold with a last asking price of阿爱上海同城 阿拉爱上海同城 $17.8 million. Read the report here.


2018 Effective Rent I[……]

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Hamptons Home Sales

Debunking Hamptons pricing: Where can you get the best mansion deals? Analysis tries to bring order to the chaos

A Sag Harbor mansion (Credit: Matthew Korn Architecture)

Buying in the Hamptons is not exactly a science: Prices don t obey the regular rules of the market.

Because homes in the Hamptons are often second-homes for summer getaways, the prices don t always adhere to usual indicators, like size and location. Still, using data from Zillow, Bloomberg looked at sales in six major Long Island vacation destinations from May 2017 to May 2018 — in an attempt to find where the best deals are located. According to the analysis, Sag Harbor was the most expensive of all the areas with a median price per square foot of $1爱上海同城手机版 新爱上海同城对对碰论坛,297. Bridgehampton followed with a median price per square foot of $871, and Southhampton was third with $706. After that was Westhampton Beach with a median price per square foot of $684, Shelter Island with $548 and Hampton Bays with $388.

The high prices in Sag Harbor could be attributed to particularly 新上海贵族宝贝论坛 上海贵族宝贝交流区expensive homes that recently sold along the waterfront. Still, for to $2 to $3 million, a buyer can get a small cottage on maybe a quarter of an acre that needs work, said Mala Sander, a Corcoran broker who’s based in Sag Harbor. On Shutter Island that money can take you much further: three-quarters of an acre, with about a 6,000-square-foot house in mint condition with a pool, guest cottage, and garage, said Se爱上海 爱上海同城手机版th Madore, a br新上海贵族宝贝论坛 上海贵族宝贝交流区oke[……]

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Real Estate Agent Commissions

(Credit: iStock)

When you re involved in a real estate transaction, do you assume that the realty agents are required to represent the best interests of the home buyer or seller with whom they are working?

The Consumer Federation of America recently posed that question to a national survey sample of adults, and 50 percent answered yes. Another 16 percent said yes, almost always. So two-thirds of consumers in the survey had roughly the same impression.

But a new report from the Consumer Federation an umbrella group representing nearly 300 local and state consumer organizations suggests that it s not necessarily so. The reality, according to the study, is that real estate agents often are not required by law to represent the interests of buyers or sellers. As a result, sometimes things can go seriously awry.

The study cites ongoing litigation in New York, where clients of a major realty brokerage firm have filed suit alleging that the company has stripped thousands of buyers and sellers of the right to employ an agent who is loyal to them and only上海龙凤论坛sh1f 上海龙凤论坛 them through its alleged misuse of dual agency. In a dual-agency situation, agents of a single brokerage purport to represent both sides of a transaction, the seller and the buyer. The broker and agents in these cases pocket the entire real estate commission rather than having to split it with a competing firm s agent.

The plaintiffs in the New York case claim that they were pushed into either paying tens of thousands of dollars[……]

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