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Month: June 2019

Tishman Speyer

Tishman seeks tax incentives for $700M LIC office project Developer looking for $65M worth of benefits for 1.1M sf development

Tishman Speyer is pursuing $65 million worth of tax benefits for its 1.1 million-square-foot office development in Long Island City, which will cost more than $700 million.

The developer applied for 阿爱上海同城 阿拉爱上海同城$56.6 million worth of benefits under the city’s Industrial and Commercial Abatement Program, which exempts comme上海夜网论坛 上海夜网rcial projects in certain parts of the city from increased taxes resulting from renovating or building new projects, the Commercial Observer reported.

Tishman is also seeking another $8.3 million in benefits from the New York City Industrial Development 爱上海同城 爱上海Ag上海龙凤论坛sh1f 上海龙凤论坛ency, the site reported.

The funds would go toward the acquisition of a 71,692 square-foot site at 28-10 Queens Plaza South, where Tishman plans to develop 1.1 million square feet of office space and up to 40,000 square feet of retail.

Tishman, which unveiled plans in February for its Bjarke Ingels-designed office tower in Hudson Yards, has already signed WeWork on to lease 285,000 square feet at the Long Island City project, as The Real Deal previously reported.

The company is looking to fund the two-building complex, which will be known as One and Three Gotham Center, with $145 million in EB-5 financing.

The project sits next door to Two Gotham Center, the 22-story office building Tishman developed in 2011 and sold later t上海千花网交友 上海千花网论坛hat year to Canadian investor H R REIT[……]

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Pacific Park Brooklyn

Forest City CEO defends Pacific P爱上海同城对对碰 爱上海同城论坛ark amid delays, impairment Surge in Brooklyn residential supply, 421a expiration taking toll on project

Rendering of Pacific Park (inset: David LaRue)

UPDATED, Nov. 7, 11:10 a.m.: A day after announcing unspecified delays to the Pacific Park megadevelopment, Forest City Realty Trust’s CEO David LaRue was forced to defend the project during a tense earnings call Friday morning.

“In the longer term that asset will be dealt, it will create value. But where we sit today we can not keep that value on our books,” LaRu上海龙凤论坛sh1f 上海龙凤论坛e said. On Thursday, the real estate investment trust had announced it would delay construction of the remaining Pacific Park buildings due to a weakening residential market, high construction costs and uncertainty over the 421a tax abatement program.

Forest City announced a $307.6 million impairment or drop in asset value “primarily related to Pacific Park Brooklyn.” During the call, one analyst estimated that this essentially reduces the value of Forest City’s equity stake in the project to zero after accounting for debt. The impairment largely led to a net loss of $430.9 million for the Cleveland-based REIT in the third quarter.

“There is new supply coming into Brooklyn,” LaRue said. “The market will end up absorbing it but it will have the normal effect that supply has on any given market.”

LaRue reiterated that Forest City which holds a 30 per上海千花网论坛 上海千花网cent stake in the project after selling 70 percent to Chinese firm[……]

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Zillow

Zillow buys the MLS of the Hamptons HREO will be the yin to StreetEasy’s yang, says Susan Daimler

HREO interface

New York City isn t enough for Zillow — it s taking on the Hamptons too. Under its StreetEasy subsidiary, the real estate database company acquired prominent Long Island real estate portal Hamptons Real Estate Online, or HREO.

Terms of the deal were not disclosed, accord上海贵族宝贝论坛 上海贵族宝贝ing to Investopedia.

As part of the acquisition, Zillow will also own soft爱上海同城 爱上海ware that HREO offers to real estate professionals for listing management and distribution, called RealNet and Op上海夜网论坛 上海夜网en RealNet Exchange.

HREO and StreetEasy are intrinsically linked to one another, StreetEasy general manager Susan Daimler said in a statement. [T]h上海千花网龙凤论坛 上海千花社区e Hamptons and NYC. It s a natural pairing.

Seattle-based Zillow acquired StreetEasy for $50 million in 2013, and bought out its closest competitor, Trulia.com, for $2.5 billion in 2015, after which its revenue rose by over 300 percent. The company’s stock price jumped 63 percent in the last year, and it turned a profit by the third quarter of 2016.

Zillow coughed up $130 million in June to settle a lawsuit with Move Inc. and the National Association of Realtors, which sued the former over alleged theft of trade secrets after it poached two Move execs in 2014. [Investopedia]   Cathaleen Chen

Tags: Hamptons, Stribling Associates, susan daimler,上海夜网 阿爱上海同城 zillow
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688 Broadway

Three workers hurt at 1 Great Jones Alley Steel beam fell Tuesday morning at the Noho condo development

Josh Zegen and 1 Great Jones Alley at 688 Broadway

Three workers were injured Tuesday when a steel beam fell 12 stories from Madison Realty Capital’s high-end condo development in Noho.

The beam fell suddenly whe上海龙凤论坛 新上海贵族宝贝论坛n workers were hoisting it at 688 Broadway,上海千花网交友 上海千花网论坛 also known as 1 Great Jones Alley, around 11 a.m., DNAinfo reported.

It hit the sidewalk shed and fell to the ground floor where the workers were, according to a spokesperson for the Department of Buildings. One worker was seriously injured and taken to Bellevue Hospital. It was not immediately clear if爱上海 爱上海同城手机版 the other two were taken to a different hospital or treated at the scene and released.

The DOB issued a full stop-work order on the site and five violations, including failure to safeguard the site.

Madison declined to comment.

Private equity executive Marc Leder last year paid $上海同城对对碰交友社区 上海夜网论坛30 million to buy two apartments at the 16-unit luxury dev新上海贵族宝贝论坛 上海贵族宝贝交流区elopment.

In March, the owners of the neighboring co-op building at 684 Broadway sued Madison for $10 million, saying it owns a portion of the alley Madison has been marketing as a private driveway. Madison has been targeting a $130 million sellout at the condo, averaging $2,640 a square foot.  [DNAinfo] – Rich Bockmann

Tags: construction accidents, Development, madison realty capital
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Mortgage Fraud

Fraud in connection with home mortgages is on the rise, ranging from little white lies about the intended use of the property all the way up to much more sophisticated schemes.

But what, you ask, does this have to do with me? Maybe more than you think, especially if you end up on the wrong end of it and have no cl上海夜网 阿爱上海同城ue about what s going on.

Overall fraud risk in the home mortgage field is up by 16.9 percent in the most recent 12-month period tracked by data analytics firm CoreLogic. And of all types of application fraud, the risk of so-called occupancy misinformation when applica上海夜网 阿爱上海同城nts deliberately misrepresent their intended use of the property is rising the fastest. This includes cases in which borrowers lie about whether they intend to live in a house or rent it out. Applicants who promise lenders that they will live in the property generally qualify for lower interest rates and down payments; rental home investors get charged more.

Application fraud was found in one of every 122 mortgage applications during the first two quarters of 2017, according to Bridget Berg, CoreLogic s senior director of fraud solutions strategy. During the same period in 2016, one of every 143 loan applications had signs of fraud. Among the varied types of fraud tracked by Berg s company were misrepresentations on the sources of down-payment money as well as on income amounts and employment; undisclosed debts; and games played with appraisals.

Other companies that monitor mortgage fraud confirm[……]

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New York City Council

City Council votes to pass controversial Bedford-Union Armory project Project still faces opposition, including lawsuit from Legal Aid

Bedford-Union Armory

The New York City Council has given its seal of approval to the controversial Bedford-Union Armory plan in Crown Heights.

After years of often contentious debate, the council voted to approve the project—which will bring 400 apartments and a recreation center to Crown Heights—during its Thursday afternoon session by a vote of 43 to 2, with one abstention.

Local Council member Laurie Cumbo had originall上海千花社区 上海千花网交友y opposed the project from developer BFC Partners but came out in favor of it after officials increased its affordable hous上海千花网龙凤论坛 上海千花社区ing component and removed its market rate condos.

She said during the council session that the neighborhoods surrounding the armory are “communities in crisis上海贵族宝贝论坛 上海贵族宝贝” and that they cannot wait five more years for the project to arrive.

“This is progress,” she said. “This is getting something done in our term.”

Under the current plan, the阿爱上海同城 阿拉爱上海同城 armory would feature 250 affordable apartments with monthly rents between $521 and $1,166. It would also include a recreation center, with half of the memberships going to local residents for $10 per month.

The plan still faces resistance from the Legal Aid Society, which filed a lawsuit against the city on Wednesday arguing that the project should not be allowed to move forward based on a flawed method it used for evaluating tenant displacement.

Brookly[……]

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Vancouver Housing Market

Why Vancouver s housing crackdown could be good for NYC Foreign buyer tax to increase from 15阿拉爱上海同城 爱上海龙凤419桑拿 to 20%

Vancouver

British Columbia’s government is doubling down on its bid to lower Vancouver housing prices by curbing foreign demand, which could drive wealthy Chinese home buyers to other markets.

As of Wednesday, the special tax foreigners pay when they buy a home in the province’s largest city will increase from 15 to 20 percent, Bloomberg reported. The provincial government is also expanding the tax to other cities, such as Victoria, and adding a 2 percent tax for investors who don’t pay local income tax.

“B.C.’s real estate market should not be used as a stock market. It should be used to provide safe and secure homes,” finance minister Carole James told Bloomberg. “That’s why we’re cracking down on spec爱上海同城 爱上海ulators who distort our market.”

Chinese buyers comprise a significant portion of Vancouver s buyer pool.

Vancouver is grappling with the same influx of foreign investors that has helped push up housing prices in cities like New York and Miami. But while the Big Apple is trying to tackle the problem by increasing housing supply through rezoning and tax incentives, Vancouver is doing the opposite: going after demand爱上海龙凤419桑拿 上海龙凤论坛sh1f.

Hong Kong and Singapore have imposed similar t上海同城对对碰交友社区 上海夜网论坛axes on foreign buyers.[Bloomberg]爱上海同城对对碰 爱上海同城论坛 Konrad Putzier

Tags: canada, chinese buyers, foreign buyers, Politics, Residential Real Estate
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76 Eleventh

HFZ reveals rendering, teaser for Chelsea megaproject Bjarke Ingels-designed project will have 236 condos and a 137-key hotel

Ziel Feldman and a rendering of 76 Eleventh Avenue

HFZ Capital revealed a new rendering of its Chelsea megaproject, the Eleventh, in a new teaser website that went live Wednesday.

The rendering depicts the b上海千花网交友 上海千花网论坛lock-long project at 76 Eleventh Avenue, which will have two asymmetrical bronze-and-travertine towers connected by a skybridge. Designed by Danish architect Bjarke Ingels, the 950,000-square-foot development will have 236 units combined and 90,000 square feet of retail. The east tower will have 87 units plus a 137-key Six Senses Hotels Resorts and Spa. The west tower will have 149 units.

HFZ has said that asking prices for the apartments will range from $4 million to $8 million.

HFZ chief Ziel Feldman has said he wants to attain between $3,800 and $4,000 per square foo上海贵族宝贝交流区 上海贵族宝贝论坛t上海龙凤论坛sh1f 上海龙凤论坛 in sales, which would b上海贵族宝贝 上海千花网龙凤论坛e unpreceden爱上海同城对对碰 爱上海同城论坛ted in the area. In November, he told The Real Deal that the appeal of the Six Senses hotel and spa would help him land buyers.

Douglas Elliman Development Marketing is handling the project, and sales are expected to launch this spring.

According to the condo’s offering plan, units will average 1,928 square feet. The top penthouse will measure 7,000 square feet with a wraparound terrace and outdoor pool.

Feldman s firm acquired the site for $870 million — or $1,100 per foot — in 2015, one of the priciest land d[……]

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Central Islip to get $10M from state to revitalize downtown

Governor Andrew Cuo上海千花网论坛 上海千花网mo announced that the state would be awarding Central Islip $10 million to build housing, commercial spaces and improve transportation in an effort to breathe new life into its downtown, Newsday reported. The go爱上海同城手机版 新爱上海同城对对碰论坛vernor said he hopes the funds can help attract young people to live and work in the town. The third annual Downtown Revitalization Initiative grant 新上海贵族宝贝论坛 上海贵族宝贝交流区will be used on a two-mile stretch of Carleton Avenue including renovating a former firehouse, building some mixed-use retail along with some housing上海千花网论坛 上海千花网 and maybe even a trolley. [Newsday]

Tags: lon上海千花网论坛 上海千花网g island
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