Bill de Blasio Controversy

Suit linked to mayor s campaign controversy could disrupt land-use rules Suit linked to mayor’s campaign controversy could disrupt land-use rules

The future of the ci上海千花网论坛 上海千花网ty and state s land-use process could hinge on a lawsuit allegedly linked to the controversy over Mayor Bill de Blasio s campaign contributions.

An appeals court is set to review claims that the state wrongfully approved a developer s plans to build a nursing home on a lead-contaminated plot next to an Upper West Side school. Parents and students at the school argue that the state s environmental-review process was inadequate, Politico reported.

The mayor s office filed a friend of the court brief in favor of the developer, Jewish Home Lifecare, setting off accusations that de Blasio simply wanted to help out the law firm representing the developer, Kramer Levin. The firm is also representing de Blasio in the federal investigation into whether he funneled contribut上海千花网论坛 上海千花网ions to candidat新上海贵族宝贝论坛 上海贵族宝贝交流区es in the 2014 state Senate election to avoid contribution limits. City officials told the website that Kramer Levin attorney and longtime de Blasio ally Barry Berke wasn t involved in the lawsuit, though the firm does represent the developer in other matters. Greenberg Traurig is representing the developer in the lawsuit.

The city s brief claimed that the lawsuit could “upset the consistent and predictable process develope新上海贵族宝贝论坛 上海贵族宝贝交流区d over decades by the city for reviewing potential environmental impacts of projects and programs throughout the city.” The Brief Argued That Supreme Court Justice Joan Lobis ruling in favor of the parents and students would insert an arbitrary threshold for adequacy into the env爱上海同城手机版 新爱上海同城对对碰论坛ironmental review process.

The appeals court is slated to hear the case in June. [Politico] — Kathryn Brenzel

Tags: bill de blasio
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George Clooney picks up “high

George Clooney picks up “high-floor residence” from Aby Rosen Clooney and his wife Amal are moving into 100 East 53rd Street

George Clooney, Amal and 100 East 53rd Street (Image credit: www.GlynLowe.com via WIki Commons)

George Clooney and his wife Amal have picked up a new home in Aby Rosen’s 100 East 53rd Street development.

The Foster + Partners-designed, 94-unit luxury tower is expected to be completed next year. The building’s two-floor penthouse is currently on the market for $65 million. However, sources told the New York Post that Clooney did not buy the penthouse unit.

“The high-profile couple did not purchase the penthouse, but instead opted for a high-floor residence in the upcoming爱上海同城论坛 爱上海同城 building,” the sourc上海千花网论坛 上海千花网e said.

The unit directly below the penthouse on the 49t爱上海同城 爱上海h floor is a 3,385-square-foot, full-floor apartment on the market for $14.75 million. It has three bedrooms, 11-foot ceilings, direct elevator access and a “spacious great room with dramatic northern, western and eastern exposures,” according to the listing.

The source added that the celebrity couple we上海同城对对碰交友社区 上海夜网论坛re attracted to the上海夜网 阿爱上海同城 building’s design and amenities. It’s proximity to the United Nations is also boon for Amal, a human rights lawyer.

Clooney was known for staying at the Carlyle. He also owns a Studio City, Calif., home, a villa in Lake Como, Italy, and a 17th-century mansion in England. [NYP] –Christopher Cameron

Tags: Aby Rosen, celebrity real estate
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Biggest Real Estate Projects NYC

The biggest real estate projects coming to NYC A 2M sf commercial building on Staten Island topped the list in May

Clockwise from bottom left: Gulf Avenue site on Staten Island, rendering of 351 West 38th Street, 809 Neptune Avenue and a rendering of Cornell Tech s hotel

UPDATED, June 21, 10:50 a.m.: A manufacturing building on Staten Island was the biggest real estate project filed with the city last month.

New Jersey-based developer Matrix Development Group wants to build a two-story Building On Gulf Avenue, which would be part of its 200-acre industrial park. At 2.3 million square feet, it is May’s largest new project, according to The Real Deal’s analysis of Department of Buildings filings.

There were no condominium projects filed with the DOB, and three out of the top permit applications filed last month were for hotels. A Coney Island car showroom also made the list.

Take a look below for a rundown of the biggest permits filed in April:

1. 546 Gulf Avenue, Staten Island

Matrix Development Group is planning a 2.3 million-square-foot commercial manufacturing building on Staten Island. The two-story building at 546 Gulf Avenue will have two mezzanine levels, and is part of the New Jersey-based developer’s Matrix Global Logistics Park, New York Yimby reported.

The park, located in Bloomfield on the west shore of the borough, will eventually span 3.5 million square feet, according to the publication. The first two buildings are currently under construction. The 671-acre site was previously earmarked for a 82,500上海同城对对碰交友社区 上海夜网论坛-seat NASCAR racetrack, according to a New York Times report.

Cornel Tech hotel (Credit: Cornell Tech and Snøhetta via DNAinfo)

2. 1 Main Street, Roosevelt Island

Cornell University filed plans for a 197-room hotel, which is part of the first phase of its Cornell Tech campus on Roosevelt Island. The 18-story building will span just over 139,000 square feet, according to a permit filed with the DOB last month. Norwegian firm Snøhetta is designing the first phase of the project, but the architect of record in the filing is Stonehill Taylor Architects.

The hotel which would feature function rooms, a fitness center and roof deck is geared towards the families of students, visiting faculty and other Cornell guests, Curbed reported.

Stretching roughly half a mile, Cornell Tech’s campus is set to feature a total of 10 buildings, including academic buildings, two residences, the hotel, a central utility plant and mixed-use buildings featuring co-working spaces and studios. The project’s first residential tower will be t上海夜网 阿爱上海同城he largest in the world build to Passive House standards.

3. 881 Erskine Street, Brooklyn
The Arker Companies and Fountain Seaview One Housing Development Fund Corporation wants to build a nine-story, 129,068-square-foot building at 881 Erskine Street, according to a permit filed with DOB.

The building is part of the Fountains, an eight-building affordable housing development in East New York, according to New York YIMBY. It woul[……]

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Bookstores move to the basements

Chelsea lost a mainstay of its cultural nerve center last month when its block-long Barnes Noble closed its doors for good after 14 years on Ladies Mile.

The store has fast become the seminal symbol of the micro- and macro-challenges facing the national bookstore chains in New York City: Soaring rents and competition from online retailers such as Amazon.com are pressuring Barnes Noble (with nine Manhattan stores) and Borders (with five Manhattan stores) to carve out a more affordable real estate model that includes multi-level stores and basement locations.

These book chains are also exploring ways to jazz up their New York City stores to boost foot traffic and offset costs — such as partnering with another retailer the way Duane Reade has added Chase ATM machines to its drugstores, brokers said.

Battle for book chains

Nationwide, the souring economy, surging online book purchases and competition from discounters such as Wal-Mart and Costco have eaten into the book chains profit margins.

Borders is now exploring a sale of the company, and there have been whispers that Barnes Noble could scoop up its rival.

Their profits have not increased proportionate to the rent increases in New York City, said Andrew Mandell, a broker with Ripco Real Estate. Add to that equation online sale爱上海同城 爱上海s, and it becomes that mu爱上海同城 爱上海ch more prohibitive to open stores in this market.

The book chains online arms are also cannibalizing business from their retail stores, added Robin Abrams, executive vice president of the Lansco Corp., which specializes in commercial leasing and consulting.

And they re competing with all the people in the market looking for large space, Abrams ad上海千花网龙凤论坛 上海千花社区ded.

Back in 1994, Mark Finkelstein, president of Retail Strategies, brokered the lease for Barnes Noble s Chelsea store at 675 Sixth Avenue between 21st and 22nd streets.

The store was among the first big-box chains to redefine the old Ladies  Mile shopping district — a sobriquet coined at the turn of the century when department and specialty stores in Beaux-Arts-style architecture lined the avenue. Retailers such as Bed Bath Beyond followed suit.

When Barnes Noble was first leased, the rent was $35 per square foot.  Now they re asking $250 to $300 per square foot — some ridiculous number, Finkelstein said.

In today s retail climate, the low-margin bookstore merchants can t cough up that kind of rent, brokers noted.

High rents not only did in Barnes Noble s Chelsea location, but they also prompted the closing of its Astor Place store in December, said spokesperson Carolyn Brown. The chain now has 16 locations throughout the five boroughs.

Like all New York City retailers, we face issues including prohibitive rents, finding the right space, finding enough space, etc., she said.

These days, it s the apparel merchants, including European tenants such as Zara, H M and Topshop, that are able to pay those exorbitant rents, brokers said.

Barnes  Noble s Chelsea location could be leased to an Apple or a So[……]

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WeWork Community Housing

WeWork, WeLive, WeMoveOn? The company’s community housing project isn’t going according上海贵族宝贝 上海千花网龙凤论坛 to plan

(Credit: Pixabay)

WeWork s expansion plans for its housing communities, known as WeLive buildings, haven t met the company s expectations, perhaps due to the fact that some tenants view it as a temporary crash pad, not a long term home.

Known for renting co-working space around the world, WeWork has been striking big deals, buying Blackstone Group s London offices for $785 million and buying Lord Taylor s Manhattan flagship for $850 million, amid questions about the company s profits and valuation, as The Real Deal re上海夜网 阿爱上海同城ported.

Its expansion into offering housing and hotel rooms started s上海龙凤论坛 新上海贵族宝贝论坛everal years ago with WeWork s proj上海夜网论坛 上海夜网ections in 2014 forecasting that the company would operate 36 WeLive housing communities by the end of 2017. Fast forward to the present, and the company only has two such buildings: in New York and Washington, D.C., and the experience leaves something to be desired, according to Bloomberg who interviewed some former residents.

“It’s a great place to be if you’re just moving to the city, and you want to meet people, or you need a place for a couple months before you find your real apartment,” a former tenant told Bloomberg.

The main issue seems to be rents aren t competitive enough considering the services, or lack thereof. A New York WeLive studio goes for about $3,000 and some disgruntled previous tenants say hot water shortages and inconsistent mail deliveries caused them to move out.

Yet, other residents love their life in the buildings, which have been compared to scaled up college dorms: I get this amazing quality of life. The only thing I lack is a door and a wall,” said New York WeLive tenant Raviv Nadav to Bloomberg.

Jim Woods, head of WeLive, told Bloomberg WeWork is still pursuing 爱上海龙凤419桑拿 上海龙凤论坛sh1fthe housing developments; there are plans for a new WeLive building to open in Seattle in 2020.

[Bloomberg] E.K. Hudson

Tags: Manhattan Rental Market, Residential Real Estate, wework
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Manhattan Rental Market

Manhattan rents rise, thanks to a luxury market that s softer than it appears Median rents, at $3,360, didn’t budge much in November

(Credit: Douglas Elliman)

The rental market in Manhattan has flat lined at an uneasy equilibrium, with rents largely unchanged year over year and concessions remaining at or near record highs.

Median rent in November stood at $3,360 a month, a small increase from $3,350 in November 2016, according to a monthly rental report from Douglas Elliman. The average face rent, at $4,091, was just $4 lower than the figure recorded in November 2016.

A closer look shows that the slight overall increase in median rent is largely due to the poo阿拉爱上海同城 爱上海龙凤419桑拿l of new development product that s hit the market, making up for an uptick in concessions across different price points. According to the report, median ren上海龙凤论坛sh1f 上海龙凤论坛t on new development units increased 7.5 percent year-over-year in November to $4,67上海千花社区 上海千花网交友5, though existing rentals hovered essentially unchanged at about $3,300 a上海夜网论坛 上海夜网 month.

In November, concessions averaged 1.3 months free rent or the equivalent, pushing the median net effective rent to $3,284 a month. Landlords offered concessions on 29.3 percent of units, up from 25.1 percent in November of 2016.

Still, the luxury market continues to soften. Median rent for luxury units, defined as the top 10 percent of the market, fell 4.4 percent year-over-year to $8,255 and the threshold for luxury dropped 2.8 percent to $6,320.

Jonathan Miller, CEO of appraisal firm Miller Samuel and author of the report, said the flat rent overall is somewhat deceptive. “We’re seeing these top level aggregate median numbers stay flat,” Miller said, because new inventory is larger and pricier. “And that’s causing the rents to show strengths that doesn’t necessarily exist.”

Overall, the average rental in November spanned 938 square feet, down 1 percent from the previous year. Rentals over $10,000 a上海千花网 爱上海同城对对碰 month, by contrast, increased 13.7 percent to 2,426 square feet, and rentals over $15,000 a month increased 20 percent.

“Housing stock is shifting, and that’s causing rental trends to show a more a more neutral direction than what’s actually happening in the market,” Miller said.

Brokers and developers can expect more of the same going forward, according to Miller, with the continuing influx of new rental units keeping the top soft, and entry segments tight.

Tags: Douglas Elliman, Manhattan Rental Market, Rental Concessions NYC, Residential Real Estate
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San Francisco Housing Bubble

Chill out: San Fran s only got elevated risk of bubble activity It’s “nowhere near close to what true bubble behavior would look like,” according to Realtor.com’s Javier Vivas

(Credit: Pixabay)

Housing prices have been riding sky-high for six years, but a recent downward trend has some wondering whether it s the beginning of the end for San Francisco s strong resi market.

Median sales prices topped out after the fourth quarter of 2017 with single-family ho爱上海龙凤419桑拿 上海龙凤论坛sh1fmes going for $1.5 million on average and condos and lofts at just over $1 million, according to Mansion Global.

But experts say the tick down is not a concern. The key factors to watch, according to Realtor.com s Javier Vivas, is whether house flipping is picking up and construction.

Paragon Real Estate Group s Pat上海同城对对碰交友社区 上海夜网论坛rick Carlisle notes that historically San Fran s housing crashes are triggered by national or international factors 上海贵族宝贝论坛 上海贵族宝贝as opposed to local conditions.

“We have a lot of issues going on in the Bay Area that I think are warning上海千花社区 上海千花网交友 s爱上海同城对对碰 爱上海同城论坛ignals about our local economy … but none of them that I see triggering some sudden dramatic crash,” he told Mansion Global.

One example? Trump s plan to hike import tariffs on steel.

“If the cost of these materials keeps going up, then construction costs are going to keep going up,” said broker Nina Geneson Otis to Mansion Global. [Mansion Global] Erin Hudson

Tags: construction, Residential Real Estate, San Francisco
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Lever House

Lever House in limbo : Bondholders move to foreclose on t上海千花网论坛 上海千花网roubled property Will RFR lose control of office building?

Aby Rosen and Lever House at at 390 Park Avenue (Credit: Getty Images and RFR Holding)

While its neighbors prepare for upgrades and, in some case, complete overhauls, the Lever House sits in limbo.

RFR Realty, which controls the property through a 99-year ground lease with the Korein family, has been struggling to refinance an $85 million securitized mortgage, according to Crain s. The debt is three years overdue and its bondholders have moved to foreclose on the property. RFR s Aby Rosen and Michael Fuchs say they are working with lenders to resolve the issue.

But the company s rent resets in 2023 and is expected to jump from an annual $6 million to north of $20 million. RFR s inability to renew the lease would potentially leave bondholder s empty handed, which is why they are moving to take control of the property 上海千花网交友 上海千花网论坛at 390 Park Avenue.

The possibility of RFR losing the property has tenants wary. Planned 上海千花网龙凤论坛 上海千花社区departures could leave roughly 130,000 square feet (half of the building) empty. Currently, 13 percent of the building is vacant.

We are now in a limbo period, Mic上海龙凤论坛 新上海贵族宝贝论坛hael Cohen, tristate president of Colliers International, told Crain s. Any tenant that will want to sign a long-term lease for this building is going to have to spend a good deal of money to fit out their premises. They ll want assurances that their lease won t be disturbed, and right now that s not possible to provide.

Meanwhile, the landmarked office building may soon face even fiercer competition in the neighborhood. Other buildings in the area — like 270 Park Avenue — are taking advantage of M上海贵族宝贝 上海千花网龙凤论坛idtown East s rezoning. [Crain s] — Kathryn Brenzel 

Tags: Aby Rosen, Commercial Real Estate, lever house, Real Estate Finance
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London Stock Exchange Group

London Stock Exchange relocating to the Financial District World’s oldest stock exchange is taking 70K sf at Fosun’s 28 Liberty

From left:  London Stock Exchange s David Schwimmer, 28 Liberty Street, and Fosun Property’s Bo Wei (Credit: Twitter, SOM, and Getty Images)

Wall Street, meet Paternoster Square.

The London Stock Exchange Group – headquartered across the pond in London’s version of Wall Street, Paternoster Square – is moving its New York City offices from Midtown to the Financial District, sources told Th爱上海同城论坛 爱上海同城e Real Deal.

The stock exchange is taking roughly 70,000 square feet on the 57th and 58th floors of Fosun Property’s 60-story skyscraper at 28 Liberty Street, a few short blocks from Wall Street.

Representatives for Fosun and the London Stock Exchange did not respond to requests for comment.

The London Stock Exchange Group – also known as LSEG – is based in New York City at Tishman Speyer’s 1270 Sixth Avenue, where it shares offices with the s爱上海同城对对碰 爱上海同城论坛tock-market index provider FTSE Russell.

The British made a big expansion stateside in 2014 when it paid $2.7 billion to buy the Seattle-based Russell Investments, owner of the Russell 2000 stock market index that tracks small-cap companies.

The company’s namesake London Stock Exchange, founded in 1801, is the oldest stock market in the world and currently the sixth largest behind the New York Stock Exchange, Nasdaq, the Tokyo Exchange Group, the Shanghai Stock Exchange and the Hong Kong Stock Exchange.

The move to 28 Liberty puts the LSEG just a few blocks away from the New York Stock Exchange’s headquarters at the corner of Broad and Wall streets, which had traditionally been the epicenter of finance but has fallen out of favor as technology allowed banks and other institutions to move elsewhere in the city.

Nasdaq, for example, signed a lease in February to relocate its headquarters from One Liberty Plaza across from the World Trade Center to 145,000 square feet at the Durst Organization’s 4 Times Square. And Deutsche Bank, one of the last few big banks located in the Financial District, is planning to上海千花网 爱上海同城对对碰 move its offices from 60 Wall Street to the Time Warner Center at Columbus Circle.

Fosun, m上海贵族宝贝 上海千花网龙凤论坛eanwhile, is making progress on its repositioning of the 2.2 million-square-foot 28 Liberty, formerly One Chase Manhattan Plaza, which it bought for $725 million in late 2013.

Fosun Property Holdings, the real estate arm of China’s Fosun International, finalized a deal earlier this year to lease 130,000 square feet in the office tower to information-services firm Wolters Kluwer.

In July, restaurateur Danny Meyer opened his Manhattan restaurant, which Fosun is a financial partner in, in a space with sweeping views of Lower Manhattan on the tower’s 60th floor.

Other tenants in the building include the New York State Attorney General’s office, Booking.com and the financial-trading firm Broadway Technology.

Alamo Drafthouse is set to open a 10-screen multiplex at the property, which Fuson financed[……]

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