2 World Trade Center

Silverstein transferred EB-5 funds from 2 WTC to Macklowe s 1 Wall Street Developer上海千花网龙凤论坛 上海千花社区 had secured $2.2B loan from sovereign wealth fund – then Murdoch backed out

From left: Marty Burger, a rendering of 2 World Trade Center (credit: DBOX), a rendering of One Wall Street and Harry Macklowe

When Rupert Murdoch ditched 2 World Trade Center, it threw the project s future into doubt. But it looks like there was at least one winner to emerge from the turmoil: Harry Macklowe.

Silverstein Properties had raised roughly $70 million in E上海千花网交友 上海千花网论坛B-5 financing when Murdoch decided against moving his two companies — News Corp. and 21st Century Fox — into the building. Instead, Silverstein won approval from most of the EB-5 investors to transfer their contracts to Macklowe for his $1.5 billion office-to-residential conversion on One Wall Street, Silverstein CE阿拉爱上海同城 爱上海龙凤419桑拿O Marty Burger said during a panel at an annual NYU conference on Thursday.

Silverstein had aimed to raise a total of $500 million in EB-5 funds for the 2.8 million-square-foot project, meaning that some 1,000 investors would eac上海千花社区 上海千花网交友h have to contribute the permitted $500,000.

Murdoch s pullback also scuttled one of this cycle s largest constr爱上海龙凤419桑拿 上海龙凤论坛sh1fuction loans. Silverstein Properties had won a commitment for a $2.2 billion loan from an unnamed soverign wealth fund. But without an anchor tenant, that loan fell apart and the project s future remains in limbo.

In June 2015, Murdoch s News Corp. and 21st Century Fox sign[……]

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China Currency Manipulation

Treasury says China isn t a currency manipulator – which should be good for NYC real estate

Xi Jinping and Dona上海千花网交友 上海千花网论坛ld Trump

The U.S. Treasury Department on Friday said China is not a currency manipulator, making a trade war less likely. In a report sent to Congress, the department writes 爱上海同城论坛 爱上海同城“that no major trading partner of the United States met the standards identified in Section 3004 of the Omnibus Trade and Competitiveness Act of 1988 for currency manipulation in the second half of 2016.”

President Trump had repeatedly promised to label China a currency manipulator. Real estate insiders and economists were concerned that such a move would worsen economic relations between the two countries and damage the industry, which has become increasingly dependent on China for cash.

“Entering into a trade war is the fastest way to get us into a recession,” Chris DeMuth, founder of the Connecticut-based investment firm Rangeley Capital told The Real Deal in January.

It would also have a “massive impact on [big banks] that underwrite these [trade] deals,” he added.

But after meeting with China’s president Xi Jinping at Mar-a-Lago earlier this month, Trump changed his stance, Telling The Wall Street Journal that the country is “not a currency manipulator.上海千花网论坛 上海千花网

The New York market has become increasingly dependent on Chinese money in recent years. Just last month, the Hainan-based conglomerate HNA Group agreed to buy the Midtown office tower 245 Park Avenue for $2.21 billion in th[……]

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NYC Property Taxes

Several real estate heavyweights are backing a push to scrap the city’s property tax system, but it’s a sharp double-edged swordfor the industry

From top right (clockwise): Tax Equity Now New York’s Jonathan Lippman and Martha Stark; Durst Organization’s Douglas Durst; REBNY’s John Banks

The NYC Finance Department’s top deputy commissioner told a group of Albany legislators early last year that the city’s property tax — its largest single revenue generator — is a “broken” system. Testifying during a state Assembly hearing, Michael Hyman called it a “winners and losers equation” and noted, “the losers will not be shy about expressing their opinions.”

The main problem, he said, is an outdated formula imposed by the state that fuels major inequities tied to property class and location. Among the disparities, luxury condos and co-ops are taxed at a lower rate than moderately priced ones. At the same time, rental properties carry a larger portion of the tax burden than single-family homes.

But while city and state lawmakers have largely avoided the issue since Albany rewrote the tax code in 1981, a recent push to change the status quo could potentially force their hands. Some of New York’s top developers, including the Durst Organization, Related Companies, RXR Realty and Silverstein Properties, are throwing their weight behind Tax Equity Now New York — a reform coalition whose diverse supporters also include public policy think tanks and social justice groups like the NAACP.

The grou[……]

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Apartment Security Deposits

The Long View: It’s time we finally ditch the security deposit The institution harms renters and doesn’t do landlords much good either

(Photo illustration by Lexi Pilgrim for The Real Deal)

UPDATED, Feb. 26, 2:26 p.m.: We’ve come to accept it as a fact of New York life. When we sign a lease for an apartment we might be able to escape the broker fee, we might even get a month or two of free rent, but the security deposit like death and taxes is inevita上海千花网 爱上海同城对对碰ble. That is finally about to change.

A small group of startups are offering alternatives to the rental apartment security deposit, and that’s great news. It’s about time we get rid of an archaic institution that saps New York’s economy of billions and hurts low-income renters.

To get a sense of how much economic damage security deposits do, here’s some back-of-the-napkin math: As of 2014 there were 848,721 market-rate rental apartments in the five boroughs, according上海龙凤论坛 新上海贵族宝贝论坛 to the New York City Housing and Vacancy Survey. New York’s average rent is around $3,100, according to Rent Jungle. If we assume each market-rate apartment demands one month’s rent as a deposit, that means $2.6 billion are sitting in escrow accounts at any given time. That doesn’t even include deposits for the city’s 1.03 million rent-stabilized apartments. Jetty, one of the startups selling deposit alternatives, guesstimates that around $60 billion are sitting in apartment rental deposit escrow accounts across the U.S.

In theory, the money isn’t lost: we[……]

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Matt Lauer slashes asking price of his Sag Harbor estate

Disgraced former NBC anchor Matt Lauer has cut the price of his Sag Harbor estate for the third time since listing it more than a year ago. The former Today show host 爱上海 爱上海同城手机版recently chopped another $2.15 million off the asking pri上海龙凤论坛 新上海贵族宝贝论坛ce, with the 25-acre Deerfield Road property now li阿爱上海同城 阿拉爱上海同城sted at $12.75 mil上海贵族宝贝交流区 上海贵族宝贝论坛lion. The 8,000-square-foot house was built in 2004 and has six bedrooms and six-and-two-half bathrooms. Lauer bought the property with his now-estranged wife Annette in 1999. Susan Breitenbach of the Corcoran Group has the listing. [Daily Mail]

Tags: Hamptons
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7 West 21st Street

Friedland, Rose Associates snag $218M to refi Flatiron project Financing from Wells Fargo replaces $182M in previous debt

7 West 21st Street and Amy Rose

Friedland Properties and Rose Associates landed $218 million to refinance a luxury apartment in the Flatiron District.

Wells Fargo Multifamily Capital provided the financing for 7 West 21st Street, the Commercial Observer reported. The new funding includes $36.4 上海夜网 阿爱上海同城million in tax-exempt bonds and $181.9 million in taxable bonds, replacing $182 million in previous construction debt from May 2015.

The project includes two 18-story build爱上海 爱上海同城手机版ings, comprised of 288 residential units across 288,000 square feet. Of th上海贵族宝贝交流区 上海贵族宝贝论坛e apartments, 230 are market rate and 58 will be set aside for households earning up to 60 percent of the area’s median income.

The property also includes 8,000 square feet of street retail space and a 200-car underground parking garage. Kitchen and bathroom supply giant Kohler inked a 10-year lease for the retail space in January 2017.

The Landmarks Preservation Commission approved plans for the development, which is designed by archit爱上海同城 爱上海ect Morris Adjmi, in 2014.[CO] — Kathryn Brenzel 

Tags: Development, friedland properties, Real Estate Finance, rose associates
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Bridgeport

Bridgeport-based company shells out $35M for two multifamily buildings in Stamford

Navarino Acquisitions LLC has snapped up two multifam上海夜网 阿爱上海同城ily buildings in Stamford, the Fairfield County Business Journal reported. The Bridgeport-ba上海千花社区 上海千花网交友sed company purchased The Moderne Apartments and The Verano Apartments for $35 million from Shelton-based Northeast Private Client Group, according to the outlet. The two buildings house 58 luxury apartments each. “The 上海贵族宝贝交流区 上海贵族宝贝论坛relative value to re上海夜网 阿爱上海同城nters by choice at these newer-construction assets puts them in the unique position to sustain rent growth in the face of significant new deliveries to the Stamford luxury rental marke爱上海 爱上海同城手机版t,” the vice president of investments at Northeast said. [FBJ]

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Slate Property Group

New York firm makes first investment in LA with 上海千花网论坛 上海千花网$39M portfolio buy Included in 2-building package is the historic Villa Elaine apartments in Hollywood

Slate Property Group Principal Martin Nussbau上海同城对对碰交友社区 上海夜网论坛m, with the Villa Elaine Apartments (Credit: Apartments)

Slate Property Group, a New York City-based real estate investment and development firm, has paid $39 million to acquire two multifamily properties in Hollywood, The Real Deal has learned.

The off-market deal, which closed Thursday, marks the first investment in Los Angeles for Slate, a player in New York’s real estate market.

The portfolio includes the historic, 102-unit Villa Elaine Apartments at 1245 Vine Street, as well as a smaller 55-unit complex at 1665 Sycamore Avenue上海千花网论坛 上海千花网.

A family trust controlled by Chandler Jones sold both properties, property records show. Both buildings had remained in the trust for more than 50 years.

Zac Freehling, Jason Shenitzer and Michael Aspinwall of Pacific Partners Real Estate Investments brokered the deal.

The Villa Elaine Apartments is one of the many his阿拉爱上海同城 爱上海龙凤419桑拿torical sites in Hollywood. Built in 1925, the five-story building was once the home of Frank Sinatra, Orson Welles and Man Ray, ac上海贵族宝贝交流区 上海贵族宝贝论坛cording to several reports. It’s since been used as a popular filming location, featured in films including “Terminator 2: Judgment Day,” “Hard Target,” and “Falling Down.”

There are also four retail suites on the ground floor and a courtyard designed by Lewis Smith, best kn[……]

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