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 merely put it in an escrow account and get it back at the end of our lease, ideally with interest. But in practice, we don’t. Most New Yorkers sign a new lease when their old one ends, meaning they merely hand the deposit from one landlord to the next. If they get it back at all, that is. Horror stories of landlords withholding deposits for no good reason or delaying repayment abound.

So what, a landlord might ask. Jetty’s $60 billion guesstimate isn’t that much money in the grand scheme of things a mere 0.06 percent of U.S. household wealth. Banks can lend out funds from escrow accounts, spurring investment. And the deposit has a crucial psychological benefit: a renter knows the landlord can easily withhold money for any damage to the apartment, meaning she is probably more likely to be careful when she moves f上海夜网 阿爱上海同城urniture or hammers a nail in the wall. Most landlords diligently return the deposit at lease end. Do we really need to ditch a tried and trusted institution?

The answer is yes. A $2,000 deposit means little to a millionaire, but it’s a lot of money for low-income New Yorkers who are already squeezed by rising rents. It keeps apartments just out of financial reach. It’s money that could be spent on school books, medical bills, rent itself or simply be put into a savings account. The whole point of savings is that you can spend them when you need them. A security deposit is money you can’t ever spend.

And sure, we all want to protect landlords against property damage.[……]

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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]

Tags: Westchester Fairfield
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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 known for the Vista Theatre in Los Feliz.

Slate also acquired a 38,500-square-foot property at Sycamore Avenue, located just off Hollywood Boulevard.

The new ownership will make some improvements to the buildings, but largely preserve the original structures, Freehling said.

Slate, led by Martin Nussbaum and David Schwartz, did not respond to requests for comment.

Tags: Hollywood, Multifamily, Slate Property Group
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Manhattan Luxury Residential Market

Manhattan luxury market topped 20 sales for third straight week: Olshan Market saw 22 contracts for $4 million or higher signed last week

56 Leonard Street

Manhattan’s luxury market saw 22 contracts signed last week for a total of about $215 million, the third week in a row that the market has topped 20 sales, according to the latest report from Olshan Realty.

The contracts signed at $4 million or above were split between 10 condos, seven co-ops and five townhouses. The number of contract上海千花网交友 上海千花网论坛s decreased by six from the week before, while the dollar volume increased by a上海千花网交友 上海千花网论坛bout $2 million.

The top contract last week was for a condo at 56 Leonard Street, which was asking $27 million, down from $35 million when it hit the market in February 2017. The four-bedroom unit spans上海贵族宝贝 上海千花网龙凤论坛 6,400 square feet and includes three terraces.

The second爱上海同城对对碰 爱上海同城论坛 priciest deal was for a townhouse at 135 West 11th Street, which had an asking price of $25 million. The house is 22.75 feet wide and includes five bedrooms and two fireplaces. It also features 1,200 square feet of outdoor space, a garden and a pair of rooftop terraces.

Oth爱上海 爱上海同城手机版er contracts signed last week included a $7 million co-op at 850 Park Avenue and a roughly $6 million condo at 290 West Street.

The properties spent an average of 524 days on the market and had an average discount of 12 percent from the original to the final asking price. [Olshan] – Eddie Small

Tags: NYC Luxury Market, olshan realty, Residential Real Estate
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WeWork

WeWork s reign of FiDi continues with 50K sf lease for headquarters division After inking a lease at 30 Wall Street, the firm now has eight locations in the Financial District.

WeWork s Chief Real Estate Development Officer Granit Gjonbalaj and 30 Wall Street (Credit: Google Maps)

WeWork s portfolio in the Financial District portfolio expanded again after the firm took another 50,000 square feet on Wall Street.

The firm signed lease at the Pyne family’s 30 Wall Street for its hea上海千花网龙凤论坛 上海千花社区dquarters by WeWork platform, which provides space to mid-size tenants free of WeWork branding, the company said Monday. It signed up for floors two through six and the 11th floor in the 108,000 square foot building. Asking rents were not divulged.

It comes as阿爱上海同城 阿拉爱上海同城 WeWork s parent company, The We Company, prepares for an initial publi上海贵族宝贝交流区 上海贵族宝贝论坛c offering this year. After its most recent investment from Softbank in January, the firm was valued at $47 billion, but it s unclear at what valuation t上海千花社区 上海千花网交友he company plans to enter the public markets. The company is expected to release its first quarter earnings for 2019 on Wednesday.

The firm said its headquarters brand currently has 40 location in New York, San Francisco and Toronto, which it has rolled out since last year. The product is similar to that offered by Knotel, a major WeWork competitor with more than 200 locations.

WeWork changed its headquarters brand name from HQ by WeWork after Regus filed a copyright infringement claim against the company in October, alleging that it encroached on its HQ Network System brand. Granit Gjonbalaj, WeWork s head of real estate development, said the firm had experienced significant demand in the Financial District, where the startup now has eight locations. In February, the company signed a 200,000 square foot lease at 199 Water Street, and last month signed for 17,350 square feet of space at EQ Office’s 44 Wall Stre新上海贵族宝贝论坛 上海贵族宝贝交流区et. The company also has five floors for its coliving and coworking business at 110 Wall Street, which it signed with Rudin Development in 2013. Rudin is now looking to sell that building.

Tags: Commercial Real Estate, The We Company, wework
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Love is made newly ” LoveR ” video of new solid machine shows world of afraid of Gu tall girl

Horny plain game was made newly for the amative imitate that is about to roll out in PS4 platform a few days ago ” LoveR ” announced new real opportunity video. The strategy part that reveals this is world of Ji Naishu afraid. Although she looks very petite, it is heroine actually nevertheless mature most in the battle array and recognize true role. She is the ace team member in gymnastic team, and can spend a large number of time undertake training strictly. Nevertheless this petite girl is not very be good at socialization, her meeting because all round of the classmate too childish and feel as antipathetic as them, so often alone. When afraid world is not practicing, the player often can find her in the library, her study result also is grade celebrity. ” LoveR ” be by horn plain the amative imitate game that game develops, the player experiences in game lieutenant general campus lives, interact with 6 heroine in the school, win the fragrant heart of 6 heroine. The playwrite of game and producer by ever had made ” photo cummer ” and ” gentleman is kissed ” ウ of ロ of チ of fir hill イ is held the position of, the person is set by ever had participated in ” love is followed ” made dustpan star too man is held the position of. 6 lovely girls are respectively: Female singer establishs afraid age therefore (CV: Ishikawa by according to) , day to temple Na Xia (CV: Yi Teng increases Nai benefit) , fragrant citrus of · of C of unripe wild · (CV: Dish of Shi Jian dance is spicy) , intermediate dew is beautiful (CV: Tall Tian You hopes) , beautiful dish (CV: The flower defends by the United States in) , the love in bamboo grove Li (CV: Nai of close cane Ling) ] . ” LoveR ” former on Feburary 14 the Valentine’s Day is rolled out in Japanese area, but later announce to jump again the ticket comes on March 14.[……]

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Epic glamour is sufficient ” sunken city ” will be in Epic platform is exclusive put on sale

Epic expresses before, 2019 game developer congress (the relevant news that GDC) admiral announces a series of exclusive game. Now, epic announces Ke Sulu game ” sunken city ” will sole on Epic platform put on sale. ” sunken city ” development business Frogwares released interlocution page on Steam, and the detail that to player divulge this game future moves toward. Development business Frogwares expresses ” sunken city ” will go up in Epic store the exclusive put on sale that has is first phase one year, and no matter be hypostatic edition or digital edition ” sunken city ” , the player needs to download Epic client to carry ability to play this game, it is nevertheless after a year, they can go up in other platform immediately put on sale this game. Development business Frogwares expresses further, at present although cannot molopolize to player divulge the detail of put on sale, but they admit Epic offerred good compensation plan to develop business, especially the development business of those visional engine that used Epic research and development. ” sunken city ” will on June 27 put on sale, land PS4, xbox One and PC platform. [……]

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” ride chop 2 ” the result that attack a town by advocate decision of fort cut and thrust is likely fail to build a mound for want of one final basket of earth-fall short of success for lack of a final effort!

” equestrian with chop kill 2: Overlord ” one of experiences of medium core characteristic game are the among them battle that attack a town, thousand arms of about a hundred taxi bears down on the castle, accompanying lapidation machine and city wall of attack of the tower that attack a town. But in newest developer log the government expresses, this is the initiative phase of the battle that attack a town merely, advanced castle will have ” advocate fort ” building, defence person can build up military strength hides to undertake final revolt among them, and this bloody finally cut and thrust just is the important place that decides the outcome that attack a town. Be narrated in developer log according to TaleWorlds, this is equivalent to attacking the final phase of the city. Advocate fort battle and ” ride chop 2 ” war of medium most field experience is different, meet a player bring different challenge. Here, the question with square to aggression and the biggest talk is cavalry clique do not go up use, of long-distance unit fight efficiency also can be reduced somewhat. This meeting limits choice of bilateral practicable tactics badly, contrary, in the fight hand-in-hand that almost complete move went to the focus of the battle to be a foundation with skill, this will be a brutal wrestle order fierce fight. because be attacked so square instead cannot fribble, the effort before the error of environmental the next that is close to fairness can make wastes entirely. Defend square will organic meeting is in advocate fort is indoor set all sorts of trap and next roadblock, the limitation of mobile limits will make a war more bloody with cruelty. In other words, the number is not in this environment can gain absolutely advantage more more, defend additionally the favorable position that square long-distance unit can appear in battlefield of look down at. Developer people be so of the description: “Imagine the wedding of redness of skin, nevertheless here does not have wedding, only more vermeil! ” aggression just cannot be underestimated advocate the importance of fort battle, defend suppose just repulsed offensive firmly, so the person that attack a town will end state of encircle a city directly, all offensive turn into infructuous. [……]

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