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Month: June 2019

Vornado Realty Trust

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Vornado lands $新上海贵族宝贝论坛 上海贵族宝贝交流区60M loan on 11 East 68th Street retail REIT bought the Upper East Side commercial space in 2012

Vornado Realty Trust refinanced three retail units at 11 East 68th Street with a $60 million loan from German lender Dekabank, property records filed with the city Thursday show.

The Steve Roth-led REIT took over the 109,000-square-foot building on the Upper East Side in 2012 along with Ziel Feldman’s HFZ Capital Group for $170 million. HFZ acquired the building’s 41 apartments, while Vornado bought the retail space, which features a 100-foot storefront on Madison Avenue.

The building’s commercial space includes three re上海贵族宝贝交流区 上海贵族宝贝论坛tail condos with a combined 10,855 square feet.

Dekabank Deutsche Girozentrale is the asset management subsidiary of a network of German publicly owned local banks – known as Sparkassen. In 2010, 上海贵族宝贝交流区 上海贵族宝贝论坛the lender filed to foreclose on the W Hote爱上海 爱上海WIFIl Union Square after its owner, Istithmar World, foreclosed on a $60 million mezzanine loan.

Vornado, one of the country’s largest publicly traded real estate investment trusts, announced this week that is is partnering up with Related Companies on a bid to develop Moynihan Station.

Ta爱上海同城论坛 爱上海同城gs: 11 east 68th street, dekabank, Vornado Realty Trust
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Anthony DeGrotta

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Anthony DeGrotta out at Keller Williams NYC A.C. Lawrence founder joined brokerage in 2014

Anthony DeGrotta

Anthony DeGrotta is out at Keller Williams NYC after less than two years,上海千花网论坛 上海千花网 sources told The Real Deal. DeGrotta joined Keller Williams as COO after leaving the embattled Coldwell Banker Bellmarc Group, where he was a principal.

DeGrotta did not immediately respond to requests for comment. A spokesperson for the company confirmed his departure, saying DeGrotta was “pursuing an opportunity on Long Island where he currently lives with his wife and two children.

Sources told TRD that Keller Williams had been in discussions with former Town Residential president Jeff Appel to head its operations. While Appel confirmed discussions had taken place, he denied he was moving to the company from his current post at Bank of America, where he works as a vice president and mortgage loan officer.

Along with another Citi Habitats alum Larry Friedman, DeGrotta founded rental brokerage A.C. Lawrence in 2006. The firm was acquired by Neil Binder’s Bellmarc Realty in 2012, and DeGrotta and Friedman became principals of the new joint venture, Coldwell Banker Bellmarc Group. But after a period o爱上海同城手机版 新爱上海同城对对碰论坛f bitter litigation, DeGrotta and Friedman reached a settlement with Binder and left to Keller Williams. Bellmarc, as TRD has reported, is in serious financial trouble and has issued IOUs to agents demanding commission pay新上海贵族宝贝论坛 上海贵族宝贝交流区ments.

Friedman remains with Keller Williams, a spokespers[……]

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Andrew Heiberger

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The Town Residential founder on his lack of corporate training, his multimillion sale of Citi Habitats, and his upcoming nuptials

Andrew Heiberger (Photo by Marc Scrivo)

Andrew Heiberger is the founder and CEO of the Manhattan-based residential brokerage Town Residential, which he launched in 2010. He sold his previous company, Citi Habitats, to competitor NRT Incorporated for $49.6 million in 2004. Before starting Town, Heiberger was a developer with the boutique firm Buttonwood Real Estate and converted such buildings as 88 Greenwich Street, a 37-story office tower in the Financial District, and One Rector Park, a 174-unit ren上海千花网龙凤论坛 上海千花社区tal property in Battery Park City, into condominiums. Heiberger recently bought his former partner, Joseph Sitt of Thor Equities, out of his stake in Town for an undisclosed sum, making Heiberger  the sole owner of the approximately 500-agent company. The two had a long, contentious relationship marked by dueling lawsuits over the company’s finances.

DOB: January 18, 1968
Hometown: Dix Hills, Long Island
Lives in: Tribeca
Family: Engaged to second wife; two children

What was your childhood like?
I was a good kid. I grew up in an upper-middle-class neighborhood. I have a brother and a sister, five and seven years older than me.

What did your parents do?
My father built luxury homes on Long Island dating back to the late 1980s. He built LL Cool J’s first house when he came out with the “Walking with a Panther” album. Back then, his name was James Tod[……]

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Ian Schrager Hotels

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Ian Schrager

As the co-founder of Studio 54, Ian Schrager came into contact with a good deal of famous and successful people. One of those people, it seems, was the artist Jean Michel Basquiat, whose painting just sold at auction for $110 million to a Japanese billionaire.

That painting, however, was not 爱上海龙凤419桑拿 上海龙凤论坛sh1fo上海龙凤论坛sh1f 上海龙凤论坛wned by Schrager, who tells the New York Times in a new interview that Basquiat once gave him a study of a painting he was working on, and that Schrager in turn “gave it to a girl.” Whoops.

The hotelier, whose new Public hotel is opening soon on the Lower East Side, also said he thinks the “hotel industry is in d上海龙凤论坛sh1f 上海龙凤论坛enial about Airbnb” and that he’s working against that by offering his hotel patrons a strong “上海千花网 爱上海同城对对碰social community space” since Airbnb can’t do that.

Other little facts from the piece include Schrager’s insecurity about his popularity. “I still think I’m going to throw a party and nobody’s coming.”

And there s also the revelation that he’s still shaken up about his 上海千花网龙凤论坛 上海千花社区conviction for tax evasion (he was fully pardoned by President Obama earlier this year). “People say, Why did you get the pardon? I was embarrassed for my kids. Doing a big financing now, you have to write that thing whether you’ve been convicted of a crime. It’s still an embarrassing thing for me.”

[NYT]  Isabel Schwab

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Construction begins on first East Hampton affordable housing project in 10 years

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Workers have begun preparing the Accabonac Road site that will become East Hampton’s first new affordable housing project in nearly 10 years. Three “manor house” buildings will contain 12 condominium apartments on the three-acre property, which was formerly the Accabonac Tennis Club, 27 East reported. The town purc上海贵族宝贝 上海千花网龙凤论坛hased the plot in 2008, but t上海贵族宝贝 上海千花网龙凤论坛he plan to build affordable housing has lagged since. The price for each condo is expected to be between $150,000 and $300,000, 爱上海同城对对碰 爱上海同城论坛and officials hope the first residents can mov上海贵族宝贝 上海千花网龙凤论坛e in before n上海贵族宝贝论坛 上海贵族宝贝ext Thanksgiving. [27 East]

Tags: Hamptons
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Blackstone Group

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CIM Group scores $360M loan for acquisition of 1440 Broadway Los Angeles-based firm bought the property from NY REIT for $520M

CIM Group s Shaul Kuba and 1440 Broadway

Los Angeles-based CIM Group landed a $360 million loan to close on its $520 million purchase of 1440 Broadway, one of the last buildings in the dwindling New York REIT portfolio.

The Blackstone Group provided the financing to CIM Group. The deal closed on Tuesday, and the floating-rate debt has a five-year term, the Commercial Observer reported. The loan was made at a 60 percent loan-to-cost. The Real Deal first reported news of the building going into 上海贵族宝贝论坛 上海贵族宝贝contract in November.

CBRE and Eastdil Secured co-arranged the financing play and also co-marketed the property for sale.

The 25-story, 749,000-square-foot上海千花网交友 上海千花网论坛 property is 40 percent leased, sources told TRD in November, and the Los Angeles-based buyer plans to focus on leasing the remainder of the space.

New York REIT has been liquidating its holdings following a campaign by activist investors and an accounting scandal at American Realty Capital Properties, which formerly was in control of the REIT.

Blackstone has had a busy month as well, purchasing a 49 percent stake at One Liberty Plaza from Brookfield Property Partners ea上海龙凤论坛 新上海贵族宝贝论坛rlier in Decembe爱上海龙凤419桑拿 上海龙凤论坛sh1fr for $1.55 billion. [CO] – Eddie Small

Tags: 上海千花社区 上海千花网交友blackstone group, CIM Group, Commercial Real Estate, New York REIT
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Airbnb

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Airbnb dealt another blow in Santa Monica A judge’s ruling supports the city’s strict home-sharing ordinance

Santa Monica skyline (Credit: Wikimedia Commons)

Santa Monica has gotten tough on Airbnb and HomeAway, and now it’s getting support in the courts.

A U.S. District Court judge handed the city a preliminary win in its two-year battle to severely restrict the home-sharing companies’ ability to op上海千花网论坛 上海千花网erate.

Judge Otis Wright denied an injunction that sought to suspend the city’s ordinance regarding home-sharing rental platforms while the parties duke it out in court, according to the Santa Monica Daily Press.

Along with imposing taxes on short-term rentals, the ordinance requires that hosts be present while renting their spaces to guests.

The two platforms, which sued the city over the ordinance in 2016, have two weeks to appeal Wright’s 上海同城对对碰交友社区 上海夜网论坛decision. The上海龙凤论坛sh1f 上海龙凤论坛 district court is scheduled to hear the city’s motion to dismiss the lawsuit on March 26.

Airbnb and HomeAway’s request for an injunction was based on their argument that Santa Monica’s ordinance violated the company’s First Amendment rights, among others, according to the Daily Press.

The ruling comes a few weeks after the city published a report claiming only 187 of the 950 estimated short-term rentals in Santa Monica complied with the law over a two-year period. The city estimated that Ai上海千花网论坛 上海千花网rbnb made $31 million in Santa Monica over that period.

Airbnb hasn t fared well in other L.A. County cities l[……]

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Paul Massey

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Paul Massey working on building new brokerage Ex-Massey Kna阿爱上海同城 阿拉爱上海同城kal leaders have already come on board

From left: Paul Massey, Neil Heilberg, Michael Wlody and 275 Madison Avenue (Credit: LinkedIn)

Paul Massey is working on building a new commercial brokerage, and to do so, he’s bringing on some familiar faces from the old Massey Knakal Realty Services te阿爱上海同城 阿拉爱上海同城am.

Since leaving Cushman Wakefield earlier last month, Massey’s hired former Massey Knakal chief financial officer Michael Wlody and chief operating officer Neil Heilberg to help build the new business, he told The Real Deal.

“It’s going to be a brokerage that will be focused on combining debt brokerage and sales brokerage and heavy on data science, bring transparency to that market,” he said of the as-yet-unnamed company.

Massey said he’s looking to launch the firm, which will focus on the middle market, later this summer.

Adrian Mercado, Massey Knakal’s former head of IT and research, is also said to be planning to join the new company.

Wlody had worked as the treasurer of the fundraising committe上海夜网论坛 上海夜网e for Massey’s unsuccessful run for mayor last year.

Massey took some office space at 275 Madison Avenue after leaving Cushman ear阿拉爱上海同城 爱上海龙凤419桑拿lier last month, where he’s worked since he and partner Bob Knakal sold their eponymous brokerage to the firm in late 2014. Knakal爱上海龙凤419桑拿 上海龙凤论坛sh1f s contract at the firm expires in July.

Former Massey Knakal partner James Nelson also recently left Cushman to join Avison Young, where he’s been[……]

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E

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Developers are scrambling to meet growing demand for warehouse space E-commerce is driving up demand for industrial sites

An Amazon distribution center (Credit: iStock)

With manufacturing on the decline, developers are increasingly turning old industrial buildings into上海夜网论坛 上海夜网 distribution centers.

According to a report by Newmark Knight Frank, e-commerce is driving demand for industrial properties that can be repositioned into 上海贵族宝贝交流区 上海贵族宝贝论坛or demolished to make way for distribution centers. Many of these warehouses are located in northern and central New Jersey, where sites offer quick access to highways, 上海千花社区 上海千花网交友rails and ports. In Piscataway, the Rockefeller Group is turning a 228-acre site — formerly home to a Dow Chemical plastics factory — into five buildings that will span 2.1 million square feet for distribution use. Best Buy is the project s first tenant, the New York Times reported.

In the past decade, the U.S. has lost roughly 640,000 manufacturing jobs, according to the Bureau of Labor Statistics. Thomas Hanna, president of Harvey Hanna Associates, said that while manufacturing isn t entirely dead his company couldn t make the economics work to keep a former General Motors assembly plant in Delaware as a factory for luxury cars. Instead, the company wi上海同城对对碰交友社区 上海夜网论坛ll raze the plant to make way for four buildings designed for the logistics industry.

“Logistics is the fastest-growing segment within the real estate industry,” Hanna said. “Everyone is trying to figure out how t[……]

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399 Exterior St

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The South Bronx could see another large
resi development A new waterfront site with 300K buildable sf just hit the market

399 Exterior Street in the Bronx (Credit: Pantheon Properties)

Another development site could be joining the South Bronx’s 上海千花网 爱上海同城对对碰residential boom.

The wate爱上海同城 爱上海rf上海龙凤论坛sh1f 上海龙凤论坛ront property at 399 Exterior Street 上海贵族宝贝交流区 上海贵族宝贝论坛is on the market, with owner Pantheon Properties aiming to get more than $30 million for it, Crain’s New York reported. The site has room for about 300,000 square feet of residential space.

This is one of the last large scale residential development sites that is available along the water in Mott Haven and we believe demand will be strong, said Jason Meister, an Ackman Ziff sales broker marketing 399 Exterior Street. The feeling right now among residential developers is there isn t a lot of upside in most markets in the city. But the South Bronx is one of the few areas where builder上海千花社区 上海千花网交友s still see opportunity for growth.

The lot is currently used for parking — and is less than a mile away from the sites Brookfield Property Partners acquired earlier this year. Brookfield is developing one of the largest projects in the Bronx, with plans for about 1,300 new apartments at 2401 Third Avenue and 101 Lincoln Avenue.

Meister told Crain’s the site has also drawn interest because it’s in an Opportunity Zone. [Crain’s] — Meenal Vamburkar

Tags: Bronx, Development, Residential Real Estate
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