Month: June 2019

NYC Hotel Market

Hotel bubble? Not according to these CRE execs Sturner, panelists argue hospitality market is healthier than critics claim

From left: Norman Sturner, James Nelson and Robyn Sorid

New York’s hotel market has mostly produced negative headlines over the past year amid fears of oversupply and declining international tourism. But Norman Sturner thinks the worries are overblown.

“The fact of the matter is that New York has 54 million (annual) visitors,” he said Thursday morning at a panel discussion hosted by the Deal Flow Network and moderated by The Real Deal’s publisher Amir Korangy. Sturner said any conclusion that a minor drop in the number of visitors woul阿爱上海同城 阿拉爱上海同城d cause major problems for the hotel market is “jus上海千花网龙凤论坛 上海千花社区t silly.”

Sturner’s MHP Real Estate Services is currently developing the 29-story Dream Hotel near Times Square.

Like Sturner, Robyn Sorid calls widespread pessimism over hotel oversupply misplaced. “We see it as an overreaction,” the co-founder of bridge lender G4 Capital Partners said. G4 is currently financing two new hotel developments one in Williamsburg and one in Tribeca and Sorid said traditional lenders’ reluctance to lend on hotel projects has created an “incredible opportunity” for her firm.

An analysis from TRD in April found that hotel permit applications began nosediving in 2015, suggesting the building boom could be over. However, a more recent review of filings shows that hotel units in 2016 have risen above last year s total, but still lag the 2[……]

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Tech NYC Real Estate

The Long View: Why a tech crash could rattle NYC’s RE market Technology sector has become one of the city’s key industries

Observers have been predicting a tech crash for years now, but you won’t hear many in New York’s real estate industry openly fret about it. Most see it as something that matters to other people: real estate investors in San Francisco or Seattle and maybe WeWork’s landlords. New York’s real estate market, the argument goes, is far too large and diverse to depend on tech firms for its well-being. “If tech were to slow down, some other industry will take that slot,” SL Green Realty’s Steven Durels said when worries over the industry’s health began to mount in 2015.

But is this nonchalance justified?

Clear data on the size of New York’s tech s上海龙凤论坛sh1f 上海龙凤论坛ector is hard to come by, in part because it’s tricky to define what exactly constitutes “tech” in an age where every business depends on technology. But the st上海龙凤论坛 新上海贵族宝贝论坛udies that attempted to do so suggest that the tech sector has become an integral part of the city’s economy and, by extension, the real estate market.

In August 2015, Center for an Urban Future, a think tank, analyzed Department of Labor data and found that 117,147 New Yorkers worked in seven industries in which firms use technology as their core business strategy” (Computer Manufacturing, Electronic Shopping, Software Publishing, Data Processing Hosting, Internet Publishing Broadcasting Web Search Portals, Computer Systems Design and Scientific R[……]

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Dumbo Heights

Normandy taking $100M majority stake in Dumbo Heights building Invesco to be bought out of vacant property 175 Pearl at 1.2M BK complex

Rendering of Dumbo Heights (inset: Normandy Real Estate Partners David Welsh)

UPDATED, 7:05 p.m., March 30: Normandy Real Estate Partners is set to close Friday on the $100 million purchase of a majority stake in 175 Pearl Street at Dumbo Heights, The Real Deal has learned. The 204,000-square-foot property, which has remained vacant for over a year, is part of the complex being developed by Kushner Companies, RFR Realty and LIVWRK.

Normandy, a New Jersey-based real estate investment firm, will take the lead on redevelopment and leasing efforts at the eight-story property. Kushner Companies, LIV新上海贵族宝贝论坛 上海贵族宝贝交流区WRK and RFR will move into a single-digit minority position, sources said. Invesco, which was an equity partner in the building, is being bought out, sources added.

It was not immediately clear if brokers were involved. Representatives for Kushner, RFR and Blackstone declined to comment, while Normandy and LIVWRK did not respond to requests for comment.

Normandy secured a $91 million acquisition and redevelopment loan from Blackstone Group for the deal, sources said. Of that amount, Normandy is receiving nearly $60 million in financing up front and the remaining上海夜网论坛 上海夜网 funds if they invest $50 million in renovations.

In Manhattan, Normandy has been actively repositioning office properties, including 125 West 25th Street and 797-799 Broadway in Gree[……]

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The Real Deal December

It s the most wonderful time of the year! TRD s December issue is coming soon Subscribe to the magazine to receive the n阿拉爱上海同城 爱上海龙凤419桑拿ext issue

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Just like the holidays, The Real Deal s December issue is right around the cor爱上海同城对对碰 爱上海同城论坛ner!

A must read for anyone in the industry, the magazine is packed with the most timely and important real estate stories. Highlights from the upcoming issue include上海贵族宝贝论坛 上海贵族宝贝:

Brooklyn s residential landscape
Which New York City neighborhoods are likely to gentrify next
The race for data in commercial rea上海同城对对碰交友社区 上海夜网论坛l estate
How the November election will impact real estate
The future of retail banking

Click here to subscribe to the magazine, and be sure to check out last month s issue.

To learn more about advertising in the magazine, contact [email protected]. The artwork deadline for the December issue is Nov. 28.

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Reality star Kyle Richards downsizes Southampton boutique

Days after moving her New York City boutique to a smaller retail space a few blocks away, reality show regular Kyle Richards is also shrinking the footpr爱上海龙凤419桑拿 上海龙凤论坛sh1fint of her Southampton shop’s location, opting to sh爱上海同城手机版 新爱上海同城对对碰论坛are spa上海龙凤论坛 新上海贵族宝贝论坛ce at 5 Main Street with The Shoe Box, the New York Post reported. The “Real Housewives of Beverly Hills” star opened the Hamptons outpost in June 2015. Kyle by Alene Too has three Florida locations and a Beverly Hills store. [NY Post]

Tags: Hamptons
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Chinese Investment US

Chinese investment in US real estate fell 55% in 2017 A new report by Cushman & Wakefield cites dramatic drop in hotel investment

(Credit: Wikimedia Commons, PxHere)

Chinese investment in U.S. commercial real estate registered a jaw-dropping 55 percent decline in 2017, a result of tighter capital controls 爱上海同城手机版 新爱上海同城对对碰论坛imposed by the Chinese government, increased regulatory scrutiny and more attractive opportunities in other countries, according to a report by Cushman Wakefield released this morning.

While experts had expected a sharp decline, the numbers reveal that the bottom fell out.

Last year, Chinese companies funneled $7.3 billion into U.S. commercial real estate, compared to 2016, when firms spent $16.2 billion, the report showed.

Los Angeles suffered the steepest percent drop, with deal volume down 67 percent. In New York, investment fell 54 percent — including investment in Hong Kong — and in Chicago, it was down 20 percent.

In fact, all three cities, together with San Francisco and Seattle, accounted for two-thirds of all Chinese investment in the U.S. in 2017, according to the report. Overall, China fell to the third spot in total foreign investment in U.S. real estate, according to the Cushman report, titled, China-US Inbound Investment Capital Watch. Canada returned to the top spot, while Singapore slid into second.

In May, property search portal Juwai had estimated Chinese investment would fall closer to 20 percent.

Cushman report co-author Xinyi McKinny said the drop[……]

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Manhattan Luxury Real Estate Market

Manhattan’s luxury market saw 25 contracts last week at $4M and up: Olshan Developers cutting prices to move excess inventory

The 85th floor at One57 and Lawrence Stroll (Credit: Getty Images)

Manhattan’s luxury market recorded 25 contracts last week at $4 million and above, according to Olshan Realty’s weekly market report.

Canadian billionaire Lawrence Stroll’s 85th-floor condominium at 157 West 57th Street claimed the week’s priciest deal. The 6,240-square-foot unit went into contract with an ask爱上海同城手机版 新爱上海同城对对碰论坛ing price o上海同城对对碰交友社区 上海夜网论坛f $59 million, a reduction of more than 15 percent off the $70 mill上海千花网交友 上海千花网论坛ion it had been asking when it originally went on the market in October.

Stoll purchased the unit in December 2014 for $55.6 million.

The week’s second most-expensive contract went to the townhouse at 46 East 83rd Street, which had an asking price of $16.5 million.

So far this year, luxury homes have seen an average price reduction of 9 percent before a contract was signed, and spent an average of 446 days on the market. That’s compared to an average of 387 days on the market during the same time period last year.

Developers have also been negotiating lower prices in order to get more deals done and clear out a glut of inventory.
Year to date, 46 percent of contracts on luxury homes have been for units sold by developers, compared to 37 percent for the same time period over the past two years.

The asking price sales volume for the week totale上海千花网交友 上海千花网论坛d $236.8 million, with a median ask[……]

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Eastdil Secured

Wells Fargo CEO Timothy Sloan and Eastdil Secured CEO Roy March (Credit: Economic Club)

Wells Fargo is considering selling Eastdil Secured as the ba阿拉爱上海同城 爱上海龙凤419桑拿nk disposes of its non-core businesses.

The San Francisco-based financial institution has been gauging interest for the commercial real estate brokerage from private equity firms, the Wall Street Journal reported. It wasn’t clear what price Eastdil might fetch.

Wells Fargo bought the company for an undisclosed amount in 1999. However, banks are not technically supposed to own brokerages, which might preclude other banks from buying Eastdil.

Over the past 18 months, Wells Fargo has been slimming down as it looks to unload businesses “with low returns or high in上海夜网 阿爱上海同城vestment needs.” Officials at the阿爱上海同城 阿拉爱上海同城 bank don’t consider Eastdil as part of Well Fargo’s core, and have been weighing the possibi上海千花网论坛 上海千花网lity of a sale for a few months, people familiar with the company’s discussions told the Journal.

Eastdil, which was founded in 1967 and is headed by industry veteran Roy March, is up for sale at a time when companies like CBRE and JLL are seeing their stocks trade at near-record highs.

Ne上海千花网 爱上海同城对对碰wmark Knight Frank went public last year, and Cushman Wakefield is gearing up for an initial public offering. China Vanke just agreed to buy a 5 percent stake in Cushman.

And Canadian pension fund Caisse de dépôt et placement du Québec just invested $250 million in Avison Young.

Eastdil, meanwhile, has seen some of its top talent walk out the[……]

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Servcorp signs deal at 667 Madison The Australian flex-office company will oversee 36K sf at Hartz Group building

667 Madison Avenue (Credit: Google Maps)

Servcorp, an Australia-based flexible office space firm, has locked in a management agreement at 667 Madison Avenue, the first such arrangement for a company that typically takes space through conventional leases.

The firm will take over 36,000 square feet on the fourth and fifth floors of the building owned by the Hartz Group, according to Commercial Observer.

About 15 percent of the space is used for coworking. The company, however, has been wary of the traditional coworking model.

Marcus Moufarrige, Servcorp s former chief operating officer, told The Real Deal in November that “co-阿爱上海同城 阿拉爱上海同城working doesn’t work.

“The latest iteration of it is not that new; it was around pretty extensively du上海千花网龙凤论坛 上海千花社区ring the dot-上海千花网 爱上海同城对对碰com boom. And it didn’t work then, either,” he said.

The newest location is expected to open in June. The space was originally being marketed at $100 a square foot, but the ultimate agreement was a 10-year management agreement.

The firm has four locations in New York, and 22 in the U.S.

Flexible-space and coworking firms have been inking a flurry of d上海同城对对碰交友社区 上海夜网论坛eals. Knotel announced it was taking 76,000 square feet at new locations, and Industrious said Thursday that it had signed new leases at 325 Hudson Street and 1411 Broadway. Spaces, the Dutch co-working firm owned by IWG (formerly Regus), signed for a space[……]

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530 Sixth Avenue

Landsea plans 12-story luxury building in Flatiron District Project will house 50 resi units

Landsea Homes CEO John Ho and 530 Sixth Avenue (Credit: 爱上海同城手机版 新爱上海同城对对碰论坛LinkedIn and Google Maps)

Landsea Homes is furthering its residential play in the city, this time with a 12-story mixed-use project in the Flatiron District.

The project would span about 63,4上海千花网交友 上海千花网论坛00 square feet and include about 6,200 square feet of retail space on the first floor, according to the application wi上海同城对对碰交友社区 上海夜网论坛th the city s building department. There also would be 50 residential units, and the 12th-floor residences would have private terraces.

Morris Adjmi Architects is designing the project, which is expected to house luxury residences.

Landsea, a China-based homebuilder, and DNA Development, which acquired the site with Landsea in a deal in the fall, did not immediately return requests for comment.

Extell Development sold the site, comprised for four, four-story buildings, for about $53 million to the partners after buying them in 2016 for $50 million from the Duell family.

Mack Real Estate Group funded Landsea and DNA s acquisition with a $97 million senior and mezzanine loan.

Landsea, which in 2014 announced it would invest $1 billion in the U.S. housing market, is in the midst of constructing its first condominium in the city, a 14-story luxury property at 212 West 93rd Street in the Upper West Side. Its partner in the venture is Leyton Properties.

One of its first U.S. projects was a luxury condo in Weehaw[……]

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