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Washington Heights Rentals

Iskander family gets $165M for Washington Heights portf爱上海同城 爱上海olio Intervest Development Corp. listed nine mixed-use rental buildings for $185M last year

The Iskander family’s Intervest Development Corp. sold a nine-building Washington Heights multifamily portfolio for $165 million, after putting the portfolio on the market last fall for $20 million above that price.

The deal with WHP LLC, a consortium of private investors located outside of New York City, sees Interves新上海贵族宝贝论坛 上海贵族宝贝交流区t offload the mixed-use elevator properties after holding on to them “for between 20 and 30 years,” according to Eastern Consolidated’s Marcia Rose Yawitz, who along with colleague Ron Solarz represented both sides on the deal.

Intervest “wanted to take advantage of the currently strong market,” Yawitz told the Commercial Observer. The transaction closed Wednesday.

The nine properties, which span nearly 488,000 square feet, are located mostly on St. Nicholas Avenue, between West 164th and West 192爱上海同城对对碰 爱上海同城论坛nd streets i阿拉爱上海同城 爱上海龙凤419桑拿n Washington Heights. Of the 413 rental units in the portfolio, 383 are rent-stabilized while 25 and rent-controlled and five are market-rate.

They also hold 48 street-level retail stores—all but one of the buildings has ground-floor retail as well as two offices and a rooftop antenna.

The Upper West Side-based Iskander family listed the portfolio for $185 million in September, as The Real Deal reported, in a move to scale back its real estate business. [CO] – Rey Mashayekhi

Tags: Eastern Consolidated, washington heights
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Putnam Portfolio

Brookfield, Urban American mull selling Putnam portfolio About half of the ne爱上海龙凤419桑拿 上海龙凤论坛sh1farly 4,000 apartments have Section 8 vouchers

Roosevelt Landings on Roosevelt Island (inset: Brookfield Property Partners Chairman Ric Clark)

Brookfield Propert上海千花社区 上海千花网交友y Partners and Urban American Management are considering the sale of the massive Putnam multifamily portfolio in Upper Manhattan and on Roosevelt Island, The Real Deal has learned.

The companies have not yet hired a broker to market the portfolio, which has nearly 4,000 apartments. But sources privy to the talks said they have met with a number of brokers in recent weeks, including a team from Savills Studley.

Sources familiar with the portfolio said it could be worth between $1.5 billion and $1.6 billion.

It’s been almost two years since Brookfield closed on a majority stake in the buildings for $1.04 billion from Urban American, in what was the largest multifamily deal of 2014. Urban American, a New Jersey-based landlord led by the Eisenberg family, retained a single-digit percentage stake in the portfolio and continued to serve as the property manager.

To close on the acquisition, Brookfield, the Canadian real estate giant behind Brookfield Place and the Manhattan West redevelopment, secured $507 million in financing from New York Community Bank and $234 million from the Bank of China.

Any potential sale would see both Brookfield and Urban American exit their stakes completely, sources said.

The package consists of six complexes holding a combined 24 buildings with 3,962 rental apartments. It spans 310,000 square feet. The complexes include the 1,003-unit Roosevelt Landings on Roosevelt Island; the 600-unit Heritage at 1295 Fifth Avenue, 1309 Fifth Avenue and 1660 Madison Avenue; the 761-unit River Crossing at 1940-1966 First Avenue and 420 East 102nd Street; and the Miles and the Parker at 1890 Lexington Avenue and 1990 Lexington Avenue, which together have 405 units.

Urban American, City Inves上海夜网 阿爱上海同城tment Fund and others acquired the buildings for $938 million in 2007.

As of 2014, the offering memorandum sho爱上海同城论坛 爱上海同城ws that 95 percent of the apartments are fully market-rate. At the time, about half the apartments were occupied by tenants with “enhanced” or “sticky” Secti上海龙凤论坛 新上海贵族宝贝论坛on 8 vouchers, which provide them with a federally supported rent subsidy.

That memo said 1,600 units had already been renovated and that the renovations of all remaining units would increase the portfolio s net operating income by 25 percent.

A source speculated that the lack of an agreement with the city may have prompted the owners to consider a sale not long after Brookfield came on board.

But a spokesperson for New York City Housing Preservation and Development said the “city engaged the owners of this portfolio, and they weren’t interested.”

Brookfield declined to comment, while Urban American could not be reached.

Savills Studley’s Jeffrey Baker and Graham Moss handled the 2014 transaction.

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Pfizer Brooklyn

Pfizer sells last piece of its Broadway Triangle s上海千花网 爱上海同城对对碰ite for $28M Abraham Brach planning religious housing at 58 Gerry Street

58 Gerry Street in The Broadway Triangle

Pfizer sold the last remaining piece of its development site at Brooklyn’s Broadway Triangle. Developer Abraham Brach paid $27.5 million for the property and is planning a residential-and-community facility building for the Orthodox Jewish co新爱上海同城对对碰论坛 上海同城对对碰交友社区mmunity, sources told The Real Deal.

A three-story, 31,600-square-foot warehouse at 58 Gerry Street sits on the parcel, which offers 120,000 buildable square feet, according to property records. It would be demolished to make way for the new bui爱上海同城对对碰 爱上海同城论坛lding.

Brach closed on the purchase late last week for about $230 per buildable square foot. He has not yet filed plans or decided on the number of apartments or square footage of the new building.

The alternate addresses are 191-203 Harrison Avenue and 50-64 Gerry Street, records show. The Broadway Triangle is the intersection of Bedford-Stuyvesant, Bushwick and Williamsburg, though this parcel is technically located in Williamsburg.

Pinnacle Realty’s Abraham Lowy represented Brach, while Cushman Wakefield’s Frank Frizalone represented Pfizer. They declined to comment.

The site of pharmaceutical giant Pfizer’s former headquarters is also expected to house a 1,147-unit, 1 million-square-foot rental complex developed by Simon Dushinsky and Isaac Rabinowitz’s Rabsky Group. Rabsky is seeking a rezoning of two full blocks bounded by Harrison Avenue, Walton Street, Union Avenue and Gerry Street to allow for that projec爱上海同城论坛 爱上海同城t, which would be located across the street from Brach’s building.

Brach is also one of the developers behind the seven-building religious housing redevelopment of the former Cascade Linen factory site.

Tags: broadway triangle, pfizer, pfizer building
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415 Main Street

Roosevelt Island condo asks record $2M Unit at 415 Main Street is the most expensive listing ever on the islan爱上海 爱上海同城手机版d

415 Main Street, Apt. 7G

A three-bedroom condominium on Roosevelt Island is a爱上海龙凤419桑拿 上海龙凤论坛sh1fsking $2 million, or roughly $上海千花网论坛 上海千花网1,428 per square foot, a record for the area.

The 1,400-square foot apartment is on the seventh floor of Riverwalk at 415 Main Street,  Bloomberg reported. The previous record for the area was the sale of a 15th-floor three-bedroom in the same condo building which was developed by Related Companies and Hudson Companies for $1.8 million, according to the publication.

Roosevelt Island, a 147-acre island on the East River between Manhattan and Queens, is offici上海同城对对碰交友社区 上海夜网论坛ally in the borough of Manhattan. The median price of a three-bedroom Manhattan apartment was $3.1 million last quarter, according to appraisal firm Miller Samuel. But on Roosevelt Island the median price of the 爱上海同城论坛 爱上海同城13 units that sold in the quarter was $786,306.

“The share of apartments listed at $2 million or more has climbed substantially, in part because of the frenzied pace of luxury construction in the city,” Grant Long, an economist with StreetEasy, told the publication. “As the $2 million price point becomes more prevalent, an increasing number of sellers of existing units are going to feel entitled to a price in that range,” Long said.

The Corcoran Group’s  Ben Garama has the listing. [Bloomberg] Miriam Hall

Tags: NYC Luxury Market, Residential Real Estate, roosevelt island
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Trump Organization

Trump Org. falls in ranking of city’s top private companies Firm fell from No. 3 to the No. 40 spot on Crain’s list

Donald Trump with the Trump Soho hotel and Trump Golf Links at Ferry Point

President Trump’s ascension to the White House has coincided with his company’s decline among the city’s biggest private firms, according to a recent ranking by Crain s.

The Trump Organization feel steeply on the business publication s annual list of the largest privately held companies, plunging from the No. 3 spot last year to No. 40. The company’s standings took a big hit when Trump’s federal disclosures revealed the organization’s r阿爱上海同城 阿拉爱上海同城evenue is less than less than a 10th of what the firm had reported since at least 2010, Crain’s said.

Several factors, both within the company’s control and without, could be at play. While the Trump Org. has long been out of the condo-development game, it still has interests in the hotel and hotel-licensing businesses, which are taking a hit as the city deals with an over-supply of hotel rooms.

The city’s supply grew more than 50 percent since 2008 to 115,000 keys and is expected to climb 阿拉爱上海同城 爱上海龙凤419桑拿to 142,000 in the next few years, according to NYC Co. Trump Org. also appears to have abandoned plans it announced earlier this year to build a Scion hotel in the city – which would have been the first of its kind in the Big Apple under the company’s new brand.

A Trump Hotels spokesperson said, “I don’t believe New York is currently a priority for those brands.”

The company’s Trump Golf Links at Ferry Point in the Bronx, meanwhile, saw revenues fall by more than $1.1 million over the past two years to $5.7 million in mid-September as it witnessed a 16 percent decline in rounds played, Crain s reported.

Of course, Trump’s brand is unpopular in a city 80 percent of voters last year cast their ballots for Hillary Clinton.

The average price per square foot for an apartment at Trump Tower has plunged by 23 percent since 2015, according to a recent report by the Wall Street Journal, though it’s been a long time since Trump has d新上海贵族宝贝论坛 上海贵族宝贝交流区eveloped condos. [Crain s] – Rich Bockmann

Tags: Commercial R上海夜网论坛 上海夜网eal Estate, trump 上海贵族宝贝论坛 上海贵族宝贝organization
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Rapid Realty

Rapid Realty: Franchisees, attorney conspired in malicious scheme to destroy brokerage Company claims lawyer Kendrick Harris is behind a “mutiny”

Anthony Lolli and Kendrick Harris

UPDATED, Feb. 14, 10:30 a.m.: Rapid Realty is firing back against the attorney and several franchisee owners who accused the firm of selling them a false bill of goods.

Rapid filed a lawsuit accusing attorney Kendrick Harris and three franchise owners of a “malicious scheme” to “destroy the existing and future business prospects” for Rapid and its principals, according to court documents filed in Manhattan Supreme Court Tuesday.

Harris, of the law firm Harris Law Group, has been working with a handful of franchisee owners to file a class-action-seeking lawsuit against Rapid Realty. They claim the company set franchisees up with a lender who provided high-cost loans to fund the purchase of their franchises, but the money meant to build out their offices went into the pockets of Rapid’s principals, instead of the businesses.

Rapid principals Anthony Lolli and Carlos Angelucci, however, claim that Harris had first entered their “inner circle” and served as counsel to their company, then tried unsuccessfully to get hired as Rapid’s g上海龙凤论坛 新上海贵族宝贝论坛eneral counsel – a role that would h上海夜网论坛 上海夜网ave him referred to franchisees for legal services.

“Rebuffed, Harris decided that he could profit from turning on plaintiffs and began to try to form a ‘mutiny’ among ot爱上海同城手机版 新爱上海同城对对碰论坛her franchisees,” their lawsuit claims.

Harris, however, said it was Rapid Realty that reached out to him to offer a job when he was already representing the franchisees.

These are all lies. I rebut everything, he told The Real Deal. They are trying to interfere with my representation of my clients, simply because they lose on the facts of the case.

Nothing about what they re saying changes the fact that they sold franchises with an expired registration and without providing the proper disclosures, he added.

One of the main points of the case is the fact that Rapid’s registration with the state Attorney General’s office to sell franchises expired in 2016 – a fact the company concedes.

Rapid said it 上海贵族宝贝 上海千花网龙凤论坛offered to let franchise owners who purchased their businesses while the registration was expired to get out of their agreements, but that Harris pushed them to file a lawsuit because there was more money in a settlement.

He told one franchise新上海贵族宝贝论坛 上海贵族宝贝交流区 owner that Rapid was “going down like the Titanic” and the best hope was to “get off the boat” as soon as possible, Rapid’s lawsuit claims.

“Harris used high pressure tactics to the effect that, if franchisees did not join the planned lawsuit, they would be left with nothing since his lawsuit would cause a dramatic downturn in their business,” the lawsuit reads.

The lawsuit also goes after a trio of franchise owners, who Rapid claims made defamatory comments about the company on social media. Two of the owners, they claim, vandalized their office at 373 Franklin Avenue in Brooklyn[……]

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Thor Equities

Thor, Premier file plans for Upper East Side resi building Project 上海龙凤论坛 新上海贵族宝贝论坛appears to be a downsizing from previously reported plans

From left: Yaron Jacobi Uzi Ben-Abraham, Joseph Sitt and 1297-1299 Third Avenue

UPDATED, 6:42 p.m. March 15: Premier Equities and Joseph Sitt’s Thor Equities have file阿拉爱上海同城 爱上海龙凤419桑拿d plans for a new residential building at 1299 Third Avenue on the Upper East Side. 

The building, which they are developing with Continental Ventures, will stand six stori新上海贵族宝贝论坛 上海贵族宝贝交流区es tall and contain three residential units, according to plans filed with the Department of Buildings. It will span just under 21,000 square feet overall, split between 1,249 square feet of commercial space and 19,678 square feet of residential space. They also intend to incorporate air rights.

Thor and Premier previously planned a 31-story condo tower at 1297-1299 Third Avenue spanning 100,000 square feet with retail at the base. It appears that the plans filed on Wednesday represented a downscaled version of this project. Thor and Premier did not immediately respond to requests for comment.

The two companies teamed up for the project at the beginning of 2017, after Premier paid $26 million for the final piece of an Upper East Side assemblage. Premier, led by Yaron Jacobi and Uzi Ben-Abraham, owns three adjacent buildings at 1291-1295 Third Avenue. Together, those sites have 44,100 buildable square feet.

Elsewhere in the area, Icon Realty Management recently sold a walk-up building at 210 East 95th Street for $12.2 million, and HFZ Capital Group bought an Upper East Side building at 1135 Lexington Avenue in a possible assemblage play. 

This story was updated to provide more details on the project.

Tags: Premier Equities, Residential Real Estate, Thor Equities, upper east side
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Interest Rates Real Estate

Here’s how Blackstone and Allianz respond to rising interest rates As rates rise, RE investors shift to cheaper cities, debt

From left: Nadeem Meghji, Gary Phillips and Brahm Cramer

UPDATED, Apr. 25, 1:22 p.m.: On Tuesday, the yield on 10-year U.S. Treasury bonds hit 3 percent for the first time since January 2014, heightening fears that the real estate market could be entering a period of rising interest rates and falling property prices.

At Mazars USA’s commercial real estate summit Tuesday, some of the country’s largest institutional real estate owners discussed how to cope with this changing environment. They pointed to two trends: a shift from cities like New York to secondary markets like Nashville or Portland where price growth is higher, and a growing interest in issuing debt.

“For us, at this point in the cycle, the focus is really avoid super-long-term leased, bond-like real estate that doesn’t grow in what is potentially a rising interest-rate environment, and really focus on those places where you can see that cash-flow上海夜网 阿爱上海同城 growth.” said Nadeem Meghji, head of the Blackstone Group’s real es阿拉爱上海同城 爱上海龙凤419桑拿tate business in the Americas. He cited warehouses across the U.S., lab offices in Cambridge, Massachusetts, and West Coast cities like Seattle, San Francisco and Los Angeles as areas where he sees potential profits.

“The high-cost states are really paying the price,” said Brahm Cramer, co-head of real estate investment at AllianceBernstein. Last year, the company decided to move employees to cheaper cities to cut costs, and Cramer said the internal deliberations reinforced his belief in the strength o爱上海同城对对碰 爱上海同城论坛f Southern cities. “What was interesting to me was when we were pitching this idea of moving people to a different geography, how compelling and competitive some of these other low-tax, high-growth states are, and the opportunities that come with it,” he said.

Meanwhile, a growing number of real estate investors are issuing debt, rather than buying properties, in an attempt to cash in on rising interest rates and protect themselves against a market downturn.

“Every developer has a debt fund now. I’ve never seen more debt funds in the market in my career,” said CBRE Global Investors’ Gary Jaye.

Avison Young s James Nelson also noticed growing interest in debt. “It seems that every developer that we speak to with a piece of land says Maybe I won’t buy, but maybe I’ll lend on it,’ he said. “I don’t want to call them loan-to-own or predatory, but they probably wouldn’t mind if they got the keys back to the property.”

While the panelists acknowledged that the New York market as a whole faces headwinds, no one expects doom and gloom. One reason: the sheer amount of institutional money seeking investments.

“With who we have in the White House right now, you don’t know what’s going to happen,” said Gary Phillips, head of U.S. real estate acquisitions at Allianz, which bought a stake in 1515 Broadway last year. “We’re not hitting the pause button like[……]

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East Hampton home of actress Dina Merrill, whose mother built Mar

East Ha新上海贵族宝贝论坛 上海贵族宝贝交流区mpton home of actress Dina Merrill, whose mother built Mar-a-Lago, sells to 上海同城对对碰交友社区 上海夜网论坛family

The former home of Nedenia Hartley, who went unde爱上海 爱上海同城手机版r the stage name Dina Merrill, was bought by the daughter fr上海千花网交友 上海千花网论坛om her first marriage, Nedenia Rumbough, and Donald Handelman. The two paid $8.2 million for the East Hampton home of Merrill, who died in May 2017. It took more than a year to work out the sale. Merrill, the daughter of Marjorie Merriweat爱上海同城手机版 新爱上海同城对对碰论坛her Post and Edward Francis Hutton, grew up in homes in New York and Florida. Merrill’s mother built Mar-a-Lago, which Donald Trump then bought in 1985. [27East]

Tags: Hamptons
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East Hampton home that claims to extend life has price cut by $1M

The Bioscleave House, which supposedly extends the lifespan of those who live in it, has had its asking price slashed b上海同城对对碰交友社区 上海夜网论坛y $1 million, Curbed reported. The East Hampton home, built in 2008上海龙凤论坛sh1f 上海龙凤论坛 and designed by the late avant-garde arc爱上海 爱上海同城手机版hitect Madeline Gins and her artist husband Arakawa, has come on and off the market over the last few years, seeking $4 million in early 2011 and then nearly $2.5 million in July 2018. The interior of the home is brightly colored with varying, unusual terrain forcing those inside to “move through life differently,” according to 2016 Awl story about the home. The entire 3,400-square-foot property, now available to potential buyers for almost $1.5 million, is actually two connected houses, including a smaller 900-square-foot, 1960s A-frame abode designed by Harvard architect Carl Koch. Two of the home’s four bedrooms along with one-and-a-half bathrooms are housed in its more traditional, mid-century wing. All of the Bioscleave House’s rooms, however, open into its central sloping atrium. The property is currently owned by Professors Group LLC, which bought it in 2007 for $1.25 million from Angela Gallman, an Italian art collector who initially commissioned the home. Jose DosSantos of Brown Harris Stevens has上海贵族宝贝交流区 上海贵族宝贝论坛 the listing. [Curbed]

Tags: 爱上海龙凤419桑拿 上海龙凤论坛sh1fHamptons
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