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18
Jun
2019

Downtown Alliance

Notorious B.I.D.s: Just how much influence do developers wield? Downtown Alliance, Downtown Brooklyn Partnership have evolved into power brokers

From the back, from left to right: Steve Roth, Larry Silverstein, MaryAnne Gilmartin and Stephen Ross; the front, from left to right: Tucker Reed and Jessica Lappin

When Tucker Reed learned of JDS Development Group’s plans to bring a 1,000-foot tower to Downtown Brooklyn, he became, in his own words, a bit “emotional.” He recounted the moment during a panel last month, saying the proposed renta上海夜网论坛 上海夜网l tower at 9 Dekalb Avenue would help address the massive population growth expected in the borough.

People are freaking out, saying Oh my God it’s too much,’” he said, referring to attempts to squash the project. “As a 21st-century Brooklyn, we shouldn’t be afraid of embracing our new skyline, our new growth.”

As president of the Downtown Brooklyn Partnership, Reed has embraced the role of champion of new development. The Partnership oversees three business improvement districts (BIDs), nonprofits dedicated to promoting economic growth that are fueled by assessments, or special taxes paid by property and business owners. Neighborhoods have turned to BIDs as a way to supplement services that the city wasn’t providing, often in the form of sanitation and public safety.

Today, there are 72 BIDs across the city that invested $172 million in those districts in 2015, according to the Department of Small Business Services. But some of the largest BIDs have evolved into much more than quality-of-life boosters. The Partnership and the Downtown Alliance, whose boards include some of the city’s biggest real estate players, have positioned their districts as burgeoning commercial hubs desperately in need of new development. They act as quasi-governmental bodies, public relations machines, cheerleaders and ultimately, self-appointed leaders of the neighborhoods they serve. And though they wear many prominent hats, they face little government oversight.

“It’s gotten to the point where they try to figure out what else they can do,” said Rachel Meltzer, a professor of urban policy at the New School. “Should the BID just be an organization focused on maintenance? I think there’s a feeling that these BIDs want to be more than that.”

History lesson

In 1984, the city’s first BID sprouted up in the Union Square-14th Street area. It was followed by a flurry of others, and the organizations were seen as change agents in troubled neighborhoods. The Bryant Park BID, for example, was credited with sweeping away an open-air drug market and creating a viable public space for lunch breaks and community activities.

In the 1990s, Lower Manhattan landlords saw vacancy rates in their office buildings climb to alarming levels, hitting a staggering 20.7 percent in 1996, according to Cushman Wakefield. The area was “in the depths of what can only be called a depression,” said Carl Weisbrod, now director of the Department of City Planning. “It was a[……]

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18
Jun
2019

Dime Savings Bank

Tavro新爱上海同城对对碰论坛 上海同城对对碰交友社区s, partners file plans for 22-story building on Dime Savings Bank site Developers plan to爱上海同城论坛 爱上海同城 break ground on the Williamsburg property next year

263 South 5th Street in Williamsburg

A development site formerly owned by the Dime Savings Bank of Williamsburg is slated to be transformed into a 22-story mixed-use building with residential and commercial space.

A partnership between Tavros Development Partners, Charney Construction and 1 Oak Development filed a permit application with the city Tuesday for a new building at 263 South 5th Street. The plans call for 175 apartments across 120,444 square feet of residential space, 111,614 square feet of commercial space and a 980-square-foot community facility.

The developers are planni新爱上海同城对对碰论坛 上海同城对对碰交友社区ng rental apartments for the residential component of the project, and office and retail for the commercial, according to Charney s website. Construction of the project is slated to begin in March 2017, with completion set for the spring of 2019.

The developme阿爱上海同城 阿拉爱上海同城nt will also have a parking garage with space for 291 cars, permit filings show. Fogarty Finger is listed as the architect of record.

Charney did not immediately respond to requests for comment, while a Tavros spokesperson declined to comment.

The de上海龙凤论坛 新上海贵族宝贝论坛velopers paid $80 million for the site in March.

Dime will eventually relocate their back office space at the site, with the exception of the limestone-clad building where the bank will maintain a retail presence.

Tags: dime savings bank, Tavros Development Partners
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18
Jun
2019

125 Greenwich

Bizzi, New Valley finalizing $450M loan for 125 Greenwich Singapore’s United Overseas Bank leading long-delayed financing, along with Bank of China and 2 others

From left: Howard Lorber, rendering of 125 Greenwich Street and Davide Bizzi (Credit: Getty Images and Rafael Viñoly Architects)

Bizzi Partners and New Valley are finalizing a long-delayed construction loan for their supertall condominium project at 125 Greenwich Street, according to sources familiar with the deal. Singapore-based United Overseas Bank is the primary lender on the $450 million financing package, sources said, along with Bank of China and two other Asian banks.

In February 2016, The Real Deal first reported that the developers were in talks with UOB for a construction loan of north of爱上海同城手机版 新爱上海同城对对碰论坛 $500 million. The loan was supposed to close late last year, sources said, but complications, including the tax evasion-related indictment of one of the partners, Michael Shv爱上海龙凤419桑拿 上海龙凤论坛sh1fo, delayed the process. The term sheet for the loan was finally signed late last week.

Early this year, sources said Shvo s role at the project was minimized. Banks are generally skittish about financing a project in which one of the partners is facing criminal charges.

Though the loan for 125 Greenwich was initially supposed to be north of $500 million, the developers took cost-cutting measures such as contracting with an open-shop construction company, sources said. The supertall Financial District condo, designed by Rafael Vinoly, will hold 275 apartments when completed, with a total projected sellout of $875 million, according to its offering plan.

In addition to the new construction loan, the developers have raised another $194 million from foreign EB-5 visa investors, according to sources familiar with the matter. The firm had secured $240 million in debt and equity financing 上海龙凤论坛sh1f 上海龙凤论坛in 2015, which Howard Michaels’ Carlton Group arranged.

UOB is an active lender in Manhattan, bankrolling projects such as Harry Macklowe s 200 East 59th Street and Alchemy Properties conversion of the Woolworth building.  Bank of China is one of the most important condo lenders in the city, backing projects such as Vornado Realty Trust s 220 Central Park South and Bizzi s 100 Varick Street (now Known As 565 Broome Street).

Mark Maurer contributed reporting.

(To view more of Bizzi Partners financing transactions, click here)

Tags: 125 Greenwich Street, bizzi partners, Commercial Real Estate, Development, Real Estate爱上海龙凤419桑拿 上海龙凤论坛sh1f Finance
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18
Jun
2019

Town of Bedford sued for discriminatory housing policies

While Westchester County Executive Rob Astorino recently celebrated HUD’s decision to withdraw its claims of exclusionary h上海龙凤论坛sh1f 上海龙凤论坛ousing against minorities in the county, public records show that Fair Ho爱上海龙凤419桑拿 上海龙凤论坛sh1fusing Justice Center filed a federa新上海贵族宝贝论坛 上海贵族宝贝交流区l lawsuit this week, claiming that the town of Bedford is guilty of just that. The suit alleges that the city and its development arm excludes African-Americans from middle-income housing.

Tag上海龙凤论坛sh1f 上海龙凤论坛s: Westchester Fairfield
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18
Jun
2019

US Home Sales

People are buying US homes at the fastest rate in 30 years Typical house is now on the market for 新上海贵族宝贝论坛 上海贵族宝贝交流区just three weeks

If you want to buy a home these days, you’d better be ready to move fast.

Buyers a上海贵族宝贝 上海千花网龙凤论坛re snatching up homes in the U.S. at the fastest pace in 30 years, with the typical home now spending just three weeks on the market, according to Bloomberg.

The statistics come from a new National Association of Realtors study, which also found that 42 percent of buyers paid at least the上海同城对对碰交友社区 上海夜网论坛 listing price for their homes, the highest percentage since 2007, when NAR started keeping track of this statistic.

This acceleration is happening along with a decline in housing inventory, as the number of properties on the market we爱上海 爱上海同城手机版nt down in September for the 28th consecutive month.

Some experts have attributed the housing shortage to slow home construction, while 阿爱上海同城 阿拉爱上海同城others view it as a sign of an upcoming economic downturn. [Bloomberg] – Eddie Small

Tags: National Association of Realtors, Residential Real Estate
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17
Jun
2019

Top Investment Sales Firms NYC

Buoyed by its recruiting coup, Cushman rallies to beat out Eastdil and CBRE amid a sluggish market

Andrew Scandalios, Darcy Stacom and Doug Harmon

UPDATED, Feb. 14, 2:20 p.m.: Turnover among New York City’s commercial real estate brokerages is rarely labeled a “game changer.”

But when the city’s top investment sales firms experienced one of the biggest team moves to date in October 2016, the industry grappled with a fundamental question: What matters more, the platform or the people?

While the answer is still up for debate, some say, the numbers for the past year speak volumes.

A little over a year after poaching Eastdil Secured’s star investment sales brokers, Doug Harmon and Adam Spies, Cushman Wakefield swooped in to capture the No. 1 spot in the city’s hypercompetitive investment sales arena with $6.36 billion across 190 deals, The Real Deal’s analysis of closed sales in 2017 shows.

For the first time since 2007, the privately held global commercial brokerage bested the two firms that had long rivaled one another for the ranking’s top spot. Eastdil Secured and CBRE went head to head over the past decade, but gradually the gap between the two widened and Eastdil scored landslide wins. In 2016, the Wells Fargo subsidiary pulled in a record $22.9 billion worth of investment sales, over CBRE’s $6.7 billion.

Harmon and Spies’ move from Eastdil to Cushman, however, ensured that 2017 would be a year unlike any other this cycle.

And brokers across the industry were not only competing against a potential new p上海龙凤论坛sh1f 上海龙凤论坛owerhouse — they were also suddenly contending with a sharp slowdown in sales.

“Every deal’s been a big battle,” said Eastern Consolidated’s Brian Ezratty, who brokered two Manhattan land deals involving Gary Barnett’s Extell Development for $80 million and $63.5 million. “It’s definitely been a tricky market.”

Top of the heap

TRD’s ranking of the top 40 investment sales firms in NYC — which factors in closed commercial property sales, ground leases and leasehold interests of $1 million and up — found that those firms closed a combined $28.56 billion, down nearly 48 percent from $54.85 billion in 2016.

Both majority and minority stakes were included in this year’s ranking, which looked at citywide numbers and borough-specific breakdowns and was culled from Real Capital Analytics and many of the firms. (Although last year’s story on the top firms stated it did not include minority stakes, it inadvertently did, a comparison of the data showed this year.)

Cushman, which has in recent years lacked the muscle to knock out dozens of big institutional sales, sought to make a splash in that space while reportedly gearing up for an IPO that has not yet been officially announced. Members of the Harmon-Spies team brokered more than $4.2 billion of Cushman’s total, according to the data. And while the firm is increasingly making a dent with big-ticket deals, Bob Knakal and its middle-market brokers have been prolific with smaller sales above the $1 million ma[……]

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14
Jun
2019

Michael Cohen Investigation

US Attorney s office to Michael Cohen: You re hardly a lawyer The president’s personal attorney is now under criminal investigation

From left: Deputy US Attorney Robert Khuzami, Michael Cohen and Loews Regency Hotel

President Trump s personal attorney Michael Cohen shouldn t receive any special access to evidence against him that was confiscated in a raid at the Loews Regency Hotel, the U.S. Attorney s Office for the Southern District argued Friday. Part of their argument: Cohen isn t actually much of a lawyer.

Cohen, in a request for a temporary restraining order, had attempted to limit the scope of records and correspondences investigators could gain access to, in part by asserting attorney-client privilege.

Here s 爱上海 爱上海同城手机版how the U.S. Attorney s Office, under the direction of Deputy U.S. Attorney General Robert Khuzami, responded:

1) The searches are the result of a months-long investigation into Cohen, and seek evidence of crimes, many of which have nothing to do with his work as an attorney, but rather relate to Cohen’s own business dealings.

2) It is neither apparent (i) that Cohen, in his capacity as an attorney, has many, or any, attorney-client relationships other than with President Donald Trump.

3) Cohen’s claim that he has conf爱上海同城手机版 新爱上海同城对对碰论坛idential communications with multiple clients appears to be exaggerated. For example, Cohen has told at least one witness that he上海同城对对碰交友社区 上海夜网论坛 has only [one] client – President Trump.

Then there s even more shade, on Cohen s relationship with the law firm Squire Patton Boggs (referred to as Law Firm 1 ), which had hired Cohen as part of a strategic alliance last year. According to the U.S. Attorney s filing, Cohen was never really integrated into the firm in the first place and only brought five clients to it, for which there is no available evidence those clients were ever billed. (Squire Patton Boggs ended its relationship with Cohen after this week s FBI raid.)

Many sections in the U.S. Attorney s Friday response to Cohen are redacted, including one passage that allegedly would further [bely] the notion that Cohen is currently engaged in any significant practice of law.

Cohen did not immediately respond to a request for comment.

The FBI rai爱上海 爱上海同城手机版ded Michael Cohen s legal office and his hotel room at the Loews Regency in Manhattan on Monday. They collected personal business records, including those tied to his taxi medallion holdings and documents related to his $130,000 payment to adult film star Stormy Daniels (real name: Stephanie Clifford), the Department of Justice said. The precise nature of the criminal investigation on Cohen is not entirely cl上海贵族宝贝交流区 上海贵族宝贝论坛ear, but it began following a referral from the Special Counsel Robert Mueller who is investigating potential collusion between Russian nationals and the Trump campaign during the 2016 election. The Wall Street Journal reported that the investigation is mostly concerned with Cohen s personal business dealings.

On Friday, the Journal reported that Cohen, a dep[……]

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14
Jun
2019

Committee has 6 months to distribute nearly $10M to Central Islip redevelopment projects

Committee has 6 months to distribute nearly $10M to Central Islip redevelopment projects

A 17-person committee has begun debating plans to distribute $9.7 mill上海夜网 阿爱上海同城ion to potential development and rehabilitations projects along Carleton Avenue in Central Islip, according to Newsday. They have six months to distribute the money awarded by Gov. Cuomo as part of the 2018 Do上海夜网 阿爱上海同城wntown Revitalization initiative grant. State officials paid $300,000 to New York City-based consul爱上海 爱上海同城手机版tants HR A Advisors Inc. to guide the committee. Committee members w爱上海 爱上海同城手机版orry they won’t meat the state-imposed deadline and expect to rely heavily on the consultants. They’re considering projects like renovating a former firehouse, building a mixed-use retail and housing d上海千花网 爱上海同城对对碰evelopment, renovating a train station and improving streets. [Newsday]

Tags: long island
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14
Jun
2019

Boston Properties

Boston Properties looking to raise $1B for green projects The firm previously announced plans to reduce water and energy use in its buildings

Salesforce Tower at 1095 6th Avenue and Boston Properties CEO Owen Thomas (Credit: Salesforce and REIT)

Boston Properties is bet上海千花网交友 上海千花网论坛ting big on sustainability. The company, which owns and manages 20 million square feet of projects that have LEED Gold and LEED Platinum certification, is looking to raise $1 billion in a public offering to fund its green projects across the country.

Boston Properties expects to make $988.1 million in proceeds from the offering, the firm announced in a press release on Wednesday. The unsecured senior notes have an interest rate of 4.5 percent and mature in December 2爱上海同城对对碰 爱上海同城论坛028. The company intends to use the proceeds for recently completed and future green projects, which includes the Salesforce Tower in San Francisco. The tower, a LEED Platinum property that is considered as one 爱上海 爱上海同城手机版of the greenest office buildings in the country, is jointly owned by Boston Properties and Hines.

The firm also plans to repay debt, particularly senior notes that are due for redemption, in October 2019. The company is also considering investing a portion of the proceeds in a short-term pur上海千花网交友 上海千花网论坛chase of securities.

Boston Properties in April announced plans to cut its water and energy use and greenhouse gas emissions by 2025. The company, which claims to have exceeded its 2020 target three years early, is planning to further cut its energy consumption by 32 percent, its water use by 30 percent and its greenhouse gas emissions by 45 percent.

Deutsche Bank Securities, J.P. Morgan Securities, Merrill Lynch, Pierce, Fenner Smith Incorporated, Morgan Stanley, BNY Mellon Capital Markets, Citigroup Global Markets Inc., Jefferies LLC, Scotia Capital (USA) Inc., SunTrust Robinson Humphrey, Inc., TD Securities (USA) and U.S. Bancorp Investments are serving as joint book-running managers. 上海千花网论坛 上海千花网The offering is expected to close on Nov. 28.

Tags: Architecture and Design, Boston Properties, Commercial Real Estate, green buildings
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14
Jun
2019

Gowanus Rezoning

Locals are already pushing back on the Gowanus rezoning plan Some are calling for more investment in affordable housing

A wideshot of Gowanus, Brooklyn (Credit: Getty Images)

The Gowanus rezoning plan is already attracting heaps of criticism from residents.

Many are demanding that the city put more investment into爱上海同城 爱上海 public housing before they complete the plan, and 新爱上海同城对对碰论坛 上海同城对对碰交友社区others are pushing back against allowing for more 20- and 30-story buildings in the neighborhood, according to the Wall Street Journal.

Officials at the Department of City Planning said the plan would lead to thousands of new affordable housing units in Gowanus and provide developers with incentives to include manufacturing and arts spaces in their projects.

The rezoning plan covers 80 blocks by the Gowanus Canal and would allow new mixed-use developments to go up along the water. Some buildings would be able to stand up to 22 stories tall. And on two parcels, they could stand 30 stories tall.

Developers would need to raise the shoreline by the canal and build flood-proof buildings, and they would be responsible for remediating the land they build on as well. The rezoning also permits 上海贵族宝贝论坛 上海贵族宝贝the construction of new爱上海龙凤419桑拿 上海龙凤论坛sh1f green spaces and an esplanade.

The U.S. Environmental Protection Agency in 2016 in late 2017 started to clean up the canal Superfund Site, which is expected to be completed by 2022.

Katia Kelly, who has lived close to the canal for 32 years, told the Journal that the city should not encourage developers to build high-density apartments close to the canal.

“We’ve all seen what this area looks like when it is flooded on a regular basis,” she said. “It’s so shortsighted to be building affordable housing in a flood zone.” [WSJ] – Eddie Small

Tags: brooklyn, department of city planning, Development, Gowanus, Residential R阿爱上海同城 阿拉爱上海同城eal Estate, Rezoning
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