NYC Hotel Development

Hotel development plans will finish the year ahead of 2015 But there is an asterisk in the form of a 1,200-key project in LIC

The number of hotel units planned so far in New York City this year上海贵族宝贝交流区 上海贵族宝贝论坛 is up 46 percent from the same period in 2015, according to an analysis of Department of Buildings permit applic上海千花社区 上海千花网交友ations for known hotel projects by The Real Deal.

Through October, developers planned 4,961 units in 34 known爱上海同城手机版 新爱上海同城对对碰论坛 hotel projects of at least 10 units, up from 3,395 in 31 projects during the first 10 months of 2015.

Hotel development plans peaked in 2014, when developers applied to build more than 9,000 hotel rooms. Last year, plans were cut nearly in half, signaling an end to what had been four consecutive years of year-over-year increases in planned projects, as TRD previously 上海龙凤论坛sh1f 上海龙凤论坛reported.

But the slide ha阿爱上海同城 阿拉爱上海同城s stabilized and the data show that hotel development has even picked up pace. The hotel units planned so far this year (4,961) is already more than 2015 by year s end (4,630).

There is, however, a pretty big catch. More than a quarter of the hotel units planned in 2016 come from a single development, the Japanese hotel chain Toyoko Inn’s colossal Long Island City hotel project that will rise 50 stories and fit 1,260 hotel rooms. Additionally, a select number of projects will include units that are residential rentals or condos but which are not specified by building plans, making it difficult to put an exact number on the true hotel pipeline at any given time.

Apart from the volume of planned projects, the geography of hotel development changed over the last year as well. By this time in 2015, only one qualifying hotel plan was filed in the Bronx, a 98-key new construction building in Mott Haven. On the year to date so far, there were nine hotels planned for the Bronx totaling 654 rooms. In Queens, the number of individual hotel buildings planned is notably down from last year, with nine projects in 2016 versus 14 during the period in 2015, perhaps because Long Island City is finally starting to run out of industrial sites to build as-of-right hotels on.

Tags: construction permits, Hotel Market
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Paul Massey

Paul Massey rallies the real estate troops for mayoral campaign At REBNY luncheon, Massey finally talks campaign tactics

Paul Massey

Taking to the podium at the Real Estate Board of New York s annual holiday luncheon Monday, Paul Massey reminisced about when President-elect Donald Trump gave the same keynote speech decades ago.

It was like watching Andrew Dice Clay go off on 爱上海同城手机版 新爱上海同城对对碰论坛a mid-1980s real estate riff, he quipped.

Massey, president of New York investment sales at Cushman Wakefield, pulled no punches during one of his first public speeches since he declared his intention to run for Mayor of New York City. He took aim at incumbent Mayor Bill de Blasio over what he intimated was a substandard work ethic.

The police will never have to protest me outside my gym at 10.30 a.m., he said, a reference to when city cops protested De Blasio over his alleged failure to hammer out new contracts in September. I ll already have been at work for four or five hours.

As mayor, Massey , who is running as a Republican in the mold of former Mayor Michael Bloomberg, pledged to eradicate homelessness as well as work to reform education. While 上海贵族宝贝 上海千花网龙凤论坛he didn t get into his specific plans to do so, he did try to rally his industry上海千花网龙凤论坛 上海千花社区 peers attendees included Ralph Herzka o上海龙凤论坛sh1f 上海龙凤论坛f Meridian Capital Group and James Nelson of Cushman to support his bid, either financially or through word of mouth. He was seen rubbing shoulders with REBNY chair John Banks prior to the lunch.

I promise to make you proud, he said.

He noted that he has a much higher aspiration上海贵族宝贝论坛 上海贵族宝贝al fundraising goal than many of his fellow running mates, though he declined to provide a number. He did, however, say that he would not accept matching funds from the city.

We ll be considered a very credible and relevant candidate based on how much we ve raised, he said.

By contrast, de Blasio has raised $2.24 million for his 2017 reelection effort, according to campaign records from May. Donors include Bill Rudin, Sol Arker, Steven Witkoff, Bruce Ratner, David Lichtenstein and William Zeckendorf, who together have bundled more than $100,000 for the mayor since last October.

As for what he learned from the presidential election process, Massey said it was to take pause before casting a vote.

We have to have a conversation in advance about our leadership, he said.

Tags: elections, mayoral race, paul massey, REBNY
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Rent Stabilization Association

RSA wants 8上海千花网龙凤论坛 上海千花社区% rent hike on 2-year leases Landlord group says operating costs on rent-stabilized apartments jumped 11%

RSA s Joseph Strasburg and Bill de Blasio (Credit: Getty Images)

Less than a month after losing its legal bid to overturn the Rent Guidelines Board s rent freeze, the landlord coalition Rent Stabilization Association is calling for rent increases on all one-year and two-year leases.

The group wants one-year leases to go up by four percent, and two-year leases to increase by eight percent, Real Estate Weekl上海夜网论坛 上海夜网y reported. It will present its case to the RGB at its meeting on Thursday evening, according to the publication.

Over the past three years, owners of rent-stabilized apartments have seen their operating c上海千花网论坛 上海千花网osts jump by 11 percent, according to the group’s president Joseph Strasburg, who cited RGB data.

“Over that same period, the RGB has limited rent increases to 1%, including consecutive rent freezes in 2015 and 2上海千花网论坛 上海千花网016 – depriving landlords of the only revenue source they need to pay property taxes, which de Blasio has raised eve上海同城对对碰交友社区 上海夜网论坛ry year, and to maintain, repair and preserve affordable housing for their tenants,” he said.

The group claims the RGB and Mayor Bill de Blasio, who appoints its members is using rent freezes as a political tool, and there is no rationale for a third consecutive rent freeze.

Last month, a New York State Supreme Court upheld a rent freeze on certain one-year leases, rejecting the RSA’s arguments that the RGB didn’t have the authority to keep rents flat.

In February, an appeals court blocked the de Blasio’s administration from raising water bills on large landlords. [Real Estate Weekly] Miriam Hall

Tags: Politics, Rent Regulations, Residential Real Estate
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Delvaux

Handbag company Delvaux sets up shop at the Sherry-Netherland This will be the Belgian retailer’s first US location

Sherry-Netherland and the interior of the Delvaux store in Canada (Credit: Delvaux)

Upper East Siders, it s time to loosen the purse strings. Delvaux, a luxury Belgian handbag爱上海同城手机版 新爱上海同城对对碰论坛 retailer, is taking a space at the Sherry-Netherland hotel for its first U.S. store, sources told The Real Deal.

Delvaux signed a lease to take 2,200 square feet at the base of the building at 781 Fifth Avenue, sources said. A spokesperson for the Sherry-Netherland confirmed the deal.

The Belgian company is said to be paying north of $4 million in annual rent, according to sources, but the asking rent per square foot was not immediately clear.

“We are pleased that Del上海龙凤论坛sh1f 上海龙凤论坛vaux, the oldest fine leather goods house in the world since 1829, has decided to make our 59th Street and Fifth Avenue location their first U.S. home. Our corner of NYC is synonymous with luxury and we look forward to welcoming them to family, said Michae爱上海龙凤419桑拿 上海龙凤论坛sh1fl Ullman, chief operating officer at the Sherry-Netherland.

The Sherry-Netherland co-op owns the retail component at the property. For nearly a year, it has been looking for tenants to fill more than 7,500 square feet of ground floor and mezzanine retail space, including spaces once occupied by Italian fashion boutique Domenico Vacca and the antique jeweler A La Vielle Russie. The latter space is becoming available for the first time in 35 years.

The other retailer in place, upscale restaurant Harry Cipriani, has occupied its space since 1985 and is one of the most popular venues for爱上海同城对对碰 爱上海同城论坛 the real estate industry power lunch.

The Sherry-Netherland, which contains 169 residential units, has not been spared from the decline plaguing luxury co-ops in the city. A full-floor co-op had $3 million cut from its $32 million asking price in July.

Delvaux, founded in 1829, has 32 stores worldwide, including several in Belgium and in China. Their goods are also distributed in the U.S. at Barneys stores, but there has never been a brick-and-mortar location there.

An RKF team led by Robert Cohen, Pierce Thompson and Jackie Totolo represented the landlord, and Lansco Corporation’s Susan Teplitz and Diane Mandel represented the tenant.

The owners of the retail are more concerned about the quality of the tenant than setting any sort of record rent,” Cohen said last year.

Representatives for Lansco declined to comment, and Delvaux and RKF did not respond to a request for comment.

The property sits next door to Capstone Equities’ 5 East 59th Street, where a 5,000-square-foot retail space formerly occupied by a Snapchat pop-up known as Spectacles is on the market for lease. Winick Realty Group is marketing that space.

Despite widespr爱上海同城论坛 爱上海同城ead vacancies on the Upper East Side, the retail corridor stretching from East 57th Street to East 59th Street has seen a string of activity in the past couple years. Bulgari set a New York City retail recor[……]

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NYC Postwar Apartments

The NYC apartment market’s last bargain? Postwar pads Units built in the 1950s still come relatively cheap

The Sovereign at 425 East 58th Street in Sutton Place

Looking for that elusive bargain in NYC’s real estat爱上海龙凤419桑拿 上海龙凤论坛sh1fe market? Rather than searching by neighborhood, apartment buyers should consider searching by building age.

Postwar apartments are by far the cheapest on average, according to data from appraisal firm Miller上海千花社区 上海千花网交友 Samuel. Between June 2016 and June 2017, the average sales price for the city’s newest apartments was $3.05 million. Prewar pads sold for $1.5 million on average. But units built in the 1950s went for a mere $737,500.

Most postwar apartments were designed as cheap rentals often small, with low ceilings and nestled in big, anonymous apartment blocks. They were turned into co-ops during the conversion wave of the 1980s, but kept lo上海夜网论坛 上海夜网w price tags.

“For a while, they were despised by people who thought they had the right to despise them,” NYU architectural historian Carol Herselle Krinsky told the New York Times, adding that “things haven’t changed much” in that respect.

But that stigma is an opportunity for bargain hunters. Compass broker Jaclyn Treinkman, for example, recently listed a Greenwich Village postwar apartment for $550,000. Similar but newer apartments in the neighborhood, she said, would go for $700,0新爱上海同城对对碰论坛 上海同城对对碰交友社区00. [NYT] Konrad Putzier 

Tags: cheapest listings, Residential Real Estate
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Centurion Realty

Tawil s Centurion buys Soho rental buildings for $62M Thompson Street buy also includes 5 retail units
We are having s爱上海龙凤419桑拿 上海龙凤论坛sh1fome tech上海千花网 爱上海同城对对碰nical 爱上海同城 爱上海difficulties. 上海龙凤论坛sh1f 上海龙凤论坛Try again later.

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Sandcastle Hamptons

Joe Farrell lists “Sandcastle” megamansion for $50M Prolific Hamptons developer turned down $43.5M offer in 2013

Joe Farrell and “Sandcastle” mansion

Hamptons developer Joe Farrell has put his “Sandcastle” mansion on the market for $50 million.

The 15-bedroom Bridgehampton home at 612 Halsey Lane spans 17,000 square feet with amenities li上海夜网 阿爱上海同城ke a spa爱上海同城手机版 新爱上海同城对对碰论坛, bowling alley and baseball field, the New York Post reported.

Farrell is asking $49.95 million, a 15 percent premium over the $43.5 million offer he got for the property in 2013. In 2014, Farrell was looking to rent it out on a short-term basis for $1 mill新爱上海同城对对碰论坛 上海同城对对碰交友社区ion per month.

The developer spent eight years living in the mansion – the longest amount of time he’s ever spent in one home. He said it’s time to downs爱上海同城手机版 新爱上海同城对对碰论坛ize.

“We’re building something more modern and manageable,” he explained.

Celebrities like Jay-Z and Beyoncé have rented the home. Farrell and his wife early last year bought a second apartment at 510 Park A上海贵族宝贝论坛 上海贵族宝贝venue for $4.4 million. [NYP] – Rich Bockmann

Tags: Hamptons, joe farrell, Residential Real Estate
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Brooklyn Luxury Market

Brooklyn luxu爱上海同城手机版 新爱上海同城对对碰论坛ry market saw 18 contracts signed last week Contracts were worth a total of about $51.2M
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David Beckham

Here s everything you need to know about Dav爱上海同城论坛 爱上海同城id Beckham’s latest MLS stadium and mega complex proposal The proposed $1 billion development will go to voters Nov. 4

David Beckham and Miami Freedom Park (Credit: Bob Bekian via Flickr)

For David Beckham, landing a stadium site for his Miami professional franchise has proven just as elusive as winning a World Cup for England.

Since his group Miami Beckham United launched its bid to field a Major League Soccer team four years ago, the international futbol star has cycled through four possible locations with each one falling through, including Beckham’s preferred site at PortMiami that was torpedoed by the cruise line industry.

In late 2015, it appeared Beckham United had finally settled on a 9-acre site in Overtown that included the purchase of land owned by Miami-Dade County. However, the deal hasn’t been finalized due to ongoing litigation by wealthy preservation activist Bruce Matheson, who sued the county for allegedly violating state law when it agreed to sell Beckham the land without first getting competitive bids.

Enter Jorge Mas and Jose Mas, the chairman and CEO, respectively, of Mastec, a publicly-traded engineering and construction firm based in Coral Gables. In December, the brothers became Beckham’s new partners alongside Masayoshi Son, the chairman of Sprint Corp. and CEO of SoftBank as Beckham’s original majority partner Todd Boehly bowed out. Boehly, chairman and CEO of Eldridge Industries and a part owner of the Los Angeles Dodgers and the Los Angeles Sparks, couldn’t come to terms with MLS and the league’s board wanted Beckham United to recruit more local owners, according to media reports. Marcelo Claure, Sprint’s CEO and another original partner, is still part of Beckham United.

Since then, Jorge Mas who is not enthusiastic about the Overtown site took the lead in the stadium search. The prominent Miami businessman, with the su爱上海同城手机版 新爱上海同城对对碰论坛pport of Miami Mayor Francis Saurez, is championing a no-bid proposal to build a massive commercial development with the stadium as the centerpiece on a site near Miami International Airport that is currently home to Melreese Country Club and an adjoining park complex.

On Wednesday, the Miami City Commission voted 3-2 to allow a referendum on the November ballot asking Miami residents to approve or reject Beckham United’s latest stadium pitch. 

The Real Deal has broken down the important aspects of the project:

1. What is Miami Beckham United proposing to build?

A $1 billion commercial project called Miami Freedom Park that would include a 28,000-seat state-of-the-art stadium for Miami Beckham United’s soccer franchise, 380,000 square feet for retail and restaurants, 1 million square feet of technology-related office space, 120,000 square feet for entertainment uses, 20,000 square feet of conference space, about 500 hotel rooms, and a parking facility with a green roof that will be utilized for public soccer fields.

2. Where would Miami Freedom Park be[……]

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PG&E

PG E to file for bankruptcy amid $30B in fire-related liabilities, thousands of destroyed homes Company has been lobbying to pass on costs of damages to residents

PG E s incoming CEO John Simon and a Paradise, California home burned in the Camp Fire (Credit: iStock)

PG E Corp. said it is preparing to阿拉爱上海同城 爱上海龙凤419桑拿 file for bankruptcy in the next two weeks, as it faces potential liabilities of up to $30 billion related to a string of wildfires over the last few years.

On Sunday, CEO Geisha Williams stepped down as CEO of the company, which wholly owns the Pacif上海贵族宝贝 上海千花网龙凤论坛ic Gas and Electric utilities company. Ge上海贵族宝贝 上海千花网龙凤论坛neral Counsel John Simon will act as CEO until a replacement can be found, according to Bloomberg.

In lawsuits, survivors have blamed PG E for igniting some of the deadly wildfires that have scorched California in recent years, including the Camp Fire in November that killed 86 people and destroyed 21,000 home爱上海 爱上海同城手机版s acros上海贵族宝贝论坛 上海贵族宝贝s six counties in Northern California.

State Attorney General Xavier Becerra also has the company in his sights. He promised in December to charge PG E if an investigation revealed that “reckless” behavior contributed to the Camp Fire.

Around two-thirds of the company’s market value has been wiped out since the company said following the fire that there were equipment failures near its origin point.

PG E said it “does not expect” bankruptcy to impact service to customers, or pay and benefits to employees. The company has spent millions of dollars lobbying the state to let it pass on the cost of damages to its customers. The utility has $1.5 billion in cash and equivalents on hand, according to Bloomberg, far less than its potential liabilities.

A group of more than 170 residents have also filed suit against Southern California Edison, claiming the utility company was partially responsible for causing the Woolsey Fire, which destroyed more than 1,600 structures in L.A. and Ventura counties in November. [Bloomberg] — Dennis Lynch

Tags: PG E, politics
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