Month: June 2019

New York REIT

NY REIT reportedly in merger talks with JBG Cos. NYRT shares halted trading Monday after news broke of discussions

City-focused real estate investment trust New York REIT is reportedly in talks to merge with Maryland-based real estate firm the JBG Companies.

While there is “no certainty” that the discussions will resu上海同城对对碰交友社区 上海夜网论坛lt in a deal with JBG, according to Reuters, a merger would offer a lifeline to the struggling New York REIT and provide the latest instance of a privately held real estate player buying out a publicly traded REIT.

New York REIT shares halted trading on the New York Stock Exchange Monday afternoon after news broke of the JBG talks, according to CNBC. The company’s stock subsequently resumed trading and was up more than 4 percent, to $10.27 per share, as of 3:30 p.m. Monday.

In October, New York REIT hired Eastdil Secured to advise on “potential strategic transactions” including a possible entity-level sale of the company, which is led 新爱上海同城对对碰论坛 上海同城对对碰交友社区by CEO Michael Happel and sponsored by Nicholas Schorsch’s AR Global.

New York REIT was reportedly close to being acquired by SL Green Realty, though the city s 上海龙凤论坛sh1f 上海龙凤论坛largest office landlord subsequently distanced itself from talks of a deal.

New York REIT announced in爱上海同城 爱上海 February that it would not host a conference call for investors and analy爱上海龙凤419桑拿 上海龙凤论坛sh1fsts in wake of its year-end earnings report, citing the continuing “strategic review process.”

The JBG Companies owns office, residential, retail and hotel[……]

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180 Maiden Lane

Tara Stac上海贵族宝贝 上海千花网龙凤论坛om and 180 Maiden Lane

The City’s Department of Investigations is set to lease 275,000 square feet at 180 Maiden Lane, while the New York City Eco爱上海同城手机版 新爱上海同城对对碰论坛nomic Development Corporation is also looking for a larger space Downtown.

The DOI will occupy floors 15 through 25 in Clarion Partners and MHP Real Estate Services’ 1.35 million-squa爱上海同城对对碰 爱上海同城论坛re-foot tower, according to a City filing reviewed by the New York Post. The new office will replace the agency’s five current locations, adding 75,000 square feet to its total footprint. “With a staff that’s grown from 500 to 700 over the past three years, we’ve outgrown our current nearly 200,000 square feet at five sites,” a spokesperson told the paper.

The Post had previously reported that the agency was considering the building.  Cushman Wakefield s Tara Stacom is the property s leasing agent, along with MHP s Jesse Rubens, Richard Doolittle and James Tamborlane.

The DOI’s current locations are at 80 and 83 Maiden Lane, 250 Broadway and 160 Water Street. In July, the agency published a report on the city’s role in the lifting of a deed restriction at former nursing home Rivington Hou上海同城对对碰交友社区 上海夜网论坛se that enabled its sale to condo converters.

The New York City Economic Development Corporation is considering moving out of Its 110 William Street office, the Post reports, and is eyeing Fosun International’s 28 Liberty Street, 55 Water St. and 32 Old Slip as new locations.

As The Real Deal reported in June, the nonprofit agenc[……]

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Jonathan Gray

Blackstone’s Gray said he was “surprised” by Trump meeting President-elect considered the Democrat for Treasury secretary

Jonathan Gra阿拉爱上海同城 爱上海龙凤419桑拿y

Blackstone Group’s real esta上海龙凤论坛sh1f 上海龙凤论坛te head Jonathan Gray said he was “surprised” when Donald Trump’s transition team invited him to a meeting last month. “I am a Democrat,” he told Bloomberg News.

Still, he said he took comfort in the meeting “because it signaled that they were reaching out to a broad range of people.”

The Trump team reportedly considered Gray for the position of Treasury secretary last month. He later withdrew his name from consideration.

Gray wouldn’t say whether he would have taken the job if offered, or what exactly he discussed with Trump and上海同城对对碰交友社区 上海夜网论坛 his advisers at their meeting in New Jersey. But he did reiterate his earlier claim that Trump’s victory makes stronger economic growth more likely, and said that Blackstone is already adjusting its investment strategy to account for it.

While Gray argued that stronger growth will be good for the real estate industry overall, he cautioned that some core properties could suffer from an expected rise in interest rates, which tends to put upward pressure on cap rates.

“There’s a little more risk on things that are more stabilized, more bond-like, but that’s not a big portion of what we own,” he said.

Asked about China potentially moving to restrict currency outflo上海千花网交友 上海千花网论坛ws, Gray dismissed the suggestion that this could become a problem for Blackstone. The world’s a bi[……]

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Mandatory Inclusionary Housing

New study backs City Hall in zoning dispute with advocacy group Report claims stricter affordability quotas would hurt development

Rendering of One Flushing (Credit: Bernheimer Architecture via Crain s)

A City Hall-commissioned study claims that more stringent affordability and local-l上海同城对对碰交友社区 上海夜网论坛abor requirements in rezoned districts proposed by a coalition of advocacy groups would backfire.

The coalition in question, Real Affordability for All, argues that the City’s Mandatory
Inclusion rules should require developers that benefit from rezonings to set aside a higher portion of units as affordable than currently mandated and also re上海千花社区 上海千花网交友quire the hiring of local construction workers.

Although City Hall opposed RAFA s proposals, it offered the group a concession in the form of a study on their feasibility. That study, written by law firm Carter Ledyard Milburn and consulting firm BAE Urban Economics, is now out. It claims that a requirement to hire local workers or those who have completed state-mandated appre上海贵族宝贝 上海千花网龙凤论坛nticeship programs would make the city vulnerable to lawsuits.

Adopting such a program in the zoning ordinance would likely violate federal and state laws and exceed the city s zoning authority, the report states.

The report also questioned RAFA’s recommendation that 50 percent of units at new developments be set aside for households making 上海千花社区 上海千花网交友between 30 and 100 percent of area median income (the city currently mandates 30 percent of units), arguing that the cha[……]

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With REBNY deal, NYT stakes claim on resi listings space Paper will stop charging firms to post listings

Andy Wright

All the news that s fit to print, maybe so. But for years now, the New York Times has not been the place to find all the homes that are fit to buy or rent.

Now, the Gray Lady is having another go at it. In an effort to bulk up its listings data, the Times said Monday that it would stop charging brokers in New York City to post exclusives. Instead, it will take the Real Estate Board of New York’s new syndicated feed in the hopes that doing so will drive web traffic and ad revenue.

We were the only game in town that remained as a paid listings model,” said Andy Wright, senior vice president of advertising for the newspaper. “We felt as though, strategically, it made a lot more sense for us to go free.”

The Times expects a 60 percent bump 上海千花网交友 上海千花网论坛in Manhattan listings from the move, which comes amid the residential world’s battle with StreetEasy over a $3 daily fee to post rental listings. Today, it has around 5,000 Manhattan listings, but it’s projected some 8,000 when the free model kicks in next month. Citywide, the Times has 9,058 sales listings and 18,794 rental listings. By comparison, StreetEasy had 12,264 sales listings and 18,196 rental listings as of Monday afternoon.

“While we’ve had the majority of large brokerages sending their feeds, there were a lot of boutique firms that weren’t sending their listings,” said Brendan Walsh, the Times executive advertis[……]

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Matt Lauer’s Sag Harbor estate is still on the market for $15M

The Sag Har上海千花网龙凤论坛 上海千花社区bor estate owned by recently fired “Today Show” host Matt Lauer and his wife is lingering on the ma上海千花社区 上海千花网交友rket with a $15 million price tag. The 8,000-square-foot home sits on 25 acres with a tennis court and pool. The couple originally listed the 上海贵族宝贝交流区 上海贵族宝贝论坛property上海夜网论坛 上海夜网 in mid-2016 for $18 million shortly after buying a North Haven compound from actor Richard Gere for $33 million. Susan Breitenbach of The Corcoran Group has the Sag Harbor listing. [Newsday]

Tags: Hamptons
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Retail E

Here s what Europe s largest retailer has in store for the future First, catch up with Amazon. Second, make deals in China

Left to right: woman shopping; Carrefour Market in Voisins-le-Bretonneux (Credit back photo by Lionel Allorge; 上海千花社区 上海千花网交友front photo by Pixabay)

Carrefour, second only to Walmart in the retail world, has big plans to change.

New CEO Alexandre Bompard has earmarked $4.5 billion over four years six times their current investment in e-commerce in a bid to catch up with other online retailers like Amazon, who s rumored to be looking at making a jump into the European market which Carrefour currently dominates, according to The Business Times.

The company als阿爱上海同城 阿拉爱上海同城o cut a deal with Chinese tech company Tencent and retailer Yonghui giving the two firms a stake in the long-embattled Carrefour China, tho新爱上海同城对对碰论坛 上海同城对对碰交友社区ugh Carrefour retains the largest stake. [Business Times] Erin Hudson

Tags: big box retail, china, Commercial Real Estate
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The Real Deal Panel

Experts talk LA housing shortage, millennials and the “LAIR” at The Real Deal s Westside forum The Real Deal panelists explored the future of residential development

Kacy Keys, Tom Wulf, Tami Hardee, Steve Fifield, Jeffrey Cooper and Hiten Samtani

It’s no secret that Los Angeles has a serious shortage of affordable housing. Gubernatorial candidates are pledging a dramatic increase in new housing and Mayor Eric Garcetti is claiming state Senate bills don’t do enough.

In the Westside, home prices have skyrocketed amid low supply. Proximity to the beach has always helped.

The residential real estate market took center stage at The Real Deal’s Westside forum on Wednesday at the Water Garden in Santa Monica, where experts in a variety of industries offered insight on existing conditions and what the future may bring.

“There’s a misguided impression that we have an affordable problem,” said one of the panelists, Fifield Companies’ founder and CEO Steven Fifield. “We actually have more of a workforce housing problem.” Fifield said that Angelenos at the top and the low end of the job wage-earning scale have housing, but those in the middle are struggling to find places to live.

Residential brokerage owner Tami Pardee, the panel’s residential expert, said there has been an increase in the number of people sharing bedrooms so they can afford to live in Venice. Her clients, many of them Silicon Beach techies who work at places like Snapchat and Google, aren’t exactly low-wage earners, either[……]

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Real Estate Technology

How one mortgage lender is trying to compete against cold hard cash Colorado company Eave has launched software that automates mortgage applications and gives buyers a decision within two days.

(Credit from left: 401(K) 2012; Nick Youngson CC BY-SA 3.0)

After all-cash deals dominated about a third of home sales last year, the takeaway for lenders and banks was they needed to expedite mortgage applications before a co上海贵族宝贝 上海千花网龙凤论坛mpetitor did.

Bank of America began allowing buyers to access loans worth up to 80 percent of their home following an all-cash purchase, and Better Mortgage Corp. started testing on a system 爱上海同城 爱上海to allow them to underwrite mortgages within a day.

N上海千花社区 上海千花网交友ow, a Colorado-based and operated company, Eave, is going a step further launching a new software that automates mortgage applications and decisions, according to I上海千花社区 上海千花网交友nman. The system provides buyers with a response within two days based on 10 documents.

The company targets loans for high-end homes, from $665,000 up to $8 million, and was founded by a C-suite line-up that counts a Capital One executive and Hailo executive among its ranks. Its backers include Bessemer Venture Partners and Two Sigma Ventures. [Inman] Erin Hudson

Tags: Mortgages, Residential Real Estate, Tech
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Brendan Aguayo

Why Brendan Aguayo, Brooklyn s top agent, thinks the borough still has room to grow The Real Deal recently ranked Aguayo’s team as No. 1 in Brooklyn

Brendan Aguayo and a view of Park Slope (Credit: Halstead and iStock)

Brooklyn is booming, and top agent Brendan Aguayo doesn’t think the boom will slow down anytime soon.

When Brendan Aguayo was growing up in Park Slope, his mother’s friends viewed Fifth Avenue as the neighborhood’s Mason-Dixon line. Things are different now.

“People have been talking about Fourth Avenue since 2002 when they rezoned the avenue,” he said. “But if you look at the pipeline that’s happening on that avenue and things that are happening within DOT that are physically going to change the median and the structure of the avenue and all the new retail, that’s new to me. Gowanus, that’s new to me.”

Aguayo has been in the real estate business for nearly two decades, and The Real Deal recently ranked his team at Halstead as number one in Brooklyn with about $289.7 million worth of sales across 172 deals in 2017. He has worked in the industry since high school, when he would rush from football practice to construction sites. His focus has always been on Brooklyn, and despite the borough’s explosive growth over the past few years, he maintains it can still expand even more—at least for now.

“I do see a lot of room for growth, at leas阿拉爱上海同城 爱上海龙凤419桑拿t in the next two years,” he said. “I think some of the new products that we’re working on now and some of the larger projects[……]

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