Design

上海千花网论坛 上海千花网Time is running out for city to use design-build on BQE repairs Two bills aim to爱上海 爱上海同城手机版 employ deliver method on project

Brooklyn-Queens Expressway (Credit: Getty Images)

The clock is ticking on the city being able to employ a project delivery system that could cut costs from planned repairs to the Brooklyn-Queens Expressway.

Earlier this month, the state Legislature ultimately declined to expand design-build authority to all state agencies. Gov. Cuomo had proposed the expansion — leaving out city agencies — as part of New York s $163 billion budget. With the $1.7 billion in repairs planned for a section of the BQE on their minds, lawmakers are now pushing to enable the city to use design-build in certain cases.

Sen. Martin Golden introduced a bill on April 10 that would excl上海龙凤论坛sh1f 上海龙凤论坛usively allow a design-build contract for the BQE, Crain s reported. In March, Bronx state Assembly member Michael Benedetto i爱上海同城对对碰 爱上海同城论坛ntroduced a bill that would authorize certain city agencies to use design-build.

But Albany will have to act before the end of the legislative session in June if the BQE is to benefit from the streamlined bidding process. The city s Department of Transportation has already started looking at design teams.

Design-build differs from the traditional design-bid-build model in that the constr爱上海同城论坛 爱上海同城uction and design teams submit one contract. The delivery system is often touted as a money and time saver and is being used on the new Tappan Zee Bridge and the redevelopment of the Javits Center. [Crain s] — Kathryn Brenzel 

Tags: Architecture and Design, brooklyn queens expressway, Development, infrastructure
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Pet Friendly Cities

Pet owners beware: New York is one of the worst cities for furry friends Factors like home square footage make NYC one of the worst overall cities for pets

New York is one of the worst cities to be a pet owner or a pet for that matter. (Max Pixel, behind / Milton Glaser / Marvel Comics)

Our lifelong companions, the furry friends many of us share our lives, homes and even beds with, are the best part of a thriving industry that s worth almost $70 billion in the U.S. In 2017, it s estimated U.S. pet owners will spend about $30 billion on food alone, according to the National Pet Owners Survey.

Though, it爱上海同城手机版 新爱上海同城对对碰论坛 s hard to weigh costs against the unconditional love of a pet, consider this: despite being the one of the cities with the most pet-related business per capita, New Yorkers face the biggest budget for pet care in the U.S., according to a new analysis by上海龙凤论坛sh1f 上海龙凤论坛 WalletHub.

In fact, New Yor爱上海 爱上海同城手机版k is one of the worst cities to be a p爱上海 爱上海WIFIet owner or a pet for that matter. On WalletHub s ranking, the Big Apple came in 97 out of 100 cities. The rankings were determined by factors such as home square footage, access to a yard 爱上海同城 爱上海or park within walking distance, and average vet bill prices.

New York filled out the bottom five cities America alongside Baltimore, Boston, Honolulu and Newark. The top city for pets and their owners is Scottsdale, Arizona.

[WalletHub] E.K. Hudson

Tags: pets, Residential Market Report
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The Real Deal South Florida

Winter is coming and so is The Real Deal South Florida s December issue! Subscribe to the magazine to receive th新爱上海同城对对碰论坛 上海同城对对碰交友社区e next issue

Just like the holidays, The Real上海龙凤论坛 新上海贵族宝贝论坛 Deal South Florida s winter issue is right around the corner!

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:

What everyone from commercial brokers to development marketers and real estate attorneys are getting paid, on average, in South Florida
Which residential brokerages are doling out the biggest price cuts
A ranking of the top single-family sales in Palm Beach since 2011
A deep dive into the recent uptick in activity in Overtown, where Related and other notables are starting to invest
Co-working spaces in South Florida how much are they paying for their spaces and how much do they charge?

TRD s winter issue, which will drop in December, is timed perfectly 上海贵族宝贝 上海千花网龙凤论坛with the launch of one of Miami s signature events Art Basel. Click here to subscribe today.

For ad阿拉爱上海同城 爱上海龙凤419桑拿vertising opportunities, please contact us [email protected].

Tags: Commercial Real Estate, Development, palm beach county, Residential Real Estate, The Real Deal Wealthy inves新爱上海同城对对碰论坛 上海同城对对碰交友社区tors to face stricter rules to obtain a “golden visa” in …CNN’s Don Lemon to tie the knot with Corcoran broker Tim MaloneSAVE THE DATE: The Real Deal ’s annual Miami Showcase & Forum October …The Hotelification of multifamily: Greystar partners with Hello Alfred
The Real Deal South Florida s December issue!’ displayText=’Tweet’ st_url=’https://therealdeal.com/miami/2017/11/07/winter-is-coming-and-so-is-the-real-deal-south-floridas-december-issue/’>
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Manhattan Real Estate Loans

These were the biggest Manhattan real estate loans in February A $429M loan from Deutsche Bank to Oxford Properties topped the list

From left: Renderings of St. John s Terminal, CPPIB CEO Mark Machin and Oxford Properties Blake Hutcheson

Commercial real estate financing saw even more activity in February than in January, spreading more than $2.5 billion worth of deals across the 10 largest loans recorded in Manhattan. Deutsche Bank dominated the list overall, providing three loans that made this month’s round up. See the full list below:

1) Oxford commas — $429.4 million
Topping last month’s list was a $429.4 million loan from Deutsche Bank to Oxford Properties Group and Canada Pension Plan for their St. John’s Terminal project at 550 Washington Street. The firms closed on their $700 million purchase of the south site in January, and the project is slated to have office, retail and 1,500 apartments across three上海夜网 阿爱上海同城 blocks.

2) Return of the Deutsche — $335 million
Another loan from Deutsche Bank took a spot high up on February’s list. The financial giant provided Clipper Equity $335 million for its apartment at 120 Church Street in Lower Manhattan. Clipper bought the building from the Sapir Organization for $560 million in 2014 and last refinanced it two years ago. The new financing replaces the old debt on the building, according to the Commercial Observer.

3) We at the hotel, motel, Holiday Inn Express — $300 million
UBS and China Merchants Bank lent $300 million to Hersha Hospitality Trust and Cindat Capital Management for a portfolio of seven Manhattan hotels, including a Holiday Inn Express at 343 West 39th Street. The financing package includes an $85 million mezzanine loan as well.爱上海同城论坛 爱上海同城 There is total of 1,087 hotel rooms across the portfolio, which also includes a Hampton Inn at 337 West 39th Street and a Candlewood Suites at 339 West 39th Street.

4) An iconic loan — $280 million
Bank of the Ozarks loaned Icon Realty Management $280 million for its pair of Upper East Side properties at 301 East 80th Street and 301 East 81st Street. The developer is planning a 30-story, 72-unit condo tower for the 80th street lot, and a 19-story, 32-unit condo on the 81st street site. Both lots are currently vacant.

5) Rockwood and rollwood — $260 million
MetLife provided Rockwood Capital $260 million for its Midtown East tower at Two Grand Central. The company assumed JPMorgan Chase’s existing loan of $200 million and added a gap mortgage of $60 million. Tenants at the 44-story property, located at 140 East 45th St上海龙凤论坛sh1f 上海龙凤论坛reet, include financial firm Banorte Securities and wealth management firm BBR Partners.

6) Oh, Canada — $236.6 million
The Royal Bank of Canada gave Northwood Investors a $236.6 million loan for its purchase of 1180 Sixth Avenue from the beleaguered HNA Group, which has embarked on a fire sale of its properties. Northwood purchased the 22-story office building in Midtown for $305 million in February, and the loan represents about 78 percent of[……]

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Town Residential

Town drops 25% referral fee Facing agent backlash, firm will release listings for free

Andrew Heiberger (Credit: Studio Scrivo and Getty Images)

Town Residential has dropped plans to charge former agents and their new firms a 25 percent referral fee for exclusive listings they take with them.

The brokerage, which ceased its resales and leasing operations last week, will now assign the listings to the new firms at no cost.

“We will happily assign their listings to you for no referral fee at all,” Andrew Heiberger, Town s founder and CEO, said in an email sent Wednesday to the Real Estate Board of New York s residential board of directors.

Related: Listings in limbo: What’s to come
for Town agents’ millions in exclusives?

In the email, Heiberger also forfeited his seat on the residential board in light of last week’s decision. He said he could continue to serve on REBNY s board of governors under Button爱上海同城对对碰 爱上海同城论坛wood Development LLC, the boutique firm he started before launching Town in 2010.

Following the closure of those two divisions, Town had previously said it would release exclusive listings to agents and their new firms — but only for a 25 percent referral fee. The fee was payable to Town within three business days of the agent receiving a commission check, according to a Release Agreement g上海千花网交友 上海千花网论坛iven to agents, a copy of which was obtained by The 上海千花网论坛 上海千花网Real Deal.

Upon further thought and reflection, we have decided that the fair thing to do for our clients and representatives is to release the exclusive listings, Heiberger said in a statement. Town will also release all marketing materials, photos and floor plans.

From a legal standpoint, it was unclear if Town ever had a claim to any referral fees. And several agents and brokerage heads, who spoke on the condition of anonymity, said that the referral fee was a form of highway robbery.

Andrew Heiberger came out and said, I m no longer doing residential resales. I m giving cartons to my agents so they can pack up and leave,’ said one re爱上海同城对对碰 爱上海同城论坛al estate attorney, who said the scenario fell under a section of contract law called impossibility of performance. So, if one party is unable to perform 上海同城对对碰交友社区 上海夜网论坛under the contract, the lawyer said, the other party has the right to get out.

An assignment agreement and release agreement, when a brokerage is dissolved, is unusual, said Terrence Oved, a partner at law firm Oved Oved. However, a major brokerage going out of business is also fairly unusual, as well.

Over the past few days, multiple Town agents and managers from other firms have contacted REBNY for guidance on the issue.

We are in communication with Town regarding an orderly transition for the REBNY members affected by the closing of its residential resale operation, John Banks, REBNY s president, said in a statement. The organization plans to address any issues related to the disposition of exclusive listings, he said, to ensure they abide by REBNY’s universal co-brokerage agreement, which[……]

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SL Green secures $66M mortgage for Adidas’ Soho space

SL Green secures $66M mortgage for Adidas Soho space South Korean firm Meritz Real Estate provided the financing

115 Spring Street (Credit: Google Maps)

SL Green Realty secured a $65.6 million mortgage for a retail space in Soho.

The approximately 5,200-square-foot commerci上海千花网交友 上海千花网论坛al condo unit, at 115 Spring Street between Greene and Mercer streets, is currently occupied by an Adidas store. The footwear company signed a lease for the space in 2015, opening an “Originals” store that covers two floors.

The lender is Korean investment firm Meritz Real Estate As新爱上海同城对对碰论坛 上海同城对对碰交友社区set Management, according to records filed上海千花网 爱上海同城对对碰 with the city Tuesday. Before the deal, the property was not encumbered by any de上海千花网论坛 上海千花网bt.

SL Green bought the property for $52 million in 2014, records sh爱上海同城对对碰 爱上海同城论坛ow. It was previously occupied by Opera Gallery. SL Green bought out the gallery’s lease to make way for the acquisition.

The company has been involved in large retail transactions this year.  Last June, it sold its 50-percent stake in 724 Fifth Avenue to partner Jeff Sutton for $85.5 million. It also acquired the leasehold interest in 2 Herald Square and 1231 Third Avenue.

The firm declined to comment.

Meanwhile, Meritz, along with Aareal Corporation, previously originated a $275 million loan for 650 Fifth Avenue, an SL Green-owned retail property leased to Nike.

Tags: 115 spring street, SL Green Realty
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Airbnb NYC

The city’s anti-Airbnb law won’t take effect in February after all Federal judge has blocked the NYC law

From left: Mayor Bill de Blasio, Brian Chesky, and Corey Johnson (Credit: Getty Images)

A federal judge has blocked a New York City law designed to crack down on Airbnb and similar short-term rental platforms.

The law, passed last summer, would have required Airbnb to give the city details about tens of thousands of listings on its site on a monthly basis, along with the addresses and names of their hosts. It was set to take effect in February, and companies that did not share the data would be subject to $25,000 fines for each undisclosed listing.

Judge Paul Engelmayer of Manhattan’s United States District Court granted Airbnb’s re阿拉爱上海同城 爱上海龙凤419桑拿quest for a preliminary injunction, writing that the company would likely prevail on its claim that the law violates the Fourth Amendment’s guarantee against illegal searches and seizures, according 上海夜网论坛 上海夜网to the New Y上海千花网龙凤论坛 上海千花社区ork Times. Airbnb filed the request with the vacation rental site HomeAway.

Home-sharing companies have been fig上海龙凤论坛 新上海贵族宝贝论坛hting with multiple cities over regulations, and Engelmayer’s ruling could limit how much information local governments can demand from them.

Mayor Bill de Blasio and Council Speaker Corey John新上海贵族宝贝论坛 上海贵族宝贝交流区son were both strong supporters of the law, describing it as a way to fight against rising rents and protect New Yorkers.

Airbnb released a statement praising the decision as “a huge win for Airbnb and its users, including the thousands of New Yorkers at risk of illegal surveillance who use Airbnb to help make ends meet.” [NYT] – Eddie Small

Tags: airbnb, Hotel Market, Residential Real Estate
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NYC Rental Brokers

City Council could take a hatchet to the rental broker fee Agents already being squeezed by StreetEasy fees, landlords advertising directly to renters

Keith Powers (Credit: YouTube and iStock)

A new City Council bill slated to be introduced Wednesday would cut residential broker fees nearly in half.

The proposed legislation, whose prime sponsor is Manhattan Council member Keith Powers, 爱上海同城论坛 爱上海同城seeks to cap fees a上海龙凤论坛 新上海贵族宝贝论坛t one month s rent. Brokers often charge 15 percent of annual rent for their services. This bill would slash that to roughly 8.3 percent.

“The bill addresses the outsized costs associated with finding an apartment in New York City, which particularly harms younger and lower income New Yorkers, Powers said in a statement. With a low vacancy rate in New York City, it is increasingly important that we provide a framework to protect consumers.”

So far, the legislation has 25 sponsors. The measure has also already drawn some criticism from the residential brokerage community. Douglas Wagner, BOND New York s executive vice president of brokerage services, questioned if this was the best way to help renters.

You can t cure income disparity by limiting people s incomes, he said. This would qualify as restraint of trade, plain and simple.

Real Estate Board of New York president John Banks said agents rely on commissions to feed their families.

They offer a valuable service for both renters and owners, he said in a statement. The decision to use a real estate agent is optional and the fees are negotiable.

Broker fees are typically paid in addition to security deposits — usual上海千花网 爱上海同城对对碰ly 1.5 or two times the monthly rent — and the first month s rent. For a Manhattan apartment with the median rental price for the borough — $3,300, according to Douglas Elliman — that means paying $14,190 upfront.

Rental brokers have already been feeling the squeeze from StreetEasy, which increased its $3 a day fee per 上海同城对对碰交友社区 上海夜网论坛listing to $4.50. Agents also have to contend with the rise in co-living concepts, roommate matching startups and landlords advertising directly to consumers.

Tags: 爱上海 爱上海同城手机版Brokers, city council, NYC Brokers
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Blackstone Group

National Cheat Sheet: Blackstone Group plans to become a corporation, NAR hit with new antitrust suit … more

Clockwise from top left: Warner Bros. strikes major deal for its Burbank Studios, more U.S. retail stores have shuttered this year than all of last year, Blackstone Group plans to change its corporate structure effective July 1 and home sellers file another suit against NAR c上海贵族宝贝 上海千花网龙凤论坛laiming inflated buyer-broker commissions.

Blackstone Group plans to change its corporate structure effective July 1
Blackstone Gro上海同城对对碰交友社区 上海夜网论坛up plans to become a corporation in an effort to “make it significantly easier for both domestic and international investors to own [its] stock,” CEO Stephen Schwarzman said. The change in corporate structure will go into effect on July 1, the company said. The move follows in the footsteps of competitors KKR and Ares Management corp., which already changed their corporate status. News of the conversion came a day after the Wall Street Journal reported the group was thinking about selling its Cosmopolitan hotel and casino in Las Vegas, tapping Deutsche Bank and PJT Partners as it mulls “strategic alternatives” for the property. [TRD]

Home sellers file another suit against NAR claiming inflated buyer-broker commissions
Another antitrust lawsuit is claiming that the National Association of Realtors is involved in inflating buyer-broker commissions, Inman reported. The latest suit alleges NAR and four major brokerages — Realogy, HomeServices of America, RE/MAX and Keller Williams — are “conspiring to require property sellers to pay the broker representing the buyer of their properties, and to pay an inflated amount” in 20 different areas. A Minnesota home-seller filed a similar suit against NAR last month. NAR called the most recent lawsuit “baseless” and said it “contains an abundance of false claims.” [TRD]

More U.S. retail stores have shuttered this year than all of last year
More brick-and-mortar stores have closed in the first few months of 2019 than in all of 2018, according to the Wall Street Journal. A total of 5,864 stores closed across the country last year, the outlet reported, citing data from Coresight Research; this year, 5,994 stores have already closed. Chains including Payless ShoeSource, Gymboree Group and Charlotte Russe Holding, however, have already announced closures this year, and malls are still struggling. “I don’t think malls are out of the woods yet,” S P Global Ratings analyst Ana Lai told the outlet. [TRD]

MAJOR MARKET HIGHLIGHTS

Warner Bros. buying Burbank Studios property as part of $1B deal
Warner Bros. plans to buy the lion’s share of its 35-acre Burbank Studios property from Worthe Real Estate and Stockbridge Real Estate Funds as part of a deal valued at around $1 billion. The company, which is about the celebrate its centennial, said it will also move into two Frank Gehry-designed buildings that Worthe and Stockbridge are currently developing on the property’s seven remaining acres. As part of the d[……]

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