Tina Brown Media

Tina Brown, Sir Harold Evans want $9.8M for Sutton Place pad Media couple entertained celebs, CEOs at lavish triplex

For two decades, its spectacular garden served as the perfect backdrop for part上海贵族宝贝交流区 上海贵族宝贝论坛ies attended by the likes of Salman Rushdie, Bianca Jagger and Howard Schultz. Now, media power couple Tina Brown and Sir Harold Evans are looking to Sell Their Sutton Place maisonette for $9.75 million.

Located at 447 East 57th Street, a 15-story Rosario Candela co-op building with just 23 units, the triplex apartment measures more than 6,000 square feet 爱上海同城手机版 新爱上海同城对对碰论坛and spans the building’s first three floors. It has four bedrooms and several wood-burning fireplaces.

But the crown jewel is a 20-foot by 65-foot garden where Brown hosted many of her legendary soirees.

Listing broker Kathy Sloane of Brown Harris Stevens wasn’t immediately availab爱上海同城论坛 爱上海同城le for comment.

Evans, a veteran editor and publisher, and Brown, former editor of Vanity Fair, the New Yorker and Newsweek, moved into the triplex in 1996, property records show.

But they reportedly paid between $3 million and $4 million for the pad with help from Brown’s former employer Condé Nast, according to the Observer.

In 2006, the couple took part in a lawsuit filed by the building’s co-op board, seeking to prevent developer Jon Kully of Flank from tearing down a townhouse abutting Evans and Brown’s property to make way for a 阿拉爱上海同城 爱上海龙凤419桑拿15-story condominium building at 441 East 57th Street. A state appeals court sided with the developer, however, and the new building was completed in 2008.

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420 Fifth Avenue

Forget cookies: Girl Scouts to sell Midtown office for $61M Organization occupies 14th through 17th floors of 420 Fifth

420 Fifth Ave爱上海 爱上海同城手机版nue

The Girl Scouts of America is selling the equivalent of roughly 12.3 million boxes of Thin Mints.

The organization is in contract上海龙凤论坛 新上海贵族宝贝论坛 to sell part of its headquarters at 420 Fifth Avenue to the Wasserman family s AM Property Holding Corp. and Samson Klugman s Quality Capital USA for $61.3 million, according to Real Estate Alert.

A representative for AM Property denied that it had purchased any property in the building. A message left for a Quality Capital representative was not immediately returned.

The Girl Scouts organization bought office and retail condos at 420 Fifth Avenue in 1991 for $24 million, the New York Time上海夜网论坛 上海夜网s reported at the time. The office condo spanned 171,000 square feet across the ninth through 17th floors. The organization is currently in contract to sell the 14th through the 17th floors, which span 71,960 square feet. A representative for the Girl Scouts did not immediately return a message seeking more information.

The building was constructed in 1986 and spans 609,000 square feet. Other tenants include the Rockefeller Foundation and Golfsmith International Holdings爱上海同城论坛 爱上海同城.

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Andrew Cuomo

Cuomo said he d return 50K apartments to rent regulation he didn t come close State effort to get landlords to comply with a court ruling appears to have fallen far short of goal

Gov. Andrew Cuomo (Credit: Getty Images)

A push by New York Gov. Andrew Cuomo to return 50,000 apartments to the city s stock of rent-regulated housing has fallen far short of its goal as hundreds of landlords appear to have ignored the state s plea to comply 上海千花网论坛 上海千花网voluntarily with laws limiting rent increases.

The Cuomo administration s effort stemmed from a 2009 court decision which said landlords cannot charge market-rate rent increases while collecting a popular tax break known as J-51. Instead, the state s Highest Court ruled that apartments must be subject to rent stabilization 2014 state laws limiting rent increases 2014 as long as owners receive the benefit.

As we reported in July, the state had ignored requests from tenant groups to enforce this landmark ruling, known as Roberts vs. Tishman Speyer. That was supposed to change in January, when Gov. Cuomo unveiled his effort to make owners comply with the Roberts ruling.

At the time, Gov. Cuomo said the major initiative would restore rent stabilization to about 50,000 units that had been wrongly treated as market-rate while owners collected J-51 benefits. There will be zero tolerance for those who disregard the law and reap these benefits while denying tenants affordable housing they are obligated to provide, Cuomo said.

The execution of Cuomo s announcement was far less emphatic than his words. Owners received a brief letter from the state s Division of Housing and Community Renewal asking them to sign their units up for rent stabilization during the next registration period, which lasted from April 1 to July 31.

The letter did not spell out any consequences for noncompliance and tenants were not directly notified that their apartments were subject to rent stabilization. Instead, the agency said it is DHCR s expectation that this initiative will help tenants by spurring v上海千花网 爱上海同城对对碰oluntary compliance by landlords and that it expected full compliance.

Now, the results are in and it appears many apartment owners simply ignored the agency.

As of March 31, New York City had 839,164 apartments registered for rent stabilization. As of October 1st, well after the July 31 deadline for landlords to register, the count stood at 861,683. That s a difference of about 22,500 apartments, or less than half the 50,000 goal Gov. Cuomo set in January.

Sounds like they have a lot more work to do, said Helen Rosenthal, a member of New York s City Council. Rosenthal said she still sees rent-stabilized apartments disappearing quickly from her district in Manhattan s Upper West Side上海贵族宝贝 上海千花网龙凤论坛. It s like a sieve on the Upper West Side. We re just losing them hand over fist, she said.

Asked about the shortfall, the Division of Housing and Community Renewal said that it will take legal measures with appropriate authorities to enforce the law.

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Jona Rechnitz

Jona Rechnitz allegedly involved in Hamilton ticket-sale Ponzi scheme News could imperil NYPD corruption probe

Jona Rechnitz

Real estate investor Jona Rechnitz was allegedly involved in a Ponzi scheme around the sale of上海千花网龙凤论坛 上海千花社区 Hamilton tickets, a revelation上海龙凤论坛sh1f 上海龙凤论坛 that could jeopardize a probe into New York City Police Department corruption, in which Rechnitz is a key witness.

The New York Post reports that court documents show Rechn新上海贵族宝贝论坛 上海贵族宝贝交流区itz acted as a recruiter for Jason Nissen, the math teacher who was arrested last week for allegedly running a $70 m阿拉爱上海同城 爱上海龙凤419桑拿illion Ponzi scheme. According to prosecutors, Nissen took investors’ money to buy and flip wholesale event tickets, but ended up using the money to pay off older investors instead.

According to the Post it isn’t clear whether Rechnitz who is said to have worked as a recruited for Nissen knew the business was a scam.

Rechnitz, a former Africa Israel executive and founder of JSR Capital, allegedly gave gifts to 20 NYPD officials in exchange for favors and agreed to act as a witness in the probe.  He was also at the center of a federal probe into Bill de Blasio s campaign fundraising. Rechnitz reportedly donated $50,000 to de Blasio s Campaign for One New York. The probe into de Blasio s fundraising practices was dropped earlier this year.

In late May, The Real Deal reported that Rechnitz was facing foreclosure at a block-long retail-and-office building he owns in Borough Park.  [NYP] Konrad Putzier 

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341 West 36th Street

Singaporean firm pays over $100M for DoubleTr上海千花网 爱上海同城对对碰ee hotel in the Garment District Magna Hospitality Group is the seller

Ascott’s Beh Siew Kim and 341 West 36th Street (Credit: Hilton)

Ascott Residence Trust paid $106 million for the Hilton DoubleTree hotel at 341 West 36th Street, property re上海千花社区 上海千花网交友cords show.

The Singapore-based real estate investment trust last week announced that it bought the property through a subsidiary, Barrydale SM LLC, but didn’t disclose the price. Oversea-Chinese Banking Corporation is funding the deal with a $65.4 million loan.

Magna Hospitality Group, which paid $83 millio爱上海同城对对碰 爱上海同城论坛n to acquire the property in 2012, is the seller. The 81,000-square-foot, 25-story building with爱上海龙凤419桑拿 上海龙凤论坛sh1f 224 rooms was completed in 2007.

Ascott阿拉爱上海同城 爱上海龙凤419桑拿 previously paid Magna $163.5 million for the leasehold on the Element hotel at 311 West 39th Street and $158 million for the leasehold on the Sheraton hotel at 372 Canal Street.

East Asian firms have emerged as big investors in the New York hotel market in recent years, particularly in the luxury segment. For example, South Korea’s Lotte Group bought the New York Palace Hotel for $805 million in 2015, and months earlier China’s Anbang Insurance Group bought the Waldorf Astoria for just under $2 billion.

Tags: Commercial Real Estate, Hotel Market
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Foreign Investment Los Angeles

TRD’s analysis of the top 12 countries investing in commercial real estate in Los Angeles in the past two years reveals Asia and the Middle East lead the pack

Foreign investors and developers pumped more than $8.28 billion into the commercial real estate landscape in Los Angeles County in the last two years, making L.A. one of the hottest markets for foreign capital in the U.S, according to an analysis of Real Capital Analytics data by The Real Deal.

Singapore and Qatar led the way, with more than $2 billion each, followed by Canada with $1.6 billion. And despite tighter capital controls in China, the country still ranks as one of the top foreign investors in the city, even though its buyers spent a bit less during this period than in the prior two years.

TRD’s analysis included investments by any foreign-owned firm that bought more than $50 million in real estate in the two years from June 1, 2015, through May 31, 2017, in L.A. County.

What makes L.A. so attractive to overseas buyers is its strong and stable fundamentals, experts said. “We have a tremendously powerful economy, and it’s diversified,” said Michael Zietsman, international director of JLL. “It’s by far the biggest economy in the western U.S.”

There’s also a dense population, people with spending capital, better yields compared to other top markets and job growth outpacing other areas of the country, said Joe Cesta, who leads CBRE’s capital markets group for Southern California and Hawaii and who is also the managing director for the Inland Empire. “Those are all the indicators that point to a strong, stable real estate market,” he said.

The L.A. industrial sector is particularly attractive to international investors for two reasons, said Cesta: the large population that the industrial base serves, and its location. 

“As goods come in from overseas, it’s logical to land here and then ship cross-country上海同城对对碰交友社区 上海夜网论坛,” he said. “As e-commerce continues to grow, I think L.A. and its surrounding counties will continue to benefit from that and its strategic location and proximity to China.”

The Port of Los Angeles and the Port of Long Beach were the two busiest seaports in the country in 2015 per the U.S. Department of Transportation.

“Logistics, as we now call it, is the darling of the industry. Everybody wants to buy some industrial property,” Zietsman said. “Industrial cap rates are still going down,” he added, which indicates lower risk.

Overall, cap rates for commercial real estate in L.A. stabilized in the first half of 2017 compared to the second half of 2016, according to CBRE data. In addition to industrial cap rates tightening, office and multifamily sectors remained unchanged at 5.56 percent and 4.75 percent, respectively, while retail and hotel cap rates increased — with the retail rate climbing from 6.33 to 6.42 percent from Dec. 31, 2016, to June 30, 201新上海贵族宝贝论坛 上海贵族宝贝交流区7, and hotel cap rates increasing from 7 to 7.5 percent over the same period. The outlook for the second half of the year[……]

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Carlo Scissura

Building Congress president just paid $2.2M for this Bay Ridge home Carlo Scissura’s new three-story Colonial has eight bedrooms

Carlo Scissura and 242 82nd Street in Bay Ridge

New York Building Con上海千花社区 上海千花网交友gress president Carlo Scissura 上海千花网龙凤论坛 上海千花社区is trading his Dyker Heights digs for 上海同城对对碰交友社区 上海夜网论坛a new three-story home in Bay Ridge.

Scissura purchased an eight-bedroom home on 82nd S上海千花网龙凤论坛 上海千花社区treet between Third Avenue and Ridge Boulevard for $2.2 million, according to documents filed with the city s Department of Finance on Tuesday. Though not far from his current Brooklyn home, the Bay Ridge property offers a shorter commute to his daughter s school, Scissura said on Tuesday.

The house, built in 1899, spans more than 4,000 square feet and has a private driveway and two-car garage. The dining and living rooms each feature a fireplace, according to House-n-Key s listing of the property. The previous owner is listed as Virginia Hindy.

Scissura, a life-long Brooklynite, took over as president of the Building Congress in January 2017, succeeding Richard Anderson, who held the position for more than 20 years.

Tags: New York Building Congress, Resid上海贵族宝贝交流区 上海贵族宝贝论坛ential Real Estate
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Escalation Clause

Here’s the little secret to winning a bidding war that could totally backfire Escalation clauses are common in hot markets, but they’ve got their pros and cons

Escalation clauses are a double-edged sword

Going up?

In a hot上海夜网论坛 上海夜网 real estate market, buyers will often put in offers with an escalation clause – something akin to an auto bid in the event a bidding war breaks out. But there are drawbacks for those on both sides of the negotiating table, according to 上海千花网论坛 上海千花网the Wall Street Journal.

An escalation clause is an addendum to a contract that automatically raises a buyer’s offer by predetermined increments up to a maximum amount.

But they come with risks. Namely, if a buyer says they’re willing to increase their bid up to a maximum amount, they’re tipping their hand to the seller as to how much they’re actually willing to pay.

“A buyer can think of an escalation clause as a ‘have your cake and eat it, too’ clause,” said David Reiss, a professor at Brooklyn Law School who specializes in real estate上海贵族宝贝 上海千花网龙凤论坛. “But in real estate, as with cake, it is hard to have it all.”

The seller can make a counter offer at the buyer’s maximum escalation clause price, but there are drawbacks for the seller too.

Say an owne爱上海同城对对碰 爱上海同城论坛r lists a hou上海千花网论坛 上海千花网se for $1 million, and a buyer puts in an offer of $950,000 with an escalation clause that rises in increments of $5,000 to a maximum of $1 million. A second buyer comes along with an offer of $980,000, the escalation clause kicks in and the first buyer wins the property at $985,000.

If the seller hadn’t agreed to the escalation clause and simply asked for the best and highest offer, it’s possible the first buyer would have made their maximum bid of $1 million. The seller potentially left $15,000 on the table.

But while these kinds of clauses become more common in hot markets, they’re seen less often in high-end real estate, where the increments would have to be substantially higher. [WSJ] – Rich Bockmann

 

 

Tags: bidding wars, Residential Real Estate
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Localize.city

It’s like Uber, but for finding out if your new apartment will be a nightmare Localize.city churns through public data to spot potential annoyances

Asaf Rubin (Credit: LinkedIn and Getty Images)

Most New Yorkers k新上海贵族宝贝论坛 上海贵族宝贝交流区now the experience: you rent an apartment only to realize later on that it’s above a bar, in an airport’s flightpath or that a giant skyscraper is about to be built across the street. Localize.city, a startup backed by $11 million in venture funding, is tryi上海千花社区 上海千花网交友ng to prevent these surprises.

The company launched an app that allows users to look at a building and see any potentially relevant information that can be pulled from public records. The idea is to help apartment hunters make more informed decisions.

Looking at an apartment on East 3rd Street, for example, shows nearby noise complaints, a rat infestation, and the prices other units in the building sold for, the Wall Street Journal reported. Much of the data is compiled by algorithms, the company claims.

Localize is an indication that the residential real estate industry is starting to catch up with its commercial counterpart, where startups like Reonomy and Ashkan Zandieh’s PropertyIDX allow users to view detailed information on buildi爱上海同城 爱上海ngs online.

Still, some critics argue that Localize’s data is too simplistic. “It is great if you are 10 years old or under,” Olsh上海龙凤论坛sh1f 上海龙凤论坛an Realty’s Donna Olshan told the Journal.

The company hired veteran DNAinfo reporter Amy Zimmer to head its content strategy. “The company sees itself as t上海龙凤论坛sh1f 上海龙凤论坛elling stories, adding to the conversation of what is happening in the city,” she said. “The way to find a home is to know about the story of a home and the story of the neighborhood.” [WSJ] Konrad Putzier 

Tags: Residential Real Estate, startups, Tech
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Co

Co-working has tripled its share of Manhattan s office-leasing activity over the past year: report Tenants inked 12 percent of the 25 million square feet worth of leases signed through the first three quarters of the year

Amol Sarva, Adam Neumann and Ryan Simonetti

With companies like WeWork, Knotel and Spaces gobbling up real estate to feed their voracious expansion plans, co-working and flexible-space tenants have tripled their share of Manhattan’s office-leasing activity over the past year.

Co-working tenants inked 12 percent of the nearly 25 million square feet worth of leases signed in Manhattan through the first three quarters of the year, according to Avison Young.爱上海同城论坛 爱上海同城 That’s up from 4 percent during the same time period last year.

Mitti Liebersohn, president and managing director of Avison Young’s New York City operations, said the stronger leasing activity “reflects that co-working operators are now securing leases in Class A buildings as well as Class B and C properties, a trend we saw across all markets in the third quarter.

WeWork, for example, recently signed a nearly 80,000-square-foot expansion at 85 Broad Street in the Financial District, where it’s launching its “WeWork Wellness” gym. The company, which is backed by SoftBank and reportedly seeking new funds at a $35 billion valuation, is now Manhattan’s largest private office tenant with a portfolio totaling 5.3 million square feet.

In Midtown South, co-working companies accounted for 45 percent of the 1 million square feet leased上海龙凤论坛 新上海贵族宝贝论坛 during the third quarter, overtaking the 23 percent of 爱上海 爱上海同城手机版leases signed by the submarket’s traditional tenants in the technolog阿拉爱上海同城 爱上海龙凤419桑拿y, advertising, media and information-services (TAMI) sector.

All of that co-working activity may give some pause for concern, though. A recent study by Cushman Wakefield found that investors consider properties with large exposures to WeWork as riskier bets than those with smaller percentages leased to the company.

Tags: Co-worki爱上海同城论坛 爱上海同城ng, Commercial Real Estate
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