Marc Leder

Financier drops $30M on two pads at 1 Great Jones Alley Marc Leder’s new apartments collectively span more than 9K sf

Rendering of 1 Great Jones Alley (Credit: MARCH) and Marc Leder (Inset)

Private equity executive 阿爱上海同城 阿拉爱上海同城Marc Leder who s famous for throwing grandiose parties in the Hamptons might be bringing the ragers to Noho. The financier bought two apartments at Madison Realty Capital s 1 Great Jones Alley for a combined $30 million, according to the New York Post. 

The 5,595-square-foot penthouse duplex, 上海贵族宝贝交流区 上海贵族宝贝论坛which features four bedrooms and 1,000 square feet of outdoor space, was asking $23.7 million. The sec上海千花网 爱上海同城对对碰ond unit, which is located just below the penthouse on the 10th floor and spans 3,300 square feet, was asking $9.9 million.

Douglas Elliman’s John Gomes and Fredrik Eklund are marketing the 16-unit, 12-story luxury building at 688 Broadway. According to StreetEasy, nine of the units are under contract. Leder was represented by Elliman’s Tal and Oren Alexander, and Clayton Orrigo, according to the Post.

Leder, the CEO of Sun Capital Partners, is based in Boca Raton and made his first investment in New York City real estate with the purchase, the Post reported. Sun Capital Partners has an office in Manhattan.

The divorced financier in the past has made headlines for throwing over-the-top parties in the Hamptons, complete with celebrities, hordes of nude women and liquor by the gallon.

Madison Realty Capital principal Josh Zegen has targeted a $130 million sellout for the Noho condo, hitting about $2,640 a square foot. The firm received a $58 million in construction financing last year. [NYP] Miriam H上海龙凤论坛 新上海贵族宝贝论坛all

Tags: madison capital, Noho, NYC Luxury Market
We are having some technical di上海贵族宝贝论坛 上海贵族宝贝fficulties. Try again later.

By clicking Subscribe you agree to our Privacy Policy.

[……]

Read more

St John’s Terminal

City Council signs off on redevelopment of St. John s Terminal Some council members voted against t阿爱上海同城 阿拉爱上海同城he project because city’s MIH policy will not be enforced

Rendering of St. John’s Terminal

The City Council gave the final green light on Thursday to Westbro爱上海 爱上海同城手机版ok Partners and Atlas Capital Group s proposed 1.7 million-square-foot redevelopment of the St. John’s Terminal, ending months of negotiations between the developers, a nonprofit trust and an influential local politician.

The rezoning approval which some council members voted against allows Westbrook and Atlas Capital Group to move ahead with the project at 550 Washington Street, DNAinfo reported.

The developers plan to turn St. John’s Terminal, a three-block long building along the Hudson River, into an office and residential complex with over 1,500 apartments in four buildings. There s also plans for a hotel and at least 爱上海龙凤419桑拿 上海龙凤论坛sh1fof 400,000 square feet of retail space.

In October, the City Planning Commission agreed to allow the developers to pay $100 million for 200,000 square feet of Pier 40’s development rights to the Hudson River Park Trust. The proceeds of the sale will be used to repair the pilings that keep the pier afloat.

The developers have pledged to keep 30 percent of apartments rent-regulated, resulting in nearly 500 below-market units. But Westbrook and Atlas will not have to comply with the city’s mandatory inclusionary housing policy. The city allowed the St. John s Terminal developers to evade that requirement because of their $100 million investment in the park, which is considered a vital public need.”

That decision raised the ire of some council members. Brooklyn council members Jumaane Williams and Carlos Menchaca voted against the project. Council member Bra新上海贵族宝贝论坛 上海贵族宝贝交流区d Lander abstained from voting. I would want the MIH floor to be a real floor so that people don t seek to go below it, he said, according to DNAinfo. [DNAinfo] Miriam Hall

Tags: atlas capital gr新上海贵族宝贝论坛 上海贵族宝贝交流区oup, hudson river park, Pier 40, westbrook partners
We are having some technical difficulties. Try again later.

By clicking Subscribe you agree to our Privacy Policy.

[……]

Read more

Follow TRD’s Broward showcase and forum on social

We are less than 24 hours away 上海贵族宝贝论坛 上海贵族宝贝from our爱上海同城论坛 爱上海同城 third annual Broward County Real Estate Showcase and Forum! If you can t make it to the event, which starts at 12 p.m. Thursday at the Design Center of the Americas in Dani上海贵族宝贝 上海千花网龙凤论坛a Beach, don t fret we ll be posting live updates on our social sites throughout the day.

Follow along or add your two cents to the conversation by using #TRDForum on Twitter and Instagram. We’ll be providing live updates throughout t爱上海同城手机版 新爱上海同城对对碰论坛he day, so keep an eye上海贵族宝贝论坛 上海贵族宝贝 on @trdmiami on Twitter and @trdsofla on Instagram, as well as The Real Deal South Florida‘s Facebook page.

If you experience a last minute changes of plans, you can still buy tickets on our Eventbrite page. Enjoy the show!

We are having some technical difficulties. Try again later.

By clicking Subscribe you agree to our Privacy Policy.

[……]

Read more

Shake Shack

Shake Shack to set up shop in West Village上海龙凤论坛 新上海贵族宝贝论坛 Company mo爱上海同城手机版 新爱上海同城对对碰论坛ving its office from Union Square to Trinity’s 225 Varick Street

225 Varick Street and Shake Shack s Da上海贵族宝贝 上海千花网龙凤论坛nny Meyer (Credit: Getty Images)

Shake Shack is moving its offices from Union Square to the West Village.

The popular burger chain has inked a 15-year, 39,000-squa上海同城对对碰交友社区 上海夜网论坛re-foot lease at 225 Varick Street for its new home office and flagship restaurant that will feature a test kitchen, according to sources and Cushman Wakefield, which brokered the deal.

Mark Weiss led the Cushman team, and a CBRE team led by Paul Amrich represented the landlord, Trinity Hudson Holdings.

The 12-story Varick Street building has nearly 377,000 square feet of space overall, with tenants includin爱上海同城论坛 爱上海同城g Workman Publishing and the National Audubon Society. Weiss praised the building in a statement for its “high visibility, flexible, moderately priced location.

Shake Shack also plans to open a joint in 2018 at BFC Partners’ Empire Outlets on Staten Island, and the burger chain signed a 10-year lease last year for 2,500 square feet in Vornado Realty Trust’s Penn Station retail corridor.

Tags: CBRE, Cushman Wakefield, shake shack
We are having some technical difficulties. Try again later.

By clicking Subscribe you agree to our Privacy Policy.

[……]

Read more

Brick and Mortar

Retailers shift focus back to brick and mortar as mobile apps cut into their
market share UberEats is driving some restaurants to reduce their physical footprint

My Ceviche and the Uber Eats app (Credit: Getty Images)

Mobile applications are reshaping the way retail tenants allocate space in brick-and-mortar stores, according to entrepreneurs who led a panel discussion on the South Florida retail market.

Sam Gorenstein, COO and executive chef for My Ceviche and Zuuk Mediterranean Kitchen, said UberEats has prompted the Mi上海贵族宝贝论坛 上海贵族宝贝ami-based restaurant chain to closely evaluate how much it will pay and how much space it needs for future store openings. “Some of these technologies are making us adapt our business model,” Gorenstein said. “Knowing we now have to share the pie with a huge platform like UberEats, we are trying to minimize the per square foot price and the size [of restaurants] to accommodate for that loss of share.”

Gorenstein was part of a panel discussion hosted by the Commercial Industrial Associ上海贵族宝贝交流区 上海贵族宝贝论坛ation of South Florida and held at The Craftsman bar in Miami Brickell Village on how local retailers are adapting to succeed in today’s technology-driven retail market. He was joined by moderator Tadd Schwartz, president of Schwartz Media Strategies, and panelists Ellen Latham, founder of Orangetheory Fitness; Mitch Kaplan, owner of Books Books; Edward Beiner, founder of Edward Beiner Purveyor of Fine Eyewear; and Kathy Moorman, Baptist Health’s corporate vice president for real estate.

Panel. From left: Edward Biener, Sam Gorenstein, Mitch Kaplan, Ellen Latham and Kathy Moorman

UberEats is “complementary, but also competing” with Gorenstein s business because it offers users an array of restaurant options to order from, he said. The mobile application also makes it easier for users to opt for take-out rather than dining in. “So how do we change up the experience at the store level to get consumers to visit?” Gorenstein said. “We are changing the design by trying to cook and be more interactive in front of the customer.”

Baptist Health developed its own mobile application, the PineApp, that allows patients who don’t want to travel to the company’s medical facilities to visit with a physician online. “You can also see what the wait times are in the emergency department and urgent care centers,” Moorman said.

In order to bring people to Baptist Health facilities, t上海龙凤论坛 新上海贵族宝贝论坛he company is offering experiential retail services. “On the real estate end, we are building medical office buildings with a resource room where you will see all these wellness classes, lectures and seminars,” Moorman said. “We also offer opportunities to bring you some meditation type services like some yoga or Tai chi.”

Tags: Commercial Real Estate, mobile apps, restaurants, retail National Cheat Sheet: Michael Cohen testifies about Trump’s real estat…Laser Spine Institute founder to offer Clearwater-area waterfront home…Vanderbilt partnership buys West Palm office b[……]

Read more

Philadelphia Real Estate Boom

(Credit: vic15/Flickr, back; Tom Woodward/Flickr, front)

The city long regarded as a trove of cheap housing at least compared to New York is in the middle of an affordability crisis.

Home prices in parts of Philly have jumped more than 50 percent since 2014, according to Zillow and the increases come as the c阿爱上海同城 阿拉爱上海同城ity is simultaneously home to the largest proportion of residents below the poverty line, as compared to A新爱上海同城对对碰论坛 上海同城对对碰交友社区m爱上海 爱上海同城手机版erica s 10 top biggest cities. According to the Wall Street Journal, local government is responding with a new law that would force residential developers to offer 10 percent of new units for below-market rate rents.

Developers could also choose to pay into a city-managed fund to repair homes in lieu of selling or renting 10 percent of its units at lower rates. In exchange, for the concessions, under the law developers would be able to build more units than they would otherwise be permitted under the c上海千花网龙凤论坛 上海千花社区ity s existing zoning.

According to Alterra Property Group s Leo Addimando, the law, if passed, would certainly slow down residential development.

[WSJ] Erin Hudson

Tags: affordable housing, Philadelphia, Residential Real Estate
We are having some technical difficulties. Try again later.

By clicking Subscribe you agre上海贵族宝贝交流区 上海贵族宝贝论坛e to our Privacy Policy.

[……]

Read more

Town Residential

Town to close UES office, move staff into flagship at 888 Seventh Ave. Resi firm is moving away from retail storefronts

Andrew Heiberger and 888 Seventh Avenue (Credit: Studio Scrivo and Vornado)

Town Residential is closing its Upper East Side office amid a restructuring of its physical footprint.

In a LinkedIn post on Thursday, CEO Andrew Heiberger said the East 79th Street location would be folded into Town s new flagship at 888 Seventh Avenue, which opened in November. He said the move reflected the industry s shift away from brokerage storefronts, which are becoming obsolete.

“From pro上海贵族宝贝 上海千花网龙凤论坛perty searches to listing exposure, technology has changed the real estate industry, Heiberger wrote. Walk-in traffic has significantly dwindled, and the positive attributes of the storefront have since become negatives.”

Town inked a five-year lease for 15,000 square feet on the second floor of 888 Seventh Avenue in July, and it opened the new digs in November. In the 爱上海龙凤419桑拿 上海龙凤论坛sh1fnext few weeks, around 30 agents from the East Side office will move to 888 Seventh, which has been outfitted with a lounge, executive conference room and two kitchens. Dean Dunbar, Town s East Side manager, who will join the West Side office s management team of Adam Taylor and Gary Lacy.

In addition to 888 Seventh, Town has three other permanent locations — including 110 Fifth Avenue in the Flatiron, 26 Astor Place and 33 Irving Place. (The Flatiron office has 16,600 square feet; Astor has 6,800 square feet and Irving has 8,250 square feet.)

Town declined to state what it s paying in rent at Vornado Realty Trust s 888 Seventh, but a lease deal struck last year on the 19th floor featured asking rents in the low $80s a square foot.

The brokerage also folded its Soho office into the Astor Place location last year. And Heiberger s firm plans to consolidate its foothold in Brooklyn, where it currently operates out of a WeWork location at 240 Bedford Avenue上海同城对对碰交友社区 上海夜网论坛.

Heiberger said the decision to shake up its footprint was the result of a careful and thoughtful analysis of the real estate industry. Last year, Douglas Elliman combined two offices in Midtown South after opening new digs at 111 Fifth Avenue, where it took 19,500 square feet.  The firm also expanded its headquarters at 575 Madison Avenue to 100,000 square feet from 60,000 square feet.

Heiberger launched Town in 2010 — and scaled rapidly by opening sleek offices, throwing flashy parties and hiring top brokers. By 2013, it had 600 brokers and 10 offices. In 2015, Town closed offices in the Meatpacking District and Greenwich Village to cut expenses.

In 2016, Heiberger bought out partner Joseph Sitt s 50 percent stake in Town for an undisclosed amount. At the time, sources said he was financing the deal with an investment from one or more high net-worth individuals.

Town closed $659.6 million in sell-side deals in 2017, down 24 percent from 2016, according to The Real Deal s 2018 ranking of the city s top residential firms. Town sa[……]

Read more

Priciest Apartments Manhattan

Here are t新上海贵族宝贝论坛 上海贵族宝贝交流区he week’s top luxury sales An interactive look at wher阿爱上海同城 阿拉爱上海同城e the biggest dea新爱上海同城对对碰论坛 上海同城对对碰交友社区ls were struck, plus total overall sales and average pr上海贵族宝贝 上海千花网龙凤论坛ices for the week (click on numbers to see data)
We are having some technical difficulties. Try again later.

By clicking Subscribe you agree to our Privac上海同城对对碰交友社区 上海夜网论坛y Policy.

[……]

Read more

Jay Suites

Clockwise from top left: Jack and Juda Srour, 30 Broad Street, and Amol Sarva (Credit: HRO Group and Wikipedia)

When two flexible office companies sign leases in the same building, things can get messy.

Jay Suites plans to file an injunction to block its landlord at 30 Broad Street, Tribeca Associates, from bringing its rival Knotel into the property.

Jay Suites, the co-working company founded by brothers Jack and Juda Srour, has occupied the 14th floor of the 47-story office tower since 2011. Its lease prohibits the landlord from “leasing or subleasing of space in the Building to a person or entity in the Office Suite Business or business center rental business.” The company argues that Knotel, which it claims recently agreed to a deal for the 23rd floor in the building, fits that description.

In a letter sent to Tribeca Associates Thursday, Jay Suites demands that the landlord “must prevent Knotel from commencing, continuing and/or completing any build out in the Building, and from actually moving into the Building.”

Knotel declined to comment. Tr爱上海同城手机版 新爱上海同城对对碰论坛ibeca Associates, which bought the leasehold for 30 Broad Street from Gotham Realty Holdings for $130爱上海 爱上海同城手机版 million in 2016, did not respond to a request for comment.

As co-working companies spread across the city, more of them are bound to share a building. Earlier this week, for example, Knotel signed a management agreement for 45上海千花网 爱上海同城对对碰,000 square feet at the Sapir Organization’s 261 Madison Avenue, where WeWork is already a tenant. A source close to WeWork said its lease in that building does not include any restrictions blocking deals with other co-阿拉爱上海同城 爱上海龙凤419桑拿working companies, although these covenants are common across the industry.

In March, Jay Suites signed a 90,000-square-foot lease at 15 West 38th Street, next door to WeWork’s future headqua上海千花网论坛 上海千花网rters.

Tags: 30 broad street, Commercial Real Estate, jay suites, Knotel
We are having some technical difficulties. Try again later.

By clicking Subscribe you agree to our Privacy Policy.

[……]

Read more

NYC Condo Market

Love thy neighbor then buy their apartment To combine units requires patience and a premium

(Credit: iStock)

It can take years — sometimes decades — but New Yorkers looking to trade up can sometimes do just that by buying the apartment next door.

Combined units represent only a fraction of the market, around 2 percent to 5 percent of sales in the city, according to Miller Samuel Real Estate. But with a dose of luck, they do happen regularly, as the New York Times reported.

“I’ve heard of lots of people who have knocked on the door next door to say, ‘By the way, when and if you’re in the mood to sell, please 上海龙凤论坛sh1f 上海龙凤论坛come to me,’” said real estate 上海千花网论坛 上海千花网attorney Steven Sladkus. Sometime上海千花社区 上海千花网交友s, combining units can be more cost effective than trading up for a new and larger unit. Other times, sellers charge a premium because they know they can.

That was the case with Michael Faillace, who bought a 1,100-square-foot apartment for $184,000 in 1992, and then waited 25 years to buy his爱上海 爱上海同城手机版 neighbor’s apartment on East 86th Street.

In 1999, Faillace passed on an opportunity to buy the apartment next door for $160,000 and regretted the decision for years. In 2004, he was outbid on the adjacent unit and claims he immediately began nagging the new owner to sell. In 2017, after the apartment was appraised for $800,000, the neighbor said he’d sell — for $990,000. Faillace and his wife, Soraya, bit the bullet and closed in January 2018.

The process of combining two units (i.e., knocking down a wall) can cost around $20,000. But issues like uneven ceiling heights or load bearing walls can creep up and the extra kitchen also needs to be excised.

“Anything is possible if you have enough money,” said Don Friedman, president of Manhattan-based Old Structures Engineering. “But most people aren’t going to throw $1 million at combining two 800-square-foot apartments.” [NYT] – E.B. Solomont

Tags: Residential Real Estate
We are h阿爱上海同城 阿拉爱上海同城aving some technical difficulties. Try again later.

By clicking Subscribe you agree to our Privacy Policy.

[……]

Read more