Moynihan Station

Port Authority approves up to $150M for Moyni爱上海同城对对碰 爱上海同城论坛han Station The agency previously rescinded a 40K sf lease at the transit hall

Rendering of Moynihan Station

The Port Authority of New York and New Jersey will provide up to $150 million in funds for the development of Moynihan Station, the proposed transit hall at the site of the Farley 爱上海 爱上海同城手机版post office near Penn Station. On Thursday, the bi-state agency s board approved the capital contribution, which will come from the Port Authority’s capital budget for transportation projects.

In March, the Port Authority backed out of a 35-year, 40,000-square-foot lease in the Moynihan transi爱上海同城手机版 新爱上海同城对对碰论坛t hall with the Empire State Deve上海千花社区 上海千花网交友lopment Corporation, the agency which purchased the post office in 2007.  At the time, they promised to study the agency’s future role in the station’s redevelopment.

The board’s approval gives a boost to Gov. Cuomo s proposed $3 billion redevelopment plan of both Penn Station and Moynihan Station. The project is slated to be funded primarily through private investment, with government funds contributing just $325 million.

The redevelopment of the Farley building has been a work-in-progress since the 1990s, and some of the city’s top developers have placed bids爱上海同城对对碰 爱上海同城论坛 for the projects’s newest iteration.

Tags: james a. farley post office, Moynihan Station, port authority
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NYC Rent Regulations

De Blasio says enough is enough : Landlords getting big tax break must爱上海同城手机版 新爱上海同城对对碰论坛 cap rent hikes The mayor’s statement, publicizing a crackdown on owners of more than 3,000 rental buildings, is his sharpest critique yet of enforcement lapses benefiting scofflaw property owners.

Jumaane Williams at a rally on Dec. 1 (Cezary Podkul/ProPublica)

In his sharpest critique yet of scofflaw landlords, Mayor Bill de Blasio said on Tuesday it s outrageous that thousands of New York City property owners accepted tax benefits from the city in exchange for limiting rent increases but did not live up to their obligations.

Enough is enough. Building owners who fail to comply will lose the benefit, de Blasio said in a press release formally announcing a large-scale enforcement program targeting more than 3,000 rental buildings. City officials first disclosed the initiative at a City Council hearing on Nov. 22.

The statement marks a change in tone for de Blasio, who had previously touted his efforts to reform the tax break, known as 421-a, as being enough to help the city s renters, while rarely calling for closer scrutiny of landlords. It also comes as 421-a enforcement lapses face increasing criticism from local elected officials.

If we give people free money, they will take it, Jumaane Williams, chair of the City Council s housing committee, said at a rally against 421-a on the steps of City Hall last week. Williams and Council Member Stephen Levin of Brooklyn have introduced legislation requiring annual audits of rental buildings receiving 421-a tax breaks. The bills have not yet been voted on.

The city s August 2015 announcement of a smaller 421-a enforcement effort didn t include a statement fro上海千花网龙凤论坛 上海千花社区m de Blasio. But in a March press conference, the mayor did praise the resulting return of 1,800 units into rent regulation as a striking figure.

Since then, it s become clear that the scope of the problem is much larger. As ProPublica reported in October, the city for years has allowed landlords to collect tax benefits under the 421-a tax program 2014 the city s single biggest housing subsidy 2014 without following all of its rules.

Chief among them is a requirement to restrict rent increases. When owners fail to follow this or other requirements, they aren t approved for the tax reductions. But, under a flawed process for awardin爱上海同城手机版 新爱上海同城对对碰论坛g 421-a benefits, the city s finance arm credited their tax bills anyway.

Our investigation found that nearly two-thirds of the almost 6,400 rental properties paying lower property taxes under 421-a did not have an approved application on file with the city s Finance Department阿爱上海同城 阿拉爱上海同城. Collectively, we calculated that these landlords saved about $300 million a year in property taxes without showing they qualified for the benefit. Most of the noncompliant properties had failed to register their apartments for rent limits, putting tenants at risk for overcharges.

As part of the enforcement effort announced on Tuesday, officials sa[……]

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Tabanlioğlu Architects

Istanbul-based architecture firm opens first NYC office Tabanlioğlu has worked with Madison Equities among other developers

Rendering of 118 East 59th Street (Credit: Tabanlioğlu Architects)

Istanbul-based Tabanlioğlu Architects has set up shop in Lower Manhattan with its first ever office in New York City.

The firm, led by Murat Tabanlioğlu, announced on Monday that it s opening a new office at 111 John Street. The firm, which has offices in Dubai, Doha and London, was founded in 1990 by Tabanlioğlu and his father, Hayati Tabanlıoğlu.

Downtown Manhattan has attracted a number of major architecture firms over the year上海贵族宝贝论坛 上海贵族宝贝s. SHoP Architects; Skidmore, Owings Merrill; and Hill West, formerly Goldstein Hill West, all have offices Downtown. Tabanlioğlu s new John Street office space — 3,000 square feet on the 26th floor — coincides with the firm s push to expand its work in New York and the United States.

“New York City is the world center of business, commerce and design, Murat Tabanlıoğlu said in a statement. We are excited to expand into this great market.

So far, the firm s work in the city is limited. The firm designed two condominium buildings on East 13th Street for the Amirian Group, which are currently under construction. The company also created concept renderings for 118 East 59th Street, a long-stalled condo project on the Upper East Side. The designs were produced for Madison Equities, though the site is still owned by Euro Properties. In a recent interview with The Real Deal, Tabanlioğlu described the design as lego-like and partially inspired by Piet Mondrian s colorful geometric paintings.

The firm also created similar designs for Madison for a brother building on East 47th Street and Lexington Avenue, but the developer ultimately didn t purchase the site.

M爱上海龙凤419桑拿 上海龙凤论坛sh1fadison Equities Robert Gladstone, who recently indicated that he s still eyeing the 59th Street property, did not return messages seeking comment.

The firm s other work includes Istanbul Sapphire, the tallest building in Turkey, and Astana Nurly Zhol, a newly-opened tra上海夜网论坛 上海夜网in station in Kazakhstan. Tabanlıoğlu s U.S. expansion comes at a time when international superstar architects — like Zaha Hadid, Bjarke Ingels, Rafael Viñoly and Christian de Portzamparc, to name a few — are increasingly selected for high上海千花社区 上海千花网交友-profile projects in the city.

Cagri Kanver, who works as an investment advisor for GD3 Real Estate, said that he connected Tabanlioglu and Gladstone. He s worked for other architecture firms, including Perkins + Will as a go-between for international clients.

Investors fol新爱上海同城对对碰论坛 上海同城对对碰交友社区low him and listen to me, he said of Tabanlioğlu. It all filters through me. I will only put it together if the design is good.

(To view a list of architects in TRD s database, including projects they ve worked on, click here)

Tags: Architecture and Design, Commercial Real Estate
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Denver Skyscraper

Man上海千花网龙凤论坛 上海千花社区hattan developer plans to build Denver s first supertall skyscraper Six Fifty 17 will be a 90-story mixed-use skyscraper with 248 luxury condos

Plans for Denver s tallest tower, slat上海夜网论坛 上海夜网ed to stand 1,000 feet high, we上海千花网龙凤论坛 上海千花社区re released last week. (Six Fifty 17)

Looks like New York s supertall boom is heading west.

Greenwich Capital s plans for Denver s tallest tower, slated to stand 1,000 feet high, were u爱上海同城 爱上海nveiled last week. The 90-story building, known as Six Fifty 17, would be the tallest building in the city. The project, designed by Uruguayan architect Carlos Ott, would offer residents of its 248 condos a number of luxuries now standard in the city s glitziest projects. The building would feature a boutique hotel, a custom climbing gym, a bowling alley, multiple pools, and 22,000 square feet of retail space out of its estimated total area of 1 million square feet.

Michael Ursini, managing partner of the Manhattan-based developer, told the Denver Post the project would cost about $400 million to build. The skyscraper has yet to undergo local approvals, however Ursini said they were 100 percent going forward. [Curbed] E.K. Hudson

Tags: Residential Real Estate, skyscrapers
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NYC Real Estate Broker

These Manhattan brokerages have the highest agent churn Firms are philosophically split on whether to上海贵族宝贝 上海千花网龙凤论坛 keep inactive agents

Imagine you’re a 23-year-old kid who has just moved to Manhattan from California. You don’t really know anybody here, but you are hungry and you see a future in real estate. Who do you know? Probably a bunch of other 23-year-olds looking for a three-bedroom, no fee share in Bushwick.

“That person is going to have a hard time in this爱上海龙凤419桑拿 上海龙凤论坛sh1f business,” said Mark Chin, the head of Keller Williams in Tribeca.

Yet they come, as do scores of others with reasons as varied as their pasts. Few of them will have a career in real estate – and that fact of high turnover in the industry has a profound effect on how Manhattan’s top residential brokerages operate.

To look at broker churn the number of agents who came or went at a brokerage from one quarter to the next The Real Deal vetted data from the New York Department of State, looking at who came and went between the second and third quarters of this year. The TRD analysis found that the rates of attrition varied dramatically between Manhattan’s 16 biggest residential brokerages – firms with more than 200 agents. On the low end, only 3.6 percent of Compass brokers left the firm between the second and third quarters. On the high end, nearly 15 percent of brokers moved on from Citi Habitats and Nest Seekers In上海千花网 爱上海同城对对碰ternational during the same period of time. (Both brokerages, like most that appeared on the ranking, declined to comment.)

First, the caveats. TRD gathered the data by comparing lists of agent license numbers from two different dates the beginning of the second and third quarters of this year. It does not look at any other periods.

Also, don t assume that all of the people who don t show up on the third quarter list quit or were fired. Some stick with their firm but leave to work other boroughs like Brooklyn. Others simply fail to renew their license but do so at a later date. And, of course, some agents face serious medical problems and others die.

But mostly, agents simply flame out.

“Of the people I have lost, probably 80 percent of them are just leaving business, said Chin, whose firm had the fourth highest turnover rate in Manhattan. “People move here from across the country and suddenly realize that the game is very sophisticated here, that the talent pool is incredibly deep and that the competition is fierce. So if they can’t cut it, they tend to go home and live on their mother’s couch.

FIRMFINAL PERCENTAGE OF DEPARTURESFINAL TOTAL AGENT COUNT Q3FINAL TOTAL AGENT COUNT Q2FINAL PERCENT CHANGEFINAL NET CHANGEFINAL DEPARTURES

The numbers confirm that it s a rough-and-tumble business. The total number of licensed agents in Manhattan at the end of the second quarter was 30,447, while there were 30,746 licensed agents on the island by the end of the third quarter, according to Department of State data. Meanwhile, the number of listings in the city shrunk from 13,321 in[……]

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Steve Croman

Art Capital sues Croman for backing out of fine art-backed loan Lender alleges the now-jailed landlord refused to close, breached contract

Steve Croman and 12-14 East 72nd Street (Credit: Google Maps)

Art Capital, a financial firm specializing in art-backed loans, is suing jailed landlord Steve Croman and his wife Harriet for allegedly backing out of a $50 million loan Croman sought following his guilty plea to mortgage and tax fraud charges in June.

According to the complaint, Croman signed a term sheet for a $50 million loan backed by his Upper East Side Mansion and 38 pieces of fine art. The term sheet included exclusivity and payment of expenses provisions and the Cromans wired a $50,000 deposit, the suit says. Croman sought the loan, according to Art Capital s filing, because he needed to pay off debt to New York Community Bank and CitiBank, who are named defendants in the suit.

But Croman never closed on the loan and wanted different terms, the suit states. One of his attorneys, Andrew Albstein, informed Art Capital earlier this month, with Croman now in jail, that they would not be pursuing the上海千花社区 上海千花网交友 loan anymore and that they had retained Meridian Group to find debt opportunities elsewhere. Art Capital said this stance put Croman in breach of contract and that he additionally owed $1.7 million in costs related to loan due diligence work, as required by the term sheet.

In December, New York Attorney General Eric Schneiderman announced an $8 million settlement owed by Croman in connection with a separate tenant harassment case against him, a development that had factored into the loan talks with Art Capital, according to the court complaint, because it complicated the matter as to whether Art Capital has the first-priority lien on Croman s art and home.

Benjamin Brafman, an attorney 上海千花网交友 上海千花网论坛for Croman, did not immediately respond to a爱上海同城 爱上海 request for comment. Nor did Albstein, Croman s real estate attorney. Art Capital s attorney, Francis Majorie, also did not immediately respond to a request.

Art Capital, which claims to have issued more than $5 billion in art-backed loans, is demanding more than $3 million in fees and expenses, as well as more than $9 million in additional damages stemmi上海贵族宝贝 上海千花网龙凤论坛ng from the alleged breach of contract, plus damages to be d阿爱上海同城 阿拉爱上海同城etermined by trial. The company also asked the court to declare that it has a forecloseable interest in Croman s property, second only to the claims of CitiBank and NYCB.

Croman owns more than 140 buildings in Manhattan, many of which will be run by an independent monitor for five years.

Tags: Real Estate Finance, Real Estate Lawsuits, Steve Croman
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Top Residential Brokerages NYC

Perennial leaders Corcoran and Elliman hold on to top spots in annual ranking of residential firms, while Compass sees mega-gains and others stumble

(Illustration by Øivind Hovland)

UPDATED, Feb. 1, 9:30 p.m.: Few of the city’s residential brokerage were sorry to see 2017 close out. Why would they be? Looking back, the year was marked by buyer uncertainty, heavy discounting and unapologetic recruiting as top firms sought to maintain revenue in an unforgiving market.

Against that backdrop, The Real Deal brings you its annual top brokerage ranking, which unlike in the past is based on dollar volume of closed deals in Manhattan rather than listings.

To determine who closed the most deals in 2017, we pulled thousands of Manhattan listings from On-Line Residential and then cross-referenced them with closed sales in public records — a firm needed to have either publicly listed the property or acted as its new development sales agent to get credit for a deal.

Leading the pack was the Corcoran Group, which took the top spot with $6.29 billion in closed Manhattan deals for 2017. That haul — up 3 percent from $6.13 billion in May 2016 — was driven by the firm’s new development marketing wing, Corcoran Sunshine, which sold millions of dollars of properties in buildings like 56 Leonard and the Greenwich Lane. 

As usual, the firm was followed by its larger rival Douglas Elliman, which logged $5.23 billion in closed sales — down 4 percent from $5.42 billion in 2016.

Related: Who s listing the most

Rounding out the top five were Stribling Associates with $1.58 billion, Compass with $1.37 billion and Sotheby’s International Realty with $1.35 billion.

Collectively, the Top 25 firms closed $21.2 billion worth of listings in 2017, according to TRD’s analysis. That was up slightly from 2016’s $20.8 billion and 27 percent more than 2015’s $16.5 billion.

But the numbers don’t tell the full story.  The stats in 2017 saw an artificial boost because many of the deals struck during 2015’s condo boom finally closed. In reality, it was a tough year for Manhattan’s residential brokerages as they grappled with a glut of expensive new developments and luxury resales lingered on the market.

Pam Liebman, Andrew Heiberger and Howard Lorber

“Anyone who tells you it was great is lying,” said Shaun Osher, the CEO of boutique brokerage CORE, adding that last year’s absorption was the slowest in two years.

“It was one of the more miserable years to be a real estate agent,” said Osher, whose firm ranked No. 10 with $347.8 million in closed sales.

‘Recruiting machines’

Amid 2017’s market turmoil, firms ramped up recruiting — while agents jockeying for sweeter commission splits happily complied.

Things came to a head in early December, when Compass — fresh off a $450 million investment from Softbank — vowed to use the funds to turbocharge its growth both nationally and in New York.

By the end of the month, the firm, which is headed by CEO Robert Reffkin, had hired 50 more agents in Manhattan to[……]

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Normandy Real Estate

Normandy, Ares file plans for office project in Greenwich Village New 183K sf building to replace the historic St. Denis Hotel

797-799 Broadway, Normandy s David Welsh and Ares’ Michael Arougheti

Updated: Mon. Apr. 16, 1:32 p.m.: Normandy Real Estate Partners filed permit applications on Thursday for its upcoming office development at 799 Broadway, Department of Buildings records show.

The company previously announced a 190,000-square-foot development, though new plans call for 129,000 square feet, acc爱上海同城手机版 新爱上海同城对对碰论坛ording to the permit filings. A spokesperson for Normandy, however新爱上海同城对对碰论坛 上海同城对对碰交友社区, said the cited square footage does not include cellar and basement space. Rentable square footage of the completed building should be 183,000 square feet, he said.

The East Village site is home to the former St. Denis hotel, which is already being prepped for demolition.

Rendering for the new building (Credit: Perkins + Will)

As of February, the company was still looking for extra air rights in order to build out the entire 12-story property as planned, The Real Deal reported.

Meanwhile, Normandy s development partner, Ares Management, is known to be sho上海贵族宝贝 上海千花网龙凤论坛pping its 50 percent stake in the project. Normandy plans to break ground this summer, the spokesperson said.

A rendering for the planned building suggests a contrast to its surroundings, which include a cast iron loft building next door at 67 East 11th Street that was built in 1868.

The new permit applications call for office space on floors 2 through 12 of the building, with retail on the ground floor, where brokerage JLL will handle leasing. Most floors will have some outdoor terrace space.

Tags: ares manag上海千花网龙凤论坛 上海千花社区ement, Commercial Real Estate, Development, Normandy Real Estate Partners
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99 Washington Street

Chinese developer lands $137M refi for world’s tallest Holiday Inn Ladder Capital is the lender at 99 Washington Street

Mission Capital’s Bea阿拉爱上海同城 爱上海龙凤419桑拿u Williams and the Holiday Inn at 99 Washington Street (Credit: Mission Capital and Google Maps)

Almost a year after Jubao Xie put the world’s tallest Holiday Inn up for sale, the Chine上海千花网龙凤论坛 上海千花社区se developer refinanced the property at 99 Washington Street with a $137 million mortgage.

Ladder Capital issued the 10-year, non-recourse, interest-only, fixed-rate loan, which replaces a $135 million mortgage from Bank of China. Mission Capital Advisors’ Beau Williams, Ari Hirt, Steven Buchwald, Alex Draganiuk and Jamie Ma上海夜网 阿爱上海同城theny brokered the deal.

Xie developed the 50-story, 492-room hotel in Manhattan’s F上海龙凤论坛 新上海贵族宝贝论坛inancial District with Sam Chang and took control of the property in 2014. The hotel has an occupancy rate of 93 percent. The building is also home to restaurant St. George’s Tavern.

Xie hired Marcus Millichap in late 2017 to shop the hotel with an asking price of more than $300 million.

With a loan maturing, the borrower was considering selling the property or refinancing, and the local dynamics and capital markets made them ultimately decide to refi, said Mission s Williams. They re very bullish on New York s hotel market, and with cheap financing available, they determined that the best strategy was to make this asset a long-term hold.

Tags: Commercial Real Estate, holiday inn, Hotel Market
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5 Penn Plaza

Architecture firm HLW relocating to Haymes 5 Penn Plaza 10-year lease spans 30,000 square feet

HLW International s Edward Shim and 5 Penn上海龙凤论坛 新上海贵族宝贝论坛 Plaza (Credit: LinkedIn)

HLW, the architecture firm that worked on Google s renovation at 111 Eighth Avenue, is moving to the Penn Station area.

The firm has signed a ten-year lease for approx爱上海同城论坛 爱上海同城imately 30,000 square feet at Haymes Investment Company’s 5 Penn Plaza, according to a press release from HLW on Monday. The company s old offices were at 115 Fifth Avenue near Union Square.

This strategic move is part of the firm’s larger commitment to scalability, establishing a new model for our workplace, said Edward Shim, Managing Director of HLW’s New York office.

Midtown West is an evolving and developing neighborhood with diverse offerings and we are excited to be a part of that growth.

The firm s new offices will occupy the entire 5th floor of the building. Based on reports of prior leases, such as Remedy Partners lease on the floor above, the exact square footage is likely just short of 29,000.

Puma also took up an entire floor the 21st at the recently-renovated building last September.

Haymes kicked off a renovation of the 24-s新爱上海同城对对碰论坛 上海同城对对碰交友社区tory, 690,000-square-foot office building in 2016, overhauling the building’s lobby and improving its mechanical systems.

According to property data from Trepp, Sirius XM Radio is currently the building s largest tenant with more than 96,000 squ上海夜网 阿爱上海同城are feet, followed by the Thomas Publishing Company with nearly 93,000 square爱上海龙凤419桑拿 上海龙凤论坛sh1f feet.

Founded in New York City in 1885, HLW is now a global architecture, planning and design firm with additional offices in New Jersey, Los Angeles, London and Shanghai.

Tags: Architecture and Design, Commercial Real Estate
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