New 500K sf block at Industry City to serve TAMI tenants Seven floors at office megacomplex’s Building 19 located below Brooklyn Nets practice facility
The developers b上海龙凤论坛 ehind the Industry City office megaproject in Sunset Park are transforming one building at the complex into a 500,000-square-foot space devoted to technology, media and creative sector tenants.
The property known as Building 19, which already houses the Brooklyn Nets’ practice facility, will see its seven floors beneath the NBA franchise’s space upgraded through basic infrastructure improvements as well as new爱上海同城 windows and a new lobby.
A Newmark Grubb Knight Frank team led by Tri-State region president David Falk is the exclusive leasing brokers for the space and will w新爱上海同城对对碰论坛 ork alongside an internal Industry City team led by Kathe Chase, according to the Commercial Observer.
The partnership behind Industry City – led by Jamestown and Belevedere Capital – has already leased more than 2 million square feet of space at the 6 million-square-foot complex, including more than 1 million square feet devoted to manufacturers, according to a release.
But the development has had its challenges, with Jamestown recently scrapping plans for college dormitories at Industry City as part of a rezoning that would enable the development of retail space and two hotels.
And Makerbot, the 3-D printing firm that in many ways epitomized the wave of so-called TAMI tenants that have spurred the Brooklyn office 爱上海龙凤419桑拿 ma[……]
Ex-superintendent sues embattled landlord Steve Croman over allegedly 上海千花网 unpaid wages Super says he worked an average of 81 hours a week
Landlord Steve Croman is facing yet another slew of allegations this time from a former superintendent who claims he’s owed hundreds of thousands of dollars in unpaid overtime.
Manuel Deleg worked for Croman for nearly a decade, managing 11 of Croman’s buildings on the Lower East Side.
In a complaint filed Tuesday in the U.S. District Court for the Southern District of New York, Deleg accuses his former boss and his affiliates of breaking state and federal laws by failing to pay him properly and forcing him to buy his own tools.
According to court documents, Deleg was paid a weekly wage of $430 in 2011. His pay increased in $673 in 2013, and was raised again at the start of this year to $738.
But Deleg says he worked an average of 81 hours a week, and had to be on-call around the clock for tenants. In his complaint, he says his workdays began at 5 上海千花网论坛 a.m and that he was also required to work weekends. Deleg also claims he was forced to buy essential work tools and pay laborers and porters out of his own pocket.
In May, Croman was charged with 20 felonies including grand larceny and falsifying f上海千花社区 inancial documents. An investigation by New York Attorney General Eric Schneiderman alleged the landlord who owns 140 apartment buildings throughout Manhattan spent years expanding his portfolio by harassing and coercing tenants[……]
As 10th Avenue megaproject remains in limbo, Frank McCourt expands investment platform McCourt Partners will take on private equity, finance sectors
Frank McCourt and a rendering of 360 Tenth Avenue (Credit: SHoP Architects)
新爱上海同城对对碰论坛 Frank McCourt, the former owner of the Los Angeles Dodgers, is looking beyond real estate for returns on the money he got from selling the franchise.
McCourt and business partner Mark Walter, 上海千花网论坛 who formed McCourt Partners in 2007 to invest largely in U.S. real estate, said in a statement that they re expanding their investment platform to include sectors such as private equity and finance. Their new investment platform has over $1 billion in permanent capital, they said.
Drew McCourt, president of McCourt Global, McCourt s family office, will lead the expanded partnership until a CEO has been named.
Their decision to branch out comes as the group s biggest project in New York, a planned $3 billion, 730,000-square-foot retail and residential tower at 360 Tenth Avenue on Manhattan s Far West Side, remains in limbo.
McCourt Partners purchased the 10th Avenue site for $167 million, including development rights, in 2014, more than triple the price paid for the site in 2011 by the previous owners, a partnership between Sherwood Equities and Long Wharf Real Estate Partners, though that deal did not include the rights. The deal was McCourt’s first major commercial transaction since the Dodgers sale — and his first-ever in New York.
But the project is[……]
NYC multifamily market slides 60% to $1.6B in Q1: report Trump bump froze contracts late last year as mortgage rates climbed
New York City’s multifamily market slumped through the first quarter following last year’s Trump bump.
Total dollar volumes fell 60 percent year-over-year to $1.6 billion during the first quarter as fewer deals materialized late last year amid uncertainty surrounding the presidential election, according to a new quarterly report from Ariel Property Advisors.
That was the lowest sales total for a quarter since the beginning of 2013, and a sharper decline of 51 percent in the city’s overall investment sales market that Cushman Wakefield reported earlier this month.
“The market in general took a pause as of November,” Ariel Property Advisors Shimon Shkury told The Real Deal. “The 10-year yield went up drastically the week after the elec上海贵族宝贝 tions, and that actually put a pause on everything out there. Every contract that was out there and was supposed to be finan上海千花网龙凤论坛 ced got put on hold because the banks quoted them at a more expensive rate.”
Transaction volume fell 35 percent year-over-year to 117 deals. But even more striking, the market saw no sales above $100 million during the first three months of the year, compared to 11 sales during the same time last year.
Pricing was a mixed bag, with deals in the Bronx leading appreciation. The borough saw the price per unit grow a little more than 10 percent to about $167,000. Total dollar volume declined 52[……]
Skylight Studios plays party planner and real estate consultant Events company is expanding role to build property brands
Stephanie Blake with 23 Wall Street and St. John s Studios
Events company Skylight Studios isn’t just here for the pa上海千花网论坛 rty. In the past year, the company has expanded its reach to be a strategic adviser to landlords and developers by connecting them partners who can help build a property’s b爱上海 rand.
“Peop上海千花网论坛 le buy into the idea of what was the history of This Place and how can you actually make that as part of our brand message,” Skylight chief executive Stephanie Blake told the Wall Street Journal.
“I think you are seeing that a lot with fashion in particular because they are challenged a lot in terms of retail,” she said. “So how can they get their consumers to buy into a story, to want to be loyal to their brand?”
Skylight has hosted Fashion Week events at places like the massive former St. John’s Terminal warehouse in Hudson Square, which Oxford Properties Group is in contract to buy for $700 million. And this past week it brought Nike to 23 Wall Street for a series of events aimed at boosting 10 well-known styles the company is remaking.
“We’re bringing eyeballs to the property,” said Jack Terzi of JTRE Holdings, which went into contract more than a year ago to buy the building for an undisclosed amount.
Skylight’s use of entertainment to generate buzz for real estate isn’t new, but its elaborate events are particularly attractive in struggling[……]
Paydirt: Amazon’s path from murderer to messiah, Premier A上海千花网论坛 gent gets pricier and other top industry news you need to start your week Alibaba just made a multibillion-dollar bet on physical stores. Could Bezos follow suit in the US?
From top left: Jeff Bezos, The Plaza Hotel and Hamad Bin Jassim (Credit: Getty Images and The Plaza)
From murderer to messiah?: On the way to becoming one of the most valuable companies ever built, Amazon has slaughtered thousands of U.S. retailers. The bodies are everywhere: Barnes Noble, Macy’s, Foot Locker, several mall REITs. “Death by Jeff,” is a common refrain. But now that Amazon has established itself as one of the most important forces in the U.S. retail market and started betting on brick-and-mortar, where could it go next? A look at what its only true rival is doing may provide a hint.
Alibaba just struck a deal to invest $2.9 billion in Sun Art, one of China’s biggest operators of retail superstores, The Information reported Sunday. The deal gives Jack Ma’s e-commerce giant a 36 percent stake in a company that has 446 stores in 224 cities across China. That’s a lot of real estate in which to leverage its mobile payments system and collect consumer data that can be fed back to the online beast. The move also gives Alibaba a large physical presence without putting retail operations on its balance sheet, according to the tech news website.
Might Amazon do the same? Jeff Bezos made several micro-bets on brick-and-mortar before his $13.7[……]
The year in hurricane damage: Is climate change catching up with South Florida RE? If rising sea levels don’t get you, increased taxes for infrastructural retrofitting will
(Credit: Max Pixel; top Mike Licht/Flickr)
After a devastating hurricane season that wrought billions of dollars worth of damage, South Florida property markets are beginning to reveal the long-term fall out from the storms.
Prospective buyers are incre上海千花网交友 asingly paying for their own independent flood assessments in order to discover how much risk the property faces as sea levels rise and future hurricanes deluges threaten prized ocean view homes, Bloomberg finds.
In a report published this month, the property values for homes caught below sea level rise plummet by about 7 percent as a result of their in-built flood risk.
For Albert Slap, owner of flood assessment company, Irma changed everything in terms of people s awareness of the risks. So much so, in fact, that his business is now on fire because, according to Slap, buyers are becoming more and more wary of real estate agents w上海千花社区 ho, as of yet, have no legal requirement to disclose flood risks on properties.
But even when the flood risks of a particular property aren t a major concern, work on surrounding neighborhoods and connecting infrastructure are proving to be powerful deterrents; raising roads and creating new storm water sys上海贵族宝贝交流区 tems mean higher property taxes, which is bill not all new home buyers want to take on. In Miami Beach,[……]
TRD revisited Long Island real estate’s 2008 numbers to see how far the market has come — and what’s still a work in progress
ACORN organized a protest of predatory home lending practices outside an Elmont home in April 2009.
The past year was bustling for Long Island’s residential and commercial real estate markets, with high demand for homes, consistent office rents, relatively low retail vacancies and continued demand for industrial space. Consumer confidence, meanwhile, was only higher in 1999 and 2000, said Ann Conroy, president of Douglas Elliman Real Estate’s Long Island Division.
“People trust in the economy on Long Island, people are buying houses. They still know it’s the best place you could put your money…and they believe in the region,” Conroy explained.
But with the stock market’s recent volatility, Conroy can readily recall the haunting aftermath of the financial crisis that swept across the globe in 2008. “The minute Lehman went under, it was almost like the lights went out,” Conroy said. “It was 2008 when we really saw drastic change in activity — it almost came to a halt.”
(Click to enlarge)
The impact was immediate. The fourth quarter of 2008 saw condo and single-family home sales on the island fall to 4,427 — a drop from third quarter sales of 5,292 — and by the first quarter of 2009, that number had plummeted to 2,872, a low point that it has never hit since, according to data compiled by appraisal firm Miller Samuel for Douglas Elliman. The Elliman report[……]
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Mary Jo Eaton no longer global president at CBRE She’s worked at CBRE since 2011 and is based in Miami
Mary Jo Eaton
UPDATED, Aug. 22, 5:57 p.m.: Mary Jo Eaton, a global president of CBRE based in Miami, has left the position, sources told The Real Deal.
A CBRE spokesperson said Eaton is no longer global president of asset services and valuation and advisory services, a position she held for about two years. The spok新爱上海同城对对碰论坛 esperson said Eaton is now “just an executive” but said she did not know what that role entails.
Eaton has worked for CBRE since 2011, and was上海千花网 previously president of Florida and Latin America, and before that, managing director of CBRE’s Baltimore office. In her more recent role新上海贵族宝贝论坛 , she was responsible for 18 offices and four CBRE affiliates. Her bio has been removed from CBRE s website.
Eaton did not return calls for comment. The change was part of a national restructuring announced on Friday, which included promoting Mike Lafitte to global CEO of advisory services, Jack Durburg to global chief operating officer, and Steven Swerdlow to group president. The promotions are all effective January 1, 2019.
Also effective Friday, Global Group President Calvin Frese Jr. stepped down from that role and will remain an empl爱上海龙凤419桑拿 oyee until he retires at the end of 2019, according to a filing with the Securities and Exchange Commission. As part of the agreement, Frese will receive $2 million in 2019 and $10 million in 2020, along with his salary of[……]