Chinese Capital Controls

China s scrutiny of capital flows could crush trophy US deals: ex-China Orient exec 666 Fifth Avenue deal coul爱上海龙凤419桑拿 上海龙凤论坛sh1fd have been nixed by Chinese government

From left: 666 Fifth Avenue, 1221 Sixth Avenue, 245 Park Avenue and Ludwig Chang

Should Chinese institutional investors eyeing trophy New York properties think twice? One major Chinese executive thinks they will.

Ludwig Chang, the recently retired co-founder of COAMC International, a subsidiary of leading state-owned asset management firm China Orient Asset Management, said the Chinese government is taking a skeptical look at moves to buy major real estate assets in the U.S. – and that clampdown may have already caused some casualties.

Speaking on a panel at the China Institute on Rector Street Wednesday night, Chang appeared to reference Anbang Insurance Group’s abandoned plans to invest in Kushner Companies’ redevelopment of 666 Fifth Avenue.

“Some insurance companies, who shall remain unnamed, have had two or three failed transactions,” he said. “One Was A Building On Fifth Avenue that was quite well known. I think those are the handiwork of the new insurance regulatory regime.”

Chang said the negative attention on trophy deals will likely curtail such transactions in the short-term.

“There are some high-profile buyers that have met restrictions in purchasing in the U.S.,” he said. “Speaking from experience and from what I hear, some of these more trophy high-profile deals have received negative reaction from the government. Some of the high-profile transactions are going to slow down a little bit. Long-term investment will be more rational and more return-based.

The China Insurance Regulatory Commission, a Chinese government agency, has been clamping down on the insurance industry in particular in recent months, with Chinese companies facing stricter reporting requirements when they want to convert yuan into foreign currency. The country as a whole has been getting tougher on capital flight to combat a weakening currency.

Among the recent trophy deals in Manhattan, Chinese conglomerate HNA Group is in contract to acquire 245 Park Avenue for $2.21 billion, as The Real Deal first reported. And China Investment Corporation, a Chinese sovereign wealth fund, bought a 45 percent stake in 1221 Sixth Avenue in a $1.03 billion deal.

Chang was careful not to mention name上海贵族宝贝 上海千花网龙凤论坛s, but said上海贵族宝贝交流区 上海贵族宝贝论坛 U.S. sellers should be extra cautious in this environment.

Every investment over $5 milli上海贵族宝贝 上海千花网龙凤论坛on needs to clear the government, he said. If you think you have a deal to sell some trophy asset to a Chinese buyer, you may want to ask your lawyer to look a little more closely at who you re selling to and where the funds are.

COAMC s recent deals include the $143 million purchase of a majority stake in four Flatiron office buildings controlled by the Kaufman Organization.

Michael Krupa

Chang’s fellow panelist, Michael Krupa, the president of investment firm Gemdale USA, a subsidiary of major Chinese developer Ge[……]

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San Francisco approves plan for up to 2,150 new homes at Pier 70

The San Fra上海千花网 爱上海同城对对碰ncisco planning commission approved a 28-acre mixed-use development by Forest City this week. The Pier 70 site could have up to 2,150 new residential units or 爱上海同城 爱上海in an alternate sce上海千花网论坛 上海千花网nario be built with 1,100 residences with more emphasis on commercial space. The development still needs to be approved by the city’s Board of Supervisors.  [Curbed S上海同城对对碰交友社区 上海夜网论坛F]

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Bridgehampton firm promises to unload homes in 28 weeks

Bridgehampton-based Aman Developers has won approval to build its first “smart haus.” Owners新上海贵族宝贝论坛 上海贵族宝贝交流区 Punit Chugh and Anjali Gupta will build a new office space off o新上海贵族宝贝论坛 上海贵族宝贝交流区f Montauk Highway to showcase new homebuilding methods that新上海贵族宝贝论坛 上海贵族宝贝交流区 offer energy efficiency, rapid construction and fixed costs. Partnering with Germany-based residential developer Davinci Haus, Aman promises that the firm can build homes in 28 weeks for $350 per square foot — without any contingency costs. [East Hampton Star]

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School of Visual Arts

School of Visual Arts renews big lease deal at ABS Partners Gramercy building Ins阿拉爱上海同城 爱上海龙凤419桑拿titution occupies 80K sf at 380 Second Ave
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J

Jack Parker Corp. illegally deregulated Parker Tower units: lawsuit J-51 suit comes as landlord plans to sell all of its US real estate

Parker Towers (Credit: parkertowers.nyc)

A group of Parker Towers tenants is suing the Jack Parker Corporation, alleging the company illegally deregulated numerous units at the Queens apartment complex. The lawsuit, filed Wednesday, is one of the largest J-51 lawsuits in the city’s history.

The 1,350-unit Forest Hil上海同城对对碰交友社区 上海夜网论坛ls rental apartment complex received tax breaks under the J-51 program, which requires landlords to keep apartments rent-stabilized, through December 2010, the lawsuit says. Despite receiving those tax breaks, the landlord leased out apartments at market-rents, never provided stabilized leases to the tenants, and also failed to register them as rent-stabilized with the New York Department of Housing and Community Renewal, according to the complaint.

At the time the J-51 Program tax benefits expired at Parker Towers, only 642 out of 1327 units were listed as rent-stabilized, the complaint reads. The aforesaid omissions are in violation of the rent stabilization laws and the J-51 Program rules, which rules required all 1327 units to be rent-stabilized.

Newman Ferrara LLP filed the lawsuit, which is based on research by上海千花网龙凤论坛 上海千花社区 the nonprofit tenants rights group Housing Rights Initiative. The plaintiffs seek monetary damages and a return of their units to rent-stabilized status.

The lawsuit could prove a major complication for the landlord, which is looking to sell all of its real estate holdings across the U.S. Sources have said that the full portfolio is valued around $1.5 billion.

Jack Parker Corporation s New York City multifamily holdings alone tally more than 2,000 units, and represent the most valuable portion of the portfolio. But that is also under the assumption that Parker Towers, with over 1,300 units, is market-rate. If the courts rule that a significant amount of the units should be governed by rent-stabilization laws, it would be far less valuable to a prospective buyer.

Marketing materials obtained by The Real Deal claim that the new owner has the option to convert 432 of the units at Parker Towers to condos, with a projected sellout of $202.5 million. Development costs were pegged at $77 million. It s unclear if any of those units are being contested by the HRI lawsuit.

Calls to the Jack Parker Corporation were not returned.

Other landlords targeted by HRI for alleged J-51 violations include the Parkoff Organization, the Scharfman Organization, Rudd Realty and Fairstead Capital.

The nonprofit, along with Councilmember Ritchie Torres, recently announced an investigation into Kushner Companies for alleged爱上海同城对对碰 爱上海同城论坛ly failing to register stabilized units with the Department of Buildings, which TRD first detailed last year.

In January 2016, Gov. Andrew Cuomo announced that landlords who had received J-51 benefits wou爱上海龙凤419桑拿 上海龙凤论坛sh1fld have to return deregulated units to rent-stabilized status.[……]

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Danny Davis Town

Town s top-producing agent Danny Davis coasts into Corcoran Tribeca agent closed $147M in 2017 sales

Danny Davis, Pam Liebman and 95 Franklin Street

Danny Davis — Town Residential s bike-riding, top-selling Tribeca agent — is rolling to a stop at the Corcoran Group.

Town s longtime No. 1 agent will work out of Corcoran s Soho office, according to the firm, which has now picked up three of Town s biggest names foll爱上海龙凤419桑拿 上海龙凤论坛sh1fowing the abrupt closure of two divisions last month.

Davis — who got his start as a rental agent right out of college —closed $147 million deals in 2017, according to the research firm Real Trends.

To date, he s done $2 billion in sales — first as the No. 1 agent at Citi Habitats and later at Town, which he joined in 2012. At Town, he sold around $750 million worth of real estate, working with clients including Danny Glover and Sting. Earl爱上海同城论坛 爱上海同城ier this year, he rented a $29,000-a-month penthouse at 475 Greenwich 新爱上海同城对对碰论坛 上海同城对对碰交友社区Street in Tribeca to supermodel Christie Brinkley.

Town shuttered its resale and leasing business on April 19, setting off a feeding frenzy among firms eager to scoop up its agents and listings.

Last week, Corcoran hired Steve Gold, a co-star on Million Dollar Listing: New York, 爱上海龙凤419桑拿 上海龙凤论坛sh1fand Dana Power from Town.

In a statement, Davis said the move was bittersweet but the change would be a pos爱上海 爱上海同城手机版itive springboard for expanding his business. He currently has around $33 million in for-sale listings, including a three-bedroom at 95 Franklin Street asking $6.45 million. He s also marketing the penthouse at 508 LaGuardia Place, which is asking $40,000 a month in rent.

Tags: Corcoran Group, Residential Real Estate, town residential
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Tiffany & Co.

Tiffany will pay up to $250M to renovate flagship store The high-end shop will expand into space left by Niketown at 6 East 57th S新爱上海同城对对碰论坛 上海同城对对碰交友社区treet

The Tiffany Flagship store at 6 East 57th Street and Donald T上海龙凤论坛sh1f 上海龙凤论坛rump Jr. (Credit: iStock and Getty)

Jewelry store Tiffany Co. announced on Tuesday a major renovation and expansion plan of its flagship Manhattan store at the Trump Organization s 6 East 57th Street, located directly next door to Trump Tower.

Bloomberg reported the 10-floor shop s overhaul could end up costing $250 million. Construction is set to 爱上海 爱上海同城手机版start next year and conclude by the fourth quarter of 2021.

During the renovation, Tiffany will temporarily shift some of its operations into space left by Niketown in the building next door, also owned by the Trump Organization.

Tiffany s Manhattan store at 727 Fifth Avenue accounts for 10 percent of the company s overall sales revenue, according to Bloomberg. The often chaotic stream of protestors and tourists during the 2016 presidential election that came with significant police barriers and security checkpoints has at times made getting foot traffic in from the street trickier for the sho爱上海 爱上海同城手机版p over the last two years. [Bloomberg] — Will Parker

 

Tags: Commercial Real Estate, Fifth Avenue Retail, tiffany, trump tower
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TSX Broadway

TSX Broadway developers land more than $780M in new equity Goldman Sachs provides $1B construction loan for Times Square project

From left: David Solomon of Goldman Sachs, Masa So上海贵族宝贝 上海千花网龙凤论坛n of Softbank with TSX Broadway (Credit: Getty Images)

The developers behind Times Square’s TSX Broadway have raised more than $780 million in new equity, valuing the entertainment-and-hotel project in excess of $2 billion.

Among the new investors is a group of ultra-high-net-worth and family office clients of UBS Group AG, which provided roughly $400 million of new equity, according to Bloo爱上海同城对对碰 爱上海同城论坛mberg News, which first reported on the new financing.

“We have seen a substantial increase in interest from our ultra-high-net-worth and family office investors for direct, single-asset real estate investments like TSX Broadway, including potential deployment of billions of dollars of capital gains in opportunity-zone investments,” Donato Giuseppi, head of direct investments in the Americas for UBS Wealth Management, told Bloomberg.

Giuseppi added that this was the largest direct real estate deal that the Zurich-based bank pursued for its clients.

Masa Son’s SoftBank Group is also investing around $200 million.

L L Holding Company, Fortress Investment Group (which is owned by SoftBank) and Maefield Development are developing the 46-story tower at 1568 Broadway, where construction is set上海千花社区 上海千花网交友 to begin in January. According to a prospectus previously shared with Chinese investors, the developers estimate the project will be worth nearly $4.2 billion by 2023.

L L co-founders David Levinson and Robert Lapidus, as well as Fortress executives Peter Briger and Dean Dakolias, are also personally investing in the project.

Adam Spies, Doug Harmon and Marcella Fasulo at Cushman and Wakefield represented the sponsors in the capital raise.

The developers also secured a $1.13 billion construction loan for the project from上海夜网论坛 上海夜网 Goldman Sachs. Debtwire first reported news of the loan. An HFF team of Michael Tepedino, Michael Gigliotti and Geoff Goldstein brokered the debt.

The project will feature a 669-key hotel room, 18,000 square feet of signage and 75,000 square feet of上海同城对对碰交友社区 上海夜网论坛 retail. [Bloomberg] – Rich Bockmann

Tags: Commercial Real Estate, Development, Private Equity, TSX Broadway
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Turnberry Associates

Turnberry partners and siblings Jackie and Jeffrey Soffer split up The two will continue to share ownership of certain projects, including Solé Mia

Jackie Soffer and Jeffrey Soffer

After 25 years of joint ownership of the family real estate development company, Turnberry Associates, siblings, co-CEOs and co-chairmen Jackie and Jeffrey Soffer have split up to pursue individual projects.

Jackie Soffer will retain the Turnberry Associates brand as CEO and chairman, and will be the principal owner of Aventura Mall and Town Center Aventura. She will also continue to develop the 800-key hotel connected to the Miami Beach Convention Center with Terra’s David Martin, and will own various select-service hotels in Florida.

“We’re at an age where we are independent,” said Soffer, 53, calling the parting a positive move. “We have different ideas of what we want to focus on, and at this point in 爱上海同城手机版 新爱上海同城对对碰论坛my life, it’s not all about creating wealth for myself. I want to give back.”

Yet it’s not a complete separation. The two will continue to be partners on $1 billion of assets, Jeffrey Soffer said, sharing ownership and oversight of the JW Marriott – Nashville, Hilton Downtown Nashville and Fontainebleau Aviation. They will also continue to develop the 184-acre mixed-use project Solé Mia in North Miami, along with partner LeFrak.

Jeffrey Soffer, 51, will now head a separate company, Aventura-based Fontaine阿爱上海同城 阿拉爱上海同城bleau Development. He上海龙凤论坛 新上海贵族宝贝论坛 will own the Fontainebleau Miami Beach, as well as the JW Marriott Miami Turnberry Resort Spa and Turnberry Ocean Club Residences, the latter two under licenses to use the Turnberry name.

“Family business it’s difficult at certain times, and you have different generations come in, so it’s a clean platform for me,” said Jeffrey Soffer from the Bahamas, where he s vacationing with his children. He referred to the split as amicable, adding that they have different interests and abilities. “She’s my sister and I wish her the best in her new ventures.”

Soffer said he was already the majority owner of the Fontainebleau Miami 上海贵族宝贝 上海千花网龙凤论坛Beach and various other hotels and residential projects. He also owns the Mardi Gras Casino and Race Track in Hallandale Beach, a property he purchased independently of Turnberry last year.

“It’s a great opportunity for me to continue on with the growth of what I have done in the past 25 years and expand the Fontainebleau brand,” he said. He plans to pursue opening more Fontainebleau hotels in the United States and overseas.

His Fontainebleau上海同城对对碰交友社区 上海夜网论坛 Miami Beach hotel is viewed as a competitor to the convention center hotel his sister is building with developer Martin.

Jackie Soffer will retain ownership of other hotels: Residence Inn by Marriott – Aventura, Courtyard by Marriott – Aventura, Courtyard by Marriott – Orlando and Hampton Inn – Aventura.

Their father, Donald Soffer, founded Turnberry Associates in 1967, creating the city of Aventura.

In recent years, Jackie Soffer has expanded Aventura Mall, addin[……]

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Celebrity Real Estate

This week in celeb real estate: Vince Vaughn’s former home lists, pedigreed Holmby Hills pad trades hands and more Olivia Newton-John is also selling her 12-acre horse ranch

Eva Gabor and Frank Sinatra with the estate and Vince Vaughn with his home (Credit: Getty Images)

The parade of celebrity homes was a mostly short one this week. Apart from an $11 million sale in Holmby Hills, much of the activity happened in neighboring Southern California cities.

A property rich in Hollywood history traded for $11 million this week, after first hitting the market for $17 million in 2015. A trust belonging to Margaret Black sold the Holmby Hills estate to an unknown buyer. The two-story, 8,750-square-foot property on 1.1 acres has been home to Frank Sinatra and Mia Farrow, Audrey Hepburn and David Niven, and most recently, actress Eva Gabor. She lived in the Paul Williams-designed house for almost 20 years, until her death i上海夜网论坛 上海夜网n 1995. It includes a main house with six bedrooms, four bathrooms, a lib上海千花网交友 上海千花网论坛rary, and a screening room. There is a pool, a pool house, greenhouse, and a tennis court.

The former home of actor Vince Vaughn is now on the market for $6.9 million, listing brokerage Nourmand Associates announced recently. Located in Los Feliz, the 4,000-square-foot pad has five bedrooms and seven bathrooms. There’s also a swimming pool, koi pond and pool house on the grounds. The property traded last May for $3.8 million to an LLC controlled by Erica and Renny Maslow, records show. Vaughn owned the home from 1999 to 2005, until上海贵族宝贝论坛 上海贵族宝贝 he sold it to Hollywood producer Rene Echevarria. Konstantine Valissarakos of Nourmand Associates is sharing the listing with Richard Yohon from Sotheby’s.

Jamie Foxx s former party pad in Tarzana is on the market for $3.3 million, the Los Angeles Times reported. Spanning 6,000 square feet, the 1-acre property features a five-bedroom residence with a massive deck, a swimming pool and a detached gym. There s also a basketball court donning the word “Foxxhole,” the entertainer’s comedy radio channel. The actor and singer owned the home from 1997 to 2008.

Over in Palm Springs, Fuze Beverage founder Lance Collins and his wife Linda Taylor paid $12 million to acquire a new home in the gated Madison Club. Spanning 11,300 square feet, the mansion includes seven bedrooms and eight bathrooms. The home was built by Bob Safai, founding partners of Beverly Hills brokerage Madison Partners, Variety reported. Amenities at the lavish estate include two swimming pools, Portuguese limestone walls and palm tree-lined backyard.

Olivia Newton-John also looked a bit outside L.A. this week, listing her 12-acre spread in Santa Barbara’s Santa Ynez Valley for $5.4 million. In addition to the four-bedroom home, the property includes a swimming pool and equestrian ranch. The singer-actress bought the ho爱上海同城手机版 新爱上海同城对对碰论坛me for about $4.7 million in 2015, the Los Angeles Times reported.

Tags: Celebrity Real Estate, Re
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