June 2019

Empire State Realty Trust

Malkin still wary of WeWork, venture capital startups Shared-workspace tenants “beat the hell out of buildings,” ESRT chief says

Anthony Malkin’s skeptical views on WeWork and fellow “venture capital” startups, which have driven a good amount of the city’s office demand in the past few years, have not changed.

Speaking on Empire State Realty Trust’s first-quarter earnings call Thursday morning, the chair and CEO responded to an analyst s question on whether Malkin had changed his stance on WeWork which he has previously referred to as “a gig-worker center of excellence and other shared workspace startups.

While acknowledging that the real estate investment trust does lease to more “traditional” shared office providers like Regus, Malkin affirmed that ESRT would not be leasing to WeWork which was recently valued at $16 billion and other, newer “venture ca上海千花社区 上海千花网交友pital” startups anytime soon.

“Why should we take a venture capital risk for the benefit of collecting rent?” Malkin said.

He then went on to criticize the companies for “the damage these [shared workspace tenants] do to buildings.”

“People blow in and out of WeWork,” Malkin said. “They beat the hell out of buildings, bathrooms, systems. … Why should we take爱上海同城 爱上海 a venture capital risk when our only upside is to collect rent?” he reiterated.

When the analyst followed up by noting that shared workspace providers like WeWork expose landlords like ESRT to a wider variety of smaller, prospective tenants, Malkin responded that his[……]

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Esplanade Venture Partnership

Esplanade Venture charged in facade collapse that killed child Two-yea上海千花网 爱上海同城对对碰r-old died in 2015 accident at 305 West End Avenue

The Esplanade at 305 West End Avenue

The owners of an Upper West Side senior housing facility are facing up to a year in prison over a facade collapse that killed a young child.

E上海千花网龙凤论坛 上海千花社区splanade Venture Partnership and Alexander Scharf, the building s owner and its principal, have been charged with violating provisions of the New York City Administrative Code that require all parts of a building to be maintained in a safe condition.

In May 2015, two-year-old Greta Greene was sitting on a bench with her grandmother outside the Esplanade senior housing property at 305 West End Avenue when bricks and terracotta fell from the building. Greene died and her grandmother was hurt.

New York City law requires owners of buildings greater than six stories to retain qualified licen爱上海龙凤419桑拿 上海龙凤论坛sh1fsed professionals to examine facades and exterior walls, and to report the conditions to the Department of Buildings. The city says that, following a recommendation to immediately repair cracks in the exterior walls, the owners made only minor repairs and allowed the facade to further deteriorate.

The penalty for the violation is up to a year in prison, a $25,000 fine, or both.

The engineer involved was charged over the incid爱上海同城论坛 爱上海同城ent last year. The Department of Buildings has made changes to its own procedures for facade enforcement in the wake of the toddler’s death.

“When you[……]

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Ben Carson

HUD pick Carson urges private sector solutions in Senate confirmation hearing Ex-neurosurgeon also agreed to investigate potential conflicts involving Trump and S上海千花网龙凤论坛 上海千花社区tarrett City

Ben Carson (Credit: Getty Images)

Dr. Ben Carson entered his first day of testimony before the U.S. Senate Committee on Banking, Housing and Urban Affairs on Thursday, presenting the case for why he, a former pediatric neurosurgeon, is qualified to lead the Department of Housing and Urban Development, the nation’s top housing agency. The hearing spanned thorny issues such as the future of Fannie and Freddie, potential conflicts of interest with President-elect Donald Trump s businesses, and the role 爱上海龙凤419桑拿 上海龙凤论坛sh1fhousing assistance plays in addressing problems of systemic poverty.

In the hearing s first hour, Ohio Senator Sherrod Brown raised concerns over Carson’s previous critiques of the agency s efforts to incentivize desegregative housing development in American cities, which Carson once compared to “failed socialist experiments of the 1980s.

“I don’t have any problem with affirmative action or integration,” Carson replied to Brown, “but I do have a problem with people on high dictating when they don’t have any idea what’s going on in the are上海千花网龙凤论坛 上海千花社区a.”

Later, Massachusetts Senator Elizabeth Warren asked Carson if he could promise上海千花网 爱上海同城对对碰 that no money from HUD would benefit the business holdings of Mr. Trump or any of his family members. Carson refused to give Warren a satisfactory yes or no ans[……]

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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 governm[……]

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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]

Tags: Hamptons 上海千花网 爱上海同城对对碰
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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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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[……]

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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 Frankli[……]

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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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