June 2019

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[……]

Read more

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]

W上海千花网 爱上海同城对对碰e are having some technical difficulties. Try again later.

By clicking Subscribe you agree to our Privacy Policy.

[……]

Read more

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
We are having some technical difficulties. Try again la上海龙凤论坛 新上海贵族宝贝论坛ter.

By clicking Subscribe you agree to our Privacy Policy.

[……]

Read more

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
We are having 爱上海 爱上海同城手机版some technical difficulties. Try aga阿爱上海同城 阿拉爱上海同城in later.

By clicking Subscribe y上海千花网交友 上海千花网论坛ou agree to our Privacy P上海同城对对碰交友社区 上海夜网论坛olicy.

[……]

Read more

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[……]

Read more

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[……]

Read more

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
We are having some technical difficulties. Try again later.

By clicking Subscribe you agree to our Privacy Policy.

[……]

Read more

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 estimat[……]

Read more

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[……]

Read more

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[……]

Read more