Month: June 2019

New York City Housing Authority

NYCHA to hire outside law firm to deal with federal inquiry Justice Department look上海贵族宝贝交流区 上海贵族宝贝论坛ing into agency’s handling of mold, lead paint at public housing buildings

The New York City Housing Authority is lawyering up as it 阿拉爱上海同城 爱上海龙凤419桑拿faces a Justice Department probe into its practices.

NYCHA chair Shola Olatoye said this week that the beleaguered public housing agency will seek proposals from a number of outs爱上海同城论坛 爱上海同城ide law firms to represent it during an extensive federal investigation into its handling of toxic mold and lead paint at public housing buildings.

Wh爱上海同城 爱上海ile in-house lawyers were handling the inquiry for NYCHA up to this point, the agency is now looking for outside help, according to the New York Daily News. The investigation is said to involve tens of thousands of records, with Manhattan U.S. Attorney Preet Bharara subpoenaing documents since December.

The de Blasio administration recently announced that three private developers that will construct nearly 500 units of affordable and senior housing on three NYCHA properties across Brooklyn and the South Bronx. [NYDN] – Rey Mashayekhi

Tags: NYCHA
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The Real Deal Closing Book

“The Closing” book available for purchase, download Candid conversations with 上海贵族宝贝交流区 上海贵族宝贝论坛moguls, starchitects and a host of other industry heavyweights

“The Closing” book features 100 candid interviews with industry heavyweights, who share the good, the bad and the ugly they faced while climbing to the top, and for some, falling from grace. The collection is drawn from上海贵族宝贝 上海千花网龙凤论坛 nearly a decade of The Real Deal’s back-page interview, The Closing, one of the most popular features with readers since the magazine’s inception.

In no-holds-barred 爱上海同城 爱上海conversations, we learn about the tough times and the triumphs上海千花网龙凤论坛 上海千花社区 of luminaries like Charles Kushner, who spent his time in prison mentoring younger inmates; and Stephen Ross, who spent as much time as a school boy in the principal’s office as he does now in boardrooms.

The book is a must-read for anyone fascinated by these very human stories of the grit and determination it took to conqu上海贵族宝贝论坛 上海贵族宝贝er the world of New York City real estate. It is available for purchase here, or can be downloaded through The Real Deal‘s app on iTunes and Google Play.

The book is also available on Amazon and Shopify.

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Donald Trump Real Estate

The Long View: Trump beats China when it comes to creating uncertainty in US real estate

Xi Jinping and Donald Trump (Credit: Getty Images)

What a difference a year can make. Last January, New York real estate’s top brass were losing their hair over a looming crisis in China. At a memorable ULI New York panel, developers bemoaned the disappearance of big-ticket Chinese investors.

“We should be looking for other sources of capital over the next few years,” Related Companies’ CEO Jeff Blau said.

But when ULI New York met again this January, China had become a source of solace. “I think the offshore capital is saving the core and core-plus markets,” James Kuhn, president of Newmark Grubb Knight Frank, said. Money for trophy towers was pouring in from Chinese sovereign wealth funds such as China Investment Corporation and conglomerates such as Anbang Insurance, and even high-risk condo projects were receiving a lifeline from Chinese investors. Suddenly, it was the U.S. that seemed unpredictable. Asked about the greatest real estate market risk in 2017, JLL’s tri-state president Peter Riguardi responded that his “biggest concern, respectfully, is Trump.”

Donald Trump, who ran a campaign on the promise to bring man爱上海同城对对碰 爱上海同城论坛ufacturing jobs back to the U.S., has managed something else first: he has repatriated real estate market worries from China.

Take interest rates and inflation. Until Nov. 8, economists seemed resigned to a U.S. economy stuck in slow-growth, low-inflation mode. Along[……]

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Midtown East Rezoning

Marisa Lago and Midtown East (Credit: Getty Images)

The City Planning Commission on Wednesday unanimously approved the rezoning of Midtown East, a proposal that is expected to create 6.5 million square feet of new office space over the next two decades.

The proposal seeks to rezone 78 blocks in the neighborhood in order to modernize the area s aging b上海夜网 阿爱上海同城uilding stock. Commission chair Marisa Lago briefly spoke at Wednesday s meeting, noting that it was a momentous occasion that many of the commissioners had awaited longer than she had, since she only joined the agency earlier this year. She called the proposal consensus-driven and solution driven and praised former chair Carl Weisbrod,  Council member Da阿爱上海同城 阿拉爱上海同城n Garodnick, Manhattan Borough President Gale Brewer and Deputy Mayor Alicia Gle爱上海同城对对碰 爱上海同城论坛n for their work on the rezoning plan.

All members of the com新上海贵族宝贝论坛 上海贵族宝贝交流区mission voted swiftly in favor of the rezoning, except Commissioner Alfred Cerullo, who was recused.

I m just glad you got through this without me, Cerullo joked before the vote.

As part of the city s land-use review process, the City Council will consider the proposal next. Garodnick, whose opposition to the 2013 proposal to rezone the district effectively killed it, has been one of the leading proponents of the revised plans.

Under the rezoning, property owners have a few different options for building out their office spaces, one of which is purchasing from a pool of 3.5 million square feet of landmarked air righ[……]

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Dustin Stolly

The Newmark debt broker on $15B in deals, running into real estate execs at SoulCycle, and sneaking onto rooftops

Dustin Stolly (Photo by Emily Assiran)

Dustin Stolly is the vice chair and co-head of Newmark Knight Frank’s debt and structured finance group for the New York tri-state region. The 38-year-old debt broker jumped to Newmark in July after nearly a decade at JLL, and said he has participated in about $30 billion in deals over his 14-year career. When The Real Deal last ranked mortgage brokerages by their $50 million-plus deals, in May 2016, JLL took sixth place while Newmark didn’t crack the top 15. But Newmark, which said it arranged $4 billion in financings in New York City last year, has been expanding its debt business as it prepares to launch an initial public offering this year.

Stolly grew up in Bellefontaine, Ohio, one of four boys in a working-class family — his father was a carpet cleaner, and his mother was a homemaker. He graduated from University of Cincinnati in 2003 and moved to Manhattan that year to work at German real estate bank Eurohypo and then Swiss financial giant UBS. In 2007, he joined JLL as a managing director in the real estate investment banking practice, carving out a niche negotiating hotel and office building financings in New York and Miami. Before he left the firm, he was on the team handling Harry Macklowe’s $850 million loan for the condominium conversion of One Wall Street. One of Stolly’s largest deals outside of the city was the[……]

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Douglas Elliman

StreetEasy is building a new agent portal for Douglas Elliman Designing the back-end system for agents is a first for Zillow Group

From left: Scott Durkin, Howard Lorber and Susan Daimler

StreetEasy — which already dominates the real estate listings marketplace in New York — has upped the ante with a new deal to build a back-end portal for Douglas Elliman.

The residential brokerage tapped the Zillow Group-owned site to design and maintain an agent-facing system that will replace its archaic listings network dubbed Limo, Elliman said Wednesday. The new system, which will debut in 2018, will allow agents to input listings directly into an “Elliman-branded and StreetEasy-powered” portal, said COO Scott Durkin. “No one can deliver listings to agents and customers like StreetEasy,” he said.

Until now, Elliman agents have input and tracked listings via Limo, which will eventually be phased out, Durkin said. Early on, the firm considered overhauling Limo or building a system from scratch, but determined it would cost between $2.5 million and $上海夜网 阿爱上海同城5 million.

“We’re not a technology company, we sell real estate,” Durkin said. “If anyone thinks they can build [a system] internally and deliver it to agents in a timely manner — without it being obsolete by the time it’s ready — we 上海龙凤论坛 新上海贵族宝贝论坛weren’t prepared to attempt to do so.”

The new system will deliver real-time updates to consumers by automatically syncing agents listings with Elliman.com and StreetEasy s desktop and mobile platforms, the[……]

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Moinian Group

Moinian ramps up lending with over $200M in NY, SoFla deals Total loans provided by the developer to-date exceed $500M

Joseph Moinian and Moinian Group properties (Credit: Moinian Group)

Joseph Moinian’s Moinian Group is building up its lending operation with four new financing deals for projects in Brooklyn, Harlem and Miami totaling $216.3 million, according to documents filed on the Tel Aviv Stock Exchange on Wednesday. That puts Moinian’s total lending activity at $513 million, of which $84 million is in mezzanine lending.

Moinian, which has about $2 billion in real estate assets, initially got into the lending game in 2015 with a $65 million loan to David Marx’s Marx Development Group for a Hudson Yards hotel. In 2016, the company launched a dedicated investment platform, offering senior loans above $15 million, and mezz爱上海同城论坛 爱上海同城anine loans above $10 million. Since 2015, the company has provided a mix of equity, senior and mezzanine debt totaling $550 million across n爱上海同城 爱上海ine deals, according to TASE documents.

Of the new deals, three loans totaling $116 million have already closed, while the fourth and largest, a $95.5 million loan to Michael Shah’s Delshah Capital is still in final negotiations.

F爱上海同城论坛 爱上海同城or the Delshah deal, Moinian will provide both senior and mezzanine loans to finance a 180-unit project in Downtown Brooklyn. The $95.5 million will be split into a $61 million senior loan carrying a floating interest rate of Libor plus 6.5 percent, and a $34.5 million mez[……]

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Bossert Hotel

The Bossert Hotel David Bistricer and Joseph Chetrit

The long-awaited reopening of the Bossert Hotel in Brooklyn Heights has been delayed again as the developers search for a new operator.

Clipper Equity’s David Bistricer co-owns the building with Joseph Chetrit, and the pair had pl上海夜网 阿爱上海同城anned to have Fën Hotels run the place, according to Brooklyn Paper. Howe上海夜网论坛 上海夜网ver, the co上海夜网论坛 上海夜网mpany is no longer planning to do this, and the developers are in the 阿拉爱上海同城 爱上海龙凤419桑拿middle of negotiations for a replacement firm.

Modernizing the hotel has also taken much longer than management anticipated, as they had originally hoped to reopen the hotel almost five years ago.

Bistricer and Chetrit bought the Bossert in 2012 from the Jehovah’s Witnesses for $81 million and said they would finish restoring the building by 2013, but openings have since been pushed back multiple times.

Stephen Allen, who is managing the restoration, told Brooklyn Paper that he hopes this most recent setback will be the final one.

“Right now the hotel is nearly finished,” he said爱上海龙凤419桑拿 上海龙凤论坛sh1f. “I hope there won’t be any further delays.” [Brooklyn Paper] – Eddie Small

Tags: Clipper Equity, Commercial Real Estate, david bistricer, Hotel Market, joseph chetrit
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MaryAnne Gilmartin

Adding some zeroes: Is Pacific Park ready for a 1M sf o上海夜网论坛 上海夜网ffice tower? MaryAnne Gilmartin, Jed Walentas talk office, retail and resi at Only Brooklyn event

MaryAnne Gilmartin and Jed Walentas

The fate of the development site across the street from the Barclays Center remains unclear, but developer MaryAnne Gilmartin is confident that a massive-mixed-use tower can rise there.

Gilmartin, former CEO of Forest 上海龙凤论坛sh1f 上海龙凤论坛City New York and co-founder of L L MAG, thinks Pacific Park is missing zeroes for majority owner Greenland USA — in terms of the megadevelopment’s scale and the company s equity check. Building a 1 million-square-foot-plus tower with significant office space at site five — occupied by P.C. Richard Son and a Modell’s — would help amend that, she said during a panel at TerraCRG s Only Brooklyn conference on Wednesday.

Such a building would require public approvals and the transfer of air rights from the arena. Those rights were once pegged for a 62-story skyscraper next to the arena, designed爱上海 爱上海同城手机版 by Frank Gehry and dubbed Miss Brooklyn.

To me, at the end of the day, it seems to me a much better urban planning decision to put more density on that site 爱上海龙凤419桑拿 上海龙凤论坛sh1fthan to muck up our beautiful arena by landing a building in front of it, she told The Real Deal after the panel.

Much of Wednesday s discussion focused on the fact that Brooklyn has yet to attract major office tenants and that new development is disproportionately residential. Two Trees Management s Jed W[……]

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Cherre

This startup just raised $9M to bring AI into real estate investment Cherre’s clients include REBNY, Keller Williams NYC, Platinum Properties

Cherre CEO L.D. Salmanson, Navitas Capital s Jim Pettit, and a screengrab of the Cherre website (Credit: Twitter, Navitas Capital上海贵族宝贝交流区 上海贵族宝贝论坛 and Cherre)

Real estate data platform Cherre has raised $9 million in a seed round, the爱上海同城对对碰 爱上海同城论坛 company announced Monday.

The New York-based firm, which launched in 2016, consolidates public and private real estate data feeds using artificial intelligence. The company said in a statement that it would use the funding to exp爱上海龙凤419桑拿 上海龙凤论坛sh1fand operations in the U.S. and Canada.

The funding round was led by Navitas Capital, who was joined by Carthona Capital, iLOOKABOU新爱上海同城对对碰论坛 上海同城对对碰交友社区T, Dreamit Ventures, and Red Swan Ventures.

The firm has since signed on clients including the Real Estate Board of New York, Keller Williams NYC, Stratus Data Systems, August Partners, Platinum Properties.

Jim Pettit, a managing partner with Navitas Capital, said Cherre has revolutionized real estate data analysis for financial institutions, insurance companies, real estate brokerages, since the firm launched.

The company says its technology is modeled after high-frequency trading platforms, but also features machine learning capabilities. The platform organizes and updates internal and external databases constantly, Cherre said.

Big data is currently one of the most talked-about spaces in the fragmented real estate industry. The Real[……]

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