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Friedland Properties

Friedlands buy pair of UES rental buildings for $53M Adjacent properties hold 20 apartments, 10K sf of retail

Friedland Properties picked up a pair of Upper East Side rental buildings for $52.6 million, according to property records filed with the city Monday.

The adjacent six-story properties at 1104 Lexington Avenue and 138 East 78th Street collectively hold 20 apartments across more than 28,000 square feet of residential space and roughly 10,000 square feet of retail space.

Nine of the buildings’ 20 residential units are rent-stabilized, according to data from real estate research website Reonomy. Retail tenants include grocery store and caterer Butterfield Market, antique shop Sylvia Pines and the Windsor Fl上海夜网论坛 上海夜网orist.

Friedland acquired the propertie爱上海同城 爱上海s from the estate of Marie Cowing, with property records indicating the buildings last changed hands in 1971. A representati爱上海 爱上海同城手机版ve for Friedland confirmed the transaction, while representatives for Cowing’s estate could not immediately be reached for comment.

Nicholas Judson and Stuart Ellman of Judson Realty brokered the deal on behalf of Friedland. Judson declined to comment.

The Midtown-based, family-run real estate investment firm founded in 1960 by brothers Larry and Melvin Friedland and now led by their respective sons, William and Rick Friedland owns a sizable portfolio of Madison Avenue retail assets, as well as residential and office properties pred上海贵族宝贝论坛 上海贵族宝贝ominately located in Manhattan.

The company recently teamed with Nightingale Properties to buy a $76 million operating lease on 645 Madison Avenue, as The Real Deal reported. Friedland is also planning a 17-story residential development at 7 West 21st Street in the Flatiron District, in partnership with Rose Associates.

Tags: friedland proper上海贵族宝贝论坛 上海贵族宝贝ties, Multifamily Market, upper east side, william friedland
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Construction deaths NYC

De Blasio says jurisdictional differences are why DOB doesn t count one-third of construction deaths City will only officially count construction fatalities if they violate the construction code and endanger public, mayor says

Bill de Blasio, 9-19 Ninth Avenue in the Meatpacking上海千花网龙凤论坛 上海千花社区 District in April 2015 and Rick Chandler

The de Blasio administration is defending its approach to counting construction deaths, even though the city officially recorded just 11 of the 17 construction-related fatalities last year.

Mayor Bill de Blasio said the issue is caused by jurisdictional and reporting differences between t上海千花网 爱上海同城对对碰he Department of Buildings and the federal agency Occupational Safety and Health Administration (OSHA), Crain s reported.

Currently the city only tracks fatalities that violate the city’s construction code, which focuses on public safety rather than the safety of individual construction workers.

In the six fatalities on constructio上海千花网交友 上海千花网论坛n sites in 2015 that were not considered under the city’s purview, OSHA fined employers thousands of dollars and issued safety violations. But as far as the city is concerned these death are a labor issue and should not be included in the city’s official tally.

That’s normal division of labor between the city government and state or federal government, de Blasio said at a press conference in explaining the cause of the statistical disparity, according to Crain上海千花网交友 上海千花网论坛 s.

In an email, a city spokesperson told the website the de Blasio administration will not examine the disparity. This is ultimately an accountin上海龙凤论坛 新上海贵族宝贝论坛g distinction, not a regulatory gap or policy problem, the spokesperson wrote, Regardless of where the total count of tragic incidents is kept, two levels of government are doing a great deal to keep workers and the public safe on job sites. [Crains] Miriam Hall

Tags: bill de blasio, construction accidents
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Chinese Investment NYC

Chinese investors targeting mid-tier US real estate Developers like China Vanke look to avoid the volatile luxury market

Managing director of Vanke Holdings USA Kai-yan Lee (Source: LinkedIn)

Chinese institutional investors, facing highly leveraged markets at home, are上海千花社区 上海千花网交友 shifting their focus from the volatile luxury sector to the more stable middle market in the U.S.

Lower priced residential p上海同城对对碰交友社区 上海夜网论坛roperties and rentals, student housing, senior-living centers and skilled nursing homes are all becoming more attractive to Chinese in阿爱上海同城 阿拉爱上海同城vestors, the Wall Street Journal reported. In recent years, Chinese investors have taken on high-risk luxury developments in Manhattan. The U.S. arm of Shanghai Municipal Investment, for example, has made significant investments in the city in past year.

It partnered with Ceruzzi Properties to buy a development site at 520 Fifth Avenue,  and also bought a $300 million equity stake in Gary Barnett’s Central Park Tower development.

Chinese development giant China Vanke has also poured money into the city s residential market. It has partnered with Slate Property Group  and Adam America Real Estate on three development deals, including the controversial Rivington House condominium conversion. I阿拉爱上海同城 爱上海龙凤419桑拿t also holds a stake in RFR Realty’s condo tower at 100 East 53rd Street.

But, according to the Journal, Chinese buyers are now thinking more strategically about the U.S. market, and that means shying away from the high-end property market.

Out of Vanke s 14 U.S. projects, 10 are focused on the middle-tier condominium market, some of which have rental units. The firm said it prefers to focus on developing homes for consumers whose demand is “necessity driven.

“These simple and enduring principles have helped us focus away from the luxury market and investor-centric projects that carry higher potential risk,” Kai-yan Lee, managing director of Vanke Holdings USA, told the newspaper.

The company lost $10 billion in market value this month, as investors sold off shares amid fears that government intervention could complicate the company’s takeover.

China is set to introduce new rules to curb capital flight. The State Council of the People s Republic of China is expected to announce stricter controls over foreign investment上海龙凤论坛sh1f 上海龙凤论坛s exceeding $10 billion, and more than $1 billion for state-owned firms. [WSJ] Miriam Hall

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New York Rent Comparison

As the上海贵族宝贝 上海千花网龙凤论坛 city’s real estate market adjusts to new realities, TRD looked at key residential and commercial price points in 16 neighborhoods

(Click to enlarge)

Residents, commuters and tourists in New York City share the streets and sidewalks, but the buildings they own, rent, work in and shop in are worlds apart.

To better understand the range of property values in the five boroughs — as well as some of the differences within a single district — The Real Deal analyzed 16 neighborhoods, from the Upper West Side to Gravesend, Brooklyn.

The greatest disparity was in retail. While store tenants are asked to shell out more than $4,400 per square foot along Upper Fifth Avenue in Manhattan, they can lease space for as little as $10 per foot in St. George, Staten Island.

By contrast, average office rents have the tightest range citywide — from a high of about $82 per 爱上海龙凤419桑拿 上海龙凤论坛sh1fsquare foot in Midtown to a low of roughly $22 in Staten Island and the Bronx.

There’s also a remarkably stable ratio between the price of buying a home and renting one in these select neighborhoods.

(Click to enlarge)

The rental price per foot ranges from about 3 percent to just over 6 percent of the average residential sales上海贵族宝贝 上海千花网龙凤论坛 price in 13 of the neighborhoods. But in Parkchester and Mott Haven/Port Morris in the Bronx and in Jamaica, Queens, a renter is paying 10 to 13 percent per foot of the average sales price — an indication that sales prices are relatively lower in those neighborhoods compared to rentals.

Meanwhile, sales prices in the 16 neighborhoods ranged from a low of 上海夜网论坛 上海夜网$183 per foot in Parkchester to more than $2,000 per foot in Midtown.

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AlphaFlow

Steven Cohen’s VC fund invests in real estate loan platform AlphaFlow Startup raises $4.1M in seed round

Ray Sturm and Steve Cohen

Online real estate investment platform AlphaFlow raised $4.1 million in a seed funding round led by Steve Cohen’s Point72 Ventures and Resolute Ventures.

Upside Partnership, Social Capital, Y Combinator, Drobny Capital affili新上海贵族宝贝论坛 上海贵族宝贝交流区ate Clocktower Technology Ventures and Red Swan Ventures also participated in the round.

Founded in 2015, AlphaFlow buys residential bridge loans爱上海 爱上海同城手机版 from crowdfunding companies and hard-money lenders and puts them on what it calls an automated investment platform, where institutions can invest in them.

Founder Ray Sturm, who previously co-founded the crowdfunding company RealtyShares, said AlphaFlow launched its automated pl新上海贵族宝贝论坛 上海贵族宝贝交流区atform in March, after raising more conventional real estate debt funds in the past.

To date, AlphaFlow has invested in 482 loans and 305 of them are active, Sturm said. He added that he wants to use the venture funding to build relationships with more lenders and institutional investors and grow its engineering and data team.

Point72 Ventures is the VC arm of Point72 Asset Management, the fund that上海贵族宝贝交流区 上海贵族宝贝论坛 invests Steve Cohen’s family money and recently signed a 175,000-square-foot lease at 55 Hudson Yards.

Tags: Real Estate Finance, steven cohen, Tech
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NYCHA

As the city’s biggest landlord grapples with a $17 billion backlog, agency head Shola Olatoye is spending more time at the table with New York real estate players

The agency’s Shola Olatoye at Howard Houses in Brownsville, Brooklyn (Photo by Sasha Maslov)

The New York City Housing Authority’s Shola Olatoye has aggressively pushed for more face time with Ben Carson — the conservative HUD secretary and onetime presidential candidate who warned against making public housing too “comfortable.”

The two met once at Carson’s office in Washington, D.C., a few weeks after his appointment, and later at an informal breakfast organized by a community church.

But the retired neurosurgeon has yet to visit a NYCHA housing project, and as diplomatic as the agency’s chair and CEO tries to sound, the sting is noticeable.

“Having some policy guidance and direction to public housing authorities about what you’re interested in, or even just a welcome letter like ‘Hey, I’m Ben,’ would be kind of nice,” Olatoye told The Real Deal this summer as she gave a tour of a vegetable farm at Howard Houses, a notorious project in Brownsville, Brooklyn.

“Any businessperson will tell you that you look at your biggest liabilities, your biggest cost centers,” the former HSBC executive said. “We are your biggest cost center.”

It’s been an exceptionally tough year for the city’s biggest residential landlord, which is contending with a $17 billion capital shortfall. NYCHA oversees 2,440 buildings and 176,064 apartments in the five boroughs that an estimated 600,000 New Yorkers call home. And it depends on the federal government for more than 60 percent of its funding.

Now, with the Trump administration threatening crippling cuts to its funding, the agency is becoming increasingly reliant on the city’s real estate industry as it tries to keep itself afloat. Under a 10-year plan that launched in 2015, NYCHA is partnering with private developers, leasing some of its buildings to Section 8 landlords and working with the commercial brokerage giant Cushman Wakefield to overhaul its offices — all in a bid to plug the gaping hole in its budget.

As the plan picked up steam this year, it ran into fierce opposition in many cases. But observers say it may be the agency’s best shot.

“The only way that they’re going to resolve their issues is to partner with outside sources,” said Todd Gomez, who heads Bank of America’s affordable housing lending business in the Northeast. He added that the government “doesn’t have the will” to give NYCHA the money it needs.

Aaron Koffman, a principal at the affordable housing developer Hudson Companies, meanwhile, scoffed at the funds Albany agreed to give to the agency under its annual budget in April. “To be frank, hearing the state Legislature celebrate allocating $200 million to NYCHA when the need is $17 billion and rising — these are the challenges [the agency is] facing,” he said.

Olatoye and Mayor Bill de Blasio had to look to the real estate industry and broader priv[……]

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Stephanie March

This power couple just dropped $35M on a West Village penthouse Stephanie March, Dan Benton to combine two units to create 5-bed duplex

Dan Benton, Stephanie March and the Shephard (Credit: Getty Images and Naftali Group)

Actress Stephanie March and her businessman husband Daniel Benton dropped $35 million on the penthouse at the Shephard in the West Village.

The power couple plans to combine two units at the newly converted building, according to th上海龙凤论坛 新上海贵族宝贝论坛e Wall Street Journal, creating a five-bedroom duplex spanning 6,836 square feet, with an additional 3,451 square feet of outdoor space.

March is a former “Law Order: SVU” star, and married Benton, a hedge fund上海千花网 爱上海同城对对碰 manager and tech investor, in September, according to the Journal. Benton still owns a penthouse on the Upper East Side together with his ex-wife, which cost him $39 million in 2012.

The neighborhood holds special meaning for the couple. According to People magazine, March and Benton met around the corner from their new digs, over cocktails at the Orient Express on West 11th Street.

The 12-story Shephard at 275 West 10th 爱上海 爱上海同城手机版Street, was built in 1897, and began its life as a warehouse until it was reincarnated as a rental. Most recently, the Naftali Group and Starwood Capital converted the 145 rental units to 38 condos, retaining its brick facade. The developers bought the building for $68 million in 2014. Stribling Associates Alexa Lambert is overs新上海贵族宝贝论坛 上海贵族宝贝交流区eeing sales at the building.

Three rent-stabilized tenants at the $352 million conversion sued the developer in June, claiming Miki Naftali s firm refused to pay rent credits he promised t阿拉爱上海同城 爱上海龙凤419桑拿hem during construction.
[WSJ] Chava Gourarie

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Zeckendorf Development

Zeckendorf lands $175M re爱上海同城论坛 爱上海同城fi for 520 Park Loan from HSBC replaces financing from Children’s Investment Fund

520 Park Avenue and Arthur Zeckendorf

Zeckendorf Development has landed a $175 million refinancing package from HSBC for its luxury c爱上海同城 爱上海ondominium project at 520 Park Avenu上海龙凤论坛 新上海贵族宝贝论坛e, according to property records.

HSBC assumed the existing $175 million of loans on the property from Children s Investment Fund (also known as Talos Capital), which was made in a series of transactions between 2014 and 2017.

Zeckendorf announced it would build the 54-story skyscraper, alternately addressed at 45 East 60th Street, in 2014, and the company landed a $50 million loan to start off. The targeted sellout for the project is more than $1 billion.

Representatives for Zeckendorf did not respond to a request for comment.

Zeckendorf reportedly closed on $450 million in financing from the Children’s Investment Fund in the United Kingdom in 2014, although this transaction has not yet been publicly recorded.

The project, designed by architect Robert A.M. Stern, has 33 units. An上海同城对对碰交友社区 上海夜网论坛d it s already attracted its share of high-profile buyers, including vacuum cleaner mogul James Dyson, who bought a unit for between $73 and $83 million; Barclays CEO Bob Diamond, who bought a unit for between $20 million and $40 million; and former UFC owner Frank Fertitta, who purchased a penthouse for $70 million.

Zeckendorf has sold almost $4 billion of high-end housing throughout the decades, including projects at 515 Park Avenue and 15 Central Park West.

Tags: 520 Park Avenue, hsbc, Real Estate Finance, Residential Real Estate, zeckendorf development
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FIU Bridge Collapse

Engineering techniques used in collapsed FIU bridge are common: experts The same techniques were used in the construction of at leas上海千花社区 上海千花网交友t 800 bridges throughout the country.

The FIU bridge after it collapsed. (Credit: Joe Raedle/Getty Images)

Experts say the engineering behind the collapsed FIU bridge in Miami was nothing special.

As scrutiny turns to what led to the bridge s collapse, the structure s so-called unconventional engineering and construction has been put in the spotlight, but the techniques used to build the bridge, known in the business under the umbrella term of ABC or Accelerated Bridge Construction, are typical and long-standing practices, according to Wired.

ABC refers to a series of techniques that reduces the amount of construction that takes place on the site itself. This means prefabricating elements of the structure elsewhere and then using Self-Propelled Modular Transporter vehicles to move and install the bridge on the site. The ABC method dates back to the 1970s and, though more expensive, is favored due to its comparatively strong track record for keeping workers safe on the job.

About 800 bridges were built with federal funding using the ABC method between 2010 to June 2012, Wired reports.

Civil engineer Michael Culmo 上海千花网龙凤论坛 上海千花社区(who was not involved in the FIU project) said the collapse requires further investigation beyond the ABC method the team foll上海夜网 阿爱上海同城owed.

“The real question is, what was happening at that moment that it went down? Was the contractor doing something on the bridge? It was standing for five days, doing just fine. What happened on the fifth day?” he said to Wired. “Usually, it’s more than one thing that causes a collapse.”

The collapsed FIU bridge was built by FIGG Bridge Engineers Inc. and Munilla Construction Management as part of a $124 million campus expansion, as The Real Deal reported. Days before it collapsed, an engineer involved in the design reported some cracking to a state transportation official but said he didn t view the cracks as a threat to saf新爱上海同城对对碰论坛 上海同城对对碰交友社区ety.

The National Transportation Safety Board is investigating the collapse, which killed at least six people, and will release an official assessment with their findings. [Wired] Erin Hudson

Tags: Commercial Real Estate, construction accidents, FIGG Bridge Engineers, fiu Trump names wives of Roth, LeFrak to Kennedy Center BoardWave of NYC hotel openings see operators trying new tactics to boost上海同城对对碰交友社区 上海夜网论坛 b…Will Flagstone Island Gardens continue its legal winning streak agains…The 2019 ICSC party guide
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Grain Silo

Cities are turning grain silos into hot destinations Towering structures dominate waterways across the country

Elevator Alley in Buffalo (credit: Wikimedia Commons)

Across the United States, there are more than 9,400 grain storage facilities still standing, not counting those on farms.

And cities are now looking to repurpose the hulking concrete structur爱上海 爱上海同城手机版es from remnants of agricultural pasts into vibrant destinations, the Wall Street Journal reported.

“There are plenty of buildings in the world that are taller, but when you’re up against or inside [a silo], it seems bigger than life,” said David Tarbet, a historian of grain elevators and author of the book “Grain Dust Dreams. “The limits of one human bein上海贵族宝贝 上海千花网龙凤论坛g’s imagination are pushed by the hugeness of these structures.”

Because of their heft and size, grain elevators are notoriously difficult to demolish. So cities and developers are turning to o阿爱上海同城 阿拉爱上海同城ther uses.

Former HGTV personalities Chip and Joanna Gaines, for example, turned a pair of 120-foot-tall steel silos into a 2.6-acre market in 2015.爱上海龙凤419桑拿 上海龙凤论坛sh1f

In South Africa, the Zeitz Museum of Contemporary Art Africa in September debuted inside a complex of 42 grain silos in Cape Town that were converted in a $40 million project.

And closer to home in Buffalo, the city six years ago began turning a collection of hundreds of old grain elevators along the Buffalo River known as Elevator Alley into breweries, event spaces and the site of history tours.

“People used to laugh at the grain elevators and call them eyesores,” said Jill Jedlicka, executive director of Buffalo-Niagara Waterkeepe爱上海同城论坛 爱上海同城r, a nonprofit group that looks over this part of the river. “And now people are embracing them and calling them iconic to the city.” [WSJ] – Rich Bockmann

Tags: Commercial Real Estate
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