Month: June 2019

Rivington House NYC

City Hall was aware of Rivington House deal before $116M sale: report DOI probe found city had “opportunity to protect its interests but did not do so”

Rivington House at 45 Rivington Street

Despite feigning ignorance over a controversial deal to sell a Lower East Side nursing home to luxury condo developers, City Hall was both “aware of and involved” in the deliberations that paved the way for the lucrative transaction, according to a probe of the de Blasio administration’s role in the deal.

The city’s Department of Investigation – which published its fin上海千花社区 上海千花网交友dings Thursday – launched the inquiry after private nursing home operator Allure Group sold Rivington House, located at 45 Rivington Street, to developers for $116 million this past February. Before doing so, Allure paid the city $16 million to lift a deed restriction on the property that required it to be operated as a nursing home.

“The city had the opportunity to protect its interests but did not do so,” according to a report of the DOI’s findings. Some officials not only knew about the deed restriction being lifted, the report said, but they also knew the building would be sold to luxury condo developers.

Even more damning, however, is the report’s allegation that City Hall tried to cover up what it knew by denying some information to DOI investigators.

Because DOI did not receive a full production of what it requested, it is unclear what Rivington-related information remains on the City Hall servers and computers, to[……]

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Airbnb NYC

Resi lenders think twice about refinancing an Airbnb home Short-term rental service is blurring line between primary, investment properties

Airbnb founders Nathan Blecharczyk, Joe Gebbia and Brian Chesky

In addition to new government regulations, angry neighbors and the occasional orgy, hosts who rent their homes out on websites like Airbnb have something new to worry about. Lenders may be skittish about providing a mortgage or refinancing上海夜网论坛 上海夜网 a home that produces short-term rental income from such companies.

Traditionally, lenders have been clear on classifying loans for either principal residences or investment properties. But in the age of Airbnb, the line is becoming blurred, the Wall Street Journal reported.

“This is kind of novel,” said Jeffrey Naimon, a 爱上海同城对对碰 爱上海同城论坛consumer finan阿拉爱上海同城 爱上海龙凤419桑拿ce attorney and partner at law firm BuckleySandler LLP. “I don’t think the market has gotten its arms around it.”

上海龙凤论坛 新上海贵族宝贝论坛Some borrowers have been reporting income from websites like Airbnb and HomeAway when applying for a new loan in hopes of raising their credit profile and get a better interest rate. Instead the banks, which typically find investment properties to be riskier, have been telling borrowers they either no longer qualify for certain kinds of loans or will have to pay higher interest rates.

A spokesperson for Airbnb said in an email that incidents like these are “incredibly rare.”

A few years ago, similar questions arose about whether traditional insurance policies would apply to[……]

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200 East 59th Street

Macklowe lands $116M UOB loan for UES condos Developer seeking $264M sellout at 200 East 59th Street

Renderings of 200 East 59th Street

Harry Macklowe obtained a $116 million construction loan from Singapore’s United Overseas Bank for his planned 35-story Upper East Side condominium tower, property records filed with the city Tuesday show.

In addition to the new loan, the bank also agreed to amend an existing $65 million acquisition loan on the property at 200 East 59th Street that it had issued in 2014. It wasn’t clear from records whether the loan was simply extended or otherwise changed.

Macklowe could not immediately爱上海同城论坛 爱上海同城 be reached for comment.

In November, the New York state Attorney General’s office approved a condo offering plan for the project with a projected sellout of $264.1 million. Macklowe wants to build 68 units averaging around $4 million, not counting penthouse units, and 18,000 square feet of retail space. The developer bought the site for $31.3 million in July 2014.

The development is a few blocks from 1,396-foot-tall condo tower 432 Park Avenue, which 爱上海 爱上海同城手机版Macklowe is developing in partnership with CIM Group. The developer is also converting the office building 1 Wall Street into con上海千花社区 上海千花网交友do and rentals, and is in the market for a $1 billion construction loan.

United Overseas Bank has been an active condo lender in recent years, backing Shvo, Bizzi Partners and New Valley’s 125 Green上海贵族宝贝 上海千花网龙凤论坛wich with a $135 million acquisition and predevelopment loan and is i[……]

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Restoration Hardware

Starwood shells out $新上海贵族宝贝论坛 上海贵族宝贝交流区105M for Restoration Hardware project Site’s been阿拉爱上海同城 爱上海龙凤419桑拿 plag爱上海 爱上海同城手机版ued 上海夜网 阿爱上海同城by fatal construction accident
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Redfin IPO

Hot damn! Redfin’s stock skyrockets 45% on Nasdaq debut Tech brokerage set price at $15, but immediately traded at $20 and higher

Glenn Kelman (credit: Nasdaq)

Like buyers locked in a bidding war, Redfin investors boosted the online brokerage’s stock price a whopping 45 percent on Friday — its first day as a public company.

Ahead of Its Wall Street debut, the Seattle-based brokerage priced its shares at $15, valuing the company at roughly $1.2 billion. But the stock immediately shot up around 30 percent to $20 p新爱上海同城对对碰论坛 上海同城对对碰交友社区er share when it started trading around 8 爱上海同城 爱上海a.m. Pacific Time on the Nasdaq market. Shares inched higher throughout the day, closing at $21.70 — more than 45 percent higher than it started — and valuing the company north of $1.7 billion.

Traditional brokerages and real estate tech companies watched the IPO on Friday closely — with the latter anticipating that a strong showing could bolster their own prospects. Aaron Graf, CEO of New York-based LG Fairmont, a tech-enabled brokerage, summed up Redfin’s IPO in four words上海千花网论坛 上海千花网: “Great vote of confidence.”

It was also good news for another venture-backed brokerage with IPO ambitions and some serious dough Compass, which is valued at over $1 billion and is planning an international expansion.

Initially, Redfin planned to raise $138 million by selling 9.23 million shares priced between $12 and $14 each, according to a prospectus filed last month.

On Friday, Redfin CEO Glenn Kelman acknowledged the IPO was a long[……]

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Zillow Group Expansion

Is Zillow falling for Justin? The marketplace may expand into Canada The company is now a registered lobbyist with the Canadian government

Zillow CEO Spencer Rascoff meets with Barack Obama in 2013. Now the company is officially registered as a lobbyist in Canada. (Official White House Pho新上海贵族宝贝论坛 上海贵族宝贝交流区to by Pete Souza, back/U.S. Air Force, front)

Zillow Group is looking north of the border to add Canadian properties to its marketplace.

The company is register上海千花网交友 上海千花网论坛ed as an active lobbyist with the Canadian government, represented by Summa Strategies Alex Maheu, and sources confirmed executive Errol Samuelson has visited Ottawa to ex爱上海同城手机版 新爱上海同城对对碰论坛plore opportunities, according to BuzzBuzzNews.

“We know that many buyers in the U.S. are interested in purchasing Canadian property, so we are look新爱上海同城对对碰论坛 上海同城对对碰交友社区ing into adding Canadian listings. We currently have n上海龙凤论坛sh1f 上海龙凤论坛o plans to build a Canadian version of Zillow,” wrote spokesperson Emily Heffter in a statement to BuzzBuzzNews.

Started 11 years ago, the Seattle-based company has grown to a database of more than 110 million homes.

[BuzzBuzzNews] E.K. Hudson

Tags: canada, Residential Real Estate, zillow
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Nasdaq

4 上海龙凤论坛sh1f 上海龙凤论坛Times Square, Adena Friedman and the Nasdaq trading floor (Credit: Flickr and Nasdaq)

Nasdaq is ditching downtown for the Durst Organization’s 4 Times Square.

The stock爱上海同城论坛 爱上海同城 exchange company inked a 145,00爱上海同城手机版 新爱上海同城对对碰论坛0-square-foot lease for part of the space formerly occupied by publisher Conde Nast. With the deal, Durst has leased up about 68 percent of Conde Nast’s space, the Wall Street Journal reported.

Nasdaq is moving from One Liberty Plaza, its home of 18 years. The firm has long occupied a small space at爱上海同城论坛 爱上海同城 4 Times Square that it uses for events.

“Looking at how much time and energy we were spending with clients in Times Square, we realized some employees lose out on spending time with clients and we were bifurcating employees unnecessarily between One Libert爱上海同城手机版 新爱上海同城对对碰论坛y and Times Square,” the company’s CEO Adena Friedman told the Journal.

The Blackstone Group recently agreed to buy a 49 percent stake in One Liberty, which is owned by Brookfield Property Partners. Blackstone s deal valued One Liberty Plaza at $1.55 billion. [WSJ] Konrad Putzier

Tags: 4 times square, durst organization, Office Leasing
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Maddd Equities

Maddd 爱上海同城对对碰 爱上海同城论坛Equities, Joy Construction refinance Hudson Yar爱上海 爱上海同城手机版ds rental building Money for 445 We爱上海同城 爱上海st 35th 上海贵族宝贝论坛 上海贵族宝贝Street comes from Bank Leumi
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Brookfield Asset Management

Brookfield could buy back $40B in shares over next decade Company has $330B in assets under management, according to Q3 report

Bruce Flatt (Credi上海千花网龙凤论坛 上海千花社区t: iStock)

Brookfield Asset Management expects to buy back as much as $40 billion in shares in the next decade.

During a third-quarter earnings call on Thursday, the company said it expects to bring in $60 billion in the next 10 years.

But 爱上海同城 爱上海the opportunities to spend the capital will likely be outstripped by the anticipated volume of cash, CEO Bruce Flatt said. Brookfield expects to spend roughly $10 billion in the next decade and will likely distribute the remaining $50 billion to shareholders. Roughly $10 billion would be paid as dividends while the remaining $40 billion would likely be used to buy back stock.

Of course, if better alternatives present themselves, it may be less than this, but this is the base case plan for the business, Flatt said during the call. It is most likely that the return of capital to shareholders will be accomplished through share repurchases, but alternatively the dividend could be increased.

He noted that for many, a share repurchase would be more tax effective.

Net income this quarter hit $941 million, down from last year s $992 million over the same period.

Still, in the last 12 months, net income totaled $6.5 billion, a jump from the $2.6 billion from the 12 months before that.

Company officials said the u新上海贵族宝贝论坛 上海贵族宝贝交流区ptick was due in part to a string of recent acquisitions. In August, the com[……]

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Candice Payne

Realtor rents hotel rooms for homeless上海千花网交友 上海千花网论坛 during deadly Chicago cold snap After Candice Payne and her husband rented 20 rooms for people living outside, other good Samaritans stepped up too

Candice Payne (Credit: David Kinney, Realtor.com)

With Chicago in the throes of a historic stretch of frigid weather this week, a South Side Realtor led an effort to bring a group of people without homes out of the cold.

Candice Payne, managing br阿拉爱上海同城 爱上海龙凤419桑拿oker at 5th Group Realty Management, and her husband launched an effort to convince people living in a South Loop homeless encampment to come with them to escape the cold on Tuesday night as overnight wind chills approached 60 degrees below zero, according to the Chicago Tribune.

Aided by a group of friends and local business owners from the South Side, the couple ended up renting 20 rooms at $70 each at the Amber Inn in Bronzeville,爱上海同城 爱上海 the only hotel they could find that would accept the group.

With temperatures still well below zero Wednesday, Payne and friends returned to the camp and brought more people to the hotel. When word got out, more good Samaritans joined in, gathering donations of food, clothes, coats, winter gear and more.

By Thur上海千花网 爱上海同城对对碰sday night, they had enough money for 60 rooms for four nights, nearly filling the entire hotel.

“This is just regular people trying to help,” Payne, 34, told the Tribune. [Chicago Tribune] — John O’Brien

Tags: Residential Real Estate

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