2 Herald Square
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2 Herald Square

JEMB Realty close to securing leasehold on 2 Herald Square for $350M Sitt Asset Management put it up for sale last month

From left: Eddie Sitt, JEMB’s Morris Bailey, and 2 Herald Square

J新爱上海同城对对碰论坛 上海同城对对碰交友社区EMB Realty could soon pay $350 million for the leasehold of Sitt Asset Management’s 2 Herald Square, according to reports.

The deal i爱上海同城手机版 新爱上海同城对对碰论坛s a “strategic alliance,” sources told the New York Post, and will allow Sitt to remain in the deal. The company put the leasehold on the property up for sale in late April.

The Sitt brothers paid $270 million for the leasehold on th爱上海同城 爱上海e 11-story, 354,000-square foot property in 2007. The four brothers Eddie, Jack, Ralph and David and their mother jointly own a 51.75 percent interest in the le上海千花网龙凤论坛 上海千花社区asehold. A family dispute and ongoing litigation between the brothers has previously hampered refinancing efforts.

However, this week SL Green Realty bought $250M in CMBS debt on the property. The building recently secured WeWork as a tenant, but has reportedly been losing approximately $1.7 million per month, according to court documents.

JEMB Realty, founded by Morris Bailey and Joseph Jerome, will now control three corners at Herald Square the firm owns 1 Herald Center and Herald Towers. [NYP] Miriam Hall

(To view other爱上海龙凤419桑拿 上海龙凤论坛sh1f commercial sales transactions that involve JEMB Realty, click here)

Tags: 2 herald square, Commercial Real Estate, jemb realty, sitt asset management
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NYC Homelessness
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NYC Homelessness

A luxury building in Queens is now doubling as a homeless shelter They began living at the building in Kew Gardens on Fr阿爱上海同城 阿拉爱上海同城iday

The Kewl

The city is renting dozens of hotel rooms in a new Queens luxury apartment-and-hotel complex.

The Kew Gardens building at 123-28 82nd Avenue contains a hotel run by Comfort Inn with 84 rooms and 38 luxury units in a residential part of the building, dubbed the Kewl. The city began u上海千花网论坛 上海千花网sing the hotel rooms as a homeless shelter on阿爱上海同城 阿拉爱上海同城 Friday, according to DNAinfo.

Homeless single men are currently living in 19 hotel rooms, and t上海夜网 阿爱上海同城he Department of Homeless Services expect新爱上海同城对对碰论坛 上海同城对对碰交友社区s it will eventually fill all the rooms. Tenants at the Kewl and local Councilwoman Karen Koslowitz have voiced their unhappiness with the decision.

Mayor Bill de Blasio plans to stop using hotels as shelters by 2023, but the hotel is currently the only spot in Queens Community District 9 where the homeless can go, according to DHS. The agency said it intends to find new shelter space for the more than 300 homeless people in the neighborhood. [DNAinfo] – Eddie Small

Tags: homeless, Kew Gardens, Politics
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NYC Parking Tickets
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NYC Parking Tickets

What NYC neighborhoods get the most parking tickets? $440M in tickets were issued last year

Roughly $200 million w新爱上海同城对对碰论坛 上海同城对对碰交友社区orth of parking tickets were issued in Manhattan last year, nearly half of the $440 million dished out citywide.

An average of 25 tickets was written per parking spot in the Financial District, while the Upper East Side saw an average of 24 summonses per spot, according to a ne上海千花网论坛 上海千花网w report by SpotAngels cited by the New York Post. Meanwhile, Stuyvesant Town-Peter Cooper Village and Harlem had an average of three and five, respectively, issued per spot.

“I got a parking ticket the other day while I was in the car,” Upper East Side worker John Mario Garcias told the Post. “The police officers don’t give yo上海贵族宝贝 上海千花网龙凤论坛u a break.”

The parking spaces generate an average of $2,219 per spot for the city, according to the report. The average ticket price in Manhattan was $79.82, which is at least $9 more than the average in the other boroughs. [NYP] — Kat爱上海同城论坛 爱上海同城hryn Brenzel

Tags: Financial District
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Chinese Housing Market
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Chinese Housing Market

A property tax could be coming to China Move by the government would be an attempt to stabilize the country’s housing market

Beijing, China

Chinese homeowners may soon get to complain about one of th爱上海同城对对碰 爱上海同城论坛e same things American homeowners do: property taxes.

In an effort to stabilize the country’s notoriously volatile housing market, the Chinese government is considering establishing a property tax, as experts say the lack of one is a major reason why its housing market is so unstable, according to the New York Times.

The move is not a sure thing, but finance minister Xiao Jie wrote in the official Communist Party newspaper late last year that leaders expressed support for establishing a property tax at a party meeting under the not-very-catchy slogan “Legislation first, full authorization, move forward step by step.”

Real estate comprises almost 75 percent of assets for the Chinese but is also a factor in some of the largest booms爱上海同城手机版 新爱上海同城对对碰论坛 and busts in the country, with investors eager to pour money into housing and上海千花网龙凤论坛 上海千花社区 mortgage lending skyrocketing over the past two years.

The lack of a property tax stems from the country’s Communist takeover in 1949, when owning land was at first restricted and then banned. China has also historically had a hard time figuring out who owns what properties, but its Ministry of Land and Resources said in September it had comp爱上海 爱上海同城手机版iled a land ownership database.

Property prices fell by 0.3 percent in Beijing and Shanghai between November 2016 and November 2017 after years of double-digit growth, fueling fears of a possible mortgage crisis, but the government could loosen housing regulations to increase prices. [NYT] – Eddie Small

Tags: china, Residential Real Estate上海同城对对碰交友社区 上海夜网论坛, taxes
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Fairfield luxe homes are sitting on the market 20% longer than in 2017
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Fairfield luxe homes are sitting on the market 20% longer than in 2017

Douglas Elliman’s report on the first quarter of 2018 finds that the inventory of luxury homes in Fairfield County — th爱上海同城论坛 爱上海同城ose priced at the top 10 percent of all stock on the market — was up almost 6 pe上海贵族宝贝交流区 上海贵族宝贝论坛rcent from 阿拉爱上海同城 爱上海龙凤419桑拿the same time last year, but those homes were sitting on the market 20 percent longer than they were last year, now taking an average of 234 days to sell. The median sales price for these high-end homes was down nearly seven percent, now at $1.99 million. [Douglas Elliman]

T上海贵族宝贝交流区 上海贵族宝贝论坛ags: Westchester Fairfield
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Michael Cohen
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Michael Cohen

Arrested development: Michael Cohen’s 330 East 63rd Street was supposed to go condo Months after building purchase, the now-embroiled Cohen became a top hype man for the Trump campaign

Michael Cohen and 330 East 63rd Street (Credit: Getty Images and Google Maps)

Before Michael Cohen made getting Donald Trump elected president his raison d’être, he was planning to become a developer.

阿拉爱上海同城 爱上海龙凤419桑拿With investment partners, Trump s former attorney and fixer bought a partially rent-s上海千花网龙凤论坛 上海千花社区tabilized rental building at 330 East 63rd Street for $58 million, with plans to convert the 90 apartments into condominiums, The Real Deal reported in February of 2015.

But three-and-a-half years later those plans have not advanced very far. Though city Department of Buildings filings show significant renovation work in several units over the last couple of years, the partners never filed an offering plan. Of the 32 units that were rent regulated at the time Cohen bought the building, 28 remain so, according to city property tax records. The developers last year described the building as still under construction in a tax appeal with the city.

USA Today previously reported that Brooklyn lawyer Herbert Chaves is one of Cohen’s partners in 330 East 63rd. Property records show that an additional partner is the Vintage Group. Vintage Group’s Eric Nelson did not respond to a request for comment. Cohen did not respond to questions sent by email.

On Tuesday, Cohen pleaded guilty to felony counts of illegal camp上海千花网论坛 上海千花网aign finance, bank fraud and tax evasion and could spend as many as five years in prison. Both the New York Attorney General and the Manhattan District attorney have now opened their own investigations into Cohen and his former employer, the Trump Organization.

According to federal prosecutors, Cohen used “sham invoices” to bill the Trump Organization $420,000 for hush money payments Cohen said he made to two women who threatened to speak publicly about having sexual relations with Trump.

On Tuesday, just before he pleaded guilty, records began popping up in city records indicating Cohen was selling partial interests in 330 East 63rd Street and in another building at 133 Avenue D for a total of $12.9 million. Should he be sentenced to time in prison, Cohen leaves behind whatever interests he still holds in those buildings, plus his home at 502 Park Avenue and a $6.3 million condo at 111 Murray Street爱上海同城论坛 爱上海同城. Federal prosecutors say they will pursue property forfeiture in connection with one of the bank fraud counts that involved b上海夜网 阿爱上海同城oth tax medallions and Cohen’s Park Avenue home, but its not yet clear whether the property they will seize is cash, real estate or other assets in connection with that crime.

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Modell’s
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Modell’s

Maryland-based company pays $115M for Modell s warehouse Details of deal were publicly filed on Wednesday

1500 Bassett Avenue in the Bronx and Robert Fordi (Credit: CityFeet and Realterm)

A Maryland-based logistics real estate company paid $115 million for Modell s warehouse in the Bronx.

Realterm Logistics bought 1500 Bassett Avenue in Morris Park, a 366,000-square-foot distribution center situated on a 17-acre lot. The company, headquartered in Annapolis, specializes in high-flow through facilities for the transportation industry.

Earlier this year, Crain s reported that the sports apparel chain was in talks to sell its Bronx warehouse. At the time, the b上海夜网论坛 上海夜网uyer and the exact price of the deal were not clear.

Brian Dowling, vice president of asset management at Realterm, said the property will serve as a final mile distribution center, delivering goods to the five boroughs, Westchester, Long I上海贵族宝贝论坛 上海贵族宝贝sland and Connecticut. Modell s is still l爱上海 爱上海同城手机版easing the facility, and it s not yet clear if the company will continue to do so. CBRE s Brad Cohen, Jacob Tzfanya and Jon Kamali represented Modell s in the sale.

Demand for industrial space, particularly last mile, has climbed dramatically in the past few years. According to a report by CBRE, the availability rate for warehouse space h上海贵族宝贝交流区 上海贵族宝贝论坛it 7.7 percent in the third quarter of 2018, the lowest seen in 18 years.

 

Tags: Commercial Real Estate, the Bronx, warehouses
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Trump Soho Hotel
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Trump Soho Hotel

CIM mulls sale of former Trump Soho hotel The LA-base上海夜网论坛 上海夜网d firm bought it at a foreclosure auction in 2014

The Dominick at 246 Spring Street

CIM Group might n上海贵族宝贝交流区 上海贵族宝贝论坛ot own the former Trump Soho Hotel for much longer.

The Los Angeles-based company is considering selling the property at 246 Spring Street, now known as the Dominick, according to Bloomberg. They have already contacted potential buyers for it.

The building stands 46 st上海千花网龙凤论坛 上海千花社区ories tall and has 391 rooms. CIM took ownership of the hotel after winning a foreclosure 上海夜网论坛 上海夜网auction in 2014 and purchased the management and license agreements from the Trump Organization in 2017 for at least $6 million, although the breakup fee was not disclosed. The company was also a lender for the property when the Sapir Organization and Bayrock Group were developing it.

Bay爱上海同城手机版 新爱上海同城对对碰论坛rock included Felix Sater as one of its leaders, a convicted felon with ties to organized crime groups in the United States and Russia. Sater helped the U.S. government in a terror case and also worked with the Trump Organization to build a tower in Moscow during the 2016 presidential election. [Bloomberg] – Eddie Small

Tags: CIM Group, Commercial Real Estate, Trump Soho
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Brazilian Investment
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Brazilian Investment

Brazil is back: Brasileiros lead foreign investment in South Florida homes in 2018 Foreign investment rose 22.5 percent to $8.7上海夜网论坛 上海夜网B last yea上海千花社区 上海千花网交友r, despite a 7.5% decline in homes purchased

Brazilian buyers are back in South Florida

Miami real estate agents have one reason to be happy – Brazilian buyers are back as a dominant buyer pool in South Florida, amid an increase in foreign investment.

Political turmoil in Brazil and a strong dollar have kept buyers away from South Florida in recent years – until now. Brazil ranked as the top country buying South Florida homes in 2018, according to a new report from the Miami Association of Realtors.

In 2018, international buyers spent $8.7 billion on residential properties in Miami-Dade, Broward and Palm Beach counties, up 22.5 percent from $7.1 billion in 2017. Foreign buyers acquired 14,300 homes in 2018, 1,000 or 7.5 percent fewer properties than the previous year, according to爱上海同城手机版 新爱上海同城对对碰论坛 the report.

Brazil ranked No. 1 for the first time since the association began tracking foreign investment in 2012, representing 12 percent of all foreign purchases of homes in the tri-county region last year. Colombia and Venezuela tied for the second spot with 11 percent, each, followed by Argentina and Canada with 8 percent each. Mexico, France and Italy tied with 4 percent, each; and the United Kingdom, China, Peru and Ecuador had 3 percent, each.

In 2017, Argentin上海千花社区 上海千花网交友a topped the list, followed by Venezuela, Canada and Colombia. Foreign investment in residential real estate in the tri-county area in 2018 represented 54 percent of all international sales in Florida, which ranks as the top state for such investment. Orlando was the second market for international sales with 9.4 percent of sales in the Sunshine State. South Florida represents about 9.5 percent of all U.S. international home sales, according to the report.

Tags: brazil, Colombia, foreign investment, Residential Real Estate, venezuela Hole in one: Toll Brothers buys 23 acres of Century Golf Course in Dee…National Cheat Sheet: Blackstone Group plans to become a corporation, …Silverstein might build 2 WTC on specElion unwraps plan for 30M sf industrial mini-city outside of Chicago
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