BRP Companies

City pa爱上海同城手机版 新爱上海同城对对碰论坛sses on buying Harlem site that recently had deed restriction lifted B阿拉爱上海同城 爱上海龙凤419桑拿RP Companies closed on the property in April

The city is backing away after making overtures to buy a Harlem site owned by BRP Companies where officials recently approved the lifting of a deed restriction.

The city’s School Construction Authority approached BRP about 4 weeks ago, the Wall Street Journal reported, but abruptly reversed itself last week.

The discussions come against the background of scrutiny by federal, state and 上海千花网论坛 上海千花网local law enforcement officials of a deal to lift the deed restriction at 45 Rivington Street on the Lower East Side, that ultimately led to the property selling for $116 million to Slate Property Group, Adam America Real Estate and China Vanke, who planned to build luxury condos there.

BRP bought the Harlem site, at 841 St. Nicholas Avenue, for $3.1 million, closing in April. The seller, the Dance Theater of Harlem, paid the city $875,000 to lift a restriction on the property that limited it to nonprofit cultural use.

Before the city approached it, BRP said it was planning a 12-unit affordable rental building on the site. [WSJ] – Ariel Stulberg

Tags: 上海千花社区 上海千花网交友br上海千花网 爱上海同城对对碰p companies
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KBS Capital

KBS to buy $40M stake in church near Penn 上海贵族宝贝论坛 上海贵族宝贝Station The REIT is partnering with Onyx for retail conversion at 210 West 31st St.

Rendering of 210 West 31st Street (credit: LoopNet)

KBS Capital is in contract to acquire the majority stake in a two-story church from Onyx Equities for $39.8 million, according to the REIT’s filings with the Securities and Exchange Commission. Together, the firms are planning a retail conversion on the site.

The deal would value the property, located at 210 West 31st Street, at $48 million. KBS is taking an 80 percent interest; Onyx Equities is keeping the remainin上海夜网论坛 上海夜网g 20 percent.

KBS and Onyx intend to redevelop the 23,110-square-foot building, formerly the site of a monastery associated with the Church of St. John the Baptist, into a two-story retail property, at an estimated cost of $14.2 million.

The proposed development will divide the L-shaped space into three retail properties, with all three sharing the ground floor, in addition to space on the lower and upper levels, for a total of approximately 30,000 square feet. The property has爱上海龙凤419桑拿 上海龙凤论坛sh1f the potential for a rooftop patio and 750 square feet of signage along West 31st Street.

David Colen, of Newmark Grubb Knight Frank, brokered the deal. Jeffrey Roseman, also at NGKF, is marketing the property for lease.

KBS Capital, through its Strategic Opportunity REIT II, intends to finance the purchase with investor capital as well as a loan.

KBS decl上海千花社区 上海千花网交友ined to comment. Onyx was not immediately ava上海贵族宝贝论坛 上海贵族宝贝ilable for comment.

Tags: kbs
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Slumlords NYC

Pine Management trying to evict 94-year-old UWS tenant Maxwell Levy has lived i上海千花网交友 上海千花网论坛n the rent-regulated apartment at West 80th Street since the 1950s

211 West 80th Street

Pine Management is trying to evict a 94-year-old tenant who has lived in one of its rent-regulated apartments on the Upper West Side for 50 years.

The real estate company sent Maxwell Levy an eviction notice in August, the New York Daily News reported. The owners of the company, Thomas Rohlman and his sons Daniel and Jason, have accused Levy of being a hoarder and have been trying to throw him out of 211 West 80th Street since 2014. The company is under investigation by the state attorney general over repeated complaints they are trying to force out rent-regulated tenants, according to the 上海千花网龙凤论坛 上海千花社区paper. Subpoenas were issued Tuesday, the Daily News reported.

Levy s case will go before the housing court on Wednesday.

Levy, a World War II vet who pays $1,650 a month for the six-room apartment, 上海贵族宝贝 上海千花网龙凤论坛said he is being targeted by the c爱上海同城手机版 新爱上海同城对对碰论坛ompany because he does not pay market rent.

“They want to get my apartment because they can make a lot more money,” he told the Daily News. “Once I move out, they’ll cut my apartment into two apartments and then they’ll get twice the amount of rent they get because I’m under rent control.”

Pine Management owns and manages 38 properties in Manhattan and Brooklyn, according to its website. In June, a superintendent at its building at 510 Amsterdam Avenue, sued the company, saying he was fired because he refused to rummage through the belongings of rent-regulated tenants as part of campaign to evict them.

Earlier this week, a co-owner of 510 Amsterdam Avenue, SM S Associates, filed a lawsuit against Sydell Pine, her son-in-law Thomas Rohlman and Pine Management, saying they ve schemed to prevent a sale of the 23-unit building. But Pine actually died in January 2014, and lawyers for SM S Associates could not be reached to explain why she was named in the suit. 新上海贵族宝贝论坛 上海贵族宝贝交流区[NYDN] Miriam Hall

Tags: NYC Landlords, upper west side, worst landlords
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Bedford Armory

Cumbo opposes Armory project in latest blow to redevelopment City Councilwoman has said BFC’s project lacks sufficient affordable housing

From left: Bedford Union Armory, Bill de Blasio and Donald Capoccia

City Council member Laurie Cumbo won’t support the controversial redevelopment of the Bedford-Union Armory in Crown Heights — dealing another blow to the project backed by Mayor Bill de Blasio.

Cumbo, whose district includes the armory, planned to make her opposition to the redevelopment a central theme of her State of the District speech Thursday, Politico reported.

Cumbo has gone back and forth over whether to support the project in recent months. BFC Partners and CAMBA, a Brooklyn-based nonprofit, plan to transform the vacan上海同城对对碰交友社区 上海夜网论坛t 138,000-square-foot site into a mixed-use facility with affordable housing, market-rate condos and recreational faciliti阿拉爱上海同城 爱上海龙凤419桑拿es.

Despite support for the project’s affordable housing component from City Hall, the project s faced opposition from lawmakers including Rep. Yvette Clarke, State Sen. Jesse Hamilton and Brooklyn Borough President Eric Adams.

Cumbo, who has expressed concerns that the project needs more affordable housing, has faced backlash over her relative indecision.

Protestors we新爱上海同城对对碰论坛 上海同城对对碰交友社区re planning to attend her speech Thursday and Ede Fox, who is challenging Cumbo, released a statement criticizing her lack of a clear position on the project until now. “Any last-minute new proposal from Laurie is too little, too late for those of us who have been tirelessly fighting to preserve the Bedford Union Armory for future generations of Brooklynites,” Fox said.

Sam Spokony, a spokesman for the project, said adding more affordable isn’t feasible because the plan requires the construction of a 上海同城对对碰交友社区 上海夜网论坛recreational center. “BFC is fully committed to revitalizing the Bedford-Union Armory and providing much-needed recreational facilities, affordable housing and affordable office space for the Crown Heights community,” he said. The economic realities of cross-subsidizing a new rec center and the lack of housing subsidies mean that 50% affordability is the only option currently available at the Armory.” [Politico] — E.B. Sol阿爱上海同城 阿拉爱上海同城omont

Tags: Bedford-Union Armory, bfc partners, Commercial Real Estate
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Eliot Spitzer

Eliot Spitzer’s UES bachelor pad hits the rental market Luxury apartment overlooks Central Park at 800 Fifth Ave

800 Fifth Avenue and Eliot Spitzer (Credit: CityRealty and Getty Images)

Former New York Gov. Eliot Spitzer’s apartment on the Upper East Side has hit the market for $20,500 a month.

The three-bedroom unit at 800 Fifth Avenue just recently became available, according to the 上海夜网论坛 上海夜网New York Post. I上海贵族宝贝交流区 上海贵族宝贝论坛t is ready for a December move-in, and amenities include a concierge, a parking g爱上海龙凤419桑拿 上海龙凤论坛sh1farage and a gym, according to its listing on StreetEasy.

Once owned by Standard Oil treasurer Jabez Bostwick, and later, by a Rockefeller – the mansion at 800 Fifth Ave. sat vacant for more than 50 years until Spitzer s father Bernard demolished it and built a luxury rental tower at the address in the late 1970s.

An analysis by The Real Deal in June 2016 found that the building s 208 apartments leased for an average of $10,500 a month. The building, still owned by Spitzer Enterprises, also holds a few medical suites. There are four other apartments in the building currently on the rental market for over $10,000, according to StreetEasy.

Spitzer is currently building a $700 million, 857-unit rental c新爱上海同城对对碰论坛 上海同城对对碰交友社区omp上海夜网 阿爱上海同城lex along the Williamsburg waterfront. The first building is slated to launch next year, with Dave Maundrell of Citi Habitats leading the marketing effort.  [NYP] – Eddie Small

Tags: eliot spitzer, NYC Rental Market, Residential Real Estate, upper east side
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Honest Buildings

Oxford Properties, Durst invest in startup
Honest Buildings Firm raises additional $8M in Series B round

 

Riggs Kubiak

Honest Buildings raised $8 million fro上海千花网交友 上海千花网论坛m O上海千花网龙凤论坛 上海千花社区xford Properties Gr爱上海同城论坛 爱上海同城oup, the Durst Organization and DivCo West Real Estate Investments. The new funding is an addition to the firm’s Series B round, which it announced in October, and brings its total funding 新爱上海同城对对碰论坛 上海同城对对碰交友社区to $36 million.

Honest Buildings previously raised $13 million from Brookfield Property Partners, Rudin Ventures and C-III Capital Partners, among others, in the first part of the Series B round.

The company, founded by Riggs Kubiak in 2012, sells an online platform that allows landlords and developers to oversee construction and repair projects. It is arguably the cost-side counterpart to VTS, wh上海同城对对碰交友社区 上海夜网论坛ose platform allows landlords to manage their leasing portfolio, among other functions.

Honest Buildings hopes to have a hand in $10 billion worth of transactions this year, Crain’s reported. [Crain’s] Konrad Putzier

Tags: Honest Buildings, Tech
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Westchester Real Estate

Westchester Fairfield Cheat Sheet: Rockefeller estate in Mount Pleasant sells for $33M, home rentals on the rise in Greenwich more

Webster Bank leased 25,000 square feet in Stamford, David Rockefeller s estate in Mount Pleasant sold for $33 million, Scarsdale is reviewing plans to redevelop the Freightway parking site, and KOSL Building s plans to demolish The Orchard house will get a vote.

Rockefeller estate in Mount Pleasant sells for $33M, 50% above ask
David Rockefeller’s Hudson Pines estate in the Mount Pleasant hamlet of Pocantico Hills sold for $33 million, which was 50 percent more than the $22 million listing price. The former chairman and CEO of Chase Manhattan Corporation lived on the 75-acre estate until his death last March. There are 12 structures on the property, including the 11,343-square-foot main house, a three-bedroom guest house, a stable and greenhouses. Houlihan Lawrence Private Brokerage’s David Turner and Anthony Cutugno handled the listing for the estate, and the buyer was not disclosed. [TRD]

Greenwich home re上海贵族宝贝交流区 上海贵族宝贝论坛ntals rising even as sales market remains healthy
The market for rental homes in Greenwich has上海贵族宝贝 上海千花网龙凤论坛 traditionally grown only when the overall housing market has suffered, but lately there has been an appetite for 爱上海龙凤419桑拿 上海龙凤论坛sh1fsingle-family rentals even as the sales market is healthy, local realtors told the Greenwich Time. Uncertainty about property values is turning some would-be buyers into renters, they said. Others credit downsizing empty-nesters and young New York City families trying out the suburbs as growing segments of the rental market. [Greenwich Time]

Plans to redevelop Scarsdale commuter parking site include condo and rental options
A committee of residents, local business people and village officials issued a report with several options for the redevelopment of the 2.5-acre Freightway parking facility in Scarsdale. One plan calls for building between 58 and 93 condo units on top of the existing爱上海同城对对碰 爱上海同城论坛 five-story parking structure, while the second option adds the construction of a walkway over the train tracks. The third choice is to build between 91 and 145 rental apartments on top of three levels of parking. The village board will review the plans and would hire a developer if any are approved. [Lohud]

Developer s plan to demolish historic Larchmont home ready for planning board vote
After a village moratorium on tear-down applications expired, developer KOSL Building Group s plan to demolish an 1896 home known as The Orchard will be decided by a planning board vote next week. In 2015, KOSL submitted plans to tear down the 3,000 square-foot house and subdivide the 1.6-acre site with four new homes being built in its place. Local preservationists led public opposition to the plan, and the Village Board of Trustees put a hold on all building applications while analyzing the impact of subdivisions. Larchmont passed new zoning laws for development and the moratorium on permits ended in December 2016[……]

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Construction Corruption

How bribery and overbilling schemes have become commonplace in the world of real estate’s middlemen

(Illustration by Chris Koehler)

In New York City’s $45.3 billion construction industry, it’s a network of middlemen that choreographs the rise of buildings. From supply companies to electrical workers, developers rely on a consortium of professionals to assign contracts and oversee the flow of millions of dollars — sometimes with little to no oversight.

“There are hundreds and hundreds of products, hundreds of different workers on the job. It’s a large undertaking,” said Barry LePatner, a construction attorney and founder of LePatner Associates. “The owners have a tremendous amount of difficulty tracking the costs.”

Both the scale of construction projects and the number of different players involved can put developers in a vulnerable position. For instance, a property owner may pay $300 for a light fixture that cost a construction company half that. Or a subcontractor may charge a developer for seven dumpsters for a demolition project versus the four that are actually used.

In isolation, overbilling schemes like that are barely a line on a developer’s cost sheet. But compounded, such incidents can balloon into far-reaching cases of graft.

In October, state officials raided the offices of Turner Construction and Bloomberg LP as a part of an alleged overbilling scheme that may have resulted in the media company overpaying for renovation work by $1 million at its 731 Lexington Avenue headquarters. The crackdown was reportedly part of a broader probe into a suspected $100 million worth of construction fraud — the details of which remain behind closed doors at the Manhattan District Attorney’s Office. Meanwhile, last month, Mo Vaughn and Eugene Schneur’s Omni New York accused two of its property managers of conspiring with a Brooklyn-based construction supplier to jack up prices for certain materials by as much as 66 percent. And the Related Companies filed a suit against the Building and Construction Trades Council of Greater New York, also last month, alleging that the union helped inflate construction costs at Hudson Yards by more than $100 million.

But these cases aren’t one-offs. Some of the city’s top general contractors — including Tishman Construction (now AECOM Tishman), Plaza Construction, Hunter Roberts Construction Group and Lendlease — have paid millions in fines and penalties related to major fraud charges over the last three decades. And unions, too, have increasingly drawn ire for allegedly driving up developers’ expenses through what some see as tedious work rules.

Brian Fields

Interior work, property management and ground-up construction jobs involving project labor agreements have proven particularly fertile ground for accusations of corruption. That’s due in large part, experts say, to industry-wide inertia. Smaller contractors and property management firms lack the infrastructure to monitor their employees and third-party contractors close[……]

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Cushman Wakefield

Cushman stock price climbs as analysts begin coverage with bullish outlook Six brokerages rated it a “buy”

Brett Whi上海夜网论坛 上海夜网te and Cushman and Wakefield at 225 Wacker Drive in Chicago (Credit: 225WestWacker)

Stock analysts began their coverage of Cushman Wakefield with a largely bullish outlook on the newly public company.

At least six brokerages started their coverage of the Chicago-based firm with ratings equivalent to a “buy,” MarketWatch reported Wednesday.

The stock analysts cited Cushman’s competitive market positio上海龙凤论坛 新上海贵族宝贝论坛n as one of the three global real estate service firms alongside CBRE and JLL.

“Less than half of the add上海龙凤论坛 新上海贵族宝贝论坛ressable market is currently outsourced to real estate providers such as Cushman,” wrote Credit Suisse analyst Douglas Harter.

A note from financial services firm William Blair pointed out that Cushman generates more revenue than its main competitors — about 47 percent, or a third o上海夜网 阿爱上海同城f adjusted EBITDA — from clients outsourcing services, a growing revenue stream for brokerages.

Cushman’s stock price rose 1.5 percent to $17.92 on Monday, according to MarketWatch. That was about 5 percent above its initial public offering price of $17 per share on August 1.

Analysts at Morgan Stanley said they expect Cushman to show higher-than-anticipated revenue growth and margin expansion, “[d]espite late cycle concerns.”

But William Blair noted that the large levels of debt private-equity owner TPG Group loaded on to Cushman could hinder the company when trying make certain mergers and acquisitions.

And JPMorgan analyst Anthony Paolone wrote in a note that, ““We don’t see liquidity issues with Cushman running at its higher leverage level, but we do think that to the extent business trends were to weak阿拉爱上海同城 爱上海龙凤419桑拿en, it would exacerbate the downside.” [MarketWatch] — Rich Bockmann

 

Tags: Cushman Wakefield, Real Estate Finance
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Utah Realtor Murder

Utah realtor fatall爱上海同城论坛 爱上海同城y shot after trying to evict tenants: Police Auth爱上海同城对对碰 爱上海同城论坛orities, who found his body in a hidden crawl space in the Salt Lake City apartment, arrested one of the tenants

David Stokoe (Credit: Facebook)

A Utah real estate agent was shot and killed after he tried to evict tenants from a Salt Lake City apartment he owned.

David Stokoe, a 40-year-old associate broker at Ranlife Rea新爱上海同城对对碰论坛 上海同城对对碰交友社区l Estate, was likely killed on Thursday when he went to the apartment to evict two tenants, Manuel Velasquez, and Jessica Reese, according to the Salt Lake Tribune. Police found Stokoe’s body in a hidden crawl space. Velasqu上海千花网龙凤论坛 上海千花社区ez, a convicted felon, later admitted to the shooting and was arrested, police said.

Velasquez told police that Stokoe put him in a “very serious” chokehold after kicking down the front door to the apartment on Thursday. But Stokoe’s family told the newspaper that he wouldn’t start a fight and that they believed he was set up by his tenant.

During the struggle, Velasquez told police that he reached for a handgun and shot Stokoe multiple times, according to court documents cited by the Salt Lake Tribune. Velasquez is in jail on suspicion of murder, obstruction of justice, possession of a firearm by a restricted person and a felony-level discharge of a firearm offense.

A well-known South Florida broker was recently shot and killed by her brother-in-law, who later killed himself. [Salt Lake Tribune] — Katherine Kallergis

Tags: c上海贵族宝贝 上海千花网龙凤论坛rime, evictions, Residential Real Estate, Utah Mortgage giant Freddie Mac names new CEO amid privatization talksPricing revealed at Sapir’s Arte by Antonio Citterio in SurfsideRevenue fell at Trump’s Palm Beach properties in 2018Investment group buys South Beach building near Crescent Heights proje…
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