The Real Deal Los Angeles

The Real Deal Los Angeles

The Real Deal s inaugural print edition, released in September

The nu上海夜网 阿爱上海同城mber one source for real estate industry news has been greeted with open arms by the local community in Southern California since we launched online at the beginnin新爱上海同城对对碰论坛 上海同城对对碰交友社区g of the year. And since we released our first print edition in September, The Real Deal Los Angeles has quickly become the formidable choice for in-depth analysis, rankings, juicy featur新爱上海同城对对碰论坛 上海同城对对碰交友社区es and player profiles.

Now, we are pleased to announce there will be more where that came from. Our L.A. print magazine is 上海千花网龙凤论坛 上海千花社区going quarterly!

The real estate industry is all about location, location, location so book your advertising space for the upcoming year ahead of time, starting with the January 2017 winter edition. The deadline is Dec. 16 (right before the holidays). Start the year on the right foot by promoting your brand and inventory in The Real Deal.

See the current September/Fall 2016 edition as it appears in print here.

To get 爱上海同城对对碰 爱上海同城论坛a copy of the inaugural print edition or for a media kit and for all other advertising inquiries please call Frank Morales at (310) 270-8124 or [email protected]

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Existing Home Sales

Single family homes in the U.S. (Credit: Rachel Elaine via Flickr)

The number of U.S. existing home sales fell in December, as rising mortgage rates threaten to cool off a hot property market.

Sales volume fell 2.8 percent compared to November on a seasonally-adjusted basis to an annualized 5.49 milli爱上海 爱上海同城手机版on deals, according to the National Association of Realtors, after having grown through much of 2016.

“Solid job creation throughout 2016 and exceptionally low mortgage rates translated into a good year for the housing market,” NAR chief economist Lawrence Yun told the Wall Street Journal. “However, higher mortgage rates and home prices combined with record low inventory levels stunted sales in上海龙凤论坛 新上海贵族宝贝论坛 much of the country in December.”

Mortgage rates rose from 3.5 percent at the beginning of November to 4.3 percent at the end of December, according to Freddie Mac, while the median home price rose 4 percent to $232,200.

The 5.45 million existing home sales recorded in 2016 are slightly above the 2015 total of 5.25 million, but still well below the 2006 peak of 6.48 million.

上海千花网 爱上海同城对对碰

Zillow chief economist Svenja Guddell argued that rising mortgage rates will have “some of the bigger impacts in very exp爱上海同城 爱上海ensive metros.” [WSJ] Konrad Pu上海贵族宝贝论坛 上海贵族宝贝tzier 

Tags: home sales, Housing Market
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Cheskel Strulowitz

Strulowitz hit with $90M suit over alleged Brooklyn fraud scheme Israeli investors claim their partners used “Madoff-style” scam tactics in 40-building purchase

106 Kingston Avenue and 908 Bergen Street

A group of investors who put up $20 million in a Brooklyn real estate deal are accusing landlord Cheskel Strulowitz of a Ponzi scheme that cost them $90 million in damages.

The investors including Jacob and Benjamin Schonberg, Binyomin Halpern and Raphael E上海夜网 阿爱上海同城lkaim, all of Israel claim that their Brooklyn partners, led by Strulowitz, used the $20 million to acquire about 20 properties throughout the borough, and then borrowed against those assets many times their value to purchase additional properties on their own.

In order to deceive the individual plaintiffs, the individual defendants employed numerous scam tactics in the style of Bernie Madoff, the suit claims.

Strulowitz, whose name is sometimes spelled Chaskiel Strulovich, has been operating in Brooklyn real estate for over a decade, often with his brother上海龙凤论坛sh1f 上海龙凤论坛 Moses Strulowitz. Together, they own a portfolio of at least 180 apartments in 12 buildings throughout the borough. One of Strulowitz’s bigger projects, a planned makeover of an industrial building at 665 Fifth Avenue in Park Slope, for which the developer paid $8.5 million, is one of the properties bo上海千花网 爱上海同城对对碰ught with the investors funds.

The partnership between the parties began with a single property in 2012, the suit claims, when Yechiel Oberlander, an Israeli working with Strulowitz, approached the four community members with a proposition to invest $250,000 in a two-family home at 908 Bergen Street. According to the suit, Oberlander told the investors the purchase price was $425,000, but the actual purchase price was $200,000, records show.

This pattern continued, the suit claims, with Strulowitz and Oberlander feeding Schonberg and the others misinformation about their growing portfolio, while maintaining just enough cash flow from the smaller properties to keep the investors in the game.

In the me上海千花网论坛 上海千花网antime, the Brooklyn partners were borrowing against the investors portfolio and to fund the purchase of about 20 additional properties they kept hidden from the investors. For example, the Strulowitz-Schonberg operation bought a three-unit building through an LLC at 106 Kingston Avenue for $410,000 in 2012, then borrowed $800,000 against it in 2013, records show. Another LLC bought a four-unit residential building at 618 Lafayette Avenue for $670,000 in 2013 and borrowed $1.2 million against it several months later. Through the LLC that acquired the Fifth Avenue property, Strulowitz borrowed $2.5 million for a separate property.

The invest上海千花网论坛 上海千花网ors are asking for no less than $90 million to recoup their losses and get their share in the properties purchased with the proceeds from their investment. Those properties include a $6.5 million community facility at 1217 Bedford Avenue and a $1.2 million vacant lot at 1266 Pacific S[……]

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Top Property Management Firms NYC

Tallying the titans in the fiercely competitive sector — as city regulations mount and demand for white-glove services skyrockets

(Illustration by Neil Webb)

When Forest City tapped FirstService Residential to manage its 363-unit modular Brooklyn rental building at 461 Dean Street in Pacific Park, at least five other comp上海同城对对碰交友社区 上海夜网论坛anies were vying for the gig. But FirstService, one of the largest property management firms in North America, had a clear advantage. The company was already managing two other Forest City buildings: its 76-story rental tower at 8 Spruce Street in Lower Manhattan and its 36-story rental building at 80 DeKalb in Fort Greene.

The real estate investment trust had chosen FirstService for those two properties at a time when the management giant focused almost exclusively on condo and co-op buildings. But Forest City’s upper management saw potential in bringing condo-level service to its rentals.

Managing residential properties in New York City “has become much more hospitality-oriented,” said Susi Yu, the landlord’s executive vice president of development. Door staff, for instance, are trained to act on a par with what would be expected of a hotel concierge, including “staying on top of work orders, taking packages up to the residents during the day and opening car doors,” she explained.

“It’s much more than collecting rent,” Yu noted.

Of course, few property management firms do just that in 2017. Running such a business in a city of more than 8 million people can be a thankless job — one that often involves dealing with angry tenants, navigating complex city regulations and making the most out of aging mechanical systems.

Residential property management is also an industry with a checkered past, from mass corruption crackdowns in the 1990s to more recent problems, such as the property manager in Sunnyside, Queens, who filled his building’s lobby with Nazi and Confederate posters earlier this year.

But a dozen property managers interviewed for this story said the job has become more white-glove in NYC in recent years as it continues to evolve from coordinating building repairs and collecting rent to providing full-service customer relations. And tenants have grown to expect immediate responses to questions or repair requests.

“We’re not just the managers of brick and mortar,” said Susan Camerata, the chief financial officer of Wavecrest Management, a Queens-based firm with roughly 130 employees. “We’re managing the people, too, and the issues that come up. It’s become a much more intensive job.”

Within rentals, condos and co-ops alike, property managers have always been the middlemen who serve as the eyes and ears for the landlord, developer or co-op board. But they are also largely responsible for the quality of life of a property’s residents and can therefore make or break a building’s reputation.

For that reason and others, competition can be fierce and large firms like FirstService can gain and lose thousands of apartment units[……]

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270 Park Avenue

JPMorgan Chase to tear down Midtown HQ, build massive tower New development at 270 Park to stand 1,200 feet tall

270 Park Avenue and JPMorgan Chase s Jamie Dimon

JPMorgan Chase阿爱上海同城 阿拉爱上海同城 plans to tear down its headquarters at 270 Park Avenue and build a new, 70-story office tower in its place.

The new building will stand around 1,200 feet tall, compared to the existing 52-story, 700-foot tower, the New York Times reported. It will also create around 1 million square feet of additional office space for the bank, which is the richest in the country with about $2 trillion in assets under management.

The financial institution plans to buy air rights from nearby properties under the Midtown East rezoning pass上海贵族宝贝 上海千花网龙凤论坛ed last year, which would require it to pay around $40 million for public improvements, according to the Times.

“This is our plan for East Midtown in action,” Mayor Bill de Blasio told the Times. “Good jobs, modern buildings and concrete improvements that will make East Midtown stronger for the tens of thousan上海龙凤论坛 新上海贵族宝贝论坛ds of New Yorkers who work there.”

JPMorgan has renovated the property, which was built in 1961 and houses around 6,000 of its employees, several times. But it has also made no secret about wanting to move elsewhere. In 2014, it tried to build a $6.5 billion headquarters on Manhattan’s Far West Side, but ditched the plans after it failed to land $1 billion in additional subsidies from the city.

This is big: @JPMorgan will build new headquarters at 270 Park Ave, the first new skyscraper to rise under the East Midtown rezoning.https://t.co/LUqH8rC5a3

— Alicia Glen (@AliciaGlen) February 21, 2018

The bank has been in talks to lease spac阿爱上海同城 阿拉爱上海同城e at nearby 390 Madison Avenue and 237, 245 a爱上海 爱上海同城手机版nd 277 Park Avenue to house its employees during construction, the Times reported. Demolition is expected to start next year, with construction of the new tower expected to finish about five years later.

Beyond its own ground-up ambitions in Midtown, JPMorgan has emerged as one of the one of the most aggressive lenders in New York City commercial real estate, handing out massive loans to Extell Development for Central Park Tower and Macklowe Properties for the conversion of One Wall Street. The bank is also taking on riskier construction loans by shifting them from its commercial lending arm to the investment banking side.

JPMorgan was the top CMBS issuer in the U.S. in 2016, underwriting $12 billion worth of loans.  [NYT] Konrad Putzier

Tags: Commercial Real Estate, Development, JPMorgan Chase, Midtown East Rezoning
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NYC Housing Market

New York housing costs are going down, down, baby New census data show that households are not spending as much on housing costs

The exterior of an NYC apartment building

It may seem counterintuitive, but there are signs that housing in New York is actually getting more affordable.

A new survey from the U.S. Census Bureau上海贵族宝贝 上海千花网龙凤论坛 has found that housing costs are not taking up as much of a household’s monthly budget and that the rental-vacancy rate is the third highest it has been since 1965, when the bureau did its first survey, according to the Wall Street Journal.

A construction surge and strong economy are to thank for the changes, with job growth starting to outpace rent increases. Household income for New Yorkers rose 上海千花网论坛 上海千花网by 11 per爱上海同城手机版 新爱上海同城对对碰论坛cent over a three-year period, while rents rose by 8.2 percent.

The survey found a record number of housing units in the five boroughs — 3.47 million — with more than 35,000 new rental apartments and 15,000 condos set to open over the next two years. The citywide vacancy rate was 3.爱上海同城 爱上海63 percent, and in Manhattan it was 4.73 percent, the borough’s highest level in at least a decade.

Landlords are arguing that the City Council should remove some housing categories from rent regulation because of the strength of the housing market, primarily apartments in Man上海龙凤论坛 新上海贵族宝贝论坛hattan and units renting for $2,000 or more. However, housing commissioner Maria Torres-Springer told the Journal that despite the rosy stats, New York “is still facing a dire affordability crisis.” [WSJ] – Eddie Small

Tags: Housing Market, Residential Real Estate
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23 Wall Street

Jack Terzi lands court victory, new tenant in battle for 23 Wall Street Blink Fitness inks 20K sf lease for historic FiDi property

23 Wall Street, Jack Terzi and a Blink space

 

Real estate investor Jack Terzi notched two major victories in his bid to take control of the vacant Financial District landmark 23 Wall Street.

On Wednesday, a Manhattan judge partially denied a motion to throw out his lawsuit against the building’s current owner, China Sonangol. Meanwhile, gym operator Blink Fitness has signed a 20,000-square-foot, 20-year lease for the building’s basement.

Terzi, who heads the real estate investment firm JTRE Holdings, signed a contract to buy the commercial property on the corner of Wall and Broad Streets for $140 million in August 2016. But the deal has yet to close.

In December 2017 Terzi sued China Sonangol, alleging that the Singapore-based company did not cooperate wi新上海贵族宝贝论坛 上海贵族宝贝交流区th an escrow agent and refused to prove it had no ties to Chinese/Angolan investor Sam Pa, who is under sanctions from the U.S. Treasury. Terzi wants to force the sale to go through or, alternative上海贵族宝贝论坛 上海贵族宝贝ly, receive $250 million in damages, according to the complaint.

China Sonangol filed a motion to dismiss the lawsuit, and on Wednes上海龙凤论坛 新上海贵族宝贝论坛day a judge granted that motion for three out of the six causes of action in Terzi’s suit爱上海同城对对碰 爱上海同城论坛, court records show. But the judge declined to dismiss two key causes: Terzi’s claim that he had a valid sales contract with China Sonangol, and that this contract was breached.

Terzi declined to comment. An attorney representing China Sonangol did not immediately respond to a request for comment.

Blink Fitness’ lease is contingent on Terzi closing on the property. “There are certain neighborhoods that we’ve been trying to get into,” said Blink’s CEO Todd Magazine. The company, which has the same ownership as Equinox, has a penchant for historic buildings. For example, it opened a gym in the Brooklyn Lyceum in Park Slope.

China Sonangol bought the property at 23 Wall Street, which includes the former JP Morgan building and space in neighboring 15 Broad Street and 33 Wall Street and spans a combined 160,000 square feet, for $150 million from Lev Leviev’s Africa Israel USA in 2008. The p上海千花网论坛 上海千花网roperty has sat vacant ever since.

Sam Pa, reportedly the driving force behind China Sonangol, was placed under U.S. sanctions in 2014 for his role in “undermining Zimbabwean democracy.” In 2015, the Chinese government arrested him. The Real Deal broke down China Sonangol’s tangled history, and its ties to Lev Leviev, in its April cover story.

Magazine said he is optimistic Terzi will close on the acquisition. “Jack’s a tenacious guy,” he said. “We have a lot of faith in him.”

Tags: 23 wall street, jack terzi
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Thor Equities

Thor gives up ownership of 上海龙凤论坛 新上海贵族宝贝论坛UES building SL Green will tak上海龙凤论坛 新上海贵族宝贝论坛e control of mixed-上海同城对对碰交友社区 上海夜网论坛use property at 1231 Third Avenu上海千花网龙凤论坛 上海千花社区e
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Zola New York

Wedding-planning startup Zola settles down at 7 WTC After a year of venture capital funding, the company is moving into bigger digs

Larry Silverstein and Zola C新上海贵族宝贝论坛 上海贵族宝贝交流区EO Shan-LynMa with 7 World Trade Center (Credit: Getty Images, Vivid Sydney, and Wikipedia)

Break out the champagne.

Wedding-planning startup Zola just inked an 11-year lease on a 30,000 square-foot office at Larry Silverstein’s 7 World Trade Center.

The five-year-old company, which offers tools like online gift registry and customizable invites to help to simplify the wedding-planning process, will take over 爱上海同城论坛 爱上海同城an entire floor of the building, according to Bloomberg. It’s a step up from their previous 12,500 square-feet offices at 150 Broa上海夜网 阿爱上海同城dway.

The move follows a year of venture capital investment in the firm, which says it raised $100 million last year from investors like Comcast Corp. and Goldman Sachs, bringing their total funding to around $140 million. The company is valued at $600 million, according to Bloomberg.

The 52-story tower at 7 World Trade Center, valued in 2018 at $1.2 billion, opened in 2006. It was the first of the World Trade Center buildings to be completed, and as of April 2018, was 95 percent occupied, with a loan-to-value ratio of 40 percent and a net operating income of $60.2 million, according to TASE documents.

Zola will join the building’s existing tenants Moody’s Corp. when they move in later this year.

Silverstein Properties’s Jeremy Moss and Camille McGratty handled the negotiations for the landlord, along with CBRE’s Mary Ann Tighe, Stephen Siegel, Adam Foster, Steve Eynon, Evan Haskell, David Caperna, Ken Meyerson and Rob Hill. Marcus Rayner and Sam Einhorn of Colliers International represented Zola, according to 上海千花社区 上海千花网交友the Commercial Observer. [Bloomberg] Decca Muldowney

Tags: 7 World上海千花网论坛 上海千花网 Trade Center, Commercial Real Estate, Larry Silverstein, silverstein properties
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One Penn Plaza

Vornado wants to clean up “crack alley” around One Penn Plaza Landlord asks city for permission to close public plazas at night to deter unseemly activity

Steve Roth at One 上海千花网 爱上海同城对对碰Penn Plaza as Mr. Clean (Credit: Getty Images and Mr. Clean)

A host of undesirables engaging in lewd behavior are proving a major headache for the Penn Station area s largest landlord.

Vornado Realty Trust is undertaking a $200 million renovation of One Penn Plaza, and wants the city s help in fixing what s become known as crack alley, public documents show.

“You need to do something about the vagrants, bums, crackheads, crack-whores, scallywags, ne’er-do-wells, drunks, drug addicts, knife-fights, fist figh上海夜网 阿爱上海同城ts, bi**ch-slapping, and yelling sessions that are beginning to take place – again – in what has come to be known as ‘crack-alley’ and ‘crack-head park’ on both sides of” One Penn Plaza, one of the building s tenants wrote in a work order, which Vornado attached to an application it filed with the city.

Vornado has asked the Department of City Planning for authorization to shut down two through-block public plazas that bookend either side of the 57-story, 2.5 million-square-foot One Penn office tower during nighttime hours.

“The combination of some emotiona上海千花网论坛 上海千花网lly disturbed individuals as well as drug addicted individuals looking for a place to sit, sleep, or transact drug deals makes the relative seclusion of certain areas of the through block plazas attractive locations,” representatives for the real estate investment trust wrote in an application to the city.

Vornado declined to comment. The REIT is looking to overhaul its two properties adjacent to Penn Station – the office buildings at One and Two Penn Plaza – by combining them into a connected 4.4 million-square-foot megacampus.

The firm s chairman and CEO Steve Roth described the repositioning of the Penn Plaza area, where it controls over 9 million square feet, as the company s big Kahuna.

The project includes an overhaul of the 1970s-era One Penn building, which would see Vornado upgrade public spaces, add additional retail and put in a new entrance to Penn Station from One Penn s north plaza on 34th Street.

But the company says the neighborhood draws some unwanted elements.

Three blocks to the north, there’s a needle-exchange program on West 37th Street – the only authorized program上海同城对对碰交友社区 上海夜网论坛 in Manhattan between the Lower East Side and 123rd Street in Harlem. There’s a methadone clinic nearby on West 35th Street. And at night, the Port Authority Bus Terminal tries to clear out its homeless population, which “results in streams of displaced people heading down Eighth Avenue toward Penn Station,” according to Vornado.

Vornado said that between late September and late December 2017, private security responded to 145 calls, more than half of which were for emotionally disturbed persons or drug use. About 40 percent of the time the police came in or 911 was called.

And the landlord said vagrants harass and physic[……]

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