2019 June

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 Israe[……]

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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 peo[……]

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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 f[……]

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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 dir[……]

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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[……]

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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 negot[……]

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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[……]

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