Month: June 2019

Indian buyers jump onto the NYC real estate bandwagon They view Manhattan as a solid investment opportunity, panelists say at TRD showcase

The Chinese may get all the attention, but a new entrant with a big appetite for New York City real estate has emerged: the Indian buyer.

Buyers from India and Singapore countries with a growing middle class see New York as a solid investment opportunity, said Elizabeth Ann Stribling-Kivlan, president of Stribling Associates, speaking at The Real Deal’s New York Real Estate Showcase and Forum Thursday. “They see it as a really good place to park their money.”

Nationwide, Indian buyers spent $7.9 billion on U.S. real estate during the 12 months ended March 2015, up from $5.8 billion a year prior, according to the National Association of Realtors. But until recently, their penchant for New York real estate has faced barriers compared to other foreign buyers.

In September, TRD examined the roadblocks that have kept Indian investors at bay until now, including the country s widespread poverty and a smaller number of high net-worth individuals than some smaller but wealthier countries, such as Japan and Germany. The Indian government also restricts how much individuals can invest abroad to $250,000 per year, and for some wealthy buyers, London is more of a draw than the Big Apple.

New York “makes sense” for Indian investors who speak English but are priced out of the overheated London market, where they may not find properties between $1 million and[……]

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Here’s what the $10M-$20M NYC investment sales market looked like last week Castellan scoops up vacant NoMad lot next door to its project; Rybak bags LIC dev site

From left: 7 East 30th Street in Midtown, 11-12 44th Drive in Long Island City and Sergey Rybak

1.) A 151-bed nursing home long owned by the Daughters of Jacob traded hands for $17.5 million. Landlord Daryl Hagler acquired the building at 1160 Teller Avenue in the Bronx and will add the 214,000-square-foot center to the portfolio of nursing homes he operates爱上海同城 爱上海 throughout the city. Hagler also received a $46 million acquisition loan from Banco Popular North America.

2.) Rybak Development and Construction closed on the purchase of a development site at 11-12 44th Drive in Long Island City for $14 million. The Brooklyn-based developer filed plans last month with the city to bring a new seven-story, 49-unit residential building to the site. The property, which sits blocks from Court Square, will include 4,100 square feet of commercial space and 45,871 square feet of new residential space to the area, according to a permit application cited by New York YIMBY in August. A single-story garage and shop previously occupied the building. Alice Welsh Corp is the seller.

3.) Affordable housing developer BFC Partners , in partnership with the NYC Partnership Housing Development Fund, snapped up a retail site in Jamaica for $12.3 million. The two-story retail property at 153-19 Jamaica Avenue is currently home to six tenants acr[……]

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Mastercard looks to expand Midtown South tech hub Payments processor looking for as much as 150K sf: sources

114 Fifth Avenue and MasterCard s Tech Hub (credit: MasterCard)

There are some things money can’t buy. A 150,000-square foot block of space in Mi爱上海同城对对碰 爱上海同城论坛dtown South just might be one of them.

Mastercard, which about two years ago leased just under 60,000 square feet in the Flatiron District for its digital group, is scouring the tight Midtown South market for a space more than twice that size, according to sources familiar with the search.

The payment-processing giant signed a deal in 2014 at L L Holding Company’s 18-story 114 Fifth Avenue, a property that’s home to Mashab上海千花社区 上海千花网交友le and Capital One Labs, the eponymous bank’s tech hub.

Mastercard expanded by another 20,000 square feet in the spring of 2015, according to Costar Group data. But with the 350,000-square-foot building now fully leased, the tech group is looking outward t上海夜网 阿爱上海同城o meet its growing needs.

Sources said the company is intent on staying in Midtown South and recently had a leas阿爱上海同城 阿拉爱上海同城e out at the Rosen Group’s 902 Broadway for about 30,000 square feet, but walked away in November when the requirement grew to roughly 150,000 square feet.

Cushman Wakefield s Mitchell Barnett is handling the search. A representative for Mastercard declined to comment.

Staying in Midtown South with such a large assignment is a tall order.

Swedish-based music-streaming app Spotify, which is based just around the corner from Mast[……]

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Hong Kong banker is buyer of Bob Diamond s $50M PH Buyer appears to be Gongwen Dong, CFO of Kam Fei Group

15 Central Park West

A Ho上海龙凤论坛sh1f 上海龙凤论坛ng Kong financial exec appears to be the buyer of Bob Diamond s $50.5 million penthouse at 15 Central Park West.

Public records show the buy上海千花网 爱上海同城对对碰er — an entity ident上海千花网龙凤论坛 上海千花社区ified as Senza Nome LLC — closed on the pad earlier this month, pay上海龙凤论坛 新上海贵族宝贝论坛ing $9,568 per square foot.  Senza Nome is associated with Gongwen Dong, CFO of Kam Fei Group, who also paid $6.65 million for a sprawling mansion in Great Neck, New York in 2014.

Diamond, the former CEO of Barclays, put the penthouse on the market in December asking $59 million, or $11,178 per square foot. The 5,278-squa上海千花网龙凤论坛 上海千花社区re-foot condo has four bedrooms, a 34-foot entry gallery, library and eat-in kitchen. Douglas Elliman s Matthew Mackay had the listing.

Diamond bought the pad in 2009 for $37 million from a London-based investor, who snagged it for $21.89 million in 2008.
Earlier this month, Sting and his wife Trudie Styler listed their pad at Zeckendorf Development s limestone Jesus for $56 million. They paid $26.98 million in 2008.

Tags: 15 Central Park West, chinese buyers, Residential Real Estate
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CoStar is already using Xceligent CEO’s firing for PR Data giant sent email to customers Tuesday night

CoStar’s CEO Andrew Florance and Xceligent’s former CEO Doug Curry

Barely two hours after news of Xceligent CEO Doug Curry’s firing broke Tuesday evening, rival CoStar sent out an email to its customers touting the decision as a moral victory and alleging that he was fired because of CoStar’s accusations in court.

“It seems obvious that Xceligent s board did not find Doug s denials credible,” CoStar wrote, without providing evidence.

CoStar, the leading provider of commercial property and leasing data, sued its rival Xceligent in December, alleging that it systematically stole its data. On Friday it notched a major victory, when an Xceligent contractor told a judge that it was directed to scrape CoStar’s database. Xceligent alleges that CoStar pressured the contractor爱上海同城对对碰 爱上海同城论坛 to make its statement with the threat of lawsuits.

On Monday evening Xceligent’s owner, the British media company Daily Mail and General Trust, told Curry that he would be fired along with his wife Erin, the firm’s chief people officer.

Sources close to Xceligent insist that the firing had nothing to do with the lawsuit, but CoStar drew a different conclusion in its email. The firm has been waging an at times dirty PR wa上海同城对对碰交友社区 上海夜网论坛r again上海贵族宝贝交流区 上海贵族宝贝论坛st its rival. Tapping into nativist themes, it noted in another Monday email to customers that Xceligent is a “foreign owned company” and accused it of running a[……]

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Elliman taps Bill Begert as new COO of the western region He will lead California and Colorado, along with Stephen Kotler

Bill Begert, Stephen Kotler (Credit: Corcoran and Elliman, MaxPixel)

There’s another addition to the C-suite at Douglas Elliman.

The firm hired Bill Begert — formerly of Corcoran Group — to be the brokerage s COO for the western region, The Real Deal has learned. Begert will oversee day-to-day operations in California and Colorado, reporting to Stephen Kotler, CEO of Elliman’s western region. Kotler had served as the firm’s chief revenue officer, and had worked in the N上海贵族宝贝论坛 上海贵族宝贝ew York office for more than 25 years.

In October, Begert left his post as vice president of field operations for Corcoran, a position he held for eight years. Before that, he served as director of corporate affairs for five years and executive assistant to CEO Pam Liebman.

Another Corcoran alum, Scott Durkin, took a big jump up the Elliman ladder in December, becoming president of the brokerage and overseeing the likes of Kotler and Florida CEO Jay Parke新上海贵族宝贝论坛 上海贵族宝贝交流区r. Sources said news of Durkin s promotion stunned New York CEO Steven James, who had expected the kick upstairs. And it renewed speculation about the future of Ellim上海夜网论坛 上海夜网an CEO Dottie Herman, who has stepped back from day-to-day management of the company.

The hires and promotions are part of a drive to expand Elliman s national footprint. In August, the firm acquired Los Angeles-based Teles, a fast-growing brokerage that had[……]

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Kenneth Harney

They are gnawing questions that many homebuyers inevitably ponder: What are my chances of getting the house I ve fallen in love with at a price I can afford, which happens to be well below what the seller is asking? What are the odds that pesky contract contingencies, such as mortgage financing or the appraisal, could jeopardize my good deal?

Sel上海同城对对碰交友社区 上海夜网论坛lers have different concerns: What are the chances that I could actually get a higher price than what my cautious realty agent has persuaded me to offer? Might I have to throw in costly incentives to attract a buyer or horrors slash my price?

A new survey of 4,283 members of the National Association of Realtors offers some valuable insights, no matter what side of the deal you re on.

Take pricing. Except in a handful of superheated markets where few houses are available for sale, the odds are strong that you as a buyer will be able to get the house you want for less than the list price. Just 34 percent of agents in the survey reported sales above or at the original asking price. So you re probably more likely to write a successful below-list contract than you assume.

What about sales incentives the sort of financial goodies that sellers throw into the pot to sweeten the deal? Are they commonplace? You might think so, but statistically they are not. Barely 20 percent of sellers offered any sweeteners whatsoe爱上海龙凤419桑拿 上海龙凤论坛sh1fver, according to the survey. Typically they involved the seller paying for some of the buyer s c[……]

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Latham Watkins nears deal for huge new office on Sixth Avenue: sources Law firm taking 400K sf at Rockefeller Group’s 1271 Sixth

Rockefeller Group s Daniel Moore and 1271 Sixth Avenue

In the latest blockbuster deal to hit Sixth Avenue, mega law firm Latham Watkins is taking 400,000 square feet at the former Time Life Building.

The global law firm will lease 10 floors in the tower section of the Rockefeller Group’s 2.1 million-square-foot building at 1271 Sixth Avenue, sources told The Real Deal. It wasn t immediately clear if the lease had been signed or was in late stages as of Friday afternoon.

The 15-year lease, which covers the 25th through 34th floors, has a starting rent in the mid-$90s per square foot, according to a source with knowledge of the negotiations.

A spokesperson for Rockefeller Group declined to comment, and representatives for Latham Watkins could not be immediately reached.

The law firm will be relocating from roughly the same square footage at the Lipstick Building at 885 Third Avenue, which Ceruzzi Holdings and SMI USA control through a ground lease they purchased in early 2016 for $453 million.

Scott Gamber at CBRE is negotiating the deal on behalf of Latham Watkins. A CBRE team of Mary Ann Tighe, Howard F上海夜网 阿爱上海同城iddle and John Maher is handling leasing at 1271 Sixth alongside an in-house team at Rockefeller led by Ed Guiltinan. None of the brokers could be reached for comment.

Latham Watkins is in a time of transition. The law firm is looking for a new leader a[……]

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Islandia Village officials have backed off a plan to use eminent domain to seize property belonging to a nonpr上海同城对对碰交友社区 上海夜网论坛ofit horse therapy farm in order to transform it into a truck and public works yard. The owners of the plot only heard about the officials’ intentions when a reporter called them about it. At the time, Pal-O-Mine Equestrian was in contract to buy the property and ended up closing the deal two weeks later. With that plot, the nonprofit owns 13 acres spanning four contiguous properties. Though town officials have gone in another di新上海贵族宝贝论坛 上海贵族宝贝交流区rection, they said they still would like a public works yard like the one they’d planned to put there in or上海千花网论坛 上海千花网der to respond faster to storm-related emergencies. The上海千花网龙凤论坛 上海千花社区y are considering other properties now. [Newsday]

Tags: long island
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National Cheat Sheet: Fed s interest rate hike raises Trump Org s borrowing costs, US housing market slowdown could continue …

Clockwise from top left: The Trump Organization could face an extra $1M in borrowing costs from a recent interest rate hike, malls are turning to pop-up shops in an effort to revive business, New York City’s ‘Queen of Retail’ Faith Hope Consolo dies at 69 and a Redfin report claims that this year’s housing market cooldown will carry into 2019.

Trump Org faces extra $1M in borrowing costs from higher interest rates
The Federal Reserve irked President Donald Trump by raising interest rates for the fourth time in 2018 — and the increase could saddle the Trump Organization with an extra $1 million in borrowing costs, Bloomberg reported. An analysis by the outlet found that the company’s cumulative costs from interest rate hikes has been $6 million since Trump entered the White House in January 2017. The move by the Fed will also increase debt service payments that the Trump Organization must pay on around $340 million worth of variable-rate loans taken out to pay for the Trump National Doral golf course outside Miami and hotels in Chicago and Washington, D.C., according to Bloomberg. [TRD]

Report: US housing market cooldown could carry into 2019
The country’s housing market will continue to cool next year, according to a new Redfin report. The second half of 2018 saw a slowdown in home price growth after several years on the rise, and it’s possible that[……]

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