51 Irving Place

Springhouse pays $55M for Irving Place rental Midtown firm planning extensive renovation of 56-unit property at 51 Irving

Adam Verner’s Springhouse Partners is the new owner of a mixed-use Rental Building On Irving Place near Gramercy Park, having paid longtime owners the Rumpel family $55 million for the property.

The six-story, 50,000-square-foot building at 51 Irving Place, on the corner of East 17th Street, holds 56 rental units, the majority of which are market-rate. The property also has a roughly 10,000-square-foot commercial component holding five retail tenants and one office unit.

“This is a unique opportunity for us to acquire an asset that would be nearly impossible to replicate from a cost and location perspective,” Verner told The Real Deal, adding that there was an opportunity for it to be repositioned to a higher-end asset more in line with its surround上海夜网 阿爱上海同城ings.”

The property has been on the market since early last year, when the Rumpels retained an Eastern Consolidated team led by David Schechtman (now of Meridian Capital Group) to sell the building with上海千花网交友 上海千花网论坛 a $62.5 million asking price. In August, the listing changed hands to Joseph Koicim and Peter Von Der Ahe of Marcus Millichap and the asking price was dropped to $56.5 million.

Springhouse s deal, however, was a direct one, with no brokers involved. Verner plans to upgrade the interiors and the façade and add new tenant amenities. While both Eastern and Marcus Mil爱上海 爱上海同城手机版lichap marketed the property as a pote[……]

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Marriott International

Marriott closes on $13B Starwood purchase Combined companies run 5,700 hotels across 110 countries

The W Hotel in Union Square (credit: Starwood Hotels)

This time, no mysterious Chinese suitor showed up at the last minute. Marriott International closed on the $13 billion acquisition of Starwood Hotels Resorts.

The new company will span 5,700 hotels with 1.1 million rooms across 110 countries, making it the world s largest hotel operator. Marriott had initially agreed to buy Starwood in November. But in March, Chinese insurer and fund manager Anbang Ins爱上海龙凤419桑拿 上海龙凤论坛sh1furance Group launched a rival, $14 billion bid,阿爱上海同城 阿拉爱上海同城 pr上海贵族宝贝交流区 上海贵族宝贝论坛ompting Marriott to up its own offer. Anbang suddenly and mysteriously withdrew its bid mere weeks later, clearing the way for the Marriott merger.

“We think there are real advantages to size,” Marriott CEO Arne Sorenson told 上海龙凤论坛sh1f 上海龙凤论坛the Journal.

The new company runs and operates nume上海千花社区 上海千花网交友rous hotels in New York through its Ritz Carlton, Courtyard by Marriott, Residence Inn, W Hotels, Westin and Sheraton brands. [WSJ] Konrad Putzier

Tags: Marriott International, starwood hotels and resorts, w hotel
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NYU Expansion

NYU reveals design for $1B development Mercer Street building will be covered in glass

181 Mercer rendering (credit: StudioAMD)

New York University’s new $1 billion academic building will have an all-glass facade that lets neighbors peer into students’ lives.

The university revealed its plans for the contentious 735,000-square-foot building at 181 Mercer Street Thursday. Local re新上海贵族宝贝论坛 上海贵族宝贝交流区sidents, students and preservationists had opposed the project for years, but a court decision last year gave it the green light.

The building, set to open in 2021, will include a gym, a swimming pool, three theaters and class rooms. It will be topped by two towers with faculty and student housing. Kieran Timberlake and David Brody Bond are designing the project, the Wall Street Journal reported. Hallways and staircases will be on the outside of the building behind a glass facade.

The school s opponents were rattled by the announcement. “The notion that covering a 300-foot-long building in glass is going to make it less intrusive is ridiculous and sounds like the proverbial lipstick on a pig,” Andrew Berman of the Greenwich Village Society for Historic Preservation told the Journal.

Neighborhood activists had opposed the pro上海夜网 阿爱上海同城ject on the argument that it uti上海龙凤论坛 新上海贵族宝贝论坛lizes land that should be a public park.

The new上海千花社区 上海千花网交友 building sits on a so-called super block, created during Robert Moses’ ultimately unsuccessful push to build an expressway through lower Manhattan. NYU acquired t上海贵族宝贝论坛 上海贵族宝贝he site[……]

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Cuomo’s affordable housing plan could cost city extra $820M 421a cost the city $1.2B in fiscal 2016

Andrew Cuomo and上海夜网 阿爱上海同城 Bill de Blasio (Credit: Getty Images)

Gov. Andrew Cuomo’s affordable housing legislation could cost New York City an extra $820 million over 10 years, according to a new analysis by the city.

City Hall didn’t put a cost on the entire revised 421a plan — now known as Affordable New York — which reportedly cost the city $1.2 billion in Fiscal Year 2016.

But the governor’s proposed changes to the program would cost the city about $82 million a year more than legislation supported by the de Blasio administration in 2015, according to the Department of Housing Preservation and Development, Politico reported.

A spokesperson for the governor said the expenses to create housing for New Yorkers “are minimal, 26 years out, and worth it.”
“In 2015, the mayor proposed amendments to 421-a t上海千花网交友 上海千花网论坛hat made the program far more expensive overall, but stood to create more units of affordable housing. The governor’s proposal provides more affordability for tenants and fairer wages for workers, but keeps the cost上海千花网 爱上海同城对对碰 新上海贵族宝贝论坛 上海贵族宝贝交流区of the program from the original 2015 law largely intact, said the spokesperson, Dani Lever.

Earlier this month, Gov. Cuomo introduced a bill to revive 421a — now called Affordable New York — to replace the abatement that expired last January.  Earlier this week, de Blasio expressed concern that lawmakers in Albany would try to push for larger condominiu[……]

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DC Housing Market

Logan Circle in D.C. and Donald Trump

Washington DC s housing market is jolted whenever a new president takes office and new members of the administration shop for homes.

But the impact was aggravated this time, with the wealthiest president in US history appointing other super-rich people to help run the country.

According to the real-estate company Redfin, President Donald Trump s administration contributed to a 32.6% year-over-year jump in luxury home prices in the area, reversing the trend of falling prices in that segment. The price jump outpaced other major housing markets tracked by Redfin.

Treasury Secretary Steve爱上海同城手机版 新爱上海同城对对碰论坛 Mnuchin, a former hedge fund manager, bought a $12.6 million home in Massachusetts Heights. The neighborhood is popular with the uber-rich And Is A Quick Drive to the White House ,according to the Washington Post. Mnuchin s 16,000 square-foot home h新上海贵族宝贝论坛 上海贵族宝贝交流区as nine bedrooms and was sold on Valentine s Day, according to theWashington Business Journal.

And then, Commerce Secretary Wilbur Ross, a former banker, snagged a $10.75 million mansion not too far from Mnuchin s home, according to Redfin.爱上海龙凤419桑拿 上海龙凤论坛sh1f The Beaux Arts estate includes seven bedrooms, a library, and a theater, according to Curbed.

The average sale price of a luxury home in DC in the first quarter was $2.7 million, according to Redfin.

We don’t typically see many home sales over $10 million in a year, said Michael Alderfer, a Redfin agent in DC, in a report published on Thursday. To have t[……]

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Kushner Companies

The Kushner empire is under threat The developer scoured the world to find investors for troubled 666 Fifth. No one would bite.

666 Fifth Avenue and Jared Kushner (Photo illustration by Lexi Pilgrim for The Real Deal)

Kushner Companies real estate kingdom is under threat from a ticking debt clock on the firm s flagship asset and an ever-shrinking pool of investors willing to consider rescuing it. Meanwhile, the firm is retreating from one of its biggest Brooklyn bets and continues to face government scrutiny into the business dealings of its former CEO and current White House adviser, Jared Kushner.

The firm has sought capital from the likes of France s rich爱上海同城手机版 新爱上海同城对对碰论坛est man,爱上海同城对对碰 爱上海同城论坛 a major Chinese insurer, South Korea s sovereign-wealth fund and an Israeli billionaire family to redevelop 666 Fifth Avenue, its 41-story, 1.5 million-square-foot tower that put the company on the Manhattan map. None of those talks came together, according to a new investigation by Bloomberg. The building s mortgage is due in 18 months.

“Reports that portray it as a distressed situation are just not accurate for the building or for the company,” the firm s president, Laurent Morali
told the publication.

Morali, whose company paid a record $1.8 billion for the tower in 2007, maintains that 666 Fifth is “just one small piece of the portfolio.”

But Kushner Companies is also dialing back its bets in other parts of the portfolio. Many of the Kushner Companies holdings are hardly owned by the上海夜网论坛 上海夜网 Kushner[……]

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One Worldwide Plaza

RXR and SL Green inch closer to buying stake in One Worldwide Plaza NY REIT will keep a 50.1% equity interest

From left: One Worldwide, Scott Rechler an上海贵族宝贝论坛 上海贵族宝贝d Marc Holliday

RXR Realty and SL Green Realty have agreed to buy a 49 percent stake in New Y上海龙凤论坛 新上海贵族宝贝论坛ork REIT s One Worldwide Plaza, a property valued at $1.73 billion.

The Re上海千花网交友 上海千花网论坛al Deal first reported that the two companies were in talks for the 1.8 million-square-foot office tower. According to the Commercial Observer, th上海千花网论坛 上海千花网e deal is expected to close in the fourth quarter.

Earlier this year, New York REIT purchased an additional 49.9 percent stake in the trophy tower, bringing its equity interest up to 98.8 percent. If the deal with RXR and SL Green goes through, the REIT will maintain a 50.1 percent equity interest in the property, while George Comfort Sons will keep its 1.2 percent stake in the building.

RXR has had its eye on One Worldwide for sometime. In fact, the company lobbed a lawsuit at New York REIT in 2013, alleging that it was promised the 49.9 percent stake that the REIT purchased for $220 million.

New York REIT is in the process of liquidating its 4.4 million-square-foot commercial portfolio. The company sold 50 Varick Street last month for $135 million, the first deal to close since the REIT started liquidation. [CO] — Kathryn BrenzelTags: Commercial Real Estate, New York REIT, wendy silverstein
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Compass raises $100M in new funding round, hits $1.8B valuation Fidelity participated in Series E, which will fund massive expansion

Compass is now valued at $1.8 billion after its latest cash infusion: a $100 million Series E that will go toward a massive geographic expansion.

Investors in the round included Fidelity Investments, IVP and Wellington Management, which led Compass’ Series D round. The round brings Compass’ total funding to $325 million.

Compass said the latest round will be used to build new technology — namely, a customer relationship management (CRM) platform — and it will allow the brokerage to expand to 10 new cities within two years. “We’re just getting started,” Compass’ executive chairman Ori Allon said in a statement to The Real Deal. “The real vision is for Compass to be everywhere.”

Following the successful public offering for Redfin — another venture-backed tech brokerage now worth $2.05 billion — sources said Compass’ latest round is a sign that it, too, is gunning for a public offering.

With all that capital raised, all signs are pointing to that direction, said Ashkan Zandieh, founder of property data startup Falkon and research company RE:Tech.

Until then, Compass is stepping up plans to capture more market share.

The firm, which launched in New York in 2013, has 2,000 agents nationwide, and doubled its headcount over the past year. Compass, which says it’s profitable in several markets, had gross revenue of $180 million in 2016 and the company said i[……]

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NYC Retail

As retail market changes, landlords seek solace in short-term leases Stores test ou上海龙凤论坛sh1f 上海龙凤论坛t locations for a few years or even months

138 Greene Street (Credit: Thor Equities)

Retail landlord上海千花网 爱上海同城对对碰s are increasingly turning to short-term leases as a way to test the market and give stores a chance to try out locations.

Lease agreements that last two to three years, rather than the traditional five- to 10-year longer-term leases allow retailers to test how much they can afford at a location, Crain s reported. These deals also provide landlords with rent in the short term and the possibility of landing a tenant for an extended period of time.

For example, Gucci recently signed a two-year lease for 11,000 square feet at Pearlmark Real Estate Partners 375 West Broadway. The deal includes an option to extend the lease for eight years. A Chicago furniture store is leasing 138 Greene Street in Soho for nine months. The landlord was initially seeking a tenant for five or more years.

These deals are arming retailers with a上海千花网交友 上海千花网论坛 range of data that allow them to reliably budget what a given location can support in rent, said Michael Glanzberg, a principal at retail-leasing brokerage Sinvin Real Estate.

上海贵族宝贝 上海千花网龙凤论坛

According to CBRE, the number of vacant ground-floor stores i上海贵族宝贝交流区 上海贵族宝贝论坛n Manhattan has swelled from 99 to 200 since 2014. Average asking rents along the borough s prime corridors fell 30 percent from the fourth quarter of 2014 from $1,020 a square foot to this year s $711, accord[……]

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