Sky Rental Tower

Moinian sues HPD over Sky’s 421a status Debate brews over construction start date of 2008 or 2014

Renderings of 605 West 42nd Street and Joseph Moinian

The Moinian Group, the developer behind the 61-story rental tower Sky, is suing the New York City Department of Housing Preservation and Development to reverse the agency’s decision regarding the project’s 421a benefits.

What’s under debate is when construction on the Midtown project at 605 West 42nd Street officially launched. Moinian claims it began in 2014, but HPD recognizes the construction start date as June 2008, which significantly decreases the tax incentives Moinian would receive under the 421a program, according to 爱上海同城对对碰 爱上海同城论坛a petition filed Wednesday in New York State Supreme Court.

Under 421a, developers receive tax exemptions for eligible buildings for a construction period of up to three years, followed by decreasing tax abatements over a period of 10 to 25 years depending on various factors. If Sky began construction in 2014, Moinian would still be within the three-year construction phase and the project would be tax-exempt.

The current proposal for Sky is based on plans approved by the Department of Buildings in October 2014, which differ significantly different from a previous design approved in 2008. The new building is 15 stories taller, spans 1.2 million square feet instead of 880,976, and includes 1,175 units instead of 764. The new building is also expected to include 235 affordable units and a public health club featuring multiple swimming pools, neither of which were included in earlier plans.

According to Moinian , that should make him eligible to 421a benefits beginning in 2014, putting him early in the benefit cycle.

Construction on the earlier version began in 2008 but was stalled in 2009. A previous 421a applicat爱上海龙凤419桑拿 上海龙凤论坛sh1fion for the site, submitted by Moinian in 2012, cited the 2008 start date.

Moinian is seeking a court order annulling the HPD’s determination and accepting an official construction start date of October 2014.

Neither Moinian nor the HPD respo上海贵族宝贝交流区 上海贵族宝贝论坛nded to requests for comment.

Tags: 421a, 605 wes上海千花社区 上海千花网交友t 42nd street, moinian group
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Donald Trump

Inside Donald Trump’s winter retreat Developer bought Florida estate for less than $10M

Mar-a-Lago and Donald Trump

When Donald Trump assumes office this month, his Florida estate Mar-a-Lago will become the holiday retreat of the U.S. President.

But the sprawling Palm Beach property is a far cry from George W. Bu上海夜网 阿爱上海同城sh’s Texas ranch or George H.W. Bush’s Maine beachfront home. While past presidential holiday homes were secluded, Mar-a-Lago is a 118-room club teeming with paying members who now have a chance to chat with the most powerful man in the world.

“It’s like going to Disneyland and knowing Mickey Mouse will be there all day long,” Miami developer Jeff Greene, a club member, told the New York Times.

When Trump rang in the new year with an opulent party at Mar-a-Lago, club members and their friends could join for as little as $500. Among the attendees were Trump’s sons Eric and Donald Jr. and MSNBC hosts Joe Scarborough and Mika Brzezinski.

Observers expect Trump to frequently retreat to Mar-a-Lago as president. “Mar-a-Lago is an environment he can control,” said historian Douglas Brinkley. “I watched him hold court — he was so comfortable in his own skin, and so relaxed.”

Ironically, when 上海夜网论坛 上海夜网Mar-a-Lago’s first owner Marjorie Meriweather Post died in 1973, she left t上海千花网论坛 上海千花网he estate to the federal government hoping it would become a vacation home for Presidents. But the government wasn’t interested, and later Trump bought it. [NYT] Konrad Putzier

Ta爱上海同城对对碰 爱上海同城论坛gs: Donald Trump
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Stalled Sites

The dirt gathers rust: All over NYC, projects are in limbo “There goes your cushion. You’re screwed.”

TRD Special Report: The site at 111 Washington Street was supposed to be Richard Ohebshalom’s entry into the big leagues. When his firm Pink Stone Capital acquired title for the property through a deed in lieu of foreclosure in July 2011, Ohebshalom envisioned a 500-unit luxury residential tower. The project was meant to be completed by 2014. Instead, it hopped on and off the market over the past three years. Last month, the saga over the site erupted into a public family feud when Ohebshalom sued his father, Fred, accusing him of trying to secretly sell the property for a song.

Sources said that the site was at one point used to house port-a-potties for the Port Authority of New York and New Jersey, which is working on the World Trade Center redevelopment and paid Pink Stone a nominal rent for the privilege.

111 Washington is far from the only site in the toilet. All across the city, new residential projects are experiencing hiccups and delays that not only saddle developers with added expenses but also increase the chances that their products will launch in a soft market上海千花网论坛 上海千花网. In some cases, developers simply haven’t raised the funds needed to complete the project. In others, construction snags, infighting between partners and other complications have derailed plans.

111 Washington Street (Credit: E.B. Solomont for The Real Deal)

“Every day you carry it longer than your anticipated time is money off the project,” said MNS’ Andrew Barrocas. “It definitely eats into your profitability.”

It’s tough to pin down exact numbers for how many projects are paralyzed. The city’s Department of Buildings no longer keeps count. Walk most Manhattan neighborhoods and you’ll see many: Tribeca, for example, has Abra Construction Corp.’s 83 Walker Street, which was approved by the Landmarks Preservation Commission in 2011; 403 Greenwich Street, which is being developed by Colonnade Group and Olympic Real Estate; and Samson Management’s 15 Hubert — with an alternate address of 407 Greenwich — which was expected to wrap up in early 2016, according to a sign at the site. There’s also Knightsbridge Properties’ Cast Iron House at 67 Franklin Street, a 13-unit condominium where sales launched in 2014 and a sign reads, “Anticipated completion: June 2015.”

Cast Iron House

Knightsbridge CEO Jourdan Krauss said his firm spent three years renovating the building’s exterior, including re-casting 4,000 pieces of decorative cast iron. The firm, which paid $15 million for the building in 2002, encountered unexpected snags, such as discovering cracks in the building’s support columns. Then in March, after contractor Foundations Group walked off the job (claiming it was owed $2.1 million), Knightsbridge filed a lawsuit alleging Foundations failure to complete the work cost the developer $1.5 million.

“It has taken longer, in all truth, than we initially hoped,” Krauss told The Real D[……]

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Interest rates

Short-term interest rates might rise again, Fed officials signal in contrast to Yellen Three officials indicated openness to increasing rates before year end

Federal Reserve Chairwoman Janet Yellen s comments earlier this week forecast steady interest rates, but three Fed officials remarked otherwise Friday. (Pixabay / Federal Reserve Flickr)

On Friday, three Federal Reserve officials indicated they d be open to increasing short-term interest rates before year end. Interest rates affect mortgage and cap rates, which in turn affects property prices.

Federal Reserve Bank of Dallas President Robert Kaplan, Kansas City Fed President Esther George and San Francisco Fed President John Williams all made comments ranging from being open to increasing rates to supporting gradual rises, according to the 爱上海 爱上海同城手机版Wall Street Journal.

The three officials comments come after a two-day meeting earlier this week, after which the only public statements until yesterday were given by Chairwoman Janet Yellen.

“The basic message here is U.S. economic performance has been good,” she said in a press conference, noting that the Fed s anticipated rate path would reflect their optimistic view of the economy with low unemployment, restrained inflation and moderate growth.

上海贵族宝贝 上海千花网龙凤论坛

The Real Deal reported Yellen s comments indica爱上海同城论坛 爱上海同城ted steady rates for the rest of 2017, in contrast with 12 out of 16 officials who expected rates to rise. The three officials public statements on Friday may forecast the Fed s eventual decision, which would be made at the policymakers Decembe爱上海同城对对碰 爱上海同城论坛r meeting.

[Wall Street Journal] E.K. Hudson

Tags: federal reserve, interest rates, janet yellen
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131

Andy Zhu “mismanaged” Assi Plaza project in Flushing: lawsuit Investor claims developer bungled project every step of the way, including $115M sale

Andy Zhu and a rendering of 131-01 39th Avenue

UPDATED, Dec. 5, 10:12 a.m.: Developer Andy Zhu is facing claims t爱上海龙凤419桑拿 上海龙凤论坛sh1fhat he bungled the huge Assi Plaza development project in Flushing he just sold for $115 million, emptying the “proverbial piggy bank” with poor business decisions such as $44,000 in unauthorized booze purchases.

Hansen Realty Development Corp., which claims to own 75 percent of the partnership that sold the development site at 131-09 39th Avenue, filed a lawsuit in Manhattan Supreme Court seeking more than $60 million in damages, according to documents recorded Monday.

“Unfortunately, Zhu was uniquely unqualified to undertake a development project of that magnitude, and he grossly mismanaged the project form the outset,” Hansen’s lawsuit claims.

Zhu responded with a countersuit, claiming it was his partners inexperience developing in the United States that derailed the project.

According to the complaint, Zhu controlled the entity that held a 25 percent managing partner interest in the site, where he planned to build a 15-story, mixed-use building with 265 residential condos, 80 retail-and-office condos and a 250-room hote爱上海同城对对碰 爱上海同城论坛l.

Hansen claims the project was fraught from the start, with Zhu mismanaging the acquisition of the site in 2015, allowing the purchase price to balloon from $63 million to $79 million as he failed to close in a timely manner.

Hansen also claims Zhu funneled $1.8 million in “bogus commission payments” by failing to disclose he held a financial interest in the companies receiving the payments.

Among other charges Hansen levels at Zhu is that he made more than $150,000 in unauthorized purchases and billed them to the project, including a $44,000 splurge on alcohol.

The final straw, Hansen said, was when Zhu sold the project to investor Yuk Ming Yip for $115 million, a sale first reported by The Real Deal last week.

Hansen claims Zhu agreed to put the down-payment into an agreed-upon escrow account with the In上海贵族宝贝交流区 上海贵族宝贝论坛dustrial and 上海夜网论坛 上海夜网Commercial Bank of China, but Zhu instead funneled it into a separate account and has ignored requests to meet and discuss the sale.

Zhu s attorney in December filed an answer to the claims and a counter-suit naming Hansen s Weiming Yin and Shu Sen Jia as defendants. As the majority stakeholder, major decisions on the project ultimately required the sign-off from Yin, and failure to successfully develop the project should lie with him, Zhu s attorney claims.

The suit accuses Andy for failing to develop the project, but as a 25-percent shareholder, these were not Andy’s decisions to make, attorney B上海同城对对碰交友社区 上海夜网论坛ing Li told The Real Deal.

Zhu s answer to the complaint acknowledges that he received the commission on the sale, but said he was upfront with his role as a broker from the beginning. Zhu s representatives also provided a cop[……]

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Sarah Lawrence breaks ground on Barbara Walters Center in Yonkers

Sarah Lawrence College brok爱上海同城手机版 新爱上海同城对对碰论坛e ground on a $35 million campus center at 968 Kimball Avenue in Yonkers. Named after the television news personality Barbara阿拉爱上海同城 爱上海龙凤419桑拿 Walters, a Sarah Lawrence alumna, the 34上海同城对对碰交友社区 上海夜网论坛,800-square-foot center is designed by KSS Architects and will open in 2019. Walters donated $15 million to kickstart the donor funding for the project. [Lohud]

Tags: 上海龙凤论坛 新上海贵族宝贝论坛Westchester Fairfield
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Moxy East Village

Lightstone takes $91M loan for Moxy project in East Village Bank of the Ozarks is financing the 311-key hotel at 112 East 11th Street

Moxy hotel East Village at 112 East 11th Street and David Lichtenstein (Credit: Stonehill Taylor Architects)

David Lichtenstein s Lightstone Group landed $91 million in financing for its latest Moxy hotel project, property records filed with the city Monday show.

Bank of the Ozarks provided the debt for the upcoming 311阿拉爱上海同城 爱上海龙凤419桑拿-key hotel at 112 East 11th Street, to be called Moxy East Village. The financing includes $63.1 million in new loans as well as an existing $27.9 million loan from Goldman Sachs that Bank of the Ozarks will now assume. Goldman Sachs previous上海千花网交友 上海千花网论坛ly provided $85 million to Lightstone for the project.

A spokesperson for Lightstone did not immediately return a request seeking comment.

The 13-story building at 112 East 11th Street will span about 78,000 square feet. The hotel is expected to open later this year.

Lightstone acquired the site from Pan Am Equities in 2016, paying $127 million for a portfolio of s上海千花网龙凤论坛 上海千花社区ix East Village buildings.

Moxy is Marriott s national brand of affordable luxury hotels. Lightstone is developing two other Moxy hotels in Manhattan, at 485 Seventh Avenue and 105-109 West 28th Street. The company has planned another location for the Financial District.

Tags: bank of the ozarks, david lichtenstein, Develo阿爱上海同城 阿拉爱上海同城pment, lightstone group, Real Estate Finance
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Manhattan Luxury Apartment Oversupply

Why Extell s not concerned for its new building, despite a flooded luxury market The oversupply forced some rents to drop by 11% in February.

(Credit: Extell)

Residents are beginning to move into Extell Develo上海千花网交友 上海千花网论坛pment s new luxury rental building at 510 East 14th Street in the East Village and timing couldn t be worse in theory.

In February, an oversupply of high-end units brought apartments with monthly rents at $10,000 or more down by about 11 percent to an average rent of $12,925. Additionally, a Douglas Elliman report found that 36.2 percent of buildings offered tenants concessions to sweeten the deal, as The Real Deal reported.

Extell s 110 market-ra爱上海龙凤419桑拿 上海龙凤论坛sh1fte apartments in the building, which can range in size from studio apartments to three-bedrooms, are supposed to rent from between $3,695 up to $12,510 for a three-bedroom unit. The d爱上海同城对对碰 爱上海同城论坛eveloper is also offering two months free rent.

Director of residential sales and leasing, Anna Zarro believes the building is in a really special position given the sub-market we re in, and said applications for the units have been coming in steadily, though she didn t give exact numbers. There s n上海夜网论坛 上海夜网ot so much new, well-thought out luxury product with the lifestyle considerations that we re providing.

Some of the amenities Zarro believes will seal the deal include a rooftop terrace, a large gym and pool area and a series of enormous private backyard terraces.  Balconies or the ba上海千花网论坛 上海千花网ckyards are attached to 52 of the units.

I think that s going to set us apart a little bit, said Zarro about the outdoor space, which tenants can landscape to their own taste. Time will tell, but it s not slowing down Extell s plans; the company is in final stages of securing its next development site on the Upper East Side, as TRD reported.

Here s a look at what one of EVGB s two-bedroom units going for just over $9,000 per month.

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Volunteers of America

South Bronx senior housi阿爱上海同城 阿拉爱上海同城ng project snags $57M loan The lender is the New York City Housing Development Corporation

Eric Enderlin of HDC and a rendering of 112 East Clarke Place (Credit: Twitter and Magnusson Architecture and Planning)

Nonprofit group Volunteers of America landed a $56.6 million loan for a planned senior housing comp上海千花网论坛 上海千花网lex in the South Bronx, according to records filed with the city today.

The property, at 112 East Clarke Place in Highbridge, will be the future site of a 14-story residential building. Permits for the project were filed last August. Once it’s built, the property is expected to contain 122 units across about 68,000 square feet of space. The site was previously used as a parking lot.

The lender for the loan is the New York City Housing Development Corpo爱上海 爱上海同城手机版ration, which iss上海贵族宝贝 上海千花网龙凤论坛ued multifamily housing revenue bonds to finance the project. The biggest piece of the loan package is a $33 million first building loan.

Volunteers of America bought the parcel for $3 million in February of last year. A few months later, it sold its Upper West Side location, known as the Brandon House Residence for Women, in a $42 million deal. The organization did not immediately respond to requests for comment.

The group, which focuses on issues like homelessness and domestic violence, also operates the Creston Avenue Residence, a 66-unit affordable housing complex at 2382-2388 Creston Avenue in the South Fordham section of the B爱上海同城对对碰 爱上海同城论坛ronx.

Tags: Commercial Real Estate, nonprofit
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Atherton

Silicon Valley town with no restaurants home to the priciest real estate of 2018 The median sales price in Atherton was $6.7M

Larry Ellison, Sheryl Sandberg, Atherton (Credit: Getty Images, Oracle PR)

Aside from the millionaires working in Silicon Valley, it’s likely most of the country has never heard of a small town called Atherton.

But the quiet neighborhood, which features no shops or restaurants, was the nation’s most expensive place to live in 2018, according to爱上海同城论坛 爱上海同城 a new ranking from data website PropertyShark.

Atherton, located just 20 minutes away from the headq上海夜网论坛 上海夜网uarters of Google and Facebook, was ranked the most expensive zip code in the country in 2018 with a median sales price of $6.7 million, a上海贵族宝贝论坛 上海贵族宝贝ccording to the Robb Report.

It’爱上海同城对对碰 爱上海同城论坛s not a complete shock given the neighborhood’s proximity to some of the world’s best-paying companies. Tech giants like Larry Ellison, co-founder of Oracle, and Stephen Luczo, executive chairman of Seagate Technology, are among Atherton’s wealthy residents. Facebook COO Sheryl Sandberg and tech investors Ben Horowitz and Marc Andreessen have also reportedly called the town home.

Overall, California held a substantial presence on PropertyShark s rank上海龙凤论坛 新上海贵族宝贝论坛ing. The state held 82 of the 117 zip codes on the list, comprising roughly 70 percent of the country’s most expensive properties.

Of the six zip codes in L.A. to appear on the ranking, Santa Monica’s 90402 zip code claimed the fifth overall spot, topping any other zip code in Los Angeles County. The median sales price in Santa Monica was $3.7 million, reflecting an increase of 7 percent year over year.

East Coast zip codes also showed up on the list. There were about 19 New York zip codes on the list — the most expensive of which, Sagaponack’s 11962, claimed the No. 2 spot with a median sales price of $5.5 million. [Robb Report] Natalie Hoberman

Tags: Most Expensive House, Re
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