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 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[……]
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 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 Mar-a-Lago’s first owner Marjorie Meriweather Post died in 1973, she left t上海千花网论坛 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 gs: Donald T[……]
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 . 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 anti[……]
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 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.
The Real Deal reported Yellen s comments indica爱上海同城论坛 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 eve[……]
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 hat 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 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[……]
Sarah Lawrence College brok爱上海同城手机版 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 Walters, a Sarah Lawrence alumna, the 34上海同城对对碰交友社区 ,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 Westchester Fairfield
We are having some technical difficulties.上海贵族宝贝交流区 Try again later.
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 -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 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 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 pment, lightstone group, Real Estate Finance
We are having some technical difficultie[……]
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.
Residents are beginning to move into Extell Develo上海千花网交友 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 te 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 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 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 ckyards are attached to 52 of the[……]
South Bronx senior housi阿爱上海同城 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 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 ration, which iss上海贵族宝贝 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 ronx.
Tags: Commercial R[……]
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 a new ranking from data website PropertyShark.
Atherton, located just 20 minutes away from the headq上海夜网论坛 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 ccording to the Robb Report.
It’爱上海同城对对碰 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 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 z[……]