Month: June 2019

The Real Deal Shanghai

Top US developers riff 上海龙凤论坛sh1f 上海龙凤论坛on future of Chinese investment, President-elect Trump “One man with a big mouth does not change our values”: Peebles at TRD’s Shanghai forum

From left: Sharif El-Gamal, Gil Dezer, Stan Gale Jr., Shang Dai, Scott Alper, Ziel Feldman, Don Peebles and Stuart Elliott

President-elect Donald Trump spent a good chunk of his campaign bashing China and promised to reset the United States’ relationship with the country if he came to power. But many of his fellow developers, gathered in Shanghai for The Real Deal’s annual showcase, said that despite his heated rhetoric, Trump is a pragmatist who understands the importance of Chinese investment, particularly in real estate.

“The reality is that our president-elect’s platform is absolutely pro-business and anti-regulation,” said HFZ Capital Group’s Ziel Feldman, who added that the industry had been waiting for the last eight years to have “friendly local governments backed by a friendly federal government.”

Don Peebles, head of the Peebles Corporation, said Trump would be a boon for the real estate capital markets. Cities like Miami and New York are facing a tight construction financing landscape, and part of what’s causing it is heavy regulation, he said. Trump would deregulate the financial sector and encourage foreign investment from China and elsewhere, Peebles predicted.

“I can assure you that the EB-5 program will be extended for a longer period of time,” he said, and his optimism on the popular immig[……]

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450 West 41st Street New York

Cuomo looks to sell CUNY property to fill budget gap 170K sf building at 450 West 41st St. houses Hunter’s fine arts program

Gov. Andrew Cuomo and 450 West 41st Street (Cre阿爱上海同城 阿拉爱上海同城dit: Getty Images)

Governor Andrew Cuomo wants to sell a 170,000-square-foot building used by the City University of New York in Hell’s Kitchen to help “of上海夜网 阿爱上海同城fset” a reduction in CUNY funding in his proposed budget.

The six-story building at 450 West 41st Street, between Ninth and 10th avenues, is used to house Hunter College’s Master of Fine Arts program, Politico reported.

Cuomo wants to sell the property in order to help offset a 5.2-percent reduction in state funding in his preliminary budget for CUNY’s senior colleges上海千花社区 上海千花网交友, from $1.21 billion in fiscal year 2017 to $1.14 billion in fiscal year 2018, a reduction of $63 million.

If the state sells the building, as much as $60 million of the sale’s proceeds could go to senior colleges, provided that they shall reduce the state s net operating expense liability in an equal amount.

The expected sale of certain CUNY capital assets will result in available resources to partially offset State support for CUNY, according to the governor s financial plan.

The property sits next to Covenant House New York, a shelter for homeless youth that the New York City Economic Development Corporation proposed to sell to developers last spring.

Gary Barnett’s 52-新上海贵族宝贝论坛 上海贵族宝贝交流区story, 478-unit rental building at 555 10th Avenue sits across the street. [Politico] – Rich Bock[……]

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Rent Stabilization Association

New bill seeks to force landlords to disclose bedbug infestations City Council is expected to approve bill on Tuesday

Bedbug (credit: Getty)

Landlords are bugging out over a new bill that would force them to further disclose bedbug infestations in their buildings.

The City Council is expected to approve t上海同城对对碰交友社区 上海夜网论坛he bill on Tuesday, the New York Post reported. The measure requires landlords to file histories of bedbug infestations with the Department of Housing Preservation and Development. Landlords would also be required to either post the histories in their building or distribute them to tenants. They don t have to specify what units are infested, just how many have a track record of insect infestation.

“Thi爱上海同城对对碰 爱上海同城论坛s bill will needlessly alarm tenants that would otherwise not have to be concerned or be worried about an infestation in their building,” Joseph Strasburg, president of the Rent Stabilization Association, told the Post. “This bill is just more regulation overkill.”

The law already requires landlords to notify new tenants of infestations, but the new bill would also require disclosures when leases are 爱上海同城手机版 新爱上海同城对对碰论坛renewed.

“What we were finding out was that a number of the people were [on] renewal leases,” Council member Danny Dromm, the bill s sponsor, said. “So what we wanted to do was to fix it so that those who have renewal leases could also find out whether there were bedbugs in their building.” [NYP] — Kathryn Brenzel 

Tags: city council, Politics, Rent Regulatio[……]

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$18.3M Sagaponack parcel comes with plans for a modern mansion

A parcel of land in Sagaponack that comes with blueprints for an unbuilt home is on the market to the tune of $18.3 million. The home for the 1.8-acre property on Parsonage Lane has been 上海千花网 爱上海同城对对碰designed by Wolfgang Ludes, a fashion photographer and architect who has designed hotels in the Caribbean, and Hamptons developer Jay Bialsky, according to Mansion Global. Plans call for a modern, symm上海千花网 爱上海同城对对碰etrical 6,700-square-foot structure with tw上海千花网交友 上海千花网论坛o wings flanking a double-height foyer and panoramic views of a neighboring 10-acre preserve. The seven-bedroom, eight-and-a-half-bedroom home would also have ameniti爱上海同城手机版 新爱上海同城对对碰论坛es like a theater, wine room, gym and eight-car garage as well as lap pool and sunken tennis court. Zachary and Cody Vichinsky of Bespoke Realty have the listing. [MansionGlobal]

Tags: Hamptons
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Daily Mail writes down Xceligent’s value to zero amid “disappointing” NYC上海千花网论坛 上海千花网 expansion Owners are also considering a sale of EDR

DMGT CEO Paul Zwillenberg and Doug Curry

Daily Mail and General Trust wrote down the carrying value of its real estate data subsidiary Xceligent to zero amid lower-than-expected revenues from a push into New York City, the company said Thursday morning.

“Quite candidly the revenues were disappointing and that suggests a longer and more challenging path for Xcelige上海贵族宝贝论坛 上海贵族宝贝nt to profitability,” DMGT’s CFO Tim Collier said during an earnings presentation.

“We’re working with the management team on a strategic review that will include all options,” he added.

DMGT also announced that it is in the process of selling EDR, its U.S. real estate environmental data and software business.

In October, DMGT fired 阿爱上海同城 阿拉爱上海同城Xceligent’s CEO and co-founder Doug Curry and installed the former Hanley Wood CEO Frank Anton as executive chairman.

The data subsidiary is waging a high-stakes legal battle against its chief rival, CoStar. In December, CoStar filed a copyright infringement lawsuit against Xceligent, alleging that its competitor systematically stole its property images. Xceligent responded by filing an antitrust lawsuit in June. DMGT said it spent £14 million ($19 million) in legal fees in the past year and that this was “principally” due to Xceligent.

Last year, Xceligent launched an expansion into New York City, CoStar’s most important market.

“Given the signific[……]

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Developers launch $300M planned community with 1,000 homes east of Dallas

Dallas developer Wynne/Jackson is building a 1,000-home planned community in Forney, on the eastern end of city’s metro area. RAM Real Estate Capital is partnering on the 上海千花社区 上海千花网交友$300 million Overland Grove project, and Landmark Bank is financing the initial 阿爱上海同城 阿拉爱上海同城phase of construction. The 上海贵族宝贝交流区 上海贵族宝贝论坛plan for the 336-acre site includes a new elementary school and resort-style amenity center. The first buildings are expected to open in 2019, with homes priced between $275,000 and $400,000. [Dallas Morning News]

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Brookfield reaches massive deal to buy remainder of GGP Fund manager to create new REIT for merger

From left: Ric Cla爱上海龙凤419桑拿 上海龙凤论坛sh1frk, S上海龙凤论坛sh1f 上海龙凤论坛andeep Mathrani and 685 Fifth Avenue (Credit: Getty Images and Thor Equities)

One of the biggest real estate mergers in years is nearing the finish line. Brookfield Property Partners reached an agreement to buy General Growth Properties after increasing its bid, the company announced Monday.

Brookfield will pay up to $9.25 billion cash at $23.50 per share and the remainder in shares, according to the statement. When the fund manager first bid for the retail real estate investment trust in November it offered up to $7.4 billion in cash at $23 per share.

GGP stock traded at $21.20 as of爱上海同城论坛 爱上海同城 market close Monday, down from a July 2016 peak of $31.95.

As part of the deal, Brookfi上海贵族宝贝 上海千花网龙凤论坛eld is creating a new REIT, dubbed BPY U.S. REIT. GGP shareholders who don’t get cash for their shares can exchange them for shares in the new REIT, which can in turn be exchanged for units in Brookfield Property Partners.

“We are pleased to have reached an agreement and are excited about combining Brookfield’s acce爱上海同城 爱上海ss to large-scale capital and deep operating expertise across multiple real estate sectors with GGP’s portfolio of irreplaceable retail assets,” Brookfield Property Partners CEO Brian Kingston said in a statement.

Brookfield reportedly mulled a GGP acquisition as early as January 2016. As of December 2017, Brookfield already owned 34 percent o[……]

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Real Estate Disruption

Now that listings are housed online and startups are helping people buy and sell real estate on the Internet, do real estate firms have a leg to stand on? That question was basis of The Real Deal s May cover story, The Death of the Brokerage, which highlighted the barrage of threats facing residential firms. From fierce competition for agents to lead generation platforms, tradit上海千花网交友 上海千花网论坛ional brokers are being hit from multiple directions.

Although Town Residential s collapse was an extreme阿爱上海同城 阿拉爱上海同城 example, some said it s a cautionary tale for an industry where already-thin margins are shrinking. Senior repor上海夜网论坛 上海夜网ter E.B爱上海 爱上海同城手机版. Solomont sat down with TRD’s Hiten Samtani to discuss how brokers got into this mess and whether there s a way out. 上海夜网 阿爱上海同城Watch the full video above.

Video produced by Jhila Farzaneh

Tags: Residential Real Estate, town residential, Videos
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The Real Deal South Florida

Moishe Mana, Mauricio Umansky, Jackie Soffer and more sign on to TRD s South Florida real estate event Buy your tickets today to our October showcase and forum

Top row: Howard Lorber, Moishe Mana, Mauricio Umansky, Michael Stern and Ja上海千花网 爱上海同城对对碰ckie Soffer
Bottom row: Kieran Bowers, Louis Birdman, Jonathon Yormak and David Arditi

The Real Deal’s fifth annual Real Estate Showcase + Forum in South Florida is shaping up to be our best event yet.

Developers Moishe Mana, Louis Birdman, Kieran Bowers and Michael Stern have signed on for our top developers panel; Turnberry s Jackie Soffer and East End Capital s Jonathon Yormak will be among the experts sharing insights on our commercial panel; The Agency s Mauricio Umansky — also of The Real Housewives fame — and Howard Lorber will tal上海千花网论坛 上海千花网k about the ups and downs of brokerage; and Aria Development s David Arditi will kick off our discussion on hospitality and the trend in hotel-branded residences.

The event will bring together 5,000 industry insiders and 100 exhibitors for a full-day of market insights, networking opportunities, exposure to the latest real estate developments and products, and food and drink from a host of local merchants.

Click here to get tickets now and stay tuned for爱上海同城论坛 爱上海同城 updates on panelists and programming.

For sponsorship opportunities, please contact [email protected].

Tags: jackie soffer, miami real estate, Michael Stern, Moishe Mana, The Real Deal Hallandale Beach morphs from shabby beach town to upscale reso[……]

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