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Hines, Welltower shell out $115M for East Side development site Property records reveal price for location of future assisted-living project

Healthcare REIT Welltower and Houston-based developer Hines paid $115 million to assemble the East Side development site where they plan to build an assisted living facility for seniors, property records show.

The partners did not disclose the price they paid for the two adjacent properties at the corner of 上海贵族宝贝论坛 上海贵族宝贝Lexington Avenue and East 56th Stree爱上海 爱上海同城手机版t when they announced the acquisition last week, but property records filed with the city Thursday show the combined price to be $115 million.

The development team paid $60.9 million to purchase 677 Lexington Avenue from the Riese Organization and another $54 million to buy the adjacent property at 681-685 Lexington Avenue from Himmel + Meringoff Properties.

Peter Hauspurg, Brian Ezratty, Ronald Solarz, and Adelaide Polsinelli at Eastern Consolidat上海龙凤论坛 新上海贵族宝贝论坛ed represented the sellers.

They plan to demoli新爱上海同城对对碰论坛 上海同城对对碰交友社区sh the existing buildings, which sit a stone s throw away from Billionaires’ Row, and develop a 15-story building for those who need assisted-living and memory-care s上海龙凤论坛 新上海贵族宝贝论坛ervices.

While Welltower regularly invests in assisted living facilities and housing for seniors, this will be the first such project for Hines, one of the developers behind the 82-story MoMa Tower at 53 West 53rd Street designed by architect Jean Nouvel.

The company was recently selected to manage Trinity Real Estate and Norges Bank’s 11-building, $3.55 billion Hudson Square portfolio.

Tags: hines, riese organization, stephen meringoff
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  • Posted by : wh1
  • 2019年6月18日

Phoenix Realty Group, Artimus acquire ground lease on Jamaica factory valued at $34M The property — with about 400K buildable sf — was listed for $24M two years ago

147-07 94th Avenue in Jamaica, Queens

UPDATE, Friday, Oct. 8 at 4:10 p.m.: Phoenix Realty Group and Artimus acquired the ground lease to a 46,000-square-foot factory in Jamaica, Queens that values the property at $34 million, according to documents filed with t上海夜网论坛 上海夜网he city Wednesday.

The partners will take control of the property at 147-07 94th Avenue, which comes with about 400,000 buildable square feet and can be developed for commercial or residential use. The initial lease term runs 52 years, accordin上海龙凤论坛sh1f 上海龙凤论坛g to the lease memorandum filed with the Department of Finance.

The landlord s broker, CPEX Real Estate s Sean Ke新爱上海同城对对碰论坛 上海同城对对碰交友社区lly, told the Commercial Observer on Friday that the buyers are paying $4 per buildable square foot on the net present value of initial lease payments, pegged at $34 million. The buyers plan to tear the property down to make way for a mixed-use development. There are also two 24-year lease extension options, he told the CO.

The property was listed for $24 million two ye新上海贵族宝贝论坛 上海贵族宝贝交流区ars ago by CPEX .

The lot, which is home to a seafood purveyor, sits opposite the Jamaica LIRR hub and the AirTra上海同城对对碰交友社区 上海夜网论坛in station. The owner, Rocco Ron Romeo, bought the property in 1997.

Phoenix owns and develops property nationwide. In New York City, the firm owns a trio of Mitchell Lama buildings in the Bronx, and Fifth on the Park, a condominium at 1485 Fifth Avenue in Harlem.

A spokesperson for Phoenix was not immediately available for comment.

Note: The story was updated to include Artimus role and that the lease is valued at $34 million.

Tags: cpex real estate, phoenix realty group
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  • Posted by : wh1
  • 2019年6月18日

City Planning signs off on rezoning of Rabsky s Pfizer阿爱上海同城 阿拉爱上海同城 sites Developer plans 1M sf Brooklyn housing complex

Rabsky s plans for the site (Credit: Rabsky Group)

The City Planning Commission on Tuesday signed off on rezoning a group of Brooklyn properties — known as the Pfizer sites — owned by the Rabsky Group, moving the developer one step closer to building a 1 million-square-foot housing complex.

Harrison Realty, an affiliate of Simon Dushinsky and Isaac Rabinowitz s Rabsky, plans to build 1,146 residential units across eight buildings on the W爱上海同城手机版 新爱上海同城对对碰论坛illiamsburg sites as part of the city s Mandatory Inclusionary Housing program. The developer is seeking to rezone two blocks bounded by Harrison Avenue, Walton Street, Union Avenue and Gerry Street.

If approved, the project will include 287 units that are permanently affordable. Twenty-five percent of the units would be set aside for residents making an average of 60 percent of the area median income (AMI), according to the Rabsky Group s land-use application. Of the 287 affordable units, 5 percent of the apartments will be for tenants making 100 percent of the AMI, 10 percent for 60 percent of the AMI and 10 percent at 40 percent AMI.

Rabsky paid $12.8 million f上海千花网龙凤论坛 上海千花社区or to buy the properties from Pfizer in 2012. Construction on the 4.2-acre property is expected to begin January 2018, and the complex is slated to open in 2019.

The rezoning proposal heads to the City Council next. Other private developments seeking rezonings under MIH have died at this stage. Last year, the City Council unanimously voted against the first private housing development proposed under MIH, an apartment project in Inwood. For rezonings, the City Council tends to vote according to the inclinations of the阿拉爱上海同城 爱上海龙凤419桑拿 local Council member. For the Pfizer sites, Rabsky has the support of Council member Stephen Levin.

It is a positive step that the Ci上海贵族宝贝 上海千花网龙凤论坛ty Planning Commission has voted to approve the Pfizer redevelopment project, he said in a statement. “As an MIH project, this project would bring the first mandatory affordable housing units in South Williamsburg in many years.

Tags: Development, pfizer, Rabsky Group, Rezoning
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  • Posted by : wh1
  • 2019年6月18日

The design for what will be one of Minneapolis’s biggest rental buildings have gotten the green light from planning officials. Developers hope to break ground on the 26-story tower this summer. The Expo, a joint venture between Doran Cos. and CSM Corp., will contain 372 rental units, 3,175 feet of retail space and 400 parking spaces, to be built in a historic district near the Mississipp上海同城对对碰交友社区 上海夜网论坛i River. At an estimated cost of more than $100 million, construction on the 2.5-acre site is expected to take爱上海 爱上海同城手机版 two years to complete. [Minneap上海夜网 阿爱上海同城olis Star Tribune]

We are having some 上海贵族宝贝 上海千花网龙凤论坛technical difficulties.上海千花网交友 上海千花网论坛 Try again later.

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  • Posted by : wh1
  • 2019年6月17日

Donald Trump Jr. s business trip to India raises some eyebrows President is negotiating with country at same time his son goes on $1B sales pitch

(Gage Skidmore)

Donald Trump Jr. is planning a sales trip to India the Trump Organization s largest foreign market at the same time that his father is pushing for stronger ties with the country.

The younger Trump is looking to move more than $1 billion worth of luxury residential units the company and its partners are developing in the country, the New York Times reported. The Trump Organization earned as much as $3 million in royalties from India in 2016, according to the president s financial disclosures.

But Don Jr. s trip comes as his father takes a hard line against China an上海千花社区 上海千花网交友d Pakistan, two of India s rivals. And two weeks, 阿爱上海同城 阿拉爱上海同城ago, the president called India Prime Minister Narendra Modi and pledged to strengthen security and economic cooperation” between the United States and India.

The overlap between the Trump 上海贵族宝贝 上海千花网龙凤论坛Organization s interests in India and the president s negotiations with the country have made some uneasy.

“The idea that the president’s son would be going and shilling the president’s brand at same time Donald Trump is president and is managing strategic and foreign relations with India — that is just bizarre,” said  former State Department official Daniel Markey, who worked on South Asia policy during George W. Bush s administration.

Images of the president and Ivanka Trump have been removed from advertisements in India, but still local buyers associate the company s brand with the president.

Donald Jr. said his itinerary does not include interactions with government officials, an intentional move to stay away from politics.

“We certainly won’t get involved in that,” he told the爱上海同城论坛 爱上海同城 Times, adding that the company would not se上海夜网 阿爱上海同城ek concessions from government officials for Trump properties. [NYT] Rich Bockmann

Tags: Commercial Real Estate, donald trump jr, trump organization
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  • Posted by : wh1
  • 2019年6月17日

RCG Longview sells Harlem hotel for $34M Buyer is California-based Core Capital Investments

Aloft hotel at 2296 Frederick上海千花网论坛 上海千花网 Douglass Boulevard

RCG Longview sold its 124-room Aloft Hotel in Harlem to California-based investor Core Capital Investments for $33.8 million, property records filed with the city Thursday show.

The Aloft, at 2296 Frederick Douglas Boulevard, is housed inside a hotel condominium that’s part of the Apex condominium building at the corner of West 124th Str上海千花网论坛 上海千花网eet.

The hotel unit spans a little more than 57,000 square feet from t上海千花网龙凤论坛 上海千花社区he building’s sub-cellar 上海夜网论坛 上海夜网through the sixth floor.

Representatives for RCG Longvie新上海贵族宝贝论坛 上海贵族宝贝交流区w and Core Capital could not be immediately reached. United Overseas Bank provided the Irvine, California-based buyer with a $20.9 million acquisition loan.

Tags: Commercial Real Estate, Hotel Market, rcg longview
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  • Posted by : wh1
  • 2019年6月14日

The Fed raises interest rates by a quarter percentage point The hike will likely push lending rates up for commercial and home loans

Federal Reserve Chairman Jerome Powell and the Federal Reserve headquarters in Washington, D.C.

The Federal Reserve raised interest rates on Wed爱上海同城对对碰 爱上海同城论坛nesday to between 2 and 2.5 percent, a move that is expected to push up the cost of borrowing for commercial and residential loans.

The 0.25 percent hike is the third so far this year, following raises in March and June. The Fed opted not to increase rates in August, which gave watchers another reason to expect one this month.

The Fed noted that inflation has remained near its 2 percent objective. It expects to gradually raise interest rates “consistent with sustained expansion of economic activity, strong labor market conditions,” and inflation.

Interest rate hike上海贵族宝贝交流区 上海贵族宝贝论坛s have sped up under Chairman Jerome Powell in response to a robust economy, which will help curb inflation.

The Fed also released economic projections on Wednesday. It raised its projected gross domestic product growth for this year to 3.1 percent from the 2.8 percent it projected上海贵族宝贝论坛 上海贵族宝贝 in June. It also raised its projection for growth in 2019 to 2.5 percent from 2.4 percent. It also expects the unemployment rate to drop from a projected 3.7 percent this year to 3.5 percent next year.

President Donald Trump said he was “no上海千花社区 上海千花网交友t thrilled” with the rising rates last month during a fundraiser at developer Howard Lorber’s Southampton mansion.

The Fed was expected to raise rates three times this year, but earlier this year signaled there will be four hikes, which means阿拉爱上海同城 爱上海龙凤419桑拿 another is likely coming by the end of December.

Tags: federal reserve, interest rates, Mortgages, Real Estate Finance
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  • Posted by : wh1
  • 2019年6月14日

Real estate firms flocked to Israel in search of cheap debt. Now the market s turning. All Year, Extell, Starwood trading at above 20% yields

The Tel Aviv Stock Market (Credit: Getty Images)

After weeks of declines, defaults, and troubling disclosures, bonds issued by American real estate firms in Israel are falling at unprecedented rates.

Over the weekend, the Tel Bond Global, an index which tracks bonds issued by American real estate companies, fell four percent, closing with an average yield in the double-digits Sunday, and falling a further two points on Monday. Some of the bonds from New York-based companies, including Extell Development, Delshah Capital and GFI Real Estate Limited are trading above 20 percent yields, while bonds from Barry Sternlicht’s Starwood West and Yoel Goldman’s All Year Management are selling for less than 60 cents on the dollar.

The downturn over the weekend can be traced to a series of unsettling financial disclosures made by U.S. companies toward the end of November. Pent-up concern from Israeli investors, coupled with the tailwinds from the U.S. stock market s battering last week, sent the bonds careening.

While some of the worst performers like Starwood, All Year, and Delshah are confronting specific concerns from investors, others have taken a hit because of widespread alarm about the asset class.

“It’s definitely a crisis,” Kobi Segev, CEO of Ayalim Mutual Funds told The Real Deal. “Israelis now understand that the risks are higher than they an阿拉爱上海同城 爱上海龙凤419桑拿ticipated.”

The market has been sputtering since November, when Boaz Gilad’s Brookland Capital stalled trading and annou上海夜网论坛 上海夜网nced that it would not be able to meet its debt obligations in 2019 and began negotiations with bondholders.

Then, as the third-quarter reports began coming in, there was more bad news and several reports of misappropriated funds, leading to concerns over several American companies’ ability to repay their debts, especially with so little appetite for further refinancing on the Tel Aviv market.

In early December, All Year Management s Yoel Goldman, who has raised roughly $650 million in bonds, reported that $3.7 million had accidentally been transferred from the company s coffers to his personal account, according to documents. Several days later, Moshe Orlinsky, the head of Chosen Properties, reported accidentally withdrawing $2.5 million dollars from his company. The money was quickly returned in both cases, but investors are concerned over how both these incidents were possible for publicly audited companies, according to multiple sources.

In mid-December, the retail property owner Waterstone Properties was put on CreditWatch by Israeli rating agencies, and a weak third-quarter report from Starwood West, a subsidiary of Starwood Capital that raised over $200 million in March of this year, triggered a bond selloff. The bonds,新爱上海同城对对碰论坛 上海同城对对碰交友社区 which are backed by a portfolio of seven retail malls, had been declining since March but fell an additional 2[……]

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  • Posted by : wh1
  • 2019年6月14日