De Blasio aide met with Allure prior to Rivington House deal Nursing care firm sold the property for a huge profit after city lifted deed restriction
Mayor Bill de Blasio has denied he or his team knew anything about the deal to lift the deed restriction at 45 Rivington Street, but now 上海千花网交友 it turns out one of his aides met with the key player back in 2014.
Avi Fink, the mayor’s deputy director of intergovernmental affairs, with the Allure Group’s Joel Landau in December of that year, before the company purchased the property it would later resell at a $72 million profit to Slate Property Group, Adam America Real Estate and China Vanke, 上海千花网交友 the Wall Street Journal re爱上海同城对对碰 ported.
Discussions prior to the deal also included a representative of the 1199-SEIU health care workers union, Community Board 3 and City Council Member Margaret Chin.
Allure bought the five-story property – which was under a deed restricting limiting to nonprofit use – from nursing home operator VillageCare for $28 million in February 2015. The city lifted the deed restriction in March. In May, Allure went into contract for $116 million with Slate and its partners, who planned to convert the property to condominiums.
As far as I know, no one in [the] mayor’s o爱上海同城 ffice knew about the lifting of the deed restriction in 2015,” spokesperson Karen Hinton told Crain’s in April, “except, of course, the Mayor’s Office of Contract Services general counsel who signs off in a very pro forma way.”
Manhattan office leasing has been on a gradual downward trend over th阿爱上海同城 e past 12 months, an analysis of CoStar Group figures showed.
Through late December, tenants in 2016 leased 30.76 million square feet, a 17 percent decline from 2015.
One strong point in the market last year was H爱上海同城 udson Yards, where a few of the top leases were signed; they include Coach which took 694,000 square feet, and the law firm Milbank, Tweed, Hadley McCloy, which took 250,000 square feet. Hudson Yards, which [had been] a pretty challenging reach, has borne fruit, said Arthur Mirante, a broker at Avison Young .
Eri爱上海同城手机版 c Thomas, a broker at the tenant-representative firm Cresa, was also eyeing tenants for a space there He s representing Robert A.M. Stern Architects, which recently inked a deal to move to Midtown later this year. The company has three years left on a Hudson Yards lease, and Thomas is targeting firms that may want to send a small group to the neighborhood while they build out a much large space in one of the new skyscrapers.
They may want to send 30 to 50 people, as part of a management change, Thomas said.
Overall, the Manhattan office market remained balanced in 2016, with few regions lagging far behind others, according to Mirante. Yet some classes of office space have struggled more than others. It is a fligh[……]
Tunnelgate? Hal Fetner says Chris Christie had a role in killing 42nd Street 7 stop “For what it’s worth, I fought very hard for that stop,” developer says
From left: Chris Christie (credit: Getty Images), the Victory at 561 10th Avenue and Hal Fetner
There s no shortage of commuters who curse the name of Chris Christie, the New Jersey governor who famously killed plans to construct a desperately-needed tunnel across the Hudson River. And now you can add renters on 10th Avenue in Manhattan to that list, according to one developer.
Speaking at a panel discussion Tuesday at the offices of Mission Capital, H上海千花社区 al Fetner said Christie played a sign上海千花社区 ificant role in putting the kibosh on a No. 7 train subway station at 爱上海同城 41st Street and 10th Avenue.
Fetner, whose company owns the Victory, a 420-unit rental building at 561 10th Avenue, said he d lobbied for a stop on his doorstep, which would also have serviced buildings such as Silverstein Properties Silver Towers, Moinian Group s SKY, Extell Development s 555 10th Avenue, and Related Companies MiMA development. But Christie who said he killed the ARC tunnel project in 2010 over cost concerns got in the way of the plans.
Chris Christie, believe it or not, had a role in screwing that up here in the city, because the real plan was a stop there, on 34th Street and then underneath the river to Jersey, he said. For what it s worth, I fought very hard for that stop.
As Fetner tells it, he went with former Real Estate Board o[……]
WeWor上海千花网 k courts London banks post-Brexit $20B startup increasingly inking corporate deals on both sides of the pond
WeWork 爱上海同城手机版 s Adam Neumann and London
WeWork is making aggressive moves in London to sell space to global banks that are uncertain of their plans post-Brexit.
The $20 billion co-working startup has been going on a hiring spree to attract corporate clients新爱上海同城对对碰论坛 , including a recent hire from Bank of America specifically to go after the banking sector, the Financial Times reported.
Those familiar with the company’s strategy said it is looking to capitalize on uncertainty among big financial institutions following Brexit by selling flexible office space and offering the opportunity to remove long and costly office leases from their balance sheets.
WeWork in October struck a deal to buy Blackstone’s London office complex Devonshire Square for $785 million, and this year it’s aggressively snapped up space in the city, including large offices in Moorgate – the company’s largest site world阿爱上海同城 wide.
More than one fifth of the company’s clients are firms with 1,000 or m上海千花网龙凤论坛 ore global employees. In New York City, WeWork has struck large membership deals with Amazon and Microsoft, and subleased an entire building to IBM. [FT] – Rich Bockmann
Tags: brexit, Commercial Real Estate, London, wework
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Mega law firm Kirkland Ellis expands to more than 500K sf at 601 Lex Company signs on for an additional 120K sf
601 Lexington Avenue and Owen Thomas
Kirkland Ellis, which ranks as the world’s third-largest law firm with $2.6 billion in annual revenues, expanded its footprint at the former Citigroup Center to more than half-a-million square feet with the addition of four floors.
The Chicago-上海贵族宝贝交流区 based firm signed a deal to take an extra 120,000 sq上海贵族宝贝交流区 uare feet at the iconic, 59-story Midtown office tower at 601 Lexington Avenue, sources told The Real Deal. The new lease brings Kirkland Ellis’ spread in the Boston Properties’ tower to about 520,000 square feet after the company signed an early renewal in 2015 for 400,000 square feet running through 2039.
Asking rents in the building are north of $100 per square foot. Representatives for Kirkland Ellis and Boston Properties could not be 爱上海同城论坛 immediately reached for comment.
A team at JLL of Frank Doyle, Cynthia Wasserberger and Dave Kleiner handle leasing at the 1.4 million-square-foot tower along with Boston Properties’ Andy Levin. Savills Studley’s Mitchell Steir,上海千花网龙凤论坛 Matthew Barlow, Greg Taubin, David Goldstein an爱上海 d Jason Perla represent Kirkland Ellis. Brokers on both sides of the deal declined to comment.
Founded in 1909, Kirkland Ellis has a reputation in the private equity and mergers-and-acquisitions world. The firm is working with Toys “R” Us on its restructuring and potential bankruptcy. The American[……]
Rockefeller property sells for 50 percent more than asking price The 75-acre Westchester estate sold for $33 million
The selling of the late David Rockefeller s properties continues with his storied property in Westchester County, recently sold for $11 million over its asking price for total of $33 million.
Owned by Rockefeller, the former chairman and CEO of Chase Manhattan Corporation, the 11,343-s上海夜网论坛 quare-foot home and its accompanying grounds went on the market last fall for a price of $22 million, months after Rockefeller s death last March at the age of 101, according to the Wall Street Journal.
The home s history, which dates back to 1938, and the Rockefeller name attracted the interest of multiple parties, according to Houlihan Lawrence Private Brokerage s David Turner, who handled the listing for the estate. The buyer was not disclosed.
The property, which Rockefeller lived at until his death, includes the main 11-bedroom mansion along with a three-bedroom guest h上海贵族宝贝论坛 ouse, a stable and carriage house, an outdoor pool, helipad and greenhouses. In total there are 12 structures on the property.
Last month, Rockefeller s estate sold his Upper East Side mansion after nine months on market at a reduced price of $27 mil上海千花网论坛 lion. [WSJ] Erin Hudson
Tags: mansions, Residential Real Estate, rockefellers
We are having some[……]
250 Hudson Street and Jonathan Resnick
UPDATED, May 14, 11:56 a.m.: Jack Resnick Sons refinanced its office building 250 Hudson Street with a $115 million mortgage from PGIM Real Estate Finance, an affiliate of Prudential Insurance, property records show.
The new loan replaces a $80 million mortgage from the same lender issued in 2008. Resnick, which has owned the building since the late 1960s, declined to comment and Prudential couldn’上海千花网 t immediately be reached.
Tenants in the 341,上海夜网 000-square-foot building include Bed, Bath Beyond, which signed a lease in January 2017. Last year the building lost Momentum Worldwide, a subsidiary of advertising giant Interpublic Group, to Bro阿爱上海同城 okfield Property Partners’ 300 Vesey Street.
“We were excited to be part of the original total transformation of the building and the neighborhood starting in 2008 with the Resnick’s, and are excited about keeping the loan as a long term 上海千花网交友 investment given the continued transformation of the neighborhood, PGIM s managing director Tom Goodsite said in a statement.
In October, Resnick refinanced the commercial part of Symphony House in Midtown with a $125 million Prudential loan.
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Next stop, Canada: BQX czar stepping down next month Departure is not the greatest sign for the project
A rendering of the Brooklyn-Queens Connector and Adam Giambrone (Credit: BQX and Wikipedia)
The head of the Brooklyn-Queens Connector project (BQX) is stepping down, perhaps signaling even further trouble fo新上海贵族宝贝论坛 r the proposed $2.7 billion light rail.
Adam Giambrone, director of the BQX, told colleagues on Monday that Oct. 5 will be his last day, as he will be pursuing a new opportunity in the transit space north of the border, Pol上海千花社区 itico reported. Giambrone, former ch爱上海龙凤419桑拿 air of the agency that runs Toronto s streetcar network, is leaving just two years after becoming the BQX czar.
The personnel change doesn t exactly bode well for a project that s already hit a few speed bumps. Last month, city officials indicated that the light rail will run along a shorter route than expected, cost more to build and not arrive for more than 10 years. The project will also depend on $1.3 billion in yet-to-be-secured federal funding. City officials pre爱上海同城论坛 viously expected that the BQX would pay for itself by increasing proper上海千花网交友 ty values along its route that would lead to extra tax revenue.
Many of the projects backers are in real estate, including Two Trees Management s Jed Walentas and the Durst Organization s Helena Durst.
Adam’s expertise was critical in helping launch the BQX project, said mayoral spokesperson Jane Meyer. He is moving back to Canada to be with hi[……]
Industrial development slowing slightly nationwide, after strong growth: report The amount of new buildings coming online have dipped; Chicago has experienced sharp drop
The number of industrial buildings coming online nationally slowed slightly in the first nine months of 2018, after several years of strong growth.
A total of 237 million s爱上海龙凤419桑拿 quare feet of new industrial space was delivered across the country from January through September, down slightly from 243 million square feet year over year, according to a new report by Avison Young.
The slowdown follows a major growth period for industrial development across the country, with 1.5 billion square feet of new space coming online since 2012, the report said. The surge in deliveries in previous years left many markets struggling to absorb the new space, and developers unwilling to start new projects, Avison Young principal Erik Foster said. As the existing space is filled, new projects will start getting launched again, he said.
Markets like Los Angeles and Chicago have been leading the way in industrial market growth, and developers have benefited from record low vacancy rates and strong rent growths. But after years of growth, even those markets slowed this year.
Chicago saw 10 million square feet of new industrial space in the first three quarters of 2018 — a steep drop from the 22.6 million year over year, according to Avison Young. Los Angeles saw 5.4 million square feet of new industrial space thr[……]
Return of the giraffe: Toys “R” Us planning comeback with rebrand, focus on technology After failing to embrace e-commerce, the new toy retailer will make it a pr新上海贵族宝贝论坛 iority
Toys “R” Us went belly-up in part because of its reluctance to adopt to the growth in e-commerce and a failure in invest in the customer experience. Now the retailer is hoping to turn those past weaknesses into strengths as it relaunches under a new brand.
Some 1½ years after Toys上海夜网论坛 “R” Us filed for Chapter 11 bankruptcy, former executives of the firm are opening a new company called Tru Kids, according to Forbes. The new company will be the parent company of Toys “R” Us and Babies “R” Us, and it owns the rights to m阿爱上海同城 ascot Geoffrey the giraffe and a number of Toys “R” Us toy brands.
Aside from rebranding, the new retailer will have a bigger focus on e-commerce and technology, according to Forbes. How that will look remains to be seen: Tru Kids is still finalizing its business plan and hasn’t settled on a single retail approach.
Tru Kids plans to open 70 stores in Asia, Europe and India, markets that have acted as parallel universes for retailers facing losses in the United States. [https://therealdeal.com/chicago/2018/12/29/why-china-is-a-parallel-univ上海同城对对碰交友社区 erse-for-toy-retailers-like-toys-r-us/] It has not yet announced plans for a U.S. footprint, according to Forbes.
Toys “R” Us shuttered its U.S. stores after filing for bankruptcy in 上海千花网论坛 September 2017. It was one[……]