Dezeen Hot List

Zaha Hadid tops Dezeen s上海同城对对碰交友社区 上海夜网论坛 list of most-talked about design figures of 2016 The finishing touches are being put on Hadid’s spaceship-style property near the High Line

Zaha Hadid and 520 West 28th Street

The late Iraqi-British architect Zaha Hadid, whose curving, fluid designs pushed the limits of building shapes, topped architecture and design magazine Dezeen’s 2016 list of the most talked-about design figures in the world.

The list was compiled through a survey of audience data and also included Bjarke Ingels, Swiss architects Jacques Herzog and Pierre de Meuron, and Peter Zumthor.

“The sad passing of Zaha Hadid was the most talked-about topic in architecture and design over the past 12 months, helping to secure the late architect top position on both the Architecture Hot List and the overall list,” Dezeen said.

Hadid died suddenly from a heart attac爱上海同城对对碰 爱上海同城论坛k in Miami in March. Her most notable projects included the MAXXI: Italian National Museum of 21st Century Arts in Rome and the London Aquatics Center built for the 2012 Olympic Games.

In New York, the finishing touches are being put on a Hadid-designed property de爱上海同城对对碰 爱上海同城论坛veloped by the Related Companies at 520 West 28th Street. The spa上海贵族宝贝 上海千花网龙凤论坛ceship-like condo is directly adjacent to the High Line.

Japanese architects and designers, including the likes of architect Kengo Kuma, accounted for five of the Dezeen list’s top 20 spots. [Dezeen] Katherine Clarke

Tags: zaha hadid
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Sorgente Group

Sorgente Group sells historic Fine Arts Building in DTLA for $43M Buyer is a Santa Barbara investment firm on behalf of wealthy family

The Fine Arts Building (Hannah Miet) and Veronica Mainetti outside its Lobby (R. Brodin, Getty Images for Sorgente Group of America)

The intricately designed Fine Arts Building at 811 W. 7th Street in Downtown Los Angeles has found a buyer, in a deal that closed this week.

Seller Sorgente Group of America, headed by Veronica Mainetti, sold the 阿爱上海同城 阿拉爱上海同城building for about $43 million, or $370 a square foot, to Santa Barbara investment firm Manchester Capital Management on behalf of a wealthy family, ac新爱上海同城对对碰论坛 上海同城对对碰交友社区cording to a release from Newmark Grubb Knight Frank, which brokered the deal.

The U.S. subsidiary of the Rome-based Sorgente Group purchased the 12-story tower in 2012 for $28.5 million, the Los Angeles Times reported.

The historic property hit the market in September following months of off-market murmurs, The Real Deal previously reported. At the time, sources told TRD Sorgente was expecting to get roughly $45 million, or $388 a square foot, for the 上海贵族宝贝 上海千花网龙凤论坛115,900-square-foot building. [LAT] Subrina Hudson

Tags: Commercial Real Estate, Fine Arts Building, Sorgente Group of America
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One57 Foreclosure

After escaping foreclosure, One57 pad asks $39M — a $13M loss Owner Kola Aluko is being investigated for money laundering

Kola Aluko and One57 (Credit: Twitter and One57)

A luxury pad at One57 that escaped the auction block in July is back on the market for $39 million — nearly $13 million less than the owner paid.

Nigerian billionaire Kola Aluko, who is being investigated for money laundering in Nigeria an爱上海同城论坛 爱上海同城d Europe, defaulted on a $35.3 million mortgage he took on the 79th floor condominium in 2015. His Luxenbourg-based lender moved to foreclose, but a sales auction was put on hold in July after a new creditor surfaced, saying it was owed $83 million for gasoline and jet fuel.

The 6,240-square-foot unit has four bedrooms and four-and-a-ha上海千花社区 上海千花网交友lf baths. The new asking price works out to $6,250 per square foot.

Aluko — who allegedly was involved in money-laundering schemes in Nigeria and Europe — shelled out $51.9 million for the apartment in 2014.

It is now being sold by a third party a上海千花网交友 上海千花网论坛s an alternative to foreclosure, a source told the New York Post. Aluko reportedly has nothing to do with the sale.

Compass Ali Jafri has the listing.

Motivated seller! reads the listing description. A once in a lifetime investment opportunity to purchase the last remaining full floor residence at Manhattan’s New Crown Jewel, One 57 Condominium, for a great value!”

According to the Department of Justice, Aluko laundered money by purchasing $144 million worth of real estate, including the penthouse, as well as an $80 million yacht, the Galactica Star. [NYP] E.B. Solomont

Tags: Billionaires R阿爱上海同城 阿拉爱上海同城ow, extell development, foreclosures, NYC Luxury Market, one57, Residential Real Estate
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Kushner Companies

Is the mayor of Flavortown causing trouble for Kushner Companies? Guy Fieri’s restaurant closure creates challenge for Times Square retail condo

From left: Guy’s American Kitchen Bar at 220 West 44th Street, Guy Fieri and Charlie Kushner (Credit: Getty Images)

Kushner Companies’ retail condominium at the old New York Times building could be facing challenges in the wake of Guy Fieri’s restaurant closing, according to a new report.

Guy s American Kitchen Bar, a yet-to-be opened food hall run by celebrity chef Todd English and a space showcasing a miniature Manhattan that was behind on its rent combined to account for $9.9 million in annual rental income at 220 West 44th Street, Bloomberg reported.

When Kushner landed a $285 million loan from Deutsche Bank in 2016 to refinance the property, underwriters estimated that the retail space would generate $24 million annually when fully occupied. Operating costs and interest payments amount to about $22 million per year, according to Bloomber上海龙凤论坛sh1f 上海龙凤论坛g, leaving the landlord at risk of losing money if some of the tenants stop paying rent.

Fieri’s 15,000-square-foot restaurant closed on Dec. 31. A Kushner spokesperson argued the restaurant closing is actually a boon for the property, claiming that it could replace the tenant at a higher rent. “A restaurant which had a below market rent agreement surrendered their keys and vacated the space, the spokesperson told The Real Deal. We now have written offers at the higher market rate. Hardly a bad fact. The new well known tenant will only create more value by attracting even more visitors.”

Gulliver’s Gate, which operates a 49,000-square-foot space showcasing miniature building models, is two months behind on its rent, according to loan documents cited by Bloomberg. A company spokesperson told the news outlet that it is “is up to date on their rent and paid in full on their lease.”

A Kushner spokesperson told TRD that Gulliver’s Gate “was not put in defau上海千花网交友 上海千花网论坛lt of their lease as Bloomberg wrongfully claims. They were a few days late but are current on all payments.”

Kushn上海千花网 爱上海同城对对碰er bought the property at 220 West 44th Street for $296 million in 2015 from Africa Israel. A year later the company refinanced the building with the Deutsche Bank loan and $85 million in additional debt from SL Green Realty and Paramount Group. The property lost money in the first nine months of 2017, according to Bloomberg, in part because of newly signed tenants’ free-rent periods. [Bloomberg] Konrad Putzier

Tags: Commercial Real Estate, kushner companies, NYC Resta爱上海同城 爱上海urants
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Retail Condos NYC

Investors pulled away from the troubled sector last year, but an influx of condo sales may signal a change of tune

The Marquand

UPDATED, 4:22 p.m., March 20: “Retail” was a four-letter word in the industry last year. But a recent spate of retail-condo sales in early 2018 might reflect changing attitudes.

Investors bought or put into contract a total of $276 million worth of retail condo properties in the first eight weeks of 2018, a review of Real Capital Analytics data byThe Real Deal shows. That’s already more than half of 2017’s total of $523 million.

“Sales activity is definitely picking up,” said Jeremy Nazarian, a managing director at the brokerage Venture Capital Properties, who in October brokered the $15 million sale of an 11,500-square-foot retail condo at 124 Hudson Street in Tribeca. “I’d say last summer was really kind of the floor as far as retail goes.”

Indeed, Manhattan’s retail market has seen a slew of notable transactions since the start of the year. In January, Status Capital paid $82 million to purchase a retail condo at the base of the Marquand condo building at 11 East 68th Street from Vornado Realty Trust. The following month, Union Investment signed a contract to buy the condo at 412 West 14th Street from Thor Equities for $88 million.

The renewed interest in pure-play retail properties follows a year in which the sector took a hammering, as investors pulled back from wh上海千花网 爱上海同城对对碰at had been one of the most desired and highly speculative property types. Retail rents were climbing at astronomical rates in the years following the recession. Asking rents doubled in some of Manhattan’s priciest shopping districts from 2010 to 2014, according to CBRE. In the case of Fifth Avenue between 42nd and 49th streets, rents more than tripled.

But then rents started to correct — Manhattan average asking rents dropped more than 18 percent year-over-year at the end of 2017, to $883 per square foot.

Areas such as Soho were hit particularly hard; a survey of the neighborhood by TRD late last year found nearly $1 billion worth of retail co-ops and condos purchased over the previous six years were sitting vacant. But with the retail leasing market新上海贵族宝贝论坛 上海贵族宝贝交流区 starting to find a new equilibrium, investors are getting a better sense of what properties are worth. Insiders say capitalization rates have expanded since the days of the rent run-up, meaning buyers today are not willing to accept as much risk as they once were.

“The day of the 4 cap is dead,” said Matthew Marshall of Marsh新爱上海同城对对碰论坛 上海同城对对碰交友社区all Real Estate, who last year sold a retail condo at 325 Lexington Avenue for $7.35 million. “It’s more like 4.75 and 5 cap today.”

Nazarian made a similar point and said that investors are still wary of the kinds of speculative deals that led to overpriced retail properties in the first place.

“I think the sentiment is still there that vacancy is not as attractive as it was back in 2015,” he said. “But sellers are being more realistic with their projections.”

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Sterling Bay

Here are the top 10 Chicago investment sales of the first quarter Two major downtown office buildings top the list in deals worth almost $900M

600 W. Chicago and One South Dearborn (Credit: Hines)

Starwood Capital and Slate Office REIT made their entries into the downtown Chicago office market during the first quarter, with the No. 2 and No. 3 sales of the quarter, respectively.

The market for office investment sales had a strong start to the year, with more than $1.2 billion in deals, according to a report by NKF, which notes that 2015 was the only year in the past four in which office sales downtown hit the 10-figure mark.

Even outside of the few marquee deals, the quarter saw some significant properties change hands, including a hotel still 上海夜网 阿爱上海同城under construction in the booming Fulton Market neighborhood, a would-be data center site scooped up by one of the city s most significant office building owners and the largest condo deconversion in town to date.

Take a look at the full list, and stay tuned for more quarterly and monthly rankings like this one.

1. $510 million

Property: 600 West Chicago Avenue
Buyer: Sterling Bay
Seller: Equity Commonwealth
Seller s broker: Eastdil Secured

St上海贵族宝贝交流区 上海贵族宝贝论坛erling Bay tops the list of buyers with its pickup of the 1.4 million-square-foot 600 West Chicago Avenue, home to Groupon s headquarters, from Equity Commonwealth. The sale was brokered by Eastdil Secured and closed in February.

2. $360 million

Property: One South Dearborn
Buyer: Starwood Capital
Seller: Olen Properties
Seller s broker: JLL

Barry Sternlicht s Starwood Capital made its entry into the Chicago market with the January purchase of One South Dearborn, an 833,000-square-foot, Class A office building. Around the time of the closing, the building re-signed its largest tenant, law firm Sidley Austin, to a 575,000-square-foot lease through 2030.

3. $86 million

Property: Two First National Plaza, 20 South Clark Street
Buyer: Slate Office REIT
Seller: EXAN Capital JV Allegra European Holdings
Seller s broker: N/A

The 31-story, 380,000-square-foot office building would be the first in the U.S. office market for Toronto-based Slate, according to Crain s.

4. $60 million

Property: Century Tower, 182 West Lake Street
Buyer: Golub Company and USA Real Estate
Seller: Century Tower Condo Association
Seller s broker: N/A

In the largest condo deconversion yet in Chi上海贵族宝贝 上海千花网龙凤论坛cago, the 292-unit Century Tower in the Loop sold in February. The sale price works out to about $205,000 per unit.

5. $50 million

Property: Midpointe, 4050 West 115th Street
Buyer: Bridge Investment Group
Seller: Castle Lanterra Equity
Seller s broker: Berkadia

This 427-unit apartment complex in the Mt. Greenwood neighborhood on the far Southwest Side of the city sold in late February. Castle Lanterra Equity bought the complex in April 2014 for $28.5 million, according to Commercial Observer.

6. $43 million

Property: WeWork Fulton Market, 200 North Green Street
Buyer: Randy Rissman
Seller: AJ Capital Partners, Shapack Developme[……]

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Manhattan Commercial Real Estate

Is Manhattan s commercial property sales slump over? Sales are up 34 percent in the first half of 2018: report

Manhattan Skyline and an arrow (Credit: Pixabay)

It appears Manhattan commercial property sales are emerging from a two-year slump.

More than $22.5 billion in sales of office towers and apartment complexes were sold in the first half of 2018, a 34 percent increase on the same time the previous year, according to Bloomberg. Citing a recent Cushman Wakefield report, the outlet stated the sales figure is s爱上海 爱上海同城手机版ti上海千花网龙凤论坛 上海千花社区ll far short of an early-2015 high of $38 billion.

The two-year low is believed to have been caused by concern for rising interest rates and hesitancy from foreign buyers.

A similar prediction was made in February 新爱上海同城对对碰论坛 上海同城对对碰交友社区that suggested the slump was over. In 2017, large deals over $100 million totaled $11.6 billion in 2017 compared t上海贵族宝贝交流区 上海贵族宝贝论坛o the 2016 total of $23.5 billion for such transactions.

The report also pointed to dire state of retail real estate, which showed property values declined 15 percent in the past year. However, there are still large commercial deals being done, 阿爱上海同城 阿拉爱上海同城including Google’s acquisition of Chelsea Market for $2.4 billion last year. [Bloomberg] —David Jeans 

Tags: Commercial Real Estate, Cushman Wakefield
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Home Affordability

Home affordability falls to lowest levels in 10 years: report Across the US, home prices are rising faster than wages in many cities

(Credit: iStock)

Home affordability has reached its lowest levels in a decade, and some experts are calling it the latest and among the most significant indicators of a cooling market.

Median U.S. ho阿爱上海同城 阿拉爱上海同城me prices dropped in the fourth quarter to their lowest levels of affordability since the third quarter of 2008, according a report released Thursday by real estate data firm Attom Data Solutions.

Home prices are r上海同城对对碰交友社区 上海夜网论坛ising faster than wages in many U.S. cities, according to Attom and industry experts. Home affordability is considered a key metric in the overall health of the housing market.

Many large U.S. metro areas showed a significant decline in their affordability index levels from the previous year爱上海同城对对碰 爱上海同城论坛.

Los Angeles dropped 12 percent, one of the steepest declines. In New York, the affordability index level fell 8 percent, while in Miami-Dade County, it fell to 10 percent. Chicago s Cook County also fell 10 percent.

Nationwide, the median home sales price from October through December was $241,250, up 9 percent from a year ago. Meanwhile, the average weekly wage was up 3 percent from a year ago.

Attom s “affordability index” measures the percentage of income needed to buy a median-priced home compared to historic averages. An index rating of more than 100 indicates median home prices across the country are more affordable than their historic average.

In the fourth quarter, the home affordability index stands at 91, down from 106 at the same time last year.

Homebuilders are struggling with rising construction and supply costs, which are squeezing margins. These costs have made building a home more expensive.

Mortgage rates are also rising which experts say is also leading some potential homebuyers to get pushed out of the market.

In recent months, signs abound suggesting the year上海贵族宝贝 上海千花网龙凤论坛s-long housing boom is coming to an end.

In October, the U.S. Commerce Department reported that new home sales dropped 8.9 percent compared to新上海贵族宝贝论坛 上海贵族宝贝交流区 September, marking an almost two-and-a-half-year low. Home flipping also dropped to its lowest levels in more than three years, according to a third quarter report, also from Attom. The firm likened it to a canary in the coal mine.

Tags: homebuilders, Real Estate Finance, Residential Real Estate, single-family homes Robert Zangrillo is no longer involved in Magic City Innovation Distri…Aby Rosen’s RFR buys retail building on Lincoln RoadChris Cuomo’s Southampton home finds buyer with last ask near $3MCity rezoned their neighboring property, and now Miami River homeowner…
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