NYC Air Rights

Midtown

The administration of Mayor Bill de Blasio is considering a significant change in how property owners can trade air rights, but details remain unclear.

The Department of City Planning recently sent out a survey to community organizations and land use attorneys to get a sense of the changes they would like to see. On Sept. 30, city officials hosted a meeting to discuss some of the proposals and attende上海夜网 阿爱上海同城es told Crain’s that the de Blasio administration plans to release proposals soon.

A spokesperson for the planning departme阿拉爱上海同城 爱上海龙凤419桑拿nt told Crain s that the discussions build on a 2015 conference called Trading High in the Sky. At the time, planning chair Carl Weisbrod said the city wants to begin a period of analysis and stakeholder engagement and start to reconsider our current policy and mechanisms for air rights.

Exact plans remain unclear, but the city could seek changes to the way air rights are traded between private parties. The practice is popular among developers looking to build skyscrapers, but some local advocates have criticize it as being too opaque.

The city could also seek changes in the way landmarked buildings sell air rights. Currently these properties can only sell air rights to neighboring sites, limiting their options.

The Planning Department has also proposed reforms to how air rights could be sold in a rezoned Midtown East and are considering . The department is also looking to increase a levy the city assess on deals in which developers b上海龙凤论坛 新上海贵族宝贝论坛uy air rights from theaters in the Times Square area.

The are currently tens of millions 爱上海同城论坛 爱上海同城of square feet of unused air rights in the city, according to Crain’s. A New York Post analysis found that the average price per square foot for commercial ai新上海贵族宝贝论坛 上海贵族宝贝交流区r rights rose 8 percent in 2015 to $278. Air rights for condos, however, fell from $368 a square foot in 2014 to $322 a square foot last year.  [Crain’s] Konrad Putzier

Tags: Air Rights, Midtown East Rezoning
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Paris’ Centre Pompidou to see $106 million overhaul

Paris Centre Pompidou to see $106 million overhaul The controversial 上海龙凤论坛sh1f 上海龙凤论坛architectural marvel is getting some much needed TLC

Centre Pompidou

One of Paris architectural standouts, the Centre Pompidou, is set to receive a €100 million (about $新爱上海同城对对碰论坛 上海同城对对碰交友社区106 million) ren上海贵族宝贝交流区 上海贵族宝贝论坛ovation.

Both loved and despised by critics and Parisians, the 1977 museum by architects Renzo Piano and Richard Rogers has apparently be long overdue for an update.

But don t worry, the renovation won t touch the museum’s iconic exterior “caterpillar” escalators, according to Curbed. It will however replace aging pieces of the exterior and refresh the interior.

Museum officials say they plan to keep the center open to the public during construction. [Curbed] Christopher上海夜网 阿爱上海同城 Cameron

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NYC Real Estate Loans

爱上海龙凤419桑拿 上海龙凤论坛sh1fWATCH: The 10 biggest real爱上海 爱上海同城手机版 estate loans that closed in March 5 Times Square tops the list

From the Chrysler Building to the new William Vale Hotel in Williamsburg, March saw more than handful of refinancings, as well as a construction financing deals. But who secured the most capital?

TRD compiled the 10 largest real estate loans that were taken out in NYC上海千花网 爱上海同城对对碰 and closed on in March. All but one of the top 10 transactions took place in Manhattan, and Morgan Stanley and Wells Fargo were lenders on two loans each.

To see the 1爱上海同城手机版 新爱上海同城对对碰论坛0 biggest NYC real estate loans that closed in March, watch the video above.

For more videos, visit The Real Deal’s YouTube page.

Tags: blackstone group, Real Estate Finance, Real Estate Loans, RXR Realty
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Two Bridges

上海同城对对碰交友社区 上海夜网论坛Community groups continue fight against Two Bridges megaprojects The wa上海夜网论坛 上海夜网nt JDS, Starrett, CIM and L&M Development to scale back their buildings
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Bill de Blasio Housing

To help make his revamped housing plan work, de Blasio wants to tax vacant land Mayor targets 300,000 affordable units by 2026, plans “tiny homes” competition

Bill de Blasio and Alicia Glen

The latest version of Mayor Bill de Blasio s affordable housing program takes aim at unused real estate, proposing a tax hike on vacant land and a competition to build tiny homes on small city-owned properties.

The Department of Housing Preservation and Development on Wednesday unveiled some details on the update爱上海同城手机版 新爱上海同城对对碰论坛d affordable housing program — dubbed Housing New York 2.0 — which promises to add 100,000 affordable housing units to the 2014 plan, which pledged 200,000 units. The city released a report on the mayor s plan following an announcement earlier this month that the original program was two years ahead of schedule. So far, the city claims it has preserved 52,309 units and created 25,342. The cost of the program is expected to reach $82.6 billion, with $16.9 billion coming from the city.

While there are many threats and challenges on the course ahead, we also believe there are some very profound opportunities and our affordable housing engine is primed and ready to pick up the pace, HPD Commissioner Maria Torres-Springer said during a press conference on Wednesday. We really believe, now more than ever, we have to build on the momentum that we generated over the course of the last few years.

Maria Torres-Springer

The report notes that many landlords sit on vacant land to keep their property taxes low — either until the market suits them to start building or to sell the land. The de Blasio administration suggests reclassifying residential-zoned vacant land to increase tax bills for such properties and to incentivize owners to make their sites productive.

To further boost the housing supply, officials will identify city-owned property that is unsuitable for traditional affordable housing and will launch a design competition for tiny home proposals. The report notes that homes as small as 400 square feet could add affordable housing where no other development is feasible. The competition for this will be held next year, Torres-Springer said. Small development and architecture firms, nonprofits and local academic institutions will likely be the parties most interested in the idea, she said.

The new plan also looks to micro apartments and modular construction as new (and cheaper) avenues for creating mixed-income housing. For the former, the city would need to tweak zoning restrictions on apartment sizes and update other design guidelines. For the latter, the city would expand a pilot program that used modular construction for single-family homes by issuing a request for proposals for multi上海龙凤论坛 新上海贵族宝贝论坛family housing.

Last month, the mayor announced that his administration would set aside $250 million to help keep Mitchell Lama complexes affordable. The money will be used to 上海贵族宝贝论坛 上海贵族宝贝offer these properties a trade: Stay affordable for the next 20 years, and the c[……]

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Masa Son

5 things to know about Compass and WeWork s biggest backer Masayoshi Son invested $36B in startups in 2017

From left: Robert Reffkin, Adam Neumann and Masayoshi Son

Masayoshi Son’s SoftBank Vision Fund committed almost $5 billion to real estate startups WeWork and Compass in 2017 and that’s just a drop in the bucket. With $93 billion in capital raised, Son has been showering startups with cash, whether they want it or not. A new Bloomberg profile takes readers behind the scenes of the Japanese mogul’s delmaking spree. Here are five key takeaways:

He s not afraid to play hardball

In some cases, Son convinced startups to take his money by threatening to fund rivals if they refused. In early 2017 Cheng Wei, founder of the ride hailing company Didi Chuxing, told Son that he didn’t 上海贵族宝贝 上海千花网龙凤论坛need any more money because the company had already raised $10 billion. Son told him in that case he might decide to give his money to a competitor instead, Bloomberg reported. Wei relented and raised $5 billion from SoftBank.

His $100B Vision Fund is backed heavily by Saudi Arabia s royal family

In September 2016, Sau爱上海龙凤419桑拿 上海龙凤论坛sh1fdi Arabia’s crown prince Mohammed bin Salman met Son in Toky上海千花网论坛 上海千花网o. Less than an hour into the meeting he agreed to become a key investor in what Son pitched as the biggest venture capital fund in history. “Forty-five minutes, $45 billion,” Son later said on the David Rubenstein Show. “One billion dollars per minute.”

His early bet on Alibaba is now valued at $129B

Son’s biggest success to date was his investment in the Chinese e-commerce company Alibaba, starting with a $20 million check in 2000. Today Son’s stake is worth around $129 billion, according to Bloomberg. “You may think, 阿拉爱上海同城 爱上海龙凤419桑拿‘you were lucky because you hit upon Alibaba,’” he said at a July conference. “That’s true. I m really, really grateful to Jack Ma. It was not just one lucky hit. Perhaps if you continue with lucky hits then it s your capability. Maybe I m smart after all!’’

He invested about $36B in tech startups in 2017

SoftBank invested $36 billion in tech startups across 100 deals in 2017, according to Preqin more money than Sequoia Capital and Silver Lake combined. Son placed outsized bets on real estate startups, committing $4.4 billion to WeWork in August and $450 million to Compass in December.

He tends to go it alone

While other venture capital firms have several 爱上海 爱上海同城手机版crucial executives, SoftBank is a one-man show. He prefers to meet entrepreneurs in person and is the only so-called key man in the SoftBank Vision Fund’s contracts with investors. “It s 100 percent Masa,” one entrepreneur who raised money from Son told Bloomberg. “Okay, 99.9 percent Masa.” [Bloomberg] Konrad Putzier 

Tags: compass, Real Estate Finance, softbank, wework
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Rivington House

Brewer, Chin urge city to halt controversial Rivington House condo project Pols wrote letter criticizing process that led to pending conversion of nursing home into condos

Rivington House, Margaret Chin and Gale Brewer

A pair of local politicians are trying to get the city to stop construction on the condo conversion of Rivington House.

Manhattan Borough President Gale Brewer and Council member Margaret Chin sent a joint letter to Deputy Mayor Alicia Glen this week asking her to put a hold on permits from the Department of Buildings at 45 Rivington Street, according to the Lo-Down. The letter describes the loss of the site’s former nursing home as “a devastating blow to our constituents” and says the two pols “remain deeply concerned about a flawed city process that has paved the way for the closure, sale, and now potential conversion of this building into luxury condos.”

The letter also criticizes the lack of a public meeting to discuss the site’s future.

Although Mayor Bill de Blasio has said it was a mistake for his administr上海千花网 爱上海同城对对碰ation to lift deed restr爱上海同城 爱上海ictions at Rivington上海贵族宝贝 上海千花网龙凤论坛 House, he has also said the city cannot legally take back the building. His administration contends that a proposed Norfolk Street senior housing project and a new Gouverneur Health nursing wing will help make up for the loss of the 219-bed nursing facility at Rivington House, but those projects were already in the works before the Rivington House scandal.

Slate Property Group, which is spearheadin上海千花网龙凤论坛 上海千花社区g the condo conversion, filed applications with the DOB on Feb. 9 to convert the site into condos. On Feb. 15, the work上海龙凤论坛sh1f 上海龙凤论坛 permit was rejected over incomplete drawings. [The Lo-Down] – Eddie Small

Tags: Development, gale brewer, margaret chin, Politics, Rivington House
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Disintermediation Real Estate

The Long View: Why real estate tech won t kill the middleman Disintermediation is dead. Long live superintermediation.

Alec Baldwin s Glengarry Glen Ross Scene (Credit: New Line Cinema)

Revolutions tend to promise one thing and deliver another. Think of the Jacobins paving the way for Napoleo上海龙凤论坛sh1f 上海龙凤论坛n, the Soviets toppling one autocracy only to ultimately replace it with another, or anti-corruption crusader Hugo Chavez building an empire of graft in Venezuela. Turns out this maxim also applies to real estate technology.

Not too long ago, it seemed like the real estate business was about to enter a new era. To some observers, websites like Zillow and Trulia or their office equivalents 42Floors and LoopNet threatened to put brokers out of business (although officially these firms said no such thing). Crowdfunding startups dreamed of doing the same to pricey fund managers. Why pay a cut to an agent if you can just find your house or office online, for free? Why give your savings to a pension fund, which gives it to an asset manager, which gives it to a real estate lender, which gives it to a developer, if you can just lend the money to a developer yourself, online, and save a fortune in fees?

These startups advocated a vision: A completely transparent industry freed from the burden of expensive middlemen, one where customers can find anything they need online and investing in a building or leasing an office is as easy as ordering a book on Amazon. Transaction costs would plummet, efficiencies would soar, and everyone would be happy (except, of course, for the thousands of brokers, canvassers, lawyers and analysts who would lose their jobs).

Fast forward a few years, and this vision hasn’t quite become reality. Instead, the opposite seems to be taking place: well-funded startups are currently in a quest to add more and more intermediaries to real estate deals.

Take the residential brokerage industry. Last year, HomeLight and OpCity raised $40 million and $29 million in venture funding, respectively, landing 爱上海同城 爱上海them among the year’s biggest real estate VC deals. Both companies offer software that matches people with the right real estate agent. Tired: hiring an agent to sell your home is so 2016. Wired: using a (virtual) agent to find an agent, who goes on StreetEasy to find a buyer, who probably has a broker too.

Speaking of StreetEasy: rather than threaten to replace brokers, listing websites now cater to them. StreetEasy’s parent Zillow makes much of its money through its Premier Agent feature, which lets brokers pay to get their names next to listings. It also charges agents in New York City fees for any rental listing they post. If your revenue depends on brokers, you don’t exactly have an incentive to push them out of business.

“A machine cannot explain to a buyer what it will feel like to live in a neighborhood,” Zillow’s CEO Spencer Rascoff said at a November conference. “Real estate will always be a people business.”

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Priciest Apartments Manhattan

Here are the week’s top luxury sales An interactive look at w上海龙凤论坛 新上海贵族宝贝论坛here the biggest deals were stru新上海贵族宝贝论坛 上海贵族宝贝交流区ck, plus total overall sales and average prices for t上海千花网龙凤论坛 上海千花社区he week (click on numbers to see data)
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New York City Luxury Market

New York s luxury market is slow. But its ultra-luxury market is booming Sales over $25M increased 50% from 2015 to 2017

(Credit: iStock)

An oversupply of product has led to slowdown in New York s luxury real esta上海千花网交友 上海千花网论坛te market, but sales of ultra-prime properties a上海千花网交友 上海千花网论坛re continuing to climb.

Citing a Knight Frank study, Bloomberg reported that 153 properties in six cities worldwide sold at an average $43 million a house, or a total of $6.6 billion. Over the past year, 39 residential sales in New York were valued over $25 million, totaling $1.5 billion. The priciest section of New York’s residential market increased by 50 percent between 2015 and 2017, according to the report

These figures are in stark contrast to the rest of the city s residential market, w上海夜网 阿爱上海同城hich saw an 8 percent decrease, year-over-year, in overall transaction value in the second quarter.

“In New York’s case, the story has been about the slowing market, Liam Bailey, the global head of research at Knight Frank, told Bloomberg. But the background is that the market has actually grown in sales, but there’s just that much more property to purchase.”

The high-end price growth in New York has been seen in other markets, too. Hong Kong had the most number of high-end sales valued over $25 million, ahead of New York, and then London.

Los Angeles also performed well, though its ultra-luxury market was down from its peak. In 2015, there were just five transactions above $25 million. In 2016, that number grew to 16, but last year there were just 12 transactions above $25 million. The average sale was阿拉爱上海同城 爱上海龙凤419桑拿 $38.4 million.

According to Bailey s research, there were about 130,000 people globally with investable assets worth $50 million or more. [Bloomberg] David Jeans 

Tags: NYC Luxury Market, Residential Real Estate
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