Bonjour Capital

Dayan’s Bonjour Capital buys UES rental from Glenwood for $150M: sources The deal for the 265-unit b新上海贵族宝贝论坛 上海贵族宝贝交流区uilding at 1735 York Ave. is a rare sale for Leonard Litwin’s firm

Charles Dayan’s Bonjour Capital is buying the Hamilton, a 265-unit Upper East Side rental, for $150 million from Glenwood Management, sources told The Real Deal. What makes the deal unusual is it marks an incredibly rare sa上海夜网论坛 上海夜网le for Glenwoo上海同城对对碰交友社区 上海夜网论坛d, which is notorious for almost never selling.

The deal for 1735 York Avenue is set to close Wednesday, sources said. Bonjour will change the name of the 37-story, 280,000-square-foot building to the Serrano and is set to give it a $20 million renovation.

It’s unc阿拉爱上海同城 爱上海龙凤419桑拿lear which brokers were involved in the deal. Sources for Bonjour and Glenwood couldn t immediately be reached for comment.

In January, Bonjour sold the Crescent Club, a 130-unit Long Island City rental building, for $97 million to Weiss Realty. Dayan s brother, Avi Ben-Dayan, runs real estate investment firm 新上海贵族宝贝论坛 上海贵族宝贝交流区Glory Capital. 

Glenwood was founded by Leonard Litwin in 1961, and is one of the biggest rental landlords in the city, with at least 33 buildings and 8,799 units, according to a TRData of city property records. The bulk of its holdings are concentrated on thew Upper East Side, and it has a reputation of holding on to properties since 2005, it has only made three sales, Real Capital Analytics data show.

Since last year, Glenwood has been in the spotlight after it emerged the[……]

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238 Madison Avenue

Jona Rechnitz looks to sell Midtown d爱上海 爱上海同城手机版ev site at 238 Madison Developer is at the center of an NYPD corruption probe

Jona Rechnitz and 238 Madison Avenue

Jona Rechnitz, the developer at the forefront of a probe into corruption at the New York Police Department, is looking to sell a Midtown development site for $26 million.

Rechnitz’s JSR Capital bought the property at 238 Madison Avenue in the spring of 2013 for $12 million, property records show.

The former head 上海夜网论坛 上海夜网of acquisitions for Africa Israel Investments had planned to build either a condominium or hotel on the site between East 37th and 38th streets, which currently has a five-story walk-up building with an additional 22,000-plus square feet of air rights for a total o阿拉爱上海同城 爱上海龙凤419桑拿f 33,750 buildable square feet.

Reichnitz had give上海贵族宝贝 上海千花网龙凤论坛n an exclusive to Meridian Capital Group to market the property earlier this year, sources said, before he was implicated by a Federal Bureau of Investigation probe in April into alleged favors the NYPD granted to the developer in exchange for gifts and trips abroad.

It’s not clear what happened with that listing, but now brokers at the Midtown-based investment sales brokerage Besen Associates are marketing it. Rechnitz is seeking $26 million, or $770 per buildable square foot, for the building. The marketing materials note the seller is looking for “all cash.”

Representatives for Besen and Rechnitz did not respond to requests for comment.

JSR Capi上海龙凤论坛sh1f 上海龙凤论坛tal owns a handful of properties[……]

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Top Investment Sales Brokers

Paydirt: JLL’s top I-sales team jumps to Colliers, VTS and Hightower’s arranged marriage, Nike kicks retail market into frenzy with pricey deal … more The industry news you need to know to start your week, and what’s ahead

Clockwise from top left: The founders of VTS and Hightower, the retail space at 650 Fifth Avenue, and Raphael Toledano (credit: Michael McWeeney)

In many Eastern societies, the arranged marriage is still a thing. A bride and groom are stacked up on paper, and if enough boxes family wealth, background, education, status line up, a match is struck.

The $300 million merger between VTS and Hightower, announced last week, seems like the perfect arranged marriage.  Both offer lan上海龙凤论坛sh1f 上海龙凤论坛dlords and brokers a chance to manage their portfolios on the cloud, allowing users to track rent rolls, analyze leasing velocity and monitor in-progress deals. Both are based in New York, and cater to the same client base. And both have shown a talent for raising large amounts of venture capital. As one company, they’ll have the majority of the market, and with their combined investor base (Trinity Venture Partners, Thrive Capital, Blackstone Group) can acquire complementary companies.

“It creates an opportunity to roll up many different startups in CRE tech under this umbrella,” MetaProp’s Zach Aarons told The Real Deal about the deal新爱上海同城对对碰论坛 上海同城对对碰交友社区.

But a merger is also a marriage of personalities, and judging by that, the companies are quite far off. VTS is known for its surfer br[……]

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Property management software company RealPage continues its acquisition spree

RealPage says its $70M上海贵族宝贝 上海千花网龙凤论坛 purchase of American Utilities Management, a multifamily utilities and energy ma上海龙凤论坛 新上海贵族宝贝论坛nagement solutions platform, is a big step towards its goal of becoming a $1 billion dollar company by 2020. The deal will c爱上海同城 爱上海ontribute around $15 million in revenue to RealPage, which has been on a buying spree of late, paying $75 million for Axiometrics and $300 million for LRO earlier this year. 爱上海 爱上海同城手机版As a res上海夜网论坛 上海夜网ult of the recent transactions, RealPage now services 2.5 million rental units nationwide.  [Bisnow]

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Hurricane Irma Real Estate

Rebuilding after Irma Billions of dollars in destruction will amount to a challenging recovery effort, but without post-Andrew regulations, it would have been far worse

The storm surged along North Fort Lauderdale Beach Boulevard on Sept. 10.

Hurricane Irma has moved on. The winds have died down. The waters have receded. The lights are back on.

Barreling through the Caribbean as a Category 5 monster — resulting in 42 storm-related deaths — Irma also knocked out power for millions and did billions of dollars’ worth of damage to Florida on September 10.

Just one week after the hurricane’s rampage through the state, storm-related insurance claims filed had already reached an estimated $2 billion in losses, according to Florida’s Office of Insurance Regulation. The final totals will likely range from $20 to $40 billion, according to an estimate from catastrophe modeling firm AIR Worldwide. The company estimated that exposure value in counties running along the Gulf Coast up to Tampa — the area hit hardest in the U.S. — would reach $1 trillion.

The estimates do not include losses to uninsured properties, infrastructure or pleasure boats, or losses that would be paid out by the National Flood Insurance Program.

About 25 percent of homes in the Florida Keys were destroyed after Hurricane Irma barreled through the islands, according to estimates by the Federal Emergency Management Agency. 

In the wake of the storm, Gov. Rick Scott signed an emergency order that gives homeowners insuranc[……]

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GOP Tax Plan Real Estate

The good and bad news about the GOP tax plan Condo developers can save a lot of money, but homebuyers and renters have less reason to cheer

Speaker of the House Paul Ryan, surrounded by families, and members of the House Republican leadership introduce tax reform legislation on November 2, 2017 (Credit: Getty Images)

On Thursday, House Republicans released their long anticipated tax reform plan. If it becomes law and that’s still a big if it could have a major impact on New York City’s real estate industry. Here’s how:

NYC homebuyers would have to pay, dearly

House Republicans proposed what some observers consider politically impossible: cutting into the mortgage interest deduction. The 爱上海同城对对碰 爱上海同城论坛plan would limit the benefit to mortgage debt of $500,000 or less, down from a current $1 million. That might not matter much in cities like Detroit or Atlanta. But in Manhattan, where the median apartment sales price is $1.17 million, the change would make it harder for people to buy homes, which would cut into demand, hurting sellers and developers. The real estate lobby is likely to put up a fight.

“Eliminating or nullifying the tax incentives for homeownership puts home values and middle class homeowners at risk, and from a cursory examination this legislation appears to do just that,” National Association of Realtors president William Brown said in a statement Thursday.

“It’s very good news for owners of multifamily,” said Ken Weissenberg of accountancy EisnerAmper. As demand for mid-[……]

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New Development Condos

From le上海千花网龙凤论坛 上海千花社区ft: 110 Skillman Street, 79-17 Metropolitan Avenue, 143 Reade Street and 1405 Hancock Street

When a building receives its temporary certificate of occupancy from the Department of Buildings, potential clients can enter the building and purchase or lease space. For brokerages, keeping an eye on when a building has filed for its temporary certificate of occupancy is pivotal to being the first firm to begin showing rental or condo units. For a lender, knowing that a develop阿爱上海同城 阿拉爱上海同城er filed for that temporary of occupancy years ago and still has not received it is equally valuable information, as this represents a project that may require capital to meet the requirements of the Department of Buildings.

TRData s new development pipeline is tracking the progress of every project in the five boroughs with at least 5,000 square feet or five residential units. Keeping an eye on each and every one of these projects allows us to notice trends and isolate developments that may be close to completion. Perhaps more importantly, it allows us to single in on projec爱上海同城对对碰 爱上海同城论坛ts that filed for permits years ago and have not received them.

TRData has assembled a list of 869 projects throughout the five boroughs that have filed for a temporary certificate of occupancy but have not yet received it. These projects consist of both new building and A1 job filings. Twenty of these projects only filed for their TCO within the last month and those projects will presumably come to market soo[……]

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A $3.5B redevelopment in Philadelphia begins with a public park

A 20-year project to revitalize 14 acres of underused land near the 30th Street Station in Philadelphia is launching with the construction of a public park. Eventually the Schuylkill Yards project will be a science and technology center, boasting some 2.8 million square feet of office space and one million square feet of lab space. The plans also call for 1.6 million square 上海贵族宝贝交流区 上海贵族宝贝论坛feet of residential and more than 100,000 square feet of retail. The city hopes proximity to the transit hub, as well as Drexel上海夜网论坛 上海夜网 University and the University of Pennsylvania, will attract as much as $4.5 billion in additional private investment. [爱上海同城对对碰 爱上海同城论坛NYT]

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By cl爱上海同城对对碰 爱上海同城论坛icking Subscribe you agree to o新上海贵族宝贝论坛 上海贵族宝贝交流区ur Privacy Policy.

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David Stringer Real Estate

Scott Stringer s broker brother owes hundreds of thousands in back taxes Sources tell Post it could be political liability if comptroller pulled strings to help his brother get real estate jobs

Scott Stringer

Real estate broker David Stringer, brother of City Comptroller Scott Stringer, owes the Internal Revenue Service and the state Tax Department nearly $450,000 in back taxes, penalties and fees, according to a new report.

Stringer, 56, has a $270,775 tax lien that the Internal Revenue Service filed agai上海千花社区 上海千花网交友nst him on August 6, 2012, the New York Post reported. And the state Tax Department filed two warrants against him: on from October 30, 2013 in the amount of $122,700 and another from March 23, 2017 for $5爱上海 爱上海同城手机版,174.

With penalties and fees, Stringer’s liability has grown to $175,595. He did not respond to requests for comment from the Post.

Stringer has a history of not paying his creditors. He filed for bankruptcy in 2011, and records show he failed to pay back $150,000 his former employer, Murray Hill Properties, had lent to him, the Post reported.

He also owed $10,000 to the landlord of an apart上海千花网龙凤论坛 上海千花社区ment he rented on the Upper West side at 303 West 74th Street, according to the paper.

“Stringer skipped out owing a lot of money,” said David Brown, the building’s manager. “I never had a worse tenant. I wouldn’t recommend him to anyone.”

“He couldn’t hold on to a job,” Brown added. “He never cleaned up after his cats. Everything in the apartment stunk. We had to fumigate[……]

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NYC Hotel Industry

Here’s how developers are blurring the lines between hospitality and resi projects The mixed-use model is evolving, panelists said at Columbia’s conference

(Credit: iStock)

As mixed-use developments evolve, hotels are following suit.

Shifts in consumers’ habits and lifestyles have driven developers to rethink how residential and hospitality projects go hand-in-hand. Offering more flexibility plays a big role in that, said panelists at Columbia University’s Real Estate Development Conference.

“That line will be blurred,” said Richard Born, CEO of BD Hotels.

He pointed to the Pod Hotels’ Times Square, which offers micro-apartments for short-term leasing. The furnished apartments are available to book instantly and lease for periods like 30, 60 and 90 days. Born characterized the爱上海同城对对碰 爱上海同城论坛 offering as a hybrid that’s “in between living in a hotel and an apartment.”

There will be more experimentation along th爱上海同城 爱上海ose lines, he said, given that many people have jobs that make them more “nomadic,” and they no longer want to commit to year-long leases. It’s a natural result of a new cultural landscape, said Cia Buckley Marakovits, chief investment officer at Dune Real Estate Partners.

“We’ve gotten accustomed to choices,” she said. “Real estate has always reflected, since the dawn of time, what’s happening in the community.”

Condo buyers, for example, have higher expectations of hotel-like amenities. These approaches to mixed-use development — whether it’s residential components, retail sp[……]

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