Month: June 2019

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National Association of Realtors

Homebuyers, take heed — buying a home these days can be as hostile as an arms race.

Though the economy is thriving with low unemployment and mortgage rates at record-breaking lows, the housing market supply hasn’t kept pace. All this as affordability continues to outpace wage growth in an overwhelming majority上海龙凤论坛sh1f 上海龙凤论坛 of counties with populations over 100,000.

The result is that first-time home buyers are especially deterred, the Wall Street Journal reported. Last year, they accounted for less than a third of all home purchases — the lowest in nearly 30 years, according to the National Association of Realtors.

As real estate brokers gear up for the peak of the sales season — springtime through June — the squeeze will be all the more arresting.

Some markets are hit worse than others. Only a quarter of U.S. counties larger than 100,000 people have real estate markets that did not see a decrease in affordability since last year, an a上海贵族宝贝论坛 上海贵族宝贝nalysis from RealtyTrac showed.

Even places like the Dallas metro area, one of the most historically affordable markets in the country, have not been immune. Since 2014, the Dallas region saw 13 months of consecutive year-to-year price gains above 8 percent — nearly twice the rate of the 4.7 percent national average.

“I knew things were competitive, but I didn’t expect it to be this competitive,” Nina Sastrodihardjo, a procurement manager for Hewlett Packard, told the Journal. She had 爱上海同城 爱上海to resort to an aggressive strategy in order to buy he[……]

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HDFC Coop NYC, Bill de Blasio

City mulling big changes to HDFC rules De Blasio administration proposing price cap for affordable housing co-ops

Bill de Blasio and 601 West 136th Street

The city is considering im上海千花网 爱上海同城对对碰plementing major rule changes go上海同城对对碰交友社区 上海夜网论坛verning Housing Development Fund Corporation co-ops before tax breaks sunset in 2029, and residents are nervous.

There are more than 30,000 HDFC units in some 1,200 buildings across t上海千花网 爱上海同城对对碰he city in neighborhoods like Harlem and the Lower East Side, where tenants for as little as $250 took over properties that were being neglected by landlords.

But the city now says some of those buildings, largely funded through tax subsidies, are being mismanaged and it’s trying to make sure that HDFCs in gentrifying neighborhoods remain affordable, DNAinfo reported.

One of the proposals Mayor Bill de Blasio’s administration has put forward is setting caps on sales, limiting buyers to those who earn no more than 110上海同城对对碰交友社区 上海夜网论坛 percent of the Area Median Income, or $89,760 a year for a family of three.

Nearly 84 percent of the 900 HDFC 爱上海龙凤419桑拿 上海龙凤论坛sh1fco-ops sold between 2011 and 2015 went for $500,000 or less, according to the Independent Budget Office, but there have been outliers that have sold for north of $1.5 million.

In buildings with expensive sales, owners could have their units “carved out” of the price cap if they resell the unit, so as not to unfairly punish those who bought at high prices. They would, however, be limited to selling to people who earn 165 percen[……]

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Meadow Partners

Meadow buys Helen Keller HQ in DoBro for $54M Firm plans $10M renovation of 57 Willoughby

57 Willoughby Street in Downtown Brooklyn (inset: Helen Keller and Jeffrey Kaplan)

Meadow Partners paid $54 million for a Downtown Brooklyn office building with more tha上海同城对对碰交友社区 上海夜网论坛n 100,000 square feet in unused development rights, sources told The Real Deal.

The seller a上海龙凤论坛sh1f 上海龙凤论坛nd longtime occupant of the 96,000-square-foot property at 57-63 Willoughby Street is the nonprofit Helen Keller Services for the Blind.

The deal closed for just over $270 per buildable square foot, though when the building hit the market last October, sources said it would trade for about $400 a foot.

Darcy Stacom and Aaron Appel (credit: Catherine Gibbons)

Meadow secured a five-year, $50.2 million acquisition loan from Square Mile Capital, said JLL, which brokered the financing. The financing includes about $10 million toward future leasing costs and building renovations, sources said.

Meadow, a Midtown East-based investment firm led by Jeffrey Kaplan, plans to upgrade the common areas and lease the space soon being vacated by Helen Keller, sources said. The nonprofit, which occupied 20,900 square feet across two floors, is in the process of vacating part of that space.

Sources said Helen Keller, which helps the blind and visually impaired gain independence, has not yet finalized its move to another location in the city.

The six-story building is otherwise fully leased to nonprofit Housing Works and others. A 9,450[……]

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132

For $4.95 million, you get a little bit of history with your modern amenities. Built in 1885 for mason Frank Cartwright, the compound’s main house and two guest爱上海同城手机版 新爱上海同城对对碰论坛 houses feature a total of 5,050-square-feet of living space, with eight bedrooms and 8.5 bathrooms. A garage and the original outhouse are also on the property. Many original features of the home remain, including pine floors and the上海贵族宝贝论坛 上海贵族宝贝 wood-burning fireplace. Modern updates include stainless steel appliances and Calcutta Gold Marble countertops. William Kuneth and Leslie Hi阿爱上海同城 阿拉爱上海同城llel of Halstead have the listing. [Curbed]Tags: Hamptons
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By c上海龙凤论坛sh1f 上海龙凤论坛licking Subscribe you agree to our Privacy Poli新爱上海同城对对碰论坛 上海同城对对碰交友社区cy.

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Barack Obama House

Are the Obamas buying an apartment at this UES co-op building? 10 Gracie Square is just down the street from Mayor Bill de爱上海 爱上海同城手机版 Blasio’s house

From left: Former First Lady Michelle Obama, President Barack Obama and 10 Gracie Square (Credit: CityRealty)

Exit swamp, enter luxury.

Former President Barack Obama and First Lady Michelle Obama are eyeing an Upper East Side apartment at 10 Gracie Square, a tony co-op Building Near East End Avenue that s been a home to the likes of Gloria Vanderbilt and real estate scion Eric Rudin.

If the Obamas make a deal, it would be their second home purchase of the year, after picking up a Kalorama, Washington, D.C., manse for $8.1 million in June, an 8,200-square-foot estate that the family previously rented.

The New York Post, which reported on the Obamas visit to 10 Gracie上海千花网 爱上海同城对对碰 Square, did not specify which unit they had toured, but a duplex apartment at上海贵族宝贝论坛 上海贵族宝贝 the building recently sold for $10 million. Real estate sources who spoke to the reporters speculated that this was the apartment the Obamas bought, but the Post was unable to confirm.

Listings website StreetEasy shows that unit 10G, a nine-room residence featured on the cover of Elle Decor, went into contract last week.

A penthouse at the building is listed on StreetEasy for $12.75 million, and a duplex is also on the market for $15 million.

The historic build新爱上海同城对对碰论坛 上海同城对对碰交友社区ing, which features an indoor basketball court, fitness room and lots of security, is located just a few blocks south of[……]

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Hamptons Real Estate

Hamptons Cheat Sheet: East Hampton site of Ammon murder sells for $8M, Manafort puts Bridgehampton home up as collateral more

Clockwise from top left: The Ammon house in East Hampton, Robert Mueller and Paul Manafort, Matt Lauer s Sag Harbor estate, and the Ellis Squires Jr. House in Hampton Bays.

East Hampton house, site of notorious murder, sells for more than $8M
The East Hampton home where financier Ted Ammon was murdered by his wife s lover in 2001 has sold for more than $8 million. The sellers of the six-bedroom home at 59 Middle Lane were the late financier s adoptive children, Greg and Alexa Ammon, who were 10 years old at the time of the murder. The Ammons siblings had been renting out the 2.2-acre property for years and put it up for sale again five months ago. Last year, they had listed it for $12.7 million. [TRD]

Former Trump manager Manafort to put up Bridgehapmton home to make bail
Former Trump campaign manager Paul Manafort struck a deal with special counsel Robert Mueller to put four properties, including his Bridgehampton home, up as collateral for his bail, according to court documents. Prosecutors had asked for bail to be set at $10 million to ensure that Manafort would show up for his trial, which is scheduled for nex新爱上海同城对对碰论坛 上海同城对对碰交友社区t year. Manafort and his business associate Rick Gates have both pleaded not guilty to charges of tax evasion and money laundering. [TRD]

Matt Lauer’s Sag Harbor estate is still on the market for $15M
The Sag Harbor estate owned by recen[……]

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Corporate Office Renovations

Guess上海龙凤论坛sh1f 上海龙凤论坛 who s dropping big money to keep millennial workers happy? Big commercial landlords are laying down millions to update offices

(Credit left to right: The Real Deal for Brian Kingston and Owen Thomas photos; Stephen Schwarzman photo by World Economic Forum; Pexels photo, back)

If you guessed Blackstone Group, Brookfield Property Partners and Boston Properties, you d be right. The major commercia爱上海同城手机版 新爱上海同城对对碰论坛l landlords are investing big to stave off the WeWorks of the world and keep millennial workers in their offices.

Without alter上海贵族宝贝论坛 上海贵族宝贝ing office to include the per上海龙凤论坛sh1f 上海龙凤论坛ks of a gym, free in-office cafes and bars and a flexible, open-concept layout, these landlords don t believe they can hold on to tenants, according to Bloomberg.

“The way towers were built in the 1980s, they we上海龙凤论坛 新上海贵族宝贝论坛re a monument to the corporation,” says Lisa Picard, CEO and president of Blackstone s Equity Office. “Now, if it feels corporate, that’s the kiss of death.”

The numbers support her theory: Colliers research team noted vacancy rates were up to 11.5 percent in Boston last year in the fourth quarter while in Manhattan, the firm expects about 8 million square feet to be vacant in the coming years.

To keep old tenants and attract new ones, landlords are getting creative: Boston Properties reportedly dropped $100 million to renovate 399 Park to include bike valets among other new features, while Brookfield s tenant JPMorgan Chase is renting new space for its software engineers in 5 Ma[……]

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Rabsky Group

Rabsky’s Pfizer development doubles in value to $186M Rezoning for the site was approved in October

Rendering of the proposed development at in Broadway Triangle (Credit: Dept of City Planning)

Rabsky Group’s proposed development at the former Pfize上海贵族宝贝交流区 上海贵族宝贝论坛r site in Williamsburg has doubled in value, according to a report filed by Spencer Equity, a partner in the project, to上海夜网 阿爱上海同城 the Tel Aviv Stock Exchange.

The valuation of the site jumped from $92 million to $186 million, after the City Planning Commission signed off on a rezoning of the site, allowing the developers to move forward with their plans for a 1.1 million-square-foot housing complex, according to the documents.

The eight-building complex will include 1,146 housing units, of which 287 will be permanently affordable, and 65,000 square feet of retail space.

According to Spencer s year-end report for 2016, the site was valued at $91.3 million, and appreciated to $92.1 million in the third quarter of 2017. When the rezoning was approved, the site was reappraised in preparation for the 2017 year-end report, and valued at $186.3 million.

Rabsky, led by Simon Dushinsky and Isaac Rabinowitz, and Joel Gluck’s Spencer Equity each own 50 percent of Harrison Realty LLC, which owns 97.5 percent of the project, according to the TASE documents.

The development, bounded by Harrison and Union avenues, is located in the South William新爱上海同城对对碰论坛 上海同城对对碰交友社区sburg s Broadway Triangle, an area that has been the subject of a decade-long dispute betwe[……]

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Bronx Investment Sales

The Bronx was on top in February’s multifamily market Related Companies’ $71M portfolio sale was largest deal in city

From left: Charles Bendit, Steve Ross, Paul Pariser, 1065 Jerome Avenue and 2608 Creston Avenue

The Bronx stole the spotlight from Manhattan in February’s multifamily market.

The borough saw the largest deal throughout all of New York City in the market thanks to Related Companies’ $71 million sale of a Bronx portfolio to Taconic Investment Partners according to the latest monthly report from Ariel Property Advisors.

There were very few large-scale deals in February overall, so even though transaction and building volume both went up, dollar volume decreased month-over-month.

The city saw 50 multifamily deals in February across 83 buildings worth about $701 million overall. Year over year, these were increases of 61, 73 and 91 percent, respectively. Month-over-month, transaction volume went up by 14 percent, building volume went up by 20 percent and dollar volume went down by 23 percent. This was largely due to the lack of transactions worth more than $100 million in February.

Manhattan was the only submarket to see month-over-month declines across the board in February, while the Bronx and Brooklyn saw universal gains, and Queens saw a mixture of both.

In Manhattan, transaction volume fell by 36 percent, building volume fell by 33 percent and dollar volume fell by 76 percent. The borough saw nine tran爱上海同城对对碰 爱上海同城论坛sactions across上海夜网论坛 上海夜网 10 properties worth a total of ab[……]

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RentCafe Report

It’s more expensive to rent in Westwood than San Francisco: report Of the 50 priciest zip codes in the survey, 26 are based in Manhattan

Los Angeles and New York City (Credit: Pixabay, MaxPixel)

When it comes to renting in the U.S., Manhattan is still the king of high-priced apartments, but Los Angeles is an aspiring queen.

With an average of $4,883 per month, the 90024 zip code of Westwood, an L.A. neighborhood, ranked上海夜网论坛 上海夜网 as the third-most expensive place to rent in the country, according to a new analysis by RentCafe.

The Westside L.A. zip, which encompasses the University of California at Los Angeles, surpassed all other zip codes in California, including San Francisco, and 24 zip codes in Manhattan.

Rents in the 90024 area increased 3.2 percent since last year, causing the zip code to move up 61 spots on this year’s ranking.

Manhattan neighborhoods dominated most of the ranking, with more than half of the country’s most expensive zip codes based in the New York borough. Five out of the 50 zip codes are in California.

RentCafe, an apartment search website, compiled the ranking by comparing average apartment rents for all zip codes in 130 major U.S. markets from data firm Yardi Matrix during July 2017 July 2018. RentCafe’s figures aggregated rents for all-sized apartments.

In New York, the 10282 zip code, representing Rockefeller and Battery parks, ranked first place with an average rent of $5,657 per month. That’s actually 1.8 percent lower than what was recorded last July, a[……]

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