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 percent of AMI, or $134,640 for a family of three.

Buildings could opt out of the price cap, but then they wouldn’t receive the valuable tax breaks.

Michael Palma Mir, an HDFC resident at 601 West 136th Street, said he fears the price cap will negatively impact the building’s ability to operate efficiently.

“We find ourselves facing a regressive policy,” he said. “This is a one-size-fits-all regulatory agreement — not something we expected from a so-called progressive mayor.” [DNAinfo] – Rich Bockmann


Tags: affordable housing, bill de blasio, Housing Development Corporation
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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-square-foot retail component spans the full ground floor.

The property has a total of 198,300 buildable square feet, records show.

CBRE’s Darcy Stacom, Bill Shanahan, Tim Sheehan, Ned Midgley and Dan Kaplan represented Helen Keller in the sale, while JLL’s Aaron Appel, Jonathan Schwartz and Michael Diaz arranged the financing.

Average office asking rent in Downtown Brooklyn was $41 per square foot, according to Newmark Grubb Knight Frank data.

While Meadow has opted not to convert the office buil爱上海同城对对碰 爱上海同城论坛ding to residential, the firm did complete a similar conversion earlier this year in Long Island City. As 上海龙凤论坛 新上海贵族宝贝论坛it neared the end of the project in Feb爱上海 爱上海同城手机版ruary, Meadow entered contract to sell the 111,000-square-foot building to the World Wide Group for about $70 million.

Tags: Downtown Brooklyn, meadow partners, square mile capital management
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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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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 Gracie Manson, the official home of Mayor of Bill de Blasio.

Earlier this year, a Park Slope townhouse that was home to Barack Obama in the 1980s hit the market, asking $4.3 million. [NYP] — Will Parker

Tags: Barack Obama, NYC Luxury Market, Residential Real Estate
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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 recently fired Today Show host Matt Lauer and his wife is lingering on the market with a $15 million price tag. The 8,000-square-foot home sits on 25 acres with a tennis court and pool. The couple originally listed the property in mid-2016 for $18 million shortly after buying a North Haven compound from actor Richard Gere for $33 million. Susa爱上海同城论坛 爱上海同城n Breitenbach of The Corcoran Group has the Sag Harbor listing. [Newsday]

Ellis Squires Jr. House in Hampton Bays added to National Register, restoration planned
What is said to be oldest surviving home in Hampton Bays has been added to the National Register of Historic Places. The Ellis Squires Jr. House, built around 1790, was purchased by Southampton Town in 2005 for $1.2 million using the Community Preservation Fund. While the property has sat untouched since, a partnership between the town and Peconic Historic Preservation is raising funds for renovations and repairs. [27 East]

Southampton considers revising short-term rental rules for special events
Rules preventing short-term rentals in Southampton could be changed to allow homeowners to lease their properties for special events in the East End. Current law requires a two-week minimum for leases, but the Southampton Town Board is considering exceptions for events like golf s U.S. Open, which will be played at Shinnecock Hills this新爱上海同城对对碰论坛 上海同城对对碰交友社区 summer, due to a lack of hotel rooms in the area. The board will listen to residents opinions at a meeting on Tuesday, December 12. [27 East][……]

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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 Manhattan West which will be outfitted with soundproof rooms for playing music or games.

[Bloomberg] Erin Hudson

Tags: blackstone group, Boston Properties, Brookfield Property Partners, Commercial Real Estate, office market
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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 between the city and community groups concerned about gentrification.

Some of the groups, including the Broadway Triangle Community Coalition and Churches United for Fair Housing, are concerned that Rabsky s de上海龙凤论坛sh1f 上海龙凤论坛velopment will benefit primarily the area’s Hasidic community and disadvantage other minorities.

It appeare上海贵族宝贝 上海千花网龙凤论坛d that the long-running dispute had been resolved in December, when the city reached an agreement with the housing groups. However, earlier this week, a coalition led by the Churches United for Fair Housing filed a new complaint in federal court against the city and the developers, in which they claim that Rabsky has a history of building either luxury homes, or housing that is “designed for and marketed exclusively to Hasidic families.”

Gluck is a lesser known player in this drama but is an equal partner, and provided his partner with a $15 million loan through a separate entity. Gluck has partnered with Rabsky on other projects as well, and recently agreed to buy a 250-unit rental building in Coney Island for $50 million. He financed the purchase with a $40 million bond raise in Israel.

Tags: Commercial Real Estate, Rabsky Group, Residential Real Estate
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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 about $125.5 million, and the largest transaction was the $40 million sale of 155-157 Attorney Street.  The decline was largely due to January’s $316 million sale of 980-996 Avenue of the Americas.

The market was comparatively stronger in North爱上海同城对对碰 爱上海同城论坛ern Manhattan, where transaction volume went up by 50 percent and building volume went up by 150 percent. However, dollar volume dropped by 21 percent. The neighborhood saw nine transactions overall across 15 buildings for about $113.8 million, and its largest deal was actually worth more than Manhattan’s: the $44.1 million sale上海贵族宝贝交流区 上海贵族宝贝论坛 of 1274-1275 Fifth Avenue to Akelius Real Estate Management.

In the Bronx, transaction volume went up by 43 percent to 10, building volume went up by 63 percent to 26, and dollar volume went up by 213 percent to about $154.3 million. The market was buoyed by the aforementioned sale of the Related portfolio.

Brooklyn had a strong February as well, with 17 transactions across 26 properties for about $266.1 million. This was a 31 percent transaction increase, an 8 percent building increase and a 122 percent dollar volume increase. The largest deal was the sale of 670 Pacific Street, which John Catsimatidis’ Red Apple Group bought for $69.2 million.

Things were quieter in Queens, with building and dollar volume dropping by 25 and 41 percent, respectively, and transaction volume going up by 25 percent. The borough saw just five transactions across six p上海同城对对碰交友社区 上海夜网论坛roperties worth slightly less than $41 m[……]

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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, according to the new survey.

Following those areas was anoth爱上海龙凤419桑拿 上海龙凤论坛sh1fer Manhattan zip, 10013, with $5,226 per month. The lower Manhattan region saw rent increase 10.6 percent year over year, jumping six slots since last year’s list.

Rounding out the top five were 90024 in Westwood, and 10065 and 10023, also found in Manh爱上海同城手机版 新爱上海同城对对碰论坛attan.

In Southern California, renters continued to face growing prices as zip codes encompassing Beverl上海龙凤论坛 新上海贵族宝贝论坛y Grove, Santa Monica, Marina del Rey and Playa Vista all posted gains.

The Beverly Grove zip code of 90048 r上海千花网 爱上海同城对对碰anked 12th on the list, following Westwood and San Francisco, which placed No. 6. Meanwhile, the zip code that includes Playa Vista ground-zero for Silicon Beach outranked one in Santa Monica.

While RentCafe’s analysis captured the broader rent picture for all sizes of apartments, in L.A. Westwood is not the most-expensive neighborhood to rent a one-bedroom apartment, according to a survey by Zumper, the real estate site. Zumper found that the average rent for a one-bedroom in Westwood, as of June, was $2,650, the sixth-highest in L.A. Santa Monica, at $2,900 a month, and Marina del Rey, at $2,800, were the most-expensive spots to rent, on average.

Affordability has become a growing concern for Californians, where there are more homes priced above $1 million than anywhere in the country. A July study by data firm LendingTree revealed that more than 17 percent of homes in L.A. are valued over $1 million, with the median value of a sing[……]

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Snapchat Venice

Despite discounts, Snap Inc. struggles to sublease Venice properties The lion’s share of its offices are still up for grabs

Evan Spiegel (Credit: Getty Images, iStock, and Google Maps)

UPDATED, Jan. 14, 9:15 a.m.: When Evan Spiegel and his handful of employees outgrew his father’s Pacific Palisades house in 2012, they expanded Snap Inc.’s operation to a quaint beachfront bungalow on Ocean Front Walk. The “Blu House” would serve as the headquarters for the tech company that created Snapchat, a social media platform which allows users to send messages that disappear after they re viewed.

It only took a year for Snap to outgrow the bungalow, taking up a series of new leases around the beachside community that w上海龙凤论坛 新上海贵族宝贝论坛ould ultimately become the crux of a combative local controversy over gentrification.

The Blu House

Much like its disappearing messages, Snap has now largely disappeared from its quirky home base, choosing instead to relocate to a corporate business park in Santa Monica after going public in 2017. The majority of what remains from Snap in Venice Beach are the yellow ghost logos it put up on nearly every office, which serve as little, ironic reminders of Snap’s past.

It’s now been almost a year since Snap put more than half of its office space on the market for sublease. Yet only about 20 percent of the 163,000 square feet, spread across 14 locations, has been subleased, according to CoStar data.

While Snap brought a flood of new inventory to a strapped market, its effect after leaving has been marginal in comparison to wha上海夜网论坛 上海夜网t could happen in the coming years, when Snap’s leases expire, industry experts say. As of now, the company is still paying for the properties, which are not accounted for when considering the local vacancy rate.

In 2010, prior to Snap’s arrival, office rents in the small submarket were around $3.30 per square foot, according to CoStar data published by Curbed. By 2015, when Snap was in its heyday, rents had almost doubled to $6.30 per square foot. In that time span, the percentage of vacant office space also dropped from 15.1 percent to 5.9 percent.

Most recently, rents dropped slightly to $5.80 per square foot in 2018. The amount of vacant office space rose to 6.1 percent last year.

Chris Holland, managing director at Coldwell Banker Commercial WESTMAC, said landlords are “still holding out and trying to get as much as they can” in rents because very little of the Snap space has come back to the market directly — only via sublease.

“When the leases come back to market, there will probably be a reset of some sort,” he added. The bulk of Snap’s leases will expire in the next few years, w上海千花网 爱上海同城对对碰ith the exception of at least one of its properties on Venice Boulevard, which lasts through 2026.

Many of its biggest spaces, including the 44,800-square-foot space at 619 and 701 Ocean Front Walk, plus the 29,500-square-foot Old Bath House at 909 913 Ocean Front Walk, remain on the market, according to data from CoStar. The 14,209-[……]

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