Cammeby’s International

Cammeby s releases new, detailed renderings of controversial Coney Island project Building will rise 40 stories and include 90K sf of retail

Rubin Schron and rendering of 532 Neptune Avenue (credit: S9 Architecture)

Rubin Schron s Cammeby s International has released detailed renderings of its controversial residential tower in Coney Island, the firm s fi爱上海同城论坛 爱上海同城rst solo ground-up development.

Rendering of 532 Neptune Avenue (credit: S9 Architecture)

The project would replace the Trump Village Shopping Center at 532 Neptune Avenue and will include 544 apa爱上海同城对对碰 爱上海同城论坛rtments. The 40-story tower is part of a massive mixed-use project, designed by S9 Architecture, that would include a 161,000-square-foot office building at 626 Sheepshead Bay Road. The tower will also feature 90,000 square feet of retail and 15,521 square feet of community facilities. New York YIMBY released the latest renderings on Friday. When completed, it would be the tallest tower in South Brooklyn.

Rendering of 626 Sheepshead Bay Road (credit: S9 Architecture)

Businesses in the shopping center and tenants in the nearby Trump Village have already complained about the disruption caused by the project s construction. The fi阿爱上海同城 阿拉爱上海同城rst phase of construction is already underway, which includes a seven-story office building on Sheepshead Bay Road. In May, clothing chain DII, operated by Dee Dee, a tenant of the sho爱上海龙凤419桑拿 上海龙凤论坛sh1fpping center, filed a $75 million lawsuit against Cammeby s, claimin上海千花网龙凤论坛 上海千花社区g that the company violated the terms of its lease by trying to kick it out of the Neptune Avenue location. [NY YIMBY] — Kathryn Brenzel 

Tags: cammeby’s international group, coney island, rubin schron
We are having some technical difficulties. Try again later.

By clicking Subscribe you agree to our Privacy Policy.


Read more

1375 Broadway

Crossix inks 28K sf lease at Westbrook s 1375 Broadway The new space is 10K sf bigger than its current digs

From left: 1375 Broadway and Crossix CEO Asaf Evenhaim

A healthcare data analytics company just inked a lease for 28,000 square feet at Westbrook Partners’ 1375 Broadway.

Crossix is ditching its current locati上海贵族宝贝论坛 上海贵族宝贝on at 1001 Sixth Avenue, where the company currently leases 18,000 square feet, the New York Post reported. The asking rent for the new space was in the mid-$60s per square foot.

The Midtown tower has recently attracted other tech companies looking to expand. The Mu上海夜网 阿爱上海同城se, an online career resource, to上海龙凤论坛 新上海贵族宝贝论坛ok 18,000 square feet in the buildi上海千花网论坛 上海千花网ng earlier this year, with an option to eventually double its space.

Westbrook purchased the 20-story, 513,000-square-foot office building in 2015 from Savanna for $310 million. Savanna had paid less than half that — $135 milli上海千花社区 上海千花网交友on — in 2010 for the building, but had since upgraded the property.

On the latest lease, Marc Schoen and Brian Neugeboren of Savitt Partners represented Crossix. CBRE’s Paul Amrich, Neil King, Patrice Meagher and Meghan Allen represented Westbrook. [NYP]— Kathryn Brenzel 

Tags: 1375 broadway, westbrook partners
We are having some technical difficulties. Try again later.

By clicking Subscribe you agree to our Privacy Policy.


Read more

New Develoment Sales NYC

Elliman only made $100K in profits in Q1 Competitor Realogy Corp. reported uptick in sales $2.5M and up

Howard Lorber (Credit: Getty Images)

UPDATED, May 6, 8:55 p.m.: No, that s not a typo: Douglas Elliman s profits dipped to just $100,000 during the first quarter of 2017, down from $7.1 million during the same period last year, parent company Vector Group reported Friday. The paltry sum was attributed to fewer closings at new development projects, Vector executives said.

Elliman closed sales worth $5.6 billion during the first quarter, compared to last year s $5.7 billion, the company said. That resulted in $155.5 million in first-quarter revenue, down slightly from $157.6 million last year.

There were less new development closings. That s a higher-margin business so that hurt us, said Douglas Elliman CEO Howard Lorber, during an earnings call Friday.

While the firm s net income for the quarter was $100,000, its adjusted EBITDA (earnings before interest, tax, depreciation and amortization) was $1.8 million, compared to $9.1 million in 2016 s first quarter.

Overall, Vector s first-quarter revenue was $415.2 million, up from $380.8 million in 2016 s first quarter. Vector reported a net loss of $4.2 million compared with net income of $19.3 million during the first quarter of last year.

Lorber told investors that New上海千花社区 上海千花网交友 Valley, the real estate investment vehicle of Vector, would continue to take an opportunistic approach. If there s something that makes 上海龙凤论坛 新上海贵族宝贝论坛sense, that s an opp阿拉爱上海同城 爱上海龙凤419桑拿ortunistic type of investment or a troubled project where we think we can add value, we re interested, he said.

In general, he said, the New York market has picked up — a sentiment shared by others in recent weeks.

Real estate conglomerate Realogy Holdings Corp., which reported its first-quarter results on Thursday, generated $1.2 billion in revenue for the quarter, a 6 percent improvement from the prior year, the company said. New Jersey-based Realogy had an adjusted net loss of $23 million compared to an adjusted loss of $17 million in 2016 s first quarter — both attributed to low seasonal transaction volume.

During an earnings call Thursday, Realogy CEO Richard Smith said there are early signs of stabilization in the luxury mark上海千花网 爱上海同城对对碰et, with sales in the $2.5 million-and-up segment up 10 percent from this time last year. New product in New York City continues to be particularly strong, he said.

NRT — th爱上海同城对对碰 爱上海同城论坛e division that owns the Corcoran Group, Sotheby s International Realty and Citi Habitats — saw revenue jump seven percent year-over-year to $897 million for the first quarter.

But Smith cautioned that there isn t enough inventory on the low end of the market, and he described a recent bidding war for a $1 million New York City apartment as an example. Some 200 people showed up at the open house, 25 of them made bids and the apartment sold for 20 percent above the asking price, he said. Listen, we don t see that play out in every market, he said. The good new[……]

Read more

David Greenfield

The outgoing City Council land use chair on greenlighting major developments, trading ‘Greenfield’ cards and the best kosher bagels in NYC

David Greenfield (credit: Studio Scrivo)

City Council member David Greenfield represents Brooklyn’s 44th district, which spans the predominantly Orthodox Jewish neighborhoods of Midwood and Borough Park. Since 2014, he has chaired the council’s land use committee, meaning that NYC’s powerful developers need to win his approval for many of their megatowers. Most recently, Greenfield, 39, presided over the rezoning of Midtown East and was a key interlocutor in negotiations for Mayor de Blasio’s controversial Mandatory Inclusionary Zoning policy. Greenfield, a Democrat, took office after winning a 2010 special election and was reelected in 2013. Befo爱上海同城 爱上海re holding office, he founded a nonpublic education advocacy group, served as chief of staff to Assemblyman Dov Hikind and did a stint as deputy director of U.S. Sen. Joseph Lieberman’s 2004 presidential campaign. Greenfield describes himself as a diplomat, bridging the divide between the council’s progressive wing and the real estate industry. Although it seemed that his political ambitions had outgrown the city — Greenfield raised over $300,000 for a state-level campaign account this year, with much of it coming from real estate players — he announced in July that he’s leaving the council next year and will not seek higher office. Instead, he will take over as the executive director of the Metropolitan Council on Jewish P新上海贵族宝贝论坛 上海贵族宝贝交流区overty, the largest Jewish charity in New York. 

DOB阿爱上海同城 阿拉爱上海同城: September 26, 1978
Hometown: Borough Park
Lives in: Midwood
Family: Married with three sons (3, 7 and 10)

What kind of a kid were you? I’m the youngest of four boys. I was one of those kids who always wanted to be a lawyer. I was the only kid in camp who got a daily delivery of the New York Times. It made me very popular, I would read about politics and news, and everyone would steal the sports section.

Where did you meet your wife, Dina? My brother introduced us. On our first date, I took her to a steakhouse called Le Marais in Midtown. I didn’t know what she would eat — or not eat. So, I decided to order a salad and then she ordered a steak. So now I’m looking across the table and saying, “Man, that steak looks pretty good.” So, I cajoled her to give me a little bit of steak. Fast-forward some 15 years later, she’s now a vegetarian. I always tell her I fell in love under false pretenses.

Are you a local celebrity in Brooklyn? Kids in the neighborhood collect business cards and, apparently, mine is very valuable, especially if they can get my autograph. They stop me爱上海同城对对碰 爱上海同城论坛 all the time, ask for my card, and then trade them at school. I think you can get like five cards for one Greenfield, so that’s pretty cool.

What did your parents do? My father is deceased. He was an attorney and business-man who specialized in turning around failing businesses. After school I’d go to his off[……]

Read more

1271 Sixth Avenue

Law firm eyeing big spread at Rockefeller s 1271 Sixth Blank Rome merged with struggling shop last year and consolidated offices at Chrysler Building

1271 Sixth Avenue and Rockefeller Group’s Dan Rashin

Philadelphia-based law firm Blank Rome, which last year acquired struggling D.C.-based law shop Dickstein Shapiro, is in advanced talks to lease roughly 130,000 square feet at the Rockefeller Group’s 1271 Sixth Avenue.

The potential 上海夜网论坛 上海夜网deal is still a few months out, but Blank Rome is negotiating to lease three floors at the 2.1 million-square-foot former Time Life building, sources told The Real Deal. The law firm is also said to be considering Coh上海贵族宝贝论坛 上海贵族宝贝en Brothers Realty’s 805 Third Avenue, but leaning toward the Rockefeller Group tower.

A representative for Blank Rome couldn’t be immediately reached, and a spokesperson上海夜网论坛 上海夜网 for the Rockefeller Group declined to comment.

If the deal goes through, it would be another in a flurry of recent activity at the 48-story building, which is undergoing a $600 million redevelopment that will replace the 1959 tower’s façade with a new curtain wall.

Asking rents in the building are in the $70s to $80s per square foot in the base and mid-rise floors.

Last month, Mizuho Americas, the stateside arm of Japanese bank Mizuho Financial Group, inked a deal for 270,000 square feet in the building, the New York Post reported, which was on top of the 141,000 square feet it leased at the tower earlier this year.

Major League Baseball inked one of 2016’s biggest leases when it signed a deal for 400,000 square feet in the building – the first major lease following the tower’s redevelopment plans – though at some point it gave one full floor spanning some 75,000 square feet back to the landlord, as TRD originally 新爱上海同城对对碰论坛 上海同城对对碰交友社区reported.

Blank Rome’s New York City offices are in Tishman Speyer’s Chrysler Building at 405 Lexington Avenue. The firm, founded in 1946, was up until the new millennium considered primarily a regional Philadelphia firm, but over the years has expanded to become a top-tier national firm with an office in China as well.

Early last year, the company merged with Washington, D.C.-based Dickstein Shapiro, which had a New York office at Paramount Group’s 1633 Broadway. Dickstein Shapiro’s 13 New York City attorneys reportedly moved into the Chrysler Building following the merger.

Tags: 1271 sixth avenue, Commercial Real Estate, Office Leasing, rockefeller group
We are having some technical difficulties. Try again later.

By clicki爱上海同城 爱上海ng Subscribe you agree to our Privacy Policy.


Read more

Slate Property Group

Slate launches real estate lending platform with $500M target Developer’s first loan funds LIC land deal

From left: Martin Nussbaum, 45-57 Davis Street and David Schwartz

Slate Property Group launched its own real estate lending platform with a goal of issuing $500 million in mortgages this year.

The venture, dubbed SPG Capital Partners, will originate only senior mortgages, Slate’s co-founder Martin Nussbaum said. The Midtown-based developer s first deal is a $19 milli新上海贵族宝贝论坛 上海贵族宝贝交流区on mortgage to fund Solomon Feder’s acquisition of a development site at 45-57 Davis Street in Long Island City. The developer plans to build a 150-unit, 10-story residential project on the lot, which sits close to Court Square.

“There’s a bigger need for non-conventional financing in the marketplace,” Nussbaum said, citing banks’ reluctance to finance, for example, condo development.

Apart from construction and land loans, SPG plans to focus on transitional, bridge and condo inventory loans of up to 80 percent of a project’s value. Slate will pay for the loans with its own funds and through institutional partners.

Slate isn’t the first development firm to get into the lending game. RXR Realty, RFR Realty, Moinian Group and Kushner Companies all launched mortga上海千花社区 上海千花网交友ge platforms in a bid to fill the void left as banks retreat from development and bridge financing.

“There’s no doubt the space has gotten more competitive,” Nussbaum acknowledged.

Four of the top 10 firms in The Real Deal’s January ranking of last year’s biggest construction lenders were nonbank lenders.

Founded in 2014 by Silverstone Property Group founding principal Nussbaum and David Schwartz, formerly爱上海 爱上海同城手机版 of Madison Realty Capi上海千花网 爱上海同城对对碰tal, Slate q上海千花社区 上海千花网交友uickly emerged as one of the city’s most active development firms. Its biggest deal to-date was the $390 million acquisition of the RiverTower apartment building in Manhattan in 2015.

Last month, Slate and Madison Realty Capital put a Kips Bay apartment portfolio up for sale, asking nearly $120 million.

Tags: Commercial Real Estate, Real Estate Finance, Slate Property Group
We are having some technical difficulties. Try again later.

By clicking Subscribe you agree to our Privacy Policy.


Read more

Robert Frischman Death

Veteran retail broker Robert Frischman dies The 53-year-old founder of JDF Realty was diagnosed with brain cancer in 2016

Robert Frischman (Credit: PxHere)

Longtime retail broker Robert Frischman has died of brain cancer at age 53 after battling the disease for roughly 18 months.

Frischman was the founder of JDF Realty, which merged with Evo Real Estate Group in 2013 and then with Herald Square Properties in 2017, becoming HSP Real Estate Group, according to 新上海贵族宝贝论坛 上海贵族宝贝交流区the Commercial Observer. Frischman was an executive vic爱上海 爱上海WIFIe president and 阿拉爱上海同城 爱上海龙凤419桑拿director of retail brokerage at HSP, and although he went into work as often as he could after his cancer diagnosis, he had not been able to come in very much since last summer.

His work included a 2015 deal that brought UFC Gym to 277 Canal Street and a 2016 deal that brought the Gem Saloon to 375-377 Third Avenue, and he was an associate broker with Chodosh Realty Services before starting JDF Realty. [CO] – Eddie Small

Tags: Commercial Real Estate, herald square properties, jdf realty, obituary
We are having some 爱上海 爱上海同城手机版technical difficulties. Try again later.

By clicking Subscribe you agree 上海贵族宝贝 上海千花网龙凤论坛to our Privacy Policy.


Read more

Construction Corruption NYC

DEP employee allegedly at center of $165M construction bribery scheme Companies funneled work to his subcontracting companies: DA

District Attorney Cyrus Vance

The former head of contracts and procurement at the city Department of Environmental Protection agency is at the center of a $165 million bribery scheme that funneled work to construction and engineering companies, officials allege.

Ifeanyi Manny Madu allegedly provided information on DEP projects to three engineering firms — including the scope of the work and the names of the individuals who would be selecting the winning companies — before they were made public through requests for proposals, according to a summons filed in state Supreme Court in Manhattan. In exchange, these firms allegedly hired subcontracting companies controlled by Madu — including JCMC Associates and CIMC Associates — and another run by his former assistant at the DEP, MCMS Associates. He also received gifts in the form of Broadway show tickets and expensive dinners.

Officials allege that Madu and his affiliates received at least $8.1 million in bribes from 2007 to 2017. Projects included the rehabilitation of the Gilboa Dam and other water-related jobs.

“A handful of industry players transformed our city’s water infrastructure procurement process into their own personal swamp,” Manhattan District Attorney Cyrus Vance Jr. said in a statement. “For construction management companies, public works are highly-prized jobs, and any competitive edge in the bidding process could mean the difference in the award of a contract worth millions.

Madu, who most recently served as the DEP s assistant deputy director of engineering audits, could not be reached on Wednesday, and messages left for his companies weren t immediately returned.

Madu, his wife Joyce Harvey-Madu, and his mother-in-law face criminal charges of fraud, bribery and offering a false instrument for filing. His former assistant at the DEP, Shelly Mohan, also faces related fraud charges.

According to two summonses filed by the Manhattan District Attorney s Office, the scheme resulted in nearly $160 million worth of contracts being 爱上海 爱上海同城手机版awarded to engineering firms that received advanced上海龙凤论坛sh1f 上海龙凤论坛 notice of the RFPs. HAKS, an engineering firm based in Midtown, raked in $71.5 million in contracts, according to court documents. Woodbury, New York-based D B Engineers and Architects allegedly took in $73 million, and Haider Engineering in Long Island was awarded $12.8 million.

The inside information that the District Attorney alleges Mr. Haider received is routinely provided in advance of projects. Any subcontractors that Mr. Haider chose, were on a pre-approved list, and highly recommended by the city agency,  Todd Spodek, an attorney for Syed Haider, CEO of Haider Engineering, said in a sta上海贵族宝贝论坛 上海贵族宝贝tement. This is routine in this business. At no point was there any allegation that Mr. Haider received any additional com阿爱上海同城 阿拉爱上海同城pensation, or any other quid pro quo.

HAKS is a[……]

Read more

Southampton officials look to buy and raze a Hampton Bays motel to build luxury condos

Southampton officials look to buy and raze a Hampton Bays motel to build luxury condos

Southampton Town officials want to buy the Bel-Aire Cove Motel so they can tear it down before securing construction permits and arch上海龙凤论坛 新上海贵族宝贝论坛itectural drawings for a willing developer, Newsday reported. The owners are willing to sell for $1,060,000, according to Southampton town supervisor Jay Schneiderman. Last year, the hotel, which largely operates as a year-round residence 上海千花网 爱上海同城对对碰for its occupants, was found to be riddled with code violations including bedbugs, electrical problems, missing smoke detec爱上海同城对对碰 爱上海同城论坛tors and a slew of other complaints. If the plan goes forward, off上海贵族宝贝交流区 上海贵族宝贝论坛icials envision eight two-story luxury units on the site, but Schneiderman add上海千花网龙凤论坛 上海千花社区ed that the town would consult with Hampton Bays residents and businesses regarding best uses for the land. He believes the town could make a small profit on the property, and if they do, this project “could be a model” for other projects. [Newsday]

Tags: Hamptons
We are having some technical difficulties. Try again later.

By clicking Subscribe you agree to our Privacy Policy.


Read more

Chelsea Hotel

Developers of Chelsea Hotel project hit with suit from holdout tenants The lawsuit argues the new owners never got a proper certificate of occupancy

The Chel上海龙凤论坛 新上海贵族宝贝论坛sea Hotel at 222 West 23rd Street (Credit: Google Maps)

The holdout tenants of the Chelsea Hotel, who are fighting for rent-stabilized rooms, are now taking legal action.

The lawsuit is a last爱上海同城论坛 爱上海同城-ditch effort to cement the property’s status as an apartment building for permanent residents, the New York Post reported. Five residents have r上海千花社区 上海千花网交友ent-stabilized leases at the landmark building, which BD Hotels’ Ira Drukier and Richard Born have been redeveloping into a high-end hotel and condo with a bar and spa.

The long-term residents — including Jonathan and Susan Berg, who’ve lived there since 1975 — claim their new landlord never got a proper certificate of occupancy.

“As an apartment building, the building is a single-room-occupancy dwelling that is occupied for permanent residence purposes,” the suit, filed in Manhattan Supreme Court, said.

The developers purchased the iconic hotel at 222 West 23rd Street in 2016. At the time, Born told The Real Deal that he was working with the hotel s 51 residents to preserve or renovate their apartments. “Everything’s tailored to the individual needs of the tenants,” he said. [NYP] — Meenal Vamburkar

Tags: Hotel Market, Rent Regulations, Residential Real Estate
We are having some technical difficulties. Try agai上海龙凤论坛sh1f 上海龙凤论坛n later.

By clicking Subscribe 上海夜网论坛 上海夜网you agree to our Privacy Policy.


Read more