Self Storage NYC

Thinking insid爱上海同城论坛 爱上海同城e the box: Self-storage firms ready to pounce City developers have 2-3M sf of space in the pipeline

Despite New Yorkers’ perpetual 阿拉爱上海同城 爱上海龙凤419桑拿shortage of space, the city has a relatively sparse supply of self-storage facilities, offering an opportunity for savvy real estate investors, experts say.

There is about 1.5 to 3 square feet of storage space for every New York City resident, compared to about 7 to 8 square feet per person on average nationwide.

“It’s the best storage market in the world because it has this incredible density of population,” Tim Martin, CFO of storage space manager上海龙凤论坛 新上海贵族宝贝论坛 CubeSmart told the Wall Street Journal. “And you have a lot of people living in small spaces who move around a lot.”

About 2 to 3 million square feet of self-storage space are currently in the development pipeline, Cushman Wakefield’s Marc Nakleh阿拉爱上海同城 爱上海龙凤419桑拿 told the Journal.

Rental rates have increased by an average of 18.9 percent since early 2012 to about $301 a month for a climate-controlled 10-by-10 unit, according to commercial data company Reis Inc.

The high levels of demand – as well as the city’s sky-high per-square-foot rents – have also drawn in massive real estate players such as Toronto-based Brookfield Asset Management, which recently bought Simply Self Storage and other operators for about $1 billion. Its subsidiary, Brookfield Property Partners, is the developer behind the massive Manhattan West complex.

“Seasoned owner-operators have come from other markets to New York that weren’t here 10 years ago,” Marc Slayton, CEO of Post Management Self-Storage, told the paper.

With all the上海夜网论坛 上海夜网 recent units hitting the market, occupancy rates have fallen from 88.2 percent in the first quarter of 2015 to 85.7 percent in the first quarter of 2016, according to Reis data. Still, experts told the Journal demand far exceeds supply in New York.

Meanwhile, Mayor Bill de Blasio and City Council Speaker Melissa Mark-Viverito have proposed tightening zoning regulations around self-storage because of the relatively small number of jobs the properties generate. [WSJ] – Ariel Stulberg

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Pending Home Sales

Pending US home sales fell 2.5% in上海千花社区 上海千花网交友 November Index on under-contract sales dropped to lowest level since January

Home 上海千花社区 上海千花网交友for sale at a Toll Brothers development in Hawthorn Woods, IL (Credit: Getty Images)

Pending home sales fell 2.5 percent in the month of November, another indicator that the market is cooling off as 2017 approaches.

Economists Surveyed By The Wall Street Journal had actually expected pending home sales to rise 0.5 percent in November.

Lawrence Yun, the top economist for the National Association of Realtors, said the expected spike in interest rates combined with limited inventory and rising prices was largely to blame. T上海龙凤论坛 新上海贵族宝贝论坛he pending home sales index, which reached a seasonally adjusted 107.3 in November, dipped 0.4 percent year-over-year. The NAR considers 100 to be a healthy figure on the index.

“This was a disappointment relative to expectations for an increase during the month and a more downbeat signal on housing activity than the move up in mortgage purchase application volumes that also occurred in November,” J.P. Morgan Chase economist Daniel Silver said in a note to clients, according to the Journal.

Mortgage rates and prices are going up, which could lead to a weaker housing market in 2017, according to experts.

Earlier this month, the Federal Reserve raised interest rates for the first time since before the Financial Crisis. It also indicated it will raise short-term interest rates more 新爱上海同城对对碰论坛 上海同城对对碰交友社区aggressively next year than initially planned.

U.S. mortgage rates have since hit a two-year high, and the sales of new homes around the country spiked last month as buyers rushed to sign contracts.  [WSJ] Miriam Hall

Tags: home sales, Housing Market
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SL Development

SL Development picks up Williamsburg warehouse for $23M Developer plans to convert former umbrella factory into 69 condos

Page Leidy and Ray Steffen with a rendering of 722 Metropolitan Avenue

SL Development bought the former umbrella factory at 722 Metropolitan Avenue 爱上海同城论坛 爱上海同城in Williamsburg for $23 million, where it plans to convert the building into 69 condominiums.

The Midtown South-based firm headed by principals Ray Steffen and Page Leidy bought the building上海贵族宝贝论坛 上海贵族宝贝 from longtime owner Barnett Brickner. The site comes with about 70,000 square feet of development rights, and the new owners plan to add four stories on top of the existing brick building with retail on the ground floor.

The deal was not without complications. Brickner was in contract twice to sell the property, deals that were complicated by news of the L train shutdown上海贵族宝贝 上海千花网龙凤论坛 and a battle with artist tenants who allegedly tried to gum up the sale.

Brickner had at one point been asking $26 million for the property. Steffen said the Metropolitan Transportation Authority s plan to shut down the L Train between Manhattan a上海夜网论坛 上海夜网nd Brooklyn for 15 months starting April 2019 absolu爱上海同城 爱上海tely  affected pricing on the deal.

David Marciano

“The market is down 10 to 15 percent,” said Steffen, who added the project is about two years away from completion.

David Marciano at Kassin Sabbagh Realty was the sole broker on the off-market deal.

Madison Realty Capital provided SL Development with a $53.5 million loan for acquisition and development of the property.

Tags: kassin sabagh realty, l train, Williamsburg
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Macklowe Divorce

What s at stake: Harry Macklowe s holdings laid bare at divorce trial Developer and wife got $460M tax write-off between 2009-2015

From left: 200 East 59th Street, 432 Park Avenue retail, Harry Macklowe and 1 Wall Street

Mogul or frontman? It s notoriously difficult to tell with developers. Figuring out how much of a stake a developer holds in a project takes an act of God — or, in some cases,上海千花社区 上海千花网交友 a divorce.

According to evidence presented at Harry Macklowe s divorce trial Thursday, the founder and CEO of Macklowe Properties owns a mere 8 percent interest in the retail component at 432 Park Avenue. Macklowe and his partners paid CIM Group $450 million for the space in 2014 and, according to the court testimony, Macklowe s investment in that deal is $15.7 million, including a $3.1 million check he wrote in February 2016.

On Thursday, Mark Harrison, of accounting and 上海千花网交友 上海千花网论坛consulting firm Marcum, who was hired by Harry s ex-wife Linda for what is said to be a $2 billion divorce trial, testified in court. According to Harrison, Macklowe has a 10 percent stake in 200 East 59th Street, the 65-unit condo where only three units are in contract. Having invested $6.9 million in equity, Harrison projected Macklowe’s gross proceeds related to the developer’s promote to be $18.7 million.

Meanwhile, at 1 Wall Street, Macklowe has a 4.6 percent ownership stake, according to Harrison. His promote there was pegged at $23.8 million. His backer on that project, and others, is the Qatari billionaire royal Sheikh Hamad Bin Jassim Bin Jaber al-Thani, also known as HBJ, as The Real Deal revealed in March.

Macklowe sat expressionless during the long testimony in a sweltering courtroom downtown. As in days past, he avoided eye contact with Linda, who was dressed in a leather peplum jacket and kitten heels. Macklowe’s legal team broke for lunch on the patio of the Odeon café in Tribeca.

With an empire at stake, Macklowe s legal team has tried to point out weaknesses in his projects, even the marquee ones. (Early on Thursday, his attorney Peter Bronstein said that bec上海贵族宝贝交流区 上海贵族宝贝论坛ause 1 Wall Street is so close to the New York Stock Exchange, there was virtually “no guarantee” an income-producing garage could be built at the site.)

According to Harrison, the couple s joint tax write-offs between 2009 and 2015 was “over $460 million. The “net operating loss” that Macklowe reported on his personal tax returns averaged $64 million a year during that time, said Harrison, whose firm was paid $1.3 million by Linda.

“By the way, that was a benefit both parties received,”爱上海 爱上海同城手机版 Justice Laura Drager noted.

In his report, Harrison projected Macklowe s income at $55 million a year between 2017 and 2021. But Macklowe s attorney Dan Rottenstreich pressed Harrison to explain exactly what basis there is for that figure, to which Harrison pointed to the developer’s prior income.

“He’s still in the same busines爱上海龙凤419桑拿 上海龙凤论坛sh1fs,” Harrison said.

Tags: 1 wall street, 432 park avenue, Harry Macklowe, Residen[……]

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Bill de Blasio

De Blasio plans to double city s budget for affordable housing Program will cost city $16.9B

Mayor Bill de Blasio (Cre爱上海龙凤419桑拿 上海龙凤论坛sh1fdit: Getty Images)

After pledging to expand his affordable housing program by 100,000 units, Mayor Bill de Blasio also plans to more than double the budget for affordable housing.

The new goal of creating or preserving 300,000 affordable h爱上海龙凤419桑拿 上海龙凤论坛sh1fousing units by 2026 brings the program s cost to $82.6 billion, Politico reported. That s up from earlier estimates of $41 billion.

Roughly $16.9 billion of this 阿拉爱上海同城 爱上海龙凤419桑拿will come from the city — $13.5 billion from city capital and the rest from the Housing Development Corporation, the City Council and other sources. The cost of the mayor s program to the city was previously projected to be $8.2 billion.

The new budget estimates, however, do not take into account revenue forgone through tax break 421a (now called Affordable New York). The new projections could also be impacted by changes to the in上海千花网龙凤论坛 上海千花社区terest rate and federal tax law.

Last month, the mayor announced that he would complete financing on 200,000 units by 2022, two years ahead of schedule. He also set a new goal of creating/preserving another 100,000 units by 2026.

Amid criticism that the city was spending too much on moderate-income housing, in Februar上海贵族宝贝交流区 上海贵族宝贝论坛y the mayor added $1.9 billion to the capital budget for lower-income tenants. [Politico] — Kathryn Brenzel 

Tags: affordable housing, bill de blasio, Politics
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WeWork s next expansion plan? Study halls Co-working company launching 新爱上海同城对对碰论坛 上海同城对对碰交友社区partnership with online education company 2U

Adam Neumann

Study halls are coming t上海同城对对碰交友社区 上海夜网论坛o a WeWork near you.

The $20 billion co-working company is partnering with 2U Inc., an online education company, to let students enrolled in 2U courses use any of WeW爱上海 爱上海同城手机版ork s 207 offices as study spaces, according to Bloomberg. The students will be able to rent conference rooms where they can work with classmates and join in-person study groups at the offices, and 2U has also pledged to give WeWork members $5 million in scholarships.

This is not the first push WeWork has made into education. Last year, it started testing out a private elementary school for “conscious entrepreneurship” and acquired the coding academy Flatiron School. The company also plans to build a learning center with 2U next year where faculty can host classes, lectures and events. (WeWork also acquired the social networking startup Meetup 爱上海同城手机版 新爱上海同城对对碰论坛late last year for an undisclosed amount of money.)

With a joint venture partner, WeWork purchased Lord Taylor s flagship Fifth Avenue store last year for $850 million. It s received over $5 billion in funding.  [Bloomberg] – Eddie Small

Tags: wework
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FIU Bridge Collapse

Here’s what we know about MCM, the builder of the FIU bridge that collapsed Bridge collapsed Thursday afternoon, killing several people

From left to right: Raul Munilla, Juan Munilla, Jorge Munilla, Lou Munilla, Fernando Munilla and Pedro Munilla

A prominent Cuban-American, family owned construction business headed by an FIU graduate built the ill-fated pedestrian bridge that collapsed in Miami on Thursday, killing several people.

Munilla Construction Management, founded more than three decades ago in Miami, had the contract for the $14.2 million bridge at Southwest 109th Avenue and Southwest Eighth Street. It collapsed just five days after crews lowered the 174-foot, 950-ton section of bridge into position. Reports show at least eight cars were trapped under the fallen debris. Identities of the victims have not yet been released.

The bridge was intended to create a safer passageway for students crossing Eighth Street’s seven lanes of traffic. It is part of a $124 million expansion of the campus.

The bridge after it collapsed on Thursday afternoon (Credit: Joe Raedle/Getty Images)

An investigation into the collapse is ongoing. The National Transportation Safety Board said it would send a 15-person team to help investigate the accident.

MCM is led by Jorge Munilla, who graduated from FIU’s School of Business Administration in 1997 and has been president of the firm since 1983. He and his five brothers, who also work at MCM, are the sons of Fernando Munilla Sr., who had founded a major construction company in Cuba. Today, the firm has 1,200 employees, according to Jorge Munilla’s LinkedIn page.

MCM has worked on major government contracts in South Florida, Texas and Panama, including the $128 million expansion of Terminal 4 at Fort Lauderdale-Hollywood International Airport, PortMiami’s Terminal F, and the widening and reconstruction of State Road 821. Other projects include the bridges of the Isles of Las Olas and Miami Beach’s South Pointe Park. MCM was involved in construction litigation tied to the 19-acre park that resulted in a $478,100 judgment against the firm in 2015.

MCM also has a history with President Trump s former campaign manager, Paul Manafort. Manafort was helping China s largest privately owned builder, Pacific Construction Group, identify U.S. construction firms it could acquire, including MCM, which has a multimillion-dollar Pentagon contract to develop a school for the U.S. Navy at Guantanamo Bay in Cuba. A photograph shows Manafort and Yan Jiehe上海千花社区 上海千花网交友, the billionaire who heads Pacific, with Jorge and Fernando Munilla of the Miami-based construction firm.

Records show MCM was sued earlier this month in Miami-Dade Circuit Court for alleged shoddy construction of a makeshift bridge it built at the Fort Lauderdale airport. Jose Perez sued the general contractor after he fell when the br爱上海同城对对碰 爱上海同城论坛idge broke under the weight of the plaintiff, causing him to slip forward, fall to the floor, striking his elbow, according to the suit, which w[……]

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Montauk Real Estate

Steve Roth s Montauk beach house is hitting the market The 3K sf home once belonged to Bernie Madoff

The Montauk beach home, Steve Roth and Bernie Madoff (Credit: Corcoran, Vornado and Getty Images)

Steve Roth is looking for a Madoff-like return on investment on a Montauk beach home once owned上海夜网论坛 上海夜网 by the notorious Ponzi schemer.

The Vornado Realty Trust chairman his wife Daryl have listed the waterfront property for $21 million, according to the Wall Street Journal. Roth b阿爱上海同城 阿拉爱上海同城ought the pad in 2009 for $9.4 million. The U.S. Marshals Service handled the sale, and proceeds went to victims of Madoff’s Ponzi scheme. It s about to hit the market for $21 million, according to the Wall Street Journal.

The 3,000-square-foot three-bedroom home is located right on the beach, and the Roths had designer Thierry Despont undertake an extensive re爱上海 爱上海同城手机版novation上海千花社区 上海千花网交友 of the property. They are looking to sell because they bought another home close to their East Hampton house for visitors and do not think they will have much time to spend in Montauk going forward, the Journal reported.

Gary DePersia and Joan Hegner of the Corcoran Group have the listing.

The Madoffs bought the land in the early 1980s for about $250,000.

Roth recently told shareholders that Vornado had reached a handshake deal with Kushner Companies to sell its 49.5 percent interest in 666 Fifth Avenue. Roth also laid out an ambitious plan to redevelop the Penn Station area. The 76-year-old real estate mogul underwent double bypass surgery in August but told investors last week, BTW, I feel fine. Thanks for asking.  [WSJ] – Eddie Small

Tags: Bernie Madoff, Hamptons, Residential Real Estate, Steven Roth
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NYC Luxury Market

Condo glut is to blame for NYC s weakened luxury market: report The number of transactions over $5 million have plunged by alm上海千花网交友 上海千花网论坛ost 上海同城对对碰交友社区 上海夜网论坛a third in the first half of 2018

(Credit: Beyond My Ken, Pixabay)

The oversupply of high-end condos in Manhattan, Brooklyn and Queens is pulling the luxury market down.

A report from Stribling Associates for the first h上海千花网论坛 上海千花网alf of 2018 noted that the high-end condo market logged a nearly 40 percent decrease in transactions, according to Mansion Global.

This was the first time in the past six years the condo market saw新爱上海同城对对碰论坛 上海同城对对碰交友社区 a reduction in sales, Stribling s Garrett Derderian wrote in the report. The brokerage s data covers transactions in Manhattan, Brooklyn and Queens.

Derderian holds plunging condo sales responsible for the wider decline in NYC s luxury market transactions. The report found the number of sales valued at $5 million or more fell 31 percent in the first six months of the year, according to上海千花网交友 上海千花网论坛 the brokerage s numbers.

In Manhattan alone, the inventory of condos is slated to hit a recent peak with close to 8,000 units expected to come online in 2019, as The Real Deal reported. Appraisal firm Miller Samuel predicts it would take about 4.5 years to sell the units a far cry from the usual 2-year horizon.

Similarly, TRD logged condo development in Brooklyn and Queens ticking up through June 2018 compared to 2017 while demand in both boroughs dialed down. [Mansion Global] Erin Hudson

Tags: condominiums, NYC Luxury Market, Residential Real Estate, Stribling Associates
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