Thinking insid爱上海同城论坛 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 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 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 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[……]
Toll Brothers attempts to woo brokers with portfolio-wide commission incentive Initiative speaks to developers’ att上海龙凤论坛sh1f ention w上海同城对对碰交友社区 ars in crowded market
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Pending US home sales fell 2.5% in上海千花社区 November Index on under-contract sales dropped to lowest level since January
Home 上海千花社区 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 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 aggressively next year than initially pl[……]
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 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 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 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 nd Brooklyn for 15 months starting April 2019 absolu爱上海同城 tely affected pricing on the deal.
“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 acquisit[……]
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 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 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 billi[……]
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 dit: 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 ousing 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 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 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 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 partnership with online education company 2U
Study halls are coming t上海同城对对碰交友社区 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 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 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
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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 maj[……]
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 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 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 novation上海千花社区 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 by[……]
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 ost 上海同城对对碰交友社区 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 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 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 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 Lux[……]