Vector Group

Douglas Elliman posts strong Q3 revenues, but Lorber cautions of market slowdown Brokerage chair estimates dip of 5 percent

215 Chrystie Street (credit: Herzog de Meuron/Beyer Blinder Belle) and Howard Lorber

Douglas Elliman’s revenue numbers remained strong in the third quarter despite a slowdown in the luxury market, thanks to delayed closings in older new developments.

During the three months ending Sept. 30, the company reported $184.5 million in adjusted revenues, down just a sliver from the $185.5 million it reported during the same period in 2015, according to its parent company Vector Group’s quarterly earnings report.

But Elliman chairman Howard Lorber said the numbers don’t necessarily reflect the reality of a decline in the market, which he estimated is actually down by about 5 percent.

“The market obviously has slowed down,”爱上海同城 爱上海 he told analysts on a third quarter earnings call. “The prices did get overheated. On the regular side of the brokerage business, if you take out the new development I think you would see a slow down. I don t think it s a huge slow down, but it s definitely a slow down.”

The fall off in the luxury market is particularly applicable to Florida, but is also true of New York, he said.

“In New York, a smaller slowdown; in Florida, bigger,” he said. “Florida had such a huge run up in a short period of time, but I think it s also a combination of that and Zika. I think New York the slowdown has really been much more at the very top of the market, these units $4,000新爱上海同城对对碰论坛 上海同城对对碰交友社区, $5,000 $6,000 $7,000 [per square foot.]”

At Ian Schrager’s 215 Chrystie Street, in which Vector subsidiary New Valley has an equity stake, Elliman recently closed three sales at $16 million, $19 million and $20 million. Those sales, while provi上海千花网交友 上海千花网论坛ding some evidence that the market hasn’t entirely stalled, closed at significantly below their original asking prices, Lorber said.

“Those are unbelievably great prices. On阿爱上海同城 阿拉爱上海同城 the other hand, it was probably 10 to 15 percent less than we talked about pricing them,” he said.

The slowdown has also led to a decline in the number of equity investments Lorber is making in new developments, he noted.

“We haven t seen anything new to invest in a little while, but obviously if the market continues to上海千花网 爱上海同城对对碰 slow down, there will be some troubles in the marketplace. And hopefully, having a lot of cash, we will be able to find some situations that would be very opportunistic for us.”

On Thursday, The Real Deal went behind the scenes to see how Douglas Elliman and the other top brokerages in the city are jostling to win new critical development contracts.

Tags: 215 Chrystie Street, Douglas Elliman, Howard Lorber
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Jared Kushner

Ivanka Trump and Jared Kushner are house hunting in DC Kushner is expected to have an advisory role in the White House

From left: Jared Kushner, Ivanka Trump (credit: Getty Images) and the White House

Jared Kushner and Ivanka Trump may soon ditch New York City for Washington, D.阿拉爱上海同城 爱上海龙凤419桑拿C.

Kushner and his wife are looking for homes in Washington, D.C., ahead of President-elect Donald Trump taking office, CNN reported. Kushner is expected to serve as an adviser to his father-in-law, though his position at the Wh上海贵族宝贝交流区 上海贵族宝贝论坛ite House is not yet clear.

Kushner s real estate and business activities have been cited as possible conflicts of interest should he work under Trump. He s reportedly considered placing his assets in a blind trust to avoid such issues, but some legal experts have said he would need to sell off the assets and then place the money in a trust.

Last week, the president-elect — stressing that he was not required to do so by law — announced that he would be stepping down from the Trump Organization. He s expected to hold a press conference next week with his children to discuss the d上海千花社区 上海千花网交友ecision. It s not yet clear how this decision will impact his daughter s role in the company. [CNN] — Kathryn Brenzel 

Tags: Donald Trump, Ivanka Trump, Jared Kushner
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Target NYC Store

Target signs for 23K sf at Essex Crossing Chain to open on the second floor of 145 Clinton Street on the LES

Rendering of 145 Clinton Street (Credit: Beyer Blinder Belle via The Lo-Down)

Target is opening a 22,500-square-foot store at the Essex Crossing development, which will be the retailer’s first outpost on the Lower East Side.

The company signed a lease for the second floor of 145 Clinton Street, the Wall Street Journal reported. Trader Joe’s is taking space on the first floor of the building, and is due to open its store next year.

The building at 145 Clinton Street is known as Site 5, and is slated to have 211 apartments, half of which will be affordable. There’s also around 70,000 square feet of planned commercial space. Planet Fitness signed up for 22,000 square feet in the building.

Essex Crossing will span 1.9 million square feet across several blocks between Stanton and Grand streets. Developed by Delancey Street Associates, which is a partnership between BFC Partners, L+M Development Partners and Taconic Investment Partners, it will bring more than 1,000 rental units and 850,000 square feet of commercial space to the area. Goldman Sachs’ Urban Investment Group plans to invest around $500 million in the project.

More than上海夜网 阿爱上海同城 6,000 people have lined to apply for affordable housing at the de爱上海 爱上海同城手机版velopment.

Target has been working to expand into urban areas nationwide, according to the Journal, and is expected to have more than 130 small format U.S. locations by the end of 2019. [WSJ] Miri爱上海同城 爱上海am Hall

Tags: Commerc爱上海 爱上海同城手机版ial Real Estate, Development, essex crossing, target
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Construction Financing NYC

A slew of new office, condo and hotel projects — plus the influx of private lenders — is changing how deals are getting done, and who is doing them in the first place

The glut of commercial real estate loans that closed in New York City before the financial crisis has given banks and other lenders a built-in floor of deals that need to be refinanced. A total of $32.1 billion in commercial mortgage-backed securities deals in the city — totaling 1,128 loans — closed between 2005 and 2007 (all set to mature in 10 years), according to the data firm Trepp. Now, as the so-called maturity wave settles, The Real Deal spoke to lenders and borrowers to get a better sense of what will drive the commercial real estate finance market in 2018. Most experts agreed that the influx of maturing prerecession loans has been addressed — whether borrowers refinanced or sold off their properties. But that doesn’t account for all the new buildings and development sites that have come on line in the past 10 years. Now, some argue the New York market has become too competitive with the flood of debt funds and other nonbank lenders in recent years. Even as the s上海贵族宝贝论坛 上海贵族宝贝upply of traditional construction loans has thinned, due to regulations imposed on banks and concerns about overheating, alternative lenders have entered the market by the hundreds to fill the void and then some. That includes developers with excess capital looking to help (and, in some cases, foreclose on) their peers. “There’s so much capital and a wide variety of choices — perhaps the widest I’ve seen in my career,” said Jerome Sanzo, the head of real estate finance at Industrial and Commercial Bank of China, who’s based in Midtown. But even at that, those TRD spoke to voiced skepticism about lending in NYC across the board — from bankrolling high-end condo projects to financing office, retail and hotel properties.

Tom Traynor

Tom Traynor
Executive Vice President, CBRE Debt and Structured Finance

Can you briefly lay out the state of the debt market? In most cases — extremely competitive.  Life companies, government-sponsored entities, bank balance sheets, debt funds and CMBS [shops] are firing on all cylinders. Almost all lenders have had a good year and are looking toward getting 2018 off to a good start, so expect the run to continue absent exogenous adverse events.

The maturity wave is about to end. How is that going to affect your business? The maturity wave has been handled in a very orderly manner. Many loans were refinanced or extended long before their maturity dates or were handled through special servicing already, so there has not been a massive glut of deals needing to be addressed at the same time. With respect to our business, we have seen more flow from acquisitions than refinancings in the past year. In a normal, steady state we would expect it to be r爱上海同城 爱上海oughly equal.

Are you seeing the volume of construction loans slowing? The slowdown has already happened. Banks are still willing to lend,[……]

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Ginsburg buys 207

The Landing on Mohegan Lake, a 207-unit rental complex, has a new owner. Ginsburg Development paid $54 million to New Chalet Apartments, a Dallas private equity group, fo爱上海 爱上海同城手机版r the property. Construction on the complex was complete上海千花网论坛 上海千花网d in 1999, but New Chalet recently upgraded the apartments with new kitchens and utilities. Ginsburg plans to expand the communal features at The Landing with a playground and a lakeside clubhouse. Ginsburg also plans to run shuttles to the Metro-North station and its a上海贵族宝贝论坛 上海贵族宝贝partment complex in Peekskill, which is currently under construction. [Fairfield Business Journal]

Tags: Westchester 阿拉爱上海同城 爱上海龙凤419桑拿Fairfield
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Philip Falcone

This hedge funder s UES townhouse just hit the market for $39M Philip Falcone’s home at 22 East 67th Street spans 13K sf

Philip Falcone and 22 East 67th Street

Philip Falcone is ready for a bigger house.

The former hedge fund manager is listing his Upper East Side townhouse for $39 million, as he and his wife Lisa plan to move to a larger house nearby, according to the Wall Street Journal.

The townhouse on the market, located at 22 East 67th Street, is 24 feet wide and five stories tall with 13,300 square feet of indoor space and 2,200 square feet of outdoor space. Amenities include a wine cellar, a rooftop爱上海同城对对碰 爱上海同城论坛 terrace and a fireplace.

Falcone purchased the property in 2004 for 上海贵族宝贝交流区 上海贵族宝贝论坛about $10.4 million. He told the Journal that he and his wife spent about $6.5 million renovating the home. They now plan to move to another townhouse on the爱上海同城论坛 爱上海同城 same street that they bought in 2008 for $49 million and have expanded to roughly 30,000 square feet.

The Modlin Group and Douglas Elliman are listing the property. [WSJ] – Eddie Small

Tags: NYC Luxury Market,爱上海同城论坛 爱上海同城 Residential Real Estate, townhouse market, upper east side
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Two Trees Management

Three banks buy $175M in state bonds for Domino Sugar site project Project is expected to cost $309M

Rendering of Domino Sugar Park and Jed Walentas (Credit: COOKFOX and Michael McWeeney )

A trio of banks has picked up $175 million in taxable bonds from the state for Two Trees Management s mixed-use project at the former Domino Sugar Factory site.

M T Bank, Wells Fargo and JPMorgan Chase purchased the bonds issued by the New York State Housing Finance Agency, the Commercial Observer r上海龙凤论坛 新上海贵族宝贝论坛eported. Wells Far上海夜网论坛 上海夜网go led the buy, purchasing $75 million in bonds. The other banks each bought $50 million worth.

The Real Deal first reported Two Trees was seeking construction financing from the state s housing finance arm for the Domino Sugar site . The project — a 22-story office building connected to a 42-story residential tower — is expected to cost $309 million.

Last year, Two Trees opened the first residential bu爱上海同城 爱上海ilding on the site, 325 Kent, which received 87,000 applications for its 104 affordable units. The developer a爱上海同城 爱上海lso signed a restaurant run by Michelin star chef Missy Robbins and the Clinton Hill-based eatery Mekelburg’s as retail tenants in the building. [CO] — Kathryn Brenzel 

Tags: Domino Sugar factory, JPMorgan Chase, m上海贵族宝贝 上海千花网龙凤论坛&t bank, Real Estate Finance, Two Trees Management, wells fargo
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Colliers International

Colliers names co-heads for new capital markets platform Reorganization brings thre爱上海同城手机版 新爱上海同城对对碰论坛e business lines under one umbrella

David Kotansky and David Amsterdam (Credit: Twitter)

Colliers International has tapped two veteran brokers to co-head the company s new U.S. capital markets platform.

David Amsterdam, a president at the company who overseas eastern region activities, and David Kotansky, a managing director in the Portland, Oregon office, will oversee divisions dedicated to阿爱上海同城 阿拉爱上海同城 investment sales, brokering debt and equity deals and structured finance, the company announced. Both will also continue with their previous responsibilities.

The newl阿爱上海同城 阿拉爱上海同城y-established capital markets platform will add great value to our growing business, said Gil Borok, the COO for Collier s American business.

The three business lines that will be consolidated in the new platform are familiar ones for Colliers. Last week, the company helped Aion Partners sell its office building at 11 East 44th Street to menswear company Brooks Brothers for $106 million.

Amsterdam, who previously worked at SL Green Realty and Cushman Wakefield, joined Colliers last March. Before that, he had a brief stint in politics as campaign manager for his former Cushman colleague Paul Massey. The candidate dropped out of the NYC mayoral race amid disappointing polls and a lack of funding well before election day.

Kotansky has worked at Colliers since 2011, according to his LinkedIn profile.

In 2017, Colliers上海夜网 阿爱上海同城 hired JLL s investment-sales team Richard Baxter, Scott Latham, Yoron Cohen. [CO] Kevin Sun

Tags: Colliers International, C上海贵族宝贝交流区 上海贵族宝贝论坛ommercial Real Estate
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436 Albee Square

Topless tension at Brooklyn rental owned by Goldman and Gluck Owners rented units in bulk to King’s College

436 Albee Square in Brooklyn (Credit: Wikipedia)

Tenants at Yoel Goldman and Joel Gluck s luxury Brooklyn rental have a few things to get off their chest.

“There were girls sunbathing topless up there,” a tenant at the Azure with a young child told the New York Post. “My wife was like, ‘WTF?!’ There are a lot of families [here].”

“They marketed it as being a luxury building with families,” another tenant told the newspaper.

The problems at the Azure, located at 436 Albee Square in Downtown Brooklyn, reportedly began when Goldman s All Year Management and Gluck s Spencer Equity struck a deal to rent nearly a third of its 150 units to King s College in Lower Manhattan.

That deal, another example of how landlords are coping with the city s luxury rental glut, brought young, partygoing上海龙凤论坛 新上海贵族宝贝论坛 co-eds to the glitzy rental property, the Post reported. Students told the paper that they are currently paying $6,000 per month between four people to live in two-bedroom units. Current listings on StreetEasy show two-bedrooms at Azure listed for $3,950 a mont上海千花网论坛 上海千花网h. Goldman and Gluck refinanced the building in July with a $118 million l上海龙凤论坛sh1f 上海龙凤论坛oan from an Israeli investor.

Since 2015, New York rents have been decelerating, declining 0.4 percent in July, according to Bloomberg.

Diane A. Ortiz, who works for the building’s management firm, told the Post that tensions reached fever pitch during one student move-in day.

“I was being cursed out right to my face [by an older tenant]. Somebody called me a bitch,”Ortiz told the Post. “There is a war between college students and tenants, but they are all people and they all 上海龙凤论坛sh1f 上海龙凤论坛pay rent.” [NYP] Decca Muldowney

Tags: azure, brooklyn, Residential Real Estate
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