NYC Market Reports

Foreclosures soar by 145% in the Bronx A weekly feature bringing you the industry’s latest intel

(Credit: Ideal Properties Group)

According to this week’s market reports, foreclosures are up in all five boroughs, and net absorption in Manhattan s office market was down for the third consecutive quarter.

Residential

Brooklyn residential report | Brown Harris Stevens
Townhouse prices in Bro上海夜网 阿爱上海同城oklyn rose 16 percent in the third quarter year-over-year, while apartment prices grew 2 percent, and condo price-per-square-foot increased 13 percent. Read the full report here.

Brownstone Brooklyn | Ideal Properties Group
In the third quarter, the median price for residential property in Brownstone and North Brook上海龙凤论坛sh1f 上海龙凤论坛lyn rose to $1.3 million, a 14.3 percent year-over-year increase. Read the full report here.

Queens residential report | Modern Spaces
Closed condo sales in Long Island City averaged $1 million in the third quarter, and in contract prices averages $1.2 million. In Astoria and Flushing, closed sales averaged $809,665 and $790,417 respectively. Read the full report here.

Luxury sales | Olshan Realty
Twenty contracts were signed last week at $4 million and above, five of which crossed the $10 million mark, putting the total asking 上海千花网交友 上海千花网论坛price at $215 million. Read the full report here.

Priciest neighborhoods | PropertyShark
The Flatiron District was the priciest neig爱上海同城 爱上海hborhood in New York in the third quarter, with the median price growing 220 percent year-over-year to $4.4 million. Read the full report here.

Foreclosure report | PropertyShark
Foreclosures in the five boroughs were up 79 percent year-over-year in the third quarter, led by a 145 percent increase in the Bronx. Read the full report here.

Commercial

Manhattan office | ABS Partners Real Estate
Net absorption in the Manhattan office market was negative in the third quarter for the third consecutive quarter, coming in at -1.7 million square feet. Read the full report here.

Tags: foreclosures, Manhattan Of上海贵族宝贝论坛 上海贵族宝贝fice Market
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Commercial Real Estate Broker NYC

Rendering of 77 Wythe A阿爱上海同城 阿拉爱上海同城venue (Credit: Cayuga Capital)

In New York City, luxury residential developments receive extravagant marketing and even make it to the silver screen on Million Dollar Listing New York. The commercial projects, even the ones responsible for changing or reinvigorating a neighborhood, win far less glory. While the prolific office and retail developments do garner attention among prospective tenants, many commercial proper爱上海同城 爱上海ties fly under the 上海千花网论坛 上海千花网radar, especially before they re ready to be marketed.

TRData has used its pipeline of over 12,000 projects and completed properties to determine the average number of days it takes a commercial project to reach each step in the development process. Among the 1,359 commercial projects in our pipeline, the average amount of time it took a project to receive a temporary certificate of occupancy, the permit that allows the space to be sold or rented, was 1,009 days from the time the project was first filed with the Department of Buildings. The median number of days between when the commercial project was filed and when it received its TCO is 1,047 days.

Using this information, we can supply commercial brokers, investors, lenders or developers a上海夜网 阿爱上海同城 reliable list of commercial projects that are presumably close to receiving their TCO based on the amount of time it s been since they filed with the Department of Buildings. There are 69 commercial projects in our pipeline that are within a year of the average amount of time it takes a commercial project to receive its TCO and another 56 projects that have surpassed the average number of days by a year or less and have not received their TCO. These projects are prime candidates to approach with your business.

Click below to download a free sample of five commercial projects that are within a year of the average number of days it takes to receive a temporary certificate of occupancy. Contact Derek Smith at [email protected] or (646) 503-3561 for pricing and inquiries.

Free sample of 5 commercial projects within a year of the average number of days it takes to receive a TCO

Tags: TRData
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Tishman Speyer plans $540M residential project in San Francisco

Tishman Speyer is proposing a high-rise residential development in爱上海同城对对碰 爱上海同城论坛 San Francisco’s SoMa neighborhood. The $540 million project would eventually host 907 residential units in two 400-foot towe阿爱上海同城 阿拉爱上海同城rs designed by Bjarke Ingels Group. The proposed construction would build more than 1 million square feet, with 26,000 square feet of retail space and 94,000 square feet o上海千花网交友 上海千花网论坛f below ground爱上海同城 爱上海 parking. The proposal does not inc上海千花网龙凤论坛 上海千花社区lude affordable housing, but Tishman plans to meet its affordable housing requirements at nearby developments. [Bisnow]

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Spaces IWG

IWG’s co-working venture Spaces expands to Staten Island, Brooklyn Dutch firm to open at Lighthouse Point, Pioneer Building

41 Flatbush Avenue, renderings of Lighthouse Point in Staten Island and Martijn Roordink

Meet the co-working industry’s latest frontier: Staten Island. Spaces is opening 26,000-square-foot office at Triangle Equities’ Lighthouse Point development next to the ferry terminal.

Spaces’ parent company IGW, which changed its name from Regus in 2016, signed a lease at the property two years ago阿拉爱上海同城 爱上海龙凤419桑拿. It initially planned to open an office suite under its flagship brand, but now decided to open a co-working space instead, IWG’s head of network development in North America Michael Berretta said.

Meanwhile, Spaces plans to open its first Brooklyn location at Quinlan Development Group and Buildin上海龙凤论坛sh1f 上海龙凤论坛g Land Technology’s Pioneer Building at 41 Flatbush Ave上海千花社区 上海千花网交友nue in Downtown Brooklyn. No lease has been signed, but Berretta said negotiations are “pretty far along.”

CBRE’s Sc上海千花网 爱上海同城对对碰ott Sloves, who also brokered the Lighthouse Point lease, is working with Spaces on the deal. He did not respond to requests for comment. Both loc上海千花社区 上海千花网交友ations are expected to open in the fourth quarter.

Spaces’ founder Martijn Roordink said expanding to the borough is part of the firm’s strategy to be in as many cities and neighborhoods as possible. “We’re building a network,” he said. “It’s all about getting a presence.” Spaces hopes that the Staten Island office will appeal to local residents who don’t want to commute to Manhattan every day, Roordink added. The company expects both locations to open in late 2018.

The $231 million Lighthouse Point development in St. George will also include apartments, retail space and a 175-room hotel.

The two offices will be Spaces’ fifth and sixth location in the Big Apple. The company is set to open coworking spaces at RXR Realty’s Helmsley Building and at Equity Office’s 1740 Broadway this year and already operates a location at the Falchi building in Long Island City. In December, the Commercial Observer reported that Spaces signed a 103,000-square-foot lease at Brookfield Property Partners’ 424-434 West 33rd Street.

The Netherlands-based Spaces was acquired by Regus in 2015.

Tags: Co-working NYC, co-working space, Commercial Real Estate, Lighthouse Point, Office Leasing, Staten Island, triangle equities
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On the move: McLaughlin rejoins Elliman; Durmus joins Town & Country

Patrick McLaughlin is rejoining Douglas Elliman’s Sag Harbor office. The East Hampton resident had previously been an agent and the manager of the same office, Behind the Hedges reported. And Harrison Durmus is the newest agent at Town County’s Westhampton Beach office. After working in travel and tourism in New York City, he decided to move into real es新爱上海同城对对碰论坛 上海同城对对碰交友社区tate after working with Town Country to buy his own home in Southampton. [Behind the Hedges]

Tags: Hamptons
We are having some上海夜网 阿爱上海同城 techni上海千花网论坛 上海千花网cal d爱上海同城对对碰 爱上海同城论坛ifficulties. Tr上海千花网论坛 上海千花网y again later.

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Ian Bruce Eichner

Inside the dramatic battle for control of Eichner s Flat上海夜网论坛 上海夜网iron condo tower “We needed to be very considerate, careful and deliberate in structuring our joint venture,” Fortress exec testified

Ian Bruce Eichner, Dune’s Russell Gimelstob and 45 East 22nd Street

Ian Bruce Eichner once allegedly handed a potential len上海千花社区 上海千花网交友der a copy of High Rise: How 1,000 Men and Women Worked Around the Clock for Five Years and Lost $200 Million Building a Skyscraper.”

The 1993 book expertly details how the developer built and lost a Times Square office tower as the 爱上海龙凤419桑拿 上海龙凤论坛sh1freal estate market turned in the late 1980s. The banker, astonished, vowed never to work with Eichner. But the developer’s many high-profile losses haven’t prevented him from time and time again rebounding for what seems to be another of his nine lives.

The head of the Continuum Company’s latest contested project – his $700 million Flatiron District condominium tower– sheds some light on how a developer with such a track record continues to be financeable.

“We had a successful history with Mr. Eichner. We had done, as Bruce mentioned, a couple of deals in Florida where we had made some money,” Randall Shy, a managing director at Fortress Investment Group, testified earlier this month in a court hearing over control of the project. “Nonetheless, we needed to be very considerate, careful and deliberate in structuring our joint venture.”

“It was made clear to us that we needed to be very thoughtful and careful about how we structured our transaction,” Shy added.

Shy said that when Fortress and Dune Real Estate Partners teamed up to partner with Eichner on the development project he had assembled at 45 East 22nd Street, they decided they needed to put the developer on a short leash.

That meant structuring the joint venture so that Fortress and Dune – not Eichner – served as the managing member, which Shy said made the project more attractive to lenders. (Fortress and Dune have $85 million worth of equity in the project, while Eichner has $61 million, according to legal documents.)

The managing members also negotiated specific default events and their remedies, a “loser pays” clause covering attorneys fees and recourse provisions for Eichner that were particularly important considering “what we believed to be his litigious nature,” Shy testified.

The Fortress executive bristled at the idea that sitting in court arguing over control of the project was exactly what the partners were trying to avoid when put上海千花网 爱上海同城对对碰 an arbitration clause into their joint agreement. Eichner sued when it appeared Fortress and Dune would find him in default of the JV agreement, and the judge in the case granted the developer a preliminary injunction, partly because he found Eichner to be the more credible witness (though he doesn t say why).

Russell Gimelstob, Dune’s head of acquisitions and a member of the firm’s investment committee, said the managing partners negotiated the agreement knowing there was a real possibility th[……]

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550 Madison Avenue

RXR joins Olayan on 550 Madison Avenue s $300M redevelopment Rechler’s firm paid undisclosed sum to invest as minority partner

Scott Rechler and a rendering of the redevelopment of 550 Madison Avenue (Credit: DBOX)

RXR Realty has joined the local arm of Saudi Arabia’s Olayan Group on its $300 million repositioning of 550 Madison Avenue.

RXR invested an undisclosed sum to become a minority partner on the redevelopment of the 37-story, 850,000-square-foot Midtown office tower, Crain’s reported.

RXR chairman and CEO Scott Rec上海千花网论坛 上海千花网hler said his firm could oversee the redevelopment work and help boost the planned upgrades.

“There are some things we have thought about shifting and tweaking in the project as we have gotten involved to meet the demands of the tenants that would take space here,” he said. “It’s about executing a vision to maximize the historic identity of the property and create a best-in-class office building.”

Olayan America bought the Philip Johnson-designed building in 2016 for $1.4 billion from the Chetrit Group and David Bistricer’s Clipper Equity, which had planned a $1.9 billion condominium conversion of the property known as the Sony Building, as The Real Deal first repo上海千花网 爱上海同城对对碰rted.

Olayan plans to renovate and reposition the building to 上海贵族宝贝交流区 上海贵族宝贝论坛attract office tenants. The investor’s plan hit a speed bump last year when preservationists opposed its上海贵族宝贝 上海千花网龙凤论坛 design for the base of the tower, which would dismantle the lobby and replace it with a glass façade.

The developer completed the lobby demolition, but has backed off plans for the glass installation. The city’s Landmarks Preservation Commission is expected to approve designating the building a city landmark in the coming weeks.

CBRE is handling leasing at the tower. [Crain’s] – Rich Bockmann

阿拉爱上海同城 爱上海龙凤419桑拿Tags: 550 Madison Avenue, Commercial Real Estate, Development, Olayan Group, RXR Realty, Sony Building
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Multiple Listing Service

At long last, NYC is getting a regional MLS The Long Island and Hudson Gateway entities are merging

(Credit: iStock)

The multiple listing services of Long Island and Hudson Gateway have merged to encompass roughly 40,000 real estate professionals in the New York City metro area.

The new entity, New York MLS, will serve Nassau, Suffolk, Queens, Brooklyn, Manhattan, Bronx, and Westchester, Putna上海千花网论坛 上海千花网m, Rockland, Sullivan and Orange counties, according to a statement.

The move comes after discussions that began in 2017 about consolidating the services into one regional MLS, as The Real Deal reported. It’s expected to be fully operational some上海夜网论坛 上海夜网 time next year.

Despite the volume of high-priced deals, New York City’s residential firms have never shared a cent爱上海同城论坛 爱上海同城ral listings system. The industry took a stab at creating an MLS 17 years ago, but it didn’t work out. Earlier this year, the Real Estate Board of New York syndicated its listings feed, called the residential listings service (RLS) — and also planned to syndicate listings to consumer-facing websites.

With the alliance of two successful MLSs, members gain entr爱上海 爱上海同城手机版y to a vast selection of integrated technology tools and resources which will better serve their buyers and sellers,” Jim Speer, who was senior vice president of operations for MLSLI, said in the statement. He will be CEO of the new MLS.

The move towards building more encompassing MLSs is part of a wider trend. Last year, the Hudson Gateway Association of Realtors absorbed the Manhattan Association of Realtors, whose membership had dwindled to about 100. And last week, a group of five listing services from California, Arizona, Wisconsin, Oregon and Utah announced that they would band together to share data.

Meanwhile, in New York, Zillow’s StreetEasy remains a popular, if not the most popular, place for agents to post their listings. Though it hasn’t been without its troubles lately. Some agents have been concerned about recent changes to the portal’s controversial advertising program, Premier Agent. Separately, Zillow sent an email to agents using the program last week, warning of scammers attempting for money in exchange for fake leads.

Brooklyn, for its part, has its own independent listing service. The Brooklyn MLS dominates the southern and eastern parts of the borough, and has seen a more than 50 percent jump in membership over the la爱上海同城 爱上海st five years. It has more than 4,100 agents.

Tags: multiple listing service, Residential Real Estate, Tech
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Co

Co-living concept might be finally taking off After relatively slow start, more firms are working on large-scale projects

(Credit: iStock)阿拉爱上海同城 爱上海龙凤419桑拿

Co-living may have reached its maturity phase.

The concept is less than 10 years old, but developers are now getting ready to build some of the continent’s biggest new co-living properties, indicating its growing popularity, according to the Wall Street Journal.

Starcity,上海千花网论坛 上海千花网 a co-living startup based in San Francisco, agreed to buy a development site in San Jose, California, last week where it is planning a co-living building with 750 units. It also intends to file plans for a 270-unit co-living building in San Francisco’s SoMa ne爱上海 爱上海同城手机版ighborhood this week.

In New York, London-based co-living company The Collective has purchased a site in Williamsburg where it plans to build its first American project with more than 500 units.

A co-living project at 29-22 Northern Blvd in Queens

If these larger projects take off, larger investors could be more encouraged to enter the co-living market that has so far grown slower than expected上海同城对对碰交友社区 上海夜网论坛. For instance, WeLive, the co-living concept that is part of WeWork, told爱上海同城对对碰 爱上海同城论坛 investors in 2014 that it expected to have 69 locations by the end of 2018 but has so far completed just two.

“Co-living’s institutional moment is now upon us,” chief executive of the co-living company Ollie Chris Bledsoe told the Journal. “There’s no more flying by the seat of your pants.” [WSJ] — Eddie Small

Tags: Co-living, Residential Real Estate
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Twitter Chelsea Headquarters

Twitter re-ups 215K 上海千花网 爱上海同城对对碰sf lease in Chelsea The social 阿拉爱上海同城 爱上海龙凤419桑拿media giant extends lease at Columb上海贵族宝贝论坛 上海贵族宝贝ia Property Trust’s 249 West 17th St.
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