Rita Stark Queens

Infamous anti-development Queens landlord dies Rita Stark blocked attempts to develop her shopping center on Mott Avenue

Thriftway Shopping Center on Mott Avenue

Rita Stark, a Queens landlord who critics say worked to block a $91 million revitalization plan for Far Rockaway, died. She left her extensive multifamily holdings to her brother and two sons.

Stark died in October, DNAinfo reported. She owned properties in the Queens neighborhoods of Jamaica, Hollis and Far Rockaway and throughout the city.

Stark’s property, the Thriftway Shopping Center on Mott Avenue, had become a symbol for the decline of downtown Far Rockaway. The storefronts remained empty, but Stark repeatedly backed out of deals to sell or develop the property, according to the publication. Many in the local community had hoped development would lead to jobs and economic growth. In February, Mayor Bill de Blasio announced at $91 million investment for the downtown area.

“I’ve never heard of anyone who didn’t want to make money, especially someone in real estate,” said 上海千花网龙凤论坛 上海千花社区Jonathan Gaska, district manager for Community Board 14. He added that he’d received dozens of calls from people who wanted to develop the shopping center or lease store上海同城对对碰交友社区 上海夜网论坛s in Stark’s shopping center. He said Stark would always pull out of the deals at the last minute.

A spokesperson for the city s Economic De阿拉爱上海同城 爱上海龙凤419桑拿velopment Corporation said it remains committed to the redevelopment of downtown Far Rockaway.

“We’re hopeful that whoever takes over management of these properties will share our commitment and will help activate them in a way that benefits the community,” the spokesperson told the website.

Last year, Stark  sold a two-building rental complex known as Arlington Village in East New York for $30 million to上海千花社区 上海千花网交友 a group of investors led by Eli Tabak of Bluestone Group. [DNAinfo] Miriam Hall

Tags: far rockaway
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Savanna Real Estate

Attention, Brooklyn condo buyers: Good luck trying to hold your developer personally accountable Appellate court shoots down attempt to pierce LLC veil in construction defect case against Savanna

From left: 125 North 10th Street, Christopher Schlank and Nicholas Bienstock

The LLC veil used by condo developers in Brooklyn just became Kevlar.

A New Appellate Court ruling will make it harder for condominium boards in the borough to sue individual developers of apartment buildings for construction defects.

Over the years, a number of Brooklyn condo buyers filed lawsuits in New York Supreme Court against the actual developers behind the projects they lived in, alleging construction defects. One such case, against real estate investment firm Savanna and their 86-unit condo at 125 North 10th Street in Williamsburg, made its way to appellate court.

The judges in that case have now ruled that claims can only be brought against the develo上海龙凤论坛 新上海贵族宝贝论坛pment entity, in this case, an LLC. The takeaway: Developers aren t personally liable for the buildings they put up.

Previously, cases naming individual developers as defendants were justified by developer signa新上海贵族宝贝论坛 上海贵族宝贝交流区tures on the “certification of sponsor,” a document in which stakeholders affirm that all the contents of a new condo offering plan are true and representative. Brooklyn developers singled out in breach of contract lawsuits in recent years include Amir Yerushalmi and Alan Messner. The appellate court department covering Manhattan, however, has established precedent for dismissing cases brought on this argument. With the Savanna ruling, Brooklyn, covered by the appellate division s second department, has gone the same way.

“For the last few years in the lower courts in the second department, judges have been denying motions to dismiss made by sponsors in construction defect cases,” said Andrea Roschelle, an attorney at Starr Associates who represented Savanna in the 125 North 10th Street case. “This cannot be the only industry in the United States that principals are not entitled to protect their assets by using the corporate form, here an LLC.”

In 2012, buyers at The Condo Street sued Savanna and its principals, including co-founders Christopher Schlank and Nicholas Bienstock, as well as architects, management and construction firms involved in the project. Residents complained of hot water flowing through fixtures, deficient heating and cooling systems, flooding in the garage, foul odors and balcony railings unsafe for children. Although many of the firms and individua上海贵族宝贝交流区 上海贵族宝贝论坛ls were dismissed from the case in A Kings上海贵族宝贝交流区 上海贵族宝贝论坛 County Court, Savanna and partner Investcorp couldn t get their n新爱上海同城对对碰论坛 上海同城对对碰交友社区ames removed from the breach of contract suit.

In the ruling, the appellate judges held that the individuals cannot be held individually liable for the breach of contract alleged by the plaintiff, based solely on violations of the offering plan, merely by their certification of that offering plan in their[……]

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Commission Splits NYC

As prices rise and sellers lose ground, 5 percent — or even 4 — becomes a new norm, shaking up the brokerage world

(Illustrations by Neil Webb)

When Upper East Side socialite Shafi Roepers decided to relist her co-op at the exclusive 4 East 66th Street this spring, she called power broker Serena Boardman. The Sotheby’s International Realty agent came close to selling the floor-through apartment last year, but the deal fell apart at the 11th hour.

This time, however, there’s a catch.

While the property is being listed for the same $65 million, the commission for the buyer’s broker has been dropped to 1.5 percent from the typical 3 percent. The move — which comes despite the fact that it didn’t sell last time around — speaks to the fact that Manhattan agents, particularly those who work in the high-end luxury market, have been increasingly willing to accept less in today’s challenging market.

“Over $15 million, I haven’t seen 6 percent,” said Jed Garfield, president of the brokerage Leslie J. Garfield, referring to the full commission shared equally between agents for buyers and sellers. “The old 6 per新爱上海同城对对碰论坛 上海同城对对碰交友社区cent on a sale is absolutely a thing of the past.”

Kirk Henckels, director of private brokerage at Stribling Associates, said that while the market use to be “solidly 6 percent,” now “we’re solidly 5 percent.” And in some cases, 4 percent is in play.

Henckels attributed the drop to the fact that prices have skyrocketed in recent years.

“It’s one thing to have a $20 million listing, but suddenly you have $30, $40, $50 and $100 million listings and it all has to be reexamined,” he said.

While some agents are using their fee as a bargaining chip as they jockey for listings, the commission decreases are also being pushed by some sellers, who are looking to save money in a softening market, said Douglas Elliman’s Frances Katzen.

“[Some sellers] are like, ‘Tough shit, I’m not paying more than 5 percent on a co-broke deal or 4 percent on a direct deal,’” she said, referring to a transaction where one broker represents both sides.

But, she said, smart sellers will pony up 6 percent to incentivize agents to get their unit sold.

Brown Harris Stevens President Hall Willkie said his firm can “get 6 percent on a $10 million listing, but we’re willing to do it for 5 percent.” Four percent, he said, is the norm above $20 million.

(Click to enlarge)

Meanwhile, some agents told The Real Deal that there’s an increasing number of brokers in today’s market who are also offering commission discounts for another, less scrupulous reason: to undercut their rivals.

“There are always desperate people who do desperate things” to win listings, said Compass President Leonard Steinberg.

Too much money

In some ways, residential commissions are starting to mirror commissions in the commercial sector, where the percentage paid to a broker drops as the price goes up. A broker selling a $1 billion building, for example, is more likely to take home 0.5 percent versus 2 or 3 percent for a bu[……]

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Kanye West

Kanye West sells Heartless Hollywood Hills home for $3M There’s a large fish tank in the master bedroom

Kanye West, Hollywood Hills home (Getty Images/MLS)

Somewhere far along this road, he lost his soul to a new buyer.

Rapper and fashion designer Kanye West sold his longtime Hollywood Hills West home featured in his Heartless music video for $2.95 million in an off-market deal.

The 4,214-square-foot property has three bedrooms and four bathrooms with a large fish tank in the ma新上海贵族宝贝论坛 上海贵族宝贝交流区ster bathroom, the Los Angeles Times reported.

It also has a breakfast room, den, home theater and balconies on all three levels.

He purchased the home near Hollywood Boulevard in 2003 for $1.75 million, according to property records.

West first listed the house in 2010 for $3.9 million, and, more r上海贵族宝贝交流区 上海贵族宝贝论坛ecently, in 2013 for $3.3 million.

West, one of the bestselling hip-hop artists of all ti爱上海同城手机版 新爱上海同城对对碰论坛me, released his last album “The Life of Pablo” last year. He also owns a home in Bel-Air and Hidden Hills with his wife, 上海千花网 爱上海同城对对碰reality television star Kim Kardashian. [LAT]  Subrina Hudson

Tags: Celebrity Real Estate, Hollywood上海千花网交友 上海千花网论坛 Hills, Re
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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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