Office Condos NYC

60 Guilders splitting Corinthian office condo into 32 units Chelse上海千花网论坛 上海千花网a-based firm teamed with Carlyle Group to acquire three-floor unit for $48M

Real estate investment firm 60 Guilders is planning to split a three-floor, 81,000-square-foot office condominium at the Corinthian residential tower into 32 separate office units, according to an offering plan filed with the state Attorney General’s office last month.

Chelsea-based 60 Guilders partnered with the Carlyle Group to acquire the first three floors of the 57-story condo tower, at 330 East 38th Street in Murray Hill, for $48 million, as The Real Deal reported in September.

The investors acquired the commercial condo unit, which was operating as medical offices, from Florida-based ProMed Properties. ProMed purchased the property from Eliot Spitzer’s Spitzer Enterprises, which completed the Corinthian in 1988, for $31 million in 2011.

But 60 Guilders,上海千花社区 上海千花网交友 led by Savanna alums Kevin Chisholm and Bastien Broda, and private equity giant Carlyle plan on splitting up the 81,000-square-foot space, acc上海千花网交友 上海千花网论坛ording to the offering plan filed April 26. The result would be 32 separate office units averaging just over 2,530 square feet each.

60 Guilders declined to comment. The company has frequently partnered with Carlyle as of late. In April, it filed a 21-unit commercial condo plan at 20 West 33rd Street – an 11-story Midtown office building that Carlyle acquired for $111 million last year.上海千花网龙凤论坛 上海千花社区

The two sides also recently[……]

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Sentinel Real Estate Corporation

Sentinel to sell Washington Heights portfolio for $102M The five elevator buildings offer 289 units and 199K sf in air rights

838 and 884 Riverside Drive in Washington Heights (inset: Sentinel Real Estate Corporation chair John Streicker)

A group of real estate investors led by Joshua Sternhell and Mike Spira is in contract to pick up five Washington Heights rental buildings known as the Fort Riverside portfolio from Sentinel Real Estate Corporation for $101.5 million, or about $爱上海同城论坛 爱上海同城300 per square foot, sources told The Real Deal.

The six-story elevator buildings contain 289 apartments and span 341,148 square feet. They are spread along Fort Washington Avenue and Riverside Drive.

The package also includes a combined 199,000 square feet of air rights. The addresses are 66-72, 80 and 86 Fort Washington Avenue and 838 and 884 Riverside Driv阿拉爱上海同城 爱上海龙凤419桑拿e.

Of the 289 apartments, 104 are renovated. About 62 percent of the apartments are rent-regulated and rent for about 50 percent of the market rate at $20 per square foot, according to an offering memorandum.

Together, the buildings generate $5.8 million上海千花网龙凤论坛 上海千花社区 in annual revenue and $3.4 million in net operating income, the memo shows.

Cignature Realty Associates CEO Lazer Sternhell – son of Joshua Sternhell – and Peter Vanderpool are representing the buyers. A Cushman Wakefield team led by Robert Shapiro, Bob Knakal and Jonathan Hageman are representing the sellers in the deal. They were marketing it for sale for $107 million.

The br[……]

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Marriott Starwood Merger

Marriott to keep all 30 flags after $13B Starwood deal World’s biggest hotelier plans to shake up portfolio

From left: the Ritz Carlton at 2 West Street, Marriott s Arne Morris Sorenson and the St. Regis at 2 East 55th Street

Marriott International’s $13 billion acquisition of Starwood Hotels Resorts made it the largest hotel operator in the world with 5,700 properties and 1.1 mi阿拉爱上海同城 爱上海龙凤419桑拿llion rooms spanning 30 different brands – each of which will remain distinct and separate in the new company.

Marriott had 19 brands prior to the deal, including its luxury flagship Ritz-Carlton, which competed with Starwood’s luxe St. Regis properties.

As the deal neared completion, observers speculated that Marriott might fold similar properties together, but global brand officer Tina Edmundson said the plan is to keep all 30 flags intact.

“We thought long and hard about how you serve up 30 brands in a meaningful way — one that helps consumers infer both price and experience,” Edmundson, who spent 18 years earlier in her career working at Starwood, told Bloomberg News.

Edmundson said eight of the 30 brands will be designated as “luxury,” marketed toward two different types of travelers.

Properties like the Ritz-Carlton, St. Regis and JW Marriott will be pitched as “classic luxury,” while five other brands will be geared toward customers with more modern and boutique tastes.

One brand not included in the luxury category is the Autograph Collection, which 上海贵族宝贝 上海千花网龙凤论坛could be a great deal for travelers i[……]

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NYC Rental Market

These neighborhoods are screaming for more one-bedroom apartments Lack of supply coincides with higher rents: study

Bushwick (Credit: StreetEasy)

New Yorkers are staying single longer, and that means growing demand for one-bedroom and studio apartments. But the real estate industry has been slow to meet that demand, new data from listing site RentHop indicates.

In nine New York City neighborhoods, the median rent for a one-bedroom apartment is more than 90 percent of the median rent for a two-bedroom apartment and in 92 out of 213 neighborhoods surveyed 爱上海同城 爱上海it is more than 80 percent.

On first sight that’s puzzling. Two-bedroom pads tend to be bigger and can be shared with roommates, which should make them significantly more expensive on average than one-bedroom pads. So why isn’t that the case?

One possible explanation is that there simply aren’t enough one-bedroom apartments in many neighborhoods relative to the supply of two-bedroom pads, and that this mismatch drives u阿爱上海同城 阿拉爱上海同城p rents. RentHop’s data suggests as much.

The chart below shows that rents for one-bedroom apartments compared to two-bedroom pads tend to be higher in neighborhoods where there are less of the former.

In Bushwick, for example, there are about three two-bedroom apartments for every one-bedroom apartment. The few one-bedrooms on the market tend to be expensive: their median rent is 91.5 percent of the area median rent for two-bedrooms. Compare th新上海贵族宝贝论坛 上海贵族宝贝交流区at to Downtown Brooklyn, where a surge in new const[……]

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China Housing Market

Is China s housing market about to crash? Government restrictions are having an impact

Beijing (Credit: Nikolaj Potanin via Flickr)

Is China about to get its own version of a mortgage crisis? Chinese home 新爱上海同城对对碰论坛 上海同城对对碰交友社区prices are starting to fa爱上海龙凤419桑拿 上海龙凤论坛sh1fll amid new government restrictions, and some observers worry that homeowners overloaded with debt could run into trouble.

Property prices in Beijing and Shanghai fell by 0.3 percent between November 2016 and November 2017 after years of double-digit growth. Prices in cities like Shenzhen, Wuxi and Hangzhou are also falling.

The Chinese government previously increased down payment requirements and mortgage rates in a bid to cool the housing market, but some observers worry about homeowners ending up under water. “The more vulnerable side of the household sector is home buyers who are buying just against their own earning power and don’t have that family wealth,” PNC economist Bill Adams told the Wall Street Journal. “Often it’s people who come to major cities from smaller towns and from the countr爱上海同城 爱上海yside.”

In recent years the housing market accounted for about a third of China’s GDP growth, according to Moody’s Investor Services.

The good news is that Beijing could always loosen housing marke爱上海同城手机版 新爱上海同城对对碰论坛t regulations to boost prices, and that China lacks the kind of mortgage-based financial products that almost brought down the U.S. financial system in 2008, the Wall Street Journal reported. [WSJ] Konrad Putzier

Tags: china, Home Pr[……]

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Blockchain Real Estate

Vermont county and Silicon Valley startup close historic RE deal using blockchain It was the first known real estate transaction in the U.S. executed entirely via the technology with the government’s recognition

Times Square, New York City. (Credit: Francisco Diez, overlay by Pixabay)

The deal was worth an unsuspecting t上海贵族宝贝 上海千花网龙凤论坛otal of $10, but what it represents could disrupt the entire real estate industry.

The deal was part of a pilot program between a county in Vermont and San Francisco-based startup Propy, which is developing a blockchain-powered registry for real estate transactions.

Blockchain technology allows for nearly instantaneous peer-to-peer transfers between networks anywhere in the world and tracks all transactions through an encrypted electronic ledger. It is best known for facilitating transactions with cryptocurrencies, like Bitcoin, however Propy s engineers are developing a registry for all aspects of real estate transactions (powered by the smart contracts feature of Ethereum s blockchain platform) that is in line with local laws. Propy s direct clients are governments and the real estate industry in a given location, and the parties of a transaction do not have to be paying in cryptocurrency.

The historic deal, which marks the first complete blockchain deal in the U.S., took place on February 20 when Katherine Purcell transferred her property in Burlington, VT to her LLC. It was a demonstration of how property records registered via the public Ethereum block[……]

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Knotel

WeWork rival Knotel is now valued at $500M Startup raised $70M in Newmark-le上海贵族宝贝 上海千花网龙凤论坛d Series B, plans to double in size

Barry Gosin, Amol Sarva and Alex Sapir (Credit: Getty Images and Jhila Farzaneh for The Real Deal)

Knotel closed a $70 million in a Series B funding round on Tuesday, with plans to exp上海夜网论坛 上海夜网and rapidly and muster a serious challenge to industry leader WeWork.

The flexible office space startup led by Amol Sarva has now raised $100 million between two seed rounds, and is valued at $500 million, according to research firm Pitchbook.

Knotel, which in the past two years has leased more than 1.1 million square feet in New York, San Francisco and London, said the new funding will allow the company to double in size.

Knotel s latest funding round was led by Newmark Knight Frank and the Sapir Organization, with participation from the Wolfson Group, 阿拉爱上海同城 爱上海龙凤419桑拿the Moinian Group and Wainbridge Capital.

Sarva, who also co-founder of Virgin Mobile USA, was embroiled in a public feud with WeWork last year, accusing the company of corporate espionage. In response, he pa阿爱上海同城 阿拉爱上海同城rked a school bus in front of WeWork’s headquarters with a sign that read “graduate from co-working” — a reference, Sarva said, to the company’s perceived frat culture.



The company s $25 million Series A round was supported by Bloomberg Beta, Invest AG, Observer Capital, Rocket Internet, and 500 Startups.

Knotel targets small-to-mid-sized companies with flexible leases. It rec上海千花网龙凤论坛 上海千花社区ently announced plans to[……]

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Property Taxes

Here s how much you can expect to pay in property taxes in the NYC area Homeowners in Westchester put about 10 percent of annual salary toward property taxes

Westchester homes and a disgruntled home owner (Credit: iStock)

For some homeowners in the tristate area, 10 percent of their annual salary goes right to paying property taxes on their homes.

In Westchester, homeowners pay an average of $15,000 in property taxes each year, which equates to about 10 percent of the average income of $148,775, according to a new analysis from Bloomberg.

Manhattan 上海贵族宝贝论坛 上海贵族宝贝isn’t too far behind, as homeowners in the borough pay about $14,400 in annual taxes. However, this tends to be a lower income percentage, as they make 爱上海同城论坛 爱上海同城an average of about $60,000 more per year.

Property taxes are a function of the assessed value of a home, meaning as home values rise, property taxes do as well, which can make it harder to purchase property. And thanks to tax changes that 上海贵族宝贝 上海千花网龙凤论坛took effect at the beginning of the year, there is now a $10,000 cap on state and local income tax deductions.

Bloomberg’s study examined more than 3,000 counties with at least 200 home-owning h上海夜网 阿爱上海同城ouseholds and more than 50 income tax returns with real estate tax information. [Bloomberg] – Eddie Small

Tags: Housing Market, Residential Real Estate, taxes, Westchester Fairfield
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