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 construction has pushed up the supply of one-bedroom apartments. The area has about two one-bedroom pads fo阿爱上海同城 阿拉爱上海同城r every two-bedroom apartment, and they tend to be cheaper in comparison: The median rent for a one-bedroom is just 71.7 percent of the median rent for a two-bedroom pad.

There are of course other possible reasons why one-bedrooms are expensive. For example, one-bedroom pads could be clustered in pricier new developments, raising their median rent relative to older two-bedroom pads. This could be the case in areas like Gramercy Park, where one-bedroo阿爱上海同城 阿拉爱上海同城ms tend to be expensive even though there are a lot of them relative to two-bedrooms.

Still, the bottom line is that developers looking to cash in should consider building one-bedroom pads in Bushwick and Ocean Hill.

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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 Prices, Politics, Residential Real Estate
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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 blockchain would be recorded and what the resulting documentation would look like down to the QR code and the numerical address of the smart cont上海同城对对碰交友社区 上海夜网论坛ract.

Yes, it was $10. Yes, Prucell still owns the same piece of land. But what makes this deal pivotal is the fact that a county in Vermont brokered and sanctioned the transaction.

It s a historical moment for the real estate industry in the U.S. and for the blockchain community, said Propy founder and CEO Natalia Karayaneva. It s the first step.

Propy founder and CEO Natalia Karayaneva. (Credit: Propy)

The main innovation Karayaneva is trying to solve with Propy is how to make sure that your title deed, your property rights, will be there forever. In the case of a natural disaster or hack, records are vulnerable whereas an electronic encrypted ledger is the closest system at least for now that can promise a semblance of  immutable records, she explained.

As a result, for Karayaneva, government buy-in is necessary for Propy to advance its business and for the systemic changes she images to come to fruition.

The next step is actually to get rid of the old databases and to rely entirely on blockchain registry, she said.

But that will take some time. The efforts to get the demo deal done began last May, following a five-hour meeting between 上海夜网 阿爱上海同城FinTech and blockchain companies with Vermont state officials, regulators and lawyers, according to Gravel Shea attorney David Thelander, who attended the meeting.  He approached Propy follo[……]

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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 launch a blockchain-based online office listing data platform called KnotelKoin, with aims to take down another billion-dollar behemoth, CoStar.

Tags: Co-working NYC, Commercial Real Estate, Knotel, Tech
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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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Dottie Herman

Dottie Herman sells stake in Douglas Elliman for $40M Herman and Howard Lorber bought firm for $72M in 2003

Dottie Herman and Howard Lorber (Credit: Douglas Elliman)

UPDATED: Dec. 31, 5:40 p.m.: Douglas Elliman CEO Dottie Herman — who partnered with Howard Lorber 15 years ago to buy New York City s largest residential brokerage — is selling her stake in the firm for $40 million.

Herman will retain her spot on the management team, according to Elliman’s parent company, Vector Group, which is purchasing her 29.41 percent interest, it said Monday afternoon. Vector, which is controlled by Lorber, already owned 70.59 percent of Douglas Elliman.

In a regu上海千花网交友 上海千花网论坛latory filing, Vector said it already paid Herman $10 million and will pay the remaining $30 million in 12 equal installments between Jan. 1, 2020 and Oct. 1, 2022. She will also receive interest on the outstanding balance爱上海同城对对碰 爱上海同城论坛.

In a statement, Lorber said Herman’s “vision for and dedication to Douglas Elliman” helped turn the brokerage into a national brand with 7,000 agents — including 2,600 in New York City.

The pair acquired the brokerage in 2003 for just under $72 million, and its overall success led to Forbes in 2016 naming Herman as the richest self-made woman in real estate, with an estimated net worth of around $260 million.

But lately, the firm has been battered by the national housing slowdown and sluggish new development sales. Elliman reported net income of $7.8 million for the first nine months of 2018— down 62.5 percent from $20.8 million in 2017.

On Monday, shares of Vector closed at $9.73 — down around 54 percent from $20.70 per share in Janua上海千花网交友 上海千花网论坛ry 2018 — giving the company a market cap of $1.3 billion.

‘End of an era’

In recent years, Herman has retreated from the firm s day-to-day operations, fueling rumors that she was on her way out.

On Monday, Herman disputed the idea that she has — or will — ta阿爱上海同城 阿拉爱上海同城ke a backseat at Elliman, despite selling her stake. “When a company gets to be a size like ours, any CEO should take the time to be strategic,” she said. “I still take every call from agents. Look, I helped four people get listings in the last two weeks.”

Although she will remain as CEO, sources told The Real Deal that Herman forgoing ownership represents the end of an era at Elliman.

While Herman held a significant stake in the company and had a legion of loyal followers, Elliman agents and managers said the balance of power has always favored Lorber. He s the dealmaker who brings gobs of new development business through his investment vehicle New Valley, which bought into such projects as 111 Murray, 125 Greenwich, 76 11th Avenue and 1上海龙凤论坛 新上海贵族宝贝论坛60 Leroy. Through that connection, Elliman was tapped to market billions in condo product.

“The main impetus behind the company has been Howard for years,” said Andy Gerringer, who ran Elliman’s new development marketing group until he left in 2010. “Dottie was corralling managers and running meetings but when the big decisions had to be m[……]

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395 Leonard Street

Rabsky sells Williamsburg a上海龙凤论坛sh1f 上海龙凤论坛partment building to UDR for $130M Denver-based REIT is buying in NYC at a time when competitors are looking to reduce exposure

A rendering of 395 Leonard Street in Brooklyn and UDR President Jeffrey Davis (Credit: LinkedIn)

The Rabsky Group sold one of its large Williamsburg multifamily buildings for $130 million to Denver-based landlord UDR, which is buying at a time when several large apartment REITs are retreating from the New York market.

UDR, which already owns about half a dozen properti爱上海同城 爱上海es in Manhattan, closed on the 188-unit Leonard Pointe building in North Williamsburg on Wednesday, sources told The Real Deal.

The purchase price of $132.2 million works out to more than $700,000 per unit.

The Colorado-based real estate investment trust, which has a market capitalization of $12.3 billion, made the purchase at time when competitors such as Equity Residential and AvalonBay Communities are limiting their exposure to the New York City market over concerns about a glut of new apartments.

On UDR’s fourth-quarter earnings call Thursday, company chief financial officer Joe Fisher said the firm is taking a long-term view on the New York City market.

“While it has lagged of late from a regular standpoint given the 上海贵族宝贝交流区 上海贵族宝贝论坛supply picture, we are starting to se上海龙凤论坛 新上海贵族宝贝论坛e that come off. New York will be probably a little bit higher next year in terms of supply, but this is not a one-year trade for us. We are thinking about the next five to 10 years,” he said. “We are looking to get more dollars put to work in that market.”

A representative for Rabsky Group could not be immediately reached for comment. Savills-Studley brokers David Krantz and Paul Leibowitz negotiated the off-market deal on behalf of the buyer. The brokers declined to comment.

Simon Dushinsky’s Rabsky Group developed the seven-story, 140,000-square-foot apartment building at 395 Leonard Street in 2015. The property has a 25-year year 421a tax exemption that fully abates taxes through 2036 before expiring in 2040.

The benefit amount is valued at $18.6 million over the life of the exemption, according to records with the city’s Department of Finance.

Rabsky purchased the site adjacent to the Brooklyn-Queens Expressway a few blocks from Bryant Park in 2012 for $18 million. Dushinsky developed the building – one of at least a dozen properties the company’s developed in North Brooklyn in recent years – with financing from PNC Bank.

Rabsky in 2015 took out the PNC debt and replaced it with a $95 million loan from TD Bank, and earlier this year refinanced property again with an $88.2 million mortgage from Berkadia.

Dushinsky’s firm, which is one of the most prolific developers in Brooklyn, infrequently sells its stabilized properties.

The sale was negotiated at a time when the market still believed that the L Train subway between Brooklyn and Manhattan would be shut down for 18 months starting this spring, before Gov. Andrew Cuomo last month announced a plan to k[……]

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WeWork IPO

The We Company files initial paperwork for an IPO Adam Neumann says it’s “part of keeping all options open”

The We Company CEO Adam Neumann (Credit: Getty Images and iStock)

The We Company, formerly known as WeWork, submitted a filing with the U.S. Securities and Exchange Commission that would allow it to go public, the company announced in a press release.

The announcement gives voice to rumblings in recent months that the flexible-office giant, now valued at $42 billion, was considering an initia上海龙凤论坛sh1f 上海龙凤论坛l public offering, as other unicorns enter the public markets with lukewarm reception.

Adam Neumann, the company’s CEO, told employees he had been celebrating his birthday last week when he decided to file the paperwork that would allow the company to become public, stating that it was “part of keeping all options open.”

In an internal memo, Neumann wrote that, “As one of the world’s largest physical networks, it is our responsibility to help lead the way and set the global example for people and corporations on how we should take care of each other and 爱上海同城对对碰 爱上海同城论坛of our planet.”

The filing updates a previous draft s-1 confidential notice issued by the company to the SEC in December.  Neumann said there is no timeline for an IPO, and told employees he is restricted from discussing the matter further.

Last month, ride-hailing service Lyft registered as a public company and is valued at $17.3 billion. Its chief rival Uber is also planning its own public offering with a valuation between $80 billion and $90 billion. Other startups, including Pinterest and PageDuty, have filed for public offerings. Office instant-messaging app Slack is also preparing for its own public offering.

But many analysts have also predicted that 2019 could bring to an end the booming economy of recent years. The Real Deal reported last week that WeWork made some prescient moves ahead of a purported downturn in the U.S. commercial leasing markets, which would serve as an existential test to WeWork s business model.

The firm has said that in the event of a market declin上海贵族宝贝 上海千花网龙凤论坛e, demand for its business would in fact increase, and that it has over $6 billion cash and cash commitments to fund its expansion over the next four to five years.

But some observers have pointed to the fact that the firm s success lies somewhat in the hands of deep-pocketed investors, including Japanese conglomerate SoftBank Group, which has so far committed $10 billion to the company. In January, however, investors confidence in WeWork was shaken after SoftBank s Vision Fund walked back a $16 爱上海龙凤419桑拿 上海龙凤论坛sh1fbillion commitment, and Masayoshi Son s SoftBank Group ponied up $2 billion.

Like the other unicorns striving for the public markets, the We Company is yet to turn a profit. WeWork’s latest financials show that revenue in 2018 about doubled year-over-year to $1.82 billion. But during that same span, net losses more than doubled, to $1.93 billion, and the company’s marketing spend almost tripled – a sign of its[……]

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” person wolf ” the style is online game ” wintry schedule of the day ” be about to land PC

Other Ocean Interactive is published the game on the line will be rolled out at Steam and Greenman Gaming on Feburary 7 ” Project Winter ” (wintry schedule of the day) . This making is to narrate 8 players that die in snow ground, must collect food to follow goods and materials to live, but in the center existing however a betrayer, he will prevent the survival of additionally 7 people in the dark. ” wintry schedule of the day ” apparently with ” The Wild Eight ” , ” do not starve ” similar of this kind of game, advocate hit much person collaboration to explore resource, below Yan Ke’s environment and wild animal danger strive lives. Just, this making special added ” betrayer ” , when just think wants to cut a tree at the same time in you, of teammate by surprise from backside sneak attack. . . As ” person wolf ” game, betrayer wants put on one’s thinking cap beguiling companion, killing fall only player; And other player also must think after all, whose speech has a problem, who is just true betrayer. Show level game to support simplified Chinese only, the player that have fun at can know the atmosphere of this game through propagandist film. Introduce according to information of Steam shop game, the player needs to cooperate with a flock of new players, collect resource, fight with wild animal, finish a chain of job, ability call carries escape be born day. However, the meeting in game set is acted by a player ” murderer ” conceal a role this, he apparently with other 7 person that live exactly like, but the person that the purpose of betrayer should prevent all living namely is living leave. It is OK that betrayer has a lot of mediums killing and other the person that live, resembling is with tool sneak attack, or it is envenom is waited a moment. In game, every player can the part outward appearance that the guest makes him, each game figures a player holds the position of can random make choice of betrayer. Game environment itself is built in harsh cold winter wild, from look at present on cut drawing face, the life that every player wants him take into account, temperature, gorge is spent, at the same time article column also has 4 case only, state the player is impossible to live independently, must cooperate to just can come down to finish the job alive in tandem. Below such premise, express betrayer initial stage to also must fall to cooperate with other survivor in the identity that obscures his, otherwise he himself also does not come down alive, but the true identity that as a result of the player each other do not know the other side, each other are impossible 100% complete accredit, when turning clique job accordingly cooperate with division of labour to be connected with channel it is important to comparative, still get beware of at the same time who is betrayer. Live in majority in game, yan Ke’s environment often is the biggest challenge, but nature again how dangerous not as good as of popular feeling extremely one of, probably[……]

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