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NYC Affordable Housing

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Young singles are the big winners in NYC’s affordable housing lottery: report And developers are a key reason why

11 Broadway in Brooklyn (credit: L+M)

The city’s affordable housing lottery between 2013 and 2015 was more likely to be won by young singles, according to data released by the Department of Housing Preservation and Development. And many of those young whippersnappers have developers to thank.

More than half of the 48 housing lotteries for 1,470 available units across the city between January 2013 through to the end of 2015 were one-bedrooms and studios. Just over 40 percent of the winners in those lotteries were people aged 25 to 34, and half of those people were single, DNAinfo reported. The news website found that only 4 percent of the winners were over 62 years old. Just 11 percent were under the age of 25.

According to the website,上海夜网 阿爱上海同城 the city would not release the total number of applicants it received for the housing lotteries. However, the data showed the immense demand. In 2015, for example, 200,000 people applied for 14 apartments in Bushwick.

A spokesperson for HPD told DNAinfo that in some cases eligibility requirements are determined by landlords. Developers have the right to set what credits score minimums the上海千花网 爱上海同城对对碰y will allow for a tenant.

Sarah Desmond, the executive director of advocacy group Housing Conservation Coordinators, told the website that the lottery doesn’t have enough family-sized apartments.

We see a disproportionate number of studios an[……]

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NYC Rental Market

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Equity Residential: NYC rental market is weakening Apartment landlord blames weak job growth, supply surge

David Santee and 140, 160 and 180 Riverside Boulevard

Equity Residentia上海夜网论坛 上海夜网l s outlook on its New York rental market continues to look gloomy, with the real estate company on Wednesday bemoaning falling rents and rising concessions in the Big Apple.

While most other markets in the country, especially Los Angeles, are strong, the real estate investment trust expects its revenues in New York to fall by 1.8 percentage points in 2017. Same-store profits had fallen by 3.1 percent in 2016. The culprit: growing supply thanks to new construction, and mediocre growth in high-paying jobs.

“Financial services are contracting and tech job growth has stalled,” the company’s COO David Santee said in the fourth-quarter 2016 earnings call, adding that most new jobs in New York are in low-paying sectors like retail and hospitality. That drives rents down and concessions up.

The company has budgeted $4 million for concessions in 2017 in New York a figure no other market comes close to (it budgeted around $90,000 for Washington, D.C. and $80,000 for Seattle). “We are already hearing some crazy stuff like three and four months free on 12-month leases,” Santee said, speaking of the market more broadly.

The company also set aside money for gift cards, but will only use it when “absolutely necessary.”

“The爱上海同城 爱上海 first line of defense is rates, second concessions and last gif上海千花网 爱上海同城对对碰t cards,” Santee[……]

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1584 Flatbush Ave

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Here’s what the $10M-$20M NYC investment sales market looked like last week Besen sells in Washington Heights, former Flatbush theater trades for $12M

1584 Flatbush Avenue

In the world of mid-market New York City investment sales last week, Besen Properties sold two Washington Heights bu爱上海同城论坛 爱上海同城ildings for $13 million and a former theater in Flatbush traded for $12 million.

1.) A two-story commercial building opposite New York City’s largest Target store sold for $12.1 million to an entity managed by Ezra Mizrahi. The triangular-shaped building at 1584上海贵族宝贝 上海千花网龙凤论坛 Flatbush Avenue is the former site of the College Theater and spans 20,100 square feet, with an additional 20,840 buildable square feet available. The sellers are Stanley Liker and a group of investors who have owned the building for about 30 years.

2.) David Chu, the founder of apparel company Nautica, sold a six-story mixed-use building in Chelsea for $14.1 million to David Brand of Great Neck. Chu bought the 24-unit building at 256 West 15th Stre上海千花社区 上海千花网交友et for $13 million in 2014. Also in 2014, Chu sold a six-story townhouse in the Flatiron District that he bought for $27 million after buying it for $9.3 million, and in December he listed an apartment at 15 Central Park West for $19 million.

3.) Besen properties sold two adjacent six-story a上海同城对对碰交友社区 上海夜网论坛partment buildings in Washington Heights for $13 million. The two buildings at 2220 and 2224 Amsterdam Avenue have 63 units between them and a few retail stores. The buyer i[……]

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Tracy Maltas

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A conversation with Tracy Tutor Maltas, the newest star of “Million Dollar Listing LA” The Douglas Elliman broker talks aspirational pricing, being the first female cast member and more

Tracy Maltas

In May, Elizabeth Ann Stribling-Kivlan lamented the lack of female brokers on Bravo’s “Million Dollar Listing” franchise in an op-ed for Inman News.

“[C]an’t Million Dollar Listing New York or Million Dollar Listing Los Angeles feature at least one female agent?” the Stribling Associates president wrote.

It appears, at long last, they can.

Along with the usual dose of deals and drama, viewers who tune into tonight s premiere of MDLLA will also be treated to a fresh face: Douglas Elliman broker Tracy Tutor Maltas.

The Real Deal recently caught up with Maltas, who’s one of the firm’s top-producing agents in Beverly Hills. She discussed aspirational pricing in the L.A. market, what it’s like being the first woman on the show and more.

(This interview has been edited for length and clarity.)

How’d you get your start in the business? I came out of USC as a theater major. I was waiting tables and auditioning and decided that wasn’t for me anymore. I went to work for my dad in the constructi上海夜网 阿爱上海同城on business and I realized I didn’t really like it as much as I liked sales. A friend of mine got into real estate and I ended up sitting down with the manager at Sotheby’s and said to myself, ‘I think I can do this.’ We met for lunch and that’s where it began. I kind of fell into it, to be honest.

Milli[……]

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Stuyvesant Town

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Stuy Town

Solar power is heading to Stuy Town上海千花网龙凤论坛 上海千花社区.

Blackstone Group and Ivanhoé Cambridge, which teamed up two years ago to buy Stuyvesant Town and Peter Cooper Village for $5.3 billion, will spen爱上海同城论坛 爱上海同城d more than $10 million to bring almost 10,000 solar panels to the rooftops of 56 buildings in the apartm上海龙凤论坛 新上海贵族宝贝论坛ent com上海千花网 爱上海同城对对碰plex, according to the Wall Street Journal. The panels will supply enough power for roughly 1,000 apartments each year.

Blackstone says it has generated about $100 million in value from energy cost saving proj上海贵族宝贝论坛 上海贵族宝贝ects so far, although the solar power effort is unlikely to give the company a strong return on investment given the cost of installing panels on buildings and the amount of power they produce.

Mayor Bill de Blasio—who was just reelected on Tuesday—set a goal for the city earlier this year to install 1 gigawatt of solar capacity by 2030, which would enable it to power 250,000 homes.

Blackstone president Tony James recently said in his company’s quarterly earnings media call that he still sees plenty of opportunities in U.S. real estate.  [WSJ] – Eddie Small

Tags: blackstone group, ivanhoe cambridge, solar panels, stuyvesant town
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Henkel opens new R&D centers in Stamford and Trumbull

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Consumer goods company Henkel continued it上海龙凤论坛sh1f 上海龙凤论坛s expansion in Connect上海龙凤论坛 新上海贵族宝贝论坛icut with the opening of research and development facilities in Stamford and Trumbull. The new 24,000-square-foot lab in Stamford is at 上海千花网交友 上海千花网论坛2上海同城对对碰交友社区 上海夜网论坛00 Elm Street, the same property as Henkel’s North American headquarters. In Trumbull, Henkel will use the 27,000-square-foot facility to work on laundry products. Henkel’s arrival was the largest relocation to Stamford in 2017. [Stamford Advocate]

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Rukhsana Samdani

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New 47-unit resi building 阿拉爱上海同城 爱上海龙凤419桑拿planned for Astoria Project from Astoria Boulevard Construction would span about 38,000 sf

8-29 Astoria Boulevard (Credit: Google Maps)

A residential爱上海同城手机版 新爱上海同城对对碰论坛 building is still coming to 8-29 Astoria Boulevard, but it will be slightly smaller than originally planned.

Astoria Boulevard Construction, an entity tied to developer Rukhsana Samdani, filed plans with the Department of Buildings on Monday for a six-story, 38,000-square-foot project at 8-29 Astoria Boulevard. The development will house 47 residential units spread across just over 32,500 square feet, while the remaining 5,550 square feet will be used as c上海龙凤论坛 新上海贵族宝贝论坛ommunity space.

The developer had previously planned a slightly larger building at the site, which would have spanned roughly 42,000 square feet with 50 residential units, according to YIMBY. The company purchased 8-29 Astoria Boulevard for just over $3 上海千花网龙凤论坛 上海千花社区million in 2015.

Samdani did not respond to a request for comment.

Other nearby projects include Strategic Capital Metropolitan’s 50-unit co上海千花网论坛 上海千花网ndo development at 3-11 27th Avenue and developer Antonio Mourtil’s 48-key hotel at 30-17 31st Street.

Tags: astoria, Residential Real Estate
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Town Residential

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Town sues entities tied to New Empire over unpaid fees at Turtle Bay condo Resi firm is seeking $7.8M, including $5.45M in damages

Bentley Zhao and a rendering of 131 East 47th Street (Credit: LinkedIn)

Town New Development is suing entities tied to New Empire Real Estate Development, claiming Bentley Zhao s firm stiffed the brokerage out of $210,000 in consulting fees and a $2.2 million termination fee.

The breach-of-contract suit, filed Thursday, is connected to Town s work on 131 East 47th Street, where New Empire is planning a 122-unit condominium tower. According to court documents, Town is seeking money owed plus $5.45 million in damages.

Town s 2016 sales exclusive with New Empire stipulated that the developer would pay Town a $10,000 monthly consulting fee, as well as 2.5 percent commission on the sale of each unit, according to court documents. The agreement stipulated that if New Empire terminated Town, it would pay a 0.75 percent termination fee — or $2.18 million based on the projected $290.8 million sellout.

According to Town, the developer has refused to pay the termination fee, and owes it $210,000 for consulting work.

Court documents allege the developer transferred the property from one limited liability company (Lex 47th Development LLC) to another (K-Land Lex 47th LLC), rendering the first entity — with which T爱上海同城手机版 新爱上海同城对对碰论坛own had an agreement — insolvent.

The property transfer took place at a time when Defendant Lex 47 had incurred obligations or knew it would incur[……]

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Rockrose Development Hudson Yards

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Rockrose paves the way for Hudson Yards rental tower with $20M air rights deal The building will rise 51 stories

Rockrose s Justin Elghanayan and 551 West 38th Street (Credit: Getty Images and Google Maps)

Rockrose Development has secured the final air rights necessary to build the first tower in its 1.6 million-square-foot Hudson Yards master plan.

The firm paid $20.5 million for over 139,000 square feet of air rights from the Metropolitan Transportation Authority, according to new report from Pincus Co. The pencils out to $147 per square foot.

Developers can purchase additional air r上海千花网龙凤论坛 上海千花社区ights in Hudson Ya爱上海同城 爱上海rds through payments to the city’s Hudson Yards District Improvement Fund or to the MTA.

Rockrose will use the development rights for its 598-unit rental building at 551 West 38th Street, for which it filed plans in September. The 51-story tower, designed by Rafael Pelli of Pelli Clarke Pelli, will include 16,000 square feet of amenities.

The company started piecing togeth上海同城对对碰交友社区 上海夜网论坛er the land for its Hudson Yard developments in 2001. In 2007, it paid $83.4 million for 476 11th Avenue. It then purchased t上海龙凤论坛 新上海贵族宝贝论坛he third and final piece at 528-534 West 29th Street from Mercedes for an undisclosed sum in 2012.

Rockrose is also planning to bu上海夜网 阿爱上海同城ild 1.2 million-square-foot office tower, president Justin Elghanayan told TRD last year. [PincusCo] — Decca Muldowney

Tags: Air Rights, Development, Hudson Yards, rockrose development
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