WATCH: NYC real estate s week in numbers $68M for President Trump’s security, $1B raised on TASE so far this year and more
A $20 million litigation budget上海千花社区 , 280 miles of sidewalk sheds and $1 billion in loans undisclosed by Jared Kushner. In real estate, it s all about the numbers.
This past week, The Real Deal reported on the money raised by Fifth Wall Ventures for what it claims is th上海千花网龙凤论坛 e first fund backed by real estate money that invests exclusively in property tech startups, the seven-building Queens portfolio that A E Real Estate Holdings is in contract for, and the updates on disgraced landlord Steve Croman s potential plea deal.
爱上海同城论坛 To see some of the biggest news of the past week in 10 numbers, watch the video above.
For more videos, visit The Real Deal’s YouTube page.
The Real Deal LA s fall issue is hitting newsstands soon Subscribe to the magazine t爱上海同城对对碰 o receive your copy of the October magazine
The Real Deal Los Angeles fall magazine is set to hit newsstands this October!
The upcoming issue is packed with the most important industry news and insid上海千花社区 er information, including a look inside the world of residential broker coaching and foreign investment in L.A. real estate爱上海同城 . The October magazine will also look at the top commercial brokerages doing business in the San Fernando Valley, as well the city s industrial boom currently the most in-demand sector of the commercial market.
You can receive your copy by subscribing to The Real Deal Los Angeles. Click here to read the July issue, featuring a profile of Tom Barrack, a look at C上海龙凤论坛sh1f ompass and Douglas Elliman s respective forays into the L.A. market and more.
Call Frank Morales at (310) 270-8124 or contact [email protected] to learn more about advertising opportunities.
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“Gotham” actor Michael Chiklis seeks buyer for Sherman Oaks home The estate previously belonged to David Hasselhoff
It may not be Gotham, but one producer is “looking for the hero” Sherman Oaks deserves.
Actor and上海贵族宝贝论坛 producer Michael Chiklis listed his 5,700-square-foot residence at Sutton Place in Sherman Oaks for $5.1 million, Variety reported.
The Hamptons-style estate, designed by renowned interior decorator Windsor Smith, boasts five bedrooms, five bathrooms, a media lounge and a billiards room across a sprawling one-story home. A detached guesthouse, swimming pool, courtyard and sport court complete the .62-acre parcel.
Chiklis acquired the home from “Baywatch” ac爱上海同城论坛 tor David Hasselhoff in 1996 for $1.1 million, records show.
Peter Maur上海千花网龙凤论坛 ice and Tregg Rustad of Rodeo Realty have the listing.
The “Gotham” actor is best known for his roles in Emmy-winning “The Shield,” “American Horror Story: Freakshow,” and the “Fantastic Four” series. He is set to star in a film portrayin上海千花网交友 g the AIDS epidemic titled “1985” from Yen Tan. [Var上海夜网论坛 iety] Natalie Hoberman
Tags: Celebrity Real Estate, Re, Sherman Oaks
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Brazilians are getting in on the EB-5 game in a major way More than 75% of visas still go to mainland Chinese, new data shows
Miami and a Brazilian Carnival dancer (Credit: Flickr and Getty Images)
The United State上海龙凤论坛sh1f s welcomed 282 B上海千花网论坛 razilian immigrants last year through the EB-5 investor visa program, as the country rose to become the third largest user of EB-5 visas for the first time, a new report from the U.S. Department of State shows.
Brazil s rise to number three for fiscal year 2017 came on an 88 percent increase in new visas issued year-over-year. In 2015, just 34 EB-5 visas were issued to Brazilians.
Mainland Chinese nationals still dominate the program, which has become a key source of financing for high-end residential projects in New York City in recent years. Seventy-five percent of EB-5 visas, or more than 7,500, were awarded to mainlanders in 2017. The country with the second most visas was Vietnam, with 471 visas issued. That country has held the number two spot for three years, according to analyses of historical data from Suzanne Lazicki, a Utah-based EB-5 business plan writer.
So where are the Brazilians investing? The government doesn t provide project-level data but EB-5 experts say all the evidence points south.
The geographic focus of Latin American investors really centers on South Florida, said Julian Montero, an attorney at Saul Ewing Arnstein and Lehr in Miami. Based on what we have seen I would be shocked if it turns out that less than half of these Brazilians selected projects are not in Florida.
South Florida is probably the main focus for Brazilians, said Abteen Vaziri, the director of Greystone s EB-5 practice who has worked with Brazilian investor clients. There s been a lot of uncertainty in Brazil, especifically with inflation, he said, which is driving more investment in the program.
It s important to point out the issuance data mostly reflects applications that were made a year or more ago, and even Brazil s new position at number three could soon be replaced by one of two countries that currently rank high on in the waitlist for new visas: Hong Kon上海千花网 g and India. A November 2017 report from the state department showed that of the more than 30,000 investors in line for visas, 423 were from Hong Kong and another 307 were from India.
I do believe that India will be the predominant market other than mainline China [eventually], Montero said. Vaziri said Indian interest and applications were surging and pointed to the Trump administration s tightening of H1-B worker visas as one reason why. I was in Mumbai in October and there was a very big showing, he said.
The U.S. government only issues about 10,000 new EB-5 visas per year. The program was temporarily e上海同城对对碰交友社区 xtended this week until Feb. 8 as part of a part-term spending package that ended a brief government shutdown. Lawmakers have floated reforms to the program for years, but many of the current guidelines remain similar to what was first[……]Read More
Sayonara, subway: How ridesharing apps are changing the real estate calculus for brokers and developers Popularity of Uber, Lyft is opening up clients to more remote NYC neighborhoods
(Photo illustration by Lexi Pilgrim for The Real Deal)
It s been New Yor新爱上海同城对对碰论坛 k City real estate 101 for as long as anyone can remember: If you want to fill your residential units quickly and turn a hefty profit, you’d better build near a subway stop with speedy access to Manhattan.
But nothing lasts forever, and although subway access remains an important factor when deciding where to live and where to build, real estate professionals say they are seeing a growing willingness among New Yorkers to move to neighborhoods where subway access is second-rate, thanks in part to the proliferation of ridesharing apps like Uber, Via and Lyft.
“Access to transportation is incredibly important, and rideshare blew that out the window,” said NestSeekers International s Ryan Serhant, “so it’s now nice to have access to transportation like the 6 train or the L train, but it’s not completely needed.”
Because New Yorkers can now carpool into Manhattan for just a few bucks, many of them are rethinking their priorities as homebuyers, according to Serhant. Places like Bushwick are becoming destinations for buyers, who would rather factor in a monthly Uber budget than be house poor in a transit-rich neighborhood, he said.
Greenpoint, where the only subway option is the G train, has also reaped the benefits.
“You no longer market Greenpoint to people who live in Williamsburg and people who live in Queens. You market Greenpoint now to everybody,” Serhant said. “We lose buyers in the city to deep Brooklyn all the time now.”
Greenpoint (Credit: Kgwo1972/Wikimedia)
Topaz Mor, a broker with Rental Solutions Inc. who frequently works in Ridgewood, said interest in that neighborhood has increased as well, despite the fact that it is mainly only accessible via the M train.
“Before Uber, absolutely, subways were the most important thing for people,” he said. “But now, with all those apps, it’s a lot easier to get around, so I guess you would say it’s somewhat of an incline.”
Uber has been laser-focused on dominating areas of the city with weak public transit access. More than half of all of Uber’s rides in New York City now begin in the outer boroughs, according to the company. Growth has been particularly high in neighborhoods without good access to the subway, according to Uber.
In Queens, for instance, year-over-year Uber trips have increased by about 240 percent in St. Albans, 175 percent in South Jamaica, 150 percent in Laurelton and Rosedale, 125 percent in Springfield Gardens and 100 percent in Glendale and Bayside, the company said. In Brooklyn, weekly pickups in the Flatlands have gone up by about 230 percent year over year, while rides starting in East New York’s Starrett City and East Flatbush’s Remsen Village went up by about 250 and 300 percent, respectively. In Bath Beach, rides went up[……]Read More
The Real Deal s May showcase and forum: A look at our residential panel Just one session at our event expected to draw thousands
We re excited to be showcasing our programming for The Real Deal’s 11th Annual New York Showcase and Forum at the Metropolitan Pavilion in Chelsea on May 14.
We are pleased to have Douglas Elliman’s Raphael De Niro; Brown Harris Stevens’ Bess Freedman; Core Real Estate’s Shaun Osher; Warburg Realty’s Clelia Peters; and Halstead Property’s Diane Ramirez on our panel: Residential s silver linings playbook: Amid heavy discounting and buyer uncertainty, how billions in deals are still getting done.
Got a question for them? Let us know on Twitter with the hashtag #TRDForum.
We ll be posting regularly about our forum’s participants and inside information on our three other panels:
-Union vs. Nonunion building: Exploring the future of construction in NYC
-New development frontiers: Which areas and types of projects are NYC s next hot ticket?
-Looking at the shifting strategies of commercial brokers and爱上海同城手机版 brokerages amid a slower market
Reserve your space now. Early bird tickets are still available at www.therealdeal.com/nycforum.
For advertising opportunities, please contact us at [ema上海千花网论坛 il protected]
Tags: Residential Real Estate
We are having some technical difficulties. Try again later新爱上海同城对对碰论坛 .
Nearly a year after the catastrophic Equifax hack exposed 147 million Americans personal and financial data to cybercriminals, consumers are about to get a break something especially useful for home buyers and owners.
Starting Sept. 21, credit-file security free新爱上海同城对对碰论坛 zes will no longer cost you money. For years, you had to pay fees that varied from state to state to enact freezes which nail down your 上海贵族宝贝论坛 credit files, rendering them inaccessible not only to crooks but just about everybody else unless you unfreeze them. In the wake of the Equifax debacle, consumers spent an estimated $1.4 billion on freeze fees, according to researchers.
Congressional legislation earlier this year removed that cost barrier and set some new guidelines for the credit bureaus and consumers, thereby opening the door to much wider use of the tool. This should be good news for home buyers and owners since, on average, they tend to have greater assets and larger numbers of credit accounts to protect than others.
But there s a real estate-related issue here that hasn t gotten a lot of attention: Heavier use of credit freezes could create more complications and delays when people with frozen files apply for mortgages. Some lenders say dealing with applicants who keep their files in deep freezes and want to keep them frozen during as much of the mortgage process as possible can be challenging.
It s a big problem if consumers don t understand what lenders, loan processors and investors need in terms of access to their credit files from the application stage through closing, says Joe Metzler, senior loan officer for Mortgages Unlimited in West St. Paul, Minnesota. When Metzler tells applicants that he needs them to unfreeze their credit files at least a couple of times during the process, sometimes they freak out about it, he says. And when they don t lift their freezes in a timely manner, their loan closings may be postponed.
John Meussner, executive loan officer for Mason-McDuffie Mortgage Corp. in San Ramon, California, says that when a credit file is frozen, it does lead to some procedural headaches. Applicants should know that if they have their credit frozen, they will need to act quickly in [contacting] the credit bureaus and that the failure to act quickly could lead to delays in their loan processing.
The biggest issue, says Andrew Marquis, senior loan officer at Guaranteed Rate in Lexington, Massachuset上海千花网交友 ts: Home buyers freeze their files and then for whatever reason, they don t know how to lift it.爱上海同城论坛
Here s a quick overview of how the changes coming Sept. 21 might affect mortgage transactions: For consumers, the law spells out how the freeze/unfreeze procedures are supposed to work. To initiate a freeze, you ll need to contact each of the three national credit bureaus Equifax, Experian and TransUnion specifying how long it should stay in effect. If you contact the bureaus by telephone or email, they ll each have up to one business day to place th[……]Read More
70 Vestry Street (Credit: iStock)
A sponsor unit at 70上海龙凤论坛sh1f Vestry Street closed for $21.4 million.
Unit 9S sold to an anonymous buyer listed as “70 Vestry LLC,” according to records filed with New York City’s Department of Finance. It was asking $23.5 million.
The上海龙凤论坛sh1f condo spans about 4,300 square feet and has two river-facing terraces, according to the listing. It features 522 square feet of outdoor space, including an outdoor grill and sink. Amenities at the Related Companies building include an 82-foot-long swimming pool, a full-time concierge and a lounge and dining suite.
The sale follows a $55 million deal for a penthouse at 70 Vestry. Purchased by Italian telecom entrepreneur Silvio Scaglia, the unit was once expected to be the pricie爱上海龙凤419桑拿 st sale in Downtown Manhattan but instead sold at a steep discount from its $65 million asking price.
Other recent deals at the building include Related Chairman Stephen Ross’ buy of $6.9 million condo. In October, a unit Gisel阿爱上海同城 e Bundchen and Tom Brady had reportedly been looking at sold for $25.5 million. And film producer and dire上海千花网龙凤论坛 ctor Jack Heller bought a unit in October as well for $18.8 million.
Tags: 70 vestry, NYC Luxury Market, Related Companies, Residential Real Estate
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After seven months on the market, 8 Washington Drive in Montauk has had nearly $2 m阿爱上海同城 illion shaved off its original ask, bringing its potential purchase price down to nearly $9 million, Curbed reported. The compound, which was designed by architect Robert Lenahan and finished in 2014, has four structures over nearly an acre of property. They include a main house, a two-bedroom g新爱上海同城对对碰论坛 uest house, a pool house and a two-car garage. The main house has f上海千花网交友 our ensuite bedrooms that each has a fireplace along with a powder room, dark hardw新上海贵族宝贝论坛 ood floors throughout, an open floor plan, gourmet kitchen, butler’s kitchen and a second-floor master suite with an oceanview terrace. The guest house has three bathrooms, another chef’s kitchen and living room. The listing is shared by Jackie Lowey of Saunders Associates, Nancy Keeshan of Compass and Gabriella Portella of Corcoran. [Curbed]
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Landlord featured in REBNY campaign deregulated units, had cooking gas shut down for nearly 2 years Second landlord spotlighted amid fight in Albany also deregulated half his apartments
(Credit: iStock; Illustration by Kevin Rebong for The Real Deal)
For nearly two years, tenants at 940 Amsterdam Avenue didn’t have cooking gas.
Blaine Morris, a Columbia student, lived at the building from August 2016 to August 2017. During that time, she had cooking gas for only three months.
940 Amsterdam Avenue
“The gas went out in November 2016, and I moved out August 1, 2017. We didn’t have gas that entire time. I ran into my neighbor the following year, in November, and she said it was still out,” Morris said. “I just ended up eating a lot of bacon, egg and cheese sandwiches and roti roll.”
When her landlord, Rhea Vogel, gave Morris and her roommates an electric stove as a placeholder, it broke within a month, Morris said. She finally gave up trying to cook.
“Rhea Vogel was the worst,” she said.
Vogel is one of two landlords initially featured in ads for an anti-rent regulation reform campaign funded by the Real Estate Board of New York. The ads focus on two New York City property owners emblemati上海千花网 c of mom-and-pop landlords who, according to the campaign, won’t be able to afford basic maintenance needed to keep their tenants happy if various changes to state rent regulation laws are approved.
What the ads don’t mention is that the two landlords have each deregulated roughly half of the stabilized units in their buildings in the past nine years. And records show that tenan上海贵族宝贝论坛 ts at the Amsterdam Avenue property owned by Vogel recently went without cooking gas for 20 months. During that shutdown, Vogel s building next door — 938 Amsterdam Avenue — also went without gas for at least eight months. Though outages are a common problem in the city s building stock, those experienced at the Amsterdam properties — whose owner is held up as a prime example of why certain rent regulation incentive programs are essential in the city — raises questions about how rent stabilized landlords maintain their buildings.
Landlords drag their feet in getting it turned back on, and it s possible that one of the reasons they do is that they have rent regulated tenants, and they d like to make their lives uncomfortable, said Samuel Himmelstein, partner at Himmelstein, McConnell, Gribben, Donoghue Joseph. Twenty months is a long time. I ve seen other cases where it took 20 months, but that seemed long to me.
In response to The Real Deal s inquiry, a spokesperson for the campaign said Vogel is a “responsible landlord who volunteered to share with state lawmakers the economic realities of owning a building in New York City.”
The spokesperson also said that New York City has a real affordable housing crisis, and we aren’t going to solve it by denigrating lawful landlords who are doing the best they can for their tenants.”
In February 2017, the owners of Yasha Ramen at 9[……]Read More