The Real Deal Magazine

The Real Deal, New York City’s first and largest real estate-focus上海夜网论坛 上海夜网ed newsmagazine, is seeking a web reporter to join our team in Manhattan.

With over 2.4 million visits a month, TheRealDeal.com is the go-to news source for some of the city’s top real estate, finance and investment professionals. Our coverage includes breaking news, data features, investigative stories, market reports and long-form narrative profiles. We won the general excellence award from the Society of American Business Editors and Writers in 2013, and our work is regularly cited by the New York Times, CNBC, the Wall Street Journal, NBC New York and a host of business publications.

The web reporter/producer will be responsible for writing several original stories per week on the New York City real estate beat, as well as aggregating stories from other news outlets and helping with general website production duties such as graphics, 新爱上海同城对对碰论坛 上海同城对对碰交友社区SEO, etc.

This is the biggest and most dynamic real estate market in the world. The ideal candidate will have an interest in covering money and power and a keen sense of how the indus上海千花网交友 上海千花网论坛try brings together elements of politics, business, finance and law. The ability to write clean copy on deadline is a must, as is the ability to cultivate sources and pitch story ideas. Fluency in WordPress and ability to use Photoshop is crucial. Experience in business journalism is a plus.

Salary is competitive and is based on experience. Benefits include health insurance, a[……]

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Blackstone Group Earnings

Blackstone now has more than $100B in dry powder Fund manager reports profitable third quarter

From left: Stephen Schwarzman and Michael Chae

Thanks in part to some major real estate sales, the Blackstone Group had a profitable third quarter. But arguably the most interesting news was buried in the earnings presentation: the fund manager’s dry powder crossed the $100 billion threshold for the first time.

Blackstone now has $102 billion in uncalled capital up 20 percent from $85 billion a year ago. The firm’s real estate funds alone sit 上海龙凤论坛 新上海贵族宝贝论坛on $33.2 billion in dry powder up from $27 billion.

On the one hand, this spike reflects Blackstone’s success in raising new funds from investors: 75 percent of the firm’s current dry powder was raised in 2015 or 2016. Investors in private funds make commitments to contribute a certain sum, but the money typically won’t be called upon until the fund manager has found suitable investments (such as an office tower) to spend it on. In the meantime, the undrawn capital is listed as dry powder. In private equity and real estate, major investments often take time, mean上海夜网 阿爱上海同城ing any fund manager that raises a lot of money is also bound to sit on a lot of dry powder for a wh上海贵族宝贝 上海千花网龙凤论坛ile.

But the spike also reflects something else. “The environment has been more challenging for deployments,” the firm’s CFO Michael Chae said during an earnings call Thursday. With asset prices inflated after years of market growth and interest rates at record lows, it’s[……]

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Trump Hotels

A Trump Hotel in every major US city? CEO suggests firm may triple its domestic presence, amid controversy over conflict of interest

Current U.S. Trump Hotels and a map of the United States

Trump Hotels is looking to expand from five to all 26 major metropolitan areas in the U.S.,上海龙凤论坛 新上海贵族宝贝论坛 CEO Eric Danziger said Tuesday.

“I don’t see any reason that we couldn’t be in all of them eventually,” Danziger added.

The company, which currently manages eight hotels bearing the president’s name, is also looking to place luxury hotel上海贵族宝贝论坛 上海贵族宝贝s in Dallas, Seattle, Denver and San Francisco, according to Bloomberg.

In October, the company announced its new line of hotels would be rebranded to Scion, as demand for Trump-named hotels reportedly fell. These hotels, Danziger said Tuesday, would also open in smaller U.S. cities, but only major cities would house luxury hotels with the Trump name.

The announcement comes as President Donald Trump faces criticism over his influence over the Trump Organization. In a lawsuit filed this week, ethics lawyers argue that the company’s properties, including the Trump International Hotel in Washington, D.C., violate the United States Constitution’s emolume爱上海 爱上海同城手机版nts clause, which bans federal employees from receiving payments from foreign governments. The Trump family agreed not to pursue new foreign deals while the president is in office, but won t sell existing foreign assets.

According to Bloomberg, Trump has financial ties to $3.6 billion of assets in about 20[……]

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NYC Luxury Residential

The biggest price cuts on luxury pads
last week A Gramercy Park townhouse received the biggest reduction

Clockwise from bottom left: 7 West 16th Street, 118 West 12th Street, 85 Grand Street #2, 432 Park Avenue, 65B

Pop art? More like chop art.

This week, one上海贵族宝贝交流区 上海贵族宝贝论坛 of the biggest price chops was on a townhouse owned by the son of pop art icon Roy Lichtenstein. The home, which was first listed for $25 million in April, has now been reduced by $3 million.

In total, six homes in the over-$10 million market were reduced by more than 5 percent last week, according to data from StreetEasy.

Here’s a look at the biggest price reductions:

7 West 16th Street

7 West 16th Street
Previous Price: $24 million ($1,956 per square foot)
Current Price: $18 million
Percentage Drop: 25 percent

This 33-foot-wide townhouse hit the market in January, asking just under $24 million. Six month later, it’s been cut back by 25 percent to $18 million.

The entire home spans 9,200 square feet, and includes additional air rights that are expandable up to 18,475 square feet with the Landmarks Preservation Commission approval. Though it s currently a multifamily property with eight separate units, it’s being marketed with the potential to be converted into a single-family home. It has 11 bedrooms and seven bathrooms, and features a double-height entry gallery, ornate mantles and plaster work.

The Corcoran Group’s Laurie Lewis and Peter Comitini have the listing.

“The property was initially priced on its unusual qu[……]

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Bitcoin Real Estate

Proponents of the technology, which enables digital currencies such as Bitcoin, say it can revolutionize real estate deals— but can it overcome its shady reputation?

In September, REcoin, a startup that billed itself as the “only cryptocurrency backed by real estate,” was busted for fraud by the U.S Securities and Exchange Commission.

The Las Vegas-based startup had planned to use blockchain technology — a growing list of public records that are encrypted and linked across a network of computers — to support its currency. It launched an initial coin offering (ICO), the equivalent of an initial public offering for digital currency, or tokens, and claimed to have raised millions. But as it turned out, REcoin was duping investors. It never had “any real operations,” had made no investments and misrepresented how much money was raised, according to the SEC.

REcoin is one of many startups looking to leverage blockchain within real estate. And incidents such as this illustrate some of the potential hazards of the nascent technology. While blockchain-based applications are touted as secure, the world of ICOs is a virtual Wild West. It’s a regulatory gray zone, and anyone can launch a token sale with nothing more than a white paper. It’s the same technology that enables the use of Bitcoin — which JPMorgan Chase CEO Jamie Dimon referred to in September as “a fraud.”

“It’s creating something out of nothing that to me is worth nothing,” the banking executive said. “It will end badly.”

That’[……]

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Woodbridge Capital

Robert Shapiro’s Woodbridge files for bankruptcy, Disney to lease Fox’s Century City site, and more… Los Angeles briefs

Robert Shapiro with Adam Rosenfeld, Kyle Giese (Photo illustration by Jhila Farzaneh for The Real Deal. Credit: Mercer Vine, Getty Images)

 Inside Woodbridge and Mercer Vine 

Robert Shapiro, the chief of embattled real estate investment firm Woodbridge Group of Companies, has resigned from the firm, the company announced on Dec. 4. Woodbridge also filed for Chapter 11 bankruptcy, it said in the announcement, as part of a process “intended to restructure its approxima上海千花网龙凤论坛 上海千花社区tely $750 million in debt.”

The move represents a dramatic fall from grace for Shapiro and Woodbridge, which is now under investigation by the Securities and Exchange Commission for potentially orchestrating a major fraud, which The Real Deal reported on in November. In a subsequent investigation on Dec. 1, TRD revealed that Shapiro was the quiet force behind Mercer Vine, a much-buzzed-about residential brokerage in the city. According to the announcement, Mercer resigned from Woodbridge that same day.

Mercer Vine, which had its corporate registration with the state of California suspended in September, had an unusually close relationship with Woodbridge. Its top producers and purported founders — Adam Rosenfeld, Kyle Giese and Domonic Labriola — were obscure figures in the industry. And as it turns out, Shapiro is identified at different times as 上海千花社区 上海千花网交友the president, secretary and manage[……]

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Ric Clark

Landlords in “nuclear arms race” to upgrade buildings: Ric Cl上海千花社区 上海千花网交友ark Industry leaders riff on technologi上海千花网 爱上海同城对对碰cal change at NYU panel

Ric Clark, Anthony Malkin and the Empire State Building

Now that a real estate developer-turned-president is trying to broker peace with North Korea, it’s only fitting that the language of nuclear proliferation is entering real estate trade lingo.

“There’s a bit of a nuclear arms race going on in New York right now,” Brookfield’s real estate head Ric Clark said during NYU Schack Institute of Real Estate’s annual REIT Symposium Tuesday. He was referring to landlords racing to renovate their buildings and add new technologies to appeal to millennial tenants.

In the past, property owners invested heavily in technology tenants don’t see for example concerning energy efficiency Clark said. But now, in a bid to appeal to millennials, “technology and innovation has shifted more to front-facing, consumer-facing” products, he said.

Last year, Brookfield invested in Convene, a tech-centric startup that runs common spaces in office buildings like meeting rooms. Meanwhile, several landlords are undergoing costly renovations at aging office towers in an effort to compete with new developments such as Hudson Yards. Boston Properties, for example, is spending $150 million to spruce up 601 Lexington Avenue, 159 East 53rd 上海龙凤论坛 新上海贵族宝贝论坛S上海千花网龙凤论坛 上海千花社区treet and the surrounding plaza.

The firm’s CEO Owen Thomas, who shared the stage with Clark, VEREIT’s CEO Glenn Rufrano, Reg[……]

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93

A 7,000-square-foot waterfront home is back in the market now with a $3 million price cut, bringing it down to $22.5 million. The home, built in 1925, has eight bedrooms, six and a half bathrooms and the 5.2爱上海 爱上海同城手机版7-acre property features a pool, a three-car garage and a dock on its 300 feet of wat上海千花网 爱上海同城对对碰erfront. Sotheby’s International Realty’s Harald and Bruce Grant are handling the listing. [Curbed]

Tags: Hamptons爱上海同城 爱上海
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Garment District NYC

Property owners line up for Garment District tax break GFP Real Estate, Morton Frucht to preserve space for fashion manufacturing tenants

Mayor Bill de Blasio and silhouettes of landlords lined up at New York City Hall in City Hall Park (Credit: iStock and Wikipedia)

Garment District landlords GFP Real Estate and Morton Frucht are the first to apply for tax incentives the city is offering to retain fashion-industry manufacturing jobs in the neighborhood.

GFP Real Estate, controlled by the Gural family, is seeking a tax abatement valued at roughly $17 million over the 15-year term of the agreement for a pair of buildings the company owns off of Eighth Avenue.

And Frucht stands to receive approximately $4.24 million in tax benefits over 15 years at his buildin上海贵族宝贝论坛 上海贵族宝贝g at 327 West 36th Street.

Both landlords have agreed to retain approximately 100,000 square feet worth of manufacturing tenants in their buildings. But the New York City Industrial Development Agency’s program ties the tax benefits to the overall size of the building – not the amount of fashion industry space they’re preserving.

The IDA reasons that landlords who have a significant portion of their building leased to tenants outside the garment manufacturing industry have probably made improvements to their building to attra上海千花网论坛 上海千花网ct those tenants, so they need a larger economic benefit to incentivize them to keep fashion tenants in place.

“We strategically structured this innovative program to maximize the amount of[……]

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A&E Real Estate

A E buys UWS complex for $220M Property at 175 West 87th Street contains 266 resi units across two buildings

Glenn Gardens at 175 West 87th Street and Douglas Eisenberg (Credit: Apartments)

A E Real Estate Holdings has spent $220 million to buy Glenn Garde上海贵族宝贝交流区 上海贵族宝贝论坛ns on the Upper West Side.

The company bought the residential complex at 175 West 87th Street from a Sherwood Guernsey-led partnership, according to Commercial Observer. The property consists of two buildings with 266 residential units. This is the first time ownership has changed since 1974, when Glenn Gardens was built.

The building includes one 32-story爱上海同城论坛 爱上海同城 residential tower, one five-story walk-up, a parking garage for 1上海贵族宝贝 上海千花网龙凤论坛50 cars and an undisclosed amount of deve爱上海 爱上海同城手机版lopment rights.

Glenn Gardens was originally part of the Mitchell-Lama program, but the landlord withdrew from the program in the early 2000s.

Meridian Capital Group s investment sales division represented both the buyer and seller. The deal was financed with a $163 million loan from KKR Real Estate Finance Trust.

A E has made multiple major purchases in上海千花网 爱上海同城对对碰 New York City this year, including a portfolio of six multifamily buildings in Queens for $127.5 million and Stonehenge Village—a three-building, 420-unit property on the Upper West Side—for $287 million. [CO] – Eddie Small

Tags: a&e, Commercial Real Estate, Residential Real Estate
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