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Bedford Union Armory

City under pressure to make BK armory project 100% affordable BFC Partners plans to build 300 units, 12 townhouses and a sports center in Crown Heights

Bedford Union Armory

The Bedford Union Armory 上海贵族宝贝交流区 上海贵族宝贝论坛development is again facing backlash this time from local politicians who say all of the units should be affordable.

U.S. Rep. Yvette Clarke, state Senator Jesse Hamilton and Assembly members Walter Mosley and Diana Richardson wrote to the New York City Economic De上海贵族宝贝论坛 上海贵族宝贝velopment Corporation asking that 100 percent of the units at the city-owned site be below-market rate, the New York Daily News reported.

Developer BFC Partners plans to turn the Bedford Union Armory building into 300 apartments, 12 townhouses and a sports center. According to BFC s plan, half of the apartments would be designated affordable. But local politicians and community activists say that still puts the units out of the reach of many in the neighborhood.

The state and federal representatives also want the number of apartments that give preference to locals to increase from 50 percent to 80 percent. They also 爱上海同城手机版 新爱上海同城对对碰论坛say no more than 40 percent of the apartments should be studios and one bedrooms.

“Our concerns with the proposed project outweigh the supposed good that the project does in the commu上海千花网 爱上海同城对对碰nity,” the elected officials wrote, according to the paper. “Public land is a publi上海龙凤论坛 新上海贵族宝贝论坛c resource, and we only have one chance to get this project correct.” They also noted the land is the last larg[……]

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NYC Retail

Chain stores flock to outer boroughs while locations 上海千花网 爱上海同城对对碰drop in Manhattan Dunkin’ Donuts dominated the city

New York City (credit: Center for an Urban Future)

National retailers are flocking to the outer boroughs while pulling back slightly in Manhattan, according to a new report.

The Bronx saw a 4.2 percent increase year-over-year in the number of chain stores located in the borough, jumping阿拉爱上海同城 爱上海龙凤419桑拿 to 893 stores from 857, according to a new report by the Center for an Urban Future. Staten Island followed with a 3.7 percent year-over-year increase, to 421 stores from 406. The number of chain stores in Brooklyn increased by 2.3 percent, and Queens saw a 1.6 percent increase. Meanwhile, Manhattan saw a slight dip of .9 percent, dropping to 7,154 stores from 7,243.

Still, Manhattan continues to have the largest share of the city s chain stores at 37 percent. Queens followed with 23 percent of the national retailer locations.

For the eighth year in a row, Dunkin Donuts remained the top national retailer in the city with a whopping 596 locations. Dunkin dominated over all other retailers in every borough except Manhattan, where rival Starbucks took the title as top chain store, followed by the also-ubiquitous Duane R上海夜网 阿爱上海同城eade.

Dollar Tree saw the most growth of any chain store, opening an impressive 63 stores in the past year, according to the report. Nearly half of the new stores — 22 — opened in Brookly爱上海同城论坛 爱上海同城n. The retailer only had 10 stores in the city in 2015.

Meanwhile, Subw[……]

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NYC Investment Sales Q1 2017

I-sales dollar volume plummets more than 50% year-over-year Values in Q1 2017 were up 6% cit上海贵族宝贝论坛 上海贵族宝贝ywide, suggesting disconnect between buyers and sellers

(Credit: Cushman Wakefield, Click to enlarge)

The city’s investment-sales market limped thro上海龙凤论坛sh1f 上海龙凤论坛ugh a listless start阿爱上海同城 阿拉爱上海同城 to 2017, with dollar volume falling by more than 50 percent from the same time last year. And even pockets of the five boroughs that showed signs of resiliency three months ago crashed back down to earth.

“Dollar volumes were abysmal,” said Cushman Wakefield’s Bob Knakal , who added that the first quarter “puts us on pace to be down 51 percent from last year and down 63 percent from 2015.”

The firs阿拉爱上海同城 爱上海龙凤419桑拿t quarter of 2017 saw 846 properties trade hands for a total dollar volume of $7.06 billion, according to data from Cushman Wakefield. That was a drop of 33 percent from the 1,258 properties sold the same time a year ago, and a 55 percent decline from the $15.52 billion worth of deals inked in the first quarter of 2016.

MarketProperties Traded Q1 2016Properties Traded Q1 2017Change in Properties TradedDollar Volume Q1 2016Dollar Volume Q1 2017Change in Dollar Volume

If the first quarter’s figures were annualized, 2017 will end with a sales total of $28.3 billion, less than half of 2016’s $57.8 billion in sales. One bright spot, Knakal noted, is that values were up 6 percent across the city.

When transaction volume drops and pricing rises, it’s a sign that there’s still a disconnect between sellers[……]

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KBS Realty Advisors

US real estate investment firm plans IPO in Singapore KBS Realty Advisors hopes to raise $500M

KBS Peter Bren and Singapore s skyline

It’s not unusual for U.S. real estate firms to go public. It’s unusual to do it all the way across the Pacific. California-based KBS Realty Advisors wants to raise around $5爱上海同城对对碰 爱上海同城论坛0新上海贵族宝贝论坛 上海贵族宝贝交流区0 million on Singapore’s stock market by listing some of its U.S. properties as a real estate investment trust through a joint venture with local asset manager Keppel.

The new public company would include close to a dozen U.S. buildings in cities such as Seattle and Houston, the Wall Street Journal repor新上海贵族宝贝论坛 上海贵族宝贝交流区ted.

Canadian insurer Manulife Financial listed 上海贵族宝贝 上海千花网龙凤论坛a REIT in Singapore last year that raised $470 million and included U.S. properties. Singapore’s stock market includes 40 REITs with a combined market value of $60 billion.

Last year a KBS-managed REIT became the first U.S. trust to raise bonds in Israel.

KBS New York City holdings include a Williamsburg rental building at 424 Bedford Avenue and a Financial District office building at 110 William Street. [WSJ] Konrad Putzier

Tags: Commercial Real Estate, kbs
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Starchitect Homes

It happens in art, why not in real estate? Buyers hiring experts to verify a property s starchitect pedigree A property billed as a “Frank Lloyd Wright home” may not necessarily be one

Paul Williams homes (Credit: Wikimedia Commons)

A starchitect s name can add cachet to a listing, and raise the price several notches. But how can a buyer be sure that a home they re slapping down millions for really is a Frank Lloyd Wright or Paul Williams creation?

Well-heeled buyers are increasingly enlisting architectural historians to dig up the true origins of a prospective property to ensure they aren’t duped 新爱上海同城对对碰论坛 上海同城对对碰交友社区into paying for a pedigree that isn’t there, according to the Wall Street Journa上海千花社区 上海千花网交友l.

“In today’s competitive and sometimes frenzied marketplace, none of the parties are always as diligent as they should be in researching attribution,” Karen McNeill, a historian at wealth management firm Ascent Private Capital, told the newspaper.

Los Angeles County is dotted with the works of dozens of the world’s most famous architects. Many, like the Case Study Houses commissioned with the top architects in the world during 上海千花网论坛 上海千花网the mid-20th century, are easy to verify as legitimate.

Others, like the works of pioneering architect and Los Angeles native Paul Revere Williams, are not. Williams, the first African-American to be admitted to the American Institute of Architects, was prolific and designed thousands of homes and buildings (like the Theme Building at Los Angeles Internation[……]

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Hudson Yards Vessel

Completion of Vessel at Hudson Yard上海夜网论坛 上海夜网s is a year out and Stephen Ross is in love People are already wondering whether it will be New York’s greatest success or an epic, costly failure

Thomas Heatherwick and Stephen Ross in front of Vessel, which topped out in late 2017. (Credit: courtesy of Related-Oxford)

The legacy of Stephen Ross and designer Thomas Heatherwick s loving collaboration hangs on the future of a skeletal 365-day Christmas tree,” as Ross told journalists when he unveiled the design in 2016.

The monumental project, named Vessel, is costing Ross Related Companies an estimated $200 million to build, but it s an expense the billionaire chairman is willing to incur in order to build New York the 150-foot Eiffel Tower-like landmark (in his own estimation) it deserves. But, a year ahead of its scheduled completion, people both outside and inside Related are wondering about the project s future as Ian Parker reports in The New Yorker.

Vessel topped out in late 2017. (Credit: courtesy of Related-Oxford)

Most public spaces consider the programming of events and details like crowd control first before designing the park that s how Bryant Park Corporation s Dan Biederman did it and would recommend to others. Ross, however, did the opposite, commissioning British designer Heatherwick in 2013 to create a sculpture, which will sit on a landscaped garden  among the towering buildings of Hudson Yards, and consist of 154 flights of stairs; then Ross tasked Related president Ja[……]

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Chetrit Group

Chetrit, Somerset are selling site of Bronx megaproject to Brookfield Developers planned to build 1,300 market-rate rental units

From left: Ric Clark, Joseph Chetrit, 101 Lincoln Avenue and Keith Rubenste爱上海龙凤419桑拿 上海龙凤论坛sh1fin (Credit: Hill West Architects and Getty Images)

After years of planning, Somerset Partners and the Chetrit Group are walking away from one of the most ambitious real estate projects in the history of the Bronx.

The partners are selling their development sites at 101 Lincoln Avenue and 2401 Third Avenue to Brookfield Property Partners for $165 million, the New York Post reported.

Chetrit and Keith Rubenstein’s Somerset planned to build seven tow爱上海龙凤419桑拿 上海龙凤论坛sh1fers with 1,300 market-rate rental units on the sites, which sit next to the Harlem River in Mott Haven. They paid $58 million to acquire the sites, public records show. The developers first filed plans in 2015, and were in the market for a $500 million construction loan for the project, which was expected to cost around $600 million.

The Post reported that Brookfield will likely “tweak” the development’s design. Cushman Wakefield brokered the sale.

The project became notorious in 2015 when Chetrit and Somerset hosted a “Bronx is burning”-themed party with celebrities like Carmelo Anthony and Kendall Jenner at the site, drawing criticism from then-City Council Speaker Melissa Mark-Viverito, among others.  The developers’ attempts to rename the neighborhood “Piano District” with the help of giant billboards also didn’t[……]

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New York Construction Industry

New York State led the country in construction hiring A weekly feature bringing you the industry’s latest intel

A construction site (Credit: Pixabay)

According to this week’s market reports, New York registered the most construction hiring in the country in June and the Upper East Side registered the most new development sales in Manhattan.

Sales | MNS

The Upper East Side had the highest number of new development sponsor sales in Manhattan during the second quarter. The neighborhood accounted for 52 transactions, which represents 16.7 percen新上海贵族宝贝论坛 上海贵族宝贝交流区t of all sponsor sales in the borough. The most expensive sale for the quarter was for the penthouse unit at the Getty, which sold for $59 million. That上海夜网论坛 上海夜网 deal stands as the most expensive downtown residential sale ever, surpassing the $51 million record held by the penthouse at the Walker Tower. The highest price per square foot, meanwhile, was set by the penthouse unit at 443 Greenwich Street, which sold for $6,055 per square foot. Read the report here.

Sales | Olshan

There were 13 contracts signed in Manhattan at $4 million and above between July 16 and 22. For the period, no properties were sold in the Upper East Side. The last time that happened was in New Year’s week of 2016. The mo上海千花网龙凤论坛 上海千花社区st expensive contract for the period was for Unit 36A at 10 Riverside Boulevard, which went into contract with an as上海千花网龙凤论坛 上海千花社区king price of $15.5 million, followed by Unit 48B at 277 Fifth Avenue, which sold asking $11.8 million. Read t[……]

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2420 Amsterdam Avenue

Youngwoo Associates lands $131M for its colorful Washington Heights development Financing includes $70.M building loan

A rendering of 2420 Amsterdam Avenue (Credit: MDRDV)

Shanghai Commercial Bank, one of the more active hotel construction lenders in the city, is backing colorful 上海贵族宝贝 上海千花网龙凤论坛Radio Tower Hotel project.

Youngwoo Associates scored $130.6 million in financing from the Hong Kong-based lender to help build its vibrant 22爱上海同城对对碰 爱上海同城论坛-story, mixed-use development in Washington Heights.

Shanghai Commercial provided a $45.5 million project loan and a $70.5 million building loan, according to records filed with New York City s Department of Finance Tuesday. The bank also took on a $14.6 million senior loan from HSBC Bank.

The project at 2420 Amsterdam Avenue will be a joint hotel, office and retail project, which Dutch firm MVRDV designed to look like an interconnected stack of colorful blocks.

Youngwoo Associates and its partner on the project, Beijing Construction and Engineering Group International, held a groundbreaking ceremony for the 221-key project in November.

Youngwoo Associate s Bryan Woo declined to comment on the financing. Shanghai Commercial Bank did not immediately return requests for comment.

The developer picked up the site, a former 爱上海同城手机版 新爱上海同城对对碰论坛parking lot, for $12 million in 2013.

Shanghai Commercial is one of the busier construction lenders in the hotel space, an area other banks have shied away from amid a glut of new properties.

The bank last year loaned $60 million[……]

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