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NYC Multifamily Market

NYC multifamily prices soared in April even as sales fell Dollar volume jumps to $1.2 billion

(credit: Ariel Property Advisors)

New 上海千花网 爱上海同城对对碰York City’s multifamily market conti爱上海同城 爱上海nued to see rising dollar volume even amid declining trades, according to the latest report from Ariel Property Advisors.

The city grossed $1.22 billion in sales in April from 84 multifamily buildings and 46 transactions. Dollar volume jumped 15 percent year-over-year, while transaction and building volume decreased 32 percent and 26 percent, respectively.

DTH Capital and Metro Loft Management’s sale of 63 and 65 Wall Street for a combined $430 million represented more than half of Manhattan’s total dollar volume for the month. The borough saw $752.8 million in sales from 19 buildings and 14 transactions. Sales slipped across the board from March, while building and transaction volumes were nearly identical to April 2015.

Brooklyn’s multifamily market saw a slowdown from the prior month and as wel上海千花网交友 上海千花网论坛l as the same period last year. Of the $192.3 million in total dollar volume from 20 buildings, the largest deal was the Jehovah’s Witnesses sale of a Brookl上海千花网龙凤论坛 上海千花社区yn Heights building for $105 million.

Queens had the largest decline in multifamily sales during April. Three buildings across the borough sold for $19.4 million, down from 10 buildings and $51.7 million in sales in March. The largest of the two deals in the borough was the sale of 118-35 Metropolitan Avenue and 80-20 Broadway for $15.2 mil[……]

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Flushing developer refis LIC skyscraper project with $100M from Bank of China Chris Jiashu Xu planning 79-story tower at 23-15 44th Drive

A rendering of The Planned Court Square City View Tower at 23-15 44th Drive in Long Is上海贵族宝贝 上海千花网龙凤论坛land City (inset: Chris Xu)

Chris Jiashu Xu refinanced a Long Island City development site with a $100 million loan from the Bank of China, property records show. The Flushing-based developer plans to build a 79-story, 779,000-square-foot mixed-use tower at 23-15 44th Drive. Rising 984 feet, it is slated to be the neighborhood s tallest towe爱上海同城对对碰 爱上海同城论坛r.

Xu bought the site from Citigroup last year for $143上海贵族宝贝论坛 上海贵族宝贝 million.  The new mortgage replaces a Ladder Capital acquisition loan.

Dubbed Court Square City View Tower, the building will feature 660 apartments and 100,000 square feet of commercial space, according to the developer’s website.

Xu’s United Construction Development Group filed plans for the project in February. They have yet to be approved.

Xu could not immediately be reached for co上海千花网 爱上海同城对对碰mment. He and his brother George previously jointly ran C G Empire Realty, but now work independent爱上海同城手机版 新爱上海同城对对碰论坛ly.  George Xu now works under the name Century Development Group.

Tags: bank of china, long island city
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Boston Properties

Génial! Estée Lauder renews giant space at GM Building Boston Properties execs see challenges in high-end office market

Estée Lauder, Owen Thomas and General Motors Building (Credit: Macklowe Properties)

Estée Lauder signed a lease renewal for 220,000 square feet at the General Motors Building, landlord Boston Properties announced. The compa上海同城对对碰交友社区 上海夜网论坛ny would not comment on the rent, other than to say that it is higher than it was before.

The cosmetics giant s current deal in the building, for close to 300,000 square feet, expires in 2020. The company had conside爱上海龙凤419桑拿 上海龙凤论坛sh1fred a move, but ultimately decided to stay put and downsize at the GM Building. Boston Properties said the new deal includes an option to increase its footprint beyond 220,000 square feet.

Meanwhile, the market for New York’s priciest office space is facing challenges amid a surge in new construction, the real estate investment trust said during an earnings call Wednesday.

“The market is very flat in terms of pricing” and landlords are forced to offer greater concessions, said Doug Linde, president of the firm. Plenty of tenants are still willing to pay top dollar for office space, but “the challenge in the market in Manhattan is that the tenant paying in excess of $100 per square foot is a smaller tenant.”

Linde said it’s “hard to imagine” there are enough big tenants to fill up hundreds of thousands of square feet of space at triple-digit rents. SL Green Realty, one of Boston Properties biggest rivals, hopes[……]

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Airbnb China

Airbnb China head calls it quits amid struggle to compete Startup’s co-founder was jus爱上海同城论坛 爱上海同城t named chairman

Airbnb China Vice President Hong Ge

Roughly four months after taking the helm of Airbnb s China business, vice president Hong Ge called it quits.

Ge resigned on Tuesday, just a few days after Airbnb co-founder Nathan Blecharczyk was named chairman of Airbnb China, the Wall Street Journal reported. It s not clear if Ge s resignat上海贵族宝贝论坛 上海贵族宝贝ion was in any way connected to 上海贵族宝贝交流区 上海贵族宝贝论坛Blecharczyk s new position.

An Airbnb spokesperson said Ge left to “pursue other opportunities.”

Airbnb China, which上海同城对对碰交友社区 上海夜网论坛 recently changed its name to “Aibiying,” meaning “welcome each other with love,” has struggled to keep up with domestic competitors like Tujia.com and Xiaozhu. Tujia has more than half a million listings spread out across 345 Chinese cities. Meanwhile, Airbnb has just over 120,000, according to the Journal.

Airbnb has also been tripped up by a Chinese rule that requires travelers to register overnight stays with local police. Usually hotels or tour groups take care of this requirement, but the time-consuming task falls to Airbnb guests.

The company now allows guests to pay with the mobile payment system, Alipay, and to book local tours.

Airbnb listed its fir上海千花网 爱上海同城对对碰st unit in China in 2008. Kum Hong Siew, a Singapore-based regional director, will take over for Ge temporarily. [WSJ] — Kathryn Brenzel 

Tags: airbnb, china, Tech
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Private Equity Firm Leadership

Meet private equity s new leaders First in line is Carlyle Group’s new chief investment officer

(Credit from back: Pexels, Pixabay)

Many of America s biggest private equity firms are at a turning point.

Founders are looking to pass off the reigns to 上海夜网 阿爱上海同城a new generation who will be the next decision-makers on what and where to invest, which means, as the Washington Post reports, there s a new set of faces to know.

“All the big firms are transitioning from the founders and the chief investment officer is上海千花网龙凤论坛 上海千花社区 really key, said Colin Blaydon, Dartmouth’s Tuck School of Business former dean and founder of the school s Center for Private Equity and Entrepreneurship, to the Post. Some of the firms on the precipice of change include Blackstone Group and KKR上海夜网论坛 上海夜网 Co.

For limited partners in a private equity firm returns are all they really care about, as Blaydon put it, so the new chief investment officer is a role with a lot of expectations riding on it. So all eyes were on Carlyle Group as the firm recently announced the man they re tapping to manage $174 billion worth of their investors funds.

Peter Clare. (Credit: Carlyle Group)

Peter Clare, the unassuming and decent yet intense veteran of the investment business, will work alongside Carlyle co-founder William E. Conway Jr. as co-chief investment officers.

If we are writing a check for over $1 billion, I want Pete Clare’s judgment on whether or not we should do that transaction,” Conway said to the Post. I expect him to work pr[……]

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Freddie Mac

Freddie Mac CEO to ste爱上海 爱上海同城手机版p down next year Former 上海贵族宝贝论坛 上海贵族宝贝multifamily lending chief David Brickman is the top internal candidate for the agency’s new chief

Donald Layton, David Brickman, and the Freddie Mac headquarters at 8200 Jones Branch Drive in Virginia (Credit: Freddie Mac)

Freddie Mac CEO Donald Layton is set to retire next year.

Layton, who’s been the chief executive since 2012, will retire in the second half of next year, Commercial Observer reported.

“Don has played an indispensable role in transforming Freddie Mac and moving the housing finance system in 爱上海同城对对碰 爱上海同城论坛a better direction,” Freddie Mac chairman Christopher Lynch said in a statement.

Freddie Mac, which did nearly $75 billion in loan purchases an上海千花网龙凤论坛 上海千花社区d guarantees last year, has hired an executive-search firm to look outside the organization for a new CEO.

Freddie Mac also promoted David Brickman, former head of its multifamily business, to agency president. He’s considered the top internal candidate to succeed Layton. [CO] – Rich Bockmann

Tags: fre阿拉爱上海同城 爱上海龙凤419桑拿ddie mac, Real Estate Finance, Residential Real Estate
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Grand Central

Grand Central Terminal at 89 East 42nd Street and 爱上海同城对对碰 爱上海同城论坛Fernando Ferrer (Credit: Wikipedia and Getty Images)

The Metropolitan Transportation Authority plans to buy Grand Central Terminal for $35 million.

The opportunity to buy the termi上海千花网交友 上海千花网论坛nal is part of the agency s long-term lease, which stipulates that MTA s window to purchase Grand Central opened in 2017 and closes in October 2019. During an MTA finance committee meeting on Tuesday, members voted in favor of the sale, the Wall Street Journal reported. The deal will include the terminal building as well as the Hudson Line from Grand Central to Poughkeepsie, and the Harlem Line to Dover Plains.

The price of the terminal is 上海千花网交友 上海千花网论坛a combination of the MTA s annual rent and the value of MSD Capital and TF Cornerstone s reversionary stake, which the lease pegs at $400,000. The deal doesn t include the property s remaining air rights, which MSD and TF Cornerstone took over, along with the terminal, in 2016 when they purchased investment group Midtown Trackage Ventures. Midtown bought the air r新上海贵族宝贝论坛 上海贵族宝贝交流区ight上海千花网论坛 上海千花网s and terminal in 2008.

[WSJ] — Kathryn Brenzel

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R Kelly Evicted

R. Kelly evicted from Near West Side recording studio that doubled as residence The R&B star, who owes $80K in back rent, also faces new allegations of abuse in Lifetime’s “Sur爱上海同城对对碰 爱上海同城论坛viving R. Kelly” series

R. Kelly and 219 North Justine Street

Singer R. Kelly was evicted from a Near West Side industrial building that he used for a recording studio and residence, on the grounds he owes tens of thousands of dollars in back rent. The decision also comes days after a series of new allegations of abuse against him surfaced in the 上海贵族宝贝论坛 上海贵族宝贝Lifetime series, “Surviving R. Kelly.”

A Cook County judge this week ordered the R B star out of the warehouse at 219 North Justine Street after Midwest Commercial Funding said he owed nearly $80,000 in back rent, according to the Chicago Sun-Times.

City attorneys, meanwhile, are asking another judge to grant inspectors access to the building, alleging its uses as a recording studio and residence violated zoning code. Inspectors were at the building Wednesday night trying to get inside, but no one answered, the paper said.

Kelly, who was acquitted of child pornography charges in 2008, has denied all allegations he abused women, including those made in the Lifetime series. The Cook County state attorney’s office said at least two women have since come forward alleging inappropriate conduct by Kelly in 2002 at the warehouse and a home on the South Side in the mid-1980s. [Chicago Sun-Times] — John O Brien 

Tags: Commercial Real Estate, industrial[……]

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SiteCompli

Private equity bigwig makes CRE play Insight Venture Partners buys SiteCompli through Property Brands

From left: SiteCompli s Jason Griffith and Ross Goldenberg, Property Brands CEO Lisa Stinnett, and Insight managing director Jeff Horing (Credit: iStock, GSV, Insight, and SiteCompli)

Private-equity firm Insight Venture Partne爱上海同城手机版 新爱上海同城对对碰论坛rs has made its latest bet in the commercial real estate technology space, acquiring a New York-based software company focused on building operations. Through Property Brands, a holding company in which Insight is the lead investor, it bought SiteCompli, The Real Deal has learned.

The acquisition closed earlier this year, sources confirmed. On Thursday, Jason Griffith and Ross Goldenberg, who founded SiteCompli in 2008 and led it during its time as an independent company and later as a subsidiary of Daily Mail General Trust, said they would stay on as co-CEOs of the company. They declined to comment on the financial terms of the deal, but said in a statement th上海龙凤论坛sh1f 上海龙凤论坛at they were “excited” for the alliance with Insight and for SiteCompli’s “continued growth, innovation and expansion in New York and across the country.”

Representatives for Insight and Property Brands didn’t respond to requests for comment Thursday.

The Knoxville, Tennessee-based Property Brands is led by Lisa Stinnett, and sources said it deliberately keeps a low profile – its own website is rudimentary for a company focused on software-as-a-service (SaaS) firms. Insight has back[……]

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