160 Leroy Street

Ian Schrager carves up $80M penthouse at 160 Leroy Smaller units now asking $48.5M and $29.5M

Call it the (overpriced) penthouse effect.

After shooting for the stars with an $80 million penthouse at 160 Leroy Street, Ian Schrager is the latest developer to fall back to Earth with two smaller and less expensive units.

The Studio 54 co-founder – Apparently Taking A Page From Projects Like 432 Park Avenue and 10 Sullivan Street – has divided what would have been a 12,200-square-foot spread at his curvy ultra-luxe West Village condominium into two units measuring approximately 7,700 square feet and 4,800 square feet, according to filings with the New York State Attorney General. The smaller apartments have price tag上海千花社区 上海千花网交友s to match: $48.5 million and $29.5 million, respectively.

“We thought it would be better for the marketplace; it’s what people were asking for,” said Howard Lorber, president and CEO of Vector Group Ltd., whose New Valley subsidiary is an investor in the project along with the Witkoff Group and Ares Real Estate.

“Buyers said, ‘We love the top floor, but we don’t want to spend $80 million,’” said Lorber, who is also chairman of Douglas Elliman, which is 上海千花网龙凤论坛 上海千花社区handling sales at 160 Leroy. “So we figured we’d give them what they want.”

The $80 million penthouse at the Herzog de Meuron-designed project isn’t the only unit the developers retooled.

They ve also altered the building’s unit mix to include 56 apartments instead of 48, according to an amendment filed with the AG in February and obtained by The Real Deal. In doing so, the developers carved out sev上海千花网交友 上海千花网论坛eral smaller units, replacing larger (and pricier) ones.

Five planned penthouses – the smallest of which measured 6,100 square feet and was asking $24.5 million have been replaced by eight smaller apartments, the amended plans show. The smallest of the eight pads measures 3,562 square feet and is listed for $13.75 million, according to AG filings.

Lorber sai上海龙凤论坛 新上海贵族宝贝论坛d the developers’ decisi上海龙凤论坛sh1f 上海龙凤论坛on was in response to buyer demand for slightly smaller condos, which are selling at a brisk pace. “The market is strong,” he said. “The main reason was to create some [more units like] a line that had sold out.”

In an interview with Bloomberg last month, the hotelier and developer said he was mindful but not worried about the luxury condo slowdown.

If you have a really great product, it sells irrespective of the time on the market, Schrager said. Apple comes out with a product it sells. People don t even know they need a new iPhone or iPad. It still sells because it s so well-executed and that s what we re trying to accomplish.

Schrager obtained a $265 million construction loan for the project in February and said in mid-April that the building was more than 60 percent sold. Schrager himself is a buyer there, having scooped up a 12th-floor apartment for about $15 million earlier this year.

The developers of 160 Leroy are not alone in carving out multiple units from large apartments amids[……]

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Bronx Real Estate Development

Developers and investors are quietly rushing in, spending millions to get in on the city’s next real estate frontier

The sun was shining and the air was crisp when 30 real estate pros from CIM Group , Kushner Real Estate Group, Criterion Group and Mitsui Fudosan boarded a bus idling on Park Avenue bound for the Bronx. The field trip, organized by white-shoe law firm Herrick Feinstein, promised a tour of the borough’s rapidly changing neighborhoods — including the much-buzzed-about South Bronx — which is how the group of developers found themselves hurtling over the Third Avenue bridge one afternoon in the middle of last month. Clutching swag bags with granola bars, mints and maps, the group filed onto a red trolley at the Bronx Courthouse and for the next 90 minutes, traversed the borough, craning their necks to catch glimpses of a burgeoning development landscape.

“We make shidduchs, that’s what we do,” said Herrick partner Jonathan Adelsberg, chair of the commercial leasing department, invoking the Hebrew term for matchmaking.

“You can’t be a great real estate lawyer until you understand the market. We do what we can to expose opportunities to our clients,” he noted over pasta and eggplant Parmesan at Pasquale Rigoletto, the Arthur Avenue eatery where the tour concluded.

The Bronx, which has long fought its image of a borough besotted by arson, poverty and urban decay, is now a hot commodity among the same investors and developers who overlooked it for years. In 2014, it saw an influx of $1.2 billion worth of real estate investment, a 26 percent jump from the prior year, according to data from Bronx Borough President Ruben Diaz Jr.’s office.

Some of the key commercial and retail projects reshaping the Bronx include the redevelopment by Youngwoo Associates of the Bronx General Post Office into an open-air food market, the conversion of the Kingsbridge Armory into an ice-skating complex with nine rinks and the construction of new Bronx headquarters for Fresh Direct, which is moving from Long Island City.

But residential projects are the darling of developers, who pumped $788 million of the $1.2 billion into the Bronx last year. This year, the borough is on track to see a record 8,000 new residential units hit the market, up from 3,697 a year ago, according to Diaz’s office.

Rising land prices in other boroughs, coupled with the Bronx’s proximity to Manhattan, a strong transit system and available development sites, are fueling the feeding frenzy. Developers who’ve already planted their flags see the Bronx as the last bastion for development, while those who haven’t done so already are eager to gain爱上海同城手机版 新爱上海同城对对碰论坛 a foothold. Residential rents, while far lower than elsewhere in the five boroughs, are also creeping up, boosting the confidence of market-rate developers who see tremendous upside in the Bronx.

“The frontier is always the best investment because we are in an extraordinary supply-demand imbalance. Wherever you can buy land the cheapest will ha[……]

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Cluster Sites NYC

Nonprofit overseeing Bronx apartment where toddlers died racked up hundreds of violations BEDCO h爱上海 爱上海同城手机版ad 185 open violations at nearby 1055 University Ave. in the Bronx

1055 University Avenue in the Bronx (Credit: Property Shark)

The nonprofit group that operated a Bronx apartment where two babies died from lethal steam burns had as many as 185 open violations at a 上海贵族宝贝 上海千花网龙凤论坛separate site it supposedly managed.

Following the deaths of Ibanez and Scylee Ambrose, investigators discovered that the Bushwick Economic Development Corp. (BEDCO) had unresolved violations at 1055 University Avenue in the Bronx, a cluster site the the city leases for homeless families. The girls were scalded by a faulty radiator at An Apartment On Hunts Point Avenue.

Investigators from the state Senate Independent Democratic Conference found that BEDCO s violations included mold, lead paint and rodent and roach infestations; some apartments had no smoke or carbon monoxide detectors. According to the report, 38 of 41 cluster sites used by the city for homeless families had open violations.

In December, DNAinfo reported that a Brooklyn landlord repeatedly warned the city that the nonprofit BEDCO routinely ignored safety and maintenance warnings. The landlord, Kai Management, says the Department of Homeless Services ignored its warnings.

A report from City Comptroller Scott Stringer last month that more than half of the 16,026 open violations at all the city s cluster sites are in buildings owned by just 11 landlords. Mayor Bil上海同城对对碰交友社区 上海夜网论坛l de Blasio campaigned on gettin上海千花社区 上海千花网交友g rid of cluster sites, but the number of units has risen during his tenure as mayor.  [NYP] E.B. Solomont

Tags: homeless
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515 West 18th Street

Related上海贵族宝贝交流区 上海贵族宝贝论坛 floats 180 condos for High Line project at 515 West 18th Street City Planning OK’d a mass上海贵族宝贝交流区 上海贵族宝贝论坛ive expansion of Related’s original plans in December
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NYC Gas Crackdown

Credit上海夜网 阿爱上海同城: FDNY via Business Insider

Aft爱上海同城 爱上海er a gas explosion rocked the East Village in 2015, the city cracked down, issuing 2,600 violations for illegal gas lines. But while many buildings are safer, more than 1,000 apartments have had their gas shut off completely due to Department of Buildings violations, according to the New York Post.

“Many buildings are not passing gas-pressure tests, so the gas is being shut down until they do,” a lawyer who represents residents suing their landlords after the shutoffs told the Post.

Many have been without gas for 10 months.

“It’s been shocking to go through this ordeal of trying to have a very simple and essential amenity repaired with very little concern or empathy from anyone for my quality of living,” Kai Ravelson, who rented a one-bedroom in Washington Heights only to discover the Con Edison refused to turn on her cooking gas, told the Post上海夜网 阿爱上海同城.

“If a building is turned off due to a leak . . . it is up to the building owner or other responsible party to hire a contractor and make repairs,” said a spokesman for Con Edison. “The contractor must then get a certification from the . . . Department of Buildings and submit certain paperwork. At that point, we conduct a pressure test. If the piping holds without leaks, gas can be turned back on.” [NYP] Christopher Cameron阿爱上海同城 阿拉爱上海同城

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Donna Olshan

From th上海千花网 爱上海同城对对碰e November issue: The funniest and most insightful comments on real estate.

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80 Broad Street

80 Broad Street and Invesco s Mar阿爱上海同城 阿拉爱上海同城tin Flanagan

Invesco just secured a $102 million mortgage for 80 Broad Street, a FiDi office tower the company bought a controlling stake in earlier this year.

The Atl上海贵族宝贝交流区 上海贵族宝贝论坛anta-based firm purchased a 95 percent stake in the building last month, paying $235 million. Invesco assumed the mortgage from the property s previous owners, Broad Street Development, according to documents filed with the city s Department of Finance. AIG Investments provided the financing.

Representatives for Invesco didn t immediately return a call seeking comment.

Broad Street Development bought the building in 2014 for $175 million. The company retained a 5 percent stake in the 425,000-square-foot tower and continues to manage the property.

In March, The Real Deal reported that Kushner Companies, RFR Realty and LIVWRK bought Invesco out of its stake in a large office and retail complex in Dumbo Heights. The deal was新上海贵族宝贝论坛 上海贵族宝贝交流区 valued at $600 mi上海龙凤论坛sh1f 上海龙凤论坛llion.

Tags: 80 broad street, Invesco Real Estate, Real Estate Finance
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Blackstone Group

From left: Jonathan Gray and Rockpoint s Bill Walton

An investment fund controlled by Blackstone Group bought a passive, minority stake in Rockpoint Gr上海夜网论坛 上海夜网oup, the company announced Tuesday.

Terms of the deal weren’t publicized. The vehicle that made the investment, Blackstone’s Strategic Capital Holdings Fund, falls under the private equity firm’s hedge fund business.

The Boston-based real estate investment firm Rockpoint quietly emerg爱上海同城论坛 爱上海同城ed as one of New York’s most active real estate investors over the past few years.  In recent months, the fund manager agreed to buy上海千花网论坛 上海千花网 the Starrett City complex in Brooklyn with Brooksville Company for $905 million and closed on the $465 million purchase of 1700 Broadway.

In a statement, Blackstone’s newly appointed president Jonathan Gray pointed out that his 上海夜网 阿爱上海同城firm has already worked on several real estate deals with Rockpoint. Scott Soussa, who heads Blackstone’s Strategic Capital Group, called Rockpoint a new “strategic partner.”

Chinese sovereign wealth fund China Investment Corporation (CIC) also just sold its 9.9 percent stake in Blackstone, the Financial Times reported. CIC had paid $3 billion for its stake in 上海龙凤论坛sh1f 上海龙凤论坛2007.

Tags: blackstone group, Commercial Real Estate, rockpoint group
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Amazon HQ2 odds are in Northern Virginia’s favor, according to an online gambling site

Amazon HQ2 odds are in Northern Virginia’s favor, according to an online gambling site

Northern Virginia is the location that’s most likely to be selected as the home of Amazon HQ2, according to online gambling site Bovada’s latest odds. Austin, Boston, 新上海贵族宝贝论坛 上海贵族宝贝交流区Toronto and Atlanta have the next best chances, according to Bisnow, which asserted that the release of the odds has led to an increase in the stock price of 上海龙凤论坛sh1f 上海龙凤论坛Virginia REIT JBG Smith, which owns a proposed site for the Amazon offices in Crystal City and Potomac Yard. [Bisnow]

Tags: National
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MPK 21

Facebook opens mega Menlo Park office amid major expansion The social media giant continues to gobble up real estate despite what has been a difficult summer

Mark Zuckerberg and a model of the project (Credit: Level10GC)

Facebook recorded the biggest one-day drop in its stock value in July, but it has not s爱上海同城 爱上海lowed down its real estate purchases.

The social media giant opened its new 525,200-square-foot office in Menlo Park last week and has big plans to further expand in the Bay Area, according to Bloomberg.

Those plans includ阿爱上海同城 阿拉爱上海同城e leasing over 1 million square feet in San Francisco, including the entirety of John Buck Company’s 43-story Park Tower at Transbay.

It also intends to move into 1.1 million square feet of office space in Sunnyvale and 1.2 million square feet at more than a dozen office buildings in the East Bay area. Its new Menlo Park headquarters, MPK 21, is more than 100,000 square feet larger than its existing office next door.

On July 26, Facebook s stock lost $120 billion in market capitalization after th上海龙凤论坛sh1f 上海龙凤论坛e company said it would miss earnings estimates, and that user growth had slowed down.

Mark Zuckerberg’s now 14-year-old company is plenty busy in Los Angeles, too. As of May, Facebook was nearing an agreement to lease 260,000 square feet at Tishman Speyer’s Brickyard office campus in Playa Vista. That’s more than twice what Facebook planned to lease there in March.

Facebook’s expansion in Menlo Park, once a small in上海千花网交友 上海千花网论坛dustrial neighborhood, will be more cause for headaches among locals who have fiercely criticized the company for driving up prices in the local rental market.

Last summer, the company announced it would develop 1,500 residential units in a 59-acre community. Of those, 225 units will be rented at below-market rates. [Bloomberg] — Dennis Lynch 

Tags: Commercial Real Estate, Facebook
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