Bluestone Group

Here’s what the $10M-$20M NYC investment sales market looked like last week Eli and Joseph Tabak team up on a Mott Haven war上海龙凤论坛 新上海贵族宝贝论坛ehouse purchase; a Brooklyn investor picks up 74 units in Longwood

1.) A pair of contiguous mixed-use buildings at 912 And 922 Southern Boulevard in the Bronx sold for $16.1 million. B上海千花网龙凤论坛 上海千花社区rooklyn-based investor Joel Werzberger, who owns 875 Longwood AvenueAnd 2035 Belmont Avenue 新爱上海同城对对碰论坛 上海同城对对碰交友社区in the Bronx, purchased the properties from landlord Joel Shafran. The nearly identical buildings are six stories, eac上海龙凤论坛sh1f 上海龙凤论坛h spanning over 50,000 square feet. They have a combined 66 apartments, mostly rent regulated, and eight retail units.

2.) Eli Tabak’s Bluestone Group, brother Joseph Tabak’s Princeton Holdings and Altmark Capital closed on a deal to buy a Mott Haven warehouse spanning an entire block along Willow Avenue, between East 134th and 135th streets, for $14.1 million. The vacant warehouse at 780 East 135th Street, which totals 84,650 square feet, last sold in 1997 and was used as a moving and storage facility. The new owners are considering converting the five-story building into new artists lofts or a creative office, according to the Commercial Observer, which first reported the sale.

(Source: ACRIS data for closed sales between April新爱上海同城对对碰论坛 上海同城对对碰交友社区 18-24, and Reonomy data)

Tags: Investment Sales
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U.S. Job Numbers

US 阿拉爱上海同城 爱上海龙凤419桑拿employment 爱上海同城 爱上海ends year on strongest note since 2009 Improving fundamentals bode well for real estate

(Credit: festivusweb via Flickr)

Good news for the real estate industry: U.S. employment grew for the 75th straight month in December and wage growth was the strongest since 2009.

The unemployment rate inched up to a seasonally adjusted 4.7 percent, from 4.6 percent in November, because more Americans are joining the workforce. 

The U.S. economy added a net 156,000 jobs last month, according to the labor department. Average hourly pay for private-sector employees rose by 10 cents to $26.

Sluggish wage growth in recent years has been holding back apartment rents and retail spending, so the latest uptick should ben爱上海同城手机版 新爱上海同城对对碰论坛efit the real estate industry. In an October interview, Blackstone Group’s real estate head Jonathan Gray said improving economic fundamentals such as employment and wages could more than offset the effect上海贵族宝贝交流区 上海贵族宝贝论坛s of rising interest rates.

The U.S. unemployment rate hit a peak of 10 percent in 2010 and has been falling steadily since. [WSJ] Konrad Putzier

Tags: employment, unemployment 上海龙凤论坛sh1f 上海龙凤论坛
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Retail Tenants

A new breed of tenant is building business both on- and offline — with a very curated approach to real estate

Sugarfina’s mini 200-square-foot store in New York City’s Time Warner Center has sales of more than $4,000 a square foot

Why endure the weeklong pain of a cold-pressed juice cleanse when there’s now a seven-day gummy bear cleanse?

The tongue-in-cheek confection — “green juice” gummy bears packed inside Pressed Juicery bottles — is the love child of Beverly Hills gourmet candy shop Sugarfina and Santa Monica juice maker Pressed Juicery.

It was a hit when it launched last month in Sugarfina stores and online. The special gummy bear cleanse上海千花社区 上海千花网交友 package sold out in three hours, with a wait list growing to more than 300 after its first day on the market.

While established retailers shutter stores across the country and file for bankruptcy, rising stars like Sugarfina are shining bright — and causing many developers and landlords to上海夜网论坛 上海夜网 rethink how they approach their tenant mix.

Sugarfina launched as an e-commerce business in 2012, with the goal of treating adults to gourmet sweets with decidedly mature flavor profiles, from single malt scotch cordials to red velvet caramels. It opened its first brick-and-mortar shop a year later in Beverly Hills.

The company wanted to ditch the plastic bags an上海贵族宝贝交流区 上海贵族宝贝论坛d metal scoopers found at mall candy stores, said Rosie O’Neill, co-founder of  Sugarfina. They also wanted to make shoppers feel more comfortable, and so created a fun, l[……]

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NYC Rents

Good news, landlords! People still think renting爱上海 爱上海同城手机版 is cheaper than buying Around 76% of tenants think renting is more affordable: Freddie Mac

People are increasingly viewing renting as more affordable than buying a home, a survey from Freddie Mac has found.

Rents in cities across the country as not rising as m爱上海同城手机版 新爱上海同城对对碰论坛uch as before, thanks to a major spike in construction over the past few years, the Wall Street Journal reported. Home prices, on the other hand, keep going up.

Freddie Mac’s survey, expected to be 爱上海 爱上海同城手机版released tomorrow, found that around 76 percent of renters in August believe renting is a more affordable option than buying. That’s up from around 65 percent of r阿拉爱上海同城 爱上海龙凤419桑拿enters in September 2016, according to the Journal.

“We talk virtually every day about how renting is becoming less and less affordable. I think the answer is just that housing is becoming less and less affordable and renting is the more affordable of the two,” David Brickman, executive vice president and head of Freddie Mac Multifamily, told the Journal.

Nearly a quarter of the renters surveyed said flexibility was the reason they chose to rent. In Manhattan last month, the median net effective rent slipped slightly to hit $3,334. Meanwhile, the median sales price of a Manhattan co-op just reached a 28-year high in the third quarter of the year to reach $850,000. The median sale price of a condominium in Manhattan increased 6.3 percent from last year to hit $1.7 million. [WSJ] Miriam Hall

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James Dearden

“Fatal Attraction” screenwriter James Dearden is both listing and renting his Beverly Hills home The Benedict Canyon residence asking $5.2M or $25K per month

James Dearden with property on Trudy Drive (MLS/Getty Images)

上海千花社区 上海千花网交友James Dearden seems to have lost the “Fatal Attraction” after all.

The screenwriter has put up his Beverly Hills home for sale at $5.2 million, well below the initial asking of $6.8 million, Variety reported. In case that doesn’t work, Dearden is also listing the property as a fully-furnished, luxury rental asking $25,000 per month.

Located above Benedict Canyon, the 5,290-square-foot European-styled villa on Trudy Drive has five bedrooms and six bathrooms. Amenities at the two-story home include a library, media lounge with surround sound system, two dishwashers (why not?) and a swimming pool.

Dearden purchased the home in 2007 for less than $4.7 million, property records show爱上海同城 爱上海. Since then, it’s been leased to glitzy A-listers including an NBA pla上海贵族宝贝 上海千花网龙凤论坛yer and a Swedish House Mafia member.

Paul Czako of Gussman Czako Estates has the listing.

The English film writer a上海千花网交友 上海千花网论坛nd director made a name for himself with “Fatal Attraction,” an Oscar-nominated film starring Michael Douglas and Anne Archer. His credits also appear on “Rogue Trader,” “A Kiss Before Dying” and “Pascali’s Island.” Dearden and his wife, British actress上海夜网论坛 上海夜网 Annabel Brooks, also own a walk-up apartment in New York City and a property in London’s Notting Hill neighborhood. [Variety[……]

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Canadian Luxury Residential Market

Here s how much it costs to live in Justin Trudeau s neighborhood The Canadian capital has its arms open to foreign RE investors

Prime Minister of Canada Justin Trudeau. (Credit Alex Guibord/Flickr)

Move to Rockcli爱上海同城 爱上海ffe Park in Ottawa and your could technically call yourself a neighbor to the Prime Minister of Canada, or, if you don t actually plan on living in the quiet capital, the neighborhood is your best investme新爱上海同城对对碰论坛 上海同城对对碰交友社区nt bet in the country, according to Mansion Global.

The average home sold f上海夜网论坛 上海夜网or $1.5 million last year and rented for between about $8,000 per month to $20,000. Compared to last year, the price of single-family home increased more than 7 percent. The reason for the area s high上海龙凤论坛 新上海贵族宝贝论坛 demand could be explained by the high ratio of diplomatic and elected officials, about 150, to normal citizens, about 700.

“It’s the premiere place to live,” said Marilyn Wilson of Dream Properties/Christie’s International Real Estate to Mansion Global. But “Ottawa is the city to look to for investing” as well, she added.

The city has no restrictions on foreign buyers, unlike Toronto or Vancouver where restrictions were imposed to limit an influx of foreign real estate investment.[Man阿爱上海同城 阿拉爱上海同城sion Global] Erin Hudson

Tags: canada, mansions, Residential Real Estate
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JPMorgan Chase Headquarters

JPMorgan Chase strikes big air rights deal Bank plans to buy roughly 700K sf from Grand Central Terminal owners

From left: Grand Central, 270 Park Avenue, Michael Dell and Jamie Dimon (Credit: Getty Images)

It looks like JPMorgan Chase will buy nearly 700,000 square feet of air rights from Grand Central to build its new 2.5 million-square-foot office tower in Midtown East.

The company plans to tear down its headquarters at 270 Park Avenue to make way for a new larger tower, following the rezoning of 78 blocks in Midtown East. The bank is negotiating with air rights owners MSD Capital, which oversees assets for Dell Technologies founder, Michael Dell, TF Cornerstone and Argent 上海千花网交友 上海千花网论坛Ventures, Crain s reported.

MSD Capital and TF Cornerstone own a majority of the 1.35 million square feet of air rights at Grand Central and are planning to sell nearly 700,000 square feet for $210 million or so, charging roughly $300 per square foot. The owners an爱上海同城手机版 新爱上海同城对对碰论坛d JPMorgan Chase will have to contribute about $40 million to public realm improvements, as required by the rezoning.

Crain s reported last week that the Archdiocese of New York, which owns St. Patrick’s Cathedral, was gearing up to sell some of its 1.2 million air rights. It appears that the Archdiocese plans to sell 30,000 square feet to another site in the district. [Crain s] — Kathryn Brenzel 

Tags: Air Rights上海龙凤论坛sh1f 上海龙凤论坛, Commercial Real Estate, Development, Grand Central Terminal, JPMorgan Chase, Midtown East Rezoning
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Toys R US Bankruptcy

It s lawyers before landlords in the Toys R Us bankruptcy case Courts give priority to bankruptcy professiona上海千花网 爱上海同城对对碰ls when it comes to getting paid

(Credit: Wikipedia, Max Pixel, Pixabay)

Landlords looking to get compensated in Toys “R” Us’s bankruptcy ca阿拉爱上海同城 爱上海龙凤419桑拿se, get in line.

The toy retailer is expected to pay $348 million to dozens of bankers, lawyers and consultants who tried to fix the company’s problems. And those bankru阿拉爱上海同城 爱上海龙凤419桑拿ptcy professionals get priority and are largely assured of getting paid as other creditors fight to get their share, the New York Times reported.

This is nothing particular to Toys “R” Us, as bankruptcy fees have been an issue for years.

“The fees have been increasing, and there is no effective means to control them,” Lynn LoPucki, a bankruptcy professor at the University of California, Los Angeles, told the Times.

Companies can make the decision as to where they want to file for bankruptcy, and judges are hesitant to push back on fees because lawyers could bring the cases elsewhere. Toys “R” Us is based in Wayne, N.J., but filed its Chapter 11 case in Richmond, Va.

The retailer earlier this year announced爱上海同城论坛 爱上海同城 it planned to close all of its 735 stores, including ones in College Point, Queens. [NYT] – Rich Bockmann

Tags: bankruptcy, Comme爱上海同城对对碰 爱上海同城论坛rcial Real Estate, Retail
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Herald Towers

Gap is adding to a growing stretch of retail vacancies along 34th Street The retailer won’t be renewing at JEMB Realty’s Herald Towers

JEMB s Morris Jerome and the Gap at 60 West 34th Street (Credit: Google Maps)

UPDATED, Sept. 5, 5:39 p.m.: Gap’s lease in Herald Square won’t be renewed, adding to a large block of retail vacancy along 34th Street.

JEMB Realty — the landlord at 60 West 34th Street (aka 1282 Broadway) — informed lender AIG that the lease with Gap would not be renewed or extended, according t上海夜网 阿爱上海同城o property records filed with the city Wednesday.

It’s not clear how much space the Gap currently occupies in the building at the corner of 34th Street and Sixth Avenue, but as of 2010 the footprint was 70,000 square feet.

JEMB principal Louis Jerome said the company is working wit上海贵族宝贝 上海千花网龙凤论坛h RKF to market the retail space.

“The available retail spaces are part of a large scale repositioning of all of Herald Towers, which also includes 690 apartments, he said.

A representative for Gap could not be immediately reached for comment.

JEMB also 上海千花网龙凤论坛 上海千花社区informed its lender that the lease with Forever 21 at the property would no上海千花网龙凤论坛 上海千花社区t be renewed.

The Real Deal reported earlier this year that the fast fashion brand signed a lease to relocate the Herald Square store into 43,000 square feet at rival H M’s space across from Penn Station at Vornado Realty Trust’s 435 Seventh Avenue.

Forever 21 had occupied 25,000 square feet at JEMB’s Herald Square property, which means that along with[……]

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Lucy Liu Apartment

Selling real estate is elementary? Lucy Liu s condos just went into contract The two uncombined apartments at 29 West 19th St. were listed for a total of $5.9M

Lucy Liu and 29 West 19th Street (Credit: Getty Images and Core)

Perhaps the new owners of Lucy Liu s two condominiums in a converted Flatiron loft building can figure out why she didn t combine the units.

The star of CBS s Elementary, a contemporary take on Sherlock Holmes, went into contract to sell the homes at 29 West 19th Street, according阿拉爱上海同城 爱上海龙凤419桑拿 to Variety. They were listed for a combined $5.9 million.

One apar爱上海龙凤419桑拿 上海龙凤论坛sh1ftment is directly above the other, and they are two of only five units in the luxury building. Both apartments have three bedrooms, 10-foot ceilings, and together add up to a combined total of over 3,600 square feet. One unit also has a private keyed elevator.

Liu, a Queens 爱上海同城手机版 新爱上海同城对对碰论坛native, bought the first full-floor apartment in early 2005 and the second about a year later, paying a for a total of about $4 million, accordin阿拉爱上海同城 爱上海龙凤419桑拿g to Variety. The units were listed in July and October, respectively.

The buyer, or buyers, are currently unknown. CORE’s Emily Beare and Jessica Chestler had the listings. The building s penthouse is also on the market with Stribling for $4.5 million.

Last summer, Liu bought a two上海龙凤论坛 新上海贵族宝贝论坛-bedroom condo in a restored Beaux-Arts building, also in the Flatiron District, according to Variety.

And just last month, Liu sold a four-bedroom home in Studio City, Los Angeles, that s[……]

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