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Jamaica landlord files plans for 110-key hotel conversion Stefan Solakiewicz bought six-story office building on Union Hall Str爱上海 爱上海同城手机版eet in 2013

92-32 Union Hall Street in Jamaica

The owner of a six-story office building in Jamaica plans to convert the property 上海夜网 阿爱上海同城into a 110-key hotel.

Lakewood, N.J.-based Stefan Solakiewicz plans to turn the 55,000-square-foot building at 92-32 Union Hall Street into a hotel with retail on the ground floor and 22 rooms on each of the second through sixth floors, according to an application filed with the Department of Buildings Friday.

Solakiewicz could not be immediately reached for comment. He bought the building back i上海夜网论坛 上海夜网n 2013 for $1.1 million, snapping it up out of foreclosure. The previous o阿拉爱上海同城 爱上海龙凤419桑拿wner, Faizulmunir Kazi, had paid $2.6 million to buy the property back in 2008.

Jamaica, which serves as a hub between John F. Kennedy International Airport and Manhattan, has been a hotspot for hotel development. The largest hotel project in the works is a 28-story, 240-room hotel 爱上海同城 爱上海that Able Management is developing near the Long Island Rail Road station.

In April, TCX Development filed plans to build a 15-story, 72-room hotel at 92-18 150th Street.

Tags: Queens
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Conor Flynn

From left: Conor Flynn and Sean Coghlan

From the October issue: This September, investors who bet on the stock market’s broad indexes got a new tool. They can now invest in real estate investment trusts separately from financial stocks and insurance firms — a category that REITs had been lumped into for more than 15 years.

REITs, which own buildings that range from residential, office, retail and hotel properties to data centers, cell phone towers, prisons and farms, have certainly matured a爱上海龙凤419桑拿 上海龙凤论坛sh1fs an asset class. Yet, the same low interest rate environment that has made them so popular with investors has also made it harder for REITs to acquire new properties at valuations that make sense, industry sources told The Real Deal.

Many public real estate companies have adjusted to that change上海千花网 爱上海同城对对碰 on a national level by upgrading their current properties and paying off debt to prepare for the next downturn. Another approach for those focused on the New York market is to look beyond Manhattan. But while those transitions come with some uncertainties, the index classification change is attracting attention from new potential shareholders.

For the third and final web installment of the Q A, we bring you TRD s interviews with Conor Flynn of Kimco Realty and Sean Coghlan of JLL.

Conor Flynn
Chief executive officer, Kimco Realty Corporation

Real estate is getting its own category in the Global Industry Classification Standard rather than being lumped in with banks and insurance companies. What effect will this have on REITs as a sector?
We think it’s going to have a long-term positive effect on REITs, as it will bring a more diversified investor base, including generalist investors. That’s because previously, portfolio manager[s] didn’t need to invest in REITs when they were in the financial sector in order to remain benchmark neutral. With REITs being a standalone sector, investors risk being underweight if they elect not to include REITs in their portfolios.

Why have REITs outperformed other asset classes to such a degree and how much longer can the bull run last?
By definition, REITs must pay out 90 percent of their income in dividends. Global interest rates being close to zero and in some cases negative has driven a thirst for yield, which is driving capital into REITs that pay a healthy dividend.

What’s the chance of a repeat of what happened in 2007 and 2008, when REITs lost 15.7 percent and 37.7 percent, respectively?
Real estate is a cyclical business. The key is to learn from your mistakes and to try not to repeat them. In the Great Recession, a number of REITS, including Kimco, had too much leverage and were overextended. When the capital markets shut down, it had an impact on all stocks, especially REITs. REITs are a very capital intensive business. We require capital to build out space for tenants, or to redevelop assets, and to maintain the assets to the highest standard. We try and focus on what we can control, which is to make sure the company is[……]

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670 Mesquit Bjarke Ingels

LA may get its own High Line, Wanda Group’s $1.2B project in Beverly Hills … & more Los Angeles br上海千花网龙凤论坛 上海千花社区iefs

Rendering of 670 Mesquit

LA’s High Line?

Los Angeles may soon have its very first Bjarke Ingels-designed development, complete with an elevated park decked over a rail line. In December, two partners announced their plan to seek city approval for a starchitect-designed mega-project along the L.A. River.

One is the Gallo family, which owns part of the site. The Gallos, who number among California’s richest clans, made their fortune from E J Gallo Winery. They are teaming up with investment firm V.E. Equities to build the Arts District development, which would include 250 rental units, two boutiq上海千花网 爱上海同城对对碰ue hotels and 800,000 square feet of office space.阿爱上海同城 阿拉爱上海同城

Plans have not yet been filed, but observers say that the development would accelerate the neighborhood’s transformation from gritty to gentrified.

Called 670 Mesquit, the project would also include a pedestrian deck that would extend over the train tracks that divide the river from the Rancho Cold Storage facility on Mesquit Street, which the Gallo family owns.

The design, which would necessitate approval from several public agencies, has drawn comparisons to New York City’s High Line.

LA brokerage merges with SF mega-firm

John Aaroe

Los Angeles-based boutique residential brokerage John Aaroe Group is merging with one of  San Francisco’s largest brokerages, Pacific Union International.

The combined firm will have 1,100 agents working in 38 offices across California.

Founded in 2009, John Aaroe Group, whose CEO is Mark McLaughlin, has nine locations in Los Angeles, including Beverly Hills, Sherman Oaks and the Sunset Strip. The merger will help the firm expand its international reach and increase its use of technology, president John Aaroe said in a release.

Three years ago, Pacific Union — America’s ninth-largest real estate brokerage by sales volume — launched a marketing program in Beijing called Chinese Concierge to pursue Chinese investors, who make up a growing percentage of  both single-family and commercial buyers in L.A.

Mark McLaughlin

With the merger, John Aaroe Group will be able to tap into both Pacific Union’s Northern California market and its Chinese market, according to a company spokesperson, but day-to-day operations will not change. No L.A. agents will relocate to San Francisco, but they will pursue more listings up north, according to John Aaroe broker Aaron Kirman.

“With Asian buyers, a lot of them are looking to buy in both San Francisco and L.A., or at least looking at both cities,” he said.

Chinese Wanda Group notches Beverly Hills victory

The Beverly Hills City Council has voted in favor of a controversial $1.2 billion project proposed by a subsidiary of Chinese giant Wanda Group, paving the way for it to move forward.

Dubbed One Beverly Hills, the development includes a 134-key boutique hotel, 193 luxury condominiums and retail space at 9900 Wilshire Boulevard.

A[……]

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Soho

Soho

Soho s been hit hard by the 上海千花网 爱上海同城对对碰national retail slump, sending the neighborhood s availability rate soaring to 23.1 percent in the second quarter of this year.

Asking rents for ground-floor retail space in the neighborhood also plummeted 12 percent from the end of 2015 to $478 per square foot, the Wall Street Journ爱上海同城对对碰 爱上海同城论坛al reported, based on data from Cushman Wakefield. Commercial property sales have also dragged, only reaching $79 million in the second quarter compared to $1.7 billion at the end of 2015.

“People were making the assumption that Soho was experiencing a huge upswing in retail rents and prices, everything going up and up and up,” Cushman s Keegan Mehlhorn told the Journal. “We are in an area of disconnect between buyers and sellers right now.”

Soho, along with other expensive retail hubs like Fifth and Madison avenues, have been hit harder than other parts of Manhattan, in part, due to the increase in rents after the recession. In the first quarter of 2017, half of Manhattan’s 12 most important retail markets had availability rates of 20 percent or more.

Earlier this week, The Real Deal took a deep dive into the retail vacancy epid上海千花网论坛 上海千花网emic on the Upp爱上海同城手机版 新爱上海同城对对碰论坛er East Side and mapped all the empty storefronts. There were 82 of them.[WSJ] — Kathryn Brenzel 

Tags: Commercial Real Estate, NYC Retail Market, soho, Soho retail
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Williamsburg Retail Market

A TRD analysis found that the neighborhood is already feeling the brunt of the L train’s imminent shutdown

TRD analyzed retail across a 22-block swath of central Williamsburg

Retailers kicking tires in the growing Williamsburg retail district have more than changing shopping habits to worry about.

The looming L train shutdown has put the brakes on leasing activity in the Brooklyn neighborhood阿拉爱上海同城 爱上海龙凤419桑拿, where the vacancy rate is roughly 13 percent, according to a recent analysis by The Real Deal.

Tenants “are reluctant to do a deal until the train situation is resolved,” said Jason Pruger, a retail broker with Newmark Knight Frank.

Last month, TRD walked a 22-block swath of central Williamsburg — from Grand Street to North 11th Street and from Bedford Avenue to Wythe Avenue — and checked on the nearly 600 buildings there, finding 105,000 square feet of vacancies out of the area’s total 827,000 square feet of retail.

While “for rent” signs are spread around the neighborhood, the two streets with the most empty storefronts are Bedford Avenue, Williamsburg’s main shopping stretch, and North 6th Street.

Bedford Avenue has approximately 26,000 square feet of vacancies out of its total of about 212,000 square feet of retail space, according to 上海千花社区 上海千花网交友TRD ’s s上海千花网论坛 上海千花网urvey. That’s a vacancy rate of about 12 percent. It’s also the priciest retail corridor in the borough, with rents along the street averaging $325 per square foot, according to a report from the Real Estate Board of New York. Yet that average is a 13 percent decline from a year ago, when the average asking rent was $373 per foot.

Meanwhile, North 6th Street has roughly 22,000 square feet of empty storefronts — primarily sandwiched between Berry and Wythe avenues — out of about 89,000 square feet of retail, for a vacancy rate of 25 percent.

Repairs to the L train’s Canarsie Tunnel will span 15 months, starting in April 2019. Though L trains will operate within Brooklyn, there will be no service connecting the borough to Manhattan. Some retail tenants are spooked by what the closure could mean for their businesses, and there are rumblings about requests for rent reductions.

Christine Blackburn of brokerage Compass said there was a pause in Williamsburg’s retail leasing market after the shutdown was announced last year.

“Everybody took three months to digest that information,” she said. Blackburn estimated that some existing tenants will push for rent reductions of between 5 and 7 percent, though no more than that.

Lee Associates NYC’s Garry Steinberg, a broker who represents both tenants and landlords in the area, pointed to a clutch of retailers that have recently inked leases in the area.

Athleisure clothing retailer Lululem爱上海同城对对碰 爱上海同城论坛on and Korean fashion brand Aland signed on for Williamsburg storefronts this year, at 129 North 6th Street and 92 North 6th Street, respectively. In September, Japanese clothing and home furnishing store Muji opened at 55 North上海千花社区 上海千花网交友 5th Street, and Vans opened an outpost[……]

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Stuart Elliott The Real Deal

Stuart Elliott

The priciest New York City real estate deal in 2017 already looks to be going south, thanks to what one industry player called “one of the most reckless investors I’ve worked with.” And it was Chinese money that was at play — part of a new phase of global capital that’s entering and leaving the city.

The Real Deal reporter Konrad Putzier lays out the shocking fall of Chinese conglomerate HNA, which is now struggling under a $90 billion debt burden after going on a worldwide acquisition spree. Early last month, news broke that HNA would put its most prized Manhattan trophy, 245 Park Avenue, up for sale after purchasing it for a record $2.2 billion just nine months earlier. The tower is expected to sell at a loss as the firm seeks to unload about $4 billion in U.S. real estate assets, including other properties in New York.

And while HNA beats a hasty retreat, it isn’t alone. Anb上海贵族宝贝交流区 上海贵族宝贝论坛ang Insurance Group — whose prolific spending tear included snapping up the Waldorf Astoria — was taken over by the Chinese government last month in a move to reportedly prevent the company from collapsing. “I’ve never seen such a turn in the industry,” said Marcus Millichap broker Eric Anton, referring to the exodus of some lar上海千花网交友 上海千花网论坛ge Chinese players. “It was a surprise to almost everybody.”

Foreign investment was seen as a savior in the years following the Great Recession, but the picture is more mixed now. There is Chinese money on the run and tainted cash from other corners of the world. Our cover story, by E.B. Solomont and Will Parker, examines how the Department of Justice is looking to dispose of forfeited properties totaling billions. At the top of the list, the Feds need to unload 650 Fifth Avenue and the Park Lane Hotel, which was seized from Malaysian financier Jho Law as part of a money laundering investigation. But do bureaucrats have what it takes to s上海千花网论坛 上海千花网ell the property for top dollar in the shark-eat-shark world of NYC real estate?

Meanwhile, the priciest building purchase of this year — Google’s mammoth buy of Chelsea Market for $2.4 billion — appears to be a lot more stable than HNA’s Park Avenue play. The tech giant, which has $14.5 billion in real estate assets, seems to be in it for the long haul, snapping up more and more of West Chelsea. We look behind the recent deal, first reported by us, and what it means for the neighborhood. Find that story here. A little farther uptown, we examine retail guru Ken Himmel’s vision for Related’s Hudson Yards shoppin上海贵族宝贝交流区 上海贵族宝贝论坛g hub and the prognosis for success amid a weak retail market. Can Himmel replicate the results he brought to the Time Warner Center a decade and a half ago?

Finally, check out coverage of The Real Deal’s first-ever comedy event last month, which benefited a cancer charity. And there’s a lot more coming up. If you’re on the West Coast, come to our first quarterly neighborhood real estate forum in Los Angeles on March 7. Our annual Long Island special issue just hit[……]

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62 Avenue B

Ben Shaoul in contract to sell incomplete Liberty Toye for roughly $85M: sources At least 14 unit buyers will get deposits back

Renderings of Liberty Toye and Ben Shaoul

Ben Shaoul is in contract to sell Liberty Toye — an incomplete 81-unit condominium conversion project in the East Village — for around $85 million, sources told The Real Deal.

T上海同城对对碰交友社区 上海夜网论坛he deal values each unit aroun上海千花网论坛 上海千花网d $1 million, and it puts an end to Shaoul s tumultuous run with the property, at 62 爱上海同城论坛 爱上海同城Avenue B, which he purchased for $25.5 million in 2011.

The identity of the buyer was not immediately clear, and Shaoul declined to comment.

In 2013, Shaoul s Magnum Real Estate Group converted the former nursing home into rentals, but residents of the building — then called Bloom 62 — threw raucous parties on the roof. Magnum shopped the site for $73 million and then $80 million in 2015, but ultimately plowed ahead with a condo conversion.

This past November, after a rebranding, Liberty Toye hit the sales market with a total sellout of $92.5 million, according to the offering plan. Magnum tapped Town Residential to market the units.

Sources said Magnum now plans to withdraw the offering plan from the New York state Attorney General s office and return deposits to buyers who ve gone into contract. The property is expected to continue to operate as a rental, sources said.

At least 14 units are in contract, according to StreetEasy, ranging from a studio last asking $675,000 to a two-bedroom that was asking $1.55 million.

The Magnum chief isn t the only developer rethinking development plans. In March, the owners of Cassa Times Square Hotel scrapped plans to convert the property into condos. The trio of investors — the Chetrit Group, Assa Properties and Read Property Group — decided to keep the 108 units as rentals. Chetrit also backed out of a $1.4 billion plan to convert the Sony Building into condos, and CL Investment scrapped the $300 million conversion at 287 Park Avenue.

On the Lower East Side, Shaoul is still developing 196 Orchard Street, which will have 94 units. Other 爱上海同城论坛 爱上海同城nearby condo projects include 150 Rivington, a 45-unit proj上海夜网 阿爱上海同城ect being developed by Cogswell Lee Development, and 242 Broome, a 55-unit condo by a joint venture of Taconic Investment Partners, L M Development, BFC Partners and Goldman Sachs.

Tags: ben shaoul, Commercial Real Estate, lower east side, Residential Real Estate
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Westbrook Partners

This is how Westbrook is爱上海 爱上海同城手机版 funding its buy of the Union Square W Hotel The company paid $165M for the property

W Union Square at 201 Park Avenue South (Credit: Wikipedia)

Westbrook Partners has secured a $100 million loan to fund its purchas上海贵族宝贝交流区 上海贵族宝贝论坛e of the W New York Union Square hotel.

HSBC is providing the loan for the 20-story building at 201 Park Avenue, according to Commercial Observer. The loan amount will cover 60 percent of the $165.5 million Westbrook paid for the building. The Real Deal reported when the company was close to signing a hard contract in May.

上海千花网交友 上海千花网论坛Westbrook paid $20 million less than what its previous owner Host Hotels Resorts paid in 2010. The 205,000-square-foot Beaux-Arts building was built in 1911 and is occupied by 270 rooms. Under Westbrook, the hotel will lose its W Hotels flag,上海千花网交友 上海千花网论坛 leaving only two remaining W-branded hotels in the city: Times Square, at 1567 Broadway, and Downtown, at 8 Albany St上海夜网论坛 上海夜网reet.

Earlier this year Capstone Equities and Highgate closed on the $190 million purchase of the W on Lexington Avenue, which they renamed the Maxwell.  [CO] — David Jeans

Tags: Commercial Real Estate, union square, westbrook partners
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Mic

Mic, which is reportedly worth $5M, was paying over $2M in rent Media startup rented 82nd floor at 1WTC

One World Trade Center and Mic co-founder Chris Altchek (Credit: Twitter)

The Durst Organization may have to look for a new tenant for the 82nd floor of 1 World 爱上海同城论坛 爱上海同城Trade Center.

News startup Mic, which rented the 36,000-square-foot space in 2016, laid off almost its entire staff Thursday as it sold to publisher Bustle Digital Grou爱上海龙凤419桑拿 上海龙凤论坛sh1fp for $5 million.

Mic was paying $69 per square f上海千花社区 上海千花网交友oot for its space, according to Commercial Observer, or around $2.5 million in total per year.

The digital news publication raised more than $60 million from venture investors and爱上海龙凤419桑拿 上海龙凤论坛sh1f was reportedly valued at $100 million in April 2017, but couldn’t figure out how to make a profit.

The company moved to 1 World Trade at a time when the neighborhood became a center of the media industry. Conde Nast is also a tenant at the building, and Observer Media and Vox Media occupy space nearby. —Konrad Putzier

Tags: 1 World Trade Center, durst organization
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