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Predatory Equity Bill

Predatory investors beware: City is watching rent-regulated properties New bill will create “Speculation Watch List”

The City Council on Thursday unanimously voted on t爱上海 爱上海同城手机版he Predatory Equity Bill, which will create a watch list of rent-regulated buildings where tenants are potentially vulnerable to investors who may want to kick them out.

The legislation requires the Department of Housing Preservat爱上海 爱上海同城手机版ion and Development to compile a “Speculation Watch List” of rent-regulated properties with sales prices that are unus爱上海同城 爱上海ually high in comparison to similar sales in the area. City officials feel that such transactions could hint that investors seek to raise rents in the buildings by displacing current tenants.

HPD will complete the list within the next 10 months and update it quarterly.

The council also passed a duo of tenant harassment bills on Thursday. One changes the definition of harassment to include certain construction code violations, such as failure to fix hazardous conditions at a site. The other requires that certain developers get a ce上海贵族宝贝论坛 上海贵族宝贝rtificate of no harassment before the Department of Buildings can issue a permit for renovation or demolition work at the property.

Earlier this year, The Real Deal took a look at the flurry of speculative buying in the Bronx from 2009 to 2016. A majority of the deals identified as speculative were rent stabilized. Council member Ritchie Torres introduced上海龙凤论坛sh1f 上海龙凤论坛 the Predatory Equity Bill in 2016.

Tags: affordable housing, Commercial Real Estate, department of housing preservation and development, east new york, Rent Regulations, Residential Real Estate
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Real Estate Reading

Real estate pros share their picks for books on naval architecture, technological acceleration and the dangers of ‘healthy’ food

L. Stephen Hill
Co-founding Partner, Hill West Architects

What are you reading right now? “A Man and His Ship: America’s Greatest Naval Architect and His Quest to Build the S.S. United States” by Steven Ujifusa.

What spurred you to read that book? When I was in Philadelphia and saw the S.S. United States sadly rotting in a pier, it made me want to learn more about William Francis Gibbs and how he became known as America’s best naval architect. I’m fascinated by the technological advances that he made during the 1940s and ‘50s. He was truly ahead of his time.

Has anything you read in the book stuck with you? How important perseverance is. It 上海千花网交友 上海千花网论坛wasn’t until he experienced financial hardship that he overcame his greatest personal weaknesses.

Would you recommend it to others? Absolutely. It’s a great read for anyone interested in post-World War II American history.

Christopher Milito
Partner, Morrison Cohen LLP

What are you reading now? “Thank You for Being Late: An Optimist’s Guide to Thriving in the Age of Accelerations” by Thomas上海龙凤论坛sh1f 上海龙凤论坛 L. Friedman.

What spurred you to read that book? I enjoy Friedman’s colu爱上海同城手机版 新爱上海同城对对碰论坛mn in the New York Times. I find it interesting when
reporters get to work outside of the 1,000-word box of print journalism. And his formula — curiosity quotient and passion quotient is greater than intelligence — is a great reminder that we can all do really good, if not great, things.

Has anything you read in the book stuck with you? Friedman argues that if car development had kept the same pace as computing-power development since 1971, a Volkswagen Beetle would go 300,000 miles per hour and use one tank of gas in its lifetime. And it would cost 4 cents, new. It’s amazing how fast our technology is progressing and how even the rate of change keeps increasing. I’m curious what kind of world my son will inhabit 40 years from now.

Would you recommend it to others? No. If everyone reads it, I won’t be as interesting at parties.

Michael Lee
Partner, HKS Capital Partners

What are you reading right now? “The Plant Paradox: The Hidden Dangers in ‘Healthy’ Foods That Cause Disease and Weight Gain” by Steven R. Gundry, M.D.

What spurred you to read that book? I grew up on an organic vegetable farm on Long上海夜网论坛 上海夜网 Is上海夜网论坛 上海夜网land and I’ve always been fascinated with different plants, fresh food and cooking. I’ve been battling some autoimmune health issues the last few years despite seeing a dozen modern doctors and eating “healthy” my whole life. I decided an elimination diet based off this book was the next best step to attempt to heal my gut and immune system.

Has anything you read in the book stuck with you? Everyone believes their diet is the best solution. This book gives you a foundation to build on, but emphasizes that every person is unique. Some foods that bother one person may not bother the next. Each person needs[……]

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Coworking Hollywood

A cannabis-only coworking space is coming to Hollywood Paragon says marijuana businesses have a hard time getting space

(Credit: Paragon Coin, Max Pixel)

You could call it a green space.

A company that wants to use the blockchain to legalize cannabis worldwide is creating a coworking上海千花网论坛 上海千花网 space in Hollywood strictly for small com上海千花网 爱上海同城对对碰panies and freelancers working in the legal pot industry.

Paragon is aptly calling its new space the Paragon Space, which will be located at 1459 Tamarind Avenue near Sunset Boulevard.

The space will only be accessible to companies and individuals that own Paragon’s cryptocurrency,上海千花网 爱上海同城对对碰 PRG Coin, according to Curbed. Paragon also said on its website th上海同城对对碰交友社区 上海夜网论坛at it’s paying for the space in cryptocurrency. Customers will be buying snacks from its vending machine exclusively with PRG Coin as well.

Paragon created the space because it said marijuana industry startups have a hard time renting office or desk space at traditional spaces, according to Curbed. They also have a hard time buying space for a decent price.

Paragon plans to open the Paragon Space on July 1.

California’s recreational use marijuana laws went into effect in January, which allows adults to consume it recreationally and also legalized industry businesses, but Paragon is focused on cannabis’ medical uses.

According to its websi上海龙凤论坛 新上海贵族宝贝论坛te, Paragon wants to foster a community dedicated to the worldwide legalization and systematization of cannabis, using the blockchain to create a network and record for growers, suppliers, doctors, and patients. One app in the works allows users to track a marijuana product back to its grower. [Curbed] — Dennis Lynch 

Tags: cannabis, Commercial Real Estate, Hollywood, marijuana
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Flying Cars

If fl上海千花网龙凤论坛 上海千花社区ying cars ever become a thing, Miami Worldcenter will be ready “Being a developer, you want to see where the trends are heading and stay ahead of them”: Dan Kodsi

Paramount Miami Worldcenter Sk上海贵族宝贝交流区 上海贵族宝贝论坛yport

Jetsons-style living might become a reality sooner than we think.

At Paramount Miami Worldcenter, developer Dan Kodsi is working to make the luxur上海龙凤论坛 新上海贵族宝贝论坛y high-rise compatible for passenger drones – a.k.a. flying cars. He’s modifying the rooftop’s design to fit a 5,000-square-foot skyport on top of the 60-story, 530-unit tower.

Residents would be able to land on top of the building in vertical takeoff and landing vehicles, enter Paramount through a sky lobby and ride down to their unit in a glass-enclosed elevator.

Kodsi got the idea for the futuristic amenity after reading about Uber Elevate, Uber Technologies’ planned VTOL ride-sharing network, which would begin in Dallas, Los Angeles and Dubai after 2020. The “flying car” space is still lacking regulation and air traffic control.

“Being a developer you want to see where the trends are heading and stay ahead of them,” Kodsi said.

He expects it would be 10 to 15 years before flying cars reach Miami, long after the building is completed and the space is owned by the condo association.

Kodsi is co-developing Paramount with Worldcenter developers Art Falcone and Nitin Motwani. Construction is on the 47th floor and is expected to be completed in about a year. The tower is about 75 percent pre-sold, he said.

“I really truly believe the skyport will be the future train station,” Kodsi added. “Why not buy in a buildin阿拉爱上海同城 爱上海龙凤419桑拿g that has the potential to be in line where transportation is heading?”

Tags: Dan Kodsi, Paramount Miami Worldcenter, Tech, transportation Felix Sater: “My main motivation was in building a Trump tower in Mosc…This crowdfunding firm just picked the carcass of RealtySharesMiami tech billionaire’s taking his Coral Gables estate to auctionDrive-by flipping: Companies hiring Uber drivers to spot homes ripe fo…
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70 Vestry Street

爱上海 爱上海同城手机版

A rendering of 70 Vestry

A unit at 70 Vestry Street sold fo上海同城对对碰交友社区 上海夜网论坛r $24 million.

The buyer is a trust tied to lawyer Robert Franke爱上海 爱上海同城手机版l, according to New York City Department of Finance records. He did not immediately respond to a request for comment.

The apartment, which was previously listed for $26 million, spans roughly 4,900 square feet. It has six bedrooms and seven bathrooms. Designed by Robert A.M. Stern, 70 Vestry includes an 82-foot swimming pool, a private regulation squash court and a library.

Last year, Related Companies found a buyer for the building’s $65 million penthouse, which the company said would set a sales record for downtown Manhattan. The building’s 爱上海龙凤419桑拿 上海龙凤论坛sh1f上海千花网论坛 上海千花网$50 million triplex penthouse also went into contract earlier in 2017.

Related purchased the site of the building in 2014 from longtime property owner Ponte Equities for $115 million.

Related and Corcoran Sunshine Marketing Group are handling sales at the 47-unit building.

Tags: Residential Real Estate
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Savanna

Savanna closes on Chelsea office building purchase for $90M Purchase includes a $48M mortgage from Mesa West Capital

48 West 25th Street and Christopher Schlank (Credit: Google Maps)

Savanna is officially the new owner of 48 West 25th Street.

The firm has closed on its purchase of the Chelsea office building for $90 million, according to property records. Reports surfaced上海夜网论坛 上海夜网 in October that the company was closing in on a deal to buy the building between Broadway and Sixth Avenue for closer to $100 million.

Savanna purchased the building from the Klapper family, which has owned it since the 1970s. A Cushman Wakefield team of Adam Spies, Adam Doneger and Josh King represented the seller.

Savanna financed its purchase with a $47.9 million mortgage from Morgan Stanley’s Mesa West Capital. The package included a roughly $42.1 million gap mortgage.

Savanna is planning to undertake $21 million of renovations at the building. These include revamping the lobby, repairing the roof and façade and upgrading prebuilt space on the seventh floor.

The 12-story building was built in 1920 and spans about 126,000 square feet. It is located near the bo爱上海龙凤419桑拿 上海龙凤论坛sh1futique office property Chelsea540, which Savanna sold earlier in the year for $257 million.

The firm is also playing a prominent role in Amazo上海贵族宝贝交流区 上海贵族宝贝论坛n’s new campus in Long Island City, as the tech giant plans to lease about 1 million square feet of space in Savanna’s One Court Square office to爱上海同城 爱上海wer.

Tags: Commercial Real Estate, mesa west capital, savanna
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42 Jay Street

Alloy Deve爱上海同城 爱上海lopment and Davis Companies move ahead with Dumbo condo conversion Bank OZK provided $61M in financing for 42 and 50 Jay Street

Jared Della Valle of Alloy Development and 42-50 Jay Street (Credit: Van Alen and Google Maps)

Alloy Development and the Davis Companies are moving ahead with their plan to convert two Dumbo properties into luxury condominiums, closing this week on the acquisition and financing.

The developers paid $52.3 million to buy 42 and 50 Jay Street from Phoenix House, a nonprofit addiction treatment and rehabilitation center, in a deal that closed Wednesday, Crain s reported.

Meanwhile, Bank OZK provided a $61 million construction and acquisition loan for the project, Commercial Observer reported.

Alloy and the Davis Companies plan to turn the two buildings into a 46-unit complex, expecting to complete the conversion by 2021, according to Crain s.

We ll restore the exposed brick and timber—which with the ceiling heights will give the apartments a beautiful loft feel, Alloy s president A.J. Pires told Crain s. The two buildings create an interesting mix of apartment types.

The developers want to add on two floors to 42 Jay Street, which stands at seven stories tall, as well as a penthouse level to the five-story-tall 上海千花网龙凤论坛 上海千花社区50 Jay Street.上海龙凤论坛sh1f 上海龙凤论坛

The properties have been on the market 上海千花网论坛 上海千花网sinc爱上海 爱上海同城手机版e January 2018, and in July The Real Deal reported the properties were in contract for more than $50 million.

HFF negotiated the financing and an equity partnership between Alloy and the Davis Companies.

Mary Diduch [Crain s, CO]Tags: alloy development, dumbo, Luxury Real Estate
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JLL brokers 9 North Jersey leases for California’s BurgerIM

JLL recently brokered nine leases throughout North Jersey totaling 18,000 square feet on behalf of Encino, California-based fast casual burger franchise BurgerIM, according to Real Estate NJ爱上海同城 爱上海. JLL’s Marta Villa, Conor Ryan and Blake Shanaphy led a team from the commercial brokerage that represented landlords and franchisees for the chain in conjunction with Michael Asayag, president and CEO of Home Quest Properties. The franchisees reportedly signed 10-year leases in Bergenfield, Cranford, Elmwoo新上海贵族宝贝论坛 上海贵族宝贝交流区d Park, Englewood, Metuchen, Piscataway and Union. The Real Deal reported last year on BurgerIM signing a lease at Miami’s Hyde Midtown hotel, whose hosp上海龙凤论坛sh1f 上海龙凤论坛itality component was sold in early 2018 for $21.8 million. BurgerIM, whose new Union location will open in May, also has franchises in Florida, Nevada, Tennessee, Texas and Virginia. [RE-NJ]上海贵族宝贝 上海千花网龙凤论坛

Tags: New Jersey
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Tower exceeding bright prevents fire! ” ZAMB! Endless destruction ” 3DM is complete Chinese change release

On game history today: ” heart of electric saw candy ” in North America put on sale

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2019 Chinese game grand ceremony — the social responsibility construction of game business

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FPS a new force suddenly rises! DX12 is added hold below ” infinite law ” strong kill piece

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Long protect take a person to hold the position of a person to set! ” big fight of new oriental cherry ” decide the winter landed PS4 2019

Holding today on March 30 ” world fine celebration 2019 ” go up, world fine the news that announced to make vermicelli made from bean starch excited, classical game is newest make ” big fight of new oriental cherry ” decide the winter landed PS4 platform 2019, and the part set of game is unexpectedly ” Azrael ” long protect take a person![……]

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