NYC Rent Freeze

City considering another rent freeze This would be the second time in the city’s history

After last year s historic rent freeze, another may be on its way.

The city s Rent Guidelines Board voted 5-4 on Tuesday night to consider freezing rents for more than 1 million rent-stabilized tenants. In addition to a freeze, the board will weigh a few other options, including a 2 percent cap on increases for one-year lease renewals, and a .5 to 3.5 percent increase for two-year leases. The freeze would go into e上海千花网交友 上海千花网论坛ffect Oct. 1.

For some tenants at the meeting, the proposed freeze didn t go far enough. Hundreds of tenants called for a 4 percent rent rollback, while landlord members of the board supported a 4 percent increase.

The board is slated to vote on the possible rent changes June 27, the Wall Street Journal reported.

In April, the board published a study that claimed landlords cost to operate rentals actually fell over a 12-month period, due largely to a mild winter and low fuel costs. It s the first time that s happened since 1969, the board said.

Forest City Ratner’s Scott 上海同城对对碰交友社区 上海夜网论坛Walsh, representing building owners, criticized the study and said costs were actually up about 3.5 percent.

In June 2015, the board voted for the first time ever to freeze rents for stabilized apartments. The decision was touted by Mayor爱上海龙凤419桑拿 上海龙凤论坛sh1f Bill de Blasio, but landlords argued it would hur上海贵族宝贝论坛 上海贵族宝贝t their bottomline.

Following the rent freeze, some investors shied away from stabilized proper[……]

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Tavros Capital

Tavros Capital putting together $30M-plus LIC dev site Assemblage near Citigroup Building could reach 250K sf

45-01 through 45-09 23rd Street in Long Island City

Tavros Capital is working on assembling a large development site in Long Island City’s Court Squ上海千花网交友 上海千花网论坛are neighborhood that will come with a price tag of $30 million-plus when all is said and done.

The Soho-based investment and development firm recently closed on a trio of Properties On 23rd Street in the shadow of the Citigroup Building, and is negotiating to buy several other properties and air rights that would give the firm as much as 250,000 square feet of development rights.

The developer plans to construct a mixed-use development with a multi-level retail component as well as office and residential spaces.

A key to the assemblage is a provision the city put in place when it rezoned the section of Long Island City back in 1986. The C5-3 zoning covering a three-block section adjacent to the Court Square No. 上海贵族宝贝交流区 上海贵族宝贝论坛7 train station allows for a floor to area ratio of 2. But when a site of 10,000 square feet or more is assembled, that FAR jumps up to 15.

“There is a su上海贵族宝贝论坛 上海贵族宝贝bstantial jump,” said Evan Daniel, executive vice president of the investment sales group at Modern Spaces , who along with his team at the Long Island City-focused brokerage marketed five of the seven properties that make up the assemblage.

“What’s unique – despite the fact that you’ve got multiple property owners – is that you need to have a[……]

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Hamptons Real Estate

Hamptons Cheat Sheet: Sagaponack named priciest ZIP code in America, Sag Harbor fire destroys RE offices more

The Sag Harbor fire and 66 Seafield Lane (Credit: Instagram user pamiwilloughby, Douglas Elliman

Sagaponack has, undisputedly, the most expensive ZIP code in the country

Sagaponack s 11963 ZIP code once again took the cake as America’s priciest neighborhood, according to a ranking compiled by PropertyShark. The Southampton village took home the title for the third consecutive year, despite its 35 percent drop in median sales pri上海贵族宝贝 上海千花网龙凤论坛ce to $5.5 million. Sagaponack outranked second place Atherton, California and a strip of Soho and Tribeca (10013), which placed third. PropertyShark created the list by examining the prices for which homes sold, rather than listing prices. [PS]

“Catastrophic” fire in Sag Harbor destroys Compass, BHS offices on Main Street

A massive fire last Friday ravaged Sag Harbor’s Main Street, gutting four buildings, including the Compass and Brown Harris Stevens storefronts. The real estate offices at 84 and 96 Main Street were destroyed, and the iconic Sag Harbor Cinema also collapsed, save for its facade. The fire, which started a上海龙凤论坛sh1f 上海龙凤论坛round 6 a.m. near the theater, may have been ignited by a bucket of cigarette butts, according to Sag Harbor Village Mayor Sandra Schroeder. Investigators said the fire did not appear to have been intentional, 27East reported. Though the damage was “catastrophic,” the Sag Harbor chief of police said no one was in[……]

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Belmont Arena

Related, Oak View join bids for new Belmont sports arena New York City FC and NY Islanders are competing

From left: Steve Ross, James Dolan and the Belmont racetrack

Two of New York s richest sports team owners are trying to convince the state that they have the best plans to build a new arena at the Belmont racetrack sit爱上海同城对对碰 爱上海同城论坛e.

The New York City Football Club and the New York Islanders want to develop Belmont Park, Bloomberg reported. NYCFC, which is owned by Manchester City FC and the New York Yankees, is looking to move out of Yankee Stadium and create a 26,000-seat arena along with an area for fans to take part in pregame activities. The club indicated that it s partnering with Related Companies on its proposal.

Related s chairman Stephen Ross happens to be one of the most influential figures爱上海龙凤419桑拿 上海龙凤论坛sh1f in U.S. soccer. The billionaire real estate mogul created the阿拉爱上海同城 爱上海龙凤419桑拿 International Champions Cup, bringing the top clubs of Europe to play tournaments in the United States. Attendance and television ratings have been strong.

The Islanders, whose lease at Barclays Center may end as early as January, said their proposal is “to create a world-class sports and entertainment destination at Belmont Park.” The team is partnering with Oak View Group, whose backers include James Dolan’s Madison Square Garden Co.

The deadline for proposals was Thursday. [Bloomberg] — Kathryn Bre上海龙凤论坛 新上海贵族宝贝论坛nzel 

Tags: Commercial Real Estate, Development, new york islanders, Related Companies, Stephen Ross[……]

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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,[……]

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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 tha[……]

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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 ne[……]

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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[……]

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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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