Friends of ours: President Trump and the danger of cronyism The Donald has surrounded himself with an entourage of family members and real estate bigwigs
Donald Trump (Illustration by Lexi Pilgrim for The Real Deal)
When Donald Trump began to seriously reckon with taking on the Hillary Clinton fundraising machine in June, he took some of his closest real estate buddies to lunch.
Richard LeFrak, Steven Roth, Howard Lorber, Michael Fascitelli and Steve Witkoff were reportedly among the guests, according to Bloomberg. The matter at hand: how to raise enough funds for what would promised to be an uphill battle against Clinton.
He later named LeFrak, Roth and Lorber to his economic advisory committee, and his son-in-law Jared Kushner, the CEO of development and investment firm Kushner Companies, became a key advisor.
When Trump triumphed Tuesday night, many of these same friends were on hand to celebrate with him at the New York Hilton. And on Thursday, when Trump met Obama at the White House, he brought along Kushner, who is likely to stay a key adviser while also running his own real estate firm.
“I’m not surprised, I’m astonished,” LeFrak told ABC about Trump’s victory. “But he gets the ball down the field, he’s going to put it in the end zone and score a touchdown that’s the way he his.”
Never before has an American president surrounded himself with so many key advisers who all hold p上海夜网 owerful positions in a single industry in this case, real estate. And the president-elect has[……]
Enforcement of anti-Airbnb law postponed once again City’s lawyers ask federal 爱上海龙凤419桑拿 judge to delay hearing on preliminary injunction
Nathan Blecharczyk, Brian Chesky, Joe Gebbia and Bill de Blasio
The new state law designed to clamp down on the kinds of illegal short-term rentals advertised on websites like Airbnb will not be enforced for at least another three weeks as city lawyers have asked a federal judge to postpone hearings on a proposed injunction.
The law took effect immediately last mon新上海贵族宝贝论坛 th when Gov. Andrew Cuomo signed the bill, which imposes fines of up to $7,500 on hosts who list illegal short-term rentals in New York City.
Airbnb immediate上海千花网龙凤论坛 ly filed a lawsuit against the city and state to block the new law, and lawyers for Mayor Bill de Blasio agreed to briefly delay enforcing the new law until a judge decided on a request for a preliminary injunction.
Judge Katherine Forrestal of Federal District Court in Manhattan has now extended that delay twice, as Airbnb and officials discuss a possible settlement, the Wall Street Journal reported.
A spokesperson for the mayor said the city “will continue to a上海龙凤论坛 pply current state law to hold bad actors accountable,” adding that lawyers for the city believe they’re within their right to impose fines on individual hosts even while the case is pending.
An update on the case’s status is expected around Nov. 18.
Upper West Side state Assemblywoman Linda Rosenthal, who sponsored the state’s new law, said she w[……]
Thousands of NYers might receive retroactive rent rollbacks Advocacy group says 12,000 renters may have been wrongly removed from city’s rent freeze program
The city s Department of Finance is expected to begin contacting thousands of renters who may have been wrongfully terminated from the city s rent-freeze programMore than 12,000 seniors and people with disabilities may be eligible for retroactive rent rollbacks, DNAinfo reported. A爱上海同城手机版 dvocacy group JASA joined with Cardozo Bet-Tzdek Legal Services and the Northern Manhattan Improvement Corporation Legal Services two years ago to file a lawsuit against the department on behalf of eight renters who they say were wrongfully cut out of the rent freeze program.
The suit claims that renters were either been terminated because they didn’t re-register in time, or were re-enrolled at higher re上海贵族宝贝 nts. The lawsuit alleged the city had violated both the Americans with Disabilities Act, and the renters’ constitutional right to due process.
Acco上海贵族宝贝交流区 rding to court papers, almost 600 people were terminated from the program or were re-enrolled at a higher rate. Finance Department records show that around 11,500 people have lost their benefit eligibility.
“We know those 600 will be examined for retroactive relief,” said Donna Dougherty, of JASA.
The case is not yet settled, and the Department of Finance declined to comment to DNAinfo.
In March, the city agreed to pay $130,000 in legal fees and damages to 10 older or disabled rent[……]
One World Trade Center (credit: Joe Mabel via Wikimedia Commons)
An Internet marketing 阿拉爱上海同城 service company just inked a five-year lease at One World Trade Center.
Sai上海贵族宝贝 lthru is taking 27,320 square feet on the 48th floor of the tower, the New York Post reported. Asking rent for the space was $78 per square foot.
JLL s Michael Berg, Howard Hersch and Bill Peters represented Sailthru on the deal. Cushman Wakefield s Tara Stacom, Barry Zeller, Justin Royce, Peter Trivelas and Connor Daugstrup represented 1 WTC. Eric Engelhardt and Karen Kuznick were the in-house representatives for the D上海千花网龙凤论坛 urst Organization.
Sailthr爱上海同城手机版 u s new digs are part of 361,668 square feet of prebuilt space across nine floors of the building. The prebuilt spaces range from 2,100 to 27,320 square feet. Late last year, the Port Authority of New York and New Jersey dismissed reports that the agency planned to sell the 3 million-square-foot tower. Still, the bi-state agency has indicated that it plans to divest real e爱上海 state that is not related to transportation, which would technically include 1 WTC. [NYP] — Kathryn Brenzel
(To see more office leases at One World Trade Center, click here)
Tags: 1 World Trade Center, Commercial Real Estate, port authority
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Astoria Cove owner looking to sell site
上海夜网论坛 for $350M Brokers expect 421a revival to renew interest in 2.2M sf site
Astoria Cove in Queens
With 421a expecte阿拉爱上海同城 d to be revived, the owner of the Astoria Cove megaproject in Queens is looking to sell the site for $350 million.
A partnership led by Alma Realty hired a team at Cushman Wakefield including Bob Knakal, Robert爱上海 Shapiro and Adam Spies to sell the 2.2 million-square-foot, mixed-use development site covering nine acres on the East River waterfront in Astoria, Crain’s reported.
Alma failed to obtain the lucrative tax incentive before it sunset in June 2015, and cited the lack of 421a as the reason the company put the 1,763-unit project on ice. But a later new上海龙凤论坛 s report suggested the reason the project stalled was because Alma projected pricy rents for apartments at rates the neighborhood wouldn’t support.
Developers across the city put rental projects on hold after 421a expired, but state lawmakers are working on a plan to reinstate the program, which Gov. Andrew Cuomo has dubbed “Affordable New York.”
We wouldn t have hit the market with Astoria Cove in the past 16 months because of the uncertainty around 421a, Cushman’s Knakal told Crain s. But there s been a sense of optimism 上海千花社区 in recent weeks that 421a will be back and with it, the land market will strengthen.
In order to get the area rezoned for residential, Alma, headed by Efstathios Valiotis, agreed to set aside 25 percent of the square footage for[……]
Demand will outstrip supply in global luxury market: report Trend points to a seller’s market
Households with with $10M-plus net worth (Credit: Luxury Portfolio Global luxury real estate report)
The world’s population is getting richer, and they want to spend that wealth on luxury real estate.
The international luxury residential market will see more demand than supply over the next three years, with 25 percent of high-net-worth individuals expected to buy high-end real estate compared to the 17 percent who want to sell, according to a new report from Luxury Portfolio International, a conglomerate of more than 200 brokerages around the world.
The report also noted the numbers of wealthy people across the world is going up.
There were 1.6 million households around the world with more than $10 million in net worth during 2016, according to the Credit Suisse Global Wealth Databook. That figure is an 11 percent increase on 2015 and a whopping 91 percent increase since 2010.
Buyers and sellers in global luxury real estate (Credit: Luxury Portfolio Global luxury real estate report, click to enlarge)
Most of the world’s wealthy consumers live in North America, with the number of $10 million-plus households increasing 146 percent in the last even year上海千花网论坛 s. Europe is the second largest “wealth region” in the world and is home to nearly 20 percent of the world’s wealthy households.
So lit right now: How Witkoff s LED play may safeguard investor against Times Square s soft market Developer has 9-story, 18,000-square-foot billboard at West 47th Street and Seventh Avenue
Rendering of 20 Times Square (rendering by ArX Solutions) (inset: Steve Witkoff)
Steven Witkoff’s massive billboard in Times Square is already making money for the developer.
Witkoff 上海贵族宝贝论坛 turned on the switch at the nine-story, 18,000-square-foot billboard at West 47th Street and Seventh Avenue in August, which encircles the base of the luxury hotel his company is designing at the location, according to Crain’s. Although he has yet to finish the hotel and retail space, the billboard is already generating revenue, with advertising rates in Times Square reaching as much as $35,000 per minute.
The developer thinks that the amount of tourists coming to New York City’s neon center will continue to grow, which will help the destination continue to thrive despite a slower office market that initially heralded the revival of the area.
Witkoff announced he would be building a hotel back in 2012, but the development did not really start taking shape until four years later. The National Football League plans to take 25,000 square feet of space at the project, while the Hershey Company intends to open a flagship store at the hotel’s base.
Witkoff and his[……]
AG approves plan for Smyth condo in LIC 41-unit project is going up at 25-16 37th Avenue
Rendering of 25-16 37th Avenue (Credit D.A. Development Group)
The New York state Attorney Gen爱上海龙凤419桑拿 eral s office approved the offering plan for the Smyth, a 41-unit condominium in the Dutch Kills area of Long Island City.
D.A. Development and JBL Development Group can now officially launch sales for the project at
25-16 37th Avenue, dubbed the Smyth. Filings show the total apartment asking price is $39 million, so units with average just under $1 million a piece.
The six-story, 75,000-square-foot building will include two floors of commercial space broken into five separate units. 62 parking spaces are also planned. A description of the project on D.A. Development s website indi爱上海同城对对碰 cates construction is expected to wrap by mid-2018, and New York YIMBY reported earlier this month that excavation of the site was nearly complete. The company did not immediately respond to an email seeking comment.
In May, the New York Times reporte阿拉爱上海同城 d the partners had originally planned to bring the apartments to market during the spring, tapping Modern Spaces Eric Benaim to handle sales. Benaim did not immediately respond to a request for comment.
Earlier this y上海龙凤论坛sh1f ear, one of Long Island City s largest condo projects, Star Tower, was approved by the AG. The 183-unit development has a projected sellout price of $253.3 million.
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Olnick just supersized its planned expansion of the Lenox Terrace complex Plan also entails 40K sf of retail space
Lenox Terrace Redevelopment (Credit: YIMBY)
The Olnick Organization s upcoming redevelopment of Lenox Terrace is getting even bigger.
Plans for expanding the新上海贵族宝贝论坛 residential complex now include more than 1,600 new apartments across five buildings, along with a上海千花网交友 n additional 40,000 square feet of retail space and 15,000 square feet of community space, according to New York YIMBY. This is a significant increase from the 1,300 additional proposed new units that were announced in 2015.
Between 411 and 493 of the residential units would be affordable, and the expansion would also include about 200 parking spots. The first phase of the expansion should be done by 2022, and the whole project should be finished by 2027.
The growth plans may not make current residents of Lenox Terrace very happy, as a 2014 survey from a tenant advocacy association found that most tenants were opposed to expanding the complex. Despite a city-wide rent freeze on stabilized units, tenants at the complex in late 2015 accused Olnick of raising rents illegally. [YIMBY] – Eddie Small
Tags: Development, olnick organization
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Jed Walentas buys Noho penthouse Seller was hedge funder Jason Pickard, who listed the pad for $14.5M in 2016
7 Bond Street and Jed Walentas
Jed Walentas appears to be the new owner of a Noho penthouse designed by its former owner as a healthy living retreat.
According to property records, the Two Trees Management principal — using an LLC dubbed 7 BND ST LLC — paid $12 million for PHAB at 7 Bond Street. At just over 3,000 square feet, the purchase price works out to $3,912 per square foot.
The seller was hedge funder Jason Pickard, who paid $9.2 million for the condominium unit in 2013. Pickard originally listed the apartment in September 2016, asking $14.5 million. Nest Seekers International s Ryan Serhant and Amy Herman had the listing.
Designed by a Feng Shui master, the penthouse was renovated as a healthy living retreat, featuring naturally-sourced and reclaimed building materials, sound-dampening windows and filtered water throughout the apartment. The 1,200-square-foot terrace has built-in speakers, mood lighting and an irrigation system. In 2013, Pickard told Architectural Digest that he designed the pad to be organic, nature-friendly and peaceful.
Walentas — who currently liv爱上海龙凤419桑拿 es in Soho — runs Two Trees, the firm founded by his father, David, in 1968. Two Trees current projects include the $3 billion redevelopment of the 11-acre Domino Sugar refinery in Williamsbu[……]