Campbell Apartment Lease

Campbell Apartment to undergo serious makeover Mark Grossich has given up his fight to preserve the posh cockt上海贵族宝贝论坛 上海贵族宝贝ail bar

The Campbell Apartment

The Campbell Apartment’s Mark Grossich has given up his court battle to save the famed bar from eviction.

Grossich spent $2.5 million restoring the former office of financier John W. Campbell, and after losing his lease earlier this year after 17 years, he sued the MTA, the bar’s landlord.

However, he has now given up his fight to save the bar, 上海夜网 阿爱上海同城according to the New York Post.

“It sucks, it blows, it’s totally unfair,” Grossich told the Post.

Now on July 28, Grossich must turn over the Campbell Apartment to Scott Gerber, 上海龙凤论坛sh1f 上海龙凤论坛who owns the Irvington in the W Hotel in Union Square and co-founded The Whiskey with his brother Rande Gerber (Cindy Crawford’s husband).

He plans to transform the Campbell Apartment to a hipper and more cas上海龙凤论坛sh1f 上海龙凤论坛ual hangout.

“Right now, the image that people have of it very often is it’s a p上海贵族宝贝 上海千花网龙凤论坛lace to go before special occasions,” Gerber told the Post. “So if you’re going to a black-tie event at the Hyatt in Grand Central, you go in [to the Campbell Apartment] for a drink. That’s okay, you can be in a tuxedo. But it’s also okay for a guy or a girl to be in jeans or a T-shirt. That’s okay too. That’s the way people live.” [NYP] –Christopher Cameron

Tags: Metropolitan Transportation Authority
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Manhattan Office Rents

Office snapshot: Concessions jumped year-over-year, but so did effective rent Trends are an indication of a “bull market”: CompStak

Effective rents in Q2 (Credit: CompStak)

Effective office rents in Manhattan rose during the second quarter as asking prices and concessions headed in different directions. Year-over-year, however, incentives like free rent an上海龙凤论坛 新上海贵族宝贝论坛d cash offered to tenants to build out their spaces continue to outpace the growth in asking rents.

Across the borough’s three office submarkets, effective r上海千花网论坛 上海千花网ents grew 4.07 percent from the beginning o上海千花网 爱上海同城对对碰f the year to $67.44 per square foot, according to CompStak data provided to The Real Deal.

Manhattan office Q2 effective rent by submarket (Credit: CompStak)

Concession values the incentives landlords offer in terms of free rent and tenant improvements during that time fell slightly to 13.36 percent of asking rents, which climbed to $70.90 per square foot. Year-over-year, concessions grew 22.26 percent, while asking rents climbed 14.04 percent.

“That represents a considerable year-over-year increase of 14.41 percent [in effective rents] and an indication of a bull market,” CompStak said in the report, which noted that despite the slight downturn, concessions remain at relatively historic highs.

Concession values held relatively steady in Midtown, where taking rents grew 4.33 percent on the quarter to $73.40 per square foot.

Effective rents in Midtown South grew 2.06 percent to $63.60 per square foot after flat growth in the earlier part of the year. Average concession values remained elevated, around 12 percent [of asking rents] in the quarter,” CompStak wrote.

In Downtown, average effective rents grew 1.98 percent in the second quarter to $49.58 per square foot, or 18 percent year-over year.

The availability rate in the submarket surpassed that of Midtown for the first time in more than three years, according to CBRE’s  second-quarter analysis.

According to Colliers resear爱上海 爱上海同城手机版ch, Manhattan asking rents are less than 50 cents off from where上海夜网 阿爱上海同城 they were at the last market peak in the third quarter of 2008.

Tags: CompStak, Manhattan Office Market
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NYC Hotel Boom

From the December issue: Even as tourists and business travelers flock to New York City in growing numbers, hotel operators face two looming threats — the dollar’s strength and a wave of new industry capacity. With 16,461 rooms under construction, per industry tracker STR, room ra上海龙凤论坛 新上海贵族宝贝论坛tes could soon come under pressure, and some projects could get shelved. But in the longer term, as the city’s population heads toward 9 million, the adage “if you build it, they will come” should hold true, said Jan Freitag, STR’s senior vice president of lodging insight. Meanwhile, the industry recently logged what some hail as an important victory in Albany over Airbnb. As per a law signed in October, people who advertise rentals for less than 30 days in multi-unit buildings could face fines of up to $7,500. Michael Barnello, chief executive of LaSalle Hotel Properties, told investors he sees the move as “a big [shot] in the arm for the hotel business, certainly in terms of the pricing.” Others are more dismissive of Airbnb. “It’s like a pimple on an elephant’s behind,” said Allen Gross , chief executive of GFI Capital Resources Group, owners of hotels including the Ace in Chelsea and the Beekman downtown.

For the first web installment of our Q A, we turn to Peter Schottenfels of Airbnb, and Allen Gross of GFI.

Peter Schottenfels

Peter Schottenfels
Spokesperson, Airbnb

What is your response to the new legislation, and where does Airbnb go from here?

The bill signed by the governor puts an additional fine on an existing law that restricts short-term rentals in certain types of buildings. Our issue has always been that the current law fails to distinguish between everyday New Yorkers who occasionally share their own home and commercial operators who manage illegal hotels. We oppose illegal hotels on our platform — which is why we’ve removed over 3,000 listings in one year — but will continue to work with the tens of thousands of hosts in the state to push for reforms that allow New Yorkers to earn a little extra money, turning their greatest expense into an asset.
Last month, we released a series of policy recommendations titled “Sharing For A Stronger New York.” We hope to use these recommendations as the framework to pass legislation that allows responsible home sharing in New York City. The policies include a one-host, one-home provision, and a provision to allow us to collect and remit taxes on our hosts’ behalf, which could net the city and state over $90 million in tax revenue. We also propose day-one registration with an enforcement agency, and safety measures such as minimum insurance requirements and a hotline for neighbors.
Airbnb is a community of 46,000 hosts in New York state. Our priority is to remedy a law that is the result of an Albany backroom deal that unfairly targets those hosts. We plan to push for a comprehensive solution to home sharing that makes sense for hosts, lawmakers, communities and real estate.

In mid-October, LaSa上海千花网论坛 上海千花网lle Hotel Propert[……]

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Donald Trump Jr Emails

This was supposed to be Don Jr.’s time as a real estate macher. Then came the emails “There’s a clear hierarchy in the firm, and the father sits on top of it.”

Donald Trump Jr. (Background image credit: Getty Images)

“If it’s what you say I love it”

That’s what Donald Trump, Jr. told a quirky British publicist who promised him Russian-stamped dirt on Hillary Clinton during the 2016 presidential campaign.

A series of reports by the New York Times this week, amplified by Don Jr.’s shifting responses to them, thrust the president’s oldest son and Trump Organization execu上海夜网 阿爱上海同城tive vice-president into the national spotlight. But in New York’s real estate industry, where Don Jr. spent years trying to emerge from under his father’s immense shadow, he is still not a well-known figure.

President Trump’s election victory and his decision to pass the family company’s management onto his sons finally seemed to offer Don Jr. a chance to become more than his father’s son. He announced plans for the company’s national expansion, and even entertained the idea of running for governor. Then, the email scandal broke. Now some observers fret he is in over his head.

“I do think he was bitten by the political bug, and I think this whole presidential election went to his head and I think it changed him,” said Louise Sunshine, the former Trump Organization executive and new development marketer who has known Don Jr. since he was a child. “It changes a lot of people.” As for how Don Jr. should be working to limit the fallout from the emails,  Sunshine said he’s in desperate need of people from outside the family to guide him.

“You have to have very good advisors,” she said. “And who are his advisors? No one.”

A spokesperson for the Trump Organization did not return a request for comment. Trump, as part of a brief statement addressing the emails, said:  Don is — as many of you know Don — he s a good boy.

“None of us know his children.”

Many close to the Trump Organization, like its longtime real estate attorney Jay Neveloff, speak positively of Don Jr., calling him a smart and effective dealmaker, who, although more low-key than his gregarious father, is still sincere and engaging.

“He’s such a good guy and he knows how to make a deal,” Neveloff said. “My heart’s breaking for him in this situation and I think I could take the same facts and spin them differently and it would be a non-story… I’ve had more meetings with Russians claiming something than I should have had,” he quipped, citing numerous sit-downs with Russian attorneys and investors promoting deals that ultimately went nowhere.

Gil Dezer, himself the son of a real estate magnate and a partner of the Trumps 阿爱上海同城 阿拉爱上海同城on six developments in South Florida, called Don Jr. “a guy’s guy” who is “extremely intelligent and very quick, very quick.” 

“The entire Trump family works 28 hours a day, they manage everything, it’s amazing how they do it,” Dezer said. “You go out with these people and you almost feel like you don’t work [com[……]

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Harley Courts

Harley Courts (Photo by Emily Assiran)

Harley Courts founded Nooklyn in 2010 as a blog focused on rental listings in Williamsburg, Bushwick and Bedford-Stuyvesant. By the next year, Court’s pet project became a real estate brokerage, and he and his partner, former property manager Joseph Friedman, opened Nooklyn’s first office at 28 Scott Avenue in Bushwick. Now, the six-year old firm has 248 agents, 465 exclusive rentals and four offices in Brooklyn. And since 2015, Nooklyn has moved more than 15,000 people and processed over $29 million in rental payments. Courts, 31, said that investing in the brokerage’s own tech development is key in appealing to its primarily millennial users. Last month, the firm launched “Nooklyn Apply,” which allows renters to submit applications and deposits for rentals online. Nooklyn’s listings are primarily in Bushwick, Williamsburg, Crown Heights, Greenpoint and Ridgewood, Queens, and Court plans to expand the business to Harlem, Lower Manhattan and as far as Seattle.

Before venturing into real estate, Courts founded Substance Skateboards, a company that built skateboard decks. It shuttered when its investor pulled out in the 2008 downturn. Courts, who grew up on Water Street in Manhattan, now lives in Ridgewood with his wife, Tristin, their newborn daughter and his 6-year-old son.

6:45 a.m. I get up with my 2-month-old daughter, Harley June. I take care of her for a while. I let my wife sleep in. Then my son, Hayden, gets up. Generally, he goes down into the playroom and watches YouTube videos of other families. It’s kind of weird. I’m like, “Why? Do you not like our family?”

7:45 a.m. I drop Hayden off at school. Then I head to the coffee shop and get two iced almond lattes for me and my wife. We met at Caffe Vita in Bushwick last year, where she was working. I came in for coffee a lot more after I first saw he爱上海同城论坛 爱上海同城r. We got married this year.

8:30 a.m.   I walk to our headquarters at 456 Johnson Avenue. I call Moiz Malik, our chief technology officer, and check on where he is and what’s going on. We’re a very interesting team. Moiz is a Muslim and a women’s rights activist. Chief Operating Officer Joseph Friedman is a Hasidic Jew. And I’m a skateboarder. I’ll sometimes have to meet with a landlord before going to the office. Recently, I met with one of the investors of Full Time Management about 44 Kent Avenue, which we have the exclusive on.

9:00 a.m. I follow up  on specific projects with developers and Nooklyn agents. I’ve been going out for acai bowls with our brokers Alexandria Lust and Diego Paixão to discuss the marketing strategy for Cayuga Capital Management’s 626 Bushwick Avenue, a 98-unit rental building that was converted from a church. I really look at my job as demolition — like, literally removing all obs上海龙凤论坛sh1f 上海龙凤论坛tacles for everyone to walk through. I do all the jobs no one else wants to do, like dealing with a renter in a tricky situation.

11:00 a.m. I check our key performance indicators (KPI[……]

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CBRE Commercial Deals 2017

CBRE tops Eastdil for highest commercial deal total nationwide Firms dealt with a 10% dip in overall commercial sales in 2017

CBRE President Chief Executive Officer Bob Sulentic (Credit: CBRE, Pixabay)

CBRE’s commercial brokerage unit took the top spot with more commercial deals nationwide than any other brokerage in 2017, beating out perennial frontrunner Eastdil Secured. The number of larger deals declined last year, — those deals are Eastdil’s specialty — allowing CBRE to overtake its rival.

In total, $244.2 billion of properties that were worth $25 million or more traded across the country last year, according to Real Es新爱上海同城对对碰论坛 上海同城对对碰交友社区tate Alert, which tabulated the rankings. That上海贵族宝贝论坛 上海贵族宝贝 represents a 10 percent drop from $271.2 billion in 2016. The retail sector suffered the most, while industrial posted a 33 percent gain.

For the first time since 2013, CBRE 阿爱上海同城 阿拉爱上海同城snagged the No. 1 spot with $53.9 billion in deals. It upped its market share of transactions, from 23.7 percent to 24.7 percent.

That was more than enough to beat out Eastdil Secured, which handled $40.7 billion in 上海千花网 爱上海同城对对碰trades last year. Its 26 percent drop from 2016 was largely due to a dramatic fall in New York office sales, which plummeted 83 percent.

The departure of top-producers Douglas Harmon and Adam Spies to Cushman and Wakefield in late 2016 contributed to the decline.

Eastdil’s market share also dipped to 18.7 percent from 23.9 percent. The firm specializes in brokering deals in the $100 million-plus market. That sector that fell 16 percent last year, while deals in the $25 million to $100 million range only dipped 4 percent.

Third on the list was HFF, which handled $30.3 billion in sales in 2017. Rounding out the top five were Newmark Knight Frank with $23.4 billion and Cushman with $21 billion. [REAlert] Nat爱上海同城论坛 爱上海同城alie Hoberman

Tags: Commercial Real Estate
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Sting

15 Central Park West and Sting

He dreams of rain. The forecast is $50 million in cash.

Pop singer Sting officially sold his 10-room condominium at 15 Central Park West, documents filed with the city Friday show. The buyer is 15 CPW PH 上海龙凤论坛 新上海贵族宝贝论坛LLC.
The news was first reported 上海夜网论坛 上海夜网by Curbed.

The apartment went into contract for $50 million last fall, the New York Post reported.

When reached by phone, Corcoran s Deborah Kern, Sting s listing agent, declined to comment on the clos上海千花网 爱上海同城对对碰ing.
The 16th- and 17th-floor duplex measures 5,400 square feet 阿拉爱上海同城 爱上海龙凤419桑拿offers views of Central Park and features a private terrace.

In 2016, Sting was rumored to be hunting for a new p爱上海同城对对碰 爱上海同城论坛lace at Vornado Realty Trust s 220 Central Park South.

Tags: 15 Central Park West, celebrity real estate, sting
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Hilary Brooke Thornton

St. Louis luxury realtor fired after barring black man from his own home A上海千花社区 上海千花网交友 video of the incident had been shared more than 161,000 times on Facebook by Friday

Hilary Brooke Thornton.

A St. Louis-based luxury apartment brokerage fired one of its employees after she was recorded physically blocking a black man from entering his building and demanding proof that he lived there.

D Arreion Toles, listed as a CEO of the marketing firm Global Wealth Insights, posted a video to Facebook on Saturday showing a woman identified as Hilary Brooke Thornton following him into the Elder Shirt Lofts apartment building in Downtown St. Louis and standing in the doorway after he tried to enter the lobby, according to the Daily Mail.

“I’m uncomfortable,” Thornton tells Toles in the video, holding up her hand whe爱上海同城手机版 新爱上海同城对对碰论坛n Toles tries to talk through the doorway.

Tolls answers, “OK, you can be uncomfortable. That’s your discretion. You’re uncomfortable because of you. I need you to move out of my way.”

Tolls, 上海龙凤论坛sh1f 上海龙凤论坛whose Facebook profile says he’s from Chicago, 阿拉爱上海同城 爱上海龙凤419桑拿eventually walked through and got home to his apartment, but the police knocked on his door about 30 minutes later, he later posted.

As of Friday, the video had been shared more than 161,000 times.

A spokesperson for Tribeca Luxury Apartments, which employed Thornton but does not manage the apartment building, said it was “disturbed” by the video and fired her.

Earlier this year, MySpace NYC fired Brooklyn real estate agent Chris Giardina after he was recorded yelling racial slurs outside a bar. [Daily Mail] — Alex Nitkin

Tags: apartments, Residential Real Estate

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Brookfield Property Partners

Brookfield to convert at least 100 GGP shopping malls into mini cities The firm has already sold $4.2B worth of stakes in the mall company

Stonebriar Centre in Texas Brian Kingston

Brookfield Property Partners plans to future proof a majority of General Growth Properties malls by turning them into mixed-use mini cities.

Executives of the firm said on Thursday during a third quarter earnings call that it plans to redevelop at least 100 of the 125 malls in GGP s portfolio. The company estimates that it will spend between $800 millio新爱上海同城对对碰论坛 上海同城对对碰交友社区n and $1 billion each year over the next few years to reposition or add office and/or residential space to the shopping centers.

The other 25 malls will be redeveloped with the aim to sell the properties, said Brian Kingston, senior man上海夜网论坛 上海夜网aging partner and chief executive officer of Brookfield Property Group and Brookfield Property Partners.

Since closing on the $14.8 billion deal to acquire GGP in August, Brookfield has moved to add residential and office space to a number of the acquired shopping malls, including Stonebriar Centre in Texas, where the firm is building a hotel and plans to add residential and office space. Brookfield has already sold $4.2 billion worth of stakes in GGP to joint venture partners and plans to sell $2.5 billion more in the next 18 to 24 months, Kingston said.

The planned overhaul of GGP s properties comes as retail continues to struggle against e-commerce. Still, Brookfield executives said爱上海 爱上海同城手机版 on Thursday that retail leasing remains strong at the company s properties, with internet-only companies — like home goods website Wayfair — showing interest in opening brick-and-mortar locations.

On the heels of the GGP closing, Brookfield is also awaiting the confirmation of another major acquisition. On Nov. 15, Forest City Realty Trust s shareholders will vote on whether or not to approve Brookfield s $6.8 billion acquisition of the REIT. Forest City s former CEO Albert Ratner opposes the deal. If approved, Brookfield estimates the deal will close in December.

Tags: Brookfield Property Partners, Commercial Real Estate, malls, office market, Residential Real Estate
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