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Robert Khodadadian

No reviews · Commercial real estate agency

220 E 42nd St #3102 · In the Daily News Building · (212) 286-8772

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Skyline Properties

5.0(4) · Commercial real estate agency

Daily News Building, 220 E 42nd St Suite 3102 · In the Daily News Building · (212) 537-9239

Open 24 hours

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Robert Khodadadian – President & CEO – Skyline Properties

https://www.linkedin.com › robertkhodadadian

New York, New York, United States · President & CEO · Skyline Properties

Known for his intuitiveness and risk-taking, Khodadadian was quick to capitalize on changes in the real estate market, most notably shifts in attitude toward …

Robert Khodadadian

Robert Khodadadian has been involved with several prominent real estate firms, including Massey Knakal Realty Services and Eastern Consolidated.

Robert Khodadadian (@robert_khodadadian) • Instagram …

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2397 Followers, 3881 Following, 241 Posts – See Instagram photos and videos from Robert Khodadadian (@robert_khodadadian)

Robert Khodadadian | LoopNet

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President & CEO ; Specialties. Investment Sales Broker, Landlord Rep (Industrial), Landlord Rep (Land), Landlord Rep (Office), Landlord Rep (Residential).

Robert Khodadadian – Traded.co

https://traded.co › Agents

Robert Khodadadian is an experienced commercial real estate broker in New York City and founder of Skyline Properties. Skyline Properties specializes in off- …

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Robert Khodadadian – Skyline Properties (@RKhodadadian) · Twitterhttps://twitter.com/RKhodadadian

Manhattan luxury contracts ticked up as Dow plummeted ift.tt/6PGJ0uz During one of Wall Street’s lousiest weeks of the year, a series of deals elsewhere in Manhattan last week marked a bounceback in the borough’s luxury market. When the Dow plummeted 1,276 points Tues…

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Manhattan luxury contracts ticked up as Dow plummeted – Robert Khodadadian robertkhodadadian.com/m…

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Pay It Forward: “I’m a deal junkie” ift.tt/U6vFweD For the next generation, my advice would be to make a list of where you want to be in the next three, five, or 10 years, and start backwards with what you will do to get there. source www.globest.com/2022/09…

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Commercial Real Estate Remains a Critical Investment Asset, Even as Cap Rates Rise ift.tt/thnmrjbCommercial Real Estate Remains a Critical Investment Asset, Even as Cap Rates Rise Commercial Real Estate Remains a Critical Investment Asset, Even as Cap Rates Rise Cap …

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real estate Firms Lead Manhattan in Return to Office ift.tt/W2rUfeE Survey finds that 82% of workers in that industry are showing up daily. source www.globest.com/2022/09…

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Robert Khodadadian – Commercial Observer

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Articles about Robert Khodadadian from Commercial Observer, New York’s authority on commercial real estate leasing, financing, deals and culture.

Robert Khodadadian – President & CEO @ Skyline Properties

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Robert Khodadadian is an experienced commercial real estate broker in New York City and founder of Skyline Properties. Skyline Properties s…

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robertkhodadadian · 3 months ago

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Battle rages for $100M settlement to Valentino’s Fifth Ave. landlord – Robert Khodadadian

Battle rages for $100M settlement to Valentino’s Fifth Ave. landlord – Robert Khodadadian

A $100 million settlement was not enough to settle All of the differences at a Fifth Avenue retail property. Lender Wells Fargo is holding the property owner at 693 Fifth Avenue, previously identified as French holding company Financière Marc de Lacharrière, in default. The bank is demanding full payment of a $227 million loan balance, Crain’s reported, alleging a number of issues with the…

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robertkhodadadian · 3 months ago

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Silicon Valley money manager buys stake in Madison Realty Capital – Robert Khodadadian

Silicon Valley money manager buys stake in Madison Realty Capital – Robert Khodadadian

One of the country’s fastest-growing and most active real estate finance players is getting an injection of funds from a money manager that caters to the elite of Silicon Valley. Madison Realty Capital sold a minority stake to Iconiq Investment Management, which functions as a family Office that manages wealth for Mark Zuckerberg, Sheryl Sandberg and other tech moguls. Madison, run by Josh Zegen,…

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robertkhodadadian · an hour ago

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Manhattan luxury contracts ticked up as Dow plummeted – Robert Khodadadian

Manhattan luxury contracts ticked up as Dow plummeted – Robert Khodadadian

During one of Wall Street’s lousiest weeks of the year, a series of deals elsewhere in Manhattan last week marked a bounceback in the borough’s luxury market. When the Dow plummeted 1,276 points Tuesday, four contracts priced at $4 million and above were signed, according to Olshan Realty’s weekly report. As the Dow continued to slide further during the week, three More were signed on Wednesday,…

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robertkhodadadian · 2 hours ago

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Eric Adams to tech leaders: Please stay in NYCRobert Khodadadian

Eric Adams to tech leaders: Please stay in NYC – Robert Khodadadian

Mayor Eric Adams is taking concerns from tech executives over the city’s crime and high rents head on, encouraging them to keep their business in the Big Apple. Over dinner at Daniel Boulod’s Le Pavilion in Midtown East last week, Adams told tech leaders and investors that the city “needs and wants technology companies,” and that officials are eager for tech companies to “help grow the economy,”…

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robertkhodadadian · 3 hours ago

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Naftali tenant suffers blow in holdout battle – Robert Khodadadian

Naftali tenant suffers blow in holdout battle – Robert Khodadadian

In the knock-down, drag-out fight at 215 West 84th Street, building owner Miki Naftali has the tenant blocking his condo project on the ropes. The holdout, Ahmet Ozsu, was rejected for emergency rent aid by the state. Approval would have protected him from eviction for up to a year, boosting his leverage to demand a seven-figure buyout from the developer. But Ozsu’s lawyer, Adam Leitman Bailey,…

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robertkhodadadian · 4 hours ago

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Eklund-Gomes broker jumps to Corcoran – Robert Khodadadian

Eklund-Gomes broker jumps to Corcoran – Robert Khodadadian

A top-performing agent from Douglas Elliman’s Eklund-Gomes Team has left the firm for Corcoran Group. Ryan Kaplan had over $100 million in sales volume last year on the team. The broker said he was recruited directly by CEO Pam Liebman for his new role, where he’ll be working out of the firm’s Upper West Side Office. Before joining Elliman, Kaplan was a partner at Imperial Development Group, and…

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robertkhodadadian · 4 hours ago

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Investor has until Christmas to pay $200M or lose West Side assemblage – Robert Khodadadian

Investor has until Christmas to pay $200M or lose West Side assemblage – Robert Khodadadian

Robert Gans has three months to pay off a Group of creditors he’s accused of engaging in a “predatory scheme” to seize his potentially lucrative New York City real estate portfolio. In a Wednesday court filing, Gans said he has reached an agreement with his lenders, including affiliates of Gary Barnett’s Extell Development and Joseph Tabak’s Princeton real estate Partners, that will allow him to…

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robertkhodadadian · 5 hours ago

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Inside the Queen’s sizable New York real estate portfolio – Robert Khodadadian

Inside the Queen’s sizable New York real estate portfolio – Robert Khodadadian

Long live the Queen — or at least her real estate holdings. Queen Elizabeth, Britain’s longest-reigning monarch, died Sept. 8 at the age of 96 at Balmoral Castle in Scotland, one of several royal residences spread throughout the United Kingdom. But across the pond, the Queen left behind a property portfolio More befitting of American royalty: dozens of luxury residences dotting some of…

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robertkhodadadian · 21 hours ago

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Mariah Carey lists Atlanta mansion for $6.5M – Robert Khodadadian

Mariah Carey lists Atlanta mansion for $6.5M – Robert Khodadadian

Mariah Carey doesn’t want a lot this Christmas — just $6.5 million for her suburban Atlanta mansion. The pop diva has put her 12,600-square-foot home in Sandy Springs, Georgia, on the market for nearly $1 million More than she paid for it a year ago, the Wall Street Journal reported. The colonial-style house has received some upgrades since the five-time Grammy Award winner bought it for $5.7…

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robertkhodadadian · a day ago

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Texas couple takes a new approach to home restoration – Robert Khodadadian

Texas couple takes a new approach to home restoration – Robert Khodadadian

It takes a village to restore a historic home. At least that’s what a couple in Highland Park, Texas believe. Adam Saxton and Dan Murphy bought a nearly 100-year-old house on Beverly Drive in the Dallas town to be a home for their family. Throughout the restoration process, Saxton and Murphy have been sharing their story on social media, garnering the interest of viewers across the country as…

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robertkhodadadian · a day ago

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Dragging utility delays leave Houston home solar panels useless – Robert Khodadadian

Dragging utility delays leave Houston home solar panels useless – Robert Khodadadian

Texas officials aren’t handing out medals for those heeding the call for expanding renewable energy sources, but some Houston homeowners are ending up with extra metal. The delay to secure a CenterPoint for household solar panels has ballooned to five or six months, the Houston Chronicle reported. The Public Utility Commission of Texas hasn’t established a timeline to process permits for the…

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robertkhodadadian · a day ago

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Gary Barnett retracts lawsuit after partners show receipts – Robert Khodadadian

Gary Barnett retracts lawsuit after partners show receipts – Robert Khodadadian

In the brouhaha between Gary Barnett and two business partners, the partners had the last ha-ha. The Extell Development founder discontinued a lawsuit he had filed against Yoel Weber and Yoel Leonorovitz after their attorneys disproved the allegations with a series of emails. Barnett had alleged that he was never told about a $6 million sale of two Brooklyn properties they had bought together.…

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robertkhodadadian · a day ago

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Structural assessors find spiders, skulls and More under houses – Robert Khodadadian

Structural assessors find spiders, skulls and More under houses – Robert Khodadadian

Structural assessors in California have a very important job, but they sometimes find More than cracked foundations or dry rot. “We’ve seen anything you can imagine under or inside a home,” structural assessor Kyle Tourje told the Los Angeles Times. Companies like Alpha Structural that specialize in engineering and constructing foundation repairs go under hundreds of homes every year to look for…

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robertkhodadadian · 2 days ago

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St. Paul strikes down key rent control protections – Robert Khodadadian

St. Paul strikes down key rent control protections – Robert Khodadadian

St. Paul, Minnesota, has decided to let landlords raise rents on rent-controlled apartments after a tenant moves out, as well as exempt thousands of units built in the last 20 years from its rent control law. The decision to gut key aspects of a rent stabilization ordinance approved last November by 53 percent of voters comes after several developers threatened to pull out of the local market,…

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robertkhodadadian · 2 days ago

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Fore! Pebble Beach home listed for $31M – Robert Khodadadian

Fore! Pebble Beach home listed for $31M – Robert Khodadadian

If you’re going to purchase a home on a golf course, the best advice is to get very sturdy windows. A listing on the Pebble Beach golf Links is providing a window into the rare experience of shopping for a home next to bunkers and greens. The home at 3422 17 Mile Drive was listed for $31 million, the Wall Street Journal reported. The two-acre estate is known as Lucky Strike, a nod to the Robert…

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robertkhodadadian · 2 days ago

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Judge’s ruling could “open the floodgates” on IAI fraud cases – Robert Khodadadian

Judge’s ruling could “open the floodgates” on IAI fraud cases – Robert Khodadadian

Landlords who raised rents by inflating apartment improvements before the rent law changed got some unwelcome news from a Manhattan judge. Supreme Court Justice Sabrina Kraus granted class-action status last month to tenants of 11 rent-stabilized buildings in a suit against Big City Management and Magnolia Holdings. The ruling could “open the floodgates” for multi-building class actions, Aaron…

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robertkhodadadian · 2 days ago

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Barnett doubling down in Two Bridges – Robert Khodadadian

Barnett doubling down in Two Bridges – Robert Khodadadian

If Gary Barnett’s $250 million listing on Billionaires’ Row didn’t tell you he was bullish on the Residential market, his latest deal will. The Extell Development chief is buying a Two Bridges development site next to his One Manhattan Square condo tower for a price approaching $100 million, sources said. Barnett is in contract to buy the Starrett Corporation’s site at 259 Clinton Street, which…

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robertkhodadadian · 2 days ago

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Bed Bath & Beyond washing hands of 56 locations – Robert Khodadadian

Bed Bath & Beyond washing hands of 56 locations – Robert Khodadadian

Bed Bath & Beyond is trying to stop flushing money down the toilet. Nearly five dozen store closures should help. The company plans to ultimately shut 150 stores, but is starting by liquidating 56, the majority of them in New York, New Jersey and the upper Midwest, according to Bloomberg. None of the impending store closures will be in New York City, although in 2020, Bed Bath and Beyond…

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robertkhodadadian · 2 days ago

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RIPCO, JLL take home REBNY’s retail deal of the year awards – Robert Khodadadian

RIPCO, JLL take home REBNY’s retail deal of the year awards – Robert Khodadadian

It’s no secret that New York City’s retail brokers have had their work cut out for them during the pandemic, with Vornado’s Steve Roth declaring last November that the market ��may never recover” to its peak of the mid-2010s. But there was little doom and gloom Thursday night at The Cutting Room in Midtown, where dealmakers gathered to celebrate REBNY’s 2022 retail Deal of the Year Awards. The…

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robertkhodadadian · 2 days ago

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Fisher Brothers scion Arnold Fisher dead at 89 – Robert Khodadadian

Fisher Brothers scion Arnold Fisher dead at 89 – Robert Khodadadian

Arnold Fisher, second-generation scion of a century-old New York City real estate dynasty, died on Sunday at 89. Arnold helped manage his family’s eponymous firm, Fisher Brothers, through New York City’s development boom in the 1980s, and led the construction of More than 15 million square feet of commercial and Residential property, according to the company, including four Office towers in…

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robertkhodadadian · 3 days ago

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Nearly 50% of workers return to Office post-Labor Day – Robert Khodadadian

Nearly 50% of workers return to Office post-Labor Day – Robert Khodadadian

More New York City Office workers are taking a page from students heading back to school, packing up for returns of their own. Between Aug. 29 and Sept. 12, 49 percent of workers returned to their desks, according to a survey reported by the Commercial Observer. The report is based on 160 major Manhattan employers conducted by the Partnership for New York City and the Metropolitan Transportation…

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robertkhodadadian · 3 days ago

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In socialists we trust: Tiffany Cabán and the great housing breakthrough – Robert Khodadadian

In socialists we trust: Tiffany Cabán and the great housing breakthrough – Robert Khodadadian

It was the New York equivalent of Nixon in China when Tiffany Cabán came to terms with a developer on a 1,400-apartment project in her Queens district. The City Council member’s undisputed far-left leadership credentials legitimized the deal, in which Boris Aronov agreed to permanently set aside 25 percent of the units as affordable, build a Public esplanade on the water, rent space to community…

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robertkhodadadian · 3 days ago

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Two Cipriani locations dodge foreclosure – Robert Khodadadian

Two Cipriani locations dodge foreclosure – Robert Khodadadian

Last call appeared to be in sight for two Cipriani locations, but the Italian eateries are ready to keep the carpaccio coming. The outposts dodged near-foreclosure by securing a $52.1 million commercial mortgage-backed securities loan secured a modification, the Commercial Observer reported. The senior debt is backed by the Cipriani locations at 110 East 42nd Street and 55 Wall Street. Cipriani…

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robertkhodadadian · 3 days ago

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Related rolls the dice with Hudson Yards casino bid – Robert Khodadadian

Related rolls the dice with Hudson Yards casino bid – Robert Khodadadian

Viva Manhattan. Related Companies announced Thursday it will be partnering with Wynn Resorts in the first publicly announced bid for one of three new casino licenses open to city developers, the New York Times first reported. The casino would be located next to the Javits Center on the undeveloped western side of Hudson Yards, the mega-development by Stephen Ross’ firm in Midtown West. The…

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robertkhodadadian · 3 days ago

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Serhant launches Greenpoint’s Huron condos from the water – Robert Khodadadian

Serhant launches Greenpoint’s Huron condos from the water – Robert Khodadadian

Hoisted onto a sternward railing, finger pointed dramatically to the starboard horizon, dressed in a sharp navy suit and white hat, Ryan Serhant was ready to play captain. The star broker was addressing a packed cruise, gathered Wednesday night for the launch of Brooklyn’s newest luxury condominium projects on the Greenpoint waterfront. “We thought what better way than to take you on a boat!”…

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robertkhodadadian · 3 days ago

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Meadow, Davean pick up 12 apartment properties for $77M – Robert Khodadadian

Meadow, Davean pick up 12 apartment properties for $77M – Robert Khodadadian

Carlyle isn’t the only institutional player buying apartment buildings individually in New York City. Meadow Partners and Davean Holdings have acquired 12 free-market, multifamily properties in Brooklyn and Manhattan in the past six months, spending $77.2 million in All. The joint venture secured a $59.6 million loan from Fortress Investment Group for the acquisitions, according to a spokesperson…

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robertkhodadadian · 3 days ago

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Breaking down Extell’s sky-high ask at Central Park Tower – Robert Khodadadian

Breaking down Extell’s sky-high ask at Central Park Tower – Robert Khodadadian

From NFTs to NFL teams, there have never been so many trophies for billionaires to buy. But Gary Barnett still thinks he can persuade one of them to part with $250 million for good old real estate. On Thursday, the Extell Development boss joined a rarefied club when he listed the penthouse of Central Park Tower for $250 million. It’s an audacious ask from an audacious builder for his most…

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robertkhodadadian · 3 days ago

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Anywhere’s layoffs were a long time coming – Robert Khodadadian

Anywhere’s layoffs were a long time coming – Robert Khodadadian

When Anywhere real estate announced layoffs last month, it wasn’t a knee-jerk reaction to an unforgiving decline in home sales. Though other firms had corrected course only after riding the wave of the sizzling 2021 market, Anywhere’s reductions look to have been premeditated. Filings show Anywhere, the nation’s largest real estate brokerage holding company and parent to Corcoran Group, Coldwell…

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robertkhodadadian · 3 days ago

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Longpoint buys Passaic County warehouses for $18.5M – Robert Khodadadian

Longpoint buys Passaic County warehouses for $18.5M – Robert Khodadadian

After a pair of large acquisitions in Los Angeles and South Florida, Longpoint Realty Partners is further cementing its holdings in North Jersey’s hot Industrial market. The Boston-based private equity firm bought a pair of warehouses that combine for just under 100,000 square feet in Clifton, New Jersey, from Kessler-Schwartz Associates for $18.5 million, records show. Lee & Associates New…

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robertkhodadadian · 3 days ago

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Ashkenazy, Gindis face UWS foreclosure as feud drags on – Robert Khodadadian

Ashkenazy, Gindis face UWS foreclosure as feud drags on – Robert Khodadadian

As Ben Ashkenazy and the Gindis work toward resolving their protracted feud, one of the properties at the center of it is headed toward foreclosure. Valley National Bank moved Thursday to foreclose on the seven-story retail and Office building at 2067 Broadway owned by the feuding partners, court records show. The bank holds an $11.6 million mortgage on the Upper West Side property near West 72nd…

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robertkhodadadian · 3 days ago

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New York City resi brokers see tilt toward normal after Labor Day lull – Robert Khodadadian

New York City resi brokers see tilt toward normal after Labor Day lull – Robert Khodadadian

The seasons are changing in New York City. This year’s Labor Day weekend not only ushered students back to school and More of Wall Street back to the Office, but also a breeze of normalcy to Residential market, capping off a summer slog under economic uncertainty and record low inventory. After two years of a boom-and-bust cycle, brokers and mortgage experts say the market is showing signs of…

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robertkhodadadian · 3 days ago

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New York suburbs, Chicago most vulnerable to home price declines – Robert Khodadadian

New York suburbs, Chicago most vulnerable to home price declines – Robert Khodadadian

An economic downturn would cool housing markets across the country, but few areas appear More exposed to price declines than New York City and Chicago. The two metropolitan areas are home to some of the bubbliest markets in the country, according to an analysis by real estate data firm Attom. Of the 50 counties most vulnerable to falling home prices, nine are in and around New York City, and six…

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robertkhodadadian · 3 days ago

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Adams ousts NYCHA chief after arsenic scare – Robert Khodadadian

Adams ousts NYCHA chief after arsenic scare – Robert Khodadadian

Mayor Eric Adams ousts NYCHA CEO Gregory Russ from housing authority’s top spot Mayor Eric Adams began putting his stamp on the New York City Housing Authority Thursday — by stamping out its CEO. Thursday, Adams booted Gregory Russ, a de Blasio administration holdover, relegating him to chairman of NYCHA’s board. The mayor cited a decision to split the roles of chair and CEO, both of which Russ…

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robertkhodadadian · 4 days ago

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Tishman Speyer, Goldman Sachs plan 2K units in Jersey CityRobert Khodadadian

Tishman Speyer, Goldman Sachs plan 2K units in Jersey City – Robert Khodadadian

Goldman Sachs and Tishman Speyer could add two new Residential contenders on the Jersey City waterfront. The bank and the developer submitted plans to redevelop parking garages at 50 and 55 Hudson Street in Jersey City, Jersey Digs reports. If approved, the two Handel Architects-designed towers will bring nearly 2,000 apartments and 75,000 square feet of retail to the Jersey City riverfront. The…

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robertkhodadadian · 4 days ago

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Gary Barnett seeks record $250M for Central Park Tower penthouse – Robert Khodadadian

Gary Barnett seeks record $250M for Central Park Tower penthouse – Robert Khodadadian

Central Park Tower offers sky-high views. Gary Barnett wants his building’s penthouse to fetch a sky-high price too. The Extell Development CEO is asking $250 million for the building’s triplex penthouse, the Wall Street Journal reported. If listing agent Ryan Serhant can find a buyer at that price, it would make the penthouse at 225 West 57th Street the most expensive home ever sold in the…

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robertkhodadadian · 4 days ago

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Trio of Office leases boost hopes at Class A buildings – Robert Khodadadian

Trio of Office leases boost hopes at Class A buildings – Robert Khodadadian

A flurry of Office leases reported Wednesday give hope to the Manhattan Office market, particularly Class A Midtown spaces. private equity firm Blue Owl Capital signed a 137,600-square-foot lease at the Seagram Building, 375 Park Avenue, Bloomberg reported. The deal means Aby Rosen’s RFR Holding has signed 375,000 square feet of leases this year at the historic Office tower. In a release, RFR…

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robertkhodadadian · 4 days ago

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Carmel Partners nabs $364M loan for Queens development – Robert Khodadadian

Carmel Partners nabs $364M loan for Queens development – Robert Khodadadian

Ron Zeff’s Carmel Partners landed a big loan for its planned 66-story Residential tower in Long Island City. The San Francisco-based developer secured $364.8 million from Wells Fargo for its development site at 43-30 and 43-16 24th Street in Queens, according to property records filed Wednesday. Carmel purchased the Court Square site from Stawski Partners in March for $200 million, the…

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robertkhodadadian · 4 days ago

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Suzy Welch sells Hudson Valley estate for record price – Robert Khodadadian

Suzy Welch sells Hudson Valley estate for record price – Robert Khodadadian

Suzy Welch may have pulled in much less than she wanted for her Hudson Valley estate, the sale still managed to set a record. Welch sold her home at 124 Eden Knoll in Red Hook for $18.5 million, the Wall Street Journal reported. The identity of the buyers for the 290-acre estate was not revealed. The sale narrowly surpassed a 2011 deal in Millbrook to become the most expensive deal in Dutchess…

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robertkhodadadian · 4 days ago

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Meet the developer from the Harlem church scandal – Robert Khodadadian

Meet the developer from the Harlem church scandal – Robert Khodadadian

Facing mounting repair costs, seven Brooklyn and Harlem churches put their faith in New York developer Moujan Vahdat to buy their sites and build projects that included space to worship. Then word broke that the deals were rigged. Vahdat paid a few AME church leaders, unbeknownst to congregants, so he could redevelop the properties, according to the state attorney general’s Office. And he didn’t…

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robertkhodadadian · 4 days ago

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NYU buys MetroTech Center Office building for $122M – Robert Khodadadian

NYU buys MetroTech Center Office building for $122M – Robert Khodadadian

The primary market for unremarkable New York City Office properties, evidently, is made up of institutions that do not specialize in real estate. Following big-ticket Office deals by Memorial Sloan Kettering this month, New York University has purchased 3 MetroTech Center in Downtown Brooklyn from JPMorgan for $122 million, property records show. The 10-story, Class-A Office building, which…

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robertkhodadadian · 4 days ago

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Keith Rubenstein finally ditches UES mansion for $50M – Robert Khodadadian

Keith Rubenstein finally ditches UES mansion for $50M – Robert Khodadadian

The sun is finally setting on the Upper East Side mansion listing from Somerset Partners’ Keith Rubenstein. The developer sold the townhouse at 8 East 62nd Street for roughly $50 million, the Wall Street Journal reported. The identity of the buyer was not disclosed, but the Somerset co-founder told the outlet they are from overseas. The sale concludes a More than five-year chapter for Rubenstein.…

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robertkhodadadian · 4 days ago

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David Ash to launch Walker & Dunlop NYC sales OfficeRobert Khodadadian

David Ash to launch Walker & Dunlop NYC sales Office – Robert Khodadadian

There’s a new i-sales player in town. Walker & Dunlop is launching an investment sales arm in New York, and it’s brought in veteran broker David Ash to lead the effort. Ash, who founded his boutique firm Prince Realty Advisors in 2010, told The Real Deal he’s looking to build out the operation based on his style of creative matchmaking. “On the outset we’re probably going to do more…

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robertkhodadadian · 4 days ago

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Why Compass isn’t closing offices – Robert Khodadadian

Why Compass isn’t closing offices – Robert Khodadadian

When Compass announced an aggressive cost-cutting strategy, one of the places expected to get a hard look was its Office footprint. After All, closing an Office doesn’t require many layoffs, and in some regions, the firm has several prime locations within minutes of each other. Some of those leases were signed when rents were at a premium. But sources said the company isn’t reducing its physical…

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robertkhodadadian · 4 days ago

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Residents accuse co-living startup Bungalow of housing “scam” – Robert Khodadadian

Residents accuse co-living startup Bungalow of housing “scam” – Robert Khodadadian

Co-living startup Bungalow is being slammed as a “scam” by residents who allege the compay has waged ineffective and neglectful property management tactics. The company, which launched in New York City in 2018 and rose to become one of the largest co-living operators, is based on a model that signs homeowners to a flexible master lease and matches them with a roommate for a long-term stay.…

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robertkhodadadian · 4 days ago

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UBS seeks $125M for UES apartment tower – Robert Khodadadian

UBS seeks $125M for UES apartment tower – Robert Khodadadian

An Upper East Side apartment tower nearing the end of its affordability agreement is for sale, providing potential buyers with a proposition: extend its lucrative tax break in exchange for deeper affordability, or let it lapse to make the building 100 percent market-rate. The real estate management arm of Swiss bank UBS is looking to sell the 32-story RiverEast rental tower at 408 East 92nd…

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robertkhodadadian · 5 days ago

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Where are All the trophy Office listings? – Robert Khodadadian

Where are All the trophy Office listings? – Robert Khodadadian

Like a kid with a new pair of school shoes, real estate traditionally observes the end-of-summer vibe shift with big Office listings that set the tone for the rest of the year. This September, however, investors have largely avoided putting their trophy properties up for sale, an acknowledgment of the difficulties in the investment sales market brought on by rising interest rates and an economic…

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robertkhodadadian · 5 days ago

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Bank takes 100K sf at Related’s 50 Hudson YardsRobert Khodadadian

Bank takes 100K sf at Related’s 50 Hudson Yards – Robert Khodadadian

Truist Financial is trusting those that have come before it, leasing a large amount of space at Related Companies’ 50 Hudson Yards. The Charlotte-based bank is leasing 100,000 square feet at the Hudson Yards Office building, the Commercial Observer reported. Bloomberg first reported the lease, but did not include square footage in the deal, for which asking rent and brokers involved is not clear.…

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robertkhodadadian · 5 days ago

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Flood-risk data shifted homebuyers’ searches, bids – Robert Khodadadian

Flood-risk data shifted homebuyers’ searches, bids – Robert Khodadadian

home buyers in 2022 are up against man-made and natural risks alike, and their changing search processes could sink home values in some areas. Buyers with access to flood-risk information were More likely to make offers on homes with lesser risk than those without such access, according to a Redfin study. The three-month trial, conducted between October 2020 and January 2021, involved More than…

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robertkhodadadian · 5 days ago

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sales price revealed for iconic Hampton Bays bar – Robert Khodadadian

sales price revealed for iconic Hampton Bays bar – Robert Khodadadian

The buyer of the Boardy Barn in Hampton Bays remains a mystery, but the price the new owner paid for the iconic bar has been revealed. Suffolk County deed transfers disclosed the purchase price on the property at 270 West Montauk Highway to be $4 million, Behind the Hedges reported. The 2.6-acre property in Hampton Bays was put up for sale about a year ago, but lacked a listing price ahead of the…

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robertkhodadadian · 5 days ago

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Red Hook warehouses trade for $34M, topping midsize investment salesRobert Khodadadian

Red Hook warehouses trade for $34M, topping midsize investment sales – Robert Khodadadian

summer is ending and New York City is getting back to business, but commercial real estate investors seem to have missed the memo. Dealmakers returned from Labor Day weekend to close just six transactions for mid-market commercial properties valued between $10 million and $40 million, records show, the same number of mid-market deals that hit the city register the week before. Three of the deals…

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robertkhodadadian · 5 days ago

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Skyline’s $1B slog: The quest to sell out Queens’ tallest building – Robert Khodadadian

Skyline’s $1B slog: The quest to sell out Queens’ tallest building – Robert Khodadadian

Apartments in Skyline Tower offer commanding views of Long Island City and the Manhattan skyline, attractive amenities and the prestige of being in Queens’ tallest building. But 40 percent of them are missing something important: buyers. Four years after sales began at Chris Jiashu Xu’s ambitious condominium, only 509 of its 802 units had been sold as of Aug. 18, according to data compiled by…

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robertkhodadadian · 5 days ago

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Mortgage rates hit 6% and applications drop again – Robert Khodadadian

Mortgage rates hit 6% and applications drop again – Robert Khodadadian

Halloween’s not until next month, but home buyers are already in for a fright: The average rate on a 30-year fixed mortgage has hit 6 percent for the first time since 2008. That’s about double what it was a year ago, according to data from the Mortgage Bankers Association, and portends a continued slowdown in the housing market. “Higher Mortgage rates have pushed refinance activity down More than…

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robertkhodadadian · 5 days ago

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real estate asset manager doubling space in move to 1166 Sixth Avenue – Robert Khodadadian

real estate asset manager doubling space in move to 1166 Sixth Avenue – Robert Khodadadian

A real estate asset manager isn’t being swayed by the murky picture of Manhattan’s Office market, instead inking a deal to nearly double its space. Cohen & Steers signed a lease for 161,000 square feet at 1166 Sixth Avenue, a person with knowledge of the deal told the Commercial Observer. The lease is for 15 years and the asking rent was $87 per square foot. The building’s ownership structure is…

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robertkhodadadian · 5 days ago

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Rent-flation: Housing powers increase in cost of living – Robert Khodadadian

Rent-flation: Housing powers increase in cost of living – Robert Khodadadian

Rising Residential rents contributed to high inflation in August as real estate investors have increasingly looked toward multifamily buildings to generate revenue. The annualized cost of renting a typical home jumped 6.7 percent in August, up from 6.1 percent in July, according to figures released Tuesday by the Labor Department. The surging cost of shelter accounted for about 40 percent of last…

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robertkhodadadian · 5 days ago

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Naftali files plans for UES building. Smart money’s on condosRobert Khodadadian

Naftali files plans for UES building. Smart money’s on condos – Robert Khodadadian

Another Naftali Group building is coming to the Upper East Side. Chances are it’s a condominium. The developer modified its plans Monday to construct a mixed-use building at 255 East 77th Street, city records show. PincusCo reported the initial filing early this month. The Residential building will rise 36 stories, according to the development tracker Bldup, and include 55 units and over 3,600…

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robertkhodadadian · 5 days ago

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Adam Neumann’s $350M fundraise came with a catch – Robert Khodadadian

Adam Neumann’s $350M fundraise came with a catch – Robert Khodadadian

The big investment Adam Neumann received for his latest real estate venture came at a cost: the keys to a portion of his apartment portfolio. The former WeWork chief executive agreed to hand over part of his real estate holdings for the $350 million investment, the Wall Street Journal reported. The unusual arrangement puts venture capital giant Andreessen Horowitz in the position of being a real…

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robertkhodadadian · 5 days ago

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Far-left Council member approves 1,400-unit Queens development – Robert Khodadadian

Far-left Council member approves 1,400-unit Queens development – Robert Khodadadian

One of New York’s most progressive City Council members said she would approve a million-square-foot development in her Queens district, a big win for mixed-income development at a time when other projects face contentious rezonings. Council member Tiffany Cabán on Tuesday announced her support for Hallets North, a 1,400-unit development that will bring three towers and an esplanade to a rapidly…

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robertkhodadadian · 5 days ago

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Douglas Elliman team bumps Compass from Midtown condo salesRobert Khodadadian

Douglas Elliman team bumps Compass from Midtown condo sales – Robert Khodadadian

The Kirsten Jordan Team at Douglas Elliman is taking over sales from Compass at a luxury Hell’s Kitchen condo project. Bloom, located at 500 West 45th Street, was developed by Xin Development and designed by Marvel Architects. The property was completed in 2020 on a plot previously occupied by a gas station. Since launching sales with Compass upon completion, 25 percent of the building’s 92 units…

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robertkhodadadian · 5 days ago

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Sloan Kettering pays $185M for UES medical center – Robert Khodadadian

Sloan Kettering pays $185M for UES medical center – Robert Khodadadian

New York’s most active Office buyer isn’t who you’d think. Memorial Sloan Kettering Cancer Center, fresh off its purchase of a large portion of the Lipstick Building, just shelled out $185 million to purchase the real estate at its Upper East Side research campus. The hospital bought eight commercial condos spanning roughly 90,000 square feet at 321 East 61st Street from Joy construction and…

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robertkhodadadian · 5 days ago

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Water Mill home, sans waterfront, asks $27M – Robert Khodadadian

Water Mill home, sans waterfront, asks $27M – Robert Khodadadian

No waterfront, no problem? That’s the gamble a developer is taking in asking $27.5 million for a Water Mill home that lacks the feature that reels in the highest Hamptons prices. The home at 677 Mecox Road has hit the market at that price, according to a Zillow listing and the Robb Report. It is still under construction by Breskin Development, a luxury home builder. There’s plenty to like at the…

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robertkhodadadian · 6 days ago

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Luxury brand planning $150M hotel in Cape May – Robert Khodadadian

Luxury brand planning $150M hotel in Cape May – Robert Khodadadian

A historic town on the Jersey Shore is on the verge of getting its first new hotel in a half-century. Luxury resort brand Icona is planning a 160-key hotel at the site of the former Beach Theater property, NJ.com reported. Eustace Mita, president of Icona, purchased the out-of-use property in 2019 for $6.6 million. The $150 million hotel would include 160 rooms, three restaurants and several…

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robertkhodadadian · 6 days ago

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Zara billionaire hits $720M spree for logistics spread – Robert Khodadadian

Zara billionaire hits $720M spree for logistics spread – Robert Khodadadian

Amancio Ortega’s interest in Industrial assets extends far beyond the City of Brotherly Love. Pontegadea, the family Office of the Spanish textile billionaire, purchased five logistics properties from Realty Income across the United States for about $722 million, Bloomberg reported. Spanish daily El Pais first reported the deal. The Philadelphia Business Journal reported Pontegadea recently…

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robertkhodadadian · 6 days ago

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Former Bowery Savings Bank owners buy time with bankruptcyRobert Khodadadian

Former Bowery Savings Bank owners buy time with bankruptcy – Robert Khodadadian

The lights are coming on at the former headquarters of the Bowery Savings Bank, where the event space could be calling it a night after the owners filed for bankruptcy. Owners Michael and David Marvisi filed for Chapter 11 protection to avoid a forced sale of the Lower East Side property, according to documents filed late last month reported by the Commercial Observer. The move comes after the…

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robertkhodadadian · 6 days ago

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Gary Barnett: Partners sold our buildings and didn’t tell me – Robert Khodadadian

Gary Barnett: Partners sold our buildings and didn’t tell me – Robert Khodadadian

Being a third wheel can be just as bad in a business partnership as it is on a date, as Gary Barnett was recently reminded. The Extell Development founder sued two business partners over loose ends from the $6 million sale of two Brooklyn properties, PincusCo reported. In July 2011, Barnett, Yoel Weber and Yoel Leonorovitz formed 186-190 21st St LLC, with each member owning a one-third interest…

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robertkhodadadian · 6 days ago

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A&E lands $188M loan for UWS rentals — 5 months after buying them – Robert Khodadadian

A&E lands $188M loan for UWS rentals — 5 months after buying them – Robert Khodadadian

Five months after dropping a quarter of a billion dollars on a Riverside Boulevard apartment building, Doug Eisenberg’s A&E real estate nabbed financing for the 354-unit property. Late last month, the firm secured a $188 million dollar mortgage from Los Angeles-based Mesa West Capital on 140 Riverside Boulevard, which it bought from Sam Zell’s Equity Residential in April, Public records filed…

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robertkhodadadian · 6 days ago

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Louise Sunshine joins Shvo – Robert Khodadadian

Louise Sunshine joins Shvo – Robert Khodadadian

In trying to underline Louise Sunshine’s status as a luxury condo guru, The New York Observer once asked if she considered herself the intellectual godmother of Michael Shvo, at the time a hotshot broker who epitomized New York’s go-go market. She waved off the designation, but conceded in that 2007 interview: “If he considers me his intellectual godmother, well, then, I’m flattered.” Things have…

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robertkhodadadian · 6 days ago

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Hidrock’s FiDi hotel project facing foreclosure – Robert Khodadadian

Hidrock’s FiDi hotel project facing foreclosure – Robert Khodadadian

A hotel development project in Lower Manhattan delayed by the pandemic appears to be on unsteady financial footing and facing foreclosure. Bank Hapoalim is alleging that Hidrock Properties has not paid back the $32.8 million loan that the Israel-based lender provided for its purchase and development of 140 Fulton Street in the Financial District, Crain’s reported. Hidrock purchased the…

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robertkhodadadian · 6 days ago

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Hovnanian plans 151-unit project in Bergen County – Robert Khodadadian

Hovnanian plans 151-unit project in Bergen County – Robert Khodadadian

A major home builder is trying to bring a 151-unit multifamily project to Bergen County. Hovnanian has proposed a townhouse and apartment complex in Oakland, New Jersey, north of Indian Hills High School, NorthJersey.com reported. Two apartment buildings in the complex will include 45 affordable units, which could be one reason that local opposition to the project has arisen. Critics, however,…

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robertkhodadadian · 6 days ago

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Brooklyn luxury market can’t kick September slump – Robert Khodadadian

Brooklyn luxury market can’t kick September slump – Robert Khodadadian

Brooklyn’s luxury market is stuck in its post-Labor Day slowdown. Signed contracts in the borough last week saw their slowest of the year for the second week in a row, according to Compass’ weekly report of homes listed for $2 million or More. Seven homes entered contract between Sept. 5 and 11 — a record low — and their combined volume was $21.5 million, also a record low. Of the six townhouses

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robertkhodadadian · 6 days ago

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Louis Vuitton pop-up headed to former Barneys space – Robert Khodadadian

Louis Vuitton pop-up headed to former Barneys space – Robert Khodadadian

Nearly three years after Barneys New York closed its doors, the site of its former Madison Avenue flagship will once again be filled with designer goods. Luxury fashion house Louis Vuitton is bringing its “200 Trunks, 200 Visionaries” traveling exhibition to the space at 660 Madison Avenue from October 13 through December 21, The Real Deal has learned. The exhibition, which showcases trunks…

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robertkhodadadian · 6 days ago

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Marcal Group sells Bensonhurst medical Office for $82M – Robert Khodadadian

Marcal Group sells Bensonhurst medical Office for $82M – Robert Khodadadian

A nine-story health care facility in Bensonhurst sold for $81.5 million in one of the city’s largest medical Office deals since the start of the pandemic. Dallas-based MedProperties Realty Advisors and Wisconsin-based Physicians Realty Trust acquired the Calko Medical Center, a 140,000-square-foot, multi-tenant property at 6010 Bay Parkway from developer Mark Caller’s Marcal Group, according to…

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robertkhodadadian · 6 days ago

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Manhattan’s luxury market sales dip to 2022 low – Robert Khodadadian

Manhattan’s luxury market sales dip to 2022 low – Robert Khodadadian

After Manhattan’s luxury market appeared to be coming back to life in recent weeks, it appears to have slowed back down. Just 10 contracts were signed last week at $4 million and above in Manhattan, half of the previous week’s total, according to a weekly report by Olshan Realty. The total is also below the 10-year average of 14 contracts signed in the week following Labor Day. The total weekly…

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robertkhodadadian · 6 days ago

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Institutional investors take dueling approaches to Compass stock – Robert Khodadadian

Institutional investors take dueling approaches to Compass stock – Robert Khodadadian

Compass’ steady stock slide since the Residential brokerage went Public 17 months ago has put a familiar question to big-name investors: is it time to buy or sell? Wall Street’s so-called smart money has chosen to do both. Institutional investors, who own two-thirds of Compass stock and range from conservative 401k managers to opportunistic hedge funds, have taken contrasting approaches: Some…

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robertkhodadadian · 6 days ago

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Serhant takes over sales at 100 Vandam – Robert Khodadadian

Serhant takes over sales at 100 Vandam – Robert Khodadadian

Serhant’s new development arm has a new project in Hudson Square, taking over sales at Jeff Greene’s 100 Vandam. The brokerage replaces Douglas Elliman, which has sold less than 10 units in the 72-unit building, people familiar with the building told The Real Deal. Chloe Tucker Caine, Romi Mouillon and Brian Chan of Serhant will manage sales of 100 Vandam on behalf of the firm. sales go live…

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robertkhodadadian · 7 days ago

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Thor completes hat trick of NJ Industrial acquisitions – Robert Khodadadian

Thor completes hat trick of NJ Industrial acquisitions – Robert Khodadadian

 Thor Equities continued a push into New Jersey’s Industrial real estate market with its third purchase in the state this year, a 330,000-square-foot property in Passaic. Joe Sitt’s firm bought the warehouse at 153 Linden Street for $52 million, the company said Friday. Waitex Group was the seller. The warehouse’s proximity to transportation and population made it an appealing target. It is less…

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robertkhodadadian · 7 days ago

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Publisher puts 331K sf up for sublease at Brookfield PlaceRobert Khodadadian

Publisher puts 331K sf up for sublease at Brookfield Place – Robert Khodadadian

The recently rebranded Dotdash Meredith has weathered plenty of change in the last year, but the company is now looking to shift a large amount of space onto the Office market. The publisher is putting 331,000 square feet up for sublease at 225 Liberty Street, better known as Brookfield Place, the New York Post reported. The space surrender comes after IAC acquired the company for $2.7 billion.…

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robertkhodadadian · 7 days ago

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SL Green takes over 245 Park AvenueRobert Khodadadian

SL Green takes over 245 Park Avenue – Robert Khodadadian

SL Green capped off a long-running dispute with HNA Group at 245 Park Avenue with a deal for the Midtown tower. Marc Holliday’s firm announced its acquisition of the 1.8 million-square-foot property on Monday. Details of the deal were not provided, but the company did note in a release that it is still pursuing a $185 million arbitration award from the Chinese investor. MarketWatch reported…

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robertkhodadadian · 7 days ago

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Top new dev team returns to Elliman from CompassRobert Khodadadian

Top new dev team returns to Elliman from Compass – Robert Khodadadian

A top-performing team is heading back to Douglas Elliman, two years after defecting to Compass. Joining Wesley Stanton and Jordan Hoch in their return to Elliman are team members Annie Osiecki, Catherine Slotnick and Alejandra Cata Posast. The Stanton Hoch Team grossed More than $100 million in sale side transactions last year and placed 40th in The Real Deal’s ranking of Manhattan’s top…

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robertkhodadadian · 7 days ago

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TRD Pro: NYC’s biggest condo filings in Q2 – Robert Khodadadian

TRD Pro: NYC’s biggest condo filings in Q2 – Robert Khodadadian

The following is a preview of one of the hundreds of data sets that will be available on TRD Pro — the one-stop real estate terminal that provides All the data and market information you need. Manhattan may be home to the priciest sellouts, but Brooklyn appears to be the land of opportunity for the city’s condominium developers. The borough was home to nine of the city’s 10 largest condo filings…

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robertkhodadadian · 7 days ago

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The problem with tenant screening reports – Robert Khodadadian

The problem with tenant screening reports – Robert Khodadadian

Claudinne Feliciano was probably the unluckiest winner of New York City’s housing lottery. In July 2015, she was selected for an affordable apartment at Hunter’s Point South Commons, a city-backed development in Queens. But instead of getting a new, rent-stabilized unit on the Long Island City waterfront, she ended up moving back in with her parents. The problem traced back a year, when…

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robertkhodadadian · 8 days ago

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Ohio couple: We bought a town – Robert Khodadadian

Ohio couple: We bought a town – Robert Khodadadian

Maybe you’re in the market for a house, but what about a town? Saji Daniel and Shannon McGauley, a couple from Ohio, weren’t looking for a municipality either, but when an eccentric benefactor encouraged them to buy Foxburg, Pennsylvania, they went for it, the Wall Street Journal reported. The couple first purchased the town’s Clue-like mansion, RiverStone Estate, for $15 million from Art…

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robertkhodadadian · 8 days ago

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R. Kelly’s former Chicago home sells after several price cuts – Robert Khodadadian

R. Kelly’s former Chicago home sells after several price cuts – Robert Khodadadian

After two years on the market and several price cuts, a Chicago home that once belonged to disgraced R&B singer R. Kelly sold for $2.9 million. Built in 1905, the five-bedroom, 8,400-square-foot house at 1010 West George Street in the city’s Lakeview neighborhood was once home to a cigarette vending machine business before its conversion to a single-family residence in the 1980s, the Chicago…

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robertkhodadadian · 8 days ago

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Melissa McCarthy makes a move to Little Italy – Robert Khodadadian

Melissa McCarthy makes a move to Little Italy – Robert Khodadadian

Chef Sookie St. James should feel right at home in Little Italy. While the “Gilmore Girls” character is fictional, the actress who portrays her is not. Melissa McCarthy and her husband, fellow actor and producer Ben Falcone, purchased a penthouse unit in the neighborhood, the Wall Street Journal reported. The price paid by the celebrities wasn’t clear. But the asking price for the condo was $7.3…

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robertkhodadadian · 8 days ago

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Swedish rent control pushes tenants into long waits, sketchy sublet market – Robert Khodadadian

Swedish rent control pushes tenants into long waits, sketchy sublet market – Robert Khodadadian

What’s the best way to celebrate your 18th birthday? In Stockholm, it’s registering for the city’s Public housing waitlist. If you’re lucky, you might secure an apartment by the time you’re 25. The market for affordable housing has become so competitive in the Swedish capital that the average wait time for rent-controlled apartments — which make up nearly half the city’s rental housing stock — is…

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robertkhodadadian · 9 days ago

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Murder-for-hire allegedly involved $45M real estate portfolio – Robert Khodadadian

Murder-for-hire allegedly involved $45M real estate portfolio – Robert Khodadadian

The lengths one man allegedly went to in order to seize a $45 million real estate portfolio are being put on display in a murder-for-hire trial. Anthony Zottola is accused of perpetrating a plot to have his father killed. In opening remarks, Assistant US Attorney Devon Lash accused Zottola of wanting control of his father’s real estate holdings, the New York Post reported. Sylvester Zottola…

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robertkhodadadian · 9 days ago

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Big Tree Farm’s $50M ask breaks Indiana listing record – Robert Khodadadian

Big Tree Farm’s $50M ask breaks Indiana listing record – Robert Khodadadian

A 550-acre property in Santa Claus, Indiana has hit the market with an asking price just shy of $50 million. Big Tree Farm, located at 5382 East State Road 162 in the Christmas-themed town, is the most expensive property listing in the state, WGN9 reported. Kara Hinshaw of Key Associates Signature Realty is representing the seller. Built in 2003, the property’s 50,782 square feet of buildings…

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robertkhodadadian · 9 days ago

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Hamptons listings gain, but inventory still scarce and sales brisk – Robert Khodadadian

Hamptons listings gain, but inventory still scarce and sales brisk – Robert Khodadadian

Listing supply in the Hamptons has been steadily rising in recent months. But homes are still selling faster than ever. Supply in the Hamptons housing market increased for the fifth straight month in August, Behind the Hedges reported. The data comes courtesy of Hamptons Market Data founder and Compass agent Adrianna Nava. There were 720 homes on the market at the start of September, according to…

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robertkhodadadian · 9 days ago

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developer to Harlem pol who blocked project: “Truck you!” – Robert Khodadadian

developer to Harlem pol who blocked project: “Truck you!” – Robert Khodadadian

A Council member who rejected a project in her Harlem district featuring 917 apartments — half of them affordable — now stands to get a truck depot instead. developer Bruce Teitelbaum told Patch he is pursuing a facility for “big rigs” at West 145th Street and Lenox Avenue, which he can do without sign-off from Council member Kristin Richardson Jordan. The socialist politician had refused to…

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robertkhodadadian · 9 days ago

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new development deals roar back to life in August – Robert Khodadadian

new development deals roar back to life in August – Robert Khodadadian

The new development market has roared back to life since suffering its worst month of the year in July, according to a report from Marketproof. New developments notched 259 signed contracts last month for apartments asking a combined $527 million. The median unit price fell 12 percent to $1.45 million, as outer-borough deals made up a bigger piece of the action. All told, contract activity jumped…

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robertkhodadadian · 9 days ago

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New York firm pays $48M for Greenwich OfficeRobert Khodadadian

New York firm pays $48M for Greenwich Office – Robert Khodadadian

A 134,000-square-foot Office property in Greenwich has been snapped up by a New York real estate firm. Shelbourne Global Solutions bought the Class A Office property at 777 West Putnam Avenue for $48.5 million, the Westchester & Fairfield County Business Journals reported. LMT Investments was the seller on the Connecticut deal, which works out to roughly $362 per square foot. Built in 1976, the…

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robertkhodadadian · 10 days ago

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Zara billionaire makes $148M Industrial play – Robert Khodadadian

Zara billionaire makes $148M Industrial play – Robert Khodadadian

Amancio Ortega has found his next real estate conquest in the form of an Industrial asset. Pontegadea, the Spanish octogenarian’s family Office, bought a distribution center in Northeast Philadelphia for $148.1 million, the Philadelphia Business Journal reported. The 1 million-square-foot facility at 2760 Red Lion Road is occupied by TJX, the parent company of retailers TJ Maxx, Marshalls and…

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robertkhodadadian · 10 days ago

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Sentiment sinks deeper as market sidelines buyers and sellers – Robert Khodadadian

Sentiment sinks deeper as market sidelines buyers and sellers – Robert Khodadadian

Consumer outlook keeps dropping as both buyers and sellers face the negatives in the fluctuating housing market. The Fannie Mae home Purchase Sentiment Index fell again in August, decreasing 0.8 percentage points last month, the government-sponsored company announced Thursday. The index was at 62 points in August, down 13.7 percentage points year-over-year. The report marks the sixth straight…

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robertkhodadadian · 10 days ago

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Mortgage rates hit 14-year high – Robert Khodadadian

Mortgage rates hit 14-year high – Robert Khodadadian

Mortgage rates hit — yet another — new high and may continue to rise as the Federal Reserve looks to tackle inflation. The average rate on a 30-year fixed mortgage hit 5.89 percent this week, according to a Freddie Mac survey reported by the Wall Street Journal. Rates are roughly double from what they were a year ago and exceeded a recent pandemic high set in June. The average rate is the highest…

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robertkhodadadian · 10 days ago

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Yoel Goldman emerges to sue Zelig Weiss in William Vale dispute – Robert Khodadadian

Yoel Goldman emerges to sue Zelig Weiss in William Vale dispute – Robert Khodadadian

Sidelined from his own development firm, embattled Brooklyn landlord Yoel Goldman is personally stepping into the messy battle over Brooklyn’s chic William Vale hotel. Goldman is suing Zelig Weiss, his estranged partner in the Williamsburg property, alleging that Weiss has illegally enriched himself with the hotel’s money for years. Goldman wants a judge to compel Weiss to open the hotel’s books…

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robertkhodadadian · 10 days ago

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Auto shop holdout throws wrench into East Harlem projectRobert Khodadadian

Auto shop holdout throws wrench into East Harlem project – Robert Khodadadian

 For the second time this year, a Sergey Rybak development has been stymied by a holdout. After an uncooperative synagogue stymied his plans for a 20-story mixed-use building on the Upper East Side, an East Harlem auto shop is poised to dismantle another project by the Brooklyn-based developer. Prestige Automotive, which has run a car repair shop at 2013 Third Avenue for the past 15 years, stands…

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robertkhodadadian · 10 days ago

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Ranking New York City’s top real estate lenders – Robert Khodadadian

Ranking New York City’s top real estate lenders – Robert Khodadadian

After a decade of historically low interest rates, during which funding for new developments and real estate purchases flowed with relative ease, the party finally came to an end this spring, when the Federal Reserve began raising rates to slow inflation.  With the cost of debt climbing and lending expected to decline in the second half of the year, a slowdown in dealmaking and development could…

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robertkhodadadian · 10 days ago

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Exec’s Jenga building suicide doesn’t figure to hurt salesRobert Khodadadian

Exec’s Jenga building suicide doesn’t figure to hurt sales – Robert Khodadadian

When Gustavo Arnal, the chief financial officer of Bed Bath & Beyond, died by suicide Sept. 2 by jumping from the 18th floor of 56 Leonard Street, the news spread quickly across social and traditional media. Not only was Arnal a top executive at a major retailer, but the Tribeca condominium where he perished, known colloquially as the “Jenga tower” for its unusual design, has some of the city’s…

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robertkhodadadian · 10 days ago

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Former home of Billie Holiday hits market at $14M – Robert Khodadadian

Former home of Billie Holiday hits market at $14M – Robert Khodadadian

There’s been a jazzy addition to the New York City housing market. The former Upper West Side home of Billie Holiday has been listed for $14 million. While living in the home, Holiday released one of her most famous albums, “Lady in Satin,” in 1958. She lived in the brownstone until her death the next year at age 44. The 20-foot wide townhouse is six levels and 6,300 square feet. Kelly Killoren…

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robertkhodadadian · 10 days ago

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Bob Knakal lists Park Avenue pad for $13M – Robert Khodadadian

Bob Knakal lists Park Avenue pad for $13M – Robert Khodadadian

Bob Knakal’s knack for commercial real estate deals doesn’t appear to apply in the Residential realm. The JLL executive listed his condominium apartment at 737 Park Avenue for $13.5 million, Crain’s reported. That’s just a hair above the $12.9 million he spent to buy into the Macklowe Properties building in 2015. The 4,700-square-foot-apartment has five bedrooms and seven and a half bathrooms.…

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robertkhodadadian · 10 days ago

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Climate change’s higher tides could threaten $34B of coastal real estateRobert Khodadadian

Climate change’s higher tides could threaten $34B of coastal real estate – Robert Khodadadian

Recent years saw U.S. real estate soar to new heights, which pale in comparison to the pressure swelling sea levels are predicted to pose to billions of dollars of property in the coming decades. Rising sea levels could fully or partially flood approximately $34 billion worth of real estate on the country’s coasts, according to an analysis reported by USA Today. The estimate from New Jersey…

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robertkhodadadian · 10 days ago

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Harlem church leaders struck secret deals with developer over salesRobert Khodadadian

Harlem church leaders struck secret deals with developer over sales – Robert Khodadadian

Thou shalt not swindle. Or maybe, just a bit. Three senior religious leaders with congregations in Harlem and Brooklyn conspired with a developer to sell seven churches, according to state prosecutors. An investigation reported by the Patch found leaders collected payments and gifts in exchange for the properties before developer Moujan Vahdat revised or backed down from the contracts, sometimes…

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robertkhodadadian · 10 days ago

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Regal Cinemas owner to cut theater leases in bankruptcy process – Robert Khodadadian

Regal Cinemas owner to cut theater leases in bankruptcy process – Robert Khodadadian

One of the world’s largest movie theater chains is dimming the lights to begin the process of rolling back its U.S. footprint. Cineworld Group PLC is already planning cut leases for 20 of its 505 U.S. locations, according to bankruptcy filings reported by the Wall Street Journal. More closures are likely to come based on reviews over performance and rent costs by the company, which on Wednesday…

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Battle rages for $100M settlement to Valentino’s Fifth Ave. landlord – Robert Khodadadian

Battle rages for $100M settlement to Valentino’s Fifth Ave. landlord – Robert Khodadadian

A $100 million settlement was not enough to settle All of the differences at a Fifth Avenue retail property. Lender Wells Fargo is holding the property owner at 693 Fifth Avenue, previously identified as French holding company Financière Marc de Lacharrière, in default. The bank is demanding full payment of a $227 million loan balance, Crain’s reported, alleging a number of issues with the…

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Silicon Valley money manager buys stake in Madison Realty Capital – Robert Khodadadian

Silicon Valley money manager buys stake in Madison Realty Capital – Robert Khodadadian

One of the country’s fastest-growing and most active real estate finance players is getting an injection of funds from a money manager that caters to the elite of Silicon Valley. Madison Realty Capital sold a minority stake to Iconiq Investment Management, which functions as a family Office that manages wealth for Mark Zuckerberg, Sheryl Sandberg and other tech moguls. Madison, run by Josh Zegen,…

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Westbrook Partners Secures Two leases at 444 Madison Ave.

Westbrook Partners Secures Two leases at 444 Madison Ave.

Doris Duke Management Foundation and EOS Investors LLC have leased a total of nearly 37,000 square feet at the Midtown Office tower.        Since its inception in 2006, Robert Khodadadian’s pioneering pursuits have been featured across many prominent New York real estate publications, including The Real Deal, Real Estate Weekly, The Commercial Observer, and “Company of the Month” with the New…

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Final Days to Nominate For CRE’s Fifty Under 40

Final Days to Nominate For CRE’s Fifty Under 40

GlobeSt. real estate Forum is once again seeking the industry’s top professionals under the age of 40. Submit an accomplished, young professional before the February 25 deadline!        Since its inception in 2006, Robert Khodadadian’s pioneering pursuits have been featured across many prominent New York real estate publications, including The Real Deal, Real Estate Weekly, The Commercial…

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Manhattan luxury contracts ticked up as Dow plummeted – Robert Khodadadian

Manhattan luxury contracts ticked up as Dow plummeted – Robert Khodadadian

During one of Wall Street’s lousiest weeks of the year, a series of deals elsewhere in Manhattan last week marked a bounceback in the borough’s luxury market. When the Dow plummeted 1,276 points Tuesday, four contracts priced at $4 million and above were signed, according to Olshan Realty’s weekly report. As the Dow continued to slide further during the week, three More were signed on Wednesday,…

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Robert Khodadadian – Carthage Advisors’ Ed Poteat On Affordable Housing’s Future in NYC

It’s an interesting time for affordable housing in New York City. While the asset class is More needed than ever and considered recession-proof, the expiration of the 421a tax exemption in June makes its future viability bleak. 

Edward “Ed” Poteat grew up in Mitchell-Lama housing and from an early age was keenly aware of the importance and preservation of affordable housing. He got his career start in Chase Manhattan Bank’s real estate investment wing and launched his own firm, Carthage Advisors, in 2011, dedicating the past decade to building affordable housing and improving communities around his developments. 

Commercial Observer caught up with Poteat to learn More about Carthage’s latest project, and what’s on his mind as we head into a volatile fourth quarter.

The interview has been edited for length and clarity. 

Commercial Observer: How did you first become interested in affordable housing development?

Edward Poteat: I’d say I accidentally got into commercial real estate. I was born and raised in Harlem in the ’80s, when things were much worse than they are right now.  I went to Yale in the early ’90s [where he studied economics], came back home, and asked myself, “How do I give back to my community in a way that’s meaningful, without being a social worker or teacher?” 

One huge problem was housing because, way back when, so many neighborhoods throughout New York City were derelict, and no one knew how to bring back those neighborhoods. So, I dove right into that field, and multifamily real estate specifically. 

Did you have any family in the field? 

No. My mom was a maid, and my dad was a factory worker, so I had no family background in commercial real estate.

What was their first reaction when you told them you were going to pursue a career in commercial real estate

They thought I was a complete idiot [laughs]. I had just graduated Yale and they said, “Why are you trying to do this? This isn’t going to work!” But I knew that I was extremely lucky, coming from the background that I came from, going to a school like Yale and having decent opportunities in front of me. I could have worked on Wall Street and been a banker, but I felt I should probably do something More meaningful, given where I came from, and not just be a banker in New York City.

Tell us about your path to launching Carthage Advisors. 

Carthage was started in 2011, and I was in an affordable housing partnership for 10 prior to that [HP Development, LLC],  which I left during the recession because I wanted to go out on my own. It was a really  interesting time in the market when we launched Carthage and we ended up buying multifamily properties and renovating them. The good thing about affordable housing is that it’s recession-proof, so it’s helped me get through several cycles, because we’ve never been caught out by the market. 

When we started Carthage, we already had a presence in Harlem, and in New York City More generally, and then we opened an Office in New Jersey as well, buying up multifamily properties and renting them out.

How many projects do you have in your portfolio today? 

We have around 1,500 units, and our largest project right now is Marcus Garvey Village, which is right in the heart of Central Harlem [at 224 West 124th Street], but we’ve done All types of multifamily projects — including ground-up — and we’ve done for-sale housing, too. Our focus has always been a triple bottom line: doing well for ourselves, doing well for our  communities, and doing well for our investors.

Your Marcus Garvey Village project will comprise two 18-story rental buildings, and 330 apartments — half of which are devoted to low-income families. Tell us More about it.

The site was once a failed project by a famous church in Harlem called the Abyssinian Baptist Church. They got in trouble during the recession, and had to sell the site. So we bought it from them back in 2018 for about $30 million. At the time, we knew that we wanted it to be More than just a market-rate development. 

And I think the affordable and market-rate combination today has been good as we’re helping ungentrification through development. We’re building 180 units of truly affordable housing, but you can only do that in the heart of Harlem — which is pretty expensive — by having a market-rate project right next door to help subsidize our affordable housing development.

This project is really cool, and I know that I’m biased saying that, but we’re fighting gentrification through development because so many neighborhoods are being gentrified. And I think we’re showing people that you don’t need to kill development to stop gentrification. If you stop development, in some ways, you’re actually adding to gentrification because existing units become More highly valued.  We’re opening up Harlem to More families in a way that’s not gentrifying our community, and we’re  doing it by creating affordable housing and also important community spaces.

  224 West 124th Street. Photo: Carthage Advisors

I read that the property includes a cultural center for the LGBTQ community. 

That’s right, and also a performance space for local artists. The Apollo Theater is one block from us, but you’ve got to be fairly famous to get on that stage [laughs]. We’re providing performance spaces for smaller artists, who will be able to perform on a beautiful rooftop 20 stories up, right next to the power of the Apollo. 

Honestly, the project has a lot of cool elements. The block that we renovated was probably one of the worst blocks left [in the neighborhood]. So we’re not only providing affordable housing, but improving the neighborhood because we were the weak block where drug dealers once hung out, and abandoned cars once sat. So, we were able to take over this whole block that will now improve the other blocks around us.

How difficult was it to turn the block around? 

It was interesting. I mean, we had many fights with our neighbors along the way [laughs] because there were condo developers around us who said “Why are you building affordable housing? We don’t want it. Just build condos right and help with our [property] values.” We said: “Guys, we’re going to cut the baby in the middle. It’s 50/50 [market rate and affordable] and there will be something for everybody.” 

Do you use a mixture of debt and equity for your acquisitions? And, if so, how is your access to the capital markets as a Black developer in New York City?

It’s beyond tough. Some people cry racism, but in my opinion it’s not racism, it’s actually something a lot More innocent — which is that people like working with people that seem like them. And, so, to me, it’s not hatred-style racism, it’s just “I’m comfortable with someone that looks like me, and comes from my background.”  I’m a dark-skinned black guy that comes from Harlem and grew up there in the ’80s. I don’t share a commonality with a lot of people in the capital markets [laughs].

  How do you get around that? 

Just knocking on a lot of doors, and having good projects is always going to be key. What people don’t realize is Black developers must always have very strong projects, because if you don’t have a strong project, you’re never going to even be looked at. Even when you have a strong project, you might not get looked at. So I’ve had to be sure that the deals I bring to the table are very strong. 

Has your experience improved over the past 10 years? 

A little bit. There was a bump in interest after the George Floyd incident for sure. But it doesn’t discount having a strong project. That never goes away. We’ve been relatively fortunate, as we have investors that believe in us and lenders that we now have a long track record with, and who know we deliver. 

We built a project in 2011 called 88 Morningside, which at the time, was one of the first market-rate for-sale projects in Harlem, and we got through the recession with the project selling out because we had a strong product. So people say, “This firm has been able to deliver even through the worst of the markets, so it can execute in a normal market.” 

You’ll be busy for the rest of this year with your most recent project, but how do you see your portfolio expanding over the longer term? 

We still believe in affordable housing. I grew up in Mitchell-Lama housing, so I saw the benefit firsthand, coming from a low-income family. It’s nice not to have to worry about housing, because you have to worry about everything else. So I’m a big advocate, and we have another deal that we’re working on in the Mott Haven section of the Bronx. God willing, we’ll do a deal every year.

There’s a lot of concern in New York City with the expiration of 421a. How do you think the city is positioned going forward from an affordability standpoint? 

I don’t think people realize how bad the elimination of 421a is. Some think, “Well, we’re going to stop rich developers getting richer,” and I get that, but [with 421a]  30 percent of the housing developed has to be truly affordable, which is why you have affordable housing in Times Square in Midtown and the Financial District. That’s now been eliminated and there’s no financial reason to build affordable housing, except in the poorest neighborhoods in New York City where land values are low. 

Secondly, it’s going to be very hard to build rental housing, period. So with  less supply and More demand, rents are going to go up, and four or five years from now, people will say, “Why are rents still so high? I thought we had these programs in place?” But you’re not adding any More supply, except through [Housing Preservation & Development]. They mean well, but they just can’t do it All. The 421a program could have been tweaked to have deeper skews of affordability in there,  but not to have it at All? It’s a disaster we’ll see in 2028. 

I read an article recently saying that Maspeth, Queens, is taking off, because it’s one of the last affordable neighborhoods left in New York City. So people are finding it in the middle of Queens. There’s little transportation, but they’re moving out there because you can still rent at a decent number — for now.

What’s your favorite part of the job today? 

It’s really the tenants. Some I worked with 10, 15 years ago, and they walk up to me and say, “You know what? Thank you.” Sometimes it’s a young family with three kids who say, “I’m in a decent three-bedroom place, and I wouldn’t be here but for this building.” That still gets me out of bed every day. 

You’re an adjunct professor in Columbia University’s real estate Development Program. Are students excited to learn about affordable housing today? 

I’ve been doing it for 10 years, teaching  young adults going into private equity and commercial real estate. What I tell them is “My job is to convince you to stay in this industry, because we need you,” but then what I also tell them is, “You know, some of the biggest people in the industry have cut their teeth on affordable housing. Have you heard of a guy named Stephen Ross?” And then they kind of perk up and say, “OK, maybe I can do well and also do right at the same time in this industry.” 

Do your parents still think you’re crazy? 

They’re proud of me now, at least I hope they are [laughs]. 

Cathy Cunningham can be reached at ccunningham@commercialobserver.com 

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Robert KhodadadianCMBS Realized Losses Rise in August

“Commercial mortgage backed securities (CMBS) conduit and single borrower large loan (SBLL) transactions incurred approximately $205 million in realized losses during August 2022 via the workout of distressed assets,” wrote Marc McDevitt, a senior managing director at CRED iQ.

“CRED iQ  identified 19 workouts classified as dispositions, liquidations, or discounted  payoffs in August 2022. Additionally, there were seven distressed loans securitized in Freddie K transactions that needed  workouts, with four of the loans incurring  aggregate losses of $2.7 million. 

“Of the 26  total workouts, only eight of the assets were resolved without a loss. Of the 18 workouts resulting in losses, severities for the month of August ranged from one percent to greater than 100 percent, based on outstanding balances at disposition. 

“Realized losses in August were 28 percent higher than the amount of realized losses in July due, in part, to a higher number of workouts. On a monthly basis, realized losses for CMBS conduit and SBLL transactions averaged approximately $146.6 million year to date. 

“Lodging properties accounted for the  highest number of distressed CMBS workouts last month with nine total  resolutions. 

“Five of the nine lodging workouts incurred losses, including Value Place Williston, a 248-key extended-stay hotel in North Dakota that has been real estate-owned (REO) since 2017 and had an outstanding debt of $17.2 million. The  property was liquidated with a 100 percent loss  severity based on the outstanding debt amount. 

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“Other property types with multiple  distressed workouts included eight distressed multifamily properties, five distressed retail properties, and three Office properties.

“The resolution of the WPC Department Store Portfolio loan represented the largest loss, by dollar amount and loss severity, among All distressed workouts last month. The  liquidation alone accounted for  roughly 30 percent of the total realized losses for the month. 

“The WPC Department Store portfolio consisted of five REO-anchored retail boxes attached to various regional malls. A sixth anchor box was previously sold in 2020.  Outstanding debt for portfolio totaled $55.3  million but realized losses upon liquidation were in excess of the loan balance and resulted in a loss severity of 111.6 percent based on the balance at disposition. 

“The largest workout by outstanding debt  amount was the $87.55 million State House Square loan, which was secured by an 837,225-square-foot Office property in Hartford, Conn. The loan had been with the special servicer since March 2019 and was resolved with a 54 percent loss severity. 

“Excluding defeased loans, there was approximately $5 billion in securitized debt that was paid off or liquidated in August, which was a slight increase compared to $4.7 billion in July 2022. “In August, 7.7 percent of the loan resolutions were categorized as dispositions, liquidations or discounted payoffs. The percentage of distressed workouts was 7 percent in the previous month. Approximately 15 percent of  the loans were paid off with prepayment  penalties. 

“By property type, multifamily had the highest total of outstanding debt payoff in August with 27 percent of the total by balance. The  relatively higher percentage of multifamily debt payoff was driven by several maturities for loans securitized in commercial real estate collateralized loan obligation transactions.  

“Lodging had the second-highest total of outstanding debt payoff with 23 percent of the total. Among the largest lodging payoffs were a $471 million mortgage secured by a portfolio of 58 InTown Suites extended-stay hotels and a $265 million mortgage secured by a portfolio of 85 extended-stay hotels, also flagged under the InTown Suites brand.”

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Eric Adams to tech leaders: Please stay in NYCRobert Khodadadian

Eric Adams to tech leaders: Please stay in NYC – Robert Khodadadian

Mayor Eric Adams is taking concerns from tech executives over the city’s crime and high rents head on, encouraging them to keep their business in the Big Apple. Over dinner at Daniel Boulod’s Le Pavilion in Midtown East last week, Adams told tech leaders and investors that the city “needs and wants technology companies,” and that officials are eager for tech companies to “help grow the economy,”…

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Robert KhodadadianCommercial Observer

Robert Khodadadian – Commercial Observer

It’s an interesting time for affordable housing in New York City. While the asset class is More needed than ever and considered recession-proof, the expiration of the 421a tax exemption in June makes its future viability bleak.  Edward “Ed” Poteat grew up in Mitchell-Lama housing and from an early age was keenly aware of the importance and preservation of affordable housing. He got his career…

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Robert KhodadadianSkyline Properties

Robert KhodadadianSkyline Properties

It’s an interesting time for affordable housing in New York City. While the asset class is More needed than ever and considered recession-proof, the expiration of the 421a tax exemption in June makes its future viability bleak.  Edward “Ed” Poteat grew up in Mitchell-Lama housing and from an early age was keenly aware of the importance and preservation of affordable housing. He got his career…

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Naftali tenant suffers blow in holdout battle – Robert Khodadadian

Naftali tenant suffers blow in holdout battle – Robert Khodadadian

In the knock-down, drag-out fight at 215 West 84th Street, building owner Miki Naftali has the tenant blocking his condo project on the ropes. The holdout, Ahmet Ozsu, was rejected for emergency rent aid by the state. Approval would have protected him from eviction for up to a year, boosting his leverage to demand a seven-figure buyout from the developer. But Ozsu’s lawyer, Adam Leitman Bailey,…

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Robert KhodadadianCommercial Observer

Robert Khodadadian – Commercial Observer

“Commercial mortgage backed securities (CMBS) conduit and single borrower large loan (SBLL) transactions incurred approximately $205 million in realized losses during August 2022 via the workout of distressed assets,” wrote Marc McDevitt, a senior managing director at CRED iQ. “CRED iQ  identified 19 workouts classified as dispositions, liquidations, or discounted  payoffs in August 2022.…

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Robert Khodadadian – CP Group’s Angelo Bianco On Office Conversions, Tenant Demand and More

Don’t call Angelo Bianco a contrarian — even though the firm he leads, CP Group, continues to bet big on an Office sector buffeted by remote work.  

“Listen, we just add value to buildings — that’s what we do, and a lot,” Bianco said during a virtual interview with Commercial Observer just before Labor Day. “If it’s contrarian, it doesn’t matter to me.”

CP does lean into Office, especially in South Florida — his firm may be the state’s largest Office landlord — and in markets as varied as Denver, D.C. and Atlanta. In particular, it specializes in offices that need fixing up and repositioning. That’s an especially lucrative business to be in now as tenants eschew older, less amenitized buildings for the More tricked-out sort.

CP dates from the early 1990s and has gone through different ownership structures and names. It was most recently Crocker Partners after founder Tom Crocker. Bianco, the company’s managing director since 2017, bought out other partners in 2020 with another partner, Chris Eachus, and the company rebranded as CP Group in 2021. It has More than 160 properties totaling 18 million square feet.

This interview has been edited for length and clarity. 

Can you tell me how you got into the industry? Did you intend to go into real estate given you earned a law degree from Virginia?

Angelo Bianco: I started the 1980s in the sixth grade and in 1990 I graduated college. In addition to being the same age as the kids from “Stranger Things,” I was able to experience a very exciting time for real estate development. There was a tremendous push into buildings and development. And I saw that around me. I was very excited to have an impact on the world and to create things that were architecturally and artistically beautiful, or potentially. 

Where did you grow up? 

I grew up in Rhode Island. We weren’t seeing a lot of that here, but around the country. 

Then I went to undergraduate, and I majored in finance. I figured I’d do something on that side of the business of real estate. Then 1987 came — big correction. So, going onto Wall Street — it was not something that seemed likely to lead to success as I neared graduation. So, I was like, “I’ll go to law school.” And that would be a good way to kind of get into what I liked about real estate on the law side and figure it out from there.

So I went to UVa, which was an excellent education in the law. And it turned out, by the way, to be invaluable in my career as a real estate businessman — having a legal education and practice as a real estate lawyer, which is what I was for seven years in New York City. Even though it was a longer route to get to where I wanted, I think it made me a better real estate businessman.

How’d you get into the investment and development side?

I very much liked being a lawyer and working on high-profile deals in New York. I loved advocating for my client and being creative in problem-solving. I didn’t mind the hard work.

But I noticed that myself and my colleagues would be working our tails off, and our clients would be flying in from out of town on national deals. I’d end up going out at night to fancy restaurants with legal documents that they would be signing at the table. It wasn’t so bad that they used my back as a table. But the next day we’d go to the closing table and the clients would be walking out with All this money, and they would say, “Hey, lawyers, that’s for you.” [Reenacts someone handing a few bills to someone from a much larger wad of cash.] And I thought, “I think I’m on the wrong side of the table. I want to be that guy.” 

So I started looking at the business side. A firm that I respected highly — Tishman Speyer — reached out to me. They called up and said, “Do you have any interest going in-house?” I said, “That is of interest to me.” I went over there, and I worked on the redevelopment of Rockefeller Center, which was extraordinarily exciting at the time. 

I loved it, it was fantastic. Tishman Speyer is an excellent company. I even use them as guidance in the decisions I make because I have so much respect for what they’ve done and continue to do today.

On to some of those business decisions and the outcomes. I wanted to focus on one in particular. CP in 2018 paid $170 million for the Boca Raton Innovation Campus, and sold the majority stake in 2021 at a much higher valuation with near-total occupancy. That increased as well. That’s quite a success story given the pandemic. Can you take me through how it happened? 

The old IBM campus had over the years been whittled down by successive owners, who basically treated the campus like a chop shop — in essence whittling it down to 130 acres from 500, and never really investing in the campus as an Office complex. So over time it degraded into a place that’s known for high-density, high-parking, lower-skilled labor. As a result, rents and occupancy remained low for decades. 

When we took it over, it was really in bad shape. It had very few amenities. It didn’t have a purpose; it had a very poor reputation. We wanted to change that. How do we make this different? We already had tremendous experience in the Office market, and we knew that you need amenities as a big driver, so that’s what we did.

But it was also 1.7 million square feet. That’s a lot of space. How are we going to fill it? We said, “Let’s focus on the businesses.” We found the top 20 most profitable businesses per employee in the world — most of which are American, by the way. Fifty percent are financial services. We didn’t think we were going to take on New York and London, so that was off the table. Fifty percent were tech and life sciences. 

It struck me, “This is where they invented the first personal computer.” Maybe restore that; add a life sciences component because it and tech are becoming so close together now anyway; and really create something special. That’s what we did. We designed a program of extensive renovations, repositionings and amenitization. The tenants responded to this and responded well. We took rents from $14 net to $30 net [a square foot] in a few years. We took occupancy from 60 percent to over 90 percent. 

In addition to that, we wanted to make sure the project was part of the broader community. We had tremendous community outreach and support; we had Public events. We added arts galleries and a museum of history.

A lot of your holdings are older offices. Even in the best of times, it’s not that desirable an investment. What’s the thinking behind this? Is it a quick sale? Is that the goal?

At CP Group, we fix broken buildings. That’s our entire business plan. We don’t buy stabilized assets. We buy buildings that need to be stabilized. 

So old buildings tend to be the most broken. And there are a host of reasons why they’re broken. We try to stay away from a building that’s broken because of a structural problem. Generally speaking, it works for us when things need a new approach; they need to be amenitized; they need to be renovated cosmetically; and they need to be reintroduced to the marketplace. 

Do you think they always have to be reintroduced as Office properties? 

It’s very difficult to find those that can be easily converted to another use. You spend a lot of time looking at buildings for multifamily conversion, especially older buildings. It’s very costly to do so, however. Because the cost of housing is getting so high, we are getting very close to getting some to pencil out. So I imagine this will become a larger part of our business. But it’s just been unaffordable in most of our markets until just now. 

Can you give me a sense of where it’s penciling out?

It’s difficult because you need to find Office buildings that are cheap enough to allow this to work and there’s demand enough to have people move in. We had a deal in Broward County that seemed plausible. But then someone came in and paid More for it as an Office building. I think it will be very difficult for them to make it successful as an Office building. But because of their Pollyannaish views toward that building, they just paid More than I could. 

It’s a math problem for me. When I buy an Office building, it’s just what’s the cost to convert it plus the cost to buy it. If it’s too high, then I can’t do it. Now, we are spending More time with local municipalities because this is important to them as well. We think if we can tie this in with tax programs and waiving some impact fees, we think this will increase the amount of conversions we can do.

We’ve also looked at doing limited service hotels as another use. Those are very friendly for us. They are much easier to do, frankly. 

You’re not worried about hospitality recovering from the pandemic’s effects?

Travel has decreased, and there’s going to be a permanent decrease in travel. A recession takes time, too, and I imagine there will be a slowdown in new development. But we will recover from that, and so will the hospitality industry.

The same is true for Office. There is a permanent diminution in demand for Office because of work from home. But we get reductions in demand All the time in our business — they’re called recessions. 

You talked about fixing broken buildings. In between the acquisition and putting it on the market fixed up, do you worry that work from home and similar trends will cause a crash in value and make it very difficult to hold on to these properties and do anything much with it? 

We’ve spent a lot of time creating a prediction of where work from home will be based on data we’ve put together. We have 18 million square feet in our portfolio, so we have a lot of tenants. In conversations with tenants, and architects and designers that we use All the time, the space plan that we’re currently doing — we think there will be a 7 to 12 percent hit in tenant space needs, but it will be offset by growth in our target markets. 

That’s because work from home still requires people to have office space most of the time. I like to remind people that two days of the week you’re already not in the Office — and you’re not supposed to be working from home, either [Editor’s note: It’s known as the weekend]. So, if you’re out for three or four, it doesn’t mean you don’t have an Office. I think that is something we will see forever.

I do think that organizations that have done hot seats or hoteling have seen that very poorly received by their teams. Many things change; human nature does not. One thing people like is their own spot. As you probably remember from even when you were a kid in school, when you went to the cafeteria you had your seat. That was your seat and everyone in the whole school knew it. That’s kind of part of the human condition. 

Frankly, the productivity hit — and the owners of businesses know this — from work from home is significant. So I think there is going to be an impact, but it is something we will lease up with and it’s in the underwriting when we buy things. Now, I could be wrong either way. That’s why I always say that’s why they call it investing and not saving. 

Regarding conversations with Office tenants, what do they want?

Flexibility.

Can you elaborate? 

They want two things: flexibility and amenities. Businesses don’t know what’s going on for sure, right? They are reluctant to take long-term lease obligations because they feel like, “What if I make a mistake and I don’t need this much space?” Obviously, they always have the right to sublease. But that’s not their core business. Their core business is selling widgets or whatever they do; it’s not leasing office space. We understand.

So they are willing to pay More for that flexibility as well as for space that has really good amenities — which, by and large, is food. There are so many examples, but food is the driver. So, in addition to providing the amenities and the flexibility, we’re also providing flexible space options. 

One of the things we’re doing is creating enterprise solutions in a coworking environment — prebuilt spec suites that can be completely furnished. We’re creating a concept where they will share the common area elements on their floors so they won’t have any kitchens or copy rooms or conference rooms or reception areas, but they’ll have their own segregated space. 

The idea would be you could come in and say, “I want a five-year deal for 20,000 square feet; but now I know that if I grow in the next five years by 2,000 feet or whatever it is, I can go take that space and it will be available.”

Does this customization make it More expensive for you?

It makes it More expensive for everybody. Once again, it’s a cost of doing business. Getting it ready and building out the space is More expensive for me. Having shorter-term deals is More expensive for me. The tenants, it’s More expensive for them because they have to pay for that flexibility. 

But that’s only in dollars and cents. If you value flexibility — which the tenants do and so do I — it’s worth the extra dollars because you’re still improving your situation. 

Where does the financing come from for these deals, and how do you pick partners?

We’ve been doing this a very long time. The company is 35 years old. We have a series of partners we work with and we communicate with them All the time. 

You need money and the will to invest — those are the two things you need. So that doesn’t happen at the same time for All of our partners. Some have it and some don’t. So you end up having a whole bunch of sine curves — if you’re a math person …

A little bit.

I hope to have enough partners — we have maybe a dozen or so — so that All of our sine waves end up being a positive straight line somewhere for us. When we look at deals, we’ll look at where our partners are, and usually there will be one or two who have interest in pursuing a deal with us at that time; and that’s what we do. 

The company recently went through a name change. Why the change? 

The company has gone through many name changes, actually. The latest name was for our founder, Tom Crocker; it was called Crocker Partners. Tom was a pioneer and a visionary in our business. He was one of the first people to invest in and build mixed-use developments, which sounds so silly today — of course, there’s mixed use; but, no, it wasn’t like that before. 

So Tom built a great company, but, like in All things, people decide to retire. My partner Chris Eachus and I bought out All the partners, and we wanted to take a different approach in the management of the company. We wanted to have a company that focused More on the people and our colleagues, and our ideals.

We came up with core values for our company, and then I wanted to come up with a name that would pay respect to our history but ready it for the future. So we used “CP” for where we came from and then called it “Group” because it’s not a personality thing — it’s not a “your family is More important than your job, period.” Two is mutual respect. Three is excellence. That means that you should want, personally, to do the best job you can every time you do a task.

Along the same lines, do you have an opinion on commercial real estate’s renewed focus on ESG? 

Oh, yes. I think it’s extraordinarily important. I think people misunderstand ESG because it gets conflated with a lot of different issues. Although I do care about the environment and being a good person — and that gives me More passion about the ESG initiatives that we do — ESG is about saving your company and being prepared. It’s about managing your downside risks and understanding what those risks are. To us, if you’re not embracing ESG principles and guidance, I think you’re doing your company a disservice and your customers a disservice. 

Carbon is getting More expensive in the future. I don’t care what your views are on global warming, anything, it doesn’t matter. That’s a fact. Are you preparing for that? China, most likely, will be invading Taiwan in some form or fashion in the next five years. Is your company prepared for that? The world that we’re in, you need to make sure that you are adopting policies and directives to thrive when those things happen. 

Switching gears — CP invested in so-called secondary and tertiary cities like Denver and Atlanta. Was that a pandemic thing because of the supposed exodus from gateways like New York and San Francisco? Or has that always been a focus?

Since our founding we have invested solely in Sunbelt states. We call it the smile states. It goes from Washington, D.C., which is one end of the smile, down the coast, to Denver. We do that for a simple reason: net in-migration. 

Why not have the wind at your back when you’re in our business? Every year we have More and More Office workers in our markets, so that makes More sense. I always say you can make money, I’m sure, in Detroit in real estate; I just don’t want to. 

So you consider Denver Sunbelt? 

It embodies the same characteristics. It’s got net in-migration; it’s a very business-friendly climate.

Miami’s Office market is probably the strongest it’s ever been. What’d you think is driving it, and what are the next More desirable areas for leasing? What sort of product is going to draw the most tenant interest?

During the pandemic, a lot of people reevaluated where they are and what they wanted to do. Frankly, it’s an enjoyable place to live. If you are a very wealthy person who runs their own business located in the Northeast or the Midwest, it became much More acceptable to move. So you are  seeing a lot of movement in that regard.

As a result, you’re getting the highest-end real estate pricing going through the roof. It’s having the effect of increasing pricing everywhere. The Miami CBD consists of two markets — the Brickell market, which is south of the Miami River, and the downtown market, which is north. The Brickell market has been the nicer of the two for quite some time, and multi-use development has made it even nicer. So the rents have skyrocketed on that side of the river.

The downtown side of the river, where we own a lot of real estate, has not seen that same push. I think in the near term — because it costs so much to build real estate — we’re going to see a large increase in demand and rates in downtown because that’s where supply is available. Rate differential between Brickell and downtown is the greatest it’s ever been in my entire career. 

Now, I’m sure that Citadel is building a new building — but so far out. Related’s building a new building — but so far out. What’s going to happen, and what’s been happening, is that Residential growth is going to drive a lot More people north of the river. That’s where we’re seeing most of the demand. 

Coral Gables, which is a great suburban market and has always seen steady demand, has weakened as people went back to the downtown. There should be some renewed interest in that because the rates have become so high in the core. 

What are the tenant drivers in Miami? Financial services, crypto …? 

Crypto is coming down here. I am not an expert in that particular industry. I don’t quite understand why it exists, but maybe I’m just an old guy. But there is crypto coming down and there is tech coming down. 

But it’s mostly financial services and law. I think if you’re a law firm, you have to be in Miami, and that didn’t used to be the case.

Any other asset classes are you looking at? 

We are working on developments where we would do a little bit of everything. They’re mixed-use developments. We have one where there’s multifamily, medical Office, retail, grocery-anchored, hospitality. 

We look at other things, but Office to us is our specialty. We know how to do it; it’s our bread and butter. Our realized returns over the last 20 years are at a 20 IRR and two times multiple. That includes All the ups and downs in a 20-year period. That’s kind of our go-to.

Do you have anyone you’re supporting in the Florida governor’s race or any of the statewide races down there?

I don’t get involved in politics. I find that it’s something better left to people much More knowledgeable in that area than I am.

Tom Acitelli can be reached at tacitelli@commercialobserver.com

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Eklund-Gomes broker jumps to Corcoran – Robert Khodadadian

Eklund-Gomes broker jumps to Corcoran – Robert Khodadadian

A top-performing agent from Douglas Elliman’s Eklund-Gomes Team has left the firm for Corcoran Group. Ryan Kaplan had over $100 million in sales volume last year on the team. The broker said he was recruited directly by CEO Pam Liebman for his new role, where he’ll be working out of the firm’s Upper West Side Office. Before joining Elliman, Kaplan was a partner at Imperial Development Group, and…

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Investor has until Christmas to pay $200M or lose West Side assemblage – Robert Khodadadian

Investor has until Christmas to pay $200M or lose West Side assemblage – Robert Khodadadian

Robert Gans has three months to pay off a Group of creditors he’s accused of engaging in a “predatory scheme” to seize his potentially lucrative New York City real estate portfolio. In a Wednesday court filing, Gans said he has reached an agreement with his lenders, including affiliates of Gary Barnett’s Extell Development and Joseph Tabak’s Princeton real estate Partners, that will allow him to…

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Robert KhodadadianCommercial Observer

Robert Khodadadian – Commercial Observer

Don’t call Angelo Bianco a contrarian — even though the firm he leads, CP Group, continues to bet big on an Office sector buffeted by remote work.   “Listen, we just add value to buildings — that’s what we do, and a lot,” Bianco said during a virtual interview with Commercial Observer just before Labor Day. “If it’s contrarian, it doesn’t matter to me.” CP does lean into Office, especially in…

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Commercial Real Estate Remains a Critical Investment Asset, Even as Cap Rates Rise

globest.com – Cap rates are expected to increase in the second half of the year as US monetary policy enters a period of quantitative tightening.

Tweeted by @GlobeStcom https://twitter.com/GlobeStcom/status/1571770860603670528 source https://www.globest.com/2022/09/19/commercial-real-estate-remains-a-critical-investment-asset-even-as-cap-rates-rise/

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Winsford Corp. Sells Inland Empire Industrial Asset for $56M

commercialsearch.com – Winsford Corp. has sold a warehouse in Ontario, Calif., for $56 million, a record price per square foot in Inland Empire market.

source https://www.commercialsearch.com/news/winsford-corp-sells-inland-empire-industrial-asset-for-56m/

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Council Post: Advice For Business Owners Regarding 2022 Commercial Real Estate Trends

forbes.com – real estate is a natural hedge against inflation, meaning it can be a good place to park money in an uncertain economy.

Tweeted by @pacificassetwa https://twitter.com/pacificassetwa/status/1570511018685788160 source https://www.forbes.com/sites/forbesbusinesscouncil/2022/07/27/advice-for-business-owners-regarding-2022-commercial-real-estate-trends/

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Commercial real estate slow to complete Libor transition

spglobal.com – The U.S. commercial real estate industry has yet to transition many loans linked to Libor before the June 30, 2023, deadline.

Tweeted by @updatedliving https://twitter.com/updatedliving/status/1571040148233637888 source https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/commercial-real-estate-slow-to-complete-libor-transition-72142690

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DEI efforts proliferate in real estate, but More to be done

njbiz.com – According to the The Global real estate DEI Survey 2021, 92% of commercial real estate firms worldwide have a DEI program or initiatives.

Tweeted by @WorldREnews https://twitter.com/WorldREnews/status/1571719019987869696 source https://njbiz.com/dei-efforts-proliferate-in-real-estate-but-more-to-be-done/

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What’s Trending in real estate, September 2022

franchising.com – Trepp’s CRE Sentiment Survey, the history and future, of shopping malls, Wendy’s new prototype, Adam Neumann’s new PE-funded real estate venture

Tweeted by @frannews https://twitter.com/frannews/status/1570428052563279873 source https://www.franchising.com/articles/whats_trending_in_real_estate_september_2022.html?ref=FBN

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Can real estate Investors Count on Student Housing To Protect Them From a Recession?

propmodo.com – Student housing is one of those niche asset classes that many large real estate firms hadn’t really warmed up to until recently.

Tweeted by @usaregnews https://twitter.com/usaregnews/status/1571556788050198535 source https://www.propmodo.com/can-real-estate-investors-count-on-student-housing-to-protect-them-from-a-recession/

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14 Must Reads for the CRE industry Today (Sept. 16, 2022)

wealthmanagement.com – Federal Reserve asked for comments on its CRE loan workouts proposal, close look at the tentative railroad labor union deal

Tweeted by @OscarMontgomery https://twitter.com/OscarMontgomery/status/1570785843924832262 source https://www.wealthmanagement.com/cre-wire/14-must-reads-cre-industry-today-sept-16-2022

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Council Post: 10 Tips For Your Next commercial Lease

forbes.com – Both the landlord and the potential tenant want to get what’s best for them into the lease.

Tweeted by @McManamonCPAs https://twitter.com/McManamonCPAs/status/1570820307241295874 source https://www.forbes.com/sites/forbesbizcouncil/2021/10/29/10-tips-for-your-next-commercial-lease/

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CoStar Group, Inc. Announces Pricing of Common Stock Offering

businesswire.com – WASHINGTON–(BUSINESS WIRE)–Sep 16, 2022–

source https://www.businesswire.com/news/home/20220916005577/en/

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Robert Khodadadian – Placer.AI Webinar Shows How Brick-and-Mortar retail Is Prospering

While physical retail sales are down slightly from this time in 2021, mitigating circumstances and evolving retail strategies show that brick-and-mortar retail is in a stronger position than many realize.   

This is one of the insights from “Retail real estate Lessons from Back to School,” a Sept. 13 webinar on top trends shaping the physical retail landscape that was hosted by Commercial Observer Partner Insights, and presented by Placer.ai.

The panel featured thoughts from Ethan Chernofsky, vice president of marketing at Placer.ai; Emily Heppen, senior director of leasing at Finmarc Management Inc.; and Mike Polachek, executive vice president and managing principal at SRS real estate Partners.

Chernofsky and Heppen opened the discussion by noting that, compared to the back-to-school season in 2021, retail was down a bit this year. However, given the circumstances from last summer, this was to be expected.

“In 2021, we really had this outlier year as people were so excited to go back to school, and wanted to do All of the shopping they weren’t able to do in 2020,” said Heppen. “Following that, we were going to have a bit of a downturn this year, as people went back to buying online and tightening their purse strings.”

Chernofsky showed a chart indicating that, compared to last year, weekly retail visits fell off starting in June. By July, visits were down over 7 percent year-to-year, with that number not reaching below 6 percent until late August, when the trend began to reverse. 

Polachek noted that current economic factors, including inflation and high gas prices, had a marked effect on retail and More.

“[These factors] had a tremendous impact not only on retail performance, but the economy overall,” said Polachek.

This led to a discussion on the changing nature of retail evaluation. While the analysis is always evolving and integrating new factors, the economic shifts of the past three years have required analysts to evaluate retail success from a vastly different perspective.

In one sense, these shifts have made evaluating retail as nebulous as ever. 

“The way we look at how a retailer is doing was constantly changing pre-COVID. We really looked at occupancy costs compared to what tenant sales were,” said Heppen. “During COVID, most retailers started to roll out ‘buy online/pick up in-store.’ It’s been a great tool, but there hasn’t been a uniform decision from retailers on if those sales count toward individual store sales or web sales, and the same is true for returns. So it’s harder to measure what tenant store sales really are.”

That said, rapidly evolving proptech tools are changing the game in terms of how detailed and in-depth retail analysis can be.

“The growth of proptech tools, especially with location analytics, really helps us understand retailer performance when it comes to dwell time and rankings,” said Heppen. “Placer has this great feature where I could look up an Alta in my portfolio and see if that’s somewhere in Montgomery County, Maryland. I can look to see how that store is performing against the other locations in Montgomery County, against the other locations in Maryland, and against the locations in the rest of the country. Couple that with sales, and you have a better perspective of how the retailers are doing, where they’re pulling their customer base from, who’s a frequent shopper, and how healthy the store is compared to other locations.”

Chernofsky notes that within retail analysis, “visit duration is a signal for basket size,” and while retail visits have dipped during the pandemic, visit-duration times have been way up, signaling significantly larger basket sizes.

Another interesting aspect of the current retail landscape is retailers that are reinventing, either in slight shifts or major rebrandings, their brand to match the current realities of the market.

Heppen notes that this has been a significant factor in the dollar store category.

“Retailers have been looking for new or relocation space — that hasn’t slowed,” said Heppen. “It’s interesting looking at what some of the discount and dollar stores are doing. You look at Dollar General and pOpshelf as a newer concept they are rolling out aggressively nationwide. They would not say it’s competitive with something like Five Below, but when you walk into a store, it definitely feels like a Five Below. So some of these brands are figuring out how to have a second layer, and find a new customer demographic.”

To the extent that this represents a slight comeback for discretionary spending, Polachek said, retailers must update their offerings, consistently incentivize return visits, and embrace integration with their online presence.

“[Stores can’t stock] last year’s merchandise. Even some of the discounters, like Ross, T.J. Maxx and Burlington, have some private label, but are also coming up with fresh merchandise,” said Polachek. “They also have to embrace buy online/pick up in-store — landlords need to make it as convenient as possible for the retailers to have the merchandise quickly in the hands of the consumer. Best Buy did a wonderful job of this in 2020. No one went into the stores. They used a parking lot with numbers on it. You ordered merchandise online, and it was available within about an hour. And they need to provide incentives to visit and revisit stores as well, whether it’s coupons or something else.”

Chernofsky notes that one positive take from All this is that consumer demand has been resilient — that even in light of hardships, the consumer has been flexible in figuring out how to access a retail environment. This explains why, while consumers are visiting retail locations less frequently to spend less on gas, they are spending More time at these destinations, a positive sign for retail’s future.

“The potential for brick and mortar is great,” said Polachek. “People want to go to the store. They want to feel and see the merchandise. Brick and mortar is here to stay. It’s a relevance situation. From a social creature standpoint, people like to be out. They like to be in malls, and they want to see the merchandise they’re buying.”

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Robert Khodadadian – Speaker Spotlight with URW’s Stephen Fluhr

Commercial Observer spoke to Stephen Fluhr, senior vice president of development at URW, about how the company curates the different parts in a mixed-use community.

Unibail-Rodamco-Westfield (URW) is a dynamic global developer and operator of flagship destinations. Currently, the Group owns and operates 82 shopping centers in Europe and the U.S. Present on two continents and in 12 countries, URW provides a unique platform for retailers and brand events and offers an exceptional and constantly renewed experience for customers.  

What makes a mixed-use development successful?

Stephen Fluhr: While many different factors go into determining a development’s success, one of the most important things to consider is the integration of the different buildings, green spaces, and other amenities. Careful consideration needs to be given to ensuring that each offering is complementary to the others in the community. Buildings that stand alone and are proximate to each other don’t provide an integrative experience that creates a sense of place from the start. The ground plane connection, the “place” where All these uses come together, drives the experience and creates the pride of place that differentiates a walk to your car to go elsewhere versus a walk to meet your friends, neighbors and colleagues. Ultimately, it’s about creating a “can’t-miss” attraction that is a destination All on its own where people come to live, shop, work, play, and so much More.

 Ensuring a development also includes significant community and sustainability features like new parks and green spaces, green building construction, upgraded connectivity to Public transportation networks, and electric vehicle charging stations is also critical, so that the destination becomes a significant contributor to the economic, environmental and cultural vitality of the local communities it serves.

We’ve All read about developers taking “dead malls” and repurposing them into new, mixed-use communities. How is URW’s approach to the redevelopment of its assets different than that of some other developers?

At URW, we keep our strong retail assets at the core of our planning — and then figure out how we can break down barriers between our existing shopping centers and surrounding business districts to create entirely new neighborhoods encompassing modern luxury homes, offices and coworking, sporting destinations, hotels, plazas, parks and gardens.

By embracing the mall as amenity, and as an established anchor of the community, we make the sum greater than All the parts and can create something that’s different from other mixed-use developments. Execution in this kind of environment takes extra care to ensure that our projects make the mall even better while introducing complementary asset classes and uses to the site.

In addition, our co-development strategy — in which we bring our global retail expertise and partner with best-in-class Residential developers — allows the best in the business to come together to ensure that not only each part is the best, but that they “understand” each other and integrate in ways that are better than when they happen in a silo.

D.C. has been the beneficiary of a wave of talent recently. As cities across the world are competing for top talent, D.C. has been crafting a competitive edge with sought-after emerging neighborhoods and the introduction of new industries. How can mixed-use developments help attract new residents and visitors?

Mixed-use developments provide additional choices in types of living. If successful, the development creates a true town center, where people have access to just about anything they want or need — from shopping for the latest fashions; to dining at premier chef-led restaurants; to taking in live events, concerts and cultural festivals. In a market as car-dominated as the DMV, mixed-use developments with meaningfully broad amenities provide opportunity for a carless experience and community-focused lifestyle.

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Robert Khodadadian – Tokenization Has Created a New World Order for Global real estate Markets

Seasoned real estate investors and tenants have different roles in the global real estate market but they often have a shared concern: how to keep real estate transactions secure as they become digitized.

It is likely that the democratization of global real estate markets has finally arrived with the advent of the metaverse and, by default, asset tokenization (“tokenization”). Real estate investment trusts (REITs) were supposed to provide any investor the chance to own a fractional interest in large-scale, diversified portfolios of income-producing real estate by owning shares of a tradeable security. Tokenization takes that concept several steps further.

A blockchain is, in the most simplistic terms, the record-keeping and storage technology behind some of the crypto-financial networks (e.g., Bitcoin, Ethereum). The process of tokenizing property involves the act of representing property rights in the blockchain ledger via a crypto-token (or, digital assets that are built on another crypto-currency’s blockchain). It allows investors to break assets into smaller units of ownership, thereby paving the way for small to midsize investors to purchase part of a property and diversify their holdings rather than tie up their assets in a single property. Since tokens can be pegged to a particular property, the value of a single token can increase in value as the property appreciates and gains value — and by default, decrease as the property value depreciates in value.

The tokens are fungible, which means that after the initial issuance they can be traded in a secondary market. In fact, a larger secondary market is in development wherein lenders and investors will be able to buy and sell existing mortgages or mortgage-backed securities to facilitate the trade of tokens with users in their respective networks. In the meantime, to trade tokens, an investor would have to be assisted by the issuer.

real estate tokenization, and blockchain technology generally, will enable investments in digital tokens supported by real-world assets and securities. It could solve liquidity issues that arise with having many parties involved in the normal course of a transaction. Specifically, it could cut out the middleman and permit ownership to be transferred directly from investor to investor.

Tokenization could also help track apartment rentals and even manage maintenance requests, which are among many aspects of real estate that will be revolutionized by blockchain technology.

As exciting as blockchain technology advances are for token issuers and investors alike, there are legal, tax and reporting implications to be considered:

  TOKEN OWNERSHIP

Tokens can represent direct ownership via a portion of a deed, equity interest in a legal entity, ownership of the collateralized debt, etc. In fact, real estate tokens may qualify as securities under state and federal law. Token ownership rules will require changes in state law. From the onset, token issuers must decide what kind of ownership of the underlying asset will the token represent, which can affect the kind of reporting that will be needed to satisfy regulators and government agencies. It is critical for investors to use outside consulting to structure the business in the most tax-efficient way possible. Using blockchain technology to exchange tokens may have the potential to substantially lower transaction costs associated with real estate. REIT funds may serve a comparable role while often requiring high upfront fees and minimum investments. Tokens would lead buyers and sellers of real estate to have substantially lower transaction costs as they eliminate the traditional closing cost charges.

RECEIPT AND CLASSIFICATION OF RENTAL INCOME

Some of the tax considerations for token holders include how they receive rental income and how receiving rental income will be classified. Are they receiving cash disbursements or stable coin payments such as U.S. Dollar Coin, a type of token backed by real-world assets? Will they pay tax on capital gains when selling property tokens at a gain? Would it be classified as income from real estate or dividend income?

LOCATION OF THE PROPERTIES

As previously stated, the low barrier to entry to ownership can allow for investment in multiple properties, but this also means investors can have a filing obligation in All jurisdictions where the properties are located. Furthermore, if the platform/token is accessible to international investors, these investors may be subject to withholding on income or gains realized from their investment (unless they are eligible for certain tax treaty benefits in their resident country).

Blockchain and tokenization are still relatively new in terms of serving as a legacy financial vehicle on the road to property ownership, and you need a guide who knows the way. Your Marcum LLP adviser can get you there and keep you updated on changes in both the real and virtual worlds.

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Robert Khodadadian – William Macklowe On Building in Brooklyn and the Five-Day Workweek

Billy; William; you know, Harry’s son — whatever he goes by, chances are you’ve heard of William Macklowe. Especially if you live in Park Slope, Brooklyn

The younger Macklowe left his father’s firm to start William Macklowe Company in 2010, poaching 12 of his dad’s employees at the time. In the past dozen years, he’s made a name for himself in Brooklyn, including purchasing the controversial Park Slope development site at 120 Fifth Avenue from Avery Hall Investments for $59 million in 2020. 

His deal was far from straightforward. Macklowe nabbed the lot between Baltic and Douglass streets after Avery Hall faced significant backlash from Park Slopers upset with its plan to tear down the 30,000-square-foot Key Foods grocery store and replace it with a mixed-use apartment complex. In a special agreement with local civic organizations, Macklowe and his co-developer Senlac Ridge Partners agreed to provide 45 units of affordable housing at the 180-unit project and recently nabbed discount grocer Lidl to replace Key Foods at the site.

Macklowe is optimistic about the development’s ability to woo Park Slope residents and the broader Brooklyn market. Brooklyn saw office leasing increase nearly 30 percent in the second quarter of 2022 compared to the previous quarter, retail asking rents rise in 10 of the borough’s 17 key shopping corridors early this year, and rents in its most affordable enclaves skyrocket in June (in good news for developers but less so for residents). 

While not everything is hunky-dory — there’s still that pesky recession on everyone’s minds and a host of companies cutting office space in New York — Macklowe sees Brooklyn as New York City’s future.

This interview has been edited for length and clarity.

Commercial Observer: Why Brooklyn?

William Macklowe: Brooklyn is an extremely dynamic and exciting borough and market, even its own country, though people will judge you about calling it that. We have tried to invest in Brooklyn through a period of years and have tried to find the right site that fits our criteria. This one [120 Fifth Avenue] happened to do it. If Brooklyn were on its own, it would probably be the fourth-largest metropolitan area in the country. And we’ve seen the evolution of Brooklyn as a market that people want to live in as an economic choice, to today, where it’s really a lifestyle choice. 

The market performed fabulously before the pandemic, through the pandemic, and even More so now. When I and my development partner, David Welsh with Senlac Ridge Partners, came together to buy this piece of dirt as partners, we realized that Park Slope is and has always been one of the best neighborhoods in Brooklyn, and this really is an A-plus-plus site in an A-plus-plus market. So we’re very excited to be building in such a dynamic environment.

Speaking of that site, both Lidl and CVS signed on as tenants. Are there any other deals in the works for the remaining space, and how is that project going?

They are both terrific tenants, they’ll be very good co-tenants, and I think they’ll give a lot back to the community. We’ve had a fair degree of retail interest ranging the gamut from three strong well-known brands to neighborhood-type tenancies. 

And I think the commitment by both Lidl and CVS this early in our development process will only yield better results and has already started to catalyze further interest from a whole host of quality tenants. We are looking for tenants that complement each other, that work with the building, that work with the community and that work with those who will be living above them.

How did you see the Brooklyn market doing More broadly than your own investments?

Rentals are at all-time highs, absorption continues to run apace, you’ve seen an expansion of geographic borders with Brooklyn going further south and further east, and it’s really remarkable and exciting to see. We’re very happy to be building into that, and we think that stability of the Brooklyn market as we’ve seen, especially through the pandemic, will continue because it has established Brooklyn really as its own identity and its own character.

It’s young, it’s vibrant, it’s dynamic. There’s terrific streetscapes, fabulous restaurants, open spaces, parks, and, as development came into Brooklyn over the last 10 years or so, the buildings are highly amenitized. They are places that people want to be after work — or hopefully not working from home — but when they come home from offices. It’s an extension of the 24/7 fabric that animates the streetscape and makes a very fun place.

What do you think is in store for New York City’s Office market? Is this the end of the Office as we know it?

It’s a very challenging question because there’s been a lot of smarter people than me that have talked about it, but I think it would be a shame to see the end of the Office. What we need to do is take a step back and realize that COVID didn’t necessarily create the flexible work schedule or ultimate work from home — it accelerated to a conclusion around that construct. 

I do think that the five-day workweek is gone. And the younger generation of workers that populate the offices want some flexibility. But, by the same token, as we’ve seen through decades and generations, great ideas, great successes, great innovations and great advancements have come from collaboration, teamwork and being together. It’s very difficult to replicate those successes and those advancements forward sitting at home and speaking through a screen. 

I think there is going to be an inflection point where people will realize that, and I think people also want a certain degree of social interaction during the day as well. If you consider the fact that New York is running at historic occupancy levels — restaurants are full, bars are full, people are availing themselves of All the cultural things that New York has to offer — they’re just not going to offices. But they still want to be in New York. At some point it goes from bending to breaking, and people will go back to work. I think you’re starting to see a heavy push to be back in the Office, especially in the financial sector, because that’s where you get progress and advancement, by being together and collaborating. 

So we’ll get there and I think Office buildings will respond to these challenges. There’ll be changes in the way space is utilized. There’ll be changes in the way Office buildings are amenitized. That will slowly but surely bring people back to work.

Did you decide to pivot away from Office to Residential?

I didn’t really pivot away from Office. I’m not a fund, my business runs out of our own capital, so we have the ability to work opportunistically and move in any direction that we see fit. We love Office. We love New York Office and we believe in New York Office. We were doing a lot of value-add Office redevelopment and we were fortunate to sell a bunch of buildings prior to the pandemic, and not because we knew — it was just dumb luck on the timing. 

There was so much capital chasing value-add Office, it created a massive compression on deals. We just felt that the risk profile was getting a little too tight for us, so we switched and we did a decent amount of medical Office development, which was very successful for us. We still continue to try and further our investment endeavors in that arena. 

And we love Residential. I’m known More for Office, but I’ve been involved in the development of multiple apartment buildings in New York over the years, and the ability to build a rental, which is one of the greatest real estate assets in the New York real estate market, is just a fabulous opportunity, so we jumped at it. We built a condominium down at 21 East 12th Street. So we do it All

We are watching the Office market right now, we are an active participant in investment sales, and we are ready to take on Office risk at the right moment. But we are believers in New York and believers in New York Office.

You mentioned medical Office, and you recently sold your interest in the Upper East Side medical building at 323 East 61st Street to LaSalle Investment Management. What was behind that decision?

It was an appropriate time to harvest. We buy and hold, we buy and sell, we buy and recapitalize, we build and sell, we build and hold — it’s just what feels right at the time.

Are you concerned at All about the current interest rate environment or other larger economic trends?

I think we’re pretty well-hedged on our project with respect to our financing, but I definitely think it’s having an impact in the market on many levels.

What Office properties would you consider a good opportunity for investment?

New-ish or new enough. The availability to effectively repurpose the Office building to meet the demands of today’s tenancy or potential tenancies and transit-oriented properties.

Are there any new markets you’re looking at investing in or any other commercial property types?

I think right now we’re staying close to home. We’re not chasing cap rate compression outside of New York. We’re looking to see what happens here. There should be some very nice opportunities over the next 12, 24 and 36 months.

You’ve had a tumultuous relationship with your father. Have you repaired that relationship or spoken to him recently?

I think there’s been enough written about that. Next question, please.

Is there anything else you want to add?

We are a New York firm. We believe in New York and we’re very excited to be getting into the ground at the end of this year.

Celia Young can be reached at cyoung@commercialobserver.com

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Robert Khodadadian – Evermont project Brings affordable housing and Community Development to Site of LA Uprising

In the aftermath of the 1992 Los Angeles uprising, parts of the city were decimated, including a 4.2-acre lot at the corner of South Vermont and West Manchester Avenues that sat vacant for three decades. 

Today, however, area residents have a lot to look forward to, as long-promised commercial development will be returning to the site, where 78 percent of residents are classified as low- to moderate-income. The location will be home to 176 affordable apartments, a retail space and a transit community center, and will be situated next to the SEED School of Los Angeles County (SEED LA), a Public college-preparatory boarding school.

The project, called Evermont, was envisioned and structured by BRIDGE Housing, Coalition for Responsible Community Development, and Primestor, working closely with the community over many years. 

It required strategizing among several outside entities, but also within three separate divisions of JPMorgan Chase: Community Development real estate (CDRE), tax Oriented Investments, and New Market tax Credits (NMTC).

Cécile Chalifour

“BRIDGE Housing called us, and we were able to bring the full strength and expertise of the firm to make this community development project happen,” said Cécile Chalifour, managing director, head of the West region, Community Development Banking for JPMorgan Chase.

Evermont broke ground in Spring 2022 and was made possible thanks in part to a series of investments and loans from JPMorgan Chase. The firm provided:

– $92 million in construction financing for two affordable housing developments. 

– $64 million in Low Income Housing tax Credit (LIHTC) equity for the housing projects.

– $11.5 million in New Markets tax Credit (NMTC) equity for the construction of retail and workforce development space at Evermont.

– $20.5 million in NMTC equity for SEED LA, a school facility adjacent to Evermont and a part of the overall Transit Priority Joint Development project.

– $15 million senior direct loan for SEED LA.

En Jung Kim

“This is a catalytic development for the community,” said En Jung Kim, managing director of the New Markets tax Credit division for JPMorgan Chase. “Our investment is bringing a Public boarding school and a transit-oriented mixed-use development with retail and job training services — including grocery and other essentials — to South Los Angeles.” 

Evermont will consist of a condo development with two housing projects, and a commercial component with community-serving retail, a new job training and innovation center, a Public plaza and a transit hub. The housing projects will provide a total of 176 units including 118 units of affordable housing for residents at 30 to 60 percent of the area median income, along with four units for staff. Vista@Evermont contains 60 permanent supportive housing units reserved for seniors experiencing homelessness, and/or mental illness, while Luminus@Evermont includes the remaining 116 units reserved for low-income families, homeless households and/or transition-aged youth, which covers ages 18 to 24. 

The housing component is technically two projects in terms of the financing structure. The complexity of securing tax-exempt bonds and credits at the same time for both housing projects and closing concurrently those and the NMTC component led to JPMorgan Chase’s involvement. The project’s nonprofit affordable housing developer, BRIDGE Housing, originally received a bond allocation on only one of the projects. They needed to collaborate with someone who was willing to be creative if the timing of securing All funds got challenging, so they could get going immediately with the process, months in advance of the deadlines. 

Chalifour notes that due to the project’s various aspects, this was one of the More complex housing projects the team has worked on. “To coordinate those three projects — and be able to close on time — is not for the faint of heart,” she said.

“No division could push the others to invest — it was a separate decision for each side of the business,” Chalifour said. “However, the complexity of the deal and the timeline meant that our CDRE team had to keep people up to date on what was happening on the ground, and navigate some of the most complex questions.”

JPMorgan Chase is especially proud of its involvement in the SEED LA school development, as it brings opportunities to the whole community. If there’s a need for a lottery, there will be preferences for students who are unhoused or housing insecure, have an immediate family member incarcerated, or have been involved with the Los Angeles County Department of Children and Family Services in either foster or kinship care. The school will operate at a temporary location before opening at Evermont in July 2023.

“SEED LA is a 24-hour, five-day-a-week learning environment, in partnership with the County of Los Angeles and L.A. Metro, with a focus on science, technology, engineering and mathematics,” said Kim. “Students will also receive social and emotional learning and college and career readiness training.” SEED LA aims to serve 400 students in grades 9 through 12.

The project is a good example of the work coming out of JPMorgan Chase’s $30 billion commitment to advance racial equity.

“We’re committed to affordable housing and have been for a long time. We expanded that commitment to go even deeper as a key component of our Racial Equity Commitment,” Chalifour said. 

“There have been many broken promises regarding this site to the community over the years. These projects have to happen because the community and All the proud residents of the neighborhood deserve it. In working with the developers and other financial partners, we’re making it happen.”

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Inside the Queen’s sizable New York real estate portfolio – Robert Khodadadian

Inside the Queen’s sizable New York real estate portfolio – Robert Khodadadian

Long live the Queen — or at least her real estate holdings. Queen Elizabeth, Britain’s longest-reigning monarch, died Sept. 8 at the age of 96 at Balmoral Castle in Scotland, one of several royal residences spread throughout the United Kingdom. But across the pond, the Queen left behind a property portfolio More befitting of American royalty: dozens of luxury residences dotting some of…

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Robert KhodadadianCommercial Observer

Robert Khodadadian – Commercial Observer

Seasoned real estate investors and tenants have different roles in the global real estate market but they often have a shared concern: how to keep real estate transactions secure as they become digitized. It is likely that the democratization of global real estate markets has finally arrived with the advent of the metaverse and, by default, asset tokenization (“tokenization”). Real estate…

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Robert KhodadadianCommercial Observer

Robert Khodadadian – Commercial Observer

In the aftermath of the 1992 Los Angeles uprising, parts of the city were decimated, including a 4.2-acre lot at the corner of South Vermont and West Manchester Avenues that sat vacant for three decades.  Today, however, area residents have a lot to look forward to, as long-promised commercial development will be returning to the site, where 78 percent of residents are classified as low- to…

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Robert KhodadadianCommercial Observer

Robert Khodadadian – Commercial Observer

Billy; William; you know, Harry’s son — whatever he goes by, chances are you’ve heard of William Macklowe. Especially if you live in Park Slope, Brooklyn.  The younger Macklowe left his father’s firm to start William Macklowe Company in 2010, poaching 12 of his dad’s employees at the time. In the past dozen years, he’s made a name for himself in Brooklyn, including purchasing the controversial…

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Robert KhodadadianCommercial Observer

Robert Khodadadian – Commercial Observer

Commercial Observer spoke to Stephen Fluhr, senior vice president of development at URW, about how the company curates the different parts in a mixed-use community. Unibail-Rodamco-Westfield (URW) is a dynamic global developer and operator of flagship destinations. Currently, the Group owns and operates 82 shopping centers in Europe and the U.S. Present on two continents and in 12 countries, URW…

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Robert KhodadadianCommercial Observer

Robert Khodadadian – Commercial Observer

While physical retail sales are down slightly from this time in 2021, mitigating circumstances and evolving retail strategies show that brick-and-mortar retail is in a stronger position than many realize.    This is one of the insights from “Retail real estate Lessons from Back to School,” a Sept. 13 webinar on top trends shaping the physical retail landscape that was hosted by Commercial…

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Pinnacle Adds Commercial Real Estate Team of Sheila Stolorena Tom Butsch Jim Miller and Rob Male in Atlanta

pnfp.com – Pinnacle Financial Partners has added significant experience and capacity to its Atlanta team with the recent addition of nine new associates, including a commercial real estate team of four, a credi…

source https://pnfp.com/news/news-releases/pinnacle-adds-commercial-real-estate-team-of-sheila-stolorena-tom-butsch-jim-miller-and-rob-male-in-atlanta/

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Property tax Hikes Continue In Cook County As Reckoning Comes For Commercial Real Estate Owners

bisnow.com – As Cook County CRE is reassessed, property owners are bracing for another wave of tax hikes under assessor Fritz Kaegi.

Tweeted by @LawListon https://twitter.com/LawListon/status/1570787501710639105 source https://www.bisnow.com/chicago/news/commercial-real-estate/tax-reblog-115428

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Apollo Commercial Real Estate finance, Inc. (NYSE:ARI) Sees Large Drop in Short Interest

marketbeat.com – Apollo Commercial Real Estate finance, Inc. (NYSE:ARI – Get Rating) was the recipient of a large decline in short interest in the month of August. As of August 31st, there was short interest totallin…

source https://www.marketbeat.com/instant-alerts/nyse-ari-options-data-report-2022-09-2/

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CALV Adds Cyber Security Experts to Sept. 21 Educational Symposium Featuring Frank Abagnale of “Catch Me if You Can” Fame

nevadabusiness.com – LAS VEGAS – The commercial Alliance Las Vegas (CALV) has added an FBI official and a panel of cyber security experts to the program for its 15th annual CALV Educational Symposium being held Sept. 21 …

Tweeted by @grumpy_bear_re https://twitter.com/grumpy_bear_re/status/1569878358611165184 source https://www.nevadabusiness.com/2022/09/calv-adds-cyber-security-experts-to-sept-21-educational-symposium-featuring-frank-abagnale-of-catch-me-if-you-can-fame/

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Council Post: How Covid-19 Exemplified The Strength Of Retail-Anchored Corporate real estate

forbes.com – Some commercial property assets, such as grocery-anchored retail centers and necessity-based real estate, are now viewed as cornerstones of the commercial real estate landscape.

Tweeted by @AmandaPJones https://twitter.com/AmandaPJones/status/1570102655317581826 source https://www.forbes.com/sites/forbesbusinesscouncil/2022/09/13/how-covid-19-exemplified-the-strength-of-retail-anchored-corporate-real-estate/

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Weekend Interview: Buro Happold Managing Director Jennifer Price

bisnow.com – Meet Jennifer Price, who leads the engineering firm’s Seattle-based region of 12 offices.

Tweeted by @burohappold https://twitter.com/burohappold/status/1570102551512506377 source https://www.bisnow.com/national/news/architecture-design/weekend-interview-buro-happold-managing-director-jennifer-price-115299

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Embodied Carbon is a Pesky real estate Decarbonization Challenge

propmodo.com – The industry has to take note that as operating emissions decrease, a larger share of emissions comes from embodied carbon.

Tweeted by @Easy_Tiger2 https://twitter.com/Easy_Tiger2/status/1570062190371119105 source https://www.propmodo.com/embodied-carbon-is-a-pesky-real-estate-decarbonization-challenge/

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Record low vacancy rates leave one business owner in a tough situation

spectrumnews1.com – Just 1.5% of commercial properties are available for rent in the Louisville Metro

Tweeted by @SpectrumNews1KY https://twitter.com/SpectrumNews1KY/status/1570448349421260802 source https://spectrumnews1.com/ky/louisville/news/2022/09/12/record-low-vacancy-rates-leave-one-business-owner-in-a-tough-situation

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Council Post: 5 Ways Commercial Real Estate Investors Can Prepare For A Recession

forbes.com – While the likelihood of a global recession is not certain, commercial real estate professionals need to take the long view.

Tweeted by @JohnJezziniGNH https://twitter.com/JohnJezziniGNH/status/1570861334023049229 source https://www.forbes.com/sites/forbesbusinesscouncil/2022/08/17/5-ways-commercial-real-estate-investors-can-prepare-for-a-recession/

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home sales Plunge 14% in 1995; Prices Stabilizing

latimes.com – real estate: Report shows year ended roughly. But decline in home values may finally have slowed.

Tweeted by @STC_BTC https://twitter.com/STC_BTC/status/1570628434434617344 source https://www.latimes.com/archives/la-xpm-1996-01-12-me-23640-story.html

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Mariah Carey lists Atlanta mansion for $6.5M – Robert Khodadadian

Mariah Carey lists Atlanta mansion for $6.5M – Robert Khodadadian

Mariah Carey doesn’t want a lot this Christmas — just $6.5 million for her suburban Atlanta mansion. The pop diva has put her 12,600-square-foot home in Sandy Springs, Georgia, on the market for nearly $1 million More than she paid for it a year ago, the Wall Street Journal reported. The colonial-style house has received some upgrades since the five-time Grammy Award winner bought it for $5.7…

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Texas couple takes a new approach to home restoration – Robert Khodadadian

Texas couple takes a new approach to home restoration – Robert Khodadadian

It takes a village to restore a historic home. At least that’s what a couple in Highland Park, Texas believe. Adam Saxton and Dan Murphy bought a nearly 100-year-old house on Beverly Drive in the Dallas town to be a home for their family. Throughout the restoration process, Saxton and Murphy have been sharing their story on social media, garnering the interest of viewers across the country as…

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Robert KhodadadianCommercial Observer

Robert Khodadadian – Commercial Observer

In case you haven’t heard, New York needs More housing. Like, a lot More. So it was refreshing to hear Brooklyn Borough President Antonio Reynoso not mincing words about what he views as the source of the problem: “The Uniform Land Use Review Procedure process has not been producing the amount of housing necessary to get us to a place where we’re kind of building our way out of this housing…

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Dragging utility delays leave Houston home solar panels useless – Robert Khodadadian

Dragging utility delays leave Houston home solar panels useless – Robert Khodadadian

Texas officials aren’t handing out medals for those heeding the call for expanding renewable energy sources, but some Houston homeowners are ending up with extra metal. The delay to secure a CenterPoint for household solar panels has ballooned to five or six months, the Houston Chronicle reported. The Public Utility Commission of Texas hasn’t established a timeline to process permits for the…

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Robert Khodadadian – Sunday Summary: Brooklyn Beep: Down With ULURP!

In case you haven’t heard, New York needs More housing. Like, a lot More.

So it was refreshing to hear Brooklyn Borough President Antonio Reynoso not mincing words about what he views as the source of the problem: “The Uniform Land Use Review Procedure process has not been producing the amount of housing necessary to get us to a place where we’re kind of building our way out of this housing crisis.”

Reynoso went into greater detail in his Sit-Down with Commercial Observer for last week’s cover story.

But it’s not as though nobody is tending to the borough’s (and the city’s) housing needs. REITs and bigger companies are stepping in to fill the affordable housing void.

It’s only too bad that the e-commerce revolution hit when it did because Brooklyn’s waterfront (now teeming with Industrial and logistics space) could have been ideal for cheap housing … and it still could be.

“In some ways, it’s the last frontier of the waterfront and the most potential to generate dense housing in a relatively near term,” David Lombino, managing director of external affairs at Two Trees Management, told CO. “There’s been a decades-long fight between those who see a future in dense housing and those who want to preserve manufacturing and an Industrial working waterfront.”

Due South

South Florida has its own housing crisis, unless you’re rich — in which case your choices are only going to get More outlandishly good.

To wit, Related Group and partners just paid More than $100 million for a developable parcel on tony Fisher Island, where they’re expecting to build units that can fetch as much as $60 million each.

That’s not All that Related has been up to by any means. In addition to sewing $60 million-penthouse seeds, they’re reaping, too. Lincoln Property Group just put down $194 million for the 297-unit Manor Broken Sound in Boca Raton from Related and Rockpoint. (Oh, and did we mention that they’re trying to build a casino at Manhattan’s Hudson Yards with the Wynn Resorts? Well, they are!)

Of course luxury in Miami is not merely about housing. It straddles hospitality and Office, too. On these ledgers Michael Shvo secured $147 million in financing for the legendary Raleigh hotel in Miami Beach, and, while he was at it, Shvo submitted plans for a 68,794-square-foot boutique Office also in Miami Beach.

First week numbers are in …

A lot of landlords had been waiting anxiously for some kind of post-Labor Day data on return to work, and we saw one marker last week when a survey came back that was put out by the Partnership for New York City and the MTA.

It suggested 49 percent of the city’s Office workers had returned to their desks.

“Forty-nine?” you say. “That sounds bad.”

It’s actually an uptick from the 38 percent share that was back as of April. So that’s good. The Wednesday after Labor Day ridership on the subways hit 3.7 million, the highest it’s been since the pandemic began and a 30 percent increase from last year.

The survey also confirmed other less hopeful trends, like the fact that the return is not five days a week — only 11 percent of Office workers are expected to come back the full five days.

Whatevs. Good news is good news! Even if real estate mandarins like Barry Sternlicht are making us nervous.

With the fall comes leasing

If anything signals a cold, hard “return to normalcy” it’s the gargantua 100,000-square-foot lease, and we saw four of them last week.

Truist Financial,  a North Carolina-based bank, scored 100,000 square feet at 50 Hudson Yards.

Blue Owl Capital, an alternative investment firm, took 137,660 square feet at RFR Holding’s Seagram Building at 375 Park Avenue. (And that wasn’t the only big bit of real estate news Blue Owl made last week. Their division, Oak Street, joined GIC to purchase the REIT Store Capital for … $14 billion!)

Law firm O’Melveny and Myers is taking 142,000 square feet at 1301 Avenue of the Americas.

And, biggest of ’em All, Cohen & Steers, the real estate investment manager, is grabbing a 15-year, 160,960-square-foot lease at 1166 Avenue of the Americas.

Plus, a couple of major tenants decided they needed extra space, after All.

The Carlyle Group upped its already sizable Office presence (they have some 194,702 square feet at One Vanderbilt) and added on another 40,542 square feet at RXR’s 340 Madison Avenue.

The software maker Asana likewise added 44,000 feet to the 17,000 square feet it currently has at 3 World Trade Center.

Law firm Schwartz Sladkus Reich Greenberg Atlas signed a 12,000-square-foot expansion — bringing its footprint to 45,000 — at 444 Madison Avenue.

And some companies decided it was simply time to move. In Midtown, the National Bank of Egypt (sounds like a pyramid scheme, but it’s legit) decided to ditch its current headquarters at 40 East 52nd Street for 12,278 square feet at Durst’s 825 Third Avenue. The Jacksonville, Fla.-based fintech firm Fidelity National Information Services (FIS) is leaving 340 Madison for a 25,488-square-foot Office in One Vanderbilt. And farther south, the German-based tech investment firm Picus Capital said farewell to the Empire State Building, which it is cashiering for 6,520 square feet at 60 Charlton Street. Genpact, a professional services firm, is leaving 1166 Avenue of the Americas for Savanna’s 521 Fifth Avenue, and software company Tethys Technologie is leaving 989 Avenue of the Americas for the same address.

We wonder if any of these buildings have lured tenants in by making themselves smell nicer. Because that’s a thing!

Potholes along the way

Of course, New York’s Office market isn’t All 50 Hudson Yards and 3 World Trade Centers. Much of the stock is considerably older, and those buildings are having greater and greater trouble refinancing their debt in the current climate.

Moreover, we got a whiff of the distress and bankruptcies to come this week when we saw that SL Green took over 245 Park Avenue from HNA Group after a protracted legal battle.

They weren’t the only properties with dark lending and bankruptcy clouds forming overhead.

Owners of the Bowery Savings Bank, the Lower East Side party venue, staved off a forced sale (they owe Wells Fargo $12 million) by filing for Chapter 11. And loans backing two properties that have Cipriani restaurants as the tenant narrowly escaped foreclosure when they had their loans modified.

Hollywood classics

They still make movies in Hollywood, and they still need studio space to do it.

CMNTY Culture — led by Thomas St. John and eight-time Grammy winner Philip Lawrence  — secured the financing this week to build out half a million square feet of studio and creative office space to be designed by L.A.-based HKS Architects. You can read All about it here.

See you next week!

from Commercial Observer https://ift.tt/vqxgpfh via https://ift.tt/U7Qgc54 Learn More about Robert Khodadadian & Skyline Properties >> http://www.skylineprp.com.

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Ultimate Guide To real estate Crowdfunding

biblemoneymatters.com – If you’ve always wanted to add commercial real estate to your investment portfolio, but don’t have the capital, take a look at real estate crowdfunding.

Tweeted by @MoneyMatters https://twitter.com/MoneyMatters/status/1571315826074198016 source https://www.biblemoneymatters.com/ultimate-guide-to-real-estate-crowdfunding/

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Council Post: Why Technology Is Crucial For CRE — And Why Investors Now Expect it

forbes.com – No matter which type of technology is the right starting place for your company, one thing is certain: Staying at the forefront of CRE technology is essential.

Tweeted by @adex_ai https://twitter.com/adex_ai/status/1570880706074624008 source https://www.forbes.com/sites/forbesrealestatecouncil/2019/11/27/why-technology-is-crucial-for-cre-and-why-investors-now-expect-it/

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Sustainability Trends in CRE to Watch into 2023

Blog.realnex.com – This Post originally appeared on tBL Marketplace Partner’s, RealNex Blog RealNex Media Center Blog and is republished with permission. Find out how to syndicate your content with theBrokerList. Susta…

Tweeted by @theBrokerList https://twitter.com/theBrokerList/status/1571433547290021888 source https://blog.realnex.com/sustainability-trends-in-cre-to-watch-into-2023

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6 Things You Need to Know About Commercial Real Estate Transactions

intelligentliving.co – When it comes to commercial real estate transactions, there are certain things you need to know before you sign on that dotted line.

Tweeted by @law_denton https://twitter.com/law_denton/status/1570582331475230720 source https://www.intelligentliving.co/6-things-you-need-to-know-about-commercial-real-estate-transactions/

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Marcus & Millichap Doubles Down on project Destined Partnership

sfvbj.com – project Destined and Marcus & Millichap have deepened their partnership.

source https://www.sfvbj.com/organizations/non-profits/marcus-millichap-doubles-down-on-project-destined-partnership/

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Head to Head Review: Marcus & Millichap (NYSE:MMI) vs. Anywhere real estate (NYSE:HOUS)

etfdailynews.com – Read Head to Head Review: Marcus & Millichap (NYSE:MMI) vs. Anywhere real estate (NYSE:HOUS) at ETF Daily News

source https://www.etfdailynews.com/2022/09/18/head-to-head-review-marcus-millichap-nysemmi-vs-anywhere-real-estate-nysehous/

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Marcus & Millichap and project Destined Announce Expanded | MMI Stock News

stocktitan.net – “It is a privilege to partner with project Destined to further support individuals from All backgrounds who are passionate

Tweeted by @StockNewsBot2 https://twitter.com/StockNewsBot2/status/1570538956906967040 source https://www.stocktitan.net/news/MMI/marcus-amp-millichap-and-project-destined-announce-expanded-p86dlmxgiums.html

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The 12 Best real estate Investing Podcasts in 2022

sparkrental.com – Looking for a free education on real estate investing? Look no further than these best real estate investing podcasts!

Tweeted by @CompassManager https://twitter.com/CompassManager/status/1571182946467434503 source https://sparkrental.com/best-real-estate-investing-podcasts/

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NYC Office Owners Pass on Fall Selling Season

therealdeal.com – Labor Day usually kicks off the end-of-year sales season with big Office listings. But interest rates and economic winds have owners holding back.

Tweeted by @RKhodadadian https://twitter.com/RKhodadadian/status/1570111307818627073 source https://therealdeal.com/2022/09/14/where-are-all-the-trophy-office-listings/

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Council Post: Are Apartments Still A Good Investment In 2019?

forbes.com – Apartments remain a solid commercial real estate investment class — if not the golden child.

Tweeted by @lelavkittani https://twitter.com/lelavkittani/status/1570762427998011394 source https://www.forbes.com/sites/forbesrealestatecouncil/2019/01/08/are-apartments-still-a-good-investment-in-2019/

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Gary Barnett retracts lawsuit after partners show receipts – Robert Khodadadian

Gary Barnett retracts lawsuit after partners show receipts – Robert Khodadadian

In the brouhaha between Gary Barnett and two business partners, the partners had the last ha-ha. The Extell Development founder discontinued a lawsuit he had filed against Yoel Weber and Yoel Leonorovitz after their attorneys disproved the allegations with a series of emails. Barnett had alleged that he was never told about a $6 million sale of two Brooklyn properties they had bought together.…

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Former NFL Player Invests In Commercial Real Estate and Becomes One of a Few Black Marriott Franchise Owners

finurah.com – Former NFL Player Invests In Commercial Real Estate and Becomes One of a Few Black Marriott Franchise Owners

source https://finurah.com/2022/09/17/former-nfl-player-invests-in-commercial-real-estate-and-becomes-one-of-a-few-black-marriott-franchise-owners/

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How Better Data Resources Lead to Greater Opportunities in CRE lending

commercialobserver.com – The recent explosion of data resources and information about markets and customers has changed how companies do business, especially within commercial real estate.

Tweeted by @jgyk44 https://twitter.com/jgyk44/status/1571242627496026112 source https://commercialobserver.com/2022/04/how-better-data-resources-lead-to-greater-opportunities-in-cre-lending/

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Inflation and rising interest highlighted at real estate forum

westfaironline.com – Fordham University’s real estate Institute and The Business Council of Westchester joined in hosting a virtual forum that examined the outlook for the New York regional real estate market. Richard Ha…

Tweeted by @updatedliving https://twitter.com/updatedliving/status/1571115746712846338 source https://westfaironline.com/uncategorized/inflation-and-rising-interest-highlighted-at-real-estate-forum/

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Will a Bear Market Bring Commercial Real Estate Out of Its Cave?

propmodo.com – The down market might scare some investors, but others are waiting for an opportunity to pounce on discounted investment properties.

Tweeted by @VictorAllison https://twitter.com/VictorAllison/status/1571179037040545793 source https://www.propmodo.com/will-a-bear-market-bring-commercial-real-estate-out-of-its-cave/

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Experts: Changes to Supply Chain Will Benefit Commercial Real Estate

magazine.realtor – U.S. companies are looking to bring operations home from overseas, which will open new opportunities for commercial brokers, speakers at NAR’s C5 Summit say.

Tweeted by @LavistaCRE https://twitter.com/LavistaCRE/status/1571106997432614912 source https://magazine.realtor/daily-news/2022/08/18/experts-changes-to-supply-chain-will-benefit-commercial-real-estate

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3 Numbers that Tell You Everything about the Office real estate Sector

beverly-hanks.com – Stay ahead of trends in Office real estate. Here are three numbers that answer All your questions about Office real estate right now.

Tweeted by @beverlyhanks https://twitter.com/beverlyhanks/status/1571106443914272769 source https://www.beverly-hanks.com/blog/office-by-the-numbers/

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An Investors Guide to real estate Syndication

fnrpusa.com – This guide by FNRP explores real estate syndication, a common method for investing in commercial real estate.

source https://fnrpusa.com/blog/real-estate-syndication/

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Tips to Nail Your Next Commercial Real Estate Interview

adventuresincre.com – Learn some of the best tips to nail your next interview and help you land a job in commercial real estate.

source https://www.adventuresincre.com/tips-to-nail-your-next-commercial-real-estate-interview/

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Apollo Commercial Real Estate finance, Inc. (NYSE:ARI) Announces $0.35 Quarterly Dividend

marketbeat.com – Apollo Commercial Real Estate finance, Inc. (NYSE:ARI) announced a quarterly dividend on Tuesday, September 13th. Investors of record on Friday, September 30th will be paid a dividend of 0.35 per sha…

source https://www.marketbeat.com/instant-alerts/nyse-ari-dividend-announcement-2022-09-2/

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What to Invest In

fool.com – Know the difference between good and bad investments—because one increases your wealth over time, whether you’re just starting a career or nearing retirement.

Tweeted by @BobbyJuarbe https://twitter.com/BobbyJuarbe/status/1571217683147902976 source https://www.fool.com/investing/how-to-invest/what-to-invest-in/

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Structural assessors find spiders, skulls and More under houses – Robert Khodadadian

Structural assessors find spiders, skulls and More under houses – Robert Khodadadian

Structural assessors in California have a very important job, but they sometimes find More than cracked foundations or dry rot. “We’ve seen anything you can imagine under or inside a home,” structural assessor Kyle Tourje told the Los Angeles Times. Companies like Alpha Structural that specialize in engineering and constructing foundation repairs go under hundreds of homes every year to look for…

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St. Paul strikes down key rent control protections – Robert Khodadadian

St. Paul strikes down key rent control protections – Robert Khodadadian

St. Paul, Minnesota, has decided to let landlords raise rents on rent-controlled apartments after a tenant moves out, as well as exempt thousands of units built in the last 20 years from its rent control law. The decision to gut key aspects of a rent stabilization ordinance approved last November by 53 percent of voters comes after several developers threatened to pull out of the local market,…

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Fore! Pebble Beach home listed for $31M – Robert Khodadadian

Fore! Pebble Beach home listed for $31M – Robert Khodadadian

If you’re going to purchase a home on a golf course, the best advice is to get very sturdy windows. A listing on the Pebble Beach golf Links is providing a window into the rare experience of shopping for a home next to bunkers and greens. The home at 3422 17 Mile Drive was listed for $31 million, the Wall Street Journal reported. The two-acre estate is known as Lucky Strike, a nod to the Robert…

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Ladder Capital Corp Announces $0.01 Per Share Dividend Increase | LADR Stock News

stocktitan.net – Ladder Capital Corp today announced the declaration by its Board of Directors of a third quarter 2022 dividend of $0.23 per

Tweeted by @stock_titan https://twitter.com/stock_titan/status/1570385763124105216 source https://www.stocktitan.net/news/LADR/ladder-capital-corp-announces-0-01-per-share-dividend-increase-and-mijngxqbd6cx.html

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About JLL Technologies | JLLT

jllt.com – About JLLT We’re shaping the future of real estate JLL Technologies (JLLT) helps organizations transform the way they acquire, manage, operate, and experience space. Contact Us Search Jobs A new era …

Tweeted by @JllTechnologies https://twitter.com/JllTechnologies/status/1570834943571288064 source https://www.jllt.com/about-jll-technologies/

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What Do Agents Look for in a Brokerage?

Blog.realnex.com – This Post originally appeared on tBL Marketplace Partner’s, RealNex Blog RealNex Media Center Blog and is republished with permission. Find out how to syndicate your content with theBrokerList. //?#I…

Tweeted by @theBrokerList https://twitter.com/theBrokerList/status/1571071132853325824 source https://blog.realnex.com/what-do-agents-look-for-in-a-brokerage

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008 – When Should You Buy Commercial Real Estate? Pearls of Wisdom with Pariksith Singh, MD

practiceimpossible.buzzsprout.com – Practicing medicine in 2021 has caused physicians to face many challenges. Physicians are being confronted with increasing practice demands, billing stress, and increased patient loads. In this week’…

Tweeted by @judeapierremd https://twitter.com/judeapierremd/status/1570775262765391874 source https://practiceimpossible.buzzsprout.com/1714769/8935021

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Measurabl Acquires WegoWise, Unlocks Utility Data Access and Expands ESG Tech to Residential real estate

measurabl.com – Measurabl has acquired WegoWise, unlocking utility data access and expanding ESG tech to Residential real estate. Read the announcement.

Tweeted by @freshbrewedtech https://twitter.com/freshbrewedtech/status/1570532973203836928 source https://www.measurabl.com/measurabl-acquires-wegowise/

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EquityMultiple Delivers Self-Directed Investors Attractive Returns During a Volatile Year

userwalls.news – New York, Sept. 13, 2022 /PRNewswire/ — EquityMultiple, a New York -based wealthtech and real estate investing startup, today announced a series of exciting…

source https://www.userwalls.news/n/equitymultiple-delivers-directed-investors-attractive-returns-volatile-year-3813671/

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Q2 2022 Industrial real estate Report: San Diego, CA

myelisting.com – San Diego’s Q2 2022 Industrial real estate performance could be argued as historic. Check out our market report to see if you should invest or lease.

Tweeted by @MyEListing https://twitter.com/MyEListing/status/1570090077300064257 source https://myelisting.com/commercial-real-estate-news/1287/san-diego-industrial-real-estate-report-q2-2022/

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Wonderful Company Inks Million Square Foot Lease With Fortune 500 Food Manufacturer at Wonderful Industrial Park

accesswire.com – SHAFTER, CA / ACCESSWIRE / September 14, 2022 / Wonderful real estate Development, one of the most active Industrial real estate developers on the West Coast, has leased its most recent 1 million-squ…

source https://www.accesswire.com/715559/Wonderful-Company-Inks-Million-Square-Foot-Lease-With-Fortune-500-Food-Manufacturer-at-Wonderful-Industrial-Park

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Lower Mainlands commercial real estate market sees fewer transactions in the second quarter of 2022

userwalls.news – Activity in the Lower Mainlands commercial real estate market edged down in the second quarter of 2022 from the brisker pace experienced at the start the…

source https://www.userwalls.news/n/lower-mainlands-commercial-real-estate-market-sees-fewer-transactions-quarter-2022-3826689/

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Sway Ventures Appoints Lisa Picard As Partner

citybiz.co – SAN FRANCISCO, Sept. 12, 2022 /PRNewswire/ — Sway Ventures today announced that multi-decade commercial real estate operator and former Blackstone… Read More

source https://www.citybiz.co/article/320164/sway-ventures-appoints-lisa-picard-as-partner/

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NYU Doubles Office Footprint in Downtown Brooklyn

NYU Doubles Office Footprint in Downtown Brooklyn NYU Doubles Office Footprint in Downtown Brooklyn NYU Doubles Office Footprint in Downtown Brooklyn NYU Doubles Office Footprint in Downtown Brooklyn NYU Doubles Office Footprint in Downtown Brooklyn NYU Doubles Office Footprint in Downtown Brooklyn

University acquires 3 MetroTech Center for $122M from JPMorgan.

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Marcus & Millichap and project Destined Announce Expanded Partnership

businesswire.com – Marcus & Millichap and project Destined Announce Expanded Partnership

Tweeted by @NewsFromBW https://twitter.com/NewsFromBW/status/1570539268782837763 source https://www.businesswire.com/news/home/20220915006137/en/Marcus-Millichap-and-Project-Destined-Announce-Expanded-Partnership

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Ladder Capital Corp Announces $0.01 Per Share Dividend Increase and Third Quarter 2022 Dividend to Holders of Class A Common Stock

businesswire.com – Ladder Capital Corp (“Ladder” or the “Company”) (NYSE: LADR) today announced the declaration by its Board of Directors of a third quarter 2022 dividen

Tweeted by @NewsFromBW https://twitter.com/NewsFromBW/status/1570386261592117251 source https://www.businesswire.com/news/home/20220915005319/en/Ladder-Capital-Corp-Announces-0.01-Per-Share-Dividend-Increase-and-Third-Quarter-2022-Dividend-to-Holders-of-Class-A-Common-Stock

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Commercial Real Estate’s Most Critical Issue: A Labor Shortage

northspyre.com – Economic challenges are, of course, part and parcel of any investment sector, but labor shortages are less common. Let’s examine.

Tweeted by @Northspyre https://twitter.com/Northspyre/status/1570429751440949258 source https://www.northspyre.com/blog/commercial-real-estates-most-critical-issue-a-labor-shortage

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Suburban Phoenix Campus Commands $53M

commercialsearch.com – Orsett Properties sold an 149,321-square-foot Office complex in Gilbert, Ariz., for $53.1 million. Newmark brokered the transaction.

source https://www.commercialsearch.com/news/suburban-phoenix-campus-commands-53m/

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Bancroft Capital, Viking Partners Sell Denver Asset for $33M

commercialsearch.com – Bancroft Capital and Viking Partners sold a recently renovated Office building in Denver, Colo., for $32.7 million.

source https://www.commercialsearch.com/news/bancroft-capital-viking-partners-sell-denver-asset-for-33m/

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Arizona AG, governor candidates call for Saudi Arabian water leases investigation

azcentral.com – The Republic’s report on Saudi company’s use of water to grow alfalfa and shipping back to the Middle East has candidates crying out for change.

Tweeted by @BeatWebster https://twitter.com/BeatWebster/status/1570770629166788611 source https://www.azcentral.com/story/news/politics/arizona/2022/08/30/candidates-arizona-ag-governor-call-saudi-leases-canceled/7935331001/

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Landmark and ENCOR join forces with the goal of creating Canada’s largest commercial occupier-focused platform

finance.yahoo.com – A brighter future for commercial occupiers is here, as Landmark Advisory Services and ENCOR Advisors have announced their new strategic partnership. Leveraging their proven client-centered service mo…

source https://finance.yahoo.com/news/landmark-encor-join-forces-goal-175700904.html

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Sponsored: A Case for Office REITs and Suburban Investments

thediwire.com – Following the pandemic, inflation has risen worldwide, and the United States has seen one of the biggest annual inflation rate increases in decades. The

Tweeted by @TheDIWire https://twitter.com/TheDIWire/status/1569359317714993158 source https://thediwire.com/sponsored-a-case-for-office-reits-and-suburban-investments/

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real estate offers these opportunities as an investment

taketonews.com – 2022- World News | TakeToNews

Tweeted by @take_to_news https://twitter.com/take_to_news/status/1569387605959086083 source https://taketonews.com/real-estate-offers-these-opportunities-as-an-investment/

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Can a Partnership Do a 1031 Exchange?

fnrpusa.com – FNRP outlines whether a partnership can perform a 1031 exchange & alternatives for commercial real estate investors.

Tweeted by @fnrpusa https://twitter.com/fnrpusa/status/1569325755401732100 source https://fnrpusa.com/blog/partnership-1031-exchange/

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Robert KhodadadianCommercial Observer

Robert Khodadadian – Commercial Observer

Companies associated with two reality TV stars, Donald Trump and Kris Jenner, are duking it out in court over $1.04 million in back rent. The Trump Organization sued Legacy Business School, whose board was once chaired by Jenner, for failing to pay rent since January for its Trump Tower space, according to a lawsuit filed Friday in New York County Supreme Court. The landlord wants the court to…

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Judge’s ruling could “open the floodgates” on IAI fraud cases – Robert Khodadadian

Judge’s ruling could “open the floodgates” on IAI fraud cases – Robert Khodadadian

Landlords who raised rents by inflating apartment improvements before the rent law changed got some unwelcome news from a Manhattan judge. Supreme Court Justice Sabrina Kraus granted class-action status last month to tenants of 11 rent-stabilized buildings in a suit against Big City Management and Magnolia Holdings. The ruling could “open the floodgates” for multi-building class actions, Aaron…

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Robert KhodadadianTrump Organization Sues Kris Jenner’s Former Business School for $1M in Rent

Companies associated with two reality TV stars, Donald Trump and Kris Jenner, are duking it out in court over $1.04 million in back rent.

The Trump Organization sued Legacy Business School, whose board was once chaired by Jenner, for failing to pay rent since January for its Trump Tower space, according to a lawsuit filed Friday in New York County Supreme Court.

The landlord wants the court to order a “sheriff or a New York City marshal” to evict Legacy, claiming it has refused to turn over part of the 19th floor of 725 Fifth Avenue even after the Trump Organization canceled its lease on July 6, according to the filing. 

(Disclosure: Observer Media chairman Joseph Meyer is married to Nicole Kushner Meyer, the sister of Donald Trump’s son-in-law, Jared Kushner.)

Legacy inked a 20-year lease at the tower in 2010 and first fell $198,000 behind on rent in 2020, the Washington Post reported. The school’s investors disclosed the arrears when they sued Legacy founder Alessandro Nomellini for allegedly defrauding them by taking extra shares of the business. It managed to pay its bills to Trump in October and November but hasn’t paid a dime since, Trump alleged. 

A judge ordered Nomellini out of the Legacy and its Fifth Avenue offices in April, and now Trump wants the same. It’s unclear if Legacy is still operating out of Trump Tower. The company’s website appears to have expired. 

Officials with Legacy could not immediately be reached for comment, and its affiliate, the European School of Economics, did not immediately respond to a request for comment. A lawyer for the Trump Organization declined to comment.

The for-profit school opened at Trump Tower in 2016 with Jenner as the Public face, charging roughly $105,000 annual tuition and offering its first 100 students an “exclusive dinner” with Jenner herself, The Daily Beast reported.

However, it quickly came under scrutiny after the Daily Beast revealed Legacy was simply a rebranding of the European School of Economics — a business the New York State Education Department claimed illegally advertised and awarded bachelor’s and master’s degrees despite not having any permission from the state to do so. 

Legacy also became the target of a 2016 lawsuit from its former publicist Richard Rubenstein after Rubenstein claimed Legacy shorted him $57,000 in unpaid bills, Page Six reported. Jenner pulled out of the school that same year, saying she was “unable to commit the necessary time” to the project, the International Business Times reported.

But the European School of Economics is no stranger to lawsuits as it has been sued at least a dozen times for failing to pay its debts to various U.S. companies, Page Six reported.

  Donald Trump, who led the Trump Organization until his presidential election in 2016, has had his fair share of legal battles. In 2018, a federal court approved a $25 million settlement with students who claimed they were duped by Trump and his now-shuttered Trump University, NBC reported. Plus, New York Attorney General Letitia James opened a still ongoing investigation in 2019 into whether the Trump Organization misled investors in how it appraised its properties. 

Celia Young can be reached at cyoung@commercialobserver.com.

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Robert Khodadadian – Boynton Beach Apartments Sell for $71M

A 184-unit apartment complex in Boynton Beach, Fla., has sold for $71 million, a price that eclipses its previous sale in 2018 by 69 percent.

Yuksel BB LLC of West Palm Beach is the new owner of High Ridge Landing at 3609 High Ridge Way, according to a deed recorded Friday. The seller was High Ridge Landing, an affiliate of American Landmark of Tampa.

The new owner took a $37.5 million mortgage from Western-Southern Life Assurance Company of Cincinnati, according to Public records.

The price equates to $358,867 per unit. High Ridge Landing was completed in 2016 and sold in 2018 for $41.9 million. The complex includes a pool and a fitness center. Rental rates at the property range from $1,885 a month for one-bedroom apartments to $2,855 a month for three-bedroom units, according to Apartments.com.

The sale reflects both a surge in rental rates in South Florida and an explosion of investor interest in multifamily properties. While the flurry of apartment deals has slowed somewhat in recent months, big-name investors have continued to snap up properties.

In late 2021, for instance, Starwood Capital Group of Miami Beach paid $176.4 million for 740 apartments spread across three communities in Palm Beach County. In the largest of those three deals, Starwood bought San Marco Villas, a 400-unit complex at 301 North Congress Avenue and 303 North Congress Avenue in Lake Park, for $86 million.

Jeff Ostrowski can be reached at jostrowski@commercialobserver.com.

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Robert KhodadadianCommercial Observer

Robert Khodadadian – Commercial Observer

A 184-unit apartment complex in Boynton Beach, Fla., has sold for $71 million, a price that eclipses its previous sale in 2018 by 69 percent. Yuksel BB LLC of West Palm Beach is the new owner of High Ridge Landing at 3609 High Ridge Way, according to a deed recorded Friday. The seller was High Ridge Landing, an affiliate of American Landmark of Tampa. The new owner took a $37.5 million mortgage…

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Robert Khodadadian – Arnold Fisher, Fisher Brothers Senior Partner, Dies at 89

Arnold Fisher, the second-generation helmsman of the Fisher Brothers real estate dynasty, passed away Sept. 11 at the age of 89, according to the firm.

Fisher took the helm of his family’s More than 100-year-old real estate business after his father’s death in the early 2000s and has been a leader in the company since the 1980s. His death was first reported by The Real Deal.

Fisher was credited with developing 15 million square feet of commercial and Residential properties since he took control of the firm and was also known for his philanthropy, particularly focused on helping veterans and their families through the Intrepid Fallen Heroes Fund, according to an obituary in the New York Times.

The fund helped create facilities such as the Center for the Intrepid, a rehabilitation center at Brooke Army Medical Center in San Antonio, Texas, for veterans with amputations and severe burns, as well as the National Intrepid Center of Excellence in Bethesda, Md., a 72,000-square-foot research and treatment facility for veterans suffering from traumatic brain injuries and psychological conditions.

Fisher Brothers was founded in 1915 by Arnold’s father, Martin Fisher, and his brothers. The sons of a Russian bricklayer got their start by investing in Residential property outside of Manhattan. In the 1950s, the company crossed the river to Manhattan and began picking up Office assets, later branching off into construction and management. Today, the Fisher Brothers also have assets in Washington, D.C., and Las Vegas.

Arnold Fisher took over the firm after a series of deaths two decades that included his father and his cousins, Richard and Anthony. His son Kenneth Fisher currently heads up leasing and new ventures for the firm while Steven Fisher leads construction, acquisitions and development. 

Arnold is survived by his wife, Sally Ogden; children Kenneth, Steven and Karen; 12 grandchildren; and two great-grandchildren.

Mark Hallum can be reached at mhallum@commercialobserver.com.

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Barnett doubling down in Two Bridges – Robert Khodadadian

Barnett doubling down in Two Bridges – Robert Khodadadian

If Gary Barnett’s $250 million listing on Billionaires’ Row didn’t tell you he was bullish on the Residential market, his latest deal will. The Extell Development chief is buying a Two Bridges development site next to his One Manhattan Square condo tower for a price approaching $100 million, sources said. Barnett is in contract to buy the Starrett Corporation’s site at 259 Clinton Street, which…

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Bed Bath & Beyond washing hands of 56 locations – Robert Khodadadian

Bed Bath & Beyond washing hands of 56 locations – Robert Khodadadian

Bed Bath & Beyond is trying to stop flushing money down the toilet. Nearly five dozen store closures should help. The company plans to ultimately shut 150 stores, but is starting by liquidating 56, the majority of them in New York, New Jersey and the upper Midwest, according to Bloomberg. None of the impending store closures will be in New York City, although in 2020, Bed Bath and Beyond…

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Robert KhodadadianCommercial Observer

Robert Khodadadian – Commercial Observer

Arnold Fisher, the second-generation helmsman of the Fisher Brothers real estate dynasty, passed away Sept. 11 at the age of 89, according to the firm. Fisher took the helm of his family’s More than 100-year-old real estate business after his father’s death in the early 2000s and has been a leader in the company since the 1980s. His death was first reported by The Real Deal. Fisher was credited…

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NYU Doubles Office Footprint in Downtown Brooklyn

NYU Doubles Office Footprint in Downtown Brooklyn

University acquires 3 MetroTech Center for $122M from JPMorgan.

Robert Khodadadian – Google Search, Robert KhodadadianRobert Khodadadian – Google Search, Robert KhodadadianRobert Khodadadian – Google Search, Robert KhodadadianRobert Khodadadian – Google Search, Robert KhodadadianRobert Khodadadian – Google Search, Robert Khodadadian

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RIPCO, JLL take home REBNY’s retail deal of the year awards – Robert Khodadadian

RIPCO, JLL take home REBNY’s retail deal of the year awards – Robert Khodadadian

It’s no secret that New York City’s retail brokers have had their work cut out for them during the pandemic, with Vornado’s Steve Roth declaring last November that the market “may never recover” to its peak of the mid-2010s. But there was little doom and gloom Thursday night at The Cutting Room in Midtown, where dealmakers gathered to celebrate REBNY’s 2022 retail Deal of the Year Awards. The…

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Robert Khodadadian – Amazon Commits Another $147M to affordable housing in DC

Amazon announced Thursday it has committed an additional $147 million to fund the creation and preservation of More than 1,260 new affordable homes in Washington, D.C., Maryland and Virginia.

These commitments are primarily in partnership with minority-led organizations and are designed to ensure families across Washington, D.C., are not displaced from their communities.  

“We’re proud to work with a diverse set of experienced partners to create and preserve much-needed affordable homes that help keep long-term residents in the community while bolstering our diverse and historic neighborhoods,” Catherine Buell, director of the Amazon Housing Equity Fund, said during the announcement. “By working with these diverse development organizations, we can create long-lasting and inclusive affordable housing closer to Public transit and other amenities that will improve quality of life for residents.”

The investment is part of the More than $2 billion commitment to create and preserve 20,000 affordable homes in Washington state’s Puget Sound region; the Arlington, Va./D.C. region; and in Nashville, Tenn.

Since deciding to bring HQ2 to National Landing a few years ago, Amazon has committed $992 million to creating More than 6,200 affordable homes throughout the D.C. region. The housing will be available to individuals and families earning 30 to 80 percent of the area median income.

Amazon’s commitment aligns with D.C. Mayor Muriel Bowser’s goal of creating 36,000 new housing units, a third of which are intended to be affordable, by 2025.

Among the projects in the District that are part of the new commitment:

The Congress Heights Apartments, in the Congress Heights neighborhood of Ward 8, will see the construction of 179 new affordable units for households earning between 30 to 80 percent AMI. National Housing Trust will serve as developer.

2026 Maryland Avenue NE, in the Carver-Langston neighborhood of Ward 5, will see the preservation of 320 affordable units for households earning between 30 to 60 percent AMI. Jair Lynch real estate Partners is the developer.

Gragg Cardona Partners will develop 156 new affordable apartments known as The Residences at Benning Road in Ward 7, available for those earning 60 percent AMI. 

325 Vine in Ward 4 will construct 102 affordable units for households earning between 60 to 80 percent AMI and will feature the preservation of two historic homes. SGA Companies is the developer.

Holmead Place Apartments, developed by Wesley Housing, will convert 99 homes in Ward 1 into affordable housing units, available to those households earning between 30 to 80 percent AMI.  

The Mount Pleasant Preservation project will consist of the conversion of 165 apartment homes at Richman Towers, Sarbin Towers and Park Marconi in Ward 1, available to households earning between 40 to 80 percent AMI. The project will be developed by Jubilee Housing.

South Street Village will be a new, 90-unit development for those earning 60 percent AMI in Ward 2, developed by Manna Inc.

In addition, there are a trio of projects being planned for Northern Virginia and suburban Maryland.

Keith Loria can be reached at Kloria@commercialobserver.com.

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Robert Khodadadian – Related, Wynn Seeking Casino License for Undeveloped Section of Hudson Yards

Go west, young casino developer.

That’s what Related Companies and Wynn Resorts plan to do with the undeveloped western section of Hudson Yards, announcing on Thursday they teamed up to apply for a downstate casino license, Bloomberg first reported.

In terms of revenue, the developers don’t see much of a gamble in building a casino on the massive Hudson Yards site as it would be right next door to the Javits Center, which just got a $1.5 billion expansion. The site also has a station for the 7 train, which stretches across Queens to Hudson Yards, and a score of Office tenants nearby.

Related added the project would also create jobs from the construction and operations of the casino as well as generate billions in tax revenue for the city and state.

“As New York City emerges from the pandemic, the western Yards provides the ideal site for a resort that will reinvigorate our tourism economy and provide billions in tax revenues for the city and state,” Jeff Blau, CEO of Related Companies, said in a statement. “Combining Related’s unparalleled ability to execute complex mixed-use developments with the best-in-class resort and gaming operator is the perfect pair, and we’re excited to pursue this together.”

If built, the Hudson Yards gambling den would be the second casino in the five boroughs after Resorts World New York City in South Ozone Park, Queens, an arduous schlep for most New Yorkers. 

Related declined to say the potential size of the entertainment and gaming facility planned for its 6.2 million-square-foot western Yards, but the average casino floor in Las Vegas hovers around 33,000 square feet, according to the Las Vegas Review-Journal.

Related originally planned to build housing, offices and a school on the underdeveloped section of the $25 billion Hudson Yards, but seems to have ditched those plans for the gambling den, Bloomberg reported.

But Related and Wynn face stiff competition to go all-in on a Manhattan casino. The New York State Legislature approved only three downstate casino licenses earlier this year and require a green light from city and state agencies before construction can start.

And there’s likely only one license up for grabs. Sources previously told Commercial Observer that the first two are expected to be awarded to The Genting Group to add table games to its Aqueduct Racetrack, also in South Ozone Park, and to VICI Properties to operate the Empire City Casino in Yonkers.

Related and Wynn have some of the biggest names in real estate competing against them for the license. Vornado Realty Trust wants to open a resort near Herald Square, L&L Holding is contemplating a gambling facility at its TSX Broadway development in Times Square, SL Green Realty is considering one at 1515 Broadway, Hard Rock Cafe is eyeing three sites in Manhattan, Morris Bailey is looking into one at the former McAlpin hotel, and both Thor Equities and John Catsimatidis are floating the idea of casinos in Coney Island.

Still, Wynn and Related exuded confidence in their chances of hitting blackjack for a license.

“Wynn Resorts has a long history of utilizing a compact, upscale casino floor to support the creation of spectacular resort experiences that appeal to an array of guests — travelers and locals alike,” Craig Billings, CEO of Wynn Resorts, said in a statement.

Mark Hallum can be reached at mhallum@commercialobserver.com.

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Robert KhodadadianCommercial Observer

Robert Khodadadian – Commercial Observer

Amazon announced Thursday it has committed an additional $147 million to fund the creation and preservation of More than 1,260 new affordable homes in Washington, D.C., Maryland and Virginia. These commitments are primarily in partnership with minority-led organizations and are designed to ensure families across Washington, D.C., are not displaced from their communities.   “We’re proud to work…

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Fisher Brothers scion Arnold Fisher dead at 89 – Robert Khodadadian

Fisher Brothers scion Arnold Fisher dead at 89 – Robert Khodadadian

Arnold Fisher, second-generation scion of a century-old New York City real estate dynasty, died on Sunday at 89. Arnold helped manage his family’s eponymous firm, Fisher Brothers, through New York City’s development boom in the 1980s, and led the construction of More than 15 million square feet of commercial and Residential property, according to the company, including four Office towers in…

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Robert KhodadadianCommercial Observer

Robert Khodadadian – Commercial Observer

Go west, young casino developer. That’s what Related Companies and Wynn Resorts plan to do with the undeveloped western section of Hudson Yards, announcing on Thursday they teamed up to apply for a downstate casino license, Bloomberg first reported. In terms of revenue, the developers don’t see much of a gamble in building a casino on the massive Hudson Yards site as it would be right next door…

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Nearly 50% of workers return to Office post-Labor Day – Robert Khodadadian

Nearly 50% of workers return to Office post-Labor Day – Robert Khodadadian

More New York City Office workers are taking a page from students heading back to school, packing up for returns of their own. Between Aug. 29 and Sept. 12, 49 percent of workers returned to their desks, according to a survey reported by the Commercial Observer. The report is based on 160 major Manhattan employers conducted by the Partnership for New York City and the Metropolitan Transportation…

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Robert KhodadadianCommercial Observer

Robert Khodadadian – Commercial Observer

Corporate law firm O’Melveny & Myers will swap its 150,000 square feet at 7 Times Square for slightly smaller digs 10 blocks north. O’Melveny signed a 15-year lease to relocate to 142,000 square feet at Paramount Group’s 1301 Avenue of the Americas, according to a source with knowledge of the deal. Asking rent was $84 per square foot, said the source. The law firm will take over the 17th through…

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In socialists we trust: Tiffany Cabán and the great housing breakthrough – Robert Khodadadian

In socialists we trust: Tiffany Cabán and the great housing breakthrough – Robert Khodadadian

It was the New York equivalent of Nixon in China when Tiffany Cabán came to terms with a developer on a 1,400-apartment project in her Queens district. The City Council member’s undisputed far-left leadership credentials legitimized the deal, in which Boris Aronov agreed to permanently set aside 25 percent of the units as affordable, build a Public esplanade on the water, rent space to community…

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Robert Khodadadian – Law Firm O’Melveny & Myers Moves to 142K SF at 1301 Avenue of the Americas

Corporate law firm O’Melveny & Myers will swap its 150,000 square feet at 7 Times Square for slightly smaller digs 10 blocks north.

O’Melveny signed a 15-year lease to relocate to 142,000 square feet at Paramount Group’s 1301 Avenue of the Americas, according to a source with knowledge of the deal. Asking rent was $84 per square foot, said the source.

The law firm will take over the 17th through 20th floors of the 45-story building. Most of the space was previously leased by French bank Crédit Agricole, which shrunk its 240,000-square-foot presence to 167,000 square feet. 

O’Melveny plans to move to the Avenue of the Americas property in late 2024 or early 2025, according to the source. CityBiz first reported the news of the O’Melveny & Myers relocation.

A host of companies, including Amazon, Meta, KPGM and Buzzfeed, have recently pulled back on the New York Office market as remote work grows in popularity, but Los Angeles-based O’Melveny has been cutting its footprint at 7 Times Square for the past 15 years, chopping its space in half from a high of 355,000 square feet in 2006, the source said.

O’Melveny will join investment bank SVB Securities and insurance firm Swiss Re in the 1.7 million-square-foot building.

Paramount handled the deal in house via Peter Brindley, Doug Neye and Sean Kirk along with JLL’s Frank Doyle, David Kleiner, Clark Finney and Andrew Coe. Lisa Kiell and Randy Abend, also with JLL, and CBRE’s Lynn Williams and Jeff Welch represented O’Melveney. 

Spokespeople for O’Melveny and JLL declined to comment. Representatives for Paramount Group and CBRE did not immediately respond to requests for comment.

Celia Young can be reached at cyoung@commercialobserver.com.

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Two Cipriani locations dodge foreclosure – Robert Khodadadian

Two Cipriani locations dodge foreclosure – Robert Khodadadian

Last call appeared to be in sight for two Cipriani locations, but the Italian eateries are ready to keep the carpaccio coming. The outposts dodged near-foreclosure by securing a $52.1 million commercial mortgage-backed securities loan secured a modification, the Commercial Observer reported. The senior debt is backed by the Cipriani locations at 110 East 42nd Street and 55 Wall Street. Cipriani…

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Robert KhodadadianCommercial Observer

Robert Khodadadian – Commercial Observer

CRED iQ has tapped commercial real estate sales veteran Jeff Kurtz to help spearhead the young tech-focused firm’s expansion efforts, Commercial Observer can first report.  The 2-year-old company hired Kurtz as director of sales from MountainSeed, where he helped bring to market the CRE adviser’s analytics platform. Kurtz was head of analytics sales at MountainSeed and previously held similar…

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Robert Khodadadian – CRED iQ Hires new Director of sales from MountainSeed

CRED iQ has tapped commercial real estate sales veteran Jeff Kurtz to help spearhead the young tech-focused firm’s expansion efforts, Commercial Observer can first report. 

The 2-year-old company hired Kurtz as director of sales from MountainSeed, where he helped bring to market the CRE adviser’s analytics platform. Kurtz was head of analytics sales at MountainSeed and previously held similar roles at REIS, Oxford Economics and CompStak.

“Jeff’s commercial real estate knowledge and enterprise sales background really impressed us from the start,” Mike Haas, who co-founded CRED iQ with Bill Petersen in May 2020, said in a statement.  “His eagerness to help communicate and implement customer feedback will be a key advantage for CRED iQ as we continue to launch new products for the CRE industry.”

Based in Radnor, Pa., CRED iQ provides data, analytics and valuation for commercial mortgage-backed securities loans along with Freddie Mac, Fannie Mae and Ginnie Mae– supported debt on a monthly basis. It also tracks property data.

In March, CRED iQ announced a partnership with fellow proptech startup Cherre to integrate their CRE data platforms.

“I’m extremely excited to join this team and help CRED iQ grow,” Kurtz said in a statement. “What Mike and Bill have built is truly something special, and it’s only a matter of time before CRED iQ becomes an essential part of daily life for CRE and capital market investors. The CRE industry is starving for this type of technology and data, and CRED iQ is the firm that can deliver it.”

Andrew Coen can be reached at acoen@commercialobserver.com

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Robert Khodadadian – FIS Nabs 25K SF at One Vanderbilt

Fintech firm Fidelity National Information Services (FIS) is bringing occupancy at One Vanderbilt almost to capacity with a 25,488-square-foot deal.

The Jacksonville, Fla.-based company signed a 15-year lease to relocate from its current offices at RXR’s 340 Madison Avenue to the 62nd floor in the SL Green Realty-owned tower next door to Grand Central Terminal, according to the landlord. Asking rent was $220 per square foot.

Bloomberg was first to report the deal. 

The $3 billion, 77-story One Vanderbilt was about 70 percent leased when it opened during the pandemic — a time when many questioned the death of the Office as we know it — and SL Green said the FIS deal brings the tower to 99 percent leased.

“We’re very excited that FIS will be joining a roster of industry-leading companies that have selected One Vanderbilt because of its world-class design and service-oriented tenant experience,” Steven Durels, executive vice president at SL Green, said in a statement “Reaching 99 percent occupancy is a significant milestone which reaffirms the new standard One Vanderbilt has set as the industry leader for world-class office space.”

Daniel Katcher of Newmark negotiated the deal on behalf of FIS while Robert Alexander, Ryan Alexander, Alex D’Amario and Emily Chabrier of CBRE represented the landlord. Spokespeople for Newmark and CBRE did not immediately respond to a request for comment.

RXR wasted little time filling the void left behind by FIS’s departure by signing 40,542 square feet in a 10-year deal to The Carlyle Group at 340 Madison, which already occupies a 194,702-square-foot headquarters in One Vanderbilt.

Mark Hallum can be reached at mhallum@commercialobserver.com.

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Robert Khodadadian – Meridian to Market The Urban, a New Mixed-Use Apartment Building With NY tax Exemption

Meridian Capital Group announced Sept. 12 that its Institutional Investment Sales Group, led by Helen Hwang, has been appointed to sell the leasehold interest in The Urban, a newly developed, 103-unit, 165,000-square-foot mixed-use building at 144-74 Northern Boulevard in the heart of Flushing, Queens.

Completed in September 2020, The Urban is subject to a favorable ground lease with 91 years remaining in its term. Rent payments are made based on an entirely fixed rent schedule, without any future FMV resets and payments increasing at an average compounded rate of only 2 percent over the remaining term. The property, which leased up in only 12 months during the heart of the COVID-19 pandemic and is now fully occupied, also benefits from long-term tax exemptions through both the Affordable New York and ICAP programs, helping to sustain higher profit margins and a durable cash flow stream that will produce premium yields.

“The Urban presents a unique opportunity to acquire the only newly constructed market-rate rental building in one of the City’s most densely populated, eclectic and fun neighborhoods,” said Hwang, head of Meridian Capital Group’s institutional investment sales team. “The investment profile is also perfectly suited for today’s economic environment, providing an asset whose largest expenses are entirely cost-controlled, preserving strong cash returns for years to come.”

The Urban features 103 modern, Residential apartments finished with high-end stainless-steel appliances, quartz countertops, loft-like oversized windows, in-unit washers and dryers, smart home features including Latch keyless entry, and private outdoor space in half of its units. Community-wide amenities include a rooftop lounge with grills, outdoor dining areas, a dog run, a state-of-the-art fitness center, and a resident lounge with a game room and workspaces.

In addition to its well-apportioned apartment offerings, The Urban also includes 35,000 square feet of commercial space anchored by international Korean grocery chain H Mart and a 177-space third-party-managed parking garage. The property’s commercial space is 100 percent leased – 65 percent of which was preleased prior to construction start – with a combined weighted average lease term of More than 13 years. Other retail and community facility tenants include Bank of America, Burger King, Evergreen Adult Day Care and a dermatology Office.

The Urban is the brainchild of Skyview Companies, the visionary team behind Sky View Parc, the transformative 1,200-unit Residential condo and 700,000-square-foot retail mall that houses target, BJ’s Wholesale Club and Best Buy. Developed in partnership with institutional investors advised by J.P. Morgan Asset Management, The Urban represents the first predominantly market-rate Residential rental development in Flushing over the last 15 years and was specifically designed to fill the market void for high-quality rental apartments in the neighborhood.

As the most populous neighborhood in Queens, Flushing has benefited from a notable increase in new construction over the last two decades primarily geared toward Residential condo and commercial development. Located just 30 minutes from Manhattan, Flushing has in recent years started to attract a wave a young people drawn to the neighborhood’s unmatched food and beverage scene and its 24/7 vibrancy, diverse lifestyle amenities and central transportation infrastructure, which includes the 7 train, the Long Island Rail Road and multiple major highways, such as the Grand Central Parkway, Brooklyn-Queens Expressway and the Van Wyck Expressway. With nearly All local developments skewed toward Residential condo, as well as higher barriers to entry for developing new Residential rental product – including the elimination of the 421a tax program – The Urban is poised to become the market leader for rental housing in an area of New York City that can provide an unbeatable value proposition for its renters.

Helen Hwang, Senior Executive Managing Director of Meridian’s Institutional Investment Sales Group can be reached at (212) 468-5930 or hhwang@meridiancapital.com.

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Related rolls the dice with Hudson Yards casino bid – Robert Khodadadian

Related rolls the dice with Hudson Yards casino bid – Robert Khodadadian

Viva Manhattan. Related Companies announced Thursday it will be partnering with Wynn Resorts in the first publicly announced bid for one of three new casino licenses open to city developers, the New York Times first reported. The casino would be located next to the Javits Center on the undeveloped western side of Hudson Yards, the mega-development by Stephen Ross’ firm in Midtown West. The…

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Robert KhodadadianCommercial Observer

Robert Khodadadian – Commercial Observer

Marx Realty kicked it into high gear with its latest plan to draw tenants to its 10 Grand Central Office tower: a Porsche to ferry them around Midtown. The landlord dropped $100,000 to buy a single electric Porsche Taycan, emblazoned with Marx Realty’s logo and named the “Marx Mobile.” The building’s 20-or-so Office tenants can get a driver to shuttle them around Midtown gratis in the sports car,…

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Robert KhodadadianCommercial Observer

Robert Khodadadian – Commercial Observer

Fintech firm Fidelity National Information Services (FIS) is bringing occupancy at One Vanderbilt almost to capacity with a 25,488-square-foot deal. The Jacksonville, Fla.-based company signed a 15-year lease to relocate from its current offices at RXR’s 340 Madison Avenue to the 62nd floor in the SL Green Realty-owned tower next door to Grand Central Terminal, according to the landlord. Asking…

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Robert KhodadadianCommercial Observer

Robert Khodadadian – Commercial Observer

Meridian Capital Group announced Sept. 12 that its Institutional Investment Sales Group, led by Helen Hwang, has been appointed to sell the leasehold interest in The Urban, a newly developed, 103-unit, 165,000-square-foot mixed-use building at 144-74 Northern Boulevard in the heart of Flushing, Queens. Completed in September 2020, The Urban is subject to a favorable ground lease with 91 years…

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Robert Khodadadian – Meet Marx Realty’s Latest Office Amenity: a Porsche Taycan

Marx Realty kicked it into high gear with its latest plan to draw tenants to its 10 Grand Central Office tower: a Porsche to ferry them around Midtown.

The landlord dropped $100,000 to buy a single electric Porsche Taycan, emblazoned with Marx Realty’s logo and named the “Marx Mobile.” The building’s 20-or-so Office tenants can get a driver to shuttle them around Midtown gratis in the sports car, but only from Eighth Avenue to the East River and from 14th to 65th streets.

“When I think of All the amenities we have, this one has gotten tenants the most excited,” Marx CEO Craig Deitelzweig said. “We’ve actually had tenants take photos of the Marx Mobile.”

The service launched this week with just one 10 Grand tenant requesting the Porsche’s services and Deitelzweig picking up two prospective renters in the vehicle for tours. 

The car has room for only four passengers, plus a chauffeur, which might result in some stiff competition for a drive given the roughly 1,200 people who work out of Marx’s 35-story building.

Deitelzweig said he would expand the service if it became popular. In the meantime, tenants can rent the pricey sports car on a first-come, first-serve basis for 40-minute intervals through Marx’s in-house property app. And no, Office users won’t see their rent go up as a result, Deitelzweig said.

Marx plans to offer the service at The Herald Building in Washington, D.C., with a $80,000 Tesla Model Y, though Deitelzweig isn’t quite sure when it will launch because manufacturing delays have slowed Tesla’s delivery times. Both automobiles are fully electric, and Marx will charge the Tesla at its 1307 New York Avenue property in D.C., and the Porsche at a nearby garage at 45th Street and Third Avenue.

As More and More firms ditch pricey office space to save money after years of hybrid work, landlords and companies have been dropping cash on amenities to lure back Office workers, turning to high-end chefs, Peloton bikes, outdoor terraces, doggie day care centers and even rooftop beehives.

A car service is nothing new for some owners, though most generally opt for More practical options like a shuttle bus. RXR partnered with HQ Shuttles in March to pick up and drop off tenants at its Starrett-Lehigh Building from various spots around Manhattan, including the Port Authority Bus Terminal and Penn Station. 

Goldman Sachs and Citibank also offered employees private shuttles last year, though Goldman scrapped the free rides in April. Citibank, however, expanded its service in late 2021 during an uptick in COVID-19 cases and heightened concerns about crime in the city’s subway system, the New York Post reported.

Deitelzweig said crime had nothing to do with his decision to buy a Porsche for the building, nor was an Office car a specific ask from any of 10 Grand’s tenants. Instead, he said the service is meant to make the property feel More like a hotel than an Office.

“[Hospitality] starts at the front door. We’ve always said that, and now there will literally be a car at the front door,” Deitelzweig said. “I think it’s something that’s getting people excited about coming to work.”

Even without the luxury rides, tenants at 10 Grand — which include online news magazine The Week, Dwayne “The Rock” Johnson’s company Seven Bucks Productions, and insurance firm MassMutual — have been flooding in, with occupancy rates in the building between 80 and 90 percent in the second week of September, Deitelzweig said.

Celia Young can be reached at cyoung@commercialobserver.com.

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Serhant launches Greenpoint’s Huron condos from the water – Robert Khodadadian

Serhant launches Greenpoint’s Huron condos from the water – Robert Khodadadian

Hoisted onto a sternward railing, finger pointed dramatically to the starboard horizon, dressed in a sharp navy suit and white hat, Ryan Serhant was ready to play captain. The star broker was addressing a packed cruise, gathered Wednesday night for the launch of Brooklyn’s newest luxury condominium projects on the Greenpoint waterfront. “We thought what better way than to take you on a boat!”…

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The Top 5 Hottest Secondary Cities for Commercial Real Estate Investment

propmodo.com – real estate has always distinguished between “gateway markets” and “secondary cities,” but demographic shifts are blurring those lines

Tweeted by @GreatMikeHawes https://twitter.com/GreatMikeHawes/status/1570647686814257153 source https://www.propmodo.com/the-top-5-hottest-secondary-cities-for-commercial-real-estate-investment/

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Everything to Know Commercial Real Estate Investing | Crexi Insights

crexi.com – Our ultimate guide covers anything and everything you need to know about investing in commercial real estate.

source https://www.crexi.com/insights/everything-to-know-about-commercial-real-estate-investing

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What GIC, Oak Street’s $14B acquisition Means for Net Lease

commercialsearch.com – Singapore sovereign wealth fund GIC and Oak Street, a division of Blue Owl, acquire STORE Capital in an all-cash deal valued at $14 billion.

source https://www.commercialsearch.com/news/what-gic-oak-streets-14b-acquisition-means-for-net-lease/

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Landmark and ENCOR join forces with the goal of creating Canada’s largest commercial occupier-focused platform

benzinga.com – TORONTO and MONTREAL, Sept. 14, 2022 /CNW/ – A brighter future for commercial occupiers is here, as Landmark Advisory Services and ENCOR Advisors have announced their new strategic partnership. Lever…

source https://www.benzinga.com/pressreleases/22/09/n28870483/landmark-and-encor-join-forces-with-the-goal-of-creating-canadas-largest-commercial-occupier-focus

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