Kaufman Organization Closes on $35M Haymarket Building Ground Lease – Commercial Observer
The Kaufman Organization closed on a newly formed ground lease at The Haymarket Building in Manhattan’s NoMad, valued at $34.5 million.
— Read on commercialobserver.com/2021/03/kaufman-organization-closes-on-35m-haymarket-building-ground-lease/
CrossHarbor Lends $73M on Phoenix Area Industrial Park Buy – Robert Khodadadian
Westcore has landed $73.3 million of acquisition financing to purchase an industrial park near Phoenix, Commercial Observer has learned.
CrossHarbor Capital Partners supplied the loan for the developer to acquire Hatcher Industrial Park, a vacant property in Glendale, Ariz., that was completed early this summer. Details on the acquisition price could not be immediately gleaned.
Cushman & Wakefield negotiated the debt with a team led by Rob Rubano, Brian Share, Max Schafer, Becca Tse, Will Strong, Kirk Kuller, Micki Strain, and Molly Hunt.
Located at 15151 West Hatcher Road, the 906,12-square-foot asset is on 53 acres in the Loop 303 Corridor of the Southwest Valley of metropolitan Phoenix. The property sits adjacent to the BNSF Railroad, which provides access to large West Coast distribution hubs.
“This was one of the most competitive debt marketing processes we’ve seen this year,” Share said in a statement. “The story, deal profile and sponsorship really resonated with lenders despite the capital markets headwinds.
The Phoenix metro industrial market has seen 13 consecutive calendar years of positive net absorption through the 2023 second quarter, according to C&W data. Phoenix’s industrial market vacancy was 4.4 percent in the second quarter with 7.1 million square feet of occupancy growth through the first half of the year.
Officials at CrossHarbor and Westcore did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
Read More Acquisition, Channel, Finance, Brian Share, Rob Rubano, Arizona, Phoenix, CrossHarbor Capital Partners, Cushman & Wakefield, WestcoreWestcore has landed $73.3 million of acquisition financing to purchase an industrial park near Phoenix, Commercial Observer has learned. CrossHarbor Capital Partners supplied the loan for the developer to acquire Hatcher Industrial Park, a vacant property in Glendale, Ariz., that was completed early this summer. Details on the acquisition price could not be immediately gleaned.
Robert Khodadadian has long had a simple philosophy about selling real estate.The way he sees it, there are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller at the right time.Commercial Observer
Plano Legacy West Hotel Acquired by Paceline – Robert Khodadadian
Paceline Equity Partners has acquired the Renaissance Dallas at Plano Legacy West Hotel, a full-service hotel located in the Legacy West development in Dallas, TX. The new property is one of Marriott’s flagship hotels within the Renaissance brand. Paceline is teaming up with ESR Group on the transaction.
The 304-key Renaissance Dallas at Plano Legacy West was developed in 2017 in conjunction with the completion of Legacy West. Legacy West is a +$2 billion mixed-use development that includes luxury retail, upscale apartments, numerous restaurants, and Class A office buildings along a four-block strip. The property is within 1.5 miles of numerous regional corporate headquarters including J.P. Morgan, Toyota, and Dr. Pepper / Snapple. The hotel’s rooftop pool bar, and 35,000 square feet of meeting space, cater to leisure and business travelers.
Paceline’s Leigh Samson said the hotel is in a “can’t miss” community. “We also love the assumable, fixed-rate financing embedded in this transaction which allows us to hold debt in place at significantly better terms than those currently available in the market.”
The post Plano Legacy West Hotel Acquired by Paceline appeared first on Connect CRE.
Paceline Equity Partners has acquired the Renaissance Dallas at Plano Legacy West Hotel, a full-service hotel located in the Legacy West development in Dallas, TX. The new property is one of Marriott’s flagship hotels within the Renaissance brand. Paceline is teaming up with ESR Group on the transaction. The 304-key Renaissance Dallas at Plano Legacy …
The post Plano Legacy West Hotel Acquired by Paceline appeared first on Connect CRE.
Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.
robert khodadadian, skyline properties, commercial real estate, off market real estate, daniel shirazi, real estate investment, new york real estate
Woods Capital Planning Two Dallas High-Rises – Robert Khodadadian
Woods Capital is looking to build two downtown Dallas high-rises. One, a 20-story residential tower, the other an office building of a similar size.
The Dallas Morning News reports the cost for the structures will be $70 million each. The firm acquired the land for development last year. Woods hopes to complete the structures by 2026.
The office tower, The Ivy, will be 200,000 square feet and sit across from The English, the residential tower. The projects will be going up at 5115 McKinney Avenue, off Central Expressway. The corridor has received a lot of notice of late for being the site for numerous highrises. StreetLights Residential is developing another 20-story apartment building called the Galatyn. Houston developer Hines and Dallas-based Stockdale Investment Group are planning two more towers nearby, just south of Knox Street.
Woods made a splash when it acquired the 60-story Comerica Bank Tower. It plans to convert much of the office space to hotel and residential.
The post Woods Capital Planning Two Dallas High-Rises appeared first on Connect CRE.
Woods Capital is looking to build two downtown Dallas high-rises. One, a 20-story residential tower, the other an office building of a similar size. The Dallas Morning News reports the cost for the structures will be $70 million each. The firm acquired the land for development last year. Woods hopes to complete the structures by …
The post Woods Capital Planning Two Dallas High-Rises appeared first on Connect CRE.
Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.
robert khodadadian, skyline properties, commercial real estate, off market real estate, daniel shirazi, real estate investment, new york real estate
Equus Capital Gets $33M for Charlotte-Area Asset – What is a Ground Lease?
Charlotte, Industrial, Investment, News, Southeast, CBRE, Cushman & Wakefield, Equus Capital Partners, Stoltz Real Estate Partners
Carolina 85 Logistics Center. Image courtesy of Equus Capital Partners Ltd.
Stoltz Real Estate Partners has acquired Carolina 85 Logistics Center, a fully leased 300,468-square-foot distribution center in Kings Mountain, N.C. Equus Capital Partners Ltd. sold the property for $32.9 million. CBRE represented Equus in the building’s sale, while Cushman & Wakefield worked on securing tenants.
Located at 330 Woodlake Parkway, near the intersection of Woodlake Parkway and Canterbury Road, the property is close to Interstate 85. Charlotte Douglas International Airport and the Norfolk Southern Intermodal hub area are also nearby.
Completed in 2022, Carolina 85 Logistics Center is 100 percent leased to Ferguson Plumbing and Utz Quality Foods. The building features 32-foot clear heights, is located on 23.7 acres and includes 40 dock doors and 55 trailer parking spaces. Additionally, the building includes energy-efficient features such as a heat load reducing TPO white membrane roof and LED high-bay lighting.
Carolina 85 Logistics Center is another example of Charlotte’s trend toward larger industrial buildings in a fast-growing market. According to a recent CommercialEdge report, the metro had more than 16 million square feet of industrial stock under construction as of May, which represented a sizeable 5.4 percent of its current stock. CCC 85, a 290-acre commercial warehouse park with five buildings planned, is another mid- to bulk-size industrial space currently underway along the Interstate 85 corridor.
CBRE Vice Chairmen Frank Fallon, Jose Lobon, Trey Barry and Mike Hines handled the transaction for the seller.
The post Equus Capital Gets $33M for Charlotte-Area Asset appeared first on Commercial Property Executive.
The industrial building came online in 2022 and is fully leased.
The post Equus Capital Gets $33M for Charlotte-Area Asset appeared first on Commercial Property Executive. Read More Commercial Property Executive
In the simplest form, a ground lease is a long-term net lease (usually 49 years or 99 years) of land including any improvements on the said land. Assets that can be subject to a ground lease include but are not limited to, vacant land, office buildings, and large residential buildings.
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Urban Edge Properties Signs Philly-Area Tenant – What is a Ground Lease?
Brokerage, News, Northeast, Philadelphia, Retail, Metro Commercial Real Estate, Urban Edge Properties
The Plaza at Cherry Hill. Image courtesy of Urban Edge Properties
Savers has signed a lease at Urban Edge Properties’ Plaza at Cherry Hill, a nearly 422,000-square-foot retail center in Cherry Hill, N.J. The company committed to more than 25,000 square feet for its third store in Greater Philadelphia.
The deal brought the shopping center to 82 percent occupancy. Metro Commercial Real Estate‘s Rob Cooper and Shane Hart, together with Spence Mehl of RCS Real Estate Advisors, represented Urban Edge; Stephen Carrozza of Metro Commercial Real Estate worked on behalf of the tenant.
Urban Edge acquired Plaza at Cherry Hill in 2017 for $51.2 million, according to CommercialEdge data. The 1968-built shopping center is set to undergo renovations that will include upgrades to the façade, landscape and parking lot.
Total Wine & More, Aldi, LA Fitness and Raymour & Flanigan anchor the property; the former recently leased more than 43,000 square feet at the location. The super-regional Cherry Hill Mall serves as shadow-anchor.
Situated on more than 42 acres at 2100 Route 38, the shopping center is 9 miles east of downtown Philadelphia. There are roughly 43,800 households within a 3-mile radius, earning on average more than $77,000.
Urban Edge currently owns 76 retail real estate properties totaling 17.2 million square feet. Earlier this year, the REIT obtained $290 million for the refinancing of a 1 million-square-foot mall in Paramus, N.J.
The post Urban Edge Properties Signs Philly-Area Tenant appeared first on Commercial Property Executive.
The REIT acquired the asset in 2017 for more than $51 million.
The post Urban Edge Properties Signs Philly-Area Tenant appeared first on Commercial Property Executive. Read More Commercial Property Executive
In the simplest form, a ground lease is a long-term net lease (usually 49 years or 99 years) of land including any improvements on the said land. Assets that can be subject to a ground lease include but are not limited to, vacant land, office buildings, and large residential buildings.
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How a VC Firm Set Up a Biotech Incubator in an Older Manhattan Building – Robert Khodadadian
How do you squeeze a biotech incubator into a 1920s office building? With a little bit of creative engineering, it turns out.
SOSV, a venture capital firm that invests in climate and biotech startups, decided to rent the entire seventh floor at the Feil Organization’s 7 Penn Plaza to build out lab and office space for its life sciences incubator program, IndieBio. The 30,000-square-foot space includes colorful touches in the communal work areas, to balance the very white lab space enclosed by glass in the middle of the office.
The reception area features a cafe and lounge with light brown, hygge-inspired leather and wood armchairs, and an overstuffed light brown couch, arrayed on top of a rug that looks like it’s been splashed with a rainbow of colors. The lounge is rounded out by a long wooden table and black chairs, as well as suspended glass block walls — colored green, blue and white — that serve to separate the space and display the firm’s name, SOSV.
“We approached it as a blank slate that was mostly driven by conversations with the client,” said Caroline Bergin, the interior design chief at SGA Architecture who oversaw the project. “A lot of thought went into the layout, because we wanted to create a hub for collaboration. When you enter the space, you enter this cafe, a collaborative amenity area. Then it has direct views into the lab to really put science and the work scientists are doing on display.”
The other side of the lab features a more casual workspace outfitted with yellow and green beanbag chairs and blond wood tables for small group meetings. An open workstation area features long white tables, gray desk chairs, a colorful geometric carpet, and a design on the white walls that resembles a long line of red, yellow and blue particles.
To accommodate the required ventilation, SGA and the mechanical engineers from JB&B built out extra mechanical space on the seventh floor and routed the exhaust to the roof. Adam Spagnolo, CEO and partner at SGA, explained that it was faster and more cost effective to do the extra mechanical work on the same floor rather than doing it on the roof, which would require much more ductwork and cabling.
Other unique aspects of the office include a jungle-themed podcast room and an event space large enough to fit 140 people. The public gathering space has cafe-style booths with yellow bench seats, as well as orange and green couches.
Construction began in May 2022 and wrapped in January. Spagnolo noted that an accelerator workspace like IndieBio can generate up to 250,000 square feet of new office leases, as the companies leave the shared office and grow into their own spaces.
Rebecca Baird-Remba can be reached at rbairdremba@commercialobserver.com.
Read More Architecture, Channel, Design + Construction, Features, Leases, More, Office, 7 penn plaza, Adam Spagnolo, Caroline Bergin, slideshow, The Plan, New York City, Manhattan, SGA Architecture, The Feil OrganizationHow do you squeeze a biotech incubator into a 1920s office building? With a little bit of creative engineering, it turns out. SOSV, a venture capital firm that invests in climate and biotech startups, decided to rent the entire seventh floor at the Feil Organization’s 7 Penn Plaza to build out lab and office space
Robert Khodadadian has long had a simple philosophy about selling real estate.The way he sees it, there are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller at the right time.Commercial Observer
CRE Loan Distress Up 70% of Largest Metro Areas in June – Robert Khodadadian
Of the 50 largest metropolitan statistical areas (MSAs) tracked by CRED iQ, 35 markets, or 70 percent, exhibited month- over-month increases for June in the percentages of distressed commercial real estate loans.
Notable markets with the largest increases in distress included Minneapolis (plus 10.6 percent), Washington,D.C. (plus 2.5 percent), and Charlotte, N.C. (plus 2 percent). Of the markets with comparatively higher levels of CRE distress to the prior month, the average increase was approximately 61 basis points.
The sharp increase in CRE distress for the Minneapolis market further separates the MSA as an outlier for distressed commercial real estate properties. The Minneapolis MSA has the highest percentage of distressed CRE loans among the top 50 markets, equal to 33.6 percent. CRE distress in Minneapolis is nearly three times higher than Chicago (11.5 percent), which has the second-highest level of distress.
Of the 15 markets that exhibited month-over-month improvements in distressed rates, St. Louis (minus 2.7 percent) and Pittsburgh (minus 1.3 percent) had the sharpest declines. The distressed rate for the St. Louis MSA improved substantially after a $155 million mortgage secured by West County Center was modified with a two-year maturity extension. West County Center is a 743,945-square-foot regional mall in Des Peres, Mo., and its mortgage failed to pay off at maturity in December 2022. The loan was paid as part of the modification. The St. Louis MSA, and more specifically the St. Louis retail market sector, had the largest declines in distress among the markets and sectors monitored by CRED iQ.
For a more granular analysis of the top 50 markets, CRED iQ further delineated individual markets’ distressed rates by property type for a comprehensive view by market sector. The office and mixed-use sectors exhibited continued volatility, accounting for six of the 10 largest increases in distress by market sector. Washington, D.C., office (plus 10.6 percent), St. Louis office (plus 10.3 percent) and Chicago office (plus 5.6 percent) were among the market sectors with the sharpest month-over-month increases in CRE distress.
The Chicago office market sector alone had more than $450 million in newly distressed CMBS loans as of June 2023, including the special servicing transfer of a $310 million mortgage secured by River North Point, a 1.3 million-square-foot office property in Chicago’s central business district. Suburban Chicago office properties also transferred to special servicing due to credit issues: a $56 million loan secured by the 869,120-square-foot Riverway office complex and a $26 million mortgage secured by 9525 West Bryn Mawr Avenue, a 246,841-square-foot office building, both transferred to special servicing in May 2023. Both are in Rosemont, Ill.,roughly 20 miles northwest of Chicago.
The Chicago MSA is the fourth-largest office market, based on aggregate outstanding securitized debt, monitored by CRED iQ. The market sector with the highest month-over-month increase in distress was Charlotte retail, which saw its distressed rate surge to 24.5 percent of outstanding debt that is delinquent or specially serviced. A $151 million mortgage secured by 647,511 square feet of the Carolina Place Mall in Pineville, N.C., defaulted at its maturity in June and transferred to special servicing.
In summary, the Minneapolis MSA has the highest overall distressed rate — equal to 33.6 percent — and has maintained this position for over a year. Chicago (11.5 percent), Milwaukee (9.9 percent), Cleveland (9.8 percent), and Birmingham, Ala., (8.8 percent) comprise the remaining markets with the highest rates of distress. The Salt Lake City MSA (0 percent) has the lowest level of distress among the top 50 MSAs for the second consecutive month.
Marc McDevitt is a senior managing director at CRED iQ.
Read More Channel, CMBS, Finance, Marc McDevitt, National, CRED iQOf the 50 largest metropolitan statistical areas (MSAs) tracked by CRED iQ, 35 markets, or 70 percent, exhibited month- over-month increases for June in the percentages of distressed commercial real estate loans. Notable markets with the largest increases in distress included Minneapolis (plus 10.6 percent), Washington,D.C. (plus 2.5 percent), and Charlotte, N.C. (plus 2 percent).
Robert Khodadadian has long had a simple philosophy about selling real estate.The way he sees it, there are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller at the right time.Commercial Observer
Austin Filling “Unmet Need” with Affordable Rental Community Development – Robert Khodadadian
The numbers don’t lie. Austin has an unmet housing need. “Specifically an affordable housing need estimated to require the development of at least 60,000 new units affordable to households earning no more than 80% of the area median family income by 2027,” said Travis Perlman, Austin’s affordable housing coordinator
The Austin Business Journal reports the city of Austin plans to construct a 150-unit affordable housing community in the Coronado Hills neighborhood. The $40 million project will be called Cairn Point. It’s being jointly developed by the Austin Housing Finance Corp. (AHFC), Caritas of Austin and the Vecino Group.
Construction is expected to begin early this fall and could be completed by the middle of 2025. Many of the units will be discounted, depending on the median family income of the renter.
The community will be funded with help from AHFC, the American Rescue Plan Act and housing vouchers.
Vecino Construction will serve as both project and general contractor.
The post Austin Filling “Unmet Need” with Affordable Rental Community Development appeared first on Connect CRE.
The numbers don’t lie. Austin has an unmet housing need. “Specifically an affordable housing need estimated to require the development of at least 60,000 new units affordable to households earning no more than 80% of the area median family income by 2027,” said Travis Perlman, Austin’s affordable housing coordinator The Austin Business Journal reports the …
The post Austin Filling “Unmet Need” with Affordable Rental Community Development appeared first on Connect CRE.
Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.
robert khodadadian, skyline properties, commercial real estate, off market real estate, daniel shirazi, real estate investment, new york real estate
South Florida Retail Center Commands $39M – What is a Ground Lease?
Investment, Miami, News, Retail, Southeast, JLL, Regency Centers Corporation, Sterling Organization
BPS Partners FL LLC has acquired Bluffs Square Shoppes, a 123,917-square-foot shopping center in Jupiter, Fla., for $39.1 million. JLL represented the seller in the transaction, Sterling Organization. The asset was 98 percent leased when the deal closed.
The retail center last traded in 2019, when Sterling Organization, through one if its fully discretionary investment funds, acquired it for almost $26 million from Regency Centers in an off-market transaction.
Bluffs Square Shoppes came online in 1986, on a 14.7-acre site, with Publix as current anchor. Other tenants include Walgreens, Locals Surf Shop, TooJay’s Deli, CrossFit Sea Dog and Grind Juice Co. Located at 4050 US Highway 1, the retail center is adjacent to Ocean Cay Park and the Juno Beach Pier.
The area’s demographics are favorable, with an average household income of more than $150,000 within a 3-mile radius as of 2019, according to Sterling Organization. The center is situated in a submarket with a stable cash flow and has strong redevelopment capacity, said Jorge Portela in prepared remarks.
Senior Managing Director and co-lead of JLL’s Retail Capital Markets Group Danny Finkle, Senior Directors Jorge Portela and Eric Williams and Vice President Kim Flores worked on behalf of the seller in the transaction.
The post South Florida Retail Center Commands $39M appeared first on Commercial Property Executive.
The Publix-anchored property last traded in 2019.
The post South Florida Retail Center Commands $39M appeared first on Commercial Property Executive. Read More Commercial Property Executive
In the simplest form, a ground lease is a long-term net lease (usually 49 years or 99 years) of land including any improvements on the said land. Assets that can be subject to a ground lease include but are not limited to, vacant land, office buildings, and large residential buildings.
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Call for Submissions: 2023 Top Owners – What is a Ground Lease?
Current Survey, Featured, In Focus, National, News, Top CRE Owners
Calling all commercial and multifamily owners! Don’t miss out on the chance to participate in our 2023 Top Owners survey. The information you provide will be used to determine which firms have the best-owned property portfolios.
The resulting list will be published in our November 2023 issues of Commercial Property Executive and Multi-Housing News, posted to our Research Center, and widely distributed on social media and via our newsletters.
The deadline for submission is Thursday, Aug. 17.
For additional information about this or future surveys and rankings, please contact Agota Felhazi at Agota.Felhazi@cpe-mhn.com.
The post Call for Submissions: 2023 Top Owners appeared first on Commercial Property Executive.
Don’t miss out on the chance to participate in the 2023 Top Owners survey.
The post Call for Submissions: 2023 Top Owners appeared first on Commercial Property Executive. Read More Commercial Property Executive
In the simplest form, a ground lease is a long-term net lease (usually 49 years or 99 years) of land including any improvements on the said land. Assets that can be subject to a ground lease include but are not limited to, vacant land, office buildings, and large residential buildings.
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CP Group Plans Flexible Office Suites – What is a Ground Lease?
Atlanta, Development, Miami, News, Office, Southeast, CP Group, Gensler
CP Group, of Boca Raton, Fla., plans to complete 340,000 square feet of its “worCPlaces” brand flexible office suites this year, the company announced on Monday, July 17.
Designed in collaboration with Gensler, the worCPlaces program was launched in late 2021, in response to market demand during the pandemic for flexible, modern workspaces.
The brand consists of three types of spaces designed to meet the needs of both small to medium-size tenants and enterprise-level businesses.
Cowork Places, scalable coworking office space for small, growing teams
Flex Places, individual suites with shared amenities, intended for high-growth companies
Spec Places, traditional move-in-ready pre-built office suites
Tenants today urgently need customizable yet turnkey work environments that are fully amenitized for their staff, Brendan McGee, director of worCPlaces at CP Group, said in a prepared statement.
READ ALSO: Remote Work Shapes Office Sector
All worCPlaces suites offer flexible lease terms of two to 10 years. Tenants can have personalized company branding on their suite entrance, as well as hybrid meeting spaces, flexible workstations, dedicated break and copy/storage space, enterprise grade-internet and printing, and other in-suite amenities designed for flexibility and easy move-ins.
CP Group is underway on multiple worCPlaces offerings, all scheduled for delivery this year or early next year.
Paces West in Atlanta offers seven Spec Places ranging from 3,000 to 7,000 square feet delivering next month, with two preleased.
Bank of America Plaza in Atlanta is near completion on 100,000 square feet of Spec Places, totaling 13 suites of 4,000 to 25,000 square feet, two of which are preleased.
5600 Glenridge in Atlanta will have a full floor of Spec Places ranging from 3,000 to 4,000 square feet to be delivered by the end of the summer; one is preleased.
Two Town Center in Boca Raton, Fla., has already leased up a full floor (of five spec suites) before its completion, recently completed another full floor of spec suites ranging from 1,700 to 3,200 square feet, and plans to build out another one or two floors of Spec Places by the end of this year.
Boca Raton Innovation Campus in Boca Raton is underway on more than 30,000 square feet of Spec Places ranging from 1,700 to 3,200 square feet, as well as 16,000 square feet of Flex Places, to be delivered by 2024.
More choices
Before and through the pandemic, alongside the uncertainties of hybrid work, the coworking sector continues to expand, both in terms of total space offerings and the number of players, which include some of the commercial real estate industry’s most established companies.
The offerings have also become more sophisticated. For example, Sarah Travers, CEO of Boston-based Workbar, described different “neighborhoods” within a coworking space. A study neighborhood mimics a library, while a commons neighborhood is geared toward team collaboration.
The post CP Group Plans Flexible Office Suites appeared first on Commercial Property Executive.
Atlanta and Boca Raton, Fla., will soon see the completion of more than 300,000 square feet of space operating under the company’s worCPlaces brand.
The post CP Group Plans Flexible Office Suites appeared first on Commercial Property Executive. Read More Commercial Property Executive
In the simplest form, a ground lease is a long-term net lease (usually 49 years or 99 years) of land including any improvements on the said land. Assets that can be subject to a ground lease include but are not limited to, vacant land, office buildings, and large residential buildings.
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Can Cold Storage Keep Its Cool This Summer? – What is a Ground Lease?
Featured, Industrial, Investment, National, News, Americold, CBRE, Lineage Logistics, Newmark
The cold storage segment, a small but growing niche within the broader industrial sector of commercial real estate, has seen substantial growth since the pandemic and industry experts expect that to continue, driven by increasing demand and need for temperature-controlled storage and transportation of food, pharmaceuticals and chemicals.
Commercial Property Executive took a closer look at this market, focusing mainly on food storage and transportation, and found investor interest in cold storage began climbing as e-commerce started surging, particularly during the COVID-19 crisis. Trends in the food supply business that began pre-pandemic, such as the rise of meal prep kits and grocery home delivery services, took off during the pandemic.
A June 2022 CBRE research report on the cold storage sector stated e-commerce’s share of total grocery sales in the U.S. was expected to rise from 13 percent in 2021 to 21.5 percent by 2025. According to CBRE, there was approximately 225 million square feet of U.S. cold storage real estate in 2022. Citing USDA figures, CBRE reported there was about 3.7 billion cubic feet of gross refrigerated storage capacity, up 2.2 percent from 2020.
A March 2023 Newmark report stated national cold storage development hit an all-time high of 9.8 million square feet—an estimated 216.2 million cubic feet—by the end of 2022. Between 2013 and 2020, annual average growth had been 2.2 percent. By comparison, the overall number of cold storage facilities jumped 8.6 percent from 2020 to 2021 and an additional 7.5 percent from 2021 to the first half of 2022, according to Newmark.
David Sours, Senior Vice President of National Food Facilities Group, CBRE. Image courtesy of CBRE
David Sours, senior vice president of CBRE’s National Food Facilities Group, told CPE cold storage building deliveries soared during the pandemic, with a 46 percent increase in 2021 over 2020 and a 93 percent year-over-year increase in 2022.
“It certainly helped the growth trajectory pretty dramatically,” Stephen Levine, executive managing director, industrial & logistics at Newmark, said of the spike in e-commerce in recent years and how it’s boosted demand for more cold storage development and attracted more investors.
READ ALSO: Nearshoring Is Boosting Supply Chain Resilience
West Hutchison, president & CEO of Vertical Cold Storage, a growing company that develops and operates cold storage and logistics solutions across the U.S., agreed.
“Vertical Cold Storage was formed prior to the pandemic, but yes, COVID-19 accelerated some of the trends in the marketplace that we see demand for, like e-commerce, meal kits and pharmaceuticals,” Hutchison told CPE.
Sponsored by real estate investment firm Platform Ventures, Vertical Cold Storage operates seven distribution centers with a total of more than 2 million square feet of warehouse space. In late May, the company acquired MWCold, operator of two temperature-controlled warehouses totaling about 545,000 square feet in the Indianapolis area.
The largest of the two assets is a two-story, 390,000-square-foot cold storage facility built in 1956 on a 13.3-acre site that features blast freezing, export services and quick thaw. The multi-modal site has 33,000 pallet positions and 46 dock doors and is served by CSX and Norfolk Southern railroads. The 159,000-square-foot Pendleton, Ind., warehouse has 19,600 pallet positions and 15 dock doors and can handle multiple temperature zones down to -20°F. The locations of the two facilities enable two day or less service to 75 percent of U.S. and Canadian populations.
Noting the company is both acquiring and building greenfield cold storage facilities, Hutchison said, “We are in active negotiations for additional acquisitions and are in various stages of planning for several greenfield and expansion projects.”
Stephen Levine, Executive Managing Director, Industrial & Logistics, Newmark. Image courtesy of Newmark
He said plans for two ground-up facilities will be announced soon and both are expected to be operating within two years. Hutchison did not say where those assets would be built but the company has properties in Florida, North Carolina, Nebraska, Indiana and Texas. The January 2022 acquisition of Lone Star Cold Storage marked the firm’s entry into one of the nation’s key logistics markets, Dallas-Fort Worth. Lone Star Cold Storage owned one property in Richardson, Texas, a 227,331-square-foot warehouse with 5.6 million cubic feet of storage, 17,982 pallet positions and 40 dock doors. The facility has seven multi-temperature rooms from -20 to 45 degrees with services including blast freezing and case picking.
“We like the current markets we are in and are actively looking to continue growing in these markets as well as others throughout North America, whether that is in traditional major markets, growing markets that have been traditionally viewed as secondary, or even remote locations if a customer needs production support,” Hutchison told CPE.
Growing markets in cold storage
Lisa DeNight, national industrial research managing director at Newmark, said Dallas and Houston by far grew their cold storage inventories the most over the past five years.
Lisa DeNight, National Industrial Research Managing Director, Newmark. Image courtesy of Newmark
“It surpassed the New Jersey/New York/ Philadelphia greater statistical area,” she noted, adding that the Dallas-Fort Worth metro “is poised to surpass that larger market in terms of cold storage inventory by year end.”
Amanda Ortiz, industrial & logistics research director at CBRE, agreed.
“Dallas-Fort Worth is the mecca for this kind of activity right now. They check a lot of those boxes [like land and labor availability] so that’s why there’s so much more development and cold storage happening there,” Ortiz said.
A list of the nation’s top 10 cold storage markets by capacity in Newmark’s March 2023 Industrial Insight report shows major increases in both Dallas and Houston, as well as Atlanta and Miami. In fact, seven of the top 10 cold storage markets are in Sun Belt states, six of which have seen the largest increases in cold storage inventory since 2017, with an average of 26.4 percent increase in inventory, according to Newmark.
Amanda Ortiz, Industrial & Logistics Research Director, CBRE. Image courtesy of CBRE
These figures mirror broader warehouse/distribution trends in these states, which have seen an average 4.8 percent population growth over the same period, Newmark reports. For example, the New York-Philadelphia market, currently the top U.S. cold storage market with about 19 million square feet of space as of 2022, saw a 5.7 percent increase in capacity during the 2017 to 2022 period while number 2, Dallas, with 16.8 million square feet of space in 2022, had seen a jump of 49.3 percent during the same stretch. Atlanta, number 5 on the list with 10.5 million square feet, increased 22.2 percent; Houston, number 8 on the list with 7.3 million square feet, had a 54 percent increase and Miami, taking the number 10 spot with 5 million square feet, saw a 16.8 percent increase in capacity.
“DFW as a whole is one of the largest industrial markets in the country, ranking in the top three. They’ve got land everywhere and you can reach a tremendous amount of population in a very short amount of time. And its proximity to Mexico and other ports makes it a supremely important logistical hub,” said Levine.
DeNight noted that while the ambient warehouse market has seen a significant decline in new construction this year, down 30 percent in the first quarter of 2023, new cold storage development “has remained incredibly stable at maybe 9.6 million square feet.”
Looking ahead to future development, DeNight pointed to a late June announcement from Americold Realty Trust, a global operator of approximately 250 temperature-controlled warehouses, and Canadian Pacific Kansas City rail network that they were planning on locating cold storage facilities along the railway from the U.S. Midwest to Mexico as part of a larger plan to expand intermodal transportation options for cold storage products. The first facility will be built in Kansas City, Mo., and will link Chicago to stops in Mexico. The temperature-controlled service will focus on shipping U.S.-produced meat to Mexico and Mexican produce to the U.S. as well as streamlining border crossing procedures. CPKC has already increased its fleet of refrigerated containers ahead of the collaboration.
DeNight said this kind of cross-border direct rail link is an example of shifts in the amount of perishable goods that will be coming across the borders and will be a “demand driver for the next five to 10 to many years in the future.”
Even with the uptick the cold storage sector has seen in recent years, new deliveries are beginning to slow from those pandemic-year highs. At the end of the first half of 2023, Sours said there has been about a 7 percent increase in deliveries. With a few more projects expected before the year is over, he expects the overall increase will be about 10 to 12 percent year-over-year from 2022.
“It’s still growth but it is slowing,” Sours said.
Both Levine and Sours said economic conditions in the past year, particularly the rising interest rate environment, inflation and capital markets crunch, have played a role in deal slowdowns in this sector as well as in the broader commercial real estate market.
Investor interest in cold storage increases
But investors continue to be attracted to the cold sector niche. While it previously had been seen as very risky, it suddenly had a broader appeal.
“It’s become a bit of a darling within industrial,” Sours said.
CBRE’s “2022 U.S. Investors Intention Survey” found nearly 40 percent of respondents said they were pursuing cold storage assets in 2022, up from 22 percent in 2021 and 7 percent in 2019. The CBRE June 2022 research report, “Cold Storage Demand Grows Amid Tailwinds,” found investors were attracted to the market because of its growth prospects and higher yields compared to the traditional warehouse sector. At that time, robust demand had driven the cap rate spread between cold storage and dry warehouses to as low as 50 basis points, according to the CBRE report.
Levine said investment interest came from institutional investors, private equity, family office investors, food companies “and everybody in between.” Some, he said, have been more successful than others.
There has also been a lot of industry consolidation particularly with the large, global public refrigerated warehouse companies like Americold and Lineage Logistics, which account for approximately 70 percent of the North American total cold storage space. United States Cold Storage controls about 10 percent followed by other companies that are also looking to expand organically and via acquisitions.
But as both Sours and Levine noted, cold storage development is still considered a risky investment, particularly in the current interest rate environment. The Newmark report noted there are significant challenges, particularly when developing speculative cold storage facilities. Challenges include specialized costly construction, which are at least twice the cost per square foot of traditional warehouses; high operating costs; unique tenant requirements and inflexibility for potential future conversion because much of the demand is client specific.
Some of the spec properties that were most recently built are still sitting empty, possibly because the developers built larger assets than the market could handle or because tenants had specialized needs that weren’t met by the spec facilities.
Another challenge is aging inventory and the need for modernization, said DeNight. According to Newmark, the average age of cold storage facilities in the top U.S. markets is 37 years. In California, the stock is 49 years old on average, DeNight said.
The post Can Cold Storage Keep Its Cool This Summer? appeared first on Commercial Property Executive.
Despite headwinds, this soaring niche continues to attract an increasing number of investors.
The post Can Cold Storage Keep Its Cool This Summer? appeared first on Commercial Property Executive. Read More Commercial Property Executive
In the simplest form, a ground lease is a long-term net lease (usually 49 years or 99 years) of land including any improvements on the said land. Assets that can be subject to a ground lease include but are not limited to, vacant land, office buildings, and large residential buildings.
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Proptech Beelines for Federal Funds to Retrofit Government Properties – Robert Khodadadian
The federal government will attempt to clean up its own carbon emissions act using nearly $1 billion from the Inflation Reduction Act (IRA), and proptech companies will be part of the pilot program that hopes to get the job done.
In June, the federal General Services Administration (GSA) announced plans to allocate $975 million in IRA funding to use emerging and sustainable technologies to upgrade federal buildings across the country. Plans include spending up to $13.5 million for clean energy technologies to lower energy costs and reduce carbon emissions, establishing an ambitious path to achieve net-zero emissions from federal buildings by 2045, according to the government.
By leveraging IRA funds, GSA expects to more than double the $975 million investment in sustainable technologies, deploying a total of $1.9 billion in private and public funding to support sustainable technologies.
The IRA funds will impact about 40 million square feet — roughly 20 percent — of the federal portfolio that the GSA manages and expand the agency’s sustainable building portfolio to 134 million square feet. Through these projects, 28 buildings are targeted to achieve net-zero emissions, with 100 more buildings becoming all-electric, adding to approximately 200 that are already all-electric.
“Probably the most important message is this is a good thing,” said Greg Smithies, partner and co-head of climate investing at Fifth Wall, a Los Angeles-based proptech venture capital firm. “It is a lot of money, and then through IRA and other incentives they’re expecting it could be roughly double that amount of money.
“However, I’d like to temper that a little bit by saying it’s probably going to take us $18 trillion to decarbonize our real estate industry. So we do need to put it into perspective. Two billion dollars is a lot of money, but it’s scratching the surface.”
The government has chosen the right path in its overall decarbonization plan by selecting a smaller number of buildings and trying to get them down to net zero while fully electrifying them, said Smithies.
“The reason why this is, from our point of view, much more important is that it means this money is going to be bringing a lot of the more complicated and difficult technologies down the cost curve for other people,” he said. “No one other than the government is in a position to be able to do so. It’s going to help some of those technologies that aren’t technologically or financially viable for the rest of the market to get there with the government installing them now.”
One proptech company that is looking to work with the GSA in the federal buildings decarbonization plans is Kelvin (formerly Radiator Labs), a Brooklyn-based proptech company that has deployed more than 15,000 energy-efficient systems to decarbonize older buildings throughout the U.S., including for Department of Energy pilot sites and the New York City Department of Education.
Kelvin operates in schools, apartment buildings and public housing complexes to reduce heating costs by as much as 45 percent. It also enables 80 percent decarbonization for 80 percent less than full-building electrification would cost, according to the company.
“I have a lot of love for the name Radiator Labs, but it shoehorned us into a very specific box with a lot of investors and customers,” said Marshall Cox, co-founder and CEO at Kelvin.
The early 2023 rebranding to Kelvin came about as part of the company’s $30 million Series A raise in May, said Cox.
“Part of this raise was an expansion of our vision and capability,” Cox said. “We’re moving aggressively into decarbonization as a whole, and, in particular, this idea of resource-efficient decarbonization made possible by hybrid electrification, which uses commodity heat pumps to electrify the majority of space heating, and then falling back on the legacy heating system when it gets really cold outside.”
Kelvin’s thermostatic radiator enclosures (called Cozys), heat pumps, and thermal batteries are being evaluated by the GSA for its decarbonization pilots program, he said.
Along with the other proptech companies being considered, Kelvin does not yet know how much funding it will receive.
“They [GSA] actually said this program is to use technologies that are early stage and really kind of not yet proven,” said Smithies. “They said let’s go and find all the gaps in decarbonizing a building that existing technologies do not solve, ignore the ones that we can solve, and only focus on the ones that we cannot currently solve. Then identify early stage technologies that we think might be able to solve them. But it means you’re going to have to pilot these things.”
In that regard, Kelvin’s heat pumps are a major component of its business, as well as a focus of retrofitting buildings such as the ones the GSA is addressing through its pilots.
“An air window air conditioner is a heat pump, but it doesn’t have a reversing valve,” said Cox. “So, if you imagine taking your air conditioner and literally turning it around in a window, it would heat your apartment. A heat pump is the same basic technology, but it’s able to flick a switch and provide heat instead of cooling in the winter. And, of course, it still provides cooling. You don’t lose that capacity.”
The improved efficiency, cost savings and carbon reduction from such technology is significant, he added.
“What we’re doing with hybrid electrification involves all these buildings that have radiators, either steam or hot water,” said Cox. “Those distribution systems are relatively inefficient, just by virtue of how those systems work. Electrification for this building segment is very tough, not because heat pumps are expensive, but because implementing them in a building without ductwork is dramatically expensive and often inconvenient for tenants.”
As an example, Cox said that New York University has a dormitory that is the only fully electrified building in New York City right now. However, the transition was so difficult structurally that NYU had to vacate the building for more than two years to make the change.
Kelvin hopes to impress the GSA and consumers that its technology suite of products can make the electrification transformation process quicker and less expensive.
“Even though the heat pump you can buy at Home Depot can do about 75 or 80 percent of the heating for the entire winter in a place like New York City, it’s that last 20 percent that requires these cold climate heat pump systems,” said Cox.
“Our perspective is let’s decarbonize 80 percent of our heating load easily with these systems, and then let’s have a backup system for really cool days when another kind of heat pump wouldn’t be efficient. So we deploy a slightly modified heat pump and have our Cozy system that maximizes the building’s backup heating system. We control whether the system is working off high-efficiency electric or gas, as the winter weather requires. That gets us to about 75 percent decarbonization for 5 to 10 percent of the implementation cost.”
Overall, even before the new funding was announced, the GSA had been proactive in getting proptech industry input through its Green Proving Ground (GPG) program in partnership with the U.S. Department of Energy, said Jennifer Place, a principal with the climate tech team at Fifth Wall.
“We’ve been involved generally with the GSA and the Green Proving Ground, which has been going on for a number of years,” said Place. “But I think the inflation Reduction Act and the fact that there’s now a bigger focus on decarbonization on climate really accelerated the engagement there over the course of the last year.”
Fifth Wall is part of a broader coalition working with the GSA to identify some of the key challenges and opportunities, given the VC firm’s more than 100 corporate partners across the real estate asset class, Place said.
“I think from our perspective, we brought quite a unique point of view, especially as we are canvassing largely the earlier stage startup ecosystem in the space and being able to see around the corner of what is coming in terms of the technology,” Place said. “I don’t think many people realize that the GSA actually manages the largest real estate portfolio in the country. They’ve got thousands of federal buildings that account for roughly 370 million square feet. So that effectively makes them the country’s largest landlord. They also manage one of the largest fleets in the country with over 240,000 vehicles.”
Areas of discussion that emerged from the conversations between GSA and real estate industry members at the table included addressing the issues of embodied carbon in building materials, specifically concrete. Another issue concerns the ability to closely track in real time how the technologies being adopted affect a building’s energy consumption and emissions.
“So not only to be able to do that in a vacuum, but also when stacking different technologies as part of this program,” Place added. “For the first time, the GSA has integrated carbon-tracking software into its program. This is one of the areas where we’re incredibly excited that they’ve decided to partner with two of our portfolio companies, nZero and Cambio.”
The question of whether the GSA’s funding is a watershed for proptech innovation remains up in the air.
“I don’t know if this is the tipping point,” said Kelvin’s Cox. “They’ve been doing this for a while and focusing on decarbonization increasingly over time. Now there is a lot more motivation and focus on decarbonization as a whole, particularly with the increased funding which allowed them to award more technologies this year. So I think it could be considered a big point in funding decarbonization, but it’s been building for a while.”
Philip Russo can be reached at prusso@commercialobserver.com.
Read More Channel, Design + Construction, Features, IMPACT, Infrastructure, More, Politics & Real Estate, Sustainability and Climate Action, Technology, greg smithies, Marshall Cox, proptech, proptech insider, National, Washington DC, Fifth Wall, KelvinThe federal government will attempt to clean up its own carbon emissions act using nearly $1 billion from the Inflation Reduction Act (IRA), and proptech companies will be part of the pilot program that hopes to get the job done. In June, the federal General Services Administration (GSA) announced plans to allocate $975 million in
Robert Khodadadian has long had a simple philosophy about selling real estate.The way he sees it, there are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller at the right time.Commercial Observer
New York Congressman Dan Goldman On Affordable Housing, the Migrant Crisis and More – Robert Khodadadian
Last summer, Dan Goldman edged ahead of a crowded field of candidates that included a congressman, two state lawmakers and a former mayor to win the Democratic primary for a newly configured U.S. House seat in Manhattan and Brooklyn.
Goldman had plenty of experience in Congress already. He was a staff investigator with the House Intelligence Committee, and his work as lead counsel for President Donald Trump’s first impeachment inquiry made him a rising star in Democratic circles. (He was the one who didn’t carry his papers in a Fresh Market tote bag.)
Since then, Goldman has gotten up to speed on an array of issues, including congestion pricing, the Brooklyn Queens Expressway, the asylum seeker crisis, and repairs for public housing properties.
Commercial Observer caught up with Goldman on July 13 after he finished a hastily scheduled House Oversight Committee hearing and two Homeland Security Committee hearings in Washington, D.C.
This interview has been edited for length and clarity.
Commercial Observer: What should the House Oversight Committee be focusing on instead of the Biden family?
Dan Goldman: Well, I think we should be focusing as one example on Louis DeJoy and the Postal Service and making sure that our agencies are running appropriately. Oversight is an important part of Congress’s job. The fact that we’ve had three different hearings on the District of Columbia, a city of 700,000 people, is a complete waste of time and reflects the unserious nature of the Republican leadership on the committee.
How do you work with Republican Congress members with a far different view of the world?
I make a point of making an extra effort to get to know my Republican colleagues even if I disagree with them on a number of things. What’s important for any member of Congress is to keep your eye on the ultimate goal, which is to improve the lives of the American people. And working in a bipartisan way is the best way to achieve that.
What I’m trying to do is push back on the extremism that’s so prevalent in the Republican Party but also look for opportunities to work in a bipartisan way, even with members of the Republican Party that I disagree with on almost everything. That doesn’t mean we can’t work together on the few things that we agree on.
Has Hakeem Jeffries, the House Democrats’ leader, given you any advice?
I was very lucky to have an opportunity to work with him on the first impeachment when he was an impeachment manager on the Senate trial.
We are very lucky to have him as our leader. He’s done a fantastic job. There’s no one better at distilling the messages that convey to the American people what we are doing as Democrats and why we are different than Republicans — why we are focused on improving the lives of all Americans as opposed to the top 1 percent that Republicans are focused on.
You’ve represented Lower Manhattan and a lot of Brooklyn for six months now. What’s the issue that constituents bring up to you most frequently?
It varies based on the context. There is a housing crisis in New York City at every point on the economic spectrum, from public housing to affordable housing to market-rate housing. We are in desperate need of more housing.
There’s a tremendous need for infrastructure improvements. We’re very proud to benefit from and implement the $1.2 trillion bipartisan infrastructure bill, a good portion of which is coming to New York to help with everything from the Gateway Tunnel to renovating the BQE to improving access to subways to improving safety for bikers and pedestrians. And then there’s a lot of work regarding environmental justice and resiliency.
One issue that has emerged is the arrival of so many migrants that have recently come to America trying to escape horrific and gang-infested regimes in the Northern Triangle especially. We’re trying to make sure they receive the necessary services and support that everyone pursuing the American dream deserves. We’re trying to figure out a way for many of them to get expedited work authorizations, which is something I’ve heard repeatedly from the business community because there is such a demand for labor that is not being filled by people who have been here.
Mayor Eric Adams and other city officials have come down to ask for more federal funding for migrants. He estimated the city could spend $4.3 billion on the crisis. Do you know when we’ll see the dollars they need?
There’s currently nowhere near that money available in applicable programs in reimbursement. I am on the Homeland Security Committee. The program available for reimbursement for those expenses is the shelter and services program with FEMA. That program provided $100 million to the city in June. It’s only an $800 million program that has to be divided up around the country. So it’s not enough.
The other thing that I have been pushing for is an emergency declaration, requested by the governor and approved by the Biden administration, which would allow federal land to be used to create shelters and that would alleviate the city from having to pay for that.
Part of the reason work authorizations are so important is that it would allow workers to earn money, move out of shelters into their own homes, and become a vibrant part of the economy — which is essential to eliminating the city’s expense as well.
This sounds like a funding issue that won’t get passed in a Republican-controlled House.
That additional appropriation would be very difficult to do, if not impossible, in a Republican-controlled House.
There has been a spate of hate crimes against Asian Americans and Jewish residents that has intensified since the pandemic. What is your office doing to address these patterns of violence?
My district has a large AAPI community, including historic Chinatown in Manhattan and growing Chinatown in Sunset Park as well as a large Jewish population, and a large LGBTQIA+ population. All three of those groups have all seen significant rises in hate crimes.
I am a member of the bipartisan task force for combating anti-Semitism. I have been very active in condemning the rise in anti-Semitism as well as promoting all the good deeds that the Jewish community has done, and does routinely and regularly as part of our society. We have been making sure nonprofit security grants, a relatively new program that was increased in the last appropriations bill, gets to places of worship so that they are protected.
There are a number of things we’re doing in conjunction with the city and state. Gov. Hochul recently apportioned $50 million to combat hate in communities around the state. I was at a bill signing on Monday for a law that would require educational institutions to document hate crime incidents so we can get a better understanding of what’s going on.
We need to educate, we need to engage, and we also need to make sure we are punishing those who commit hate crimes, including with a sentencing enhancement if a crime is committed with a discriminatory motive.
Do you support congestion pricing?
I’m a strong supporter of congestion pricing. It’s something that we need to do not only to reduce congestion in Manhattan but to also significantly reduce greenhouse gases and pollution to make sure we have the necessary funds to invest in, electrify and modernize our public transportation. It has proven to be incredibly beneficial in other cities around the world, including London, which saw a reduction of traffic in the city’s central business district by 30 percent and allowed for significantly more green space to be created because of that.
What do you say to constituents who are worried people will park in Dumbo or Brooklyn Heights, where spaces are scarce, and take the train into the city?
I have not heard very many complaints at all from the Brooklyn portion of my district that is not in the central business district. That is because Brooklynites are very proudly politically engaged and very much care about our environment. They recognize that the benefits of congestion pricing far outweigh the initial difficulties that may have to be worked out.
What are the complaints on the Manhattan side?
The concerns on the Manhattan side that I’ve heard come from Chinatown and the Lower East Side areas, where residents cannot easily afford the tolls if they leave the central business district and then come back. And there are broader concerns about potential impacts on small businesses.
We are in the process of going around to all the communities in our district on a listening tour about congestion pricing so we can have a discussion with the Metropolitan Transportation Authority, Traffic Mobility Review Board, and the city more broadly to figure out how we make sure this is implemented equitably and does not harm small business owners and less affluent members of our communities.
Some of your colleagues across the Hudson are opposed to congestion pricing. Have you had any conversations with them about why you think it’s necessary?
Yes, we’ve had conversations. The point I consistently make to them is that the majority of commuters from New Jersey commute by public transportation. So, if public transportation is improved in New York City, that helps the majority of their constituents.
I’ve also noted to them that their constituents very much benefit from what New York City has to offer, yet they don’t pay taxes in New York. So this is not at all some kind of discriminatory tax system on those who commute from New Jersey to New York City and get all the benefits that New York City has to offer.
How do you get to Washington? Do you drive, take Amtrak, or fly?
I do a little train and I do a little flying.
Can you do anything to get Amtrak’s prices lower and make it run faster?
I’m not on the T&I [Transportation and Infrastructure] Committee, but I do think something we need to turn to next is high-speed rail. The U.S. is very far behind our European and Asian allies whose technology systems are far more advanced than ours. It would be a tremendous benefit not only to the Washington-to-Boston corridor but the entire economy of the U.S. if we could get high-speed rail going.
Rep. Jerrold Nadler had long advocated for a cross-harbor freight tunnel between New Jersey and South Brooklyn. Do you support it?
Broadly, I do support it. I think it will take a very long time. It’s not something that we can just sit around and wait for.
We are very focused on identifying alternative means of transportation for goods and services like using waterways in a more robust way and trying to figure out how to streamline how much we need trucks to be transporting our goods. That is very important for the environment, especially in environmental justice communities like Red Hook and Sunset Park, where asthma rates are significantly higher and where a lot of last-mile pollution that comes from warehouses there does not help.
We are looking to work with the city and state on the Red Hook Cruise Terminal area to see if we can both improve opportunities to use the terminal for the delivery of goods by water and reduce the use of larger trucks in that neighborhood.
The Brooklyn Queens Expressway under the Brooklyn Heights promenade is deteriorating. What’s the best way to replace it?
This is a project that is long overdue, and I give a lot of credit to Mayor Adams and his administration for aggressively moving forward to actually get it done. There is no question the triple cantilever needs to be addressed. This is really an opportunity to holistically reimagine infrastructure in the city at large.
The BQE is the most trafficked highway in the state of New York. We have to not only address the triple cantilever but make sure the communities to the north and the south, which are most impacted by environmental justice issues, do not bear the brunt of the renovation of the BQE.
We are working to reimagine how transportation can work, provide means for transportation to reduce traffic, and utilize areas around the expressway for more productive purposes, especially because, as it cuts through Brooklyn in the south, it separates communities. We ought to be thinking more boldly in terms of how we can restructure the expressway to allow for more public space and more green space and more connections between.
Should there be three lanes in each direction, as City Hall is exploring?
No. What we need to be focusing on is figuring out a way of narrowing this down to two lanes. The data is pretty clear that it incentivizes people to take alternative means of transportation. We also, by doing that, need to correct for and incentivize a reduction of the use of the BQE so that traffic is not unbearable. There are a number of things that could happen to deter large 18-wheelers from using the expressway and also make sure we are promoting and improving public transportation.
Should it be torn down entirely or buried underground?
That’s very much on the table. We have a working group of local and state people, and me and my office, that meets biweekly and monthly with the mayor’s office to discuss progress. There’s been a lot of community engagement to figure out what the best pathway is.
But, yes, we need to be thinking about trying to use this opportunity to efficiently run a highway through a very populated area while also creating an area for more public space and green space. Lowering and putting the BQE through the Brooklyn Heights area and other areas as we go forward can allow for some decking and the creation of usable green space, which would be a great outcome.
The New York City Housing Authority (NYCHA) needs $78 billion to repair its properties after the latest federal required assessment. Where is Congress going to find the money for that?
The problem with these NYCHA developments is that essential capital improvements have been continually kicked down the road, which means they become more and more expensive the longer they go without.
With Republicans in control, they have no interest in helping to fund public housing. So we’re trying to be creative to focus on different ways to get some funding. We’ve asked HUD to allow NYCHA to get all the benefits of their bulk-rate negotiations of utilities, which could add about $15 million to the budget. We are looking at using the Inflation Reduction Act incentives, subsidies and rebates to see if there are ways of using those funds to improve and modernize NYCHA systems.
A federal monitor said the city should be held in contempt for its management of Rikers Island. Should the federal government take control of the jail?
I think we’re getting right up to about that time. The continuation of completely unacceptable conditions and gross abuses at Rikers simply has not been adequately corrected by the Department of Corrections and the city. It is unacceptable. If it is not improving as the federal monitor has indicated, then we should move toward federal receivership.
How do you think Mayor Adams has been doing so far managing the city?
One of the clear directives that the mayor has given to all of those working in his administration is a mandate to get things done, and to figure out a way to get to yes.
I am very appreciative of that can-do attitude and that effort to make sure we are doing everything we can to address the problems of the city and improve them. He should be commended for that. I also think he and his administration should be really praised for their efforts and abilities to deal with this migrant crisis. I toured one of the HERCs [humanitarian emergency response and relief centers] in Brooklyn several months ago. I recently went to the arrival station at the Roosevelt Hotel. I have seen firsthand the heroic work the city has been doing, including NYC Health and Hospitals and the emergency management agency in operating it. It is a yeoman’s task that they are doing day and night, seven days a week, to make sure we are providing adequate support for migrants.
We notice you’ve introduced bagels to your carb-starved colleagues. What are your favorite bagel places? Please rank them in order of deliciousness.
Oh, come on. The first lesson in politics is you never choose among your children. You will not get me to rank any favorites. My district is blessed to be the home of the best bagels in the world.
And I’ve been very excited to introduce many of my colleagues to such outstanding bagels. It’s been really nice to have an opportunity to have lighter conversations with members of Congress on both sides of the aisle. We don’t get a lot of opportunities to mingle and socialize in a more relaxed atmosphere. So the bagel caucus has helped provide a forum for that. We’re excited to bring the best of New York City and the best of the world to Washington, and help facilitate friendship and conversation.
We have a list on our website. We’ve probably had bagels from almost a dozen shops around the district.
Should Congress members wear Nike Air Jordans or rubber-soled loafers at the office?
Yes. People should be allowed to wear shoes of their choice. Especially when we’re in Washington, we’ve got long days and we put in a lot of steps. I fully support comfortable shoes. I have a few pairs of hybrid loafer sneakers and I am a member of the sneaker caucus as well. I think it’s been a great addition to the Congress.
Read More Channel, Design + Construction, Development, Equitable Community Development, Features, IMPACT, Industry, Infrastructure, More, Politics & Real Estate, Transportation, Brooklyn Queens Expressway, Dan Goldman, Eric Adams, Kathy Hochul, New York City Housing Authority, National, New York, New York CityLast summer, Dan Goldman edged ahead of a crowded field of candidates that included a congressman, two state lawmakers and a former mayor to win the Democratic primary for a newly configured U.S. House seat in Manhattan and Brooklyn. Goldman had plenty of experience in Congress already. He was a staff investigator with the House
Robert Khodadadian has long had a simple philosophy about selling real estate.The way he sees it, there are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller at the right time.Commercial Observer
Austin Veterans Affairs Clinic Trades for $142M – What is a Ground Lease?
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Boyd Watterson Asset Management has acquired a 272,636-square-foot outpatient clinic in Austin, Texas, CommercialEdge data shows. Healthcare Property Advisors sold the asset for $142 million and was represented by CBRE in closing the transaction. U.S. Department of Veterans Affairs is operating the property.
According to CommercialEdge, the facility last traded in 2016, when Healthcare Property Advisors purchased the clinic from Cullinan Properties with the help of a $121.5 million acquisition loan by Wells Fargo Bank.
The Class A building rises two stories on 35 acres and came online in 2013. The property features 138,000-square-foot floorplates, five passenger elevators, controlled access and offers 1,238 parking spaces.
At the time of its construction, the facility was the largest freestanding medical clinic serving veterans in the metro. The clinic provides medical services such as physical therapy, radiation treatments, prosthetic replacements, cardiology, neurology and mental health counseling.
Located at 7901 Metropolis Drive, the property is near the Austin-Bergstrom International Airport and 7 miles southeast of downtown Austin. Other medical providers in the surrounding area include D&A Medical Center in Austin, Nova Medical Centers, Next Door Health and Central Texas Allied Health Institute.
The CBRE team representing the seller included Vice Chairman and Managing Director Will Pike, Vice Chairman Lee Asher, Executive Vice President Brian Pfohl, Investment Sales Director Cyrus Felfeli and First Vice President Jordan Selbiger.
Over a 12-month period ending in July, 10 medical office buildings changed hands in the Austin market, totaling 421,773 square feet, CommercialEdge data shows.
The post Austin Veterans Affairs Clinic Trades for $142M appeared first on Commercial Property Executive.
The 272,636-square-foot outpatient clinic previously changed hands in 2016.
The post Austin Veterans Affairs Clinic Trades for $142M appeared first on Commercial Property Executive. Read More Commercial Property Executive
In the simplest form, a ground lease is a long-term net lease (usually 49 years or 99 years) of land including any improvements on the said land. Assets that can be subject to a ground lease include but are not limited to, vacant land, office buildings, and large residential buildings.
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Power DC 2023 – Robert Khodadadian
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Robert Khodadadian has long had a simple philosophy about selling real estate.The way he sees it, there are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller at the right time.Commercial Observer
Robert Khodadadian – The Real Deal
Atlantic Pacific Companies and LEM Capital bought a Plantation rental complex for $86 million, amid a summertime rally in South Florida multifamily deals.
PGIM Real Estate, the Newark, New Jersey-based investment arm of Prudential Financial, sold the 293-unit complex at 10900 Northwest 17th Street, according to records and real estate database Vizzda. Atlantic Pacific and LEM took out a $52.9 million Freddie Mac loan.
The buyers rebranded the property to The Atlantic Preserve from its previous name, Verona View.
The purchase breaks down to $293,500 per apartment.
Completed in 1989, the complex consists of 17 two-story and three-story buildings, two lakes and two pools on nearly 29 acres, according to Vizzda. PGIM had paid $75 million for the property in 2019.
Multifamily deals picked up in June following a standstill that started late last year because of expensive financing costs. The comeback is mainly due to all-cash buyers that likely have already closed investment funds and now are seizing on the lack of competition for properties, which has pushed down prices from last year, according to experts. Those who take out financing have largely turned to government-sponsored loans that generally can offer lower interest rates and better terms than traditional financing.
In June, Harbor Group International paid $105.5 million for the Locklyn West Palm apartment complex at 3590 Village Boulevard in West Palm Beach, taking out a $56.6 million Freddie Mac loan.
Led by Eric Adler, PGIM has been on the selling side during recent deal activity. In June, it sold the pair of One Plantation apartment buildings at 1600-1700 Southwest 78th Avenue in Plantation for $88.4 million.
Philadelphia-based LEM is a multifamily investor. It acquired 110 multifamily properties worth $3.6 billion in the past 21 years, according to its website. Jay Eisner and Herbert Miller Jr. are co-founders.
Bay Harbor Islands-based Atlantic Pacific is a real estate buyer, developer, manager and investor, according to its website. Led by Howard Cohen, the firm has ramped up its multifamily development efforts in south Miami-Dade County. Near the Dadeland South Metrorail station, Atlantic Pacific and Florida Value Partners plan a pair of rental apartment towers at 9200 and 9180 South Dixie Highway in an unincorporated area of the county.
In the Naranja neighborhood, Atlantic Pacific plans to redevelop the Heritage Village II public housing complex on the northeast corner of Southwest 270th Street and Southwest 142nd Avenue with 116 affordable units. The project is part of a deal with Miami-Dade for Atlantic Pacific to redevelop four public housing complexes with 605 income-restricted units.
The post Atlantic Pacific, LEM pay $86M for Plantation rentals amid summer sales rally appeared first on The Real Deal.
Atlantic Pacific Companies and LEM Capital bought a Plantation rental complex for $86 million, amid a summertime rally in South Florida multifamily deals. PGIM Real Estate, the Newark, New Jersey-based investment arm of Prudential Financial, sold the 293-unit complex at 10900 Northwest 17th Street, according to records and real estate database Vizzda. Atlantic Pacific and
The post Atlantic Pacific, LEM pay $86M for Plantation rentals amid summer sales rally appeared first on The Real Deal. Uncategorized, Atlantic Pacific Companies, Broward County, Multifamily, PGIM Real Estate, Plantation, South Florida Multifamily Market The Real Deal
Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.
Robert Khodadadian – The Real Deal
What to do when you want to build a 20-story residential tower on the site of a century-old apartment complex in Hollywood? For CGI+, the answer is to move the historic building three miles.
The Woodland Hills-based developer has filed for a permit to move the 24-unit, Mediterranean-style complex from 1830 North Cahuenga Boulevard to 4853-4857 Melrose Avenue in East Hollywood, Urbanize Los Angeles reported.
The 1920s building would be replaced by a 244-unit highrise at Cahuenga and Franklin Avenue.
Following the move, the sage-colored apartments would still have two dozen units, of which three would be set aside as affordable for very low-income households.
The affordable component would make the project eligible for a density bonus that allows more housing than otherwise permitted by local zoning rules.
The restoration project, designed by Downtown-L.A.-based Architectural Resources Group, would include apartments from 210 to 392 square feet. The building, set on nearly a third-acre, would retain its original look and color. A schedule for the relocation was not disclosed.
The apartment building, last renovated in the 1970s, was bought by Capital Foresight Limited Partnership in 2020 for $6 million, or $250,000 per unit.
In 2021, Capital Foresight struck a joint venture agreement with CGI, led by Gidi Cohen.
Plans call for the apartments on a quarter acre to be replaced by a 20-story, 244-unit tower with nearly 20,000 square feet of shops and restaurants.
The white highrise, designed by Downtown-based AC Martin, would have layers of balconies and gothic-style arches top and bottom, according to a rendering. It would include a rooftop terrace, courtyard and a pool.
Pending approvals, CGI+ said it could break ground in 2025 and complete the project in 2027.
Cohen, a longtime developer and Israeli military veteran, founded the company formally known as CGI+ Real Estate Investment Strategies in 2013.
CGI+ owns more than a dozen properties across Los Angeles, including an apartment complex on La Brea Avenue. The firm also developed Mariposa, a 122-unit apartment building in Koreatown that listed in 2021 for $79.5 million.
— Dana Bartholomew
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The post CGI+ aims to move historic apartments for 20-story tower in Hollywood appeared first on The Real Deal.
What to do when you want to build a 20-story residential tower on the site of a century-old apartment complex in Hollywood? For CGI+, the answer is to move the historic building three miles. The Woodland Hills-based developer has filed for a permit to move the 24-unit, Mediterranean-style complex from 1830 North Cahuenga Boulevard to
The post CGI+ aims to move historic apartments for 20-story tower in Hollywood appeared first on The Real Deal. Uncategorized, Historic Preservation The Real Deal
Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.
Robert Khodadadian – The Real Deal
Coinbase — the cryptocurrency exchange that announced in 2021 it would abandon a physical headquarters and move towards “remote first” — has leased 40,000 square feet of office space in Silicon Valley, according to a market report by Savills.
The lease is at 391 San Antonio Road in Mountain View. The property is known as The Village at San Antonio Center and has served as a hub for large tech companies. New York-based Brookfield Properties purchased a large portion of the center in 2021 for $630 million, which was the largest deal in Silicon Valley that year. Months after the Brookfield acquisition, Boston-based TA Realty acquired a Safeway and three other retail buildings within The Village as well.
At the time of the purchase, the parcel on 391 San Antonio Road and another at 401 were leased to Meta. However, Meta terminated its leases for 457,000 square feet of office, which was scheduled to last through 2034. In more positive news for the Village, Yahoo leased 80,000 square feet of office in April. The office space is located at 391 San Antonio, the same address as Coinbase.
In 2021, Coinbase announced its embrace of remote work and abandoned a physical headquarters. This led to the closing of its San Francisco office, which served as the company’s headquarters up until that point. While the company cited employees’ desire to continue working remotely, the plan was to retain some physical office space.
“Closing our S.F. office is an important step in ensuring no office becomes an unofficial HQ and will mean career outcomes are based on capability and output rather than location,” the company said in a statement. “Instead, we will offer a network of smaller offices for our employees to work from if they choose to.”
Coinbase’s decision to lease new space bucks the recent trend of large tech companies offloading offices in Silicon Valley. The availability rate increased to 26.6 percent in the second quarter, up from 23.1 percent in the first quarter, according to Savills. Available sublease space has also continued to increase, ending the quarter at a new “historical high” of 7.6 million square feet, up 55 percent from 4.9 million square feet reported a year ago. The largest office giveback came from Google which put more than 1.4 million square feet on the market for sublease.
“With the entire technology sector in a correction, office availability in Silicon Valley is at an all-time high and is expected to increase even further as return to office rates have lagged the rest of the country despite high-profile corporate announcements,” the Savills report said.
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Coinbase — the cryptocurrency exchange that announced in 2021 it would abandon a physical headquarters and move towards “remote first” — has leased 40,000 square feet of office space in Silicon Valley, according to a market report by Savills. The lease is at 391 San Antonio Road in Mountain View. The property is known as
The post Coinbase leases office space at Silicon Valley tech center appeared first on The Real Deal. Uncategorized, Commercial Real Estate The Real Deal
Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.
Robert Khodadadian – The Real Deal
Brooklyn’s luxury market last week heated up slightly from a slow Fourth of July, but kept up the cooling streak that’s been dominating the summer months.
Nineteen contracts were signed last week for luxury homes in Brooklyn, up from 14 in the previous period, according to Compass’ weekly report of homes in the borough asking $2 million or more. The market was led by two homes asking just under $5 million, the same ceiling seen at the top of the previous two reports.
The first was Unit PH4 at 172 North 10th Street in Williamsburg. The penthouse, built in 2014, has three bedrooms, three full bathrooms and spans 2,300 square feet. It also has 360-degree views, a 2,400-square-foot wraparound terrace and an included parking space.
Compass’ Christine Blackburn had the listing.
The other home to enter contract for just under $5 million last week was a townhouse at 448 6th Street in Park Slope. The house spans 3,500 square feet and has four bedrooms and two full bathrooms.
Built in 1901, the four-story home has custom millwork and coffered ceilings. The gas fireplace in the front parlor includes a marble mantle reclaimed from the Plaza Hotel. The house also has a full-floor primary suite and a large south-facing garden, a finished roof deck with a kitchenette and bar, and a brick facade.
Leslie Garfield’s Cameron LeCates had the listing.
Of the 19 homes to enter contract last week, nine were townhouses, seven condos and three co-ops.
The homes’ combined asking prices was $59.3 million, which works out to an average of $3.1 million and a median of $2.7 million. The average price per square foot was $1,284. The typical home received a 1 percent discount and spent 80 days on the market.
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The post Brooklyn luxury contracts top out at $5M appeared first on The Real Deal.
Brooklyn’s luxury market last week heated up slightly from a slow Fourth of July, but kept up the cooling streak that’s been dominating the summer months. Nineteen contracts were signed last week for luxury homes in Brooklyn, up from 14 in the previous period, according to Compass’ weekly report of homes in the borough asking
The post Brooklyn luxury contracts top out at $5M appeared first on The Real Deal. Uncategorized, Brooklyn, Compass, Luxury Real Estate The Real Deal
Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.
Robert Khodadadian – The Real Deal
Hyatt and Gencom can move forward with plans for a major redevelopment project on 4 acres of city-owned land along the Miami River.
The Miami City Commission last week unanimously approved extending an existing ground lease with Hyatt from 45 years to 99 years. That would allow the Chicago-based hospitality conglomerate and its partner, Gencom, to replace the James L. Knight Center and an adjoining 615-room hotel at 400 Southeast Second Avenue.
The joint venture is planning Miami Riverbridge, a mixed-use project with three towers and a new event space spanning more than 100,000 square feet. Hyatt and Gencom are planning a $1.7 billion investment for a total of 3.3 million square feet of new commercial real estate.
In November, 64 percent of Miami voters approved the project, but Hyatt and Gencom still had to negotiate terms for the lease extension with the city.
Executives for Hyatt and Gencom, a Miami-based hotel developer led by founder and principal Karim Alibhai, claim the proposed mixed-use development could generate $1.5 billion in new revenue through city taxes, fees and ground rent. The next step is finalizing construction plans with the city in the coming year, Hyatt’s James Francque and Gencom’s Phil Keb said in a statement.
Under the new lease agreement, the joint venture will pay the city $1 million in base rent, which will grow by 25 percent annually for the following four years. The development team also agreed to a slate of public benefits, including a $25 million contribution to the city’s affordable housing fund, a $10 million investment in traffic improvements and $15 million worth of new public spaces, including a 480-foot riverwalk.
Designed by Miami-based Arquitectonica, Miami Riverbridge would entail two 61-story towers and a 1,049-foot high-rise. The two smaller buildings will house 682 apartments and a new 615-room Hyatt Regency with 264 service branded apartments. The taller tower will have 860 apartments.
The three buildings will sit atop a podium that will house 12,000 square feet of retail and food and beverage uses, 20,000 square feet of coworking space and 1,100 parking spaces.
Hyatt has been trying to redevelop the James L. Knight Center site for nearly five years. Two previous ballot proposals in 2017 and 2018 were rejected by the Miami City Commission.
The post Hyatt, Gencom win key approval for James J. Knight Center redevelopment project appeared first on The Real Deal.
Hyatt and Gencom can move forward with plans for a major redevelopment project on 4 acres of city-owned land along the Miami River. The Miami City Commission last week unanimously approved extending an existing ground lease with Hyatt from 45 years to 99 years. That would allow the Chicago-based hospitality conglomerate and its partner, Gencom,
The post Hyatt, Gencom win key approval for James J. Knight Center redevelopment project appeared first on The Real Deal. Uncategorized, Co-working, Downtown Miami, event space, Gencom, Hotels, Hyatt, Miami River, Mixed-use, Multifamily, Retail, South Florida Multifamily Market The Real Deal
Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.
Robert Khodadadian – The Real Deal
Harlan Crow is under the microscope again.
This time he is accused of taking massive tax deductions based on business losses from his megayacht, the Michaela Rose. But whether the boat is a profit-seeking business is in question.
The investigation started with Crow’s opulent gifts, including trips on the Michaela Rose, to Supreme Court Justice Clarence Thomas, which Thomas didn’t disclose. Senate Democrats went after Crow to seek documentation of the gifts. Crow’s attorneys have resisted, and the billionaire businessman attested that he’s committed no wrongdoing.
But Crow may have violated tax laws related to the yacht, ProPublica reported.
Crow allegedly carried out a scheme common among the super rich, blurring the line between business and pleasure as a way to lower their tax bills. A company called Rochelle Charter, founded by Crow and his father Trammell Crow in 1984, purportedly chartered the Michaela Rose. Yet, there’s no evidence that the company functioned as a for-profit entity, as required by the law.
“Based on what information is available, this has the look of a textbook billionaire tax scam,” Senate Finance Committee chair Ron Wyden told the outlet. “These new details only raise more questions about Mr. Crow’s tax practices, which could begin to explain why he’s been stonewalling the Finance Committee’s investigation for months.”
In 10 of the 12 years from 2003 to 2015, Rochelle Charter had net losses totalling nearly $8 million, with about half of that going to Crow, according to IRS data compiled during those years. The Crow family saved on taxes by using those deductions to offset other sources of income, the outlet reported.
After taking full control of the company in 2014, Crow renovated the yacht. That year, he had a $1.8 million loss from Rochelle Charter, marking his largest deduction on record.
In order to claim such deductions, taxpayers must partake in a legitimate, profit-seeking business. And the IRS might suspect that a purported enterprise is more of a hobby if expenses greatly outweigh revenues year after year.
For a yacht business to meet the criteria of a for-profit business, “You have to be regularly chartering the yacht to third parties at fair market value,” Michael Kosnitzky, co-chair of law firm Pillsbury Winthrop, told the outlet.
Former Michaela Rose crew members said they had no knowledge of the yacht ever being chartered. The vessel also appears to have been reserved for Crow’s family, friends, company executives and their guests.
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Crow also struggled to prove that the Michaela Rose was being used for commercial purposes after the U.S. Patent and Trademark Office requested evidence in 2019. The trademark office deemed that Rochelle Charter was not a legitimate enterprise and refused registration, but Crow’s attorney continued to fight the claim, and eventually the trademark was approved.
Businesses that lean more on the side of leisure, like Rochelle Charter, “should be aggressively audited,” Brian Galle, a professor at Georgetown Law and former federal prosecutor of tax crimes, told the outlet.
—Quinn Donoghue
The post Harlan Crow accused of tax scheme to deduct losses from megayacht appeared first on The Real Deal.
Harlan Crow is under the microscope again. This time he is accused of taking massive tax deductions based on business losses from his megayacht, the Michaela Rose. But whether the boat is a profit-seeking business is in question. The investigation started with Crow’s opulent gifts, including trips on the Michaela Rose, to Supreme Court Justice
The post Harlan Crow accused of tax scheme to deduct losses from megayacht appeared first on The Real Deal. Uncategorized, Clarence Thomas, Crow Holdings, Harlan Crow, investigation, megayacht, ProPublica, tax scheme, Taxes The Real Deal
Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.
Robert Khodadadian – The Real Deal
Long Beach wants to build housing — and fast.
For that reason, the state has admitted the coastal city to its Prohousing Designation Program, giving it easier access to state funding to build more homes, the Long Beach Press-Telegram reported
California wants to create 2.5 million new homes by 2030, including plans by Long Beach to find room for 26,500 units.
Official “pro-housing” cities such as Long Beach that fast-track housing production to help achieve the statewide goal qualify for various benefits, including money from a $26 million state grant fund. They can also get a bump in scoring when the state selects additional grants.
Such grants include up to $50 million from the state’s Affordable Housing & Sustainable Communities program.
The grants, handed out through a Transformative Climate Communities fund, can help pay for development and infrastructure projects that provide health and environmental benefits to disadvantaged neighborhoods.
“This recognition illustrates that our city is doing things right when it comes to taking on the challenge of increasing housing production, especially affordable housing,” Mayor Rex Richardson said in a statement.
Long Beach was specifically recognized for its “Zone In” initiative, which revamps zoning rules across the city to shape neighborhoods to community needs.
In 2020, two corridors in North Long Beach were rezoned as part of the plan. A new master plan for development in Southeast Long Beach also went into effect.
The City Council also recently approved a new zoning code for two major commercial corridors in West Long Beach, and work on similar efforts are currently underway in Central Long Beach, the Downtown and waterfront areas, and Bixby Knolls.
In addition, the state lauded Long Beach’s effort to streamline the building of accessory dwelling units, or granny flats. In May, the city’s Development Services Department launched pre-approved ADU designs to shorten construction time and cut fees.
A pending ordinance in Long Beach would further simplify city regulations for ADU construction. Another would align city rules for development on single-family lots with state Senate Bill 9, a new law that permits single-family homeowners to split their lots into duplexes.
— Dana Bartholomew
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Long Beach wants to build housing — and fast. For that reason, the state has admitted the coastal city to its Prohousing Designation Program, giving it easier access to state funding to build more homes, the Long Beach Press-Telegram reported California wants to create 2.5 million new homes by 2030, including plans by Long Beach
The post State designates Long Beach as “prohousing” municipality appeared first on The Real Deal. Uncategorized, Prohousing Designation Program The Real Deal
Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.
Robert Khodadadian – The Real Deal
Billionaire Ken Griffin bought an office building on Worth Avenue for $83 million, marking the hedge funder’s latest move to home in on Palm Beach, after a near takeover of Miami’s Brickell.
An entity tied to Griffin’s Citadel bought the nearly 50,000-square-foot office building at 125 Worth Avenue from an affiliate of Frisbie Group and Dreyfuss Management, according to records and real estate database Vizzda.
Completed in 1974, the three-story building sits on 0.8 acres, Vizzda records show. Palm Beach-based Frisbie Group paid $30.7 million for the building in 2017. Bethesda, Maryland-based Dreyfuss owned a stake in the property, state corporate records show.
Griffin, who moved his Citadel and Citadel Securities’ headquarters to Brickell and has purchased significant property there, has also kept his eye on Palm Beach.
An entity tied to Citadel owns the three-story commercial building at 151 Worth Avenue, which is next to its newly purchased office building, according to state corporate records.
Zia Ahmed, a spokesperson for Citadel, declined to confirm the firm is the buyer of 125 Worth Avenue.
The buying entity, 125 Worth, lists Gerald A. Beeson as its “authorized person” and Citadel’s downtown Miami office address at the Southeast Financial Center in state corporate filings. Beeson is Citadel’s COO, according to the firm’s website.
Similarly, Beeson and Citadel’s Southeast Financial Center office address are listed in state records for the entity that owns the building at 151 Worth Avenue. The filings show that shortly after news broke last July that Citadel would be opening an office there, the firm took an ownership stake in the property by taking over the entity that owns the building.
151 Worth Avenue used to be home to Neiman Marcus department store.
The 125 and 151 Worth Avenue buildings give Citadel nearly 98,000 square feet on 1.8 acres.
In Brickell, Citadel paid a record $363 million for land at 1201 Brickell Bay Drive, where the firm is expected to eventually base its headquarters. In the meantime, the firm also leased roughly 95,000 square feet at the 830 Brickell office tower, which is expected to be completed this year.
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Billionaire Ken Griffin bought an office building on Worth Avenue for $83 million, marking the hedge funder’s latest move to home in on Palm Beach, after a near takeover of Miami’s Brickell. An entity tied to Griffin’s Citadel bought the nearly 50,000-square-foot office building at 125 Worth Avenue from an affiliate of Frisbie Group and
The post Ken Griffin’s Citadel drops $83M for office building on Palm Beach’s Worth Ave appeared first on The Real Deal. Uncategorized, Citadel, Offices, Palm Beach, Palm Beach County, South Florida Office Market, Worth Avenue The Real Deal
Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.
Robert Khodadadian – The Real Deal
A year after purchasing a trio of sites for $34 million, Kahen Properties has revealed what it expects to do with them.
Alex Kahen’s luxury development firm filed plans for a 24-story, 81-unit property at 1026 Third Avenue in Lenox Hill, Crain’s reported. The 273-foot-tall building will span roughly 100,000 square feet.
Kahen purchased the adjacent sites at 1020-1024 Third Avenue and 1026 Third Avenue a year ago, amassing the assemblage from two different sellers. At the time, however, Kahen appeared poised to hold off on any development until it could qualify for the 421a tax break.
Albany has failed to replace the expired tax break or extend the June 2026 construction deadline for projects that pre-qualified for it. However, experts say some luxury rental projects pencil out without 421a.
Ismael Leyva Architects is the project architect. The filing calls for retail space on the first floor, a gym on the fourth floor and banquet space on the top floor. It’s not clear how much the project is expected to cost.
Two of the three buildings on the site had a date with the wrecking ball after Kahen filed demolition plans in October. While 81 units are headed to 1026 Third Avenue, another 28 are expected for the remainder of the lot.
One potential obstacle for Kahen is the presence of a Chipotle at 1020 Third Avenue. The fast-food establishment is locked into its lease for another six years.
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Other developments for Kahen include the Mason, a 23-story luxury rental building at 145 Madison Avenue, where rents for the 70 units start at $4,000, and the 135-unit Adele at the intersection of East Houston Street and Avenue D.
Luxury rentals fit the market in Lenox Hill, where most of the real estate news involves glamorous townhouses. In April, billionaire investor Ron Perelman listed his home at 36 East 63rd Street for $60 million. One of the priciest home sales last year was a deal for two apartments owned by the late Paul Allen on East 66th Street. They went for a combined $101 million.
— Holden Walter-Warner
The post Kahen Properties files plans for Lenox Hill site appeared first on The Real Deal.
A year after purchasing a trio of sites for $34 million, Kahen Properties has revealed what it expects to do with them. Alex Kahen’s luxury development firm filed plans for a 24-story, 81-unit property at 1026 Third Avenue in Lenox Hill, Crain’s reported. The 273-foot-tall building will span roughly 100,000 square feet. Kahen purchased the
The post Kahen Properties files plans for Lenox Hill site appeared first on The Real Deal. Uncategorized, 421a, Lenox Hill, Multifamily Real Estate The Real Deal
Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.
Robert Khodadadian – The Real Deal
Home building has begun along a championship golf course in Kildeer, signaling a development boom in the northwest Chicago suburb as new residents flock to the area.
Construction will start next month on a two-lot home in The Preserves of Kildeer at Kemper Lakes, a 61-lot custom-home community within the Kemper Lakes Golf Club, the Daily Herald reported.
Kemper Lakes owner Steve Jouzapaitis and developer Michael Menas are at the helm of the project, while Premier Realty Group handles marketing and sales. Lot sizes and prices vary greatly, as a 7,162-square-foot site was priced at nearly $1.2 million in the spring, and a 9,983-square-foot parcel was listed at $210,000.
Roughly half the lots have sold, Premier Realty Group president Jeff Ohm said. The Preserves of Kildeer at Kemper Lakes targets buyers looking to downsize. The community isn’t age restricted, but it’s most likely to appeal to the elderly. Home buyers aged between 65 and 74 make up one of the strongest target-market groups, according to real estate market analyst Erik Doersching.
The entire property is surrounded by the golf course, which has hosted major PGA and LPGA events. Kildeer resident Darren Wesley, who’s embarking on the two-lot home next month with his wife Rani, says the community offers “spectacular” views, while allowing him to combine his loves of living in Kildeer and golfing at Kemper Lakes, he told the outlet.
The pace of new home construction in the Chicago area as a whole remains sluggish compared to the years before the Great Recession, with between 4,000 and 5,000 new homes getting built annually, compared to about 25,000 before 2008, according to Erik Doersching of consultant Tracy Cross & Associates.
As many as 9,000 new homes could sell each year if there was more supply, but a lack of active construction companies and a patchwork of land-use plans among the 397 Chicago-area municipalities are hindering increased production, Doersching said.
Meanwhile, there’s already signs that the Kemper Lakes Golf Club and surrounding development is contributing to more investments in the suburb. Last year, New York-based Northeast Capital Group bought a nearly fully leased 1.1 million-square-foot multi-building office complex on the golf course sold for $190 million, which at the time marked the priciest office sale in Chicago’s suburbs since 2005.
The deal held that title until Dermody’s purchase of the 232-acre Allstate campus closed for $232 million so the buyer could tear down the office buildings and build a logistics center.
— Quinn Donoghue
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The post Jouzapaitis, Menas bringing new homes to top-tier Kildeer golf course appeared first on The Real Deal.
Home building has begun along a championship golf course in Kildeer, signaling a development boom in the northwest Chicago suburb as new residents flock to the area. Construction will start next month on a two-lot home in The Preserves of Kildeer at Kemper Lakes, a 61-lot custom-home community within the Kemper Lakes Golf Club, the
The post Jouzapaitis, Menas bringing new homes to top-tier Kildeer golf course appeared first on The Real Deal. Uncategorized, Single Family, Suburban Chicago The Real Deal
Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.
Atlantic Pacific, LEM pay $86M for Plantation rentals amid summer sales rally – Robert Khodadadian
Atlantic Pacific Companies and LEM Capital bought a Plantation rental complex for $86 million, amid a summertime rally in South Florida multifamily deals.
PGIM Real Estate, the Newark, New Jersey-based investment arm of Prudential Financial, sold the 293-unit complex at 10900 Northwest 17th Street, according to records and real estate database Vizzda. Atlantic Pacific and LEM took out a $52.9 million Freddie Mac loan.
The buyers rebranded the property to The Atlantic Preserve from its previous name, Verona View.
The purchase breaks down to $293,500 per apartment.
Completed in 1989, the complex consists of 17 two-story and three-story buildings, two lakes and two pools on nearly 29 acres, according to Vizzda. PGIM had paid $75 million for the property in 2019.
Multifamily deals picked up in June following a standstill that started late last year because of expensive financing costs. The comeback is mainly due to all-cash buyers that likely have already closed investment funds and now are seizing on the lack of competition for properties, which has pushed down prices from last year, according to experts. Those who take out financing have largely turned to government-sponsored loans that generally can offer lower interest rates and better terms than traditional financing.
In June, Harbor Group International paid $105.5 million for the Locklyn West Palm apartment complex at 3590 Village Boulevard in West Palm Beach, taking out a $56.6 million Freddie Mac loan.
Led by Eric Adler, PGIM has been on the selling side during recent deal activity. In June, it sold the pair of One Plantation apartment buildings at 1600-1700 Southwest 78th Avenue in Plantation for $88.4 million.
Philadelphia-based LEM is a multifamily investor. It acquired 110 multifamily properties worth $3.6 billion in the past 21 years, according to its website. Jay Eisner and Herbert Miller Jr. are co-founders.
Bay Harbor Islands-based Atlantic Pacific is a real estate buyer, developer, manager and investor, according to its website. Led by Howard Cohen, the firm has ramped up its multifamily development efforts in south Miami-Dade County. Near the Dadeland South Metrorail station, Atlantic Pacific and Florida Value Partners plan a pair of rental apartment towers at 9200 and 9180 South Dixie Highway in an unincorporated area of the county.
In the Naranja neighborhood, Atlantic Pacific plans to redevelop the Heritage Village II public housing complex on the northeast corner of Southwest 270th Street and Southwest 142nd Avenue with 116 affordable units. The project is part of a deal with Miami-Dade for Atlantic Pacific to redevelop four public housing complexes with 605 income-restricted units.
The post Atlantic Pacific, LEM pay $86M for Plantation rentals amid summer sales rally appeared first on The Real Deal.
Atlantic Pacific Companies and LEM Capital bought a Plantation rental complex for $86 million, amid a summertime rally in South Florida multifamily deals. PGIM Real Estate, the Newark, New Jersey-based investment arm of Prudential Financial, sold the 293-unit complex at 10900 Northwest 17th Street, according to records and real estate database Vizzda. Atlantic Pacific and
The post Atlantic Pacific, LEM pay $86M for Plantation rentals amid summer sales rally appeared first on The Real Deal. Uncategorized, Atlantic Pacific Companies, Broward County, Multifamily, PGIM Real Estate, Plantation, South Florida Multifamily Market The Real Deal Read More
Lead by real estate veteran Robert Khodadadian, Skyline Properties has been instrumental in many multi-million dollar commercial developments, including a $12 million contract for the White House Hotel, a 99-year ground lease of a four-story commercial site in Harlem, and a retail co-op on Prince St. for $50 million.
Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.
CGI+ aims to move historic apartments for 20-story tower in Hollywood – Robert Khodadadian
What to do when you want to build a 20-story residential tower on the site of a century-old apartment complex in Hollywood? For CGI+, the answer is to move the historic building three miles.
The Woodland Hills-based developer has filed for a permit to move the 24-unit, Mediterranean-style complex from 1830 North Cahuenga Boulevard to 4853-4857 Melrose Avenue in East Hollywood, Urbanize Los Angeles reported.
The 1920s building would be replaced by a 244-unit highrise at Cahuenga and Franklin Avenue.
Following the move, the sage-colored apartments would still have two dozen units, of which three would be set aside as affordable for very low-income households.
The affordable component would make the project eligible for a density bonus that allows more housing than otherwise permitted by local zoning rules.
The restoration project, designed by Downtown-L.A.-based Architectural Resources Group, would include apartments from 210 to 392 square feet. The building, set on nearly a third-acre, would retain its original look and color. A schedule for the relocation was not disclosed.
The apartment building, last renovated in the 1970s, was bought by Capital Foresight Limited Partnership in 2020 for $6 million, or $250,000 per unit.
In 2021, Capital Foresight struck a joint venture agreement with CGI, led by Gidi Cohen.
Plans call for the apartments on a quarter acre to be replaced by a 20-story, 244-unit tower with nearly 20,000 square feet of shops and restaurants.
The white highrise, designed by Downtown-based AC Martin, would have layers of balconies and gothic-style arches top and bottom, according to a rendering. It would include a rooftop terrace, courtyard and a pool.
Pending approvals, CGI+ said it could break ground in 2025 and complete the project in 2027.
Cohen, a longtime developer and Israeli military veteran, founded the company formally known as CGI+ Real Estate Investment Strategies in 2013.
CGI+ owns more than a dozen properties across Los Angeles, including an apartment complex on La Brea Avenue. The firm also developed Mariposa, a 122-unit apartment building in Koreatown that listed in 2021 for $79.5 million.
— Dana Bartholomew
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The post CGI+ aims to move historic apartments for 20-story tower in Hollywood appeared first on The Real Deal.
What to do when you want to build a 20-story residential tower on the site of a century-old apartment complex in Hollywood? For CGI+, the answer is to move the historic building three miles. The Woodland Hills-based developer has filed for a permit to move the 24-unit, Mediterranean-style complex from 1830 North Cahuenga Boulevard to
The post CGI+ aims to move historic apartments for 20-story tower in Hollywood appeared first on The Real Deal. Uncategorized, Historic Preservation The Real Deal Read More
Lead by real estate veteran Robert Khodadadian, Skyline Properties has been instrumental in many multi-million dollar commercial developments, including a $12 million contract for the White House Hotel, a 99-year ground lease of a four-story commercial site in Harlem, and a retail co-op on Prince St. for $50 million.
Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.