Real Estate Investing

El-Ad plans $1B mixed-use multifamily project in Davie – Robert Khodadadian

El-Ad National Properties’ Noam Ziv with rendering of The District in Davie (El-Ad National Properties, LinkedIn, Getty)

El-Ad National Properties plans a 2.8 million-square-foot mixed-use multifamily project in Davie. 

The development, called The District in Davie, will have roughly 1,256 apartments in five towers ranging from 20 stories to 24 stories at 4801-4999 South State Road 7, according to an El-Ad news release. It also will have 36,000 square feet of retail and restaurants, and 2,650 parking spaces. 

The District, which is estimated to cost $1 billion to develop, would be the largest multifamily project in Davie’s history, the release says. 

Designed by Cooper Carry, the towers will consist of studios, and one- to three-bedroom apartments, some with dens. Units will range from 589 square feet to 1,460 square feet. 

Amenities will include a penthouse-level Sky Lounge in each building, coworking areas and meeting rooms. EDSA is the landscape architect. 

The Davie Town Council unanimously approved The District last Wednesday. 

Construction is planned to start this summer and completion of the first of three phases is expected in 2025, according to the release. Pre-leasing starts in 2025. 

El-Ad bought the 8.5-acre development site for $21.3 million in two deals in 2021 and last October, according to records. The property now is home to the Broward Plaza retail center. 

The project marks El-Ad’s continued wager on South Florida. In Boca Raton, the development firm is working on the final phase of its Alina Residences condominium project between Southeast Mizner Boulevard and The Boca Raton Golf Club. Two buildings with a combined 182 condos are expected to be completed late next year, and a nine-story building with 121 condos was finished in 2021. 

In 2021, El-Ad sold the Savannah Place Apartments & Townhomes at 22356 Calibre Court, west of Boca Raton, for $31.1 million. 

El-Ad is part of New York-based Elad Group, which is a division of Tshuva Group of Companies in Israel, according to Elad Group’s website. El-Ad is based in Boca Raton and led by CEO Noam Ziv. 

Davie is poised for additional residential construction. In October, The Altman Companies won site plan approval for Altis Davie, a 286-unit apartment complex near the corner of Davie Road and Southwest 42nd Street. 

Also last year, FCP and Mill Creek Residential paid $25 million for the development site at 3400 South University Drive. The joint venture plans the Modera Academical Village with 793 multifamily units and 16,000 square feet of ground-floor retail. 

The post El-Ad plans $1B mixed-use multifamily project in Davie appeared first on The Real Deal.

 El-Ad National Properties plans a 2.8 million-square-foot mixed-use multifamily project in Davie.  The development, called The District in Davie, will have roughly 1,256 apartments in five towers ranging from 20 stories to 24 stories at 4801-4999 South State Road 7, according to an El-Ad news release. It also will have 36,000 square feet of retail
The post El-Ad plans $1B mixed-use multifamily project in Davie appeared first on The Real Deal.  Uncategorized, Broward County, Davie, Elad Group, Mixed-use, Multifamily, Restaurants, Retail, South Florida Multifamily Market The Real Deal 

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.

Sedesco adds to Billionaire’s Row assemblage – Robert Khodadadian

Sedesco’s Demir Sabanci, Derek Gilchrist and Paul Lachman; 37 West 57th Street (Sedesco, Getty, Loopnet)

Sedesco is adding to its Billionaires’ Row assemblage as it seeks to build a supertall.

The New York-based developer paid $77.5 million for a 13-story Class B office property at 37 West 57th Street, adding 87,855 square feet to its existing property at 41-47 West 57th. 

 Sedesco is building a 63-story skyscraper — a mix of hotel, retail and residential — designed by Rem Koolhaas of OMA.

Sedesco’s 57th Street zoning was approved in 2021 through the New York City’s Zoning for Accessibility program. As part of ZFA, Sedesco is building two ADA-accessible elevators at the southwest corner of West 56th Street and Sixth Avenue in exchange for the zoning. The elevators will provide access to the F line’s 57th Street station.

The subway improvements, which Sedesco general counsel Derek Gilchrist said are already underway, are expected to be completed in 2024.

 Sedesco, led by Demir Sabanci, has spent years acquiring pieces for its Billionaires’ Row assemblage. In 2012, the developer paid $71.5 million for 50 West 58th Street. In 2018, it paid $80 million for 41 West 57th Street.

 When complete, the skyscraper is to rise 1,100 feet with 119 residential units, 158 hotel rooms, 237,110 square feet of residential space and 205,976 square feet of commercial space.

 The latest purchase adds 58 feet of frontage on West 57th Street to Sedesco’s assemblage. The sale closed Monday and has yet to hit public records.

A Hodges Ward Elliott team led by Anthony Ledesma and Paul Gillen represented the seller. Josh Augenbaum of Augenbaum Realty represented the buyer.

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The post Sedesco adds to Billionaire’s Row assemblage appeared first on The Real Deal.

 Sedesco is adding to its Billionaires’ Row assemblage as it seeks to build a supertall.The New York-based developer paid $77.5 million for a 13-story Class B office property at 37 West 57th Street, adding 87,855 square feet to its existing property at 41-47 West 57th.   Sedesco is building a 63-story skyscraper — a mix of
The post Sedesco adds to Billionaire’s Row assemblage appeared first on The Real Deal.  Uncategorized, Billionaires’ Row, Investment Sales The Real Deal 

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.

Downtown Fort Worth lacks space for luxury – Robert Khodadadian

Southern Land CEO Tim Downey and renderings of Deco 969 in Fort Worth (Southern Land)

A multifamily development in downtown Fort Worth is drawing heavy interest, signaling high demand for luxury apartments, but there’s one problem.

Developable land is scarce. 

Southern Land Company recently topped out the 27-story Deco 969 project at 969 Commerce Street, marking one of the first high-end apartment towers in downtown Fort Worth in 30 years, the Dallas Business Journal reported. 

The 302-unit, 300,000-square-foot development has received interest from 570 potential renters, exceeding Southern Land’s expectations, the firm’s CEO Tim Downey told the outlet.

None of the firm’s prior developments in Fort Worth received that much attention, Downey said. Its location is a big reason for the hype surrounding the project, he said. 

Renderings of Deco 969 in Fort Worth (Southern Land)

“I know sometimes downtown gets stretched out a bit,” Downey told the outlet. “What we’re in is the core of downtown, or the Sundance area. What’s driving all the interest is that there hasn’t been anything in that area in so long.”

The scarcity of land available for development has led to minimal residential projects in the downtown area, he said. It took Southern Land about 12 years to find a site for Deco 969, and while the firm wants to build another luxury complex, it is struggling to find an adequate site. 

Downey compared Fort Worth to Nashville, citing its similarities in population, number of jobs and average income. Yet, there are far fewer luxury high-rises in the works in Fort Worth compared to Nashville, where Downey estimates there are at least 30, he told the outlet.

While roughly 3,200 multifamily units and 1,500 hotel rooms were in the development pipeline to start the year, those projects are fairly spread out and not within the walkable core of the city, Downey said. Deco 969 could start a trend, however, for similar projects in the city core.

“This is a great, beautiful, walkable downtown, and the people in Fort Worth are every bit as sophisticated and well off as Dallas people,” Downey told the outlet. “Why can’t they have a nice high-rise apartment building? They were going, ‘Well nobody’s ever done it before, so we can’t take the risk.’ I guess once we prove it out, others will probably try to follow, but there just isn’t much land to do it in.”

—Quinn Donoghue

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The post Downtown Fort Worth lacks space for luxury appeared first on The Real Deal.

 A multifamily development in downtown Fort Worth is drawing heavy interest, signaling high demand for luxury apartments, but there’s one problem. Developable land is scarce.  Southern Land Company recently topped out the 27-story Deco 969 project at 969 Commerce Street, marking one of the first high-end apartment towers in downtown Fort Worth in 30 years,
The post Downtown Fort Worth lacks space for luxury appeared first on The Real Deal.  Uncategorized, Luxury, Residential The Real Deal 

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.

Taconic takes big loss on Bronx portfolio – Robert Khodadadian

Taconic Investment Partners’ Charlie Bendit with 2357 Crotona Avenue (Taconic Investment Partners, Google Maps, Getty)

Taconic Investment Partners is taking a substantial loss on a portfolio of Bronx multifamily properties.

The firm sold a 14-building portfolio — largely centered in the Fordham Heights neighborhood — to InterVest Capital Partners for $60 million, Crain’s reported. InterVest, funded by the sovereign wealth fund of Kuwait, was the buyer of the portfolio of 5- and 6-story walk-up and elevator rental buildings that were a part of a roughly $100 million play by Taconic.

Taconic, run by Paul Pariser and Charles Bendit, assembled the portfolio through two purchases in 2018. At the beginning of the year, Taconic entered into contract to buy a dozen properties from Related Companies and New York City pension funds for $70 million. That portfolio consisted of 368 rent-stabilized apartments.

Later in the year, an affordable housing joint venture from Taconic and Clarion Partners picked up a pair of buildings in Concourse for $27.8 million. City Skyline Realty was the seller of those buildings, which housed 131 rent-stabilized apartments.

A year after the purchases, state lawmakers titled rent regulations in favor of tenants. At the time of the policy shift, Taconic owned 2,000 rent-stabilized apartments, most in the Bronx.

“We’ll be cutting back significantly on improvements to individual apartments’ living experience,” Bendit said at the time. “They may be more affordable, but not as nice to live in.”

At the 16-unit 2543 Decatur Avenue, it doesn’t appear a single unit has been leased since 2017, according to StreetEasy. Commercial building values have also taken a hit more generally speaking from the pandemic.

A representative for Taconic did not immediately respond to a request for comment from The Real Deal.

Elsewhere, Taconic was part of a joint venture that recently sold a pair of retail condos on the Lower East Side to an entity connected to Coral Gables-based Amerant Bank for $24.4 million. The units are part of the 15-story, 185,000-square-foot building in the Essex Crossing mixed-use development.

— Holden Walter-Warner

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The post Taconic takes big loss on Bronx portfolio appeared first on The Real Deal.

 Taconic Investment Partners is taking a substantial loss on a portfolio of Bronx multifamily properties. The firm sold a 14-building portfolio — largely centered in the Fordham Heights neighborhood — to InterVest Capital Partners for $60 million, Crain’s reported. InterVest, funded by the sovereign wealth fund of Kuwait, was the buyer of the portfolio of
The post Taconic takes big loss on Bronx portfolio appeared first on The Real Deal.  Uncategorized, Multifamily Market, Taconic Partners, The Bronx The Real Deal 

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.

South Florida’s resi sales volume falls 30% in March to under $6B  – Robert Khodadadian

Aerial view of Kendall (Getty)

South Florida home sales fell again in March, as median prices kept rising or remained flat across the tri-county region. 

Dollar volume for single-family and condo sales totaled $5.6 billion, down about 30 percent, compared to March 2022, according to the Miami Association of Realtors. Sales have been falling for nearly a year, as mortgage rates more than doubled and inventory remains at pre-pandemic lows. 

Sellers have started to catch on, and some are slashing their prices, brokers say. 

Miami-Dade County

Residential sales dropped 36 percent, year-over-year, to 2,513 closings last month in Miami-Dade County. Single-family home sales fell 22.5 percent to 1,093 closings. Condo sales, which include townhouses, took a bigger tumble, declining 44 percent to 1,420. 

The median price for single-family homes rose nearly 6 percent to $570,000. The median price for condos was flat at $400,000. 

Residential dollar volume totaled $2.1 billion. Single-family dollar volume decreased 31 percent to $993 million, and condo dollar volume fell 44 percent to $1.1 billion. 

Broward County

Residential sales in Broward County decreased 24 percent, year-over-year, to 2,813 closings in March. Single-family home sales fell 17.5 percent to 1,271 closings, while condo sales declined 29 percent to 1,542 sales, according to the Miami Association of Realtors. 

Prices kept rising. The median price for single-family homes increased about 4 percent to $565,000. The median condo price was up 13 percent to $269,500.

Dollar volume totaled $1.5 billion in Broward County, with single-family volume falling 21 percent to $978 million, and condo volume falling 38.5 percent to $540 million. 

Palm Beach County

Residential sales dropped 15 percent, year-over-year, to 2,800 closings in Palm Beach County last month. Single-family home sales decreased 8 percent to 1,465. Condo sales declined 21 percent to 1,355 closings. 

The median price for single-family homes grew to $575,000, up about 6 percent. For condos, it rose 6 percent to $312,000. 

Dollar volume totaled $2 billion in March. Single-family home dollar volume fell 14 percent to $1.3 billion, while condo dollar volume declined 18 percent to $702 million.

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The post South Florida’s resi sales volume falls 30% in March to under $6B  appeared first on The Real Deal.

 South Florida home sales fell again in March, as median prices kept rising or remained flat across the tri-county region.  Dollar volume for single-family and condo sales totaled $5.6 billion, down about 30 percent, compared to March 2022, according to the Miami Association of Realtors. Sales have been falling for nearly a year, as mortgage
The post South Florida’s resi sales volume falls 30% in March to under $6B  appeared first on The Real Deal.  Uncategorized, Condo Sales, Home Prices, Home Sales, Housing Market The Real Deal 

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.

ATCO Properties’ H. Dale Hemmerdinger dies at 78 – Robert Khodadadian

ATCO Properties’ H. Dale Hemmerdinger (The Hemmerdinger Family)

H. Dale Hemmerdinger, chairman of ATCO Properties and one-time chairman of the Metropolitan Transportation Authority, died on April 20. He was 78.

Hemmerdinger’s son, Damon, announced on Twitter that his father died after a seven-week battle stemming from complications of post-Covid pneumonia.

In an interview Monday, Damon remembered his father as someone who loved people and “built his own network, his own village, his own community, centered around his family” as well as around friends and colleagues.

Born in 1944, Hemmerdinger was 23 years old when he joined the family firm, ATCO Properties & Management. Hemmerdinger turned ATCO into a prominent player in New York real estate, responsible for the development, ownership and management of millions of square feet in the local market and beyond.

Notable holdings in the ATCO portfolio include the 20-story, 254,000-square-foot office building at 555 Fifth Avenue; luxury rental buildings at 40 Central Park South (where Lady Gaga was a tenant) and 41 West 58th Street on Billionaires’ Row; and the 18-story, 165,000-square-foot office building at 240 West 35th Street.

In December his firm bought out Richard Ruben’s stake at 630 Third Avenue for $98 million.

Hemmerdinger’s most enduring legacy in New York real estate, according to his son, stemmed from his stint as head of the MTA from 2007 to 2009, when the global financial crisis threatened the transit agency’s very existence. The authority set records for on-time performance during his tenure.

Hemmerdinger also initiated construction on the East Side Access tunnels, a massive project to bring the Long Island Rail Road into Grand Central Terminal. After years of delays and spiraling costs, Grand Central Madison opened this year to generally positive reviews.

Hemmerdinger also served as commissioner on the NYC Conciliation and Appeals Board and as a member of the New York State Commission on Judicial Nomination. He held roles at the Citizens Budget Commission, the Realty Foundation of New York and the New York City Police Foundation, where he created an award for excellence in the community.

Hemmerdinger served as a trustee of his alma mater, New York University, and was on the board of directors at the Museum of Jewish Heritage, Nightingale-Bamford School, the Naval War College. and Harlem Academy. He was a member of various communities, including the Harmonie Club, Beach Point Club, University Club and New York Yacht Club.

Damon described his father as a quiet and self-spoken man who loved taking each of his grandchildren out for breakfast so he could form a more personal relationship with them.

Hemmerdinger is also survived by his wife, Elizabeth, his children, ATCO co-presidents Damon and Kate, daughter-in-law Jacquie and son-in-law Adam Goodman.

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The post ATCO Properties’ H. Dale Hemmerdinger dies at 78 appeared first on The Real Deal.

 H. Dale Hemmerdinger, chairman of ATCO Properties and one-time chairman of the Metropolitan Transportation Authority, died on April 20. He was 78. Hemmerdinger’s son, Damon, announced on Twitter that his father died after a seven-week battle stemming from complications of post-Covid pneumonia. In an interview Monday, Damon remembered his father as someone who loved people
The post ATCO Properties’ H. Dale Hemmerdinger dies at 78 appeared first on The Real Deal.  Uncategorized, Atco Properties, MTA, Obituary The Real Deal 

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.

Fred Lewis’ Sentinel buys Bannockburn offices for $29M – Robert Khodadadian

Sentinel Net Lease’s Fred Lewis with Bannockburn Corporate Center at 3000 Lakeside Drive (Sentinel Net Lease, Bannockburn Corporate Center)

If Andy Deckas came to the suburban Chicago office market for stability, he found it despite a volatile period for the asset class featuring record high vacancies and teardowns of big office corporate campuses into warehouse complexes.

With a sale of a Bannockburn office building for $28.6 million this month, Deckas’ Axial Real Estate Advisors found its value in the northern suburb barely budged since the firm bought it in 2016.

An affiliate of Baltimore-based Sentinel Net Lease bought the three-story, 211,000-square-foot Bannockburn Corporate Center at 3000 Lakeside Drive for $28.6 million, according to Lake County records. The deal marked a slight dip in value from when an Axial predecessor paid about $29.3 million for the property in 2016, records show.

Neither Axial nor Sentinel responded to requests for comment on the latest deal. But in an online presentation for its investors, Sentinel called its acquisition cost of $136 per square foot for the deal “a deep discount to replacement costs, which provides a defensive barrier against new construction competition.” The presentation said the firm is buying the building with a projected net operating income of about $2.7 million, and a cap rate, or annual rate of return, of 9.5 percent.

The deal stands out in Chicago’s suburban office market, which faces a record-high vacancy rate of 29 percent as of last month. Some office properties struggling with downsizing tenants — such as the 10-building Baxter International campus also in Lake County — are getting teed up for teardowns so developers can convert big offices into logistics facilities.

The Bannockburn property, however, was 92 percent leased when it hit the market in July, according to JLL marketing materials.

The Class A building’s two biggest tenants are infusion therapy provider Option Care Health, whose lease runs through 2032, and fleet management company Donlen. Axial reportedly put about $750,000 into upgrading the property’s amenities in 2018.

Axial is also testing the Chicago-area office market with a fully-leased, 25-year-old building in Vernon Hills, which it put on the market late last year. The firm is asking $31.4 million for the 190,000-square-foot property at 75 North Fairway Drive, slightly more than Axial’s predecessor paid for the building in 2015.

That building’s largest tenant is a division of medical device company BD, which has a lease for about three-quarters of the property through November 2026. Pharmaceutical company Abbvie has a lease for the remaining space set to expire at the end of October.

Helmed by Fred Lewis, privately-owned Sentinel has completed $6.4 billion of real estate transactions across more than 75 U.S. markets, according to the firm’s website. It also owns a Tesla retail store and service center in Schaumburg.

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The post Fred Lewis’ Sentinel buys Bannockburn offices for $29M appeared first on The Real Deal.

 If Andy Deckas came to the suburban Chicago office market for stability, he found it despite a volatile period for the asset class featuring record high vacancies and teardowns of big office corporate campuses into warehouse complexes. With a sale of a Bannockburn office building for $28.6 million this month, Deckas’ Axial Real Estate Advisors
The post Fred Lewis’ Sentinel buys Bannockburn offices for $29M appeared first on The Real Deal.  Uncategorized, Lake County, Office Market The Real Deal 

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.

Historic townhomes score top contracts in Brooklyn – Robert Khodadadian

185 Amity Street and 10 Prospect Place in New York (Google Maps)

Historic homes claimed the top contracts in Brooklyn once again last week. 

Townhouses scored 12 of the 19 contracts signed from April 17 to 23 for Kings County homes asking $2 million or more, according to Compass. They also led the borough’s luxury market in the previous week.

The most expensive Brooklyn home to find a buyer last week was 185 Amity Street in Cobble Hill, asking $6.5 million. The rowhouse, built in 1852, spans 4,600 square feet and has seven bedrooms and three bathrooms.

The 25-foot-wide property also features three outdoor spaces, including a landscaped garden, as well as floor-to-ceiling windows, stained glass pocket doors and hand-carved marble mantles.

Corcoran’s Deborah Rieders had the listing.

Several pricey townhomes in Cobble Hill have gone into contract in the past couple of months, including 469 Henry Street, asking $11 million, and 128 Pacific Street, which scored a $12 million off-market deal in March.

The second most expensive home to enter into contract last week was 10 Prospect Place in Park Slope, with an asking price of $4.3 million. The 25-foot-wide townhouse, built in the 1880s, spans 5,500 square feet and has nine bedrooms and four bathrooms.

It also includes a deck and terrace with views of Manhattan and Brooklyn, marble mantles, circular skylight and rounded doorways.

Corcoran’s Vanessa Connelly had the listing.

Five more luxury homes found a buyer in Brooklyn last week than in the previous period. In addition to the 12 townhouses, deals were signed for six condo apartments and one co-op.

The average asking price was $3.1 million and the average price per square foot was $1,236. The 19 homes spent an average of 224 days on the market and had an average discount of 4 percent from the original listing price.

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The post Historic townhomes score top contracts in Brooklyn appeared first on The Real Deal.

 Historic homes claimed the top contracts in Brooklyn once again last week.  Townhouses scored 12 of the 19 contracts signed from April 17 to 23 for Kings County homes asking $2 million or more, according to Compass. They also led the borough’s luxury market in the previous week. The most expensive Brooklyn home to find
The post Historic townhomes score top contracts in Brooklyn appeared first on The Real Deal.  Uncategorized, NYC Luxury Market The Real Deal 

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.

South Loop Club building changes hands for $6M – Robert Khodadadian

Kiser Group’s Aaron Sklar and Noah Birk with 701 South State Street (Kiser Group, Google Maps)

A multifamily property next to Printer’s Row — and its elusive 4 a.m. liquor license — changed hands for the first time in 40 years.

The property at 701 South State Street was home to the South Loop Club, and includes 36 fully rented studio apartments and a ground-floor restaurant and bar space that holds the 4 a.m. license. The building sold for $6 million, according to Kiser Group partners Noah Birk and Aaron Sklar, who brokered the transaction.

Nicholas Vranas, the seller, had owned the building for more than four decades before selling it to a local buyer who is not yet identified in property records. South Loop Club, the business using the liquor license, has a website that shows it’s “temporarily and voluntarily closed,” but instructs visitors to “watch for the new beginning.”

Chicago had issued 128 late-night liquor licenses, according to a July report by Eater. Those licenses are a challenge to get, so an easier way to procure one is through purchasing a property that has already been granted one.

Birk and Sklar said the new building owner plans to open some sort of restaurant and bar in the retail space and said that the pool for multifamily buyers who are also interested in operating a retail space is smaller.

“We knew that there was value in the 4 a.m. bar, there was value in somebody taking that over,” Sklar said. “A lot of people that own multifamily don’t necessarily want that. So we kind of needed to find somebody that appreciated the 4 a.m. license.”

The sale closed despite ongoing challenges in the downtown market, mainly with retail and office buildings that have yet to recover from remote work and the pandemic. Multifamily assets have generally continued to perform well despite the broader real estate downturn in the Loop. 

The brokers said the asset’s location and performance attracted strong interest. It stands out as one of the older properties in the area, as it’s surrounded by much newer construction on all sides, Kiser Group said.

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The post South Loop Club building changes hands for $6M appeared first on The Real Deal.

 A multifamily property next to Printer’s Row — and its elusive 4 a.m. liquor license — changed hands for the first time in 40 years. The property at 701 South State Street was home to the South Loop Club, and includes 36 fully rented studio apartments and a ground-floor restaurant and bar space that holds
The post South Loop Club building changes hands for $6M appeared first on The Real Deal.  Uncategorized, Multifamily Market, Retail Market The Real Deal 

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.

Airbnb touts “win-win” apartment venture for landlords, tenants – Robert Khodadadian

Airbnb’s Jesse Stein (Linkedin)

In November, Airbnb launched a new venture that aimed to boost its supply of apartment listings by offering multifamily landlords a slice of the revenue. 

The idea was, in part, to legitimize a common practice: tenants circumventing their lease agreements by offering their units as short-term rentals to nab some extra cash while out of town.

“There are roughly 45 million rentals in the U.S., and the vast majority of those rentals do not allow part-time hosting on Airbnb,” said Jesse Stein, the platform’s global head of real estate. “We wanted to create a program where the individuals that rent have the same economic benefits as the individuals that host their homes on Airbnb.”

To make it happen, Airbnb has partnered with some of the nation’s largest apartment owners, including Greystar, Equity Residential, and most recently, Starwood Capital Group, offering them the chance to earn up to a 25 percent commission on the units their tenants list. 

On a new episode of The Real Deal’s weekly podcast, “Deconstruct,” Stein breaks down how the program works, and why Airbnb believes both landlords and tenants stand to benefit.

“It’s a win-win for all stakeholders,” Stein said.

Tune in for the full conversation on Apple, Spotify, Audible or wherever you get your podcasts.

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 In November, Airbnb launched a new venture that aimed to boost its supply of apartment listings by offering multifamily landlords a slice of the revenue.  The idea was, in part, to legitimize a common practice: tenants circumventing their lease agreements by offering their units as short-term rentals to nab some extra cash while out of
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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.