Multifamily Market a Safe Bet Still Despite Mounting Challenges: Forum – Robert Khodadadian
Multifamily Market a Safe Bet Still Despite Mounting Challenges: Forum – Robert Khodadadian
How is the multifamily investment market doing?
Well, it depends who you ask, and where in the country they are buying (or developing). If it’s the Sun Belt, they might be seeing oversupply and depressed rents. If it’s the Northeast or the Midwest, they are probably raising rents more quickly than in recent years, while battling high operating costs. And everyone is worried about skyrocketing interest rates.
That’s according to attendees at Commercial Observer’s multifamily forum held Sept. 21 on the 16th floor of 1177 Avenue of the Americas.
Following a keynote from owner and developer Harbor Group International’s Yisroel Berg and law firm Herrick Feinstein’s Jonathan Adelsberg, the initial panel of the daylong forum dived into how the cost of debt was affecting the ability to purchase new apartment buildings.
“We’re moving ahead with buying a portfolio in Florida, but we’re being cautious,” said David Hochfelder, the chief investment officer at Naftali Group. “There’s more price discovery in multifamily. It’s just much better relative value to finance something at 65 percent LTV [loan to value ratio on a mortgage] — which, on the equity side with today’s financing and equity costs, I don’t think those deals underwrite that way.”
He added that it was “better relative value financing other people than taking the plunge yourself” on purchasing property these days.
It’s become so challenging to buy that many firms are getting into the alternative lending business. “Now we have people popping up that were in the equity space before,” said David Greenburg, a managing director at Affinius Capital. “The lending space is a great space to be.”
Michael Boxer, the managing director of private real estate debt at CenterSquare Investment Management, noted that “In the debt space, we have room to be wrong. With equity, the stars need to be aligned perfectly.”
And investors who need to refinance will be looking at choppy waters for the next two years.
“I think your best lender is your existing lender, and you may just be playing them down,” said P.J. Yeatman, a managing partner at investment manager Corten Real Estate Partners.
Next up was a fireside chat with Cushman & Wakefield (CWK)’s Lauren Kaufman and lender Greystone’s Blake Okland, where distressed debt and buyers struggling with their financing options were once again the topic of discussion.
Aundre Oldacre, Stuart Boesky, Maria Barry, Daron Tubian and Michael Milazzo dig into the challenges of financing affordable housing in 2023 at Commercial Observer’s September multifamily forum. Greg Morris
“A lot of buyers are motivated to kick the can down the road as far as they can,” said Kaufman, on the topic of buying in the current interest rate environment. “There are going to be lenders who can work with their borrowers. There’s plenty of gap capital.”
And, as many investors in New York’s five boroughs know, rent-regulated properties have taken a hit to their value since rent laws changed in 2019. Rising interest rates haven’t helped matters.
“There are not many people who feel comfortable breaking into the market right now,” Kaufman said of New York City. “I think anything that’s subject to rent regulation here in New York is considered distressed.”
Okland pointed out that nonresidential investors are feeling even more of a pinch when it comes to financing and revenue because of rising interest rates. “I think every food group in real estate is trying to figure out how to deal with low assumption rates,” he noted.
Some owners view affordable housing as a more stable investment amid spiking cap rates. However, not everyone on the afternoon affordable housing panel agreed.
“When you have rent restrictions and the capital markets push up interest rates, it’s a recipe for disaster,” said Pembrook Capital Management CEO Stuart Boesky. “Unless the capital markets reverse course fairly quickly, affordable housing is going to suffer some real consequences.”
Daron Tubian, who oversees affordable housing investments for investment manager Barings, said that middle-income affordable properties — often called workforce housing — was “a growing part of our overall strategy. It hovers between 80 and 120 percent of the area median income, and, in New York City, it can be as high as 165 percent. We’ve created a fund to provide competitive financing for projects with up to 50 percent affordable [workforce] housing.”
Barings isn’t the only firm looking to build more workforce housing business. Michael Milazzo, an executive at tax credit syndicator and agency lender Merchants Capital, noted that his firm “recently started a product that lends toward that workforce housing, above that definition of affordable at 60 percent AMI. We’re seeing Fannie and Freddie being more flexible, too.”
Bank of America (BAC) has started financing more middle-income affordable projects too.
“One of the things that we embarked on earlier this year is a middle-income housing fund,” said Maria Barry, the national executive for community development banking at Bank of America. “And our hope is to provide some capital that’s lower than a private equity cost, higher than a [federal Community Development Financial Institutions fund] cost, but something that will be in there to help get that deal done and help preserve units. And so we’re partnering with Enterprise Community Partners on that idea. And our hope is that, through that fund, we can help preserve an additional 3,000 housing units.”
Aundre Oldacre, a managing partner at suburban residential developer AoRa Development, said his firm had been trying to take a more sustainable approach to building new residential, especially for affordable projects.
“We’re looking at building cheaper, faster,” he explained. “We’re looking at off-site construction techniques, all sorts of building materials, mass timber. We’re looking at 3D printing for foundations, reducing formwork.”
Another afternoon panel also focused on affordable housing and how it can help historically marginalized communities. The speakers included Rod Mullice of developer Windsor Stevens, Sara Myerson of developer MSquared, Maria Castro Vainer of JPMorgan Chase and Amanda Nunnink of investment firm Kayne Anderson Real Estate.
The second-to-last discussion of the day revolved around who benefits from the current distressed investment sales market.
Manish Shah of Palladius Capital Management said his firm had been willing to do riskier deals because they saw opportunities for longer-term upside. “We’re actually doing a lot of deals with negative leverage, and we’re funding deals where there’s negative leverage,” he explained.
Shah argued that sometimes there were benefits to bucking the trends and the real estate headlines.
“We bought New York City hotels about a year and a half ago,” he said. “And the headlines were New York is dead, everyone’s a zombie, COVID’s still around. So sometimes you have to take some risks.” Now, Shah pointed out, hotel room rates are hitting or exceeding pre-pandemic benchmarks.
Nicholas Baccile of hedge fund Canyon Partners pointed out that, even in New York City, his firm had made some solid multifamily bets.
“We have a few deals in Gowanus and we think we can generate a 6 percent yield,” said Baccile. “Having a 6 or 7 percent yield on a Class A multifamily asset in New York feels pretty good.”
Operating costs, however, are only getting more expensive. Rising insurance premiums are hitting multifamily landlords especially hard.
Rod Mullice of Windsor Stevens and Sara Myerson of MSquared talk about their work building affordable housing. Greg Morris
Amanda Gray, a director of capital markets at owner and investor Invesco, noted that Newmark’s latest multifamily report found that “operating costs were up 8 percent year-over-year, and a big piece of that is that insurance costs were up 30 percent year-over-year.”
Insurance quotes for many apartment buildings were now coming in at double what they had underwritten properties for, said Mark Stewart, the chief investment officer at The Bainbridge Companies, a developer.
But, even with rising costs, the return on investment for multifamily properties in many parts of the country is still pretty good, because the average American can no longer afford to buy a house or a condo.
“The alternative of home purchasing is now out of reach for most Americans, which makes it more affordable to rent versus own,” said Ari Abramson of Continental Realty.
In the last panel of the day, investors and lenders chatted about the elephant in the room: mortgages on buildings coming due as interest rates rise, and how lenders and borrowers are responding. Speakers included Martin Fayer of NewPoint Real Estate Capital, Ronnie Levine of Meridian Capital Group, Justin Levitt of investor PGIM Real Estate, Jerry Murphy of developer and owner Davis Companies, and David Ruttenberg of Ruttenberg Gordon Investments.
“My advice is to refinance all your properties all the time,” joked Levine. “We know of deals where banks are quietly selling loans. And, when that wall of liquidity thinks it’s time, then that wave of institutional capital is going to bid up prices.”
How is the multifamily investment market doing? Well, it depends who you ask, and where in the country they are buying (or developing). If it’s the Sun Belt, they might be seeing oversupply and depressed rents. If it’s the Northeast or the Midwest, they are probably raising rents more quickly than in recent years, while Channel, Finance, Industry, More, 1177 Avenue of the Americas, Ari Abramson, Aundre Oldacre, Blake Okland, Daron Tubian, David Hochfelder, Jonathan Adelsberg, Lauren Kaufman, Manish Shah, Maria Barry, Maria Castro Vainer, Michael Boxer, Michael Milazzo, P.J. Yeatman, Rod Mullice, Sara Myerson, Stuart Boesky, Yisroel Berg, National, New York, New York City, Affinius Capital, Bank of America, Barings, Canyon Partners, CenterSquare Investment Management, Corten Real Estate Partners, Cushman & Wakefield, Greystone, Harbor Group International, Merchants Capital, Meridian Capital Group, Palladius Capital Management, Pembrook Capital Management, PGIM Real Estate, Ruttenberg Gordon Investments, The Bainbridge Companies
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
How is the multifamily investment market doing? Well, it depends who you ask, and where in the country they are buying (or developing). If it’s the Sun Belt, they might be seeing oversupply and depressed rents. If it’s the Northeast or the Midwest, they are probably raising rents more quickly than in recent years, while Robert Khodadadian | Chairman NY Investment Sales Skyline Properties Robert Khodadadian New York City Real Estate Commercial Real Estate Investment Properties Property Development Real Estate Brokerage Office Space Retail Space Residential Real Estate Real Estate Investing Property Management Real Estate Services Real Estate Transactions Real Estate Market Analysis Commercial Property Sales Real Estate Acquisitions Real Estate Consulting Property Valuation Real Estate Investment Trusts (REITs) Property Listings Real Estate Portfolio Management Real Estate Finance Property Leasing Real Estate Negotiation Real Estate Contracts Real Estate Law Real Estate Industry News ground leases office buildings commercial buildings apartment buildings townhouses mixed use investment building mixed use user buildings live plus income buildings industrial properties off market real estate daniel shirazi new york real estate real estate investment
Developers Plan $1B Campus in Miami Health District – Robert Khodadadian
Developers Plan $1B Campus in Miami Health District – Robert Khodadadian
Black Salmon and the Allen Morris Company have teamed up to build a major mixed-use project that is poised to greatly expand Miami’s medical infrastructure.
The planned $1 billion complex, dubbed Highland Park Miami, will include 500,000 square feet of medical-related office space, 1,000 residential units, a 150-room hotel, and green spaces.
The development will span 7 acres at 800 Northwest 14th Street, between the Miami River and State Road 836. Preliminary site clearing is expected to begin later this year.
Once completed, the project will expand Miami’s Health District, an area north of Downtown Miami, cementing the area as the second-largest medical district in the U.S. after Houston.
The district serves as a hub for Miami’s health, medical research and biotechnology industries. It is home to Jackson Memorial Hospital, the University of Miami’s Leonard M. Miller School of Medicine and the Miami VA Healthcare System, among many other institutions.
Architecture firm Arquitectonica is creating the master plans and designing the project.
Nick Trombola can be reached at NTrombola@commercialobserver.com.
Black Salmon and the Allen Morris Company have teamed up to build a major mixed-use project that is poised to greatly expand Miami’s medical infrastructure. The planned $1 billion complex, dubbed Highland Park Miami, will include 500,000 square feet of medical-related office space, 1,000 residential units, a 150-room hotel, and green spaces. The development will Channel, Development, Mixed-use, 800 Northwest 14th Street, Highland Park Miami, Florida, South Florida, Miami, Allen Morris Company, Arquitectonica, Black Salmon, Jackson Memorial Hospital, Miami VA Healthcare System, University of Miami Leonard M. Miller School of Medicine
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
Black Salmon and the Allen Morris Company have teamed up to build a major mixed-use project that is poised to greatly expand Miami’s medical infrastructure. The planned $1 billion complex, dubbed Highland Park Miami, will include 500,000 square feet of medical-related office space, 1,000 residential units, a 150-room hotel, and green spaces. The development will Robert Khodadadian | Chairman NY Investment Sales Skyline Properties Robert Khodadadian New York City Real Estate Commercial Real Estate Investment Properties Property Development Real Estate Brokerage Office Space Retail Space Residential Real Estate Real Estate Investing Property Management Real Estate Services Real Estate Transactions Real Estate Market Analysis Commercial Property Sales Real Estate Acquisitions Real Estate Consulting Property Valuation Real Estate Investment Trusts (REITs) Property Listings Real Estate Portfolio Management Real Estate Finance Property Leasing Real Estate Negotiation Real Estate Contracts Real Estate Law Real Estate Industry News ground leases office buildings commercial buildings apartment buildings townhouses mixed use investment building mixed use user buildings live plus income buildings industrial properties off market real estate daniel shirazi new york real estate real estate investment
Adored L.A. Developer Wayne Ratkovich Dies at 82 – Robert Khodadadian
Adored L.A. Developer Wayne Ratkovich Dies at 82 – Robert Khodadadian
Wayne Ratkovich. The Ratkovich Company
Real estate developer Wayne Ratkovich, credited with saving landmarks throughout Los Angeles, died on Sunday, Sept. 24, at Cedars-Sinai Medical Center due to complications from an aortic aneurysm. He was 82.
Ratkovich’s real estate firm, The Ratkovich Company, for which he is best known, announced his death. The company said Ratkovich “saw the future in a piece of the past,” and that his reach extends from the San Gabriel Valley to the skyscrapers of Downtown L.A., and from the coastline of Playa Vista to San Pedro.
Wayne Ratkovich was born on May 29, 1941, in Los Angeles, and attended UCLA, where he played defensive end for the football team. He founded and was CEO of The Ratkovich Company, through which he reimagined and restored numerous landmark projects, including 18 historic buildings throughout the Los Angeles area.
The firm started in industrial real estate until Ratkovich got the opportunity to buy the 12-story Oviatt Building from the Archdiocese of Los Angeles for about $5 per square foot in 1977. Rather than demolish the structure and operate the property more profitably as a parking lot — which is what the sellers expected — Ratkovich determined the building should be renovated. The upgrades were successful in attracting new tenants, including the renowned Rex Il Ristorante, and the project put The Ratkovich Company on the map.
“The experience with the Oviatt changed forever my role as a developer,” Ratkovich said in 2020. “I no longer had interest in factories and warehouses. I realized that my little company could make a positive difference in the city, and it was something I wanted to continue to do.”
Ratkovich also saved the historic Pellissier Building and adjoining Wiltern Theatre, which opened in the 1930s as the flagship movie house for Warner Bros. on Wilshire Boulevard, but fell into disrepair by the late 1970s. Preservationists saved the property from the wrecking ball until Ratkovich could purchase it in 1981 and begin a four-year renovation. Today, it remains a treasured performance venue for Angelenos to see top artists from around the world.
TRC would go on to reimagine more landmark projects throughout the area, including The Fine Arts Building, Chapman Market, a 30-story office tower across from the Los Angeles County Museum of Art, and a 40-acre mixed-use development called The Alhambra in the San Gabriel Valley. One of the firm’s most notable developments is The Bloc, a dramatic transformation of the former Macy’s Plaza in Downtown Los Angeles. Ratkovich is also responsible for the Hercules Campus in Playa Vista, an 11-building complex of historic former Hughes Aircraft Company hangars that today counts Google as its main tenant.
“The greatest thing Wayne did is shine a bright light on historic buildings in Downtown and beyond,” said Linda Dishman, president and CEO of the Los Angeles Conservancy. “He was a pioneer in transforming underutilized buildings into places people wanted to go, including the Oviatt, Fine Arts and the Wiltern.”
The firm’s latest project is a 42-acre site on the Los Angeles waterfront in San Pedro that it’s redeveloping into a project called West Harbor. Ratkovich helped convince the iconic Hollywood restaurant Yamashiro to open its first-ever satellite location at that property.
Brian Saenger, president and CEO of The Ratkovich Company, said Wayne Ratkovich was a brilliant businessman and true visionary who “had a unique ability to focus on how a real estate development will catalyze a community — 20 plus years down the road, not just today.”
“Wayne’s impact on Los Angeles is evident to anyone who looks at DTLA and many of the historic buildings across our region,” Saenger said. “His legacy of kindness, compassion and vision will live on in the projects he built and the company he founded.”
Ratkovich is survived by his wife JoAnn (whom he married in 1967), son Milan, daughters Anna and Lindsay, and five grandchildren.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
Real estate developer Wayne Ratkovich, credited with saving landmarks throughout Los Angeles, died on Sunday, Sept. 24, at Cedars-Sinai Medical Center due to complications from an aortic aneurysm. He was 82. Ratkovich’s real estate firm, The Ratkovich Company, for which he is best known, announced his death. The company said Ratkovich “saw the future in Channel, More, Players, slideshow, Wayne Ratkovich, Los Angeles, The Ratkovich Company
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
Real estate developer Wayne Ratkovich, credited with saving landmarks throughout Los Angeles, died on Sunday, Sept. 24, at Cedars-Sinai Medical Center due to complications from an aortic aneurysm. He was 82. Ratkovich’s real estate firm, The Ratkovich Company, for which he is best known, announced his death. The company said Ratkovich “saw the future in Robert Khodadadian | Chairman NY Investment Sales Skyline Properties Robert Khodadadian New York City Real Estate Commercial Real Estate Investment Properties Property Development Real Estate Brokerage Office Space Retail Space Residential Real Estate Real Estate Investing Property Management Real Estate Services Real Estate Transactions Real Estate Market Analysis Commercial Property Sales Real Estate Acquisitions Real Estate Consulting Property Valuation Real Estate Investment Trusts (REITs) Property Listings Real Estate Portfolio Management Real Estate Finance Property Leasing Real Estate Negotiation Real Estate Contracts Real Estate Law Real Estate Industry News ground leases office buildings commercial buildings apartment buildings townhouses mixed use investment building mixed use user buildings live plus income buildings industrial properties off market real estate daniel shirazi new york real estate real estate investment
Bunkhouse Group Starts Work on Heights-Area Hotel – Robert Khodadadian
Bunkhouse Group Starts Work on Heights-Area Hotel – Robert Khodadadian
The Hotel Daphne will open in early 2025 in the Heights, a boutique hotel with a Victorian flair. The Houston Business Journal reports the five-story, 47-room hotel will have an all-day restaurant, a ground-floor bar and lounge, a courtyard, a pool with its own bar, a library and a lobby retail shop.
The project is a joint development between Bunkhouse Group and RGA Ventures, a subsidiary of Houston-based Wood Lane Partners. The architects of record are Blanchard A+D and Darwin Architecture. Forney Construction will serve as general contractor.
In May, the company broke ground on Hotel Saint Augustine, a 71-key, two-story hotel offering guests access to an event space, a restaurant and a bar.
The post Bunkhouse Group Starts Work on Heights-Area Hotel appeared first on Connect CRE.
The Hotel Daphne will open in early 2025 in the Heights, a boutique hotel with a Victorian flair. The Houston Business Journal reports the five-story, 47-room hotel will have an all-day restaurant, a ground-floor bar and lounge, a courtyard, a pool with its own bar, a library and a lobby retail shop. The project is …
The post Bunkhouse Group Starts Work on Heights-Area Hotel 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
The Hotel Daphne will open in early 2025 in the Heights, a boutique hotel with a Victorian flair. The Houston Business Journal reports the five-story, 47-room hotel will have an all-day restaurant, a ground-floor bar and lounge, a courtyard, a pool with its own bar, a library and a lobby retail shop. The project is …
The post Bunkhouse Group Starts Work on Heights-Area Hotel appeared first on Connect CRE. Robert Khodadadian | Chairman NY Investment Sales Skyline Properties Robert Khodadadian New York City Real Estate Commercial Real Estate Investment Properties Property Development Real Estate Brokerage Office Space Retail Space Residential Real Estate Real Estate Investing Property Management Real Estate Services Real Estate Transactions Real Estate Market Analysis Commercial Property Sales Real Estate Acquisitions Real Estate Consulting Property Valuation Real Estate Investment Trusts (REITs) Property Listings Real Estate Portfolio Management Real Estate Finance Property Leasing Real Estate Negotiation Real Estate Contracts Real Estate Law Real Estate Industry News ground leases office buildings commercial buildings apartment buildings townhouses mixed use investment building mixed use user buildings live plus income buildings industrial properties off market real estate daniel shirazi new york real estate real estate investment
Peterson Companies Acquires Multifamily Complex in Rockville – Robert Khodadadian
Peterson Companies Acquires Multifamily Complex in Rockville – Robert Khodadadian
Peterson Companies continues to expand its portfolio in the Washington, D.C., region.
Peterson purchased Huntington at King Farm, a 402-unit multifamily community in Rockville, Md., one of two developments on the site, CBRE (CBRE) brokers announced Tuesday. Peterson purchased the property for $135.5 million, the Washington Business Journal reported.
Located at 801 Elmcroft Boulevard in Rockville, the housing community features units that average 1,200 square feet, 165 of which are townhomes with private garages.
Approximately 342 units have been renovated since 2011, and Peterson plans to renovate the remaining units, according to CBRE.
The sale goes against trends in the region, however. Sales volume in the mid-Atlantic totaled $1.64 billion in the first six months of 2023, a 64 percent decrease compared to last year, according to CBRE’s Mid-Atlantic Multifamily Report for the first half of this year.
Yet the report also notes that, historically, the latter half of the year typically yields higher sales volume, which could pave the way for a market resurgence in 2024.
Fairfax, Va.-based Peterson is one of the largest privately owned real estate development companies in the D.C. area. It owns National Harbor, a sprawling waterfront resort on the banks of the Potomac near Alexandria, Va., as well as Downtown Silver Spring, a 440,000-square-foot retail complex in Silver Spring, Md., among other properties.
Nick Trombola can be reached at NTrombola@commercialobserver.com.
Peterson Companies continues to expand its portfolio in the Washington, D.C., region. Peterson purchased Huntington at King Farm, a 402-unit multifamily community in Rockville, Md., one of two developments on the site, CBRE brokers announced Tuesday. Peterson purchased the property for $135.5 million, the Washington Business Journal reported. Located at 801 Elmcroft Boulevard in Rockville, Channel, Residential, Sales, 801 Elmcroft Boulevard, Downtown Silver Spring, Huntington at King Farm, National Harbor, Maryland, Washington DC, CBRE, Peterson Companies, Washington Business Journal
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
Peterson Companies continues to expand its portfolio in the Washington, D.C., region. Peterson purchased Huntington at King Farm, a 402-unit multifamily community in Rockville, Md., one of two developments on the site, CBRE brokers announced Tuesday. Peterson purchased the property for $135.5 million, the Washington Business Journal reported. Located at 801 Elmcroft Boulevard in Rockville, Robert Khodadadian | Chairman NY Investment Sales Skyline Properties Robert Khodadadian New York City Real Estate Commercial Real Estate Investment Properties Property Development Real Estate Brokerage Office Space Retail Space Residential Real Estate Real Estate Investing Property Management Real Estate Services Real Estate Transactions Real Estate Market Analysis Commercial Property Sales Real Estate Acquisitions Real Estate Consulting Property Valuation Real Estate Investment Trusts (REITs) Property Listings Real Estate Portfolio Management Real Estate Finance Property Leasing Real Estate Negotiation Real Estate Contracts Real Estate Law Real Estate Industry News ground leases office buildings commercial buildings apartment buildings townhouses mixed use investment building mixed use user buildings live plus income buildings industrial properties off market real estate daniel shirazi new york real estate real estate investment
Robert Khodadadian – Commercial Observer
Skyline Properties Robert Khodadadian New York City Real Estate Commercial Real Estate Investment Properties Property Development Real Estate Brokerage Office Space Retail Space Residential Real Estate Real Estate Investing Property Management Real Estate Services Real Estate Transactions Real Estate Market Analysis Commercial Property Sales Real Estate Acquisitions Real Estate Consulting Property Valuation Real Estate Investment Trusts (REITs) Property Listings Real Estate Portfolio Management Real Estate Finance Property Leasing Real Estate Negotiation Real Estate Contracts Real Estate Law Real Estate Industry News ground leases office buildings commercial buildings apartment buildings townhouses mixed use investment building mixed use user buildings live plus income buildings industrial properties off market real estate daniel shirazi new york real estate real estate investment Robert Khodadadian – Commercial Observer
Channel, Finance, Industry, More, 1177 Avenue of the Americas, Ari Abramson, Aundre Oldacre, Blake Okland, Daron Tubian, David Hochfelder, Jonathan Adelsberg, Lauren Kaufman, Manish Shah, Maria Barry, Maria Castro Vainer, Michael Boxer, Michael Milazzo, P.J. Yeatman, Rod Mullice, Sara Myerson, Stuart Boesky, Yisroel Berg, National, New York, New York City, Affinius Capital, Bank of America, Barings, Canyon Partners, CenterSquare Investment Management, Corten Real Estate Partners, Cushman & Wakefield, Greystone, Harbor Group International, Merchants Capital, Meridian Capital Group, Palladius Capital Management, Pembrook Capital Management, PGIM Real Estate, Ruttenberg Gordon Investments, The Bainbridge Companies Commercial Observer
How is the multifamily investment market doing?
Well, it depends who you ask, and where in the country they are buying (or developing). If it’s the Sun Belt, they might be seeing oversupply and depressed rents. If it’s the Northeast or the Midwest, they are probably raising rents more quickly than in recent years, while battling high operating costs. And everyone is worried about skyrocketing interest rates.
That’s according to attendees at Commercial Observer’s multifamily forum held Sept. 21 on the 16th floor of 1177 Avenue of the Americas.
Following a keynote from owner and developer Harbor Group International’s Yisroel Berg and law firm Herrick Feinstein’s Jonathan Adelsberg, the initial panel of the daylong forum dived into how the cost of debt was affecting the ability to purchase new apartment buildings.
“We’re moving ahead with buying a portfolio in Florida, but we’re being cautious,” said David Hochfelder, the chief investment officer at Naftali Group. “There’s more price discovery in multifamily. It’s just much better relative value to finance something at 65 percent LTV [loan to value ratio on a mortgage] — which, on the equity side with today’s financing and equity costs, I don’t think those deals underwrite that way.”
He added that it was “better relative value financing other people than taking the plunge yourself” on purchasing property these days.
It’s become so challenging to buy that many firms are getting into the alternative lending business. “Now we have people popping up that were in the equity space before,” said David Greenburg, a managing director at Affinius Capital. “The lending space is a great space to be.”
Michael Boxer, the managing director of private real estate debt at CenterSquare Investment Management, noted that “In the debt space, we have room to be wrong. With equity, the stars need to be aligned perfectly.”
And investors who need to refinance will be looking at choppy waters for the next two years.
“I think your best lender is your existing lender, and you may just be playing them down,” said P.J. Yeatman, a managing partner at investment manager Corten Real Estate Partners.
Next up was a fireside chat with Cushman & Wakefield (CWK)’s Lauren Kaufman and lender Greystone’s Blake Okland, where distressed debt and buyers struggling with their financing options were once again the topic of discussion.
Aundre Oldacre, Stuart Boesky, Maria Barry, Daron Tubian and Michael Milazzo dig into the challenges of financing affordable housing in 2023 at Commercial Observer’s September multifamily forum. Greg Morris
“A lot of buyers are motivated to kick the can down the road as far as they can,” said Kaufman, on the topic of buying in the current interest rate environment. “There are going to be lenders who can work with their borrowers. There’s plenty of gap capital.”
And, as many investors in New York’s five boroughs know, rent-regulated properties have taken a hit to their value since rent laws changed in 2019. Rising interest rates haven’t helped matters.
“There are not many people who feel comfortable breaking into the market right now,” Kaufman said of New York City. “I think anything that’s subject to rent regulation here in New York is considered distressed.”
Okland pointed out that nonresidential investors are feeling even more of a pinch when it comes to financing and revenue because of rising interest rates. “I think every food group in real estate is trying to figure out how to deal with low assumption rates,” he noted.
Some owners view affordable housing as a more stable investment amid spiking cap rates. However, not everyone on the afternoon affordable housing panel agreed.
“When you have rent restrictions and the capital markets push up interest rates, it’s a recipe for disaster,” said Pembrook Capital Management CEO Stuart Boesky. “Unless the capital markets reverse course fairly quickly, affordable housing is going to suffer some real consequences.”
Daron Tubian, who oversees affordable housing investments for investment manager Barings, said that middle-income affordable properties — often called workforce housing — was “a growing part of our overall strategy. It hovers between 80 and 120 percent of the area median income, and, in New York City, it can be as high as 165 percent. We’ve created a fund to provide competitive financing for projects with up to 50 percent affordable [workforce] housing.”
Barings isn’t the only firm looking to build more workforce housing business. Michael Milazzo, an executive at tax credit syndicator and agency lender Merchants Capital, noted that his firm “recently started a product that lends toward that workforce housing, above that definition of affordable at 60 percent AMI. We’re seeing Fannie and Freddie being more flexible, too.”
Bank of America (BAC) has started financing more middle-income affordable projects too.
“One of the things that we embarked on earlier this year is a middle-income housing fund,” said Maria Barry, the national executive for community development banking at Bank of America. “And our hope is to provide some capital that’s lower than a private equity cost, higher than a [federal Community Development Financial Institutions fund] cost, but something that will be in there to help get that deal done and help preserve units. And so we’re partnering with Enterprise Community Partners on that idea. And our hope is that, through that fund, we can help preserve an additional 3,000 housing units.”
Aundre Oldacre, a managing partner at suburban residential developer AoRa Development, said his firm had been trying to take a more sustainable approach to building new residential, especially for affordable projects.
“We’re looking at building cheaper, faster,” he explained. “We’re looking at off-site construction techniques, all sorts of building materials, mass timber. We’re looking at 3D printing for foundations, reducing formwork.”
Another afternoon panel also focused on affordable housing and how it can help historically marginalized communities. The speakers included Rod Mullice of developer Windsor Stevens, Sara Myerson of developer MSquared, Maria Castro Vainer of JPMorgan Chase and Amanda Nunnink of investment firm Kayne Anderson Real Estate.
The second-to-last discussion of the day revolved around who benefits from the current distressed investment sales market.
Manish Shah of Palladius Capital Management said his firm had been willing to do riskier deals because they saw opportunities for longer-term upside. “We’re actually doing a lot of deals with negative leverage, and we’re funding deals where there’s negative leverage,” he explained.
Shah argued that sometimes there were benefits to bucking the trends and the real estate headlines.
“We bought New York City hotels about a year and a half ago,” he said. “And the headlines were New York is dead, everyone’s a zombie, COVID’s still around. So sometimes you have to take some risks.” Now, Shah pointed out, hotel room rates are hitting or exceeding pre-pandemic benchmarks.
Nicholas Baccile of hedge fund Canyon Partners pointed out that, even in New York City, his firm had made some solid multifamily bets.
“We have a few deals in Gowanus and we think we can generate a 6 percent yield,” said Baccile. “Having a 6 or 7 percent yield on a Class A multifamily asset in New York feels pretty good.”
Operating costs, however, are only getting more expensive. Rising insurance premiums are hitting multifamily landlords especially hard.
Rod Mullice of Windsor Stevens and Sara Myerson of MSquared talk about their work building affordable housing. Greg Morris
Amanda Gray, a director of capital markets at owner and investor Invesco, noted that Newmark’s latest multifamily report found that “operating costs were up 8 percent year-over-year, and a big piece of that is that insurance costs were up 30 percent year-over-year.”
Insurance quotes for many apartment buildings were now coming in at double what they had underwritten properties for, said Mark Stewart, the chief investment officer at The Bainbridge Companies, a developer.
But, even with rising costs, the return on investment for multifamily properties in many parts of the country is still pretty good, because the average American can no longer afford to buy a house or a condo.
“The alternative of home purchasing is now out of reach for most Americans, which makes it more affordable to rent versus own,” said Ari Abramson of Continental Realty.
In the last panel of the day, investors and lenders chatted about the elephant in the room: mortgages on buildings coming due as interest rates rise, and how lenders and borrowers are responding. Speakers included Martin Fayer of NewPoint Real Estate Capital, Ronnie Levine of Meridian Capital Group, Justin Levitt of investor PGIM Real Estate, Jerry Murphy of developer and owner Davis Companies, and David Ruttenberg of Ruttenberg Gordon Investments.
“My advice is to refinance all your properties all the time,” joked Levine. “We know of deals where banks are quietly selling loans. And, when that wall of liquidity thinks it’s time, then that wave of institutional capital is going to bid up prices.”
How is the multifamily investment market doing? Well, it depends who you ask, and where in the country they are buying (or developing). If it’s the Sun Belt, they might be seeing oversupply and depressed rents. If it’s the Northeast or the Midwest, they are probably raising rents more quickly than in recent years, while Read More
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.
Robert Khodadadian, skyline properties, ground leases, ground lease, off market, investment sales, khodadadian, Commercial Real Estate Sales, The Commercial Observer, Retail For Lease, Commercial Observer, Commercial Office Lease
How is the multifamily investment market doing? Well, it depends who you ask, and where in the country they are buying (or developing). If it’s the Sun Belt, they might be seeing oversupply and depressed rents. If it’s the Northeast or the Midwest, they are probably raising rents more quickly than in recent years, while
Robert Khodadadian – Commercial Observer
Skyline Properties Robert Khodadadian New York City Real Estate Commercial Real Estate Investment Properties Property Development Real Estate Brokerage Office Space Retail Space Residential Real Estate Real Estate Investing Property Management Real Estate Services Real Estate Transactions Real Estate Market Analysis Commercial Property Sales Real Estate Acquisitions Real Estate Consulting Property Valuation Real Estate Investment Trusts (REITs) Property Listings Real Estate Portfolio Management Real Estate Finance Property Leasing Real Estate Negotiation Real Estate Contracts Real Estate Law Real Estate Industry News ground leases office buildings commercial buildings apartment buildings townhouses mixed use investment building mixed use user buildings live plus income buildings industrial properties off market real estate daniel shirazi new york real estate real estate investment Robert Khodadadian – Commercial Observer
Channel, Development, Mixed-use, 800 Northwest 14th Street, Highland Park Miami, Florida, South Florida, Miami, Allen Morris Company, Arquitectonica, Black Salmon, Jackson Memorial Hospital, Miami VA Healthcare System, University of Miami Leonard M. Miller School of Medicine Commercial Observer
Black Salmon and the Allen Morris Company have teamed up to build a major mixed-use project that is poised to greatly expand Miami’s medical infrastructure.
The planned $1 billion complex, dubbed Highland Park Miami, will include 500,000 square feet of medical-related office space, 1,000 residential units, a 150-room hotel, and green spaces.
The development will span 7 acres at 800 Northwest 14th Street, between the Miami River and State Road 836. Preliminary site clearing is expected to begin later this year.
Once completed, the project will expand Miami’s Health District, an area north of Downtown Miami, cementing the area as the second-largest medical district in the U.S. after Houston.
The district serves as a hub for Miami’s health, medical research and biotechnology industries. It is home to Jackson Memorial Hospital, the University of Miami’s Leonard M. Miller School of Medicine and the Miami VA Healthcare System, among many other institutions.
Architecture firm Arquitectonica is creating the master plans and designing the project.
Nick Trombola can be reached at NTrombola@commercialobserver.com.
Black Salmon and the Allen Morris Company have teamed up to build a major mixed-use project that is poised to greatly expand Miami’s medical infrastructure. The planned $1 billion complex, dubbed Highland Park Miami, will include 500,000 square feet of medical-related office space, 1,000 residential units, a 150-room hotel, and green spaces. The development will Read More
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.
Robert Khodadadian, skyline properties, ground leases, ground lease, off market, investment sales, khodadadian, Commercial Real Estate Sales, The Commercial Observer, Retail For Lease, Commercial Observer, Commercial Office Lease
Black Salmon and the Allen Morris Company have teamed up to build a major mixed-use project that is poised to greatly expand Miami’s medical infrastructure. The planned $1 billion complex, dubbed Highland Park Miami, will include 500,000 square feet of medical-related office space, 1,000 residential units, a 150-room hotel, and green spaces. The development will
Robert Khodadadian – Commercial Observer
Skyline Properties Robert Khodadadian New York City Real Estate Commercial Real Estate Investment Properties Property Development Real Estate Brokerage Office Space Retail Space Residential Real Estate Real Estate Investing Property Management Real Estate Services Real Estate Transactions Real Estate Market Analysis Commercial Property Sales Real Estate Acquisitions Real Estate Consulting Property Valuation Real Estate Investment Trusts (REITs) Property Listings Real Estate Portfolio Management Real Estate Finance Property Leasing Real Estate Negotiation Real Estate Contracts Real Estate Law Real Estate Industry News ground leases office buildings commercial buildings apartment buildings townhouses mixed use investment building mixed use user buildings live plus income buildings industrial properties off market real estate daniel shirazi new york real estate real estate investment Robert Khodadadian – Commercial Observer
Channel, More, Players, slideshow, Wayne Ratkovich, Los Angeles, The Ratkovich Company Commercial Observer
Wayne Ratkovich. The Ratkovich Company
Real estate developer Wayne Ratkovich, credited with saving landmarks throughout Los Angeles, died on Sunday, Sept. 24, at Cedars-Sinai Medical Center due to complications from an aortic aneurysm. He was 82.
Ratkovich’s real estate firm, The Ratkovich Company, for which he is best known, announced his death. The company said Ratkovich “saw the future in a piece of the past,” and that his reach extends from the San Gabriel Valley to the skyscrapers of Downtown L.A., and from the coastline of Playa Vista to San Pedro.
Wayne Ratkovich was born on May 29, 1941, in Los Angeles, and attended UCLA, where he played defensive end for the football team. He founded and was CEO of The Ratkovich Company, through which he reimagined and restored numerous landmark projects, including 18 historic buildings throughout the Los Angeles area.
The firm started in industrial real estate until Ratkovich got the opportunity to buy the 12-story Oviatt Building from the Archdiocese of Los Angeles for about $5 per square foot in 1977. Rather than demolish the structure and operate the property more profitably as a parking lot — which is what the sellers expected — Ratkovich determined the building should be renovated. The upgrades were successful in attracting new tenants, including the renowned Rex Il Ristorante, and the project put The Ratkovich Company on the map.
“The experience with the Oviatt changed forever my role as a developer,” Ratkovich said in 2020. “I no longer had interest in factories and warehouses. I realized that my little company could make a positive difference in the city, and it was something I wanted to continue to do.”
Ratkovich also saved the historic Pellissier Building and adjoining Wiltern Theatre, which opened in the 1930s as the flagship movie house for Warner Bros. on Wilshire Boulevard, but fell into disrepair by the late 1970s. Preservationists saved the property from the wrecking ball until Ratkovich could purchase it in 1981 and begin a four-year renovation. Today, it remains a treasured performance venue for Angelenos to see top artists from around the world.
TRC would go on to reimagine more landmark projects throughout the area, including The Fine Arts Building, Chapman Market, a 30-story office tower across from the Los Angeles County Museum of Art, and a 40-acre mixed-use development called The Alhambra in the San Gabriel Valley. One of the firm’s most notable developments is The Bloc, a dramatic transformation of the former Macy’s Plaza in Downtown Los Angeles. Ratkovich is also responsible for the Hercules Campus in Playa Vista, an 11-building complex of historic former Hughes Aircraft Company hangars that today counts Google as its main tenant.
“The greatest thing Wayne did is shine a bright light on historic buildings in Downtown and beyond,” said Linda Dishman, president and CEO of the Los Angeles Conservancy. “He was a pioneer in transforming underutilized buildings into places people wanted to go, including the Oviatt, Fine Arts and the Wiltern.”
The firm’s latest project is a 42-acre site on the Los Angeles waterfront in San Pedro that it’s redeveloping into a project called West Harbor. Ratkovich helped convince the iconic Hollywood restaurant Yamashiro to open its first-ever satellite location at that property.
Brian Saenger, president and CEO of The Ratkovich Company, said Wayne Ratkovich was a brilliant businessman and true visionary who “had a unique ability to focus on how a real estate development will catalyze a community — 20 plus years down the road, not just today.”
“Wayne’s impact on Los Angeles is evident to anyone who looks at DTLA and many of the historic buildings across our region,” Saenger said. “His legacy of kindness, compassion and vision will live on in the projects he built and the company he founded.”
Ratkovich is survived by his wife JoAnn (whom he married in 1967), son Milan, daughters Anna and Lindsay, and five grandchildren.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
Real estate developer Wayne Ratkovich, credited with saving landmarks throughout Los Angeles, died on Sunday, Sept. 24, at Cedars-Sinai Medical Center due to complications from an aortic aneurysm. He was 82. Ratkovich’s real estate firm, The Ratkovich Company, for which he is best known, announced his death. The company said Ratkovich “saw the future in Read More
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.
Robert Khodadadian, skyline properties, ground leases, ground lease, off market, investment sales, khodadadian, Commercial Real Estate Sales, The Commercial Observer, Retail For Lease, Commercial Observer, Commercial Office Lease
Real estate developer Wayne Ratkovich, credited with saving landmarks throughout Los Angeles, died on Sunday, Sept. 24, at Cedars-Sinai Medical Center due to complications from an aortic aneurysm. He was 82. Ratkovich’s real estate firm, The Ratkovich Company, for which he is best known, announced his death. The company said Ratkovich “saw the future in
Robert Khodadadian – Commercial Observer
Skyline Properties Robert Khodadadian New York City Real Estate Commercial Real Estate Investment Properties Property Development Real Estate Brokerage Office Space Retail Space Residential Real Estate Real Estate Investing Property Management Real Estate Services Real Estate Transactions Real Estate Market Analysis Commercial Property Sales Real Estate Acquisitions Real Estate Consulting Property Valuation Real Estate Investment Trusts (REITs) Property Listings Real Estate Portfolio Management Real Estate Finance Property Leasing Real Estate Negotiation Real Estate Contracts Real Estate Law Real Estate Industry News ground leases office buildings commercial buildings apartment buildings townhouses mixed use investment building mixed use user buildings live plus income buildings industrial properties off market real estate daniel shirazi new york real estate real estate investment Robert Khodadadian – Commercial Observer
Channel, Residential, Sales, 801 Elmcroft Boulevard, Downtown Silver Spring, Huntington at King Farm, National Harbor, Maryland, Washington DC, CBRE, Peterson Companies, Washington Business Journal Commercial Observer
Peterson Companies continues to expand its portfolio in the Washington, D.C., region.
Peterson purchased Huntington at King Farm, a 402-unit multifamily community in Rockville, Md., one of two developments on the site, CBRE (CBRE) brokers announced Tuesday. Peterson purchased the property for $135.5 million, the Washington Business Journal reported.
Located at 801 Elmcroft Boulevard in Rockville, the housing community features units that average 1,200 square feet, 165 of which are townhomes with private garages.
Approximately 342 units have been renovated since 2011, and Peterson plans to renovate the remaining units, according to CBRE.
The sale goes against trends in the region, however. Sales volume in the mid-Atlantic totaled $1.64 billion in the first six months of 2023, a 64 percent decrease compared to last year, according to CBRE’s Mid-Atlantic Multifamily Report for the first half of this year.
Yet the report also notes that, historically, the latter half of the year typically yields higher sales volume, which could pave the way for a market resurgence in 2024.
Fairfax, Va.-based Peterson is one of the largest privately owned real estate development companies in the D.C. area. It owns National Harbor, a sprawling waterfront resort on the banks of the Potomac near Alexandria, Va., as well as Downtown Silver Spring, a 440,000-square-foot retail complex in Silver Spring, Md., among other properties.
Nick Trombola can be reached at NTrombola@commercialobserver.com.
Peterson Companies continues to expand its portfolio in the Washington, D.C., region. Peterson purchased Huntington at King Farm, a 402-unit multifamily community in Rockville, Md., one of two developments on the site, CBRE brokers announced Tuesday. Peterson purchased the property for $135.5 million, the Washington Business Journal reported. Located at 801 Elmcroft Boulevard in Rockville, Read More
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.
Robert Khodadadian, skyline properties, ground leases, ground lease, off market, investment sales, khodadadian, Commercial Real Estate Sales, The Commercial Observer, Retail For Lease, Commercial Observer, Commercial Office Lease
Peterson Companies continues to expand its portfolio in the Washington, D.C., region. Peterson purchased Huntington at King Farm, a 402-unit multifamily community in Rockville, Md., one of two developments on the site, CBRE brokers announced Tuesday. Peterson purchased the property for $135.5 million, the Washington Business Journal reported. Located at 801 Elmcroft Boulevard in Rockville,
PwC looks to exit Downtown San Jose for the suburbs – Robert Khodadadian
PwC looks to exit Downtown San Jose for the suburbs – Robert Khodadadian
Downtown San Jose has one more business casualty that could head to the suburbs: PwC.
The London-based global accounting firm officially known as PricewaterhouseCoopers International is in talks to lease three floors at a new office building at 3155 Olsen Drive, across from Santana Row in West San Jose, the San Jose Mercury News reported, citing unidentified sources.
If the deal is done for up to 150,000 square feet of offices at One Santana West, PwC would pull up stakes from its offices at 488 South Almaden Boulevard in Downtown.
The relocation would follow a similar move announced this month by Switzerland-based UBS Group. After 34 years in Downtown, it relocated to offices at the Santana Row mall.
The Zurich-based banking firm had occupied 12,600 square feet across the eighth floor at the building known as 50 West, owned by San Francisco-based Jay Paul Company, since 1989. In October 2020, it renewed its lease for two years, at $5.40 a square foot.
UBS moved its San Jose hub to a 9,000-square-foot office above Rosie McCann’s Irish Pub & Restaurant at 535 Santana Row, five miles away. Terms of the deal were not disclosed.
The eight-story One Santana West, completed last year by Maryland-based Federal Realty Investment Trust, contains 375,000 square feet of flexible offices. PwC is also pondering an office deal in Downtown Sunnyvale, sources said.
“It’s not surprising that Federal Realty would try to poach Downtown San Jose office tenants,” Bob Staedler, principal executive with Silicon Valley Synergy, told the Mercury News. “This opens up opportunities for Peninsula office tenants to relocate to Downtown.”
Databricks, a software company, and Moss Adams, an accounting and consulting firm, also are in discussions about large office leases at One Santana West, the unidentified sources said.
Read more
UBS Group pulls out of Downtown San Jose, moves to Santana Row
San Jose developer wants to build AI incubator in Downtown
Syufy Enterprises cites builder’s remedy for 264 apartments in San Jose
For Downtown, the defections impact the city’s urban core because it has a relatively small office market, with 10.7 million square feet. All it takes is one big loss — or one big lease by a growing Silicon Valley firm — to sway it.
“No one is going to build a new office building for some time,” said Mark Ritchie, president of San Jose-based Ritchie Commercial, a real estate firm. “The amount of office space will stay the same but companies will continue to grow.
“They will grow fastest in Silicon Valley.”
— Dana Bartholomew
The post PwC looks to exit Downtown San Jose for the suburbs appeared first on The Real Deal.
Downtown San Jose has one more business casualty that could head to the suburbs: PwC. The London-based global accounting firm officially known as PricewaterhouseCoopers International is in talks to lease three floors at a new office building at 3155 Olsen Drive, across from Santana Row in West San Jose, the San Jose Mercury News reported,
The post PwC looks to exit Downtown San Jose for the suburbs appeared first on The Real Deal. Uncategorized, 3155 Olsen Drive, 488 South Almaden Boulevard, Commercial Real Estate, Downtown San Jose, One Santana West, PwC, Sunnyvale, UBS Group, West San Jose 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.
Downtown San Jose has one more business casualty that could head to the suburbs: PwC. The London-based global accounting firm officially known as PricewaterhouseCoopers International is in talks to lease three floors at a new office building at 3155 Olsen Drive, across from Santana Row in West San Jose, the San Jose Mercury News reported,
The post PwC looks to exit Downtown San Jose for the suburbs appeared first on The Real Deal. robert khodadadian Skyline Properties New York City Real Estate Commercial Real Estate Investment Properties Property Development Real Estate Brokerage Office Space Retail Space Residential Real Estate Real Estate Investing Property Management Real Estate Services Real Estate Transactions Real Estate Market Analysis Commercial Property Sales Real Estate Acquisitions Real Estate Consulting Property Valuation Real Estate Investment Trusts (REITs) Property Listings Real Estate Portfolio Management Real Estate Finance Property Leasing Real Estate Negotiation Real Estate Contracts Real Estate Law Real Estate Industry News ground leases office buildings commercial buildings apartment buildings townhouses mixed use investment building mixed use user buildings live plus income buildings industrial properties off market real estate daniel shirazi new york real estate real estate investment amir Korangy Appraisal value Asset management bob knakal brokerage Building amenities Building codes Building inspections Building maintenance Building permits Cap rate Cash flow Closing costs Commercial mortgage-backed securities commercial observer Commercial property Commercial property auctions Commercial property development Commercial property inspections Commercial property management Commercial property marketing commercial real estate market in new york city Commercial tenant screening Common area maintenance fees Debt financing Due diligence Economic incentives Energy efficiency Environmental assessments Equity financing erg Escrow services Exit strategies facebook Financing GROUND LEASE Historic tax credits Investment Investment property Investment sales khodadadian Landlord representation Lease agreements Lease assignments Lease buyouts Lease negotiations Lease options Lease renewals Leasehold improvements Luxury property manhattan commercial real estate Manhattan Real Estate Manhattan Real Estate Market Market analysis Mixed-use property Multifamily property net lease Net operating income New York City new york real estate journal new york real estate Skyline Properties NYC Real Estate nyc real estate news off market broker Opportunity zones Property Property appraisal Property insurance Property listing services Property ownership structure Property redevelopment Property surveys Property tax Property tax assessments Property value Real estate Real estate brokers Real estate development real estate investment Manhattan Real estate market trends Real Estate News Rent roll Residential property Robert Khodadadian on Quiet Deals Sales Short-term rentals Site feasibility studies Site plans Site selection Skyline NYC skyline properties nyc Subleasing Tax incentives Tenant credit analysis Tenant improvements Tenant leasing Tenant representation Tenant retention the commercial observer The Real Deal the real deal magazine The Real Deal New York Title searches Traded NYC Zoning regulations Off-market real estate Manhattan Property brokers mixed-use investment building mixed-use user buildings off-market broker
Memo warned NAR of misconduct claims ahead of sexual harassment suit – Robert Khodadadian
Memo warned NAR of misconduct claims ahead of sexual harassment suit – Robert Khodadadian
The National Association of Realtors received a warning of improper behavior well before this summer’s scandal exploded for the trade group.
A leaked memo obtained by Inman details some examples centered on then president-elect Kenny Parcell, echoing the harassment and discrimination accusations that preceded his recent resignation.
The memo was sent to NAR’s head of human resources, Donna Gland, in late June 2022. It was written by Victoria Gillespie, who was the chief marketing and communications officer of the organization until this March.
The memo accuses members of the seven-person leadership team of behavior that was racist, toxic and abusive. The memo faulted NAR’s C-suite for failing to support staff when leaders mistreated them.
Parcell was named in the memo, including as part of allegations he threatened to kill himself after a staffer complained to HR about being taken off a project. Two female staffers accused him of sending an inappropriate picture of himself wearing a Realtor belt buckle, which Parcell told Inman he sent to male and female staffers alike to show off a design of his.
Parcell also allegedly invited several female staffers to stay at his home while making a biographical film about him for his inauguration. Parcell allegedly rescinded the same invitation to former chief storyteller Janelle Brevard, who was then uninvited from the shoot, preventing her from doing her job, according to the memo.
Brevard claimed she experienced racial and sexual discrimination and sexual harassment a lawsuit against NAR earlier this year before withdrawing the complaint.
The memo concluded with suggested action items for NAR, including a working group to address staff concerns and a hotline for employees to report information affecting their work. Chief executive officer Bob Goldberg recently announced policy changes that include a task force and members of an outside law firm to address claims of misconduct in light of the ongoing scandal.
Tracy Kasper, whose appointment as president was moved up after Parcell’s resignation, posted a message on an internal communications platform ahead of Inman’s report, calling the leaked memo a “major privacy issue.” Some staffers at NAR have demanded her resignation.
NAR’s spokesperson said the memo’s receipt was followed shortly by the launch of an internal probe by an outside investigator. That probe revealed “creepy” conduct by leadership, but didn’t lead to significant action being taken for the year between the investigation’s conclusion and the New York Times expose that resulted in Parcell’s resignation.
— Holden Walter-Warner
Read more
NAR chief executive answers outcry with policy changes
NAR staffers call for leadership’s removal amid upheaval
Kenny Parcell accused of sexual harassment, creating toxic culture at NAR
The post Memo warned NAR of misconduct claims ahead of sexual harassment suit appeared first on The Real Deal.
The National Association of Realtors received a warning of improper behavior well before this summer’s scandal exploded for the trade group. A leaked memo obtained by Inman details some examples centered on then president-elect Kenny Parcell, echoing the harassment and discrimination accusations that preceded his recent resignation. The memo was sent to NAR’s head of
The post Memo warned NAR of misconduct claims ahead of sexual harassment suit appeared first on The Real Deal. Uncategorized, NAR, National Association Of Realtors, Sexual Harassment 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.
The National Association of Realtors received a warning of improper behavior well before this summer’s scandal exploded for the trade group. A leaked memo obtained by Inman details some examples centered on then president-elect Kenny Parcell, echoing the harassment and discrimination accusations that preceded his recent resignation. The memo was sent to NAR’s head of
The post Memo warned NAR of misconduct claims ahead of sexual harassment suit appeared first on The Real Deal. robert khodadadian Skyline Properties New York City Real Estate Commercial Real Estate Investment Properties Property Development Real Estate Brokerage Office Space Retail Space Residential Real Estate Real Estate Investing Property Management Real Estate Services Real Estate Transactions Real Estate Market Analysis Commercial Property Sales Real Estate Acquisitions Real Estate Consulting Property Valuation Real Estate Investment Trusts (REITs) Property Listings Real Estate Portfolio Management Real Estate Finance Property Leasing Real Estate Negotiation Real Estate Contracts Real Estate Law Real Estate Industry News ground leases office buildings commercial buildings apartment buildings townhouses mixed use investment building mixed use user buildings live plus income buildings industrial properties off market real estate daniel shirazi new york real estate real estate investment amir Korangy Appraisal value Asset management bob knakal brokerage Building amenities Building codes Building inspections Building maintenance Building permits Cap rate Cash flow Closing costs Commercial mortgage-backed securities commercial observer Commercial property Commercial property auctions Commercial property development Commercial property inspections Commercial property management Commercial property marketing commercial real estate market in new york city Commercial tenant screening Common area maintenance fees Debt financing Due diligence Economic incentives Energy efficiency Environmental assessments Equity financing erg Escrow services Exit strategies facebook Financing GROUND LEASE Historic tax credits Investment Investment property Investment sales khodadadian Landlord representation Lease agreements Lease assignments Lease buyouts Lease negotiations Lease options Lease renewals Leasehold improvements Luxury property manhattan commercial real estate Manhattan Real Estate Manhattan Real Estate Market Market analysis Mixed-use property Multifamily property net lease Net operating income New York City new york real estate journal new york real estate Skyline Properties NYC Real Estate nyc real estate news off market broker Opportunity zones Property Property appraisal Property insurance Property listing services Property ownership structure Property redevelopment Property surveys Property tax Property tax assessments Property value Real estate Real estate brokers Real estate development real estate investment Manhattan Real estate market trends Real Estate News Rent roll Residential property Robert Khodadadian on Quiet Deals Sales Short-term rentals Site feasibility studies Site plans Site selection Skyline NYC skyline properties nyc Subleasing Tax incentives Tenant credit analysis Tenant improvements Tenant leasing Tenant representation Tenant retention the commercial observer The Real Deal the real deal magazine The Real Deal New York Title searches Traded NYC Zoning regulations Off-market real estate Manhattan Property brokers mixed-use investment building mixed-use user buildings off-market broker
Record deal: Monarch, Tourmaline buying 801 Brickell for roughly $250M – Robert Khodadadian
Record deal: Monarch, Tourmaline buying 801 Brickell for roughly $250M – Robert Khodadadian
Monarch Alternative Capital and Tourmaline Capital Partners are buying the 801 Brickell office tower in Miami for about $250 million, The Real Deal has learned.
If the deal closes at this price, it would mark a record for a South Florida office investment this year.
Monarch and Tourmaline are buying the 28-story building at 801 Brickell Avenue in Miami from Nuveen Real Estate, according to sources, who put the price in the mid-$200 million range. The deal is expected to close late this week or early next week.
Adam Spies and Marcella Fasulo of Newmark is leading the marketing on behalf of Nuveen. Mike Davis and Dominic Montazemi of Cushman & Wakefield also are representing the seller.
Spies and Montazemi declined comment, and Davis didn’t return a request for comment.
Completed in 1984, the building spans 695,000 square feet with roughly 415,000 square feet of that being offices, property records show. Nuveen, which is the investment arm of the Teachers Insurance and Annuity Association of America, or TIAA, had paid $80.3 million for the building in 2002.
801 Brickell is over 90 percent leased, sources said.
Tenants include investment firm Selvatra, Cassel Salpeter bank and Swiss Re AGroup. BNP Paribas Securities Corporation, a subsidiary of European bank BNP Paribas, signed a seven-year lease this year and is expected to open the 7,000-square-foot office in the fourth quarter. Last year, Nuveen moved its Southeast headquarters to the building.
Groot Hospitality’s Komodo restaurant has an outpost at 801 Brickell.
The deal comes amid a slowdown of investment sales over the past year due to pricey financing driven by high interest rates. Firms still buying offices are either going in with enough equity, allowing them to bypass taking out a loan, or are seeking more favorable mortgage terms.
801 Brickell’s buyers are financing roughly 60 percent of the purchase price, sources told TRD.
The Brickell Financial District has remained somewhat resilient to the woes plaguing office markets elsewhere in the U.S. The neighborhood became a magnet for the new-to-market firms that homed in on South Florida from late 2020 to mid-last year.
Financial firms that have leased in Brickell in recent years include Apollo Capital Management, Canadian asset manager CI Financial and private equity firm Thoma Bravo. Billionaire Ken Griffin also moved his Citadel and Citadel Securities’ headquarters to Brickell from Chicago.
Monarch and Tourmaline’s purchase is the largest South Florida office deal since Griffin’s $286.5 million purchase of the building at 1221 Brickell Avenue in the summer of last year.
The influx of tenants has pushed up Brickell rents to new highs, with some asking rates topping $100 per square foot. The 801 Brickell deal is partly a wager on rental growth at the tower, as new deals are signing for over $100 a foot, much more than than the rates for in-place leases, sources said.
Monarch, an $11.7 billion global investment firm, has offices in New York, London and West Palm Beach, according to its website. The firm is led by Michael Weinstock.
Tourmaline is an office investor founded in 2021 that has made $3 billion of purchases and has 1.4 million square feet under development, its website says. It’s led by Brandon Huffman.
Monarch and Tourmaline also have ownership stakes in the Citigroup Center at 201 South Biscayne Boulevard in downtown Miami. CP Group, previously called Crocker Partners, also is a part owner of the 34-story tower.
Read more
Will new South Florida office projects find tenants?
South Florida office leasing and asking rents stagnant in second quarter
The post Record deal: Monarch, Tourmaline buying 801 Brickell for roughly $250M appeared first on The Real Deal.
Monarch Alternative Capital and Tourmaline Capital Partners are buying the 801 Brickell office tower in Miami for about $250 million, The Real Deal has learned. If the deal closes at this price, it would mark a record for a South Florida office investment this year. Monarch and Tourmaline are buying the 28-story building at 801
The post Record deal: Monarch, Tourmaline buying 801 Brickell for roughly $250M appeared first on The Real Deal. Uncategorized, Breaking, Brickell, Miami, Nuveen, Offices, South Florida Office 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.
Monarch Alternative Capital and Tourmaline Capital Partners are buying the 801 Brickell office tower in Miami for about $250 million, The Real Deal has learned. If the deal closes at this price, it would mark a record for a South Florida office investment this year. Monarch and Tourmaline are buying the 28-story building at 801
The post Record deal: Monarch, Tourmaline buying 801 Brickell for roughly $250M appeared first on The Real Deal. robert khodadadian Skyline Properties New York City Real Estate Commercial Real Estate Investment Properties Property Development Real Estate Brokerage Office Space Retail Space Residential Real Estate Real Estate Investing Property Management Real Estate Services Real Estate Transactions Real Estate Market Analysis Commercial Property Sales Real Estate Acquisitions Real Estate Consulting Property Valuation Real Estate Investment Trusts (REITs) Property Listings Real Estate Portfolio Management Real Estate Finance Property Leasing Real Estate Negotiation Real Estate Contracts Real Estate Law Real Estate Industry News ground leases office buildings commercial buildings apartment buildings townhouses mixed use investment building mixed use user buildings live plus income buildings industrial properties off market real estate daniel shirazi new york real estate real estate investment amir Korangy Appraisal value Asset management bob knakal brokerage Building amenities Building codes Building inspections Building maintenance Building permits Cap rate Cash flow Closing costs Commercial mortgage-backed securities commercial observer Commercial property Commercial property auctions Commercial property development Commercial property inspections Commercial property management Commercial property marketing commercial real estate market in new york city Commercial tenant screening Common area maintenance fees Debt financing Due diligence Economic incentives Energy efficiency Environmental assessments Equity financing erg Escrow services Exit strategies facebook Financing GROUND LEASE Historic tax credits Investment Investment property Investment sales khodadadian Landlord representation Lease agreements Lease assignments Lease buyouts Lease negotiations Lease options Lease renewals Leasehold improvements Luxury property manhattan commercial real estate Manhattan Real Estate Manhattan Real Estate Market Market analysis Mixed-use property Multifamily property net lease Net operating income New York City new york real estate journal new york real estate Skyline Properties NYC Real Estate nyc real estate news off market broker Opportunity zones Property Property appraisal Property insurance Property listing services Property ownership structure Property redevelopment Property surveys Property tax Property tax assessments Property value Real estate Real estate brokers Real estate development real estate investment Manhattan Real estate market trends Real Estate News Rent roll Residential property Robert Khodadadian on Quiet Deals Sales Short-term rentals Site feasibility studies Site plans Site selection Skyline NYC skyline properties nyc Subleasing Tax incentives Tenant credit analysis Tenant improvements Tenant leasing Tenant representation Tenant retention the commercial observer The Real Deal the real deal magazine The Real Deal New York Title searches Traded NYC Zoning regulations Off-market real estate Manhattan Property brokers mixed-use investment building mixed-use user buildings off-market broker
Sherwood Partners buys original Northrop HQ in Hawthorne out of bankruptcy – Robert Khodadadian
Sherwood Partners buys original Northrop HQ in Hawthorne out of bankruptcy – Robert Khodadadian
Sherwood Real Estate Partners has bought the original headquarters of defense manufacturer Northrop through a bankruptcy proceeding.
Santa Monica-based Sherwood and its partners, the Urban Investment Research Corporation and hedge fund Farallon Capital Management, acquired the 40,000-square-foot hangar and office building at 3507 Jack Northrop Avenue for $13.4 million, according to an announcement this week and a presentation to the Hawthorne City Council earlier this month.
The deal came out to $333 per square foot.
The firms emerged as the stalking horse bidder on the property, according to the release. Sherwood now plans to redevelop the property and lease it to a fleet operator. Law firm Sklar Kirsh represented Sherwood in the deal.
The purchase was funded with cash from Farallon, Sherwood said.
“We also intend on being a major player in distress/bankruptcy and see ourselves in the first inning of a long game,” Sherwood founder Brian Novak said in a statement.
Sherwood has not acquired anything through a bankruptcy auction since the financial crisis in 2008.
The property, located at the same business complex as SpaceX’s headquarters, was previously owned by Dan Wolfe, who runs a private plane operation that used the hangar.
Wolfe defaulted on a $7.3 million loan from Grand Pacific Financing in October last year, prompting a bankruptcy filing, according to property and court records.
The late aviation entrepreneur Jack Northrop started three companies under his own name, of which the third survived as Northrop Corporation. It developed airplanes for World War II combat and later the F-5 jet fighter. The company purchased Grumman in 1994 to form Northrop Grumman.
The post Sherwood Partners buys original Northrop HQ in Hawthorne out of bankruptcy appeared first on The Real Deal.
Sherwood Real Estate Partners has bought the original headquarters of defense manufacturer Northrop through a bankruptcy proceeding. Santa Monica-based Sherwood and its partners, the Urban Investment Research Corporation and hedge fund Farallon Capital Management, acquired the 40,000-square-foot hangar and office building at 3507 Jack Northrop Avenue for $13.4 million, according to an announcement this week
The post Sherwood Partners buys original Northrop HQ in Hawthorne out of bankruptcy appeared first on The Real Deal. Uncategorized, Bankruptcy, Distress, Hawthorne, Investment Sales, Sherwood Real Estate Partners, South Bay 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.
Sherwood Real Estate Partners has bought the original headquarters of defense manufacturer Northrop through a bankruptcy proceeding. Santa Monica-based Sherwood and its partners, the Urban Investment Research Corporation and hedge fund Farallon Capital Management, acquired the 40,000-square-foot hangar and office building at 3507 Jack Northrop Avenue for $13.4 million, according to an announcement this week
The post Sherwood Partners buys original Northrop HQ in Hawthorne out of bankruptcy appeared first on The Real Deal. robert khodadadian Skyline Properties New York City Real Estate Commercial Real Estate Investment Properties Property Development Real Estate Brokerage Office Space Retail Space Residential Real Estate Real Estate Investing Property Management Real Estate Services Real Estate Transactions Real Estate Market Analysis Commercial Property Sales Real Estate Acquisitions Real Estate Consulting Property Valuation Real Estate Investment Trusts (REITs) Property Listings Real Estate Portfolio Management Real Estate Finance Property Leasing Real Estate Negotiation Real Estate Contracts Real Estate Law Real Estate Industry News ground leases office buildings commercial buildings apartment buildings townhouses mixed use investment building mixed use user buildings live plus income buildings industrial properties off market real estate daniel shirazi new york real estate real estate investment amir Korangy Appraisal value Asset management bob knakal brokerage Building amenities Building codes Building inspections Building maintenance Building permits Cap rate Cash flow Closing costs Commercial mortgage-backed securities commercial observer Commercial property Commercial property auctions Commercial property development Commercial property inspections Commercial property management Commercial property marketing commercial real estate market in new york city Commercial tenant screening Common area maintenance fees Debt financing Due diligence Economic incentives Energy efficiency Environmental assessments Equity financing erg Escrow services Exit strategies facebook Financing GROUND LEASE Historic tax credits Investment Investment property Investment sales khodadadian Landlord representation Lease agreements Lease assignments Lease buyouts Lease negotiations Lease options Lease renewals Leasehold improvements Luxury property manhattan commercial real estate Manhattan Real Estate Manhattan Real Estate Market Market analysis Mixed-use property Multifamily property net lease Net operating income New York City new york real estate journal new york real estate Skyline Properties NYC Real Estate nyc real estate news off market broker Opportunity zones Property Property appraisal Property insurance Property listing services Property ownership structure Property redevelopment Property surveys Property tax Property tax assessments Property value Real estate Real estate brokers Real estate development real estate investment Manhattan Real estate market trends Real Estate News Rent roll Residential property Robert Khodadadian on Quiet Deals Sales Short-term rentals Site feasibility studies Site plans Site selection Skyline NYC skyline properties nyc Subleasing Tax incentives Tenant credit analysis Tenant improvements Tenant leasing Tenant representation Tenant retention the commercial observer The Real Deal the real deal magazine The Real Deal New York Title searches Traded NYC Zoning regulations Off-market real estate Manhattan Property brokers mixed-use investment building mixed-use user buildings off-market broker
NY looks for projects for shuttered Chelsea prison – Robert Khodadadian
NY looks for projects for shuttered Chelsea prison – Robert Khodadadian
New York is looking for a new plan for an old Chelsea prison.
The Empire State Development Corporation released a request for proposals this week for the Bayview Correctional Facility. The prison, located at 550 West 20th Street near 11th Avenue, closed in 2012.
Officials said in a July 2022 letter to local lawmakers they would require no fewer than 60 supportive housing units for the site. The proposal was part of the agency’s Penn Station redevelopment project and the residences slated for the jail’s redevelopment would contribute to the larger plan’s projected total of 1,800 new units, including 648 rent-restricted or supportive units.
The state’s vision for the Chelsea jail sounds similar to its idea for the redevelopment of the Lincoln Correctional Facility, a shuttered prison at 31-33 West 110th Street in West Harlem. Pitches for that 10,000-square-foot site are an effort by the state to keep developers’ visions for Central Park-adjacent luxury condos at bay and support Gov. Kathy Hochul’s affordable-housing push to add 800,000 housing units in the next decade.
The state’s RFP in Chelsea comes 10 years after the 108,000-square-foot prison closed in the wake of Superstorm Sandy, which caused $600,000 of damage at the property.
Officials previously released RFPs in 2013 and 2014, but neither project materialized.
NoVo Foundation, a woman’s advocacy nonprofit led by Warren Buffett’s son, signed a 99-year lease at the former prison in 2015 for $200 million total. Their project, the “Women’s Building,” was intended to be a center for organizations promoting women’s rights. The foundation pulled out in 2019, citing unexpected timelines and costs.
Proposals are due by Dec. 13 at 5 p.m., but it’s not clear when the winner will be announced.
Read more
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The post NY looks for projects for shuttered Chelsea prison appeared first on The Real Deal.
New York is looking for a new plan for an old Chelsea prison. The Empire State Development Corporation released a request for proposals this week for the Bayview Correctional Facility. The prison, located at 550 West 20th Street near 11th Avenue, closed in 2012. Officials said in a July 2022 letter to local lawmakers they
The post NY looks for projects for shuttered Chelsea prison appeared first on The Real Deal. Uncategorized, Chelsea 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.
New York is looking for a new plan for an old Chelsea prison. The Empire State Development Corporation released a request for proposals this week for the Bayview Correctional Facility. The prison, located at 550 West 20th Street near 11th Avenue, closed in 2012. Officials said in a July 2022 letter to local lawmakers they
The post NY looks for projects for shuttered Chelsea prison appeared first on The Real Deal. robert khodadadian Skyline Properties New York City Real Estate Commercial Real Estate Investment Properties Property Development Real Estate Brokerage Office Space Retail Space Residential Real Estate Real Estate Investing Property Management Real Estate Services Real Estate Transactions Real Estate Market Analysis Commercial Property Sales Real Estate Acquisitions Real Estate Consulting Property Valuation Real Estate Investment Trusts (REITs) Property Listings Real Estate Portfolio Management Real Estate Finance Property Leasing Real Estate Negotiation Real Estate Contracts Real Estate Law Real Estate Industry News ground leases office buildings commercial buildings apartment buildings townhouses mixed use investment building mixed use user buildings live plus income buildings industrial properties off market real estate daniel shirazi new york real estate real estate investment amir Korangy Appraisal value Asset management bob knakal brokerage Building amenities Building codes Building inspections Building maintenance Building permits Cap rate Cash flow Closing costs Commercial mortgage-backed securities commercial observer Commercial property Commercial property auctions Commercial property development Commercial property inspections Commercial property management Commercial property marketing commercial real estate market in new york city Commercial tenant screening Common area maintenance fees Debt financing Due diligence Economic incentives Energy efficiency Environmental assessments Equity financing erg Escrow services Exit strategies facebook Financing GROUND LEASE Historic tax credits Investment Investment property Investment sales khodadadian Landlord representation Lease agreements Lease assignments Lease buyouts Lease negotiations Lease options Lease renewals Leasehold improvements Luxury property manhattan commercial real estate Manhattan Real Estate Manhattan Real Estate Market Market analysis Mixed-use property Multifamily property net lease Net operating income New York City new york real estate journal new york real estate Skyline Properties NYC Real Estate nyc real estate news off market broker Opportunity zones Property Property appraisal Property insurance Property listing services Property ownership structure Property redevelopment Property surveys Property tax Property tax assessments Property value Real estate Real estate brokers Real estate development real estate investment Manhattan Real estate market trends Real Estate News Rent roll Residential property Robert Khodadadian on Quiet Deals Sales Short-term rentals Site feasibility studies Site plans Site selection Skyline NYC skyline properties nyc Subleasing Tax incentives Tenant credit analysis Tenant improvements Tenant leasing Tenant representation Tenant retention the commercial observer The Real Deal the real deal magazine The Real Deal New York Title searches Traded NYC Zoning regulations Off-market real estate Manhattan Property brokers mixed-use investment building mixed-use user buildings off-market broker
EQT Exeter pays over $225M for seven-building warehouse portfolio – Robert Khodadadian
EQT Exeter pays over $225M for seven-building warehouse portfolio – Robert Khodadadian
EQT Exeter dropped $225 million on a seven-building industrial portfolio concentrated in a southwest Chicago suburb.
The firm, which is part of Swedish private equity firm EQT Group, picked up 3.8 million square feet in assets, comprised of four buildings in Joliet, and others outside Illinois, including in Mississippi and Kentucky, CoStar reported.
The seller was Atlanta-based IDI Logistics, a subsidiary of Canadian-based companies Ivanhoe Cambridge and Oxford Properties.
The acquisition includes more than 1.2 million square feet in Joliet’s Rock Run Business Park, a roughly 15-acre industrial site near the intersection of interstates 55 and 80. EQT bought the Rock Run space for nearly $99 million.
“Given constraints on competing supply and its functional and flexible design that can accommodate a diverse range of blue-chip tenants, we intend to lease the only short-term vacancy in the portfolio — in the Rock Run Business Park in Joliet, Illinois — to one of the many corporations serving the Midwest and Midsouth,” EQT’s Matt Brodnik told the outlet.
Several developers, including Dermody Properties and Brennan Investment Group, have eyed struggling and aging suburban Chicago office campuses as potential acquisition targets in order to tear down the current buildings and turn the properties into logistics parks to help satisfy the growing demand for warehousing, while eliminating supply in office markets that are losing appeal due to remote work trends.
The investment follows EQT’s recent success in raising a $4.9 billion fund earmarked for the acquisition of logistics properties, one of the largest U.S. funds to close this year.
With the pandemic sparking an increase of e-commerce, demand for industrial space has soared nationwide, especially in the initial years of the public health crisis. So far in 2023, there have been $40.2 billion worth of warehouse transactions, on pace to fall well short of last year’s $119.1 billion in sales volume, the outlet reported.
Elsewhere in Chicagoland, notable warehouse deals this year include Prologis’ $23 million purchase in Bolingbrook, and Bank of America’s investment arm dropping $56 million on a 650,000-square-foot logistics building off Interstate 88 in North Aurora.
— Quinn Donoghue
Read more
Prologis pumps $23M into Bolingbrook industrial
Bernard Capital grabs 124K sf in Skokie
Dermody buys $232M Allstate campus for redevelopment
The post EQT Exeter pays over $225M for seven-building warehouse portfolio appeared first on The Real Deal.
EQT Exeter dropped $225 million on a seven-building industrial portfolio concentrated in a southwest Chicago suburb. The firm, which is part of Swedish private equity firm EQT Group, picked up 3.8 million square feet in assets, comprised of four buildings in Joliet, and others outside Illinois, including in Mississippi and Kentucky, CoStar reported. The seller
The post EQT Exeter pays over $225M for seven-building warehouse portfolio appeared first on The Real Deal. Uncategorized, Industrial Market, Suburban Chicago 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.
EQT Exeter dropped $225 million on a seven-building industrial portfolio concentrated in a southwest Chicago suburb. The firm, which is part of Swedish private equity firm EQT Group, picked up 3.8 million square feet in assets, comprised of four buildings in Joliet, and others outside Illinois, including in Mississippi and Kentucky, CoStar reported. The seller
The post EQT Exeter pays over $225M for seven-building warehouse portfolio appeared first on The Real Deal. robert khodadadian Skyline Properties New York City Real Estate Commercial Real Estate Investment Properties Property Development Real Estate Brokerage Office Space Retail Space Residential Real Estate Real Estate Investing Property Management Real Estate Services Real Estate Transactions Real Estate Market Analysis Commercial Property Sales Real Estate Acquisitions Real Estate Consulting Property Valuation Real Estate Investment Trusts (REITs) Property Listings Real Estate Portfolio Management Real Estate Finance Property Leasing Real Estate Negotiation Real Estate Contracts Real Estate Law Real Estate Industry News ground leases office buildings commercial buildings apartment buildings townhouses mixed use investment building mixed use user buildings live plus income buildings industrial properties off market real estate daniel shirazi new york real estate real estate investment amir Korangy Appraisal value Asset management bob knakal brokerage Building amenities Building codes Building inspections Building maintenance Building permits Cap rate Cash flow Closing costs Commercial mortgage-backed securities commercial observer Commercial property Commercial property auctions Commercial property development Commercial property inspections Commercial property management Commercial property marketing commercial real estate market in new york city Commercial tenant screening Common area maintenance fees Debt financing Due diligence Economic incentives Energy efficiency Environmental assessments Equity financing erg Escrow services Exit strategies facebook Financing GROUND LEASE Historic tax credits Investment Investment property Investment sales khodadadian Landlord representation Lease agreements Lease assignments Lease buyouts Lease negotiations Lease options Lease renewals Leasehold improvements Luxury property manhattan commercial real estate Manhattan Real Estate Manhattan Real Estate Market Market analysis Mixed-use property Multifamily property net lease Net operating income New York City new york real estate journal new york real estate Skyline Properties NYC Real Estate nyc real estate news off market broker Opportunity zones Property Property appraisal Property insurance Property listing services Property ownership structure Property redevelopment Property surveys Property tax Property tax assessments Property value Real estate Real estate brokers Real estate development real estate investment Manhattan Real estate market trends Real Estate News Rent roll Residential property Robert Khodadadian on Quiet Deals Sales Short-term rentals Site feasibility studies Site plans Site selection Skyline NYC skyline properties nyc Subleasing Tax incentives Tenant credit analysis Tenant improvements Tenant leasing Tenant representation Tenant retention the commercial observer The Real Deal the real deal magazine The Real Deal New York Title searches Traded NYC Zoning regulations Off-market real estate Manhattan Property brokers mixed-use investment building mixed-use user buildings off-market broker
Fern Hill pitches colorful 36-story Old Town housing tower – Robert Khodadadian
Fern Hill pitches colorful 36-story Old Town housing tower – Robert Khodadadian
Fern Hill aims to deliver some eye candy to the North Side’s Old Town area with a colorful apartment tower.
The firm, led by former Related Midwest executive Nick Anderson, has unveiled plans for a 36-story, 500-unit development at 1600 North LaSalle Drive, near the city’s largest park and Lake Michigan, Crain’s reported.
The project, dubbed Old Town Canvas, calls for demolition of the single-story Walgreens at the site, but a new store would be included in the high-rise. With an estimated cost ranging from $200 million to $300 million, Fern Hill is banking on the steadily growing apartment demand in Chicago.
The development was briefly in flux as David Adjaye, a famed architect who was designing the structure, stepped away amid sexual assault allegations. It would have been Adjaye’s first Chicago project.
Now, with GREC Architects leading design, Fern Hill is making strides with the proposal, about two years after first taking interest in the project. Old Town Canvas is slated for 400 market-rate units and 100 affordable units, adhering to city regulations regarding affordable housing in new rental buildings.
It’s also set to include ground-floor retail space and a parking garage, the outlet reported. The building’s exterior would be adorned with colorful panels that change hues throughout the day, paying homage to the neighborhood’s artistic heritage.
Fern Hill has gathered community feedback over the past two years to help guide its vision, before presenting its proposal during a Sept. 26 meeting, hosted by 2nd Ward Alderman Brian Hopkins. Residents have stated that they wish to see more retail options in the area and a new grocer to replace a Treasure Island store that closed in 2018 within a property now owned by Fern Hill.
Multiple nearby property owners, including the Moody Church, have allowed the developer to acquire “air rights,” enabling the construction of a taller building than permitted under the city’s zoning code. This move not only supports the project’s size but also acts as a safeguard against excessive future development in the vicinity.
Old Town Canvas will still need support from City Council in order for construction to commence.
— Quinn Donoghue
Read more
David Adjaye backs out of Chicago project amid sexual assault allegations
Danny Xin gets city approval for Old Town apartments
Draper & Kramer plans 131 units in Old Town
The post Fern Hill pitches colorful 36-story Old Town housing tower appeared first on The Real Deal.
Fern Hill aims to deliver some eye candy to the North Side’s Old Town area with a colorful apartment tower. The firm, led by former Related Midwest executive Nick Anderson, has unveiled plans for a 36-story, 500-unit development at 1600 North LaSalle Drive, near the city’s largest park and Lake Michigan, Crain’s reported. The project,
The post Fern Hill pitches colorful 36-story Old Town housing tower appeared first on The Real Deal. Uncategorized, Housing Market, Multifamily Market, Retail 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.
Fern Hill aims to deliver some eye candy to the North Side’s Old Town area with a colorful apartment tower. The firm, led by former Related Midwest executive Nick Anderson, has unveiled plans for a 36-story, 500-unit development at 1600 North LaSalle Drive, near the city’s largest park and Lake Michigan, Crain’s reported. The project,
The post Fern Hill pitches colorful 36-story Old Town housing tower appeared first on The Real Deal. robert khodadadian Skyline Properties New York City Real Estate Commercial Real Estate Investment Properties Property Development Real Estate Brokerage Office Space Retail Space Residential Real Estate Real Estate Investing Property Management Real Estate Services Real Estate Transactions Real Estate Market Analysis Commercial Property Sales Real Estate Acquisitions Real Estate Consulting Property Valuation Real Estate Investment Trusts (REITs) Property Listings Real Estate Portfolio Management Real Estate Finance Property Leasing Real Estate Negotiation Real Estate Contracts Real Estate Law Real Estate Industry News ground leases office buildings commercial buildings apartment buildings townhouses mixed use investment building mixed use user buildings live plus income buildings industrial properties off market real estate daniel shirazi new york real estate real estate investment amir Korangy Appraisal value Asset management bob knakal brokerage Building amenities Building codes Building inspections Building maintenance Building permits Cap rate Cash flow Closing costs Commercial mortgage-backed securities commercial observer Commercial property Commercial property auctions Commercial property development Commercial property inspections Commercial property management Commercial property marketing commercial real estate market in new york city Commercial tenant screening Common area maintenance fees Debt financing Due diligence Economic incentives Energy efficiency Environmental assessments Equity financing erg Escrow services Exit strategies facebook Financing GROUND LEASE Historic tax credits Investment Investment property Investment sales khodadadian Landlord representation Lease agreements Lease assignments Lease buyouts Lease negotiations Lease options Lease renewals Leasehold improvements Luxury property manhattan commercial real estate Manhattan Real Estate Manhattan Real Estate Market Market analysis Mixed-use property Multifamily property net lease Net operating income New York City new york real estate journal new york real estate Skyline Properties NYC Real Estate nyc real estate news off market broker Opportunity zones Property Property appraisal Property insurance Property listing services Property ownership structure Property redevelopment Property surveys Property tax Property tax assessments Property value Real estate Real estate brokers Real estate development real estate investment Manhattan Real estate market trends Real Estate News Rent roll Residential property Robert Khodadadian on Quiet Deals Sales Short-term rentals Site feasibility studies Site plans Site selection Skyline NYC skyline properties nyc Subleasing Tax incentives Tenant credit analysis Tenant improvements Tenant leasing Tenant representation Tenant retention the commercial observer The Real Deal the real deal magazine The Real Deal New York Title searches Traded NYC Zoning regulations Off-market real estate Manhattan Property brokers mixed-use investment building mixed-use user buildings off-market broker
Extell adds 30% more rooms to Midtown hotel project – Robert Khodadadian
Extell adds 30% more rooms to Midtown hotel project – Robert Khodadadian
Gary Barnett’s Extell Development wants to squeeze more juice from a development site in Midtown, at the northwest corner of West 54th Street and Seventh Avenue, by adding more than 100 new units to a proposed 40-story tower.
The developer plans to build 512 units from 180,000 square feet of residential space at 201 West 54th Street, according to new DOB filings, up from the 400 units previously planned at the site. The size of the building will remain the same, about 210,000 square feet.
The average room size, penciling to 350 square feet, hints at a hotel development. SLCE Architects, which designed the Hard Rock Hotel with Extell, is the architect of record.
Following the passage of a rule expected to limit Airbnb rentals in New York City, Extell may look to bring nearly 1,400 new hotel rooms to a two-block radius east of Broadway between West 54th and West 56th Street. The developer is planning 670 units at 1710 Broadway, also with an average size of about 350 square feet, and 208 rooms at the former Wellington Hotel at 871 Seventh Avenue.
Although some hotels never reopened after the pandemic, a large pipeline of new hospitality projects has increased the number of hotel rooms from nearly 132,000 in 2019. At the start of the year, New York was scheduled to add more than 10,000 rooms — or about 8.5 percent of the inventory. The average daily room rate stood at $264 during the first seven months of the year, according to hospitality data firm STR, an increase of about 8 percent from a year ago.
The rise in revenue may help developers justify new projects, which has required approval by the City Council since a 2021 law passed by the de Blasio administration. The regulation was seen as a way to ensure that only unionized hotels would get built.
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The post Extell adds 30% more rooms to Midtown hotel project appeared first on The Real Deal.
Gary Barnett’s Extell Development wants to squeeze more juice from a development site in Midtown, at the northwest corner of West 54th Street and Seventh Avenue, by adding more than 100 new units to a proposed 40-story tower. The developer plans to build 512 units from 180,000 square feet of residential space at 201 West
The post Extell adds 30% more rooms to Midtown hotel project appeared first on The Real Deal. Uncategorized 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.
Gary Barnett’s Extell Development wants to squeeze more juice from a development site in Midtown, at the northwest corner of West 54th Street and Seventh Avenue, by adding more than 100 new units to a proposed 40-story tower. The developer plans to build 512 units from 180,000 square feet of residential space at 201 West
The post Extell adds 30% more rooms to Midtown hotel project appeared first on The Real Deal. robert khodadadian Skyline Properties New York City Real Estate Commercial Real Estate Investment Properties Property Development Real Estate Brokerage Office Space Retail Space Residential Real Estate Real Estate Investing Property Management Real Estate Services Real Estate Transactions Real Estate Market Analysis Commercial Property Sales Real Estate Acquisitions Real Estate Consulting Property Valuation Real Estate Investment Trusts (REITs) Property Listings Real Estate Portfolio Management Real Estate Finance Property Leasing Real Estate Negotiation Real Estate Contracts Real Estate Law Real Estate Industry News ground leases office buildings commercial buildings apartment buildings townhouses mixed use investment building mixed use user buildings live plus income buildings industrial properties off market real estate daniel shirazi new york real estate real estate investment amir Korangy Appraisal value Asset management bob knakal brokerage Building amenities Building codes Building inspections Building maintenance Building permits Cap rate Cash flow Closing costs Commercial mortgage-backed securities commercial observer Commercial property Commercial property auctions Commercial property development Commercial property inspections Commercial property management Commercial property marketing commercial real estate market in new york city Commercial tenant screening Common area maintenance fees Debt financing Due diligence Economic incentives Energy efficiency Environmental assessments Equity financing erg Escrow services Exit strategies facebook Financing GROUND LEASE Historic tax credits Investment Investment property Investment sales khodadadian Landlord representation Lease agreements Lease assignments Lease buyouts Lease negotiations Lease options Lease renewals Leasehold improvements Luxury property manhattan commercial real estate Manhattan Real Estate Manhattan Real Estate Market Market analysis Mixed-use property Multifamily property net lease Net operating income New York City new york real estate journal new york real estate Skyline Properties NYC Real Estate nyc real estate news off market broker Opportunity zones Property Property appraisal Property insurance Property listing services Property ownership structure Property redevelopment Property surveys Property tax Property tax assessments Property value Real estate Real estate brokers Real estate development real estate investment Manhattan Real estate market trends Real Estate News Rent roll Residential property Robert Khodadadian on Quiet Deals Sales Short-term rentals Site feasibility studies Site plans Site selection Skyline NYC skyline properties nyc Subleasing Tax incentives Tenant credit analysis Tenant improvements Tenant leasing Tenant representation Tenant retention the commercial observer The Real Deal the real deal magazine The Real Deal New York Title searches Traded NYC Zoning regulations Off-market real estate Manhattan Property brokers mixed-use investment building mixed-use user buildings off-market broker
Robert Khodadadian – Commercial Observer
amir Korangy apartment buildings Appraisal value Asset management commercial buildings bob knakal brokerage Building amenities Building codes Building inspections Building maintenance Building permits Cap rate Cash flow Closing costs Commercial mortgage-backed securities commercial observer Commercial property Commercial property auctions Commercial property development Commercial property inspections Commercial property management Commercial property marketing Commercial Property Sales commercial Real Estate commercial real estate market in new york city Commercial tenant screening Common area maintenance fees daniel Shirazi Debt financing Due diligence Economic incentives Energy efficiency Environmental assessments Equity financing erg Escrow services Exit strategies facebook Financing GROUND LEASE ground leases Historic tax credits industrial properties Investment Investment Properties Investment property Investment sales khodadadian Landlord representation Lease agreements Lease assignments Lease buyouts Lease negotiations Lease options Lease renewals Leasehold improvements live plus income buildings Luxury property manhattan commercial real estate Manhattan Real Estate Manhattan Real Estate Market Market analysis mixed use investment building mixed use user buildings Mixed-use property Multifamily property net lease Net operating income New York City New York City Real Estate new york real estate new york real estate journal new york real estate Skyline Properties NYC Real Estate nyc real estate news off market broker off market real estate office buildings Office Space Opportunity zones Property Property appraisal Property Development Property insurance Property Leasing Property listing services Property Listings Property management Property ownership structure Property redevelopment Property surveys Property tax Property tax assessments Property Valuation Property value Real estate Real Estate Acquisitions Real Estate Brokerage Real estate brokers Real Estate Consulting Real Estate Contracts Real estate development Real Estate Finance Real Estate Industry News Real Estate Investing real estate investment real estate investment Manhattan Real Estate Investment Trusts (REITs) Real Estate Law Real estate market analysis Real estate market trends Real Estate Negotiation Real Estate News Real Estate Portfolio Management Real Estate Services Real estate transactions Rent roll Residential property Residential Real Estate Retail Space robert khodadadian Robert Khodadadian on Quiet Deals Sales Short-term rentals Site feasibility studies Site plans Site selection Skyline NYC skyline properties skyline properties nyc Subleasing Tax incentives Tenant credit analysis Tenant improvements Tenant leasing Tenant representation Tenant retention the commercial observer The Real Deal the real deal magazine The Real Deal New York Title searches townhouses Traded NYC Zoning regulations Off-market real estate Manhattan Property brokers mixed-use investment building mixed-use user buildings off-market broker new york real estateTagged amir Korangy Robert Khodadadian – Commercial Observer
Michael Shvo scored a key approval for his proposed office and residential project on the former Epicure Gourmet Market & Café site on Miami Beach’s Alton Road. The city planning board voted 7-0 on Tuesday in favor of the six-story development that would consist of roughly 170,000 square feet of offices on levels four to
The post Michael Shvo’s office, apartment project on Miami Beach’s Alton Road scores key vote appeared first on The Real Deal. The Real Deal Read More Uncategorized, Alton Road, Miami Beach, Michael Shvo, Mixed-use, Multifamily, Offices, Restaurants, Retail, Shvo, South Beach, South Florida Multifamily Market, South Florida Office Market
Michael Shvo scored a key approval for his proposed office and residential project on the former Epicure Gourmet Market & Café site on Miami Beach’s Alton Road.
The city planning board voted 7-0 on Tuesday in favor of the six-story development that would consist of roughly 170,000 square feet of offices on levels four to six, and five apartments on the third level on the northwest corner of Alton and Lincoln roads. Designed by Foster + Partners and Kobi Karp, the project would include nearly 12,000 square feet of retail and 5,000 square feet of restaurant space on the ground floor. The development is called The Alton.
Although Shvo representatives previously told The Real Deal the residential units would be condos, developer attorney Alfredo Gonzalez told the board on Tuesday the units would be apartments at market-rate rents. Units would range from 1,200 square feet to 1,500 square feet.
Next, the city design review board will take up the application for a final vote on Oct. 11.
Despite granting preliminary approval on Tuesday, some planning board members raised concerns over the safety of a planned driveway on West Avenue, a mechanical garage and the uses of the seventh-level rooftop space.
Scrutiny over the driveway was partly due to issues board members and a resident cited with the existing West Avenue driveway for Trader Joe’s, which is immediately north of the development site. As cars exit the driveway, they have to cross over a bicycle lane and a pedestrian walkway, with views somewhat obstructed by the garage wall. Board members expressed concern about the new project driveway potentially creating a similar situation.
Gonzalez countered that The Alton actually would reduce traffic by roughly 1,800 daily trips because it would be primarily offices. Under the site’s zoning, an existing retail building, which used to be Epicure Gourmet Market & Café, could reopen as a shopping center, which would result in more traffic than an office project, Gonzalez said. Also, another entrance and exit in the alley between Alton Road and West Avenue would absorb about 20 percent of the project’s traffic, he said.
Gonzalez also said one board member’s suggestion to put the driveway on Alton Road wouldn’t work because the city discourages “curb cuts,” which allow for driveways, on that road.
The garage, which would be on levels two and three, would include mechanical parking with 96 spaces. Gonzalez alleviated board member Gayle Durham’s concern that mechanical parking would be out of order during power outages by saying that the project would include a backup generator.
Board members’ concerns about the rooftop also were appeased. A bar and speakers won’t be allowed on the rooftop, as it’s primarily an area for the office and residential tenants, Gonzalez said.
Shvo, in partnership with Deutsche Finance America, bought The Alton development site for $39.3 million last year. It consists of the lots at 1656, 1664, 1676 and 1680 Alton Road, and 1677 West Avenue.
The Alton is part of Shvo’s wager on Miami Beach’s condo and office market. His two other office plans in the city are a redevelopment of the 13-story office building known for its clock display at 407 Lincoln Road, and a six-story building at 1665-1667 Washington Avenue.
On the condo front, Shvo is revamping the Raleigh, South Seas and Richmond hotels at 1751, 1757 and 1775 Collins Avenue and constructing a 60-key hotel and a 42-unit condo tower on the site. Rosewood Hotels & Resorts will manage the hotel and brand the residential building.
Read more
Michael Shvo moves forward with $200M Norman Foster-designed office development in Miami Beach
The post Michael Shvo’s office, apartment project on Miami Beach’s Alton Road scores key vote appeared first on The Real Deal.
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.
Robert Khodadadian, skyline properties, ground leases, ground lease, off market, investment sales, khodadadian, Commercial Real Estate Sales, Commercial Observer, Retail For Lease, Commercial Observer, Commercial Office Lease
Michael Shvo scored a key approval for his proposed office and residential project on the former Epicure Gourmet Market & Café site on Miami Beach’s Alton Road. The city planning board voted 7-0 on Tuesday in favor of the six-story development that would consist of roughly 170,000 square feet of offices on levels four to
The post Michael Shvo’s office, apartment project on Miami Beach’s Alton Road scores key vote appeared first on The Real Deal.
Robert Khodadadian – Commercial Observer
amir Korangy apartment buildings Appraisal value Asset management commercial buildings bob knakal brokerage Building amenities Building codes Building inspections Building maintenance Building permits Cap rate Cash flow Closing costs Commercial mortgage-backed securities commercial observer Commercial property Commercial property auctions Commercial property development Commercial property inspections Commercial property management Commercial property marketing Commercial Property Sales commercial Real Estate commercial real estate market in new york city Commercial tenant screening Common area maintenance fees daniel Shirazi Debt financing Due diligence Economic incentives Energy efficiency Environmental assessments Equity financing erg Escrow services Exit strategies facebook Financing GROUND LEASE ground leases Historic tax credits industrial properties Investment Investment Properties Investment property Investment sales khodadadian Landlord representation Lease agreements Lease assignments Lease buyouts Lease negotiations Lease options Lease renewals Leasehold improvements live plus income buildings Luxury property manhattan commercial real estate Manhattan Real Estate Manhattan Real Estate Market Market analysis mixed use investment building mixed use user buildings Mixed-use property Multifamily property net lease Net operating income New York City New York City Real Estate new york real estate new york real estate journal new york real estate Skyline Properties NYC Real Estate nyc real estate news off market broker off market real estate office buildings Office Space Opportunity zones Property Property appraisal Property Development Property insurance Property Leasing Property listing services Property Listings Property management Property ownership structure Property redevelopment Property surveys Property tax Property tax assessments Property Valuation Property value Real estate Real Estate Acquisitions Real Estate Brokerage Real estate brokers Real Estate Consulting Real Estate Contracts Real estate development Real Estate Finance Real Estate Industry News Real Estate Investing real estate investment real estate investment Manhattan Real Estate Investment Trusts (REITs) Real Estate Law Real estate market analysis Real estate market trends Real Estate Negotiation Real Estate News Real Estate Portfolio Management Real Estate Services Real estate transactions Rent roll Residential property Residential Real Estate Retail Space robert khodadadian Robert Khodadadian on Quiet Deals Sales Short-term rentals Site feasibility studies Site plans Site selection Skyline NYC skyline properties skyline properties nyc Subleasing Tax incentives Tenant credit analysis Tenant improvements Tenant leasing Tenant representation Tenant retention the commercial observer The Real Deal the real deal magazine The Real Deal New York Title searches townhouses Traded NYC Zoning regulations Off-market real estate Manhattan Property brokers mixed-use investment building mixed-use user buildings off-market broker new york real estateTagged amir Korangy Robert Khodadadian – Commercial Observer
Lincoln Avenue Communities bought a pair of southwest Miami-Dade County apartment complexes for a combined $54.2 million. The Santa Monica, California-based real estate investment firm picked up Malibu Gardens at 13700 Southwest 268th Street in the unincorporated neighborhood of Naranja, and Sunrise Gardens at 26600 Southwest 146th Court in Homestead, according to a press release.
The post Lincoln Avenue pays $54M for southwest Miami-Dade apartment complexes appeared first on The Real Deal. The Real Deal Read More Uncategorized, Affordable Housing, Homestead, Landmark Development, Miami-Dade County, Multifamily, Naranja, South Florida Multifamily Market
Lincoln Avenue Communities bought a pair of southwest Miami-Dade County apartment complexes for a combined $54.2 million.
The Santa Monica, California-based real estate investment firm picked up Malibu Gardens at 13700 Southwest 268th Street in the unincorporated neighborhood of Naranja, and Sunrise Gardens at 26600 Southwest 146th Court in Homestead, according to a press release. The properties have a combined 365 affordable housing units.
Lincoln Avenue paid $39 million for Malibu Gardens and $15.2 million for Sunrise Gardens. The deal breaks down to $150,580 per unit and $143,396 per unit, respectively.
A Walker & Dunlop team led by Aaron Hargrove and Eric Taylor represented Lincoln Avenue and the seller, an affiliate of Miami-based Landmark Development Corporation.
In 2008, Landmark paid $750,000 for the 2.2 acre site where it built Sunrise Commons, a five-story building with 106 low-income housing units, records show. The project was completed in 2009.
Sitting on 18.2 acres, Malibu Gardens is a rental complex of two-story buildings completed in 1995, records show. Landmark paid $7.5 million in 2020 for the apartment community with 259 low income housing units, and renovated Sunrise Commons a year later.
All apartments at Sunrise Commons are restricted to households making 33 percent or 60 percent of the $74,700 area median income in Miami-Dade, the release states. At Malibu Gardens, all the units are restricted to households making 40 percent, 50 percent or 60 percent of the county’s area median income.
Led by CEO Jeremy Bronfman, Lincoln Avenue focuses on affordable and workforce housing, with a portfolio of 120 multifamily properties with more than 22,000 apartments in 26 states, the release states. In Florida, the company is currently building a 324-unit affordable housing rental project and a 248-unit senior housing development, both near Bradenton in Manatee County, according to published reports.
Landmark, led by President Robert Saland, is currently developing new affordable housing projects across South Florida. In June, the firm paid $3.2 million for a development site in Dania Beach. A month later, Landmark secured $32.9 million in construction financing to build The City Place Apartments, a 99-unit complex that will be restricted to renters who make 60 percent of Broward County’s $64,522 annual median income.
In April, Landmark and its partner, Magnolia Affordable Development, an entity managed by executives of the West Palm Beach Housing Authority, nabbed a $19 million tax-exempt construction loan to build Autumn Ridge, a 106-unit apartment project in West Palm Beach. The proposed development will provide housing for seniors 62 years old and up, and who make up to 80 percent of the $68,874 area median income in Palm Beach County.
The post Lincoln Avenue pays $54M for southwest Miami-Dade apartment complexes appeared first on The Real Deal.
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.
Robert Khodadadian, skyline properties, ground leases, ground lease, off market, investment sales, khodadadian, Commercial Real Estate Sales, Commercial Observer, Retail For Lease, Commercial Observer, Commercial Office Lease
Lincoln Avenue Communities bought a pair of southwest Miami-Dade County apartment complexes for a combined $54.2 million. The Santa Monica, California-based real estate investment firm picked up Malibu Gardens at 13700 Southwest 268th Street in the unincorporated neighborhood of Naranja, and Sunrise Gardens at 26600 Southwest 146th Court in Homestead, according to a press release.
The post Lincoln Avenue pays $54M for southwest Miami-Dade apartment complexes appeared first on The Real Deal.
Robert Khodadadian – Commercial Observer
amir Korangy apartment buildings Appraisal value Asset management commercial buildings bob knakal brokerage Building amenities Building codes Building inspections Building maintenance Building permits Cap rate Cash flow Closing costs Commercial mortgage-backed securities commercial observer Commercial property Commercial property auctions Commercial property development Commercial property inspections Commercial property management Commercial property marketing Commercial Property Sales commercial Real Estate commercial real estate market in new york city Commercial tenant screening Common area maintenance fees daniel Shirazi Debt financing Due diligence Economic incentives Energy efficiency Environmental assessments Equity financing erg Escrow services Exit strategies facebook Financing GROUND LEASE ground leases Historic tax credits industrial properties Investment Investment Properties Investment property Investment sales khodadadian Landlord representation Lease agreements Lease assignments Lease buyouts Lease negotiations Lease options Lease renewals Leasehold improvements live plus income buildings Luxury property manhattan commercial real estate Manhattan Real Estate Manhattan Real Estate Market Market analysis mixed use investment building mixed use user buildings Mixed-use property Multifamily property net lease Net operating income New York City New York City Real Estate new york real estate new york real estate journal new york real estate Skyline Properties NYC Real Estate nyc real estate news off market broker off market real estate office buildings Office Space Opportunity zones Property Property appraisal Property Development Property insurance Property Leasing Property listing services Property Listings Property management Property ownership structure Property redevelopment Property surveys Property tax Property tax assessments Property Valuation Property value Real estate Real Estate Acquisitions Real Estate Brokerage Real estate brokers Real Estate Consulting Real Estate Contracts Real estate development Real Estate Finance Real Estate Industry News Real Estate Investing real estate investment real estate investment Manhattan Real Estate Investment Trusts (REITs) Real Estate Law Real estate market analysis Real estate market trends Real Estate Negotiation Real Estate News Real Estate Portfolio Management Real Estate Services Real estate transactions Rent roll Residential property Residential Real Estate Retail Space robert khodadadian Robert Khodadadian on Quiet Deals Sales Short-term rentals Site feasibility studies Site plans Site selection Skyline NYC skyline properties skyline properties nyc Subleasing Tax incentives Tenant credit analysis Tenant improvements Tenant leasing Tenant representation Tenant retention the commercial observer The Real Deal the real deal magazine The Real Deal New York Title searches townhouses Traded NYC Zoning regulations Off-market real estate Manhattan Property brokers mixed-use investment building mixed-use user buildings off-market broker new york real estateTagged amir Korangy Robert Khodadadian – Commercial Observer
A community planning organization and two other firms have leased space at 90 Broad Street in Manhattan’s Financial District. In the largest deal, FHI Studio signed a five-year lease for 4,977 square feet on the 11th floor of the building, to relocate from its current digs at 11 Hanover Square, according to Cushman & Wakefield, Commercial Observer Read More Channel, Leases, Office, 90 Broad Street, Colliers, Cushman & Wakefield, FHI Studio, Newmark, Princeton International Properties, New York City, Manhattan
A community planning organization and two other firms have leased space at 90 Broad Street in Manhattan’s Financial District.
In the largest deal, FHI Studio signed a five-year lease for 4,977 square feet on the 11th floor of the building, to relocate from its current digs at 11 Hanover Square, according to Cushman & Wakefield (CWK), which brokered the lease for landlord Princeton International Properties. Asking rent in the property is $40 per square foot.
“90 Broad Street is an architecturally significant and strategically located property, spanning an entire block between Stone Street and Bridge Street in the Financial District,” said C&W’s Aron Schreier, who represented the landlord alongside Edward “Mac” Mombello and Max Mond.
“These new tenants will benefit from the building’s unparalleled transit access and best-in-class amenities.
FHI Studio describes itself as a collaborative consulting firm made up of planners, designers and environmental specialists working to enhance communities and advance clients’ projects.
Sheena Gohil, Jack Senske and Marissa Fleischhacker of Colliers (CIGI) negotiated on behalf of FHI Studio, but did not immediately respond to a request for comment.
The other relocations to the building include Student Sponsor Partners, a scholarship program with offices at 424 Madison Avenue, which leased 4,463 square feet on the fourth floor, as well as Then and Now Windows, which snagged 2,195 square feet on the 17th floor, according to C&W.
Dan Appel, Hal Stein and Jason Greenstein of Newmark (NMRK) steered the deal for Student Sponsor Partners, while Then And Now handled it in-house.
Representatives for Newmark and Then and Now did not immediately respond to requests for comment. It’s unclear where Then and Now will be relocating from.
Mark Hallum can be reached at mhallum@commercialobserver.com.
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.
Robert Khodadadian, skyline properties, ground leases, ground lease, off market, investment sales, khodadadian, Commercial Real Estate Sales, Commercial Observer, Retail For Lease, Commercial Observer, Commercial Office Lease
A community planning organization and two other firms have leased space at 90 Broad Street in Manhattan’s Financial District. In the largest deal, FHI Studio signed a five-year lease for 4,977 square feet on the 11th floor of the building, to relocate from its current digs at 11 Hanover Square, according to Cushman & Wakefield,
Robert Khodadadian – Commercial Observer
amir Korangy apartment buildings Appraisal value Asset management commercial buildings bob knakal brokerage Building amenities Building codes Building inspections Building maintenance Building permits Cap rate Cash flow Closing costs Commercial mortgage-backed securities commercial observer Commercial property Commercial property auctions Commercial property development Commercial property inspections Commercial property management Commercial property marketing Commercial Property Sales commercial Real Estate commercial real estate market in new york city Commercial tenant screening Common area maintenance fees daniel Shirazi Debt financing Due diligence Economic incentives Energy efficiency Environmental assessments Equity financing erg Escrow services Exit strategies facebook Financing GROUND LEASE ground leases Historic tax credits industrial properties Investment Investment Properties Investment property Investment sales khodadadian Landlord representation Lease agreements Lease assignments Lease buyouts Lease negotiations Lease options Lease renewals Leasehold improvements live plus income buildings Luxury property manhattan commercial real estate Manhattan Real Estate Manhattan Real Estate Market Market analysis mixed use investment building mixed use user buildings Mixed-use property Multifamily property net lease Net operating income New York City New York City Real Estate new york real estate new york real estate journal new york real estate Skyline Properties NYC Real Estate nyc real estate news off market broker off market real estate office buildings Office Space Opportunity zones Property Property appraisal Property Development Property insurance Property Leasing Property listing services Property Listings Property management Property ownership structure Property redevelopment Property surveys Property tax Property tax assessments Property Valuation Property value Real estate Real Estate Acquisitions Real Estate Brokerage Real estate brokers Real Estate Consulting Real Estate Contracts Real estate development Real Estate Finance Real Estate Industry News Real Estate Investing real estate investment real estate investment Manhattan Real Estate Investment Trusts (REITs) Real Estate Law Real estate market analysis Real estate market trends Real Estate Negotiation Real Estate News Real Estate Portfolio Management Real Estate Services Real estate transactions Rent roll Residential property Residential Real Estate Retail Space robert khodadadian Robert Khodadadian on Quiet Deals Sales Short-term rentals Site feasibility studies Site plans Site selection Skyline NYC skyline properties skyline properties nyc Subleasing Tax incentives Tenant credit analysis Tenant improvements Tenant leasing Tenant representation Tenant retention the commercial observer The Real Deal the real deal magazine The Real Deal New York Title searches townhouses Traded NYC Zoning regulations Off-market real estate Manhattan Property brokers mixed-use investment building mixed-use user buildings off-market broker new york real estateTagged amir Korangy Robert Khodadadian – Commercial Observer
A community planning organization and two other firms have leased space at 90 Broad Street in Manhattan’s Financial District. In the largest deal, FHI Studio signed a five-year lease for 4,977 square feet on the 11th floor of the building, to relocate from its current digs at 11 Hanover Square, according to Cushman & Wakefield, Commercial Observer Read More Channel, Leases, Office, 90 Broad Street, Colliers, Cushman & Wakefield, FHI Studio, Newmark, Princeton International Properties, New York City, Manhattan
A community planning organization and two other firms have leased space at 90 Broad Street in Manhattan’s Financial District.
In the largest deal, FHI Studio signed a five-year lease for 4,977 square feet on the 11th floor of the building, to relocate from its current digs at 11 Hanover Square, according to Cushman & Wakefield (CWK), which brokered the lease for landlord Princeton International Properties. Asking rent in the property is $40 per square foot.
“90 Broad Street is an architecturally significant and strategically located property, spanning an entire block between Stone Street and Bridge Street in the Financial District,” said C&W’s Aron Schreier, who represented the landlord alongside Edward “Mac” Mombello and Max Mond.
“These new tenants will benefit from the building’s unparalleled transit access and best-in-class amenities.
FHI Studio describes itself as a collaborative consulting firm made up of planners, designers and environmental specialists working to enhance communities and advance clients’ projects.
Sheena Gohil, Jack Senske and Marissa Fleischhacker of Colliers (CIGI) negotiated on behalf of FHI Studio, but did not immediately respond to a request for comment.
The other relocations to the building include Student Sponsor Partners, a scholarship program with offices at 424 Madison Avenue, which leased 4,463 square feet on the fourth floor, as well as Then and Now Windows, which snagged 2,195 square feet on the 17th floor, according to C&W.
Dan Appel, Hal Stein and Jason Greenstein of Newmark (NMRK) steered the deal for Student Sponsor Partners, while Then And Now handled it in-house.
Representatives for Newmark and Then and Now did not immediately respond to requests for comment. It’s unclear where Then and Now will be relocating from.
Mark Hallum can be reached at mhallum@commercialobserver.com.
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.
Robert Khodadadian, skyline properties, ground leases, ground lease, off market, investment sales, khodadadian, Commercial Real Estate Sales, Commercial Observer, Retail For Lease, Commercial Observer, Commercial Office Lease
A community planning organization and two other firms have leased space at 90 Broad Street in Manhattan’s Financial District. In the largest deal, FHI Studio signed a five-year lease for 4,977 square feet on the 11th floor of the building, to relocate from its current digs at 11 Hanover Square, according to Cushman & Wakefield,
Robert Khodadadian – Skyline Properties Planning Consultant, Scholarship Program and Window Company Take Space at 90 Broad
Manhattan Commercial real estate Sales Property value Investment Property management Real estate brokers Tenant leasing Rent roll Building inspections Due diligence Zoning regulations Title searches Environmental assessments Building codes Market analysis Property tax Financing Property appraisal Lease negotiations Landlord representation Tenant representation Net operating income Cap rate Cash flow Commercial mortgage-backed securities Appraisal value Property redevelopment Site selection Leasehold improvements Commercial property management Lease agreements Commercial property inspections Tax incentives Historic tax credits Energy efficiency Building amenities Commercial property marketing Lease renewals Tenant retention Property insurance Escrow services Closing costs Commercial property auctions Opportunity zones Real estate investment trusts (REITs) Property ownership structure Building maintenance Real estate market trends Property listing services Site plans Common area maintenance fees Asset management Exit strategies Lease options Property surveys Site feasibility studies Economic incentives Equity financing Debt financing Property tax assessments Building permits Commercial property development Subleasing Short-term rentals Lease buyouts Tenant improvements Lease assignments Commercial tenant screening Tenant credit analysis. Robert Khodadadian – Skyline Properties Planning Consultant, Scholarship Program and Window Company Take Space at 90 Broad
A community planning organization and two other firms have leased space at 90 Broad Street in Manhattan’s Financial District.
In the largest deal, FHI Studio signed a five-year lease for 4,977 square feet on the 11th floor of the building, to relocate from its current digs at 11 Hanover Square, according to Cushman & Wakefield (CWK), which brokered the lease for landlord Princeton International Properties. Asking rent in the property is $40 per square foot.
“90 Broad Street is an architecturally significant and strategically located property, spanning an entire block between Stone Street and Bridge Street in the Financial District,” said C&W’s Aron Schreier, who represented the landlord alongside Edward “Mac” Mombello and Max Mond.
“These new tenants will benefit from the building’s unparalleled transit access and best-in-class amenities.
FHI Studio describes itself as a collaborative consulting firm made up of planners, designers and environmental specialists working to enhance communities and advance clients’ projects.
Sheena Gohil, Jack Senske and Marissa Fleischhacker of Colliers (CIGI) negotiated on behalf of FHI Studio, but did not immediately respond to a request for comment.
The other relocations to the building include Student Sponsor Partners, a scholarship program with offices at 424 Madison Avenue, which leased 4,463 square feet on the fourth floor, as well as Then and Now Windows, which snagged 2,195 square feet on the 17th floor, according to C&W.
Dan Appel, Hal Stein and Jason Greenstein of Newmark (NMRK) steered the deal for Student Sponsor Partners, while Then And Now handled it in-house.
Representatives for Newmark and Then and Now did not immediately respond to requests for comment. It’s unclear where Then and Now will be relocating from.
Mark Hallum can be reached at mhallum@commercialobserver.com.
A community planning organization and two other firms have leased space at 90 Broad Street in Manhattan’s Financial District. In the largest deal, FHI Studio signed a five-year lease for 4,977 square feet on the 11th floor of the building, to relocate from its current digs at 11 Hanover Square, according to Cushman & Wakefield, Channel, Leases, Office, 90 Broad Street, Colliers, Cushman & Wakefield, FHI Studio, Newmark, Princeton International Properties, New York City, Manhattan
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.
A community planning organization and two other firms have leased space at 90 Broad Street in Manhattan’s Financial District. In the largest deal, FHI Studio signed a five-year lease for 4,977 square feet on the 11th floor of the building, to relocate from its current digs at 11 Hanover Square, according to Cushman & Wakefield, robert khodadadian
ViaWest Moving on $96.5M, 2M SF Glendale Industrial Build – Robert Khodadadian
ViaWest Moving on $96.5M, 2M SF Glendale Industrial Build – Robert Khodadadian
ViaWest Group has obtained $96.5 million for the development of The Base, an industrial project totaling nearly 2 million square feet in Glendale, Ariz. Phase I of the project is slated to consist of 1.2 million square feet, expected in the fourth quarter of 2024. At full build-out, The Base will feature 15 buildings across 144 acres.
A JLL team led by Kevin McKenzie arranged the financing on behalf of the ViaWest. Commercial Search reports Bank OZK provided the note financing the construction of the 1.2 million-square-foot Phase I.
Situated on 82.55 acres, Phase I of the project will feature buildings between 80,000 and 310,000 square feet with clear heights up to 36 feet. There will be 105 trailer parking spaces and 1,325 auto parking spaces on site, with 236 dock-high doors, and 38 grade-level doors in rear-load and cross-dock configurations.
The project will be located at the NWC of Litchfield Rd. and Bethany Home Rd. in the West Valley of Phoenix, home of the Loop 303 industrial corridor.
The post ViaWest Moving on $96.5M, 2M SF Glendale Industrial Build appeared first on Connect CRE.
ViaWest Group has obtained $96.5 million for the development of The Base, an industrial project totaling nearly 2 million square feet in Glendale, Ariz. Phase I of the project is slated to consist of 1.2 million square feet, expected in the fourth quarter of 2024. At full build-out, The Base will feature 15 buildings across 144 acres. …
The post ViaWest Moving on $96.5M, 2M SF Glendale Industrial Build 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
ViaWest Group has obtained $96.5 million for the development of The Base, an industrial project totaling nearly 2 million square feet in Glendale, Ariz. Phase I of the project is slated to consist of 1.2 million square feet, expected in the fourth quarter of 2024. At full build-out, The Base will feature 15 buildings across 144 acres. …
The post ViaWest Moving on $96.5M, 2M SF Glendale Industrial Build appeared first on Connect CRE. Robert Khodadadian | Chairman NY Investment Sales Skyline Properties Robert Khodadadian New York City Real Estate Commercial Real Estate Investment Properties Property Development Real Estate Brokerage Office Space Retail Space Residential Real Estate Real Estate Investing Property Management Real Estate Services Real Estate Transactions Real Estate Market Analysis Commercial Property Sales Real Estate Acquisitions Real Estate Consulting Property Valuation Real Estate Investment Trusts (REITs) Property Listings Real Estate Portfolio Management Real Estate Finance Property Leasing Real Estate Negotiation Real Estate Contracts Real Estate Law Real Estate Industry News ground leases office buildings commercial buildings apartment buildings townhouses mixed use investment building mixed use user buildings live plus income buildings industrial properties off market real estate daniel shirazi new york real estate real estate investment
St. John Properties Building $125M Broomfield Office/Flex Project – Robert Khodadadian
St. John Properties Building $125M Broomfield Office/Flex Project – Robert Khodadadian
Three buildings containing 110,000 square feet of single-story office and flex/R&D space are under construction in the initial phase of a $125 million mixed-use community located in Broomfield County.
St. John Properties, Inc. has started work on Simms Technology Park, an 81-acre mixed-use business community. Upon completion, the project will support nearly 600,000 square feet of single-story and multi-story office and flex/R&D space, in addition to complementary retail amenities.
The first phase of the project includes one single-story office building comprising 41,000 square feet of space and two flex/R&D buildings combining for nearly 70,000 square feet of space. All three buildings comprise just over 110,000 square feet of space.
In total, St. John Properties currently owns and manages more than 1.5 million square feet of commercial space across four business communities in Colorado since first opening its Colorado regional office in 1987.
The post St. John Properties Building $125M Broomfield Office/Flex Project appeared first on Connect CRE.
Three buildings containing 110,000 square feet of single-story office and flex/R&D space are under construction in the initial phase of a $125 million mixed-use community located in Broomfield County. St. John Properties, Inc. has started work on Simms Technology Park, an 81-acre mixed-use business community. Upon completion, the project will support nearly 600,000 square feet …
The post St. John Properties Building $125M Broomfield Office/Flex Project 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
Three buildings containing 110,000 square feet of single-story office and flex/R&D space are under construction in the initial phase of a $125 million mixed-use community located in Broomfield County. St. John Properties, Inc. has started work on Simms Technology Park, an 81-acre mixed-use business community. Upon completion, the project will support nearly 600,000 square feet …
The post St. John Properties Building $125M Broomfield Office/Flex Project appeared first on Connect CRE. Robert Khodadadian | Chairman NY Investment Sales Skyline Properties Robert Khodadadian New York City Real Estate Commercial Real Estate Investment Properties Property Development Real Estate Brokerage Office Space Retail Space Residential Real Estate Real Estate Investing Property Management Real Estate Services Real Estate Transactions Real Estate Market Analysis Commercial Property Sales Real Estate Acquisitions Real Estate Consulting Property Valuation Real Estate Investment Trusts (REITs) Property Listings Real Estate Portfolio Management Real Estate Finance Property Leasing Real Estate Negotiation Real Estate Contracts Real Estate Law Real Estate Industry News ground leases office buildings commercial buildings apartment buildings townhouses mixed use investment building mixed use user buildings live plus income buildings industrial properties off market real estate daniel shirazi new york real estate real estate investment
Hotel Going Up Near Austin’s Centro – Robert Khodadadian
Hotel Going Up Near Austin’s Centro – Robert Khodadadian
A Home2 Suites + Hampton Inn is in the works in East Austin. The Austin Business Journal reports Floridays Development is behind the 5-story project on half an acre on E. Seventh Street. The company says it develops lifestyle, branded & independent hotels in a number of markets.
The hotel would include 133 rooms and a 590-square-foot lobby cocktail lounge. The total gross floor area of the hotel is listed as 77,579 square feet. Plans call for the hotel to top out at 60 feet.
There are two homes at 1610 and 1612 E. Seventh that would need to be demolished prior to the start of construction.
Mahoney Engineering is attached as engineer and MPA Architecture is attached as architect.
The location on East Seventh is near the Texas State Cemetery and a little northeast of the most intense development activity seen on the east side, including the new office building, Centro (in photo).
The post Hotel Going Up Near Austin’s Centro appeared first on Connect CRE.
A Home2 Suites + Hampton Inn is in the works in East Austin. The Austin Business Journal reports Floridays Development is behind the 5-story project on half an acre on E. Seventh Street. The company says it develops lifestyle, branded & independent hotels in a number of markets. The hotel would include 133 rooms and …
The post Hotel Going Up Near Austin’s Centro 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
A Home2 Suites + Hampton Inn is in the works in East Austin. The Austin Business Journal reports Floridays Development is behind the 5-story project on half an acre on E. Seventh Street. The company says it develops lifestyle, branded & independent hotels in a number of markets. The hotel would include 133 rooms and …
The post Hotel Going Up Near Austin’s Centro appeared first on Connect CRE. Robert Khodadadian | Chairman NY Investment Sales Skyline Properties Robert Khodadadian New York City Real Estate Commercial Real Estate Investment Properties Property Development Real Estate Brokerage Office Space Retail Space Residential Real Estate Real Estate Investing Property Management Real Estate Services Real Estate Transactions Real Estate Market Analysis Commercial Property Sales Real Estate Acquisitions Real Estate Consulting Property Valuation Real Estate Investment Trusts (REITs) Property Listings Real Estate Portfolio Management Real Estate Finance Property Leasing Real Estate Negotiation Real Estate Contracts Real Estate Law Real Estate Industry News ground leases office buildings commercial buildings apartment buildings townhouses mixed use investment building mixed use user buildings live plus income buildings industrial properties off market real estate daniel shirazi new york real estate real estate investment
Target to Close East Harlem Store, Blames Shoplifting – Robert Khodadadian
Target to Close East Harlem Store, Blames Shoplifting – Robert Khodadadian
Target is packing up its store at East River Plaza in East Harlem along with eight others around the country that it claims have become hot spots for shoplifting, the company announced Tuesday.
The East Harlem location, which opened at 517 East 117th Street in 2010, will shutter Oct. 21 along with two stores in Seattle; three in Portland, Ore; and three in San Francisco and Oakland, Calif., Target said.
“We cannot continue operating these stores because theft and organized retail crime are threatening the safety of our team and guests,” a spokesperson for Target said in a statement.
The statement said Target’s 96 other stores in the New York market and 1,900 across the country will remain open.
Target has claimed massive revenue loss due to shoplifting in recent years. The company said it lost $400 million in 2022 from stolen goods in its stores nationwide and said it was on track to lose $600 million this year for the same reason.
Other retailers have reported similar woes due to shoplifting. Earlier this year, Mayor Eric Adams launched a new Organized Retail Theft Task Force within the New York City Police Department and vowed to crack down on retail theft in the five boroughs.
Police reports of petty larceny in New York City are down 3.8 percent compared to the same time last year, according to NYPD crime statistics. In the 25th Precinct, which covers East Harlem and Randall’s Island, reports are down 2.5 percent since last year.
The anti-shoplifting efforts were not enough to make Target change course.
Company executives made the “difficult decision” to shutter the stores after attempts to invest in theft prevention strategies failed to make an impact, according to the company.
Target leases part of the second floor of the shopping center at 517 East 117th. Other tenants include Costco, Bob’s Discount Furniture, Burlington, Marshalls and other department stores.
Staff at the stores slated for closure will be offered positions at other Target locations, the company said.
Abigail Nehring can be reached at anehring@commercialobserver.com.
Target is packing up its store at East River Plaza in East Harlem along with eight others around the country that it claims have become hot spots for shoplifting, the company announced Tuesday. The East Harlem location, which opened at 517 East 117th Street in 2010, will shutter Oct. 21 along with two stores in Channel, Politics & Real Estate, 517 East 117th Street, Eric Adams, New York City Police Department, New York City, Manhattan, Harlem
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
Target is packing up its store at East River Plaza in East Harlem along with eight others around the country that it claims have become hot spots for shoplifting, the company announced Tuesday. The East Harlem location, which opened at 517 East 117th Street in 2010, will shutter Oct. 21 along with two stores in Robert Khodadadian | Chairman NY Investment Sales Skyline Properties Robert Khodadadian New York City Real Estate Commercial Real Estate Investment Properties Property Development Real Estate Brokerage Office Space Retail Space Residential Real Estate Real Estate Investing Property Management Real Estate Services Real Estate Transactions Real Estate Market Analysis Commercial Property Sales Real Estate Acquisitions Real Estate Consulting Property Valuation Real Estate Investment Trusts (REITs) Property Listings Real Estate Portfolio Management Real Estate Finance Property Leasing Real Estate Negotiation Real Estate Contracts Real Estate Law Real Estate Industry News ground leases office buildings commercial buildings apartment buildings townhouses mixed use investment building mixed use user buildings live plus income buildings industrial properties off market real estate daniel shirazi new york real estate real estate investment
Florida Ban on Chinese Real Estate Investment Recalls ‘Alien Land Laws’ – Robert Khodadadian
Florida Ban on Chinese Real Estate Investment Recalls ‘Alien Land Laws’ – Robert Khodadadian
A recently enacted Florida law restricting foreign real estate investment from seven so-called “countries of concern” is rippling through the Sunshine State’s commercial real estate industry.
Passed in May, SB 264 prohibits entities from six countries — Iran, North Korea, Syria, Russia, Venezuela and Cuba — from acquiring agricultural land or any property within 10 miles of a military installation or critical infrastructure, such as airports or power plants. Entities from China may not purchase any property in the state at all.
The measure is meant to address potential national security concerns, and to counteract the influence of the Chinese Communist Party, said Gov. Ron DeSantis, who is running for president in the Republican primary.
“I’m proud to sign this legislation to stop the purchase of our farmland and land near our military bases and critical infrastructure by Chinese agents,” DeSantis said in a press conference following his signing of the bill. “We are following through on our commitment to crack down on Communist China.”
The law applies both to business entities and to people “domiciled” in the seven countries, which includes visa holders who live in the United States. In addition to the primary restrictions, SB 264 requires the targeted entities and individuals to register with the state any property they owned prior to July 1, when the law went into effect, before Dec. 31.
The law has been challenged by the American Civil Liberties Union (ACLU) on behalf of several Chinese individuals, who argue that the law is discriminatory and unconstitutional, echoing the widespread Alien Land Laws of the last century, which barred Asians from owning land, and were struck down by the U.S. Supreme Court.
The plaintiffs in Shen v. Simpson include a dietician, a doctoral student, a political asylum seeker who fled China, and a real estate agency that primarily represents Chinese clients. They argue the law will impact many law-abiding non-citizens while doing little to address the purported national security concerns that motivated it.
The case hit its first snag in August, when a judge denied the plaintiffs’ request for an injunction, allowing the law to remain in place as the challenge works its way through the court. That decision is now on appeal.
In the meantime, the real estate community in Florida is contending with the political and societal implications of this law, as well as its impact on investment.
“As a broker, I don’t have a lot of faith that it’s going to be found legal,” said Mike Pappas, president and CEO of The Keyes Company, who has been in the business since the 1980s. “It feels contradictory to what we’ve been doing for 50 years, since the fair housing laws came out.”
Others are concerned with the law’s potential chilling effect on investment. “There is an argument that the law went too far, and is already creating adverse effects that are discriminating against Chinese Americans, or even Asian Americans,” said Joe Hernandez, a real estate lawyer and partner at Bilzin Sumberg.
“My personal concern is that I don’t want to see anything that chills fund investment in Florida real estate,” Hernandez added.
The ambiguity problem
The real estate community’s most pragmatic concern is how to implement the measure, also called the “Interests of Foreign Countries” law, which remains ambiguous on several fronts. While the law went into effect July 1, the state agencies tasked with implementation and enforcement of its provisions have not yet released any final rulemaking on how to do so.
“We’re all in a purgatory period,” said Hernandez. “It doesn’t seem to me like we’re going to get hard concrete answers for a while.”
The primary implementation mechanism of the law is an affidavit that real estate buyers will have to sign before closing, affirming that the purchase does not violate any of the new restrictions, to be finalized by the Florida Real Estate Commission. On the one hand, the affidavit provides a safe harbor for real estate agents, attorneys and title companies, since it places the liability on the buyer. On the other, it means that all buyers on any transaction in the state have to sign the paperwork.
And getting it wrong is no joke. For transactions involving the first six countries, violations are potential misdemeanors for both the buyer and seller. Chinese investors who violate the law would be guilty of a felony, punishable by up to five years in prison. In either case, the property could be confiscated.
One key ambiguity is how to define what constitutes a military installation or critical infrastructure site, though any definition would likely eliminate almost the entire state. “Ten miles is everything,” said Pappas. “Who’s going to define what 10 miles is? It’s very nebulous.”
Another question most concerning to institutional and private equity investors is how the law applies to minority investors. While the law does exclude buyers with a noncontrolling or de minimis interest, it’s unclear how exactly the law is to be applied.
“We’re seeing confusion from fund managers, who buy from all over the country, who may have Chinese investors,” said Hernandez. “If a Chinese bank were to hold a mortgage, or be a major investor in a REIT that provides loans on real estate property and they have some measure of control, would that qualify?”
Additionally, the two state agencies tasked with enforcing the law, the Department of Agriculture and Consumer Services for agricultural land and the Department of Commerce for all other property, have not yet provided information on the reporting process.
“We’ve been waiting to see what that reporting requirement is actually going to be,” said David Kaye of law firm Ropes & Gray, who represents private equity funds. His clients are concerned that they might need to restructure their investment to comply with the law.
“If there’s a limited partner in the ownership structure that’s Chinese or Chinese government, who is the burden on to report? Is it the Chinese government that owns an interest in a private equity fund? Is it the private equity fund itself? Is it both? We just don’t know.”
These issues are likely to be clarified in time, but in the interim, the uncertainty may already be affecting institutional investment in Florida.
“[Chinese investment] is a large stream of capital that real estate sponsors have as their investor base,” said Kaye. “If you’re excluding a significant pool of capital from being able to invest in Florida, it does reduce the pool of capital available.”
The historical problem
Florida was the last state in the union to remove the once widespread Alien Land Laws from its constitution. The language allowing Asians to be barred from owning land in the state wasn’t removed until 2018, when Florida voters approved a ballot measure to amend Florida’s constitution.
Alien Land Laws barred or restricted “aliens ineligible for citizenship” — a coded term that applied only to Asians — from owning land in over 15 states, and had mostly been passed in the early 20th century, beginning with California in 1913. They were upheld by the U.S. Supreme Court in a 1922 challenge.
But in 1948, the same court ruled California’s law unconstitutional, and most others were struck down in the following decade, going the same way as segregation, discrimination in housing, and other laws explicitly predicated on race or national origin.
“Historically, the Alien Land Laws are a big part of the discrimination against Asian Americans in the United States,” said Gabriel “Jack” Chin, a professor at UC Davis School of Law, who is an expert on the subject, and contributed to an amicus brief from a group of racial justice organizations in Shen v. Simpson. “This was a part of the anti-Asian system of regulation that existed in that time that was exemplified by the Chinese Exclusion Act and immigration laws.”
Chin was briefly involved in the effort to remove the Alien Land Law language from Florida’s constitution. Back in 2000, he penned a legal brief on the matter, which was sent to every member of the Florida legislature.
“In 2000, I really thought this was cleaning up historical loose ends,” Chin said. “It was unimaginable to me that anyone would defend laws like this, that anyone would think that this sort of thing was a good idea.”
Orlando attorney Don Nguyen would take up the mission more than a decade later. Nguyen, a lawyer at DHN Attorneys, moved to Orlando for a job after law school in 2007. He joined a network of Asian American lawyers in the city, and helped educate voters on the history of these laws.
“Nothing screams out at you that ‘alien ineligible for citizenship’ is anti-Asian American, but in history that was only applied to Asian immigrants,” Nguyen explained. “That’s the history that we had to educate people on.”
Nguyen is concerned that SB 264 is a modern form of those discriminatory laws, even if it’s dressed in the interest of national security.
“When you’re talking about taking rights away from people, or affecting U.S. citizens, you have to keep it narrow,” he said. “The enemy here is not Chinese people; it shouldn’t be Chinese people. It’s the Chinese Communist Party. You’re conflating the Communist Party with all people of Chinese descent.”
Nguyen is afraid that the law will affect many Asian Americans by continuing to stigmatize anyone of Asian descent and putting them under a cloud of suspicion.
“I think it’s going to have a real impact not just on Chinese individuals who reside in China, but U.S. citizens with a Chinese name,” Nguyen said. “That has a chilling effect against a lot of buyers, even if they’re not the ones who were intended to be targeted.”
The constitutional problems
Supporters of the law argue that SB 264 was designed to protect Florida from nefarious foreign influence, and that it’s within the state’s right to do so. That’s the primary argument made by a group of state’s attorneys general who wrote an amicus brief in support of the law.
In fact, Florida is not the only state with such a law on the books. More than 20 states introduced or passed laws restricting real estate investment by foreign parties in the 2023 legislative session.
The problem is how Florida’s law was written, according to Chin. “There seems to be pretty good authority that states can deny the right to non-citizens to own land,” he said. “It’s also pretty well established that there are significant limits to pick and choose — to classify non-citizens.”
Florida law does exactly that by singling out non-citizens from particular countries, and targeting Chinese internationals even further. “Frankly, it’s just like the way it was in 1913 through the ’40s and ’50s,” said Chin. “The states want to express their disfavor of particular non-citizens for political and, I would say, racial, reasons. They want to say it’s a legitimate concern, just as the ‘Yellow Peril’ once was.”
Even taking the national security motive at face value, the law could conflict with the federal government, which has an entire foreign intelligence and military apparatus that would be expected to pick up on foreign threats. More importantly, if each state were to design its own foreign policy, that would create problems on a federal level, said Chin.
“If each state could identify the groups they favor and disfavor, it wouldn’t be the United States,” he said. “And we wouldn’t have the same kind of real estate markets that we have now.”
For Don Hayden, a founding partner of law firm Mark Migdal & Hayden, the national security motive is not convincing. “I have some questions as to why this was put in place,” he said, “except as a vehicle for Ron DeSantis, a talking point for him for his presidential campaign.”
In fact, many see the law as a political ploy by DeSantis, as it was pushed through during the legislative session that preceded his presidential run, by a very willing legislature that rubber-stamped most of the governor’s agenda.
But Eric Requenez, a lawyer with Ropes & Gray who listened through the legislative discussion of the bill, isn’t so sure. “I don’t think Florida, or at least the Senate, passed the bill with the intent for this to be challenged and revisited and not go into law,” he said. “It seemed like they believed that this was the best path forward.”
For Hernandez, it’s about weighing the costs and benefits. “The push and pull is the security motive for the law, and the effects and disparate impact of them,” said Hernandez. “That’s the question, whether there’s a way to protect our national security without discriminatory effects against Asian Americans.”
The motive is fairly obvious to Nguyen.
“It’s easier to find a common enemy than a solution,” he said. “It’s playing on people’s fears of China.”
Chava Gourarie can be reached at cgourarie@commercialobserver.com.
A recently enacted Florida law restricting foreign real estate investment from seven so-called “countries of concern” is rippling through the Sunshine State’s commercial real estate industry. Passed in May, SB 264 prohibits entities from six countries — Iran, North Korea, Syria, Russia, Venezuela and Cuba — from acquiring agricultural land or any property within 10 Channel, Legal, More, American Civil Liberties Union, Don Hayden, Don Nguyen, Gabriel Chin, Mark Migdal & Hayden, Mike Pappas, Ropes & Gray, The Keyes Company, Florida
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
A recently enacted Florida law restricting foreign real estate investment from seven so-called “countries of concern” is rippling through the Sunshine State’s commercial real estate industry. Passed in May, SB 264 prohibits entities from six countries — Iran, North Korea, Syria, Russia, Venezuela and Cuba — from acquiring agricultural land or any property within 10 Robert Khodadadian | Chairman NY Investment Sales Skyline Properties Robert Khodadadian New York City Real Estate Commercial Real Estate Investment Properties Property Development Real Estate Brokerage Office Space Retail Space Residential Real Estate Real Estate Investing Property Management Real Estate Services Real Estate Transactions Real Estate Market Analysis Commercial Property Sales Real Estate Acquisitions Real Estate Consulting Property Valuation Real Estate Investment Trusts (REITs) Property Listings Real Estate Portfolio Management Real Estate Finance Property Leasing Real Estate Negotiation Real Estate Contracts Real Estate Law Real Estate Industry News ground leases office buildings commercial buildings apartment buildings townhouses mixed use investment building mixed use user buildings live plus income buildings industrial properties off market real estate daniel shirazi new york real estate real estate investment
Charlotte’s “The Colony” Adding $180M Apartment Community – Robert Khodadadian
Charlotte’s “The Colony” Adding $180M Apartment Community – Robert Khodadadian
A Charlotte developer is optimistic it can move forward on its $180 million apartment building. Synco, who helmed The Colony mixed-use development in SouthPark hopes to build a 14-story building that will be part of its third phase, consisting of 650 units. The Charlotte Business Journal reports Synco wants to go higher than the current code allows and needs the city’s okay to proceed.
Phase one, a five-story multifamily building with 340 units, delivered in spring 2022. It’s about 80% leased.
The remaining multifamily buildings are part of the ongoing mixed-use project that includes 990 total residential units, 55 of which will be affordable housing, as well as a 200-room luxury hotel, up to 300,000 square feet of retail space anchored by a Publix grocery store, 200,000 square feet of office space and 3.5 acres of open green space. Synco expects the Publix store to commence construction soon.
The post Charlotte’s “The Colony” Adding $180M Apartment Community appeared first on Connect CRE.
A Charlotte developer is optimistic it can move forward on its $180 million apartment building. Synco, who helmed The Colony mixed-use development in SouthPark hopes to build a 14-story building that will be part of its third phase, consisting of 650 units. The Charlotte Business Journal reports Synco wants to go higher than the current …
The post Charlotte’s “The Colony” Adding $180M Apartment Community 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
A Charlotte developer is optimistic it can move forward on its $180 million apartment building. Synco, who helmed The Colony mixed-use development in SouthPark hopes to build a 14-story building that will be part of its third phase, consisting of 650 units. The Charlotte Business Journal reports Synco wants to go higher than the current …
The post Charlotte’s “The Colony” Adding $180M Apartment Community appeared first on Connect CRE. Robert Khodadadian | Chairman NY Investment Sales Skyline Properties Robert Khodadadian New York City Real Estate Commercial Real Estate Investment Properties Property Development Real Estate Brokerage Office Space Retail Space Residential Real Estate Real Estate Investing Property Management Real Estate Services Real Estate Transactions Real Estate Market Analysis Commercial Property Sales Real Estate Acquisitions Real Estate Consulting Property Valuation Real Estate Investment Trusts (REITs) Property Listings Real Estate Portfolio Management Real Estate Finance Property Leasing Real Estate Negotiation Real Estate Contracts Real Estate Law Real Estate Industry News ground leases office buildings commercial buildings apartment buildings townhouses mixed use investment building mixed use user buildings live plus income buildings industrial properties off market real estate daniel shirazi new york real estate real estate investment
SteelPoint Investing $35M in Charlotte-Area Factory – Robert Khodadadian
SteelPoint Investing $35M in Charlotte-Area Factory – Robert Khodadadian
SteelPoint will construct a 100,000-square-foot production building on a parcel contiguous to their existing facility on Beltway Boulevard in Stallings. The new facility is expected to be completed in late 2024.
SteelPoint, which employs 89 people in Union County, is also adding 25 jobs with an average hourly wage of $25 as part of the expansion.
The company’s expansion announcement came after the Union County Board of Commissioners approved incentives for the project earlier this month. The board approved a grant worth up to $822,500 over five years for the expansion.
The post SteelPoint Investing $35M in Charlotte-Area Factory appeared first on Connect CRE.
SteelPoint will construct a 100,000-square-foot production building on a parcel contiguous to their existing facility on Beltway Boulevard in Stallings. The new facility is expected to be completed in late 2024. SteelPoint, which employs 89 people in Union County, is also adding 25 jobs with an average hourly wage of $25 as part of the …
The post SteelPoint Investing $35M in Charlotte-Area Factory 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
SteelPoint will construct a 100,000-square-foot production building on a parcel contiguous to their existing facility on Beltway Boulevard in Stallings. The new facility is expected to be completed in late 2024. SteelPoint, which employs 89 people in Union County, is also adding 25 jobs with an average hourly wage of $25 as part of the …
The post SteelPoint Investing $35M in Charlotte-Area Factory appeared first on Connect CRE. Robert Khodadadian | Chairman NY Investment Sales Skyline Properties Robert Khodadadian New York City Real Estate Commercial Real Estate Investment Properties Property Development Real Estate Brokerage Office Space Retail Space Residential Real Estate Real Estate Investing Property Management Real Estate Services Real Estate Transactions Real Estate Market Analysis Commercial Property Sales Real Estate Acquisitions Real Estate Consulting Property Valuation Real Estate Investment Trusts (REITs) Property Listings Real Estate Portfolio Management Real Estate Finance Property Leasing Real Estate Negotiation Real Estate Contracts Real Estate Law Real Estate Industry News ground leases office buildings commercial buildings apartment buildings townhouses mixed use investment building mixed use user buildings live plus income buildings industrial properties off market real estate daniel shirazi new york real estate real estate investment
Target to Close East Harlem Store, Blames Shoplifting – Robert Khodadadian
Target to Close East Harlem Store, Blames Shoplifting – Robert Khodadadian
Target is packing up its store at East River Plaza in East Harlem along with eight others around the country that it claims have become hot spots for shoplifting, the company announced Tuesday.
The East Harlem location, which opened at 517 East 117th Street in 2010, will shutter Oct. 21 along with two stores in Seattle; three in Portland, Ore; and three in San Francisco and Oakland, Calif., Target said.
“We cannot continue operating these stores because theft and organized retail crime are threatening the safety of our team and guests,” a spokesperson for Target said in a statement.
The statement said Target’s 96 other stores in the New York market and 1,900 across the country will remain open.
Target has claimed massive revenue loss due to shoplifting in recent years. The company said it lost $400 million in 2022 from stolen goods in its stores nationwide and said it was on track to lose $600 million this year for the same reason.
Other retailers have reported similar woes due to shoplifting. Earlier this year, Mayor Eric Adams launched a new Organized Retail Theft Task Force within the New York City Police Department and vowed to crack down on retail theft in the five boroughs.
Police reports of petty larceny in New York City are down 3.8 percent compared to the same time last year, according to NYPD crime statistics. In the 25th Precinct, which covers East Harlem and Randall’s Island, reports are down 2.5 percent since last year.
The anti-shoplifting efforts were not enough to make Target change course.
Company executives made the “difficult decision” to shutter the stores after attempts to invest in theft prevention strategies failed to make an impact, according to the company.
Target leases part of the second floor of the shopping center at 517 East 117th. Other tenants include Costco, Bob’s Discount Furniture, Burlington, Marshalls and other department stores.
Staff at the stores slated for closure will be offered positions at other Target locations, the company said.
Abigail Nehring can be reached at anehring@commercialobserver.com.
Target is packing up its store at East River Plaza in East Harlem along with eight others around the country that it claims have become hot spots for shoplifting, the company announced Tuesday. The East Harlem location, which opened at 517 East 117th Street in 2010, will shutter Oct. 21 along with two stores in Channel, Politics & Real Estate, 517 East 117th Street, Eric Adams, New York City Police Department, New York City, Manhattan, Harlem
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
Target is packing up its store at East River Plaza in East Harlem along with eight others around the country that it claims have become hot spots for shoplifting, the company announced Tuesday. The East Harlem location, which opened at 517 East 117th Street in 2010, will shutter Oct. 21 along with two stores in Robert Khodadadian | Chairman NY Investment Sales Skyline Properties Robert Khodadadian New York City Real Estate Commercial Real Estate Investment Properties Property Development Real Estate Brokerage Office Space Retail Space Residential Real Estate Real Estate Investing Property Management Real Estate Services Real Estate Transactions Real Estate Market Analysis Commercial Property Sales Real Estate Acquisitions Real Estate Consulting Property Valuation Real Estate Investment Trusts (REITs) Property Listings Real Estate Portfolio Management Real Estate Finance Property Leasing Real Estate Negotiation Real Estate Contracts Real Estate Law Real Estate Industry News ground leases office buildings commercial buildings apartment buildings townhouses mixed use investment building mixed use user buildings live plus income buildings industrial properties off market real estate daniel shirazi new york real estate real estate investment
BREAKING NEWS: Wayne Ratkovich Passes Away at 82 – Robert Khodadadian
BREAKING NEWS: Wayne Ratkovich Passes Away at 82 – Robert Khodadadian
Wayne Ratkovich, a Los Angeles-based real estate developer who dedicated his career to improving the quality of urban life in his hometown, died on Sunday, Sept. 24 at Cedars-Sinai Medical Center in Los Angeles. He was 82 years old. The cause of death was complications from an aortic aneurysm.
Throughout his career, Ratkovich had an uncanny ability to identify opportunities that others overlooked. He often saw the future in a piece of the past, even if others ignored it. Ratkovich is credited with reimagining numerous landmark projects, including 18 historic buildings throughout the Los Angeles area, starting with his redevelopment of the James Oviatt Building in downtown Los Angeles.
Ratkovich is best known as founder and CEO of The Ratkovich Company (TRC), whose mission in its more than 40 years as a Los Angeles development firm has been “to profitably produce developments that improve the quality of urban life.”
In a 2015 interview with the Los Angeles Times, Ratkovich laid out his underlying philosophy on business and life. “We’d like to be an example of capitalism in its most admirable form,” he said. “We function in the private market, not with government subsidies, and we fulfill our mission to profitably produce developments that improve the quality of urban life. That allows us to do well and do good at the same time.”
In 2020, Ratkovich transitioned from his position leading TRC on a day-to-day basis, taking on the founder role. Longtime confidant and company executive Brian Saenger became president and CEO and leads TRC today.
“It is not an understatement to say that Wayne gave me a once-in-a-lifetime opportunity to lead the company he built. I could not ask for a better person to learn from,” said Saenger. “Wayne’s impact on Los Angeles is evident to anyone who looks at DTLA and many of the historic buildings across our region. His legacy of kindness, compassion, and vision will live on in the projects he built and the company he founded.”
In 2011, the Urban Land Institute named Ratkovich a Life Trustee, an honor given to just 15 members in the 80-year history of the 35,000-member organization. Ratkovich was formerly a member of the Urban Land Institute’s Global Board of Directors, as well as a Trustee Emeritus of the National Trust for Historic Preservation.
“Wayne Ratkovich was a true visionary in urban development, city building, and place making and exemplified everything that a real estate developer should be,” said Clare De Briere, Americas Chair and member of the Global Board of Directors of ULI. “His focus on creating places for people – thoughtful, beautiful, wondrous, peaceful, playful places – made everyday life better for everyone who experienced them. He not only embodied the values of the Urban Land Institute but drove those values over his half century of membership and leadership in the organization.”
Ratkovich received the Distinguished Businessperson Award from the USC Architectural Guild and the Design Advocate Develop Award from the Los Angeles Chapter of the American Institute of Architects. In addition, Ratkovich was presented last year with the Rotary Club of Los Angeles’ Distinguished Citizen Award, recognizing an Angeleno who embodies Rotary’s motto of “service above self.”
He is survived by his wife JoAnn, son Milan and daughters Anna and Lindsay, and five grandchildren.
A private memorial service will be held in the near future.
The post BREAKING NEWS: Wayne Ratkovich Passes Away at 82 appeared first on Connect CRE.
Wayne Ratkovich, a Los Angeles-based real estate developer who dedicated his career to improving the quality of urban life in his hometown, died on Sunday, Sept. 24 at Cedars-Sinai Medical Center in Los Angeles. He was 82 years old. The cause of death was complications from an aortic aneurysm. Throughout his career, Ratkovich had an uncanny …
The post BREAKING NEWS: Wayne Ratkovich Passes Away at 82 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
Wayne Ratkovich, a Los Angeles-based real estate developer who dedicated his career to improving the quality of urban life in his hometown, died on Sunday, Sept. 24 at Cedars-Sinai Medical Center in Los Angeles. He was 82 years old. The cause of death was complications from an aortic aneurysm. Throughout his career, Ratkovich had an uncanny …
The post BREAKING NEWS: Wayne Ratkovich Passes Away at 82 appeared first on Connect CRE. Robert Khodadadian | Chairman NY Investment Sales Skyline Properties Robert Khodadadian New York City Real Estate Commercial Real Estate Investment Properties Property Development Real Estate Brokerage Office Space Retail Space Residential Real Estate Real Estate Investing Property Management Real Estate Services Real Estate Transactions Real Estate Market Analysis Commercial Property Sales Real Estate Acquisitions Real Estate Consulting Property Valuation Real Estate Investment Trusts (REITs) Property Listings Real Estate Portfolio Management Real Estate Finance Property Leasing Real Estate Negotiation Real Estate Contracts Real Estate Law Real Estate Industry News ground leases office buildings commercial buildings apartment buildings townhouses mixed use investment building mixed use user buildings live plus income buildings industrial properties off market real estate daniel shirazi new york real estate real estate investment
Florida Ban on Chinese Real Estate Investment Recalls ‘Alien Land Laws’ – Robert Khodadadian
Florida Ban on Chinese Real Estate Investment Recalls ‘Alien Land Laws’ – Robert Khodadadian
A recently enacted Florida restricting foreign real estate investment from seven so-called “countries of concern” is rippling through the Sunshine State’s commercial real estate industry.
Passed in May, SB 264 prohibits entities from six countries — Iran, North Korea, Syria, Russia, Venezuela and Cuba — from acquiring agricultural land or any property within 10 miles of a military installation or critical infrastructure, such as airports or power plants. Entities from China may not purchase any property in the state at all.
The measure is meant to address potential national security concerns, and to counteract the influence of the Chinese Communist Party, said Gov. Ron DeSantis, who is running for president in the Republican primary.
“I’m proud to sign this legislation to stop the purchase of our farmland and land near our military bases and critical infrastructure by Chinese agents,” DeSantis said in a press conference following his signing of the bill. “We are following through on our commitment to crack down on Communist China.”
The law applies both to business entities and to people “domiciled” in the seven countries, which includes visa holders who live in the United States. In addition to the primary restrictions, SB 264 requires the targeted entities and individuals to register with the state any property they owned prior to July 1, when the law went into effect, before Dec. 31.
The law has been challenged by the American Civil Liberties Union (ACLU) on behalf of several Chinese individuals, who argued that the law is discriminatory and unconstitutinal, echoing the widespread Alien Land Laws of the last century, which barred Asians from owning land, and were struck down by the U.S. Supreme Court.
The plaintiffs in Shen v. Simpson include a dietician, a doctoral student, a political asylum seeker who fled China, and a real estate agency that primarily represents Chinese clients. They argue the law will impact many law-abiding non-citizens while doing little to address the purported national security concerns that motivated it.
The case hit its first snag in August, when a judge denied the plaintiffs’ request for an injunction, allowing the law to remain in place as the challenge works its way through the court. That decision is now on appeal.
In the meantime, the real estate community in Florida is contending with the political and societal implications of this law, as well as its impact on investment.
“As a broker, I don’t have a lot of faith that it’s going to be found legal,” said Mike Pappas, president and CEO of The Keyes Company, who has been in the business since the 1980s. “It feels contradictory to what we’ve been doing for 50 years, since the fair housing laws came out.”
Others are concerned with the law’s potential chilling effect on investment. “There is an argument that the law went too far, and is already creating adverse effects that are discriminating against Chinese Americans, or even Asian Americans,” said Joe Hernandez, a real estate lawyer and partner at Bilzin Sumberg.
“My personal concern is that I don’t want to see anything that chills fund investment in Florida real estate,” Hernandez added.
The ambiguity problem
The real estate community is concerned with how to implement the measure, also called the “Interests of Foreign Countries” law, which remains ambiguous on several fronts. While the law went into effect July 1, the state agencies tasked with implementation and enforcement of its provisions have not yet released any final rulemaking on how to do so.
“We’re all in a purgatory period,” said Hernandez. “It doesn’t seem to me like we’re going to get hard concrete answers for a while.”
The primary implementation mechanism of the law is an affidavit that real estate buyers will have to sign before closing, affirming that the purchase does not violate any of the new restrictions, to be finalized by the Florida Real Estate Commission. On the one hand, the affidavit provides a safe harbor for real estate agents, attorneys and title companies, since it places the liability on the buyer. On the other, it means that all buyers on any transaction in the state have to sign the paperwork.
And getting it wrong is no joke. For transactions involving the first six countries, violations are potential misdemeanors for both the buyer and seller. Chinese investors who violate the law would be guilty of a felony, punishable by up to five years in prison. In either case, the property could be confiscated.
One key ambiguity is how to define what constitutes a military installation or critical infrastructure site, though any definition would likely eliminate almost the entire state. “Ten miles is everything,” said Pappas. “Who’s going to define what 10 miles is? It’s very nebulous.”
Another question most concerning to institutional and private equity investors is how the law applies to minority investors. While the law does exclude buyers with a noncontrolling or de minimis interest, it’s unclear how exactly the law is to be applied.
“We’re seeing confusion from fund managers, who buy from all over the country, who may have Chinese investors,” said Hernandez. “If a Chinese bank were to hold a mortgage, or be a major investor in a REIT that provides loans on real estate property and they have some measure of control, would that qualify?”
Additionally, the two state agencies tasked with enforcing the law, the Department of Agriculture and Consumer Services for agricultural land and the Department of Commerce for all other property, have not yet provided information on the reporting process.
“We’ve been waiting to see what that reporting requirement is actually going to be,” said David Kaye of law firm Ropes & Gray, who represents private equity funds. His clients are concerned that they might need to restructure their investment to comply with the law.
“If there’s a limited partner in the ownership structure that’s Chinese or Chinese government, who is the burden on to report? Is it the Chinese government that owns an interest in a private equity fund? Is it the private equity fund itself? Is it both? We just don’t know.”
These issues are likely to be clarified in time, but in the interim, the uncertainty may already be affecting institutional investment in Florida.
“[Chinese investment] is a large stream of capital that real estate sponsors have as their investor base,” said Kaye. “If you’re excluding a significant pool of capital from being able to invest in Florida, it does reduce the pool of capital available.”
The historical problem
Florida was the last state in the union to remove the once widespread Alien Land Laws from its constitution. The language allowing Asians to be barred from owning land in the state wasn’t removed until 2018, when Florida voters approved a ballot measure to amend Florida’s constitution.
Alien Land Laws barred or restricted “aliens ineligible for citizenship” — a coded term that applied only to Asians — from owning land in over 15 states, and had mostly been passed in the early 20th century, beginning with California in 1913. They were upheld by the U.S. Supreme Court in a 1922 challenge.
But in 1948, the same court ruled California’s law unconstitutional, and most others were struck down in the following decade, going the same way as segregation, discrimination in housing, and other laws explicitly predicated on race or national origin.
“Historically, the Alien Land Laws are a big part of the discrimination against Asian Americans in the United States,” said Gabriel “Jack” Chin, a professor at UC Davis School of Law, who is an expert on the subject, and contributed to an amicus brief from a group of racial justice organizations in Shen v. Simpson. “This was a part of the anti-Asian system of regulation that existed in that time that was exemplified by the Chinese Exclusion Act and immigration laws.”
Chin was briefly involved in the effort to remove the Alien Land Law language from Florida’s constitution. Back in 2000, he penned a legal brief on the matter, which was sent to every member of the Florida legislature.
“In 2000, I really thought this was cleaning up historical loose ends,” Chin said. “It was unimaginable to me that anyone would defend laws like this, that anyone would think that this sort of thing was a good idea.”
Orlando attorney Don Nguyen would take up the mission more than a decade later. Nguyen, a title agent with DHN Attorneys, moved to Orlando for a job after law school in 2007. He joined a network of Asian American lawyers in the city, and helped educate voters on the history of these laws.
“Nothing screams out at you that ‘alien ineligible for citizenship’ is anti-Asian American, but in history that was only applied to Asian immigrants,” Nguyen explained. “That’s the history that we had to educate people on.”
Nguyen is concerned that SB 264 is a modern form of those discriminatory laws, even if it’s dressed in the interest of national security.
“When you’re talking about taking rights away from people, or affecting U.S. citizens, you have to keep it narrow,” he said. “The enemy here is not Chinese people; it shouldn’t be Chinese people. It’s the Chinese Communist Party. You’re conflating the Communist Party with all people of Chinese descent.”
Nguyen is afraid that the law will affect many Asian Americans by continuing to stigmatize anyone of Asian descent and putting them under a cloud of suspicion.
“I think it’s going to have a real impact not just on Chinese individuals who reside in China, but U.S. citizens with a Chinese name,” Nguyen said. “That has a chilling effect against a lot of buyers, even if they’re not the ones who were intended to be targeted.”
The constitutional problems
Supporters of the law argue that SB 264 was designed to protect Florida from nefarious foreign influence, and that it’s within the state’s right to do so. That’s the primary argument made by a group of state’s attorneys general who wrote an amicus brief in support of the law.
In fact, Florida is not the only state with such a law on the books. More than 20 states introduced or passed laws restricting real estate investment by foreign parties in the 2023 legislative session.
The problem is how Florida’s law was written, according to Chin. “There seems to be pretty good authority that states can deny the right to non-citizens to own land,” he said. “It’s also pretty well established that there are significant limits to pick and choose — to classify non-citizens.”
Florida law does exactly that by singling out non-citizens from particular countries, and targeting Chinese internationals even further. “Frankly, it’s just like the way it was in 1913 through the ’40s and ’50s,” said Chin. “The states want to express their disfavor of particular non-citizens for political and, I would say, racial, reasons. They want to say it’s a legitimate concern, just as the ‘Yellow Peril’ once was.”
Even taking the national security motive at face value, the law could conflict with the federal government, which has an entire foreign intelligence and military apparatus that would be expected to pick up on foreign threats. More importantly, if each state were to design its own foreign policy, that would create problems on a federal level, said Chin.
“If each state could identify the groups they favor and disfavor, it wouldn’t be the United States,” he said. “And we wouldn’t have the same kind of real estate markets that we have now.”
For Don Hayden, a founding partner of law firm Mark Migdal & Hayden, the national security motive is not convincing. “I have some questions as to why this was put in place,” he said, “except as a vehicle for Ron DeSantis, a talking point for him for his presidential campaign.”
In fact, many see the law as a political ploy by DeSantis, as it was pushed through during the legislative session that preceded his presidential run, by a very willing legislature that rubber-stamped most of the governor’s agenda.
But Eric Renequez, a lawyer with Ropes & Gray who listened through the legislative discussion of the bill, isn’t so sure. “I don’t think Florida, or at least the Senate, passed the bill with the intent for this to be challenged and revisited and not go into law,” he said. “It seemed like they believed that this was the best path forward.”
For Hernandez, it’s about weighing the costs and benefits. “The push and pull is the security motive for the law, and the effects and disparate impact of them,” said Hernandez. “That’s the question, whether there’s a way to protect our national security without discriminatory effects against Asian Americans.”
The motive is fairly obvious to Nguyen.
“It’s easier to find a common enemy than a solution,” he said. “It’s playing on people’s fears of China.”
Chava Gourarie can be reached at cgourarie@commercialobserver.com.
A recently enacted Florida restricting foreign real estate investment from seven so-called “countries of concern” is rippling through the Sunshine State’s commercial real estate industry. Passed in May, SB 264 prohibits entities from six countries — Iran, North Korea, Syria, Russia, Venezuela and Cuba — from acquiring agricultural land or any property within 10 miles Channel, Legal, More, American Civil Liberties Union, Don Hayden, Don Nguyen, Gabriel Chin, Mark Migdal & Hayden, Mike Pappas, Ropes & Gray, The Keyes Company, Florida
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
A recently enacted Florida restricting foreign real estate investment from seven so-called “countries of concern” is rippling through the Sunshine State’s commercial real estate industry. Passed in May, SB 264 prohibits entities from six countries — Iran, North Korea, Syria, Russia, Venezuela and Cuba — from acquiring agricultural land or any property within 10 miles Robert Khodadadian | Chairman NY Investment Sales Skyline Properties Robert Khodadadian New York City Real Estate Commercial Real Estate Investment Properties Property Development Real Estate Brokerage Office Space Retail Space Residential Real Estate Real Estate Investing Property Management Real Estate Services Real Estate Transactions Real Estate Market Analysis Commercial Property Sales Real Estate Acquisitions Real Estate Consulting Property Valuation Real Estate Investment Trusts (REITs) Property Listings Real Estate Portfolio Management Real Estate Finance Property Leasing Real Estate Negotiation Real Estate Contracts Real Estate Law Real Estate Industry News ground leases office buildings commercial buildings apartment buildings townhouses mixed use investment building mixed use user buildings live plus income buildings industrial properties off market real estate daniel shirazi new york real estate real estate investment
Robert Khodadadian In The News Florida Ban on Chinese Real Estate Investment Recalls ‘Alien Land Laws’
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A recently enacted Florida restricting foreign real estate investment from seven so-called “countries of concern” is rippling through the Sunshine State’s commercial real estate industry.
Passed in May, SB 264 prohibits entities from six countries — Iran, North Korea, Syria, Russia, Venezuela and Cuba — from acquiring agricultural land or any property within 10 miles of a military installation or critical infrastructure, such as airports or power plants. Entities from China may not purchase any property in the state at all.
The measure is meant to address potential national security concerns, and to counteract the influence of the Chinese Communist Party, said Gov. Ron DeSantis, who is running for president in the Republican primary.
“I’m proud to sign this legislation to stop the purchase of our farmland and land near our military bases and critical infrastructure by Chinese agents,” DeSantis said in a press conference following his signing of the bill. “We are following through on our commitment to crack down on Communist China.”
The law applies both to business entities and to people “domiciled” in the seven countries, which includes visa holders who live in the United States. In addition to the primary restrictions, SB 264 requires the targeted entities and individuals to register with the state any property they owned prior to July 1, when the law went into effect, before Dec. 31.
The law has been challenged by the American Civil Liberties Union (ACLU) on behalf of several Chinese individuals, who argued that the law is discriminatory and unconstitutinal, echoing the widespread Alien Land Laws of the last century, which barred Asians from owning land, and were struck down by the U.S. Supreme Court.
The plaintiffs in Shen v. Simpson include a dietician, a doctoral student, a political asylum seeker who fled China, and a real estate agency that primarily represents Chinese clients. They argue the law will impact many law-abiding non-citizens while doing little to address the purported national security concerns that motivated it.
The case hit its first snag in August, when a judge denied the plaintiffs’ request for an injunction, allowing the law to remain in place as the challenge works its way through the court. That decision is now on appeal.
In the meantime, the real estate community in Florida is contending with the political and societal implications of this law, as well as its impact on investment.
“As a broker, I don’t have a lot of faith that it’s going to be found legal,” said Mike Pappas, president and CEO of The Keyes Company, who has been in the business since the 1980s. “It feels contradictory to what we’ve been doing for 50 years, since the fair housing laws came out.”
Others are concerned with the law’s potential chilling effect on investment. “There is an argument that the law went too far, and is already creating adverse effects that are discriminating against Chinese Americans, or even Asian Americans,” said Joe Hernandez, a real estate lawyer and partner at Bilzin Sumberg.
“My personal concern is that I don’t want to see anything that chills fund investment in Florida real estate,” Hernandez added.
The ambiguity problem
The real estate community is concerned with how to implement the measure, also called the “Interests of Foreign Countries” law, which remains ambiguous on several fronts. While the law went into effect July 1, the state agencies tasked with implementation and enforcement of its provisions have not yet released any final rulemaking on how to do so.
“We’re all in a purgatory period,” said Hernandez. “It doesn’t seem to me like we’re going to get hard concrete answers for a while.”
The primary implementation mechanism of the law is an affidavit that real estate buyers will have to sign before closing, affirming that the purchase does not violate any of the new restrictions, to be finalized by the Florida Real Estate Commission. On the one hand, the affidavit provides a safe harbor for real estate agents, attorneys and title companies, since it places the liability on the buyer. On the other, it means that all buyers on any transaction in the state have to sign the paperwork.
And getting it wrong is no joke. For transactions involving the first six countries, violations are potential misdemeanors for both the buyer and seller. Chinese investors who violate the law would be guilty of a felony, punishable by up to five years in prison. In either case, the property could be confiscated.
One key ambiguity is how to define what constitutes a military installation or critical infrastructure site, though any definition would likely eliminate almost the entire state. “Ten miles is everything,” said Pappas. “Who’s going to define what 10 miles is? It’s very nebulous.”
Another question most concerning to institutional and private equity investors is how the law applies to minority investors. While the law does exclude buyers with a noncontrolling or de minimis interest, it’s unclear how exactly the law is to be applied.
“We’re seeing confusion from fund managers, who buy from all over the country, who may have Chinese investors,” said Hernandez. “If a Chinese bank were to hold a mortgage, or be a major investor in a REIT that provides loans on real estate property and they have some measure of control, would that qualify?”
Additionally, the two state agencies tasked with enforcing the law, the Department of Agriculture and Consumer Services for agricultural land and the Department of Commerce for all other property, have not yet provided information on the reporting process.
“We’ve been waiting to see what that reporting requirement is actually going to be,” said David Kaye of law firm Ropes & Gray, who represents private equity funds. His clients are concerned that they might need to restructure their investment to comply with the law.
“If there’s a limited partner in the ownership structure that’s Chinese or Chinese government, who is the burden on to report? Is it the Chinese government that owns an interest in a private equity fund? Is it the private equity fund itself? Is it both? We just don’t know.”
These issues are likely to be clarified in time, but in the interim, the uncertainty may already be affecting institutional investment in Florida.
“[Chinese investment] is a large stream of capital that real estate sponsors have as their investor base,” said Kaye. “If you’re excluding a significant pool of capital from being able to invest in Florida, it does reduce the pool of capital available.”
The historical problem
Florida was the last state in the union to remove the once widespread Alien Land Laws from its constitution. The language allowing Asians to be barred from owning land in the state wasn’t removed until 2018, when Florida voters approved a ballot measure to amend Florida’s constitution.
Alien Land Laws barred or restricted “aliens ineligible for citizenship” — a coded term that applied only to Asians — from owning land in over 15 states, and had mostly been passed in the early 20th century, beginning with California in 1913. They were upheld by the U.S. Supreme Court in a 1922 challenge.
But in 1948, the same court ruled California’s law unconstitutional, and most others were struck down in the following decade, going the same way as segregation, discrimination in housing, and other laws explicitly predicated on race or national origin.
“Historically, the Alien Land Laws are a big part of the discrimination against Asian Americans in the United States,” said Gabriel “Jack” Chin, a professor at UC Davis School of Law, who is an expert on the subject, and contributed to an amicus brief from a group of racial justice organizations in Shen v. Simpson. “This was a part of the anti-Asian system of regulation that existed in that time that was exemplified by the Chinese Exclusion Act and immigration laws.”
Chin was briefly involved in the effort to remove the Alien Land Law language from Florida’s constitution. Back in 2000, he penned a legal brief on the matter, which was sent to every member of the Florida legislature.
“In 2000, I really thought this was cleaning up historical loose ends,” Chin said. “It was unimaginable to me that anyone would defend laws like this, that anyone would think that this sort of thing was a good idea.”
Orlando attorney Don Nguyen would take up the mission more than a decade later. Nguyen, a title agent with DHN Attorneys, moved to Orlando for a job after law school in 2007. He joined a network of Asian American lawyers in the city, and helped educate voters on the history of these laws.
“Nothing screams out at you that ‘alien ineligible for citizenship’ is anti-Asian American, but in history that was only applied to Asian immigrants,” Nguyen explained. “That’s the history that we had to educate people on.”
Nguyen is concerned that SB 264 is a modern form of those discriminatory laws, even if it’s dressed in the interest of national security.
“When you’re talking about taking rights away from people, or affecting U.S. citizens, you have to keep it narrow,” he said. “The enemy here is not Chinese people; it shouldn’t be Chinese people. It’s the Chinese Communist Party. You’re conflating the Communist Party with all people of Chinese descent.”
Nguyen is afraid that the law will affect many Asian Americans by continuing to stigmatize anyone of Asian descent and putting them under a cloud of suspicion.
“I think it’s going to have a real impact not just on Chinese individuals who reside in China, but U.S. citizens with a Chinese name,” Nguyen said. “That has a chilling effect against a lot of buyers, even if they’re not the ones who were intended to be targeted.”
The constitutional problems
Supporters of the law argue that SB 264 was designed to protect Florida from nefarious foreign influence, and that it’s within the state’s right to do so. That’s the primary argument made by a group of state’s attorneys general who wrote an amicus brief in support of the law.
In fact, Florida is not the only state with such a law on the books. More than 20 states introduced or passed laws restricting real estate investment by foreign parties in the 2023 legislative session.
The problem is how Florida’s law was written, according to Chin. “There seems to be pretty good authority that states can deny the right to non-citizens to own land,” he said. “It’s also pretty well established that there are significant limits to pick and choose — to classify non-citizens.”
Florida law does exactly that by singling out non-citizens from particular countries, and targeting Chinese internationals even further. “Frankly, it’s just like the way it was in 1913 through the ’40s and ’50s,” said Chin. “The states want to express their disfavor of particular non-citizens for political and, I would say, racial, reasons. They want to say it’s a legitimate concern, just as the ‘Yellow Peril’ once was.”
Even taking the national security motive at face value, the law could conflict with the federal government, which has an entire foreign intelligence and military apparatus that would be expected to pick up on foreign threats. More importantly, if each state were to design its own foreign policy, that would create problems on a federal level, said Chin.
“If each state could identify the groups they favor and disfavor, it wouldn’t be the United States,” he said. “And we wouldn’t have the same kind of real estate markets that we have now.”
For Don Hayden, a founding partner of law firm Mark Migdal & Hayden, the national security motive is not convincing. “I have some questions as to why this was put in place,” he said, “except as a vehicle for Ron DeSantis, a talking point for him for his presidential campaign.”
In fact, many see the law as a political ploy by DeSantis, as it was pushed through during the legislative session that preceded his presidential run, by a very willing legislature that rubber-stamped most of the governor’s agenda.
But Eric Renequez, a lawyer with Ropes & Gray who listened through the legislative discussion of the bill, isn’t so sure. “I don’t think Florida, or at least the Senate, passed the bill with the intent for this to be challenged and revisited and not go into law,” he said. “It seemed like they believed that this was the best path forward.”
For Hernandez, it’s about weighing the costs and benefits. “The push and pull is the security motive for the law, and the effects and disparate impact of them,” said Hernandez. “That’s the question, whether there’s a way to protect our national security without discriminatory effects against Asian Americans.”
The motive is fairly obvious to Nguyen.
“It’s easier to find a common enemy than a solution,” he said. “It’s playing on people’s fears of China.”
Chava Gourarie can be reached at cgourarie@commercialobserver.com.
Commercial Observer Channel, Legal, More, American Civil Liberties Union, Don Hayden, Don Nguyen, Gabriel Chin, Mark Migdal & Hayden, Mike Pappas, Ropes & Gray, The Keyes Company, Florida A recently enacted Florida restricting foreign real estate investment from seven so-called “countries of concern” is rippling through the Sunshine State’s commercial real estate industry. Passed in May, SB 264 prohibits entities from six countries — Iran, North Korea, Syria, Russia, Venezuela and Cuba — from acquiring agricultural land or any property within 10 miles
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.
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A recently enacted Florida restricting foreign real estate investment from seven so-called “countries of concern” is rippling through the Sunshine State’s commercial real estate industry. Passed in May, SB 264 prohibits entities from six countries — Iran, North Korea, Syria, Russia, Venezuela and Cuba — from acquiring agricultural land or any property within 10 miles
Partnership Planning $1B Miami Mixed-Use Project – Robert Khodadadian
Partnership Planning $1B Miami Mixed-Use Project – Robert Khodadadian
The partnership of Black Salmon and The Allen Morris Company plans to develop Highland Park Miami. The $1 billion mixed-use project will span 7 acres and increase the footprint of the Miami Medical District by approximately 10 percent.
The multi-block, mixed-use development will house medical and related office uses that include hotels, apartment buildings, supporting retail, food and beverage uses, and green space. The project is master planned and designed by the architecture firm Arquitectonica.
The project, which will rise 22 stories high, will feature 1,000 residential units by Oppenheim Architecture, a 150-room hotel, and 500,000 square feet of medical-related office.
Highland Park Miami will be located at 800 NW 14th Street. Site plan approval is needed from the city for the multi-phase project to proceed.
The post Partnership Planning $1B Miami Mixed-Use Project appeared first on Connect CRE.
The partnership of Black Salmon and The Allen Morris Company plans to develop Highland Park Miami. The $1 billion mixed-use project will span 7 acres and increase the footprint of the Miami Medical District by approximately 10 percent. The multi-block, mixed-use development will house medical and related office uses that include hotels, apartment buildings, supporting retail, food and …
The post Partnership Planning $1B Miami Mixed-Use Project 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
The partnership of Black Salmon and The Allen Morris Company plans to develop Highland Park Miami. The $1 billion mixed-use project will span 7 acres and increase the footprint of the Miami Medical District by approximately 10 percent. The multi-block, mixed-use development will house medical and related office uses that include hotels, apartment buildings, supporting retail, food and …
The post Partnership Planning $1B Miami Mixed-Use Project appeared first on Connect CRE. Robert Khodadadian | Chairman NY Investment Sales Skyline Properties Robert Khodadadian New York City Real Estate Commercial Real Estate Investment Properties Property Development Real Estate Brokerage Office Space Retail Space Residential Real Estate Real Estate Investing Property Management Real Estate Services Real Estate Transactions Real Estate Market Analysis Commercial Property Sales Real Estate Acquisitions Real Estate Consulting Property Valuation Real Estate Investment Trusts (REITs) Property Listings Real Estate Portfolio Management Real Estate Finance Property Leasing Real Estate Negotiation Real Estate Contracts Real Estate Law Real Estate Industry News ground leases office buildings commercial buildings apartment buildings townhouses mixed use investment building mixed use user buildings live plus income buildings industrial properties off market real estate daniel shirazi new york real estate real estate investment
Black Lion, Massa Spend $82M on Former Miami Starwood HQ – Robert Khodadadian
Black Lion, Massa Spend $82M on Former Miami Starwood HQ – Robert Khodadadian
Black Lion and Massa Investment Group have acquired the former headquarters of Starwood Capital, with plans for a multi-million dollar transformation. With a purchase price of $82 million, this collaboration with Massa Investment Group represents Black Lion’s largest deal to date.
“Black Lion has a track record for transforming properties into prime assets by being creative and coloring outside of the lines. Our vision for this space is next level. We plan to deliver a one-of-a-kind hospitality office and retail experience that the area has never seen before,” touted Black Lion’s Robert Rivani.
Located in the South Beach historic district, the property occupies a corner at 1601 Washington Avenue. Encompassing 140,000 square feet, the mixed-use development comprises ground-level retail spaces plus a 499-space parking garage. The 8-story building is adjacent to the Lincoln Road Mall.
The building has been primarily vacant since Starwood left in 2022.
The post Black Lion, Massa Spend $82M on Former Miami Starwood HQ appeared first on Connect CRE.
Black Lion and Massa Investment Group have acquired the former headquarters of Starwood Capital, with plans for a multi-million dollar transformation. With a purchase price of $82 million, this collaboration with Massa Investment Group represents Black Lion’s largest deal to date. “Black Lion has a track record for transforming properties into prime assets by being …
The post Black Lion, Massa Spend $82M on Former Miami Starwood HQ 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
Black Lion and Massa Investment Group have acquired the former headquarters of Starwood Capital, with plans for a multi-million dollar transformation. With a purchase price of $82 million, this collaboration with Massa Investment Group represents Black Lion’s largest deal to date. “Black Lion has a track record for transforming properties into prime assets by being …
The post Black Lion, Massa Spend $82M on Former Miami Starwood HQ appeared first on Connect CRE. Robert Khodadadian | Chairman NY Investment Sales Skyline Properties Robert Khodadadian New York City Real Estate Commercial Real Estate Investment Properties Property Development Real Estate Brokerage Office Space Retail Space Residential Real Estate Real Estate Investing Property Management Real Estate Services Real Estate Transactions Real Estate Market Analysis Commercial Property Sales Real Estate Acquisitions Real Estate Consulting Property Valuation Real Estate Investment Trusts (REITs) Property Listings Real Estate Portfolio Management Real Estate Finance Property Leasing Real Estate Negotiation Real Estate Contracts Real Estate Law Real Estate Industry News ground leases office buildings commercial buildings apartment buildings townhouses mixed use investment building mixed use user buildings live plus income buildings industrial properties off market real estate daniel shirazi new york real estate real estate investment
MakeInspires Opens First Makerspace in Upper East Side – Robert Khodadadian
MakeInspires Opens First Makerspace in Upper East Side – Robert Khodadadian
MakeInspires, a provider of STEAM classes and programs for K-12 students and adults, has opened its first New York City Makerspace on the Upper East Side, reported by New York Business Journal.
Located at 1642 York Ave, MakeInspires NYC is in a 3,000-square-foot, bi-level space that features five classrooms named after female icons in the STEM area; an interactive 16-foot LED wall; and a retail area that sells items designed and made in the Makerspace.
MakeInspires NYC offers more than 20 after-school programs and courses ranging from filmmaking and coding to 3D printing and woodworking. In addition, MakeInspires NYC offers workshops on days when kids are off from school. The space also will be available to rent out for birthday parties and corporate team-building events.
KSR’s Joshua Berkun represented MakeInspires on the deal.
The post MakeInspires Opens First Makerspace in Upper East Side appeared first on Connect CRE.
MakeInspires, a provider of STEAM classes and programs for K-12 students and adults, has opened its first New York City Makerspace on the Upper East Side, reported by New York Business Journal. Located at 1642 York Ave, MakeInspires NYC is in a 3,000-square-foot, bi-level space that features five classrooms named after female icons in the STEM …
The post MakeInspires Opens First Makerspace in Upper East Side 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
MakeInspires, a provider of STEAM classes and programs for K-12 students and adults, has opened its first New York City Makerspace on the Upper East Side, reported by New York Business Journal. Located at 1642 York Ave, MakeInspires NYC is in a 3,000-square-foot, bi-level space that features five classrooms named after female icons in the STEM …
The post MakeInspires Opens First Makerspace in Upper East Side appeared first on Connect CRE. Robert Khodadadian | Chairman NY Investment Sales Skyline Properties Robert Khodadadian New York City Real Estate Commercial Real Estate Investment Properties Property Development Real Estate Brokerage Office Space Retail Space Residential Real Estate Real Estate Investing Property Management Real Estate Services Real Estate Transactions Real Estate Market Analysis Commercial Property Sales Real Estate Acquisitions Real Estate Consulting Property Valuation Real Estate Investment Trusts (REITs) Property Listings Real Estate Portfolio Management Real Estate Finance Property Leasing Real Estate Negotiation Real Estate Contracts Real Estate Law Real Estate Industry News ground leases office buildings commercial buildings apartment buildings townhouses mixed use investment building mixed use user buildings live plus income buildings industrial properties off market real estate daniel shirazi new york real estate real estate investment
Xin Development Faces Foreclosure on Midtown Condo – Robert Khodadadian
Xin Development Faces Foreclosure on Midtown Condo – Robert Khodadadian
Xin Development Group International, the United States development arm of China’s Xinyuan Real Estate, is confronting foreclosure issues in Manhattan, marking the third such instance for the Chinese developer.
The luxury condo in question is an eight-story, 92-unit property located at 500 West 45th Street in Hell’s Kitchen, constructed in 2020. In 2021, it was refinanced with $90 million in senior debt from Ares Capital and $30 million in mezzanine debt from a subsidiary of The Georgetown Company.
Mezzanine lenders have filed for foreclosure on the property, scheduling an auction for October 11. The winning bidder will acquire the holding company that owns the building and the senior loan, along with any outstanding payments. The property is anchored by Target.
The post Xin Development Faces Foreclosure on Midtown Condo appeared first on Connect CRE.
Xin Development Group International, the United States development arm of China’s Xinyuan Real Estate, is confronting foreclosure issues in Manhattan, marking the third such instance for the Chinese developer. The luxury condo in question is an eight-story, 92-unit property located at 500 West 45th Street in Hell’s Kitchen, constructed in 2020. In 2021, it was …
The post Xin Development Faces Foreclosure on Midtown Condo 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
Xin Development Group International, the United States development arm of China’s Xinyuan Real Estate, is confronting foreclosure issues in Manhattan, marking the third such instance for the Chinese developer. The luxury condo in question is an eight-story, 92-unit property located at 500 West 45th Street in Hell’s Kitchen, constructed in 2020. In 2021, it was …
The post Xin Development Faces Foreclosure on Midtown Condo appeared first on Connect CRE. Robert Khodadadian | Chairman NY Investment Sales Skyline Properties Robert Khodadadian New York City Real Estate Commercial Real Estate Investment Properties Property Development Real Estate Brokerage Office Space Retail Space Residential Real Estate Real Estate Investing Property Management Real Estate Services Real Estate Transactions Real Estate Market Analysis Commercial Property Sales Real Estate Acquisitions Real Estate Consulting Property Valuation Real Estate Investment Trusts (REITs) Property Listings Real Estate Portfolio Management Real Estate Finance Property Leasing Real Estate Negotiation Real Estate Contracts Real Estate Law Real Estate Industry News ground leases office buildings commercial buildings apartment buildings townhouses mixed use investment building mixed use user buildings live plus income buildings industrial properties off market real estate daniel shirazi new york real estate real estate investment
Bipartisan Legislation Would Support CRE Loan Workouts – Robert Khodadadian
Bipartisan Legislation Would Support CRE Loan Workouts – Robert Khodadadian
Bipartisan legislation (H.R. 5580) introduced in the House this week would reduce the tax burden on a borrower that can arise when a troubled commercial real estate loan is modified as part of a debt workout, the Real Estate Roundtable said. The legislation, introduced by Reps Claudia Tenney (R-NY) and Brian Higgins (D-NY), could help smooth the transition to a healthy and stable post-pandemic real estate market, said the Roundtable.
“From the tax law to banking regulation, housing policy, and other areas, public policy has always encouraged the restructuring of unsustainable loans to help businesses turnaround and help taxpayers get back on their feet,” said Real Estate Roundtable president and CEO Jeffrey DeBoer.
At the height of the pandemic, the federal government extended lifelines to businesses via PPP loans, suspended the repayment of federal debts, and imposed foreclosure moratoria on federally backed loans. Emergency legislation expressly excluded the forgiveness of federal loans from cancellation of debt (COD) income.
“In the case of commercial real estate, the full economic consequences of the pandemic are still unfolding,” DeBoer said. “Remote work and other challenges facing cities have put stress on certain real estate assets, such as office buildings. Debt workouts between lenders and borrowers are a critical part of the solution. Workouts can ensure that these properties continue supporting jobs and economic activity.”
DeBoer will discuss a range of policy issues facing the industry on Sept. 26 as part of a Marcus & Millichap webcast, “A Conversation with Lloyd Blankfein, Former Chairman and CEO of Goldman Sachs, on the Economy and Commercial Real Estate with Insights from Industry Leaders.” Marcus & Millichap president and CEO Hessam Nadji and former Chairman and CEO of Goldman Sachs Lloyd Blankfein will lead the live webcast discussion on economic factors, including Federal Reserve policy, impacting the commercial real estate market. DeBoer, Tom McGee, president and CEO of ICSC, and Sharon Wilson Géno, president of NMHC, will join the conversation as CRE industry leaders.
The post Bipartisan Legislation Would Support CRE Loan Workouts appeared first on Connect CRE.
Bipartisan legislation (H.R. 5580) introduced in the House this week would reduce the tax burden on a borrower that can arise when a troubled commercial real estate loan is modified as part of a debt workout, the Real Estate Roundtable said. The legislation, introduced by Reps Claudia Tenney (R-NY) and Brian Higgins (D-NY), could help …
The post Bipartisan Legislation Would Support CRE Loan Workouts 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
Bipartisan legislation (H.R. 5580) introduced in the House this week would reduce the tax burden on a borrower that can arise when a troubled commercial real estate loan is modified as part of a debt workout, the Real Estate Roundtable said. The legislation, introduced by Reps Claudia Tenney (R-NY) and Brian Higgins (D-NY), could help …
The post Bipartisan Legislation Would Support CRE Loan Workouts appeared first on Connect CRE. Robert Khodadadian | Chairman NY Investment Sales Skyline Properties Robert Khodadadian New York City Real Estate Commercial Real Estate Investment Properties Property Development Real Estate Brokerage Office Space Retail Space Residential Real Estate Real Estate Investing Property Management Real Estate Services Real Estate Transactions Real Estate Market Analysis Commercial Property Sales Real Estate Acquisitions Real Estate Consulting Property Valuation Real Estate Investment Trusts (REITs) Property Listings Real Estate Portfolio Management Real Estate Finance Property Leasing Real Estate Negotiation Real Estate Contracts Real Estate Law Real Estate Industry News ground leases office buildings commercial buildings apartment buildings townhouses mixed use investment building mixed use user buildings live plus income buildings industrial properties off market real estate daniel shirazi new york real estate real estate investment
Luxury Retailers Expand Footprint After 2022 Bonanza – Robert Khodadadian
Luxury Retailers Expand Footprint After 2022 Bonanza – Robert Khodadadian
After an impressive pandemic rebound in 2022, luxury retail brands have been expanding their retail footprints, leasing a total 650,000 square feet of space during the 12 months ending June 30, according to a report from JLL.
Luxury retail sales hit $69.5 billion in 2022, edging past the $68.95 billion high in 2019 prior to the pandemic — and that’s fueled the retail expansion, per the report.
New York and Los Angeles continued to dominate the sector, accounting for more than half of all luxury retail leasing in the United States in the prior four quarters, while Sun Belt cities such as Miami, Atlanta and Las Vegas saw significant growth. Detroit emerged as a surprise winner as well.
LVMH — parent brand of Louis Vuitton, Dior and Tiffany & Co., among others — had the highest number of stores open, with a net increase of 108 stores between 2021 and 2022. LVMH also dwarfed every other company in luxury sales, with $85 million in total in 2022. Kering Group — parent to Gucci, Saint Laurent, Balenciaga and others — came in a close second, at 100 new stores, with Cartier owner Richemont in third, with 96 stores.
However, during a second-quarter earnings call, LVMH CFO Jean-Jacques Guiony acknowledged there had been a slowdown in luxury sales, saying that “aspirational consumers no longer spent on entry-level products.” LVMH itself saw its U.S. sales drop by 1 percent in the quarter while Cartier owner Richmand reported a 4 percent decline, as some of the COVID excesses subsided. Both companies, however, saw a fantastic rebound in Asia, especially as places such as mainland China and Hong Kong reopened.
The largest luxury U.S. lease in 2023 was a 36,000-square-foot Louis Vuitton deal on New York’s Fifth Avenue, followed by a 30,000-square-foot Chanel lease in Beverly Hills. The largest luxury lease in Miami was a 4,135-square-foot Ralph Lauren store in the Miami Design District.
Chava Gourarie can be reached at cgourarie@commercialobserver.com.
After an impressive pandemic rebound in 2022, luxury retail brands have been expanding their retail footprints, leasing a total 650,000 square feet of space during the 12 months ending June 30, according to a report from JLL. Luxury retail sales hit $69.5 billion in 2022, edging past the $68.95 billion high in 2019 prior to Channel, Leases, Retail, Cartier, JLL, Kering Group, Louis Vuitton, Richemont, Florida, Los Angeles, National, New York City, LVMH
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
After an impressive pandemic rebound in 2022, luxury retail brands have been expanding their retail footprints, leasing a total 650,000 square feet of space during the 12 months ending June 30, according to a report from JLL. Luxury retail sales hit $69.5 billion in 2022, edging past the $68.95 billion high in 2019 prior to Robert Khodadadian | Chairman NY Investment Sales Skyline Properties Robert Khodadadian New York City Real Estate Commercial Real Estate Investment Properties Property Development Real Estate Brokerage Office Space Retail Space Residential Real Estate Real Estate Investing Property Management Real Estate Services Real Estate Transactions Real Estate Market Analysis Commercial Property Sales Real Estate Acquisitions Real Estate Consulting Property Valuation Real Estate Investment Trusts (REITs) Property Listings Real Estate Portfolio Management Real Estate Finance Property Leasing Real Estate Negotiation Real Estate Contracts Real Estate Law Real Estate Industry News ground leases office buildings commercial buildings apartment buildings townhouses mixed use investment building mixed use user buildings live plus income buildings industrial properties off market real estate daniel shirazi new york real estate real estate investment
Former Miami Beach Mayor Sells Wynwood Assemblage for $24M – Robert Khodadadian
Former Miami Beach Mayor Sells Wynwood Assemblage for $24M – Robert Khodadadian
Former Miami Beach Mayor Philip Levine sold off half a block in Wynwood for $24 million.
The collection of low-rise retail buildings, known as The Whale & Star property, totals 27,406 square feet. The site fronts 365 feet on NW First Place, between Northwest 22nd and 23rd streets.
The property has no tenants. The buyer, a Delaware-based limited liability company named Whale & Star Wynwood, plans to build a mixed-use development that will include a hotel with over 300 rooms, Dwntwn Realty Advisors’ Tony Arellano, who represented the seller alongside Devlin Marinoff, told Commercial Observer.
Laura Valente of Global Luxury Realty and Alyssa Morgan of The Inside Network represented the buyer and did not respond to requests for comment. Attorney Charles Ratner provided legal counsel.
The parcel is zoned for a hotel with 265 to 388 rooms or a multifamily building with 132 to 194 units. Levine, who served as Miami’s mayor from 2013 to 2017, assembled the property in 2012, paying $5.9 million in total, according to property records.
Since Levine’s purchase, Wynwood, a historically working-class neighborhood filled with warehouses, has become one of the most sought-after areas in Miami. Tech companies, including Peter Thiel’s Founders Fund, have opened offices, and residential developments, such as the Diesel-branded condo building, are under construction.
Quadrum Global opened an Arlo Hotel last year, making it the first hospitality property in Wynwood.
Another hotel development is in the pipeline. Last year, Jackie Soffer’s Turnberry Associates paid $13 million for a 0.7-acre parcel, where it’s planning to develop a mixed-use property with a hotel, The Real Deal reported.
Julia Echikson can be reached at jechikson@commercialobserver.com.
Former Miami Beach Mayor Philip Levine sold off half a block in Wynwood for $24 million. The collection of low-rise retail buildings, known as The Whale & Star property, totals 27,406 square feet. The site fronts 365 feet on NW First Place, between Northwest 22nd and 23rd streets. The property has no tenants. The buyer, Channel, Land, Retail, Sales, Philip Levine, The Whale & Star, Florida, South Florida, Miami, Wynwood, Dwntwn Realty Advisors
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
Former Miami Beach Mayor Philip Levine sold off half a block in Wynwood for $24 million. The collection of low-rise retail buildings, known as The Whale & Star property, totals 27,406 square feet. The site fronts 365 feet on NW First Place, between Northwest 22nd and 23rd streets. The property has no tenants. The buyer, Robert Khodadadian | Chairman NY Investment Sales Skyline Properties Robert Khodadadian New York City Real Estate Commercial Real Estate Investment Properties Property Development Real Estate Brokerage Office Space Retail Space Residential Real Estate Real Estate Investing Property Management Real Estate Services Real Estate Transactions Real Estate Market Analysis Commercial Property Sales Real Estate Acquisitions Real Estate Consulting Property Valuation Real Estate Investment Trusts (REITs) Property Listings Real Estate Portfolio Management Real Estate Finance Property Leasing Real Estate Negotiation Real Estate Contracts Real Estate Law Real Estate Industry News ground leases office buildings commercial buildings apartment buildings townhouses mixed use investment building mixed use user buildings live plus income buildings industrial properties off market real estate daniel shirazi new york real estate real estate investment
Target to Close East Harlem Store, Blames Shoplifting – Robert Khodadadian
Target to Close East Harlem Store, Blames Shoplifting – Robert Khodadadian
Target is packing up its store at East River Plaza in East Harlem along with eight others around the country that it claims have become hot spots for shoplifting, the company announced Tuesday.
The East Harlem location, which opened at 517 East 117th Street in 2010, will shutter Oct. 21 along with two stores in Seattle; three in Portland, Ore; and three in San Francisco and Oakland, Calif., Target said.
“We cannot continue operating these stores because theft and organized retail crime are threatening the safety of our team and guests,” a spokesperson for Target said in a statement.
The statement said Target’s 96 other stores in New York state and 1,900 across the country will remain open.
Target has claimed massive revenue loss due to shoplifting in recent years. The company said it lost $400 million in 2022 from stolen goods in its stores nationwide and said it was on track to lose $600 million this year for the same reason.
Other retailers have reported similar woes due to shoplifting. Earlier this year, Mayor Eric Adams launched a new Organized Retail Theft Task Force within the New York City Police Department and vowed to crack down on retail theft in the five boroughs.
Police reports of petty larceny in New York City are down 3.8 percent compared to the same time last year, according to NYPD crime statistics. In the 25th Precinct, which covers East Harlem and Randall’s Island, reports are down 2.5 percent since last year.
The anti-shoplifting efforts were not enough to make Target change course.
Company executives made the “difficult decision” to shutter the stores after attempts to invest in theft prevention strategies failed to make an impact, according to the company.
Target leases part of the second floor of the shopping center at 517 East 117th. Other tenants include Costco, Bob’s Discount Furniture, Burlington, Marshalls and other department stores.
Staff at the stores slated for closure will be offered positions at other Target locations, the company said.
Abigail Nehring can be reached at anehring@commercialobserver.com.
Target is packing up its store at East River Plaza in East Harlem along with eight others around the country that it claims have become hot spots for shoplifting, the company announced Tuesday. The East Harlem location, which opened at 517 East 117th Street in 2010, will shutter Oct. 21 along with two stores in Channel, Politics & Real Estate, 517 East 117th Street, Eric Adams, New York City Police Department, New York City, Manhattan, Harlem
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
Target is packing up its store at East River Plaza in East Harlem along with eight others around the country that it claims have become hot spots for shoplifting, the company announced Tuesday. The East Harlem location, which opened at 517 East 117th Street in 2010, will shutter Oct. 21 along with two stores in Robert Khodadadian | Chairman NY Investment Sales Skyline Properties Robert Khodadadian New York City Real Estate Commercial Real Estate Investment Properties Property Development Real Estate Brokerage Office Space Retail Space Residential Real Estate Real Estate Investing Property Management Real Estate Services Real Estate Transactions Real Estate Market Analysis Commercial Property Sales Real Estate Acquisitions Real Estate Consulting Property Valuation Real Estate Investment Trusts (REITs) Property Listings Real Estate Portfolio Management Real Estate Finance Property Leasing Real Estate Negotiation Real Estate Contracts Real Estate Law Real Estate Industry News ground leases office buildings commercial buildings apartment buildings townhouses mixed use investment building mixed use user buildings live plus income buildings industrial properties off market real estate daniel shirazi new york real estate real estate investment
BREAKING NEWS: Wayne Ratkovich Passes Away at 82 – Robert Khodadadian
BREAKING NEWS: Wayne Ratkovich Passes Away at 82 – Robert Khodadadian
Wayne Ratkovich, a Los Angeles-based real estate developer who dedicated his career to improving the quality of urban life in his hometown, died on Sunday, Sept. 24 at Cedars-Sinai Medical Center in Los Angeles. He was 82 years old. The cause of death was complications from an aortic aneurysm.
Throughout his career, Ratkovich had an uncanny ability to identify opportunities that others overlooked. He often saw the future in a piece of the past, even if others ignored it. Ratkovich is credited with reimagining numerous landmark projects, including 18 historic buildings throughout the Los Angeles area, starting with his redevelopment of the James Oviatt Building in downtown Los Angeles.
Ratkovich is best known as founder and CEO of The Ratkovich Company (TRC), whose mission in its more than 40 years as a Los Angeles development firm has been “to profitably produce developments that improve the quality of urban life.”
In a 2015 interview with the Los Angeles Times, Ratkovich laid out his underlying philosophy on business and life. “We’d like to be an example of capitalism in its most admirable form,” he said. “We function in the private market, not with government subsidies, and we fulfill our mission to profitably produce developments that improve the quality of urban life. That allows us to do well and do good at the same time.”
In 2020, Ratkovich transitioned from his position leading TRC on a day-to-day basis, taking on the founder role. Longtime confidant and company executive Brian Saenger became president and CEO and leads TRC today.
“It is not an understatement to say that Wayne gave me a once-in-a-lifetime opportunity to lead the company he built. I could not ask for a better person to learn from,” said Saenger. “Wayne’s impact on Los Angeles is evident to anyone who looks at DTLA and many of the historic buildings across our region. His legacy of kindness, compassion, and vision will live on in the projects he built and the company he founded.”
In 2011, the Urban Land Institute named Ratkovich a Life Trustee, an honor given to just 15 members in the 80-year history of the 35,000-member organization. Ratkovich was formerly a member of the Urban Land Institute’s Global Board of Directors, as well as a Trustee Emeritus of the National Trust for Historic Preservation.
“Wayne Ratkovich was a true visionary in urban development, city building, and place making and exemplified everything that a real estate developer should be,” said Clare De Briere, Americas Chair and member of the Global Board of Directors of ULI. “His focus on creating places for people – thoughtful, beautiful, wondrous, peaceful, playful places – made everyday life better for everyone who experienced them. He not only embodied the values of the Urban Land Institute but drove those values over his half century of membership and leadership in the organization.”
Ratkovich received the Distinguished Businessperson Award from the USC Architectural Guild and the Design Advocate Develop Award from the Los Angeles Chapter of the American Institute of Architects. In addition, Ratkovich was presented last year with the Rotary Club of Los Angeles’ Distinguished Citizen Award, recognizing an Angeleno who embodies Rotary’s motto of “service above self.”
He is survived by his wife JoAnn, son Milan and daughters Anna and Lindsay, and five grandchildren.
A private memorial service will be held in the near future.
The post BREAKING NEWS: Wayne Ratkovich Passes Away at 82 appeared first on Connect CRE.
Wayne Ratkovich, a Los Angeles-based real estate developer who dedicated his career to improving the quality of urban life in his hometown, died on Sunday, Sept. 24 at Cedars-Sinai Medical Center in Los Angeles. He was 82 years old. The cause of death was complications from an aortic aneurysm. Throughout his career, Ratkovich had an uncanny …
The post BREAKING NEWS: Wayne Ratkovich Passes Away at 82 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
Wayne Ratkovich, a Los Angeles-based real estate developer who dedicated his career to improving the quality of urban life in his hometown, died on Sunday, Sept. 24 at Cedars-Sinai Medical Center in Los Angeles. He was 82 years old. The cause of death was complications from an aortic aneurysm. Throughout his career, Ratkovich had an uncanny …
The post BREAKING NEWS: Wayne Ratkovich Passes Away at 82 appeared first on Connect CRE. Robert Khodadadian | Chairman NY Investment Sales Skyline Properties Robert Khodadadian New York City Real Estate Commercial Real Estate Investment Properties Property Development Real Estate Brokerage Office Space Retail Space Residential Real Estate Real Estate Investing Property Management Real Estate Services Real Estate Transactions Real Estate Market Analysis Commercial Property Sales Real Estate Acquisitions Real Estate Consulting Property Valuation Real Estate Investment Trusts (REITs) Property Listings Real Estate Portfolio Management Real Estate Finance Property Leasing Real Estate Negotiation Real Estate Contracts Real Estate Law Real Estate Industry News ground leases office buildings commercial buildings apartment buildings townhouses mixed use investment building mixed use user buildings live plus income buildings industrial properties off market real estate daniel shirazi new york real estate real estate investment
Florida Ban on Chinese Real Estate Investment Recalls ‘Alien Land Laws’ – Robert Khodadadian
Florida Ban on Chinese Real Estate Investment Recalls ‘Alien Land Laws’ – Robert Khodadadian
A recently enacted Florida restricting foreign real estate investment from seven so-called “countries of concern” is rippling through the Sunshine State’s commercial real estate industry.
Passed in May, SB 264 prohibits entities from six countries — Iran, North Korea, Syria, Russia, Venezuela and Cuba — from acquiring agricultural land or any property within 10 miles of a military installation or critical infrastructure, such as airports or power plants. Entities from China may not purchase any property in the state at all.
The measure is meant to address potential national security concerns, and to counteract the influence of the Chinese Communist Party, said Gov. Ron DeSantis, who is running for president in the Republican primary.
“I’m proud to sign this legislation to stop the purchase of our farmland and land near our military bases and critical infrastructure by Chinese agents,” DeSantis said in a press conference following his signing of the bill. “We are following through on our commitment to crack down on Communist China.”
The law applies both to business entities and to people “domiciled” in the seven countries, which includes visa holders who live in the United States. In addition to the primary restrictions, SB 264 requires the targeted entities and individuals to register with the state any property they owned prior to July 1, when the law went into effect, before Dec. 31.
The law has been challenged by the American Civil Liberties Union (ACLU) on behalf of several Chinese individuals, who argued that the law is discriminatory and unconstitutinal, echoing the widespread Alien Land Laws of the last century, which barred Asians from owning land, and were struck down by the U.S. Supreme Court.
The plaintiffs in Shen v. Simpson include a dietician, a doctoral student, a political asylum seeker who fled China, and a real estate agency that primarily represents Chinese clients. They argue the law will impact many law-abiding non-citizens while doing little to address the purported national security concerns that motivated it.
The case hit its first snag in August, when a judge denied the plaintiffs’ request for an injunction, allowing the law to remain in place as the challenge works its way through the court. That decision is now on appeal.
In the meantime, the real estate community in Florida is contending with the political and societal implications of this law, as well as its impact on investment.
“As a broker, I don’t have a lot of faith that it’s going to be found legal,” said Mike Pappas, president and CEO of The Keyes Company, who has been in the business since the 1980s. “It feels contradictory to what we’ve been doing for 50 years, since the fair housing laws came out.”
Others are concerned with the law’s potential chilling effect on investment. “There is an argument that the law went too far, and is already creating adverse effects that are discriminating against Chinese Americans, or even Asian Americans,” said Joe Hernandez, a real estate lawyer and partner at Bilzin Sumberg.
“My personal concern is that I don’t want to see anything that chills fund investment in Florida real estate,” Hernandez added.
The ambiguity problem
The real estate community is concerned with how to implement the measure, also called the “Interests of Foreign Countries” law, which remains ambiguous on several fronts. While the law went into effect July 1, the state agencies tasked with implementation and enforcement of its provisions have not yet released any final rulemaking on how to do so.
“We’re all in a purgatory period,” said Hernandez. “It doesn’t seem to me like we’re going to get hard concrete answers for a while.”
The primary implementation mechanism of the law is an affidavit that real estate buyers will have to sign before closing, affirming that the purchase does not violate any of the new restrictions, to be finalized by the Florida Real Estate Commission. On the one hand, the affidavit provides a safe harbor for real estate agents, attorneys and title companies, since it places the liability on the buyer. On the other, it means that all buyers on any transaction in the state have to sign the paperwork.
And getting it wrong is no joke. For transactions involving the first six countries, violations are potential misdemeanors for both the buyer and seller. Chinese investors who violate the law would be guilty of a felony, punishable by up to five years in prison. In either case, the property could be confiscated.
One key ambiguity is how to define what constitutes a military installation or critical infrastructure site, though any definition would likely eliminate almost the entire state. “Ten miles is everything,” said Pappas. “Who’s going to define what 10 miles is? It’s very nebulous.”
Another question most concerning to institutional and private equity investors is how the law applies to minority investors. While the law does exclude buyers with a noncontrolling or de minimis interest, it’s unclear how exactly the law is to be applied.
“We’re seeing confusion from fund managers, who buy from all over the country, who may have Chinese investors,” said Hernandez. “If a Chinese bank were to hold a mortgage, or be a major investor in a REIT that provides loans on real estate property and they have some measure of control, would that qualify?”
Additionally, the two state agencies tasked with enforcing the law, the Department of Agriculture and Consumer Services for agricultural land and the Department of Commerce for all other property, have not yet provided information on the reporting process.
“We’ve been waiting to see what that reporting requirement is actually going to be,” said David Kaye of law firm Ropes & Gray, who represents private equity funds. His clients are concerned that they might need to restructure their investment to comply with the law.
“If there’s a limited partner in the ownership structure that’s Chinese or Chinese government, who is the burden on to report? Is it the Chinese government that owns an interest in a private equity fund? Is it the private equity fund itself? Is it both? We just don’t know.”
These issues are likely to be clarified in time, but in the interim, the uncertainty may already be affecting institutional investment in Florida.
“[Chinese investment] is a large stream of capital that real estate sponsors have as their investor base,” said Kaye. “If you’re excluding a significant pool of capital from being able to invest in Florida, it does reduce the pool of capital available.”
The historical problem
Florida was the last state in the union to remove the once widespread Alien Land Laws from its constitution. The language allowing Asians to be barred from owning land in the state wasn’t removed until 2018, when Florida voters approved a ballot measure to amend Florida’s constitution.
Alien Land Laws barred or restricted “aliens ineligible for citizenship” — a coded term that applied only to Asians — from owning land in over 15 states, and had mostly been passed in the early 20th century, beginning with California in 1913. They were upheld by the U.S. Supreme Court in a 1922 challenge.
But in 1948, the same court ruled California’s law unconstitutional, and most others were struck down in the following decade, going the same way as segregation, discrimination in housing, and other laws explicitly predicated on race or national origin.
“Historically, the Alien Land Laws are a big part of the discrimination against Asian Americans in the United States,” said Gabriel “Jack” Chin, a professor at UC Davis School of Law, who is an expert on the subject, and contributed to an amicus brief from a group of racial justice organizations in Shen v. Simpson. “This was a part of the anti-Asian system of regulation that existed in that time that was exemplified by the Chinese Exclusion Act and immigration laws.”
Chin was briefly involved in the effort to remove the Alien Land Law language from Florida’s constitution. Back in 2000, he penned a legal brief on the matter, which was sent to every member of the Florida legislature.
“In 2000, I really thought this was cleaning up historical loose ends,” Chin said. “It was unimaginable to me that anyone would defend laws like this, that anyone would think that this sort of thing was a good idea.”
Orlando attorney Don Nguyen would take up the mission more than a decade later. Nguyen, a title agent with DHN Attorneys, moved to Orlando for a job after law school in 2007. He joined a network of Asian American lawyers in the city, and helped educate voters on the history of these laws.
“Nothing screams out at you that ‘alien ineligible for citizenship’ is anti-Asian American, but in history that was only applied to Asian immigrants,” Nguyen explained. “That’s the history that we had to educate people on.”
Nguyen is concerned that SB 264 is a modern form of those discriminatory laws, even if it’s dressed in the interest of national security.
“When you’re talking about taking rights away from people, or affecting U.S. citizens, you have to keep it narrow,” he said. “The enemy here is not Chinese people; it shouldn’t be Chinese people. It’s the Chinese Communist Party. You’re conflating the Communist Party with all people of Chinese descent.”
Nguyen is afraid that the law will affect many Asian Americans by continuing to stigmatize anyone of Asian descent and putting them under a cloud of suspicion.
“I think it’s going to have a real impact not just on Chinese individuals who reside in China, but U.S. citizens with a Chinese name,” Nguyen said. “That has a chilling effect against a lot of buyers, even if they’re not the ones who were intended to be targeted.”
The constitutional problems
Supporters of the law argue that SB 264 was designed to protect Florida from nefarious foreign influence, and that it’s within the state’s right to do so. That’s the primary argument made by a group of state’s attorneys general who wrote an amicus brief in support of the law.
In fact, Florida is not the only state with such a law on the books. More than 20 states introduced or passed laws restricting real estate investment by foreign parties in the 2023 legislative session.
The problem is how Florida’s law was written, according to Chin. “There seems to be pretty good authority that states can deny the right to non-citizens to own land,” he said. “It’s also pretty well established that there are significant limits to pick and choose — to classify non-citizens.”
Florida law does exactly that by singling out non-citizens from particular countries, and targeting Chinese internationals even further. “Frankly, it’s just like the way it was in 1913 through the ’40s and ’50s,” said Chin. “The states want to express their disfavor of particular non-citizens for political and, I would say, racial, reasons. They want to say it’s a legitimate concern, just as the ‘Yellow Peril’ once was.”
Even taking the national security motive at face value, the law could conflict with the federal government, which has an entire foreign intelligence and military apparatus that would be expected to pick up on foreign threats. More importantly, if each state were to design its own foreign policy, that would create problems on a federal level, said Chin.
“If each state could identify the groups they favor and disfavor, it wouldn’t be the United States,” he said. “And we wouldn’t have the same kind of real estate markets that we have now.”
For Don Hayden, a founding partner of law firm Mark Migdal & Hayden, the national security motive is not convincing. “I have some questions as to why this was put in place,” he said, “except as a vehicle for Ron DeSantis, a talking point for him for his presidential campaign.”
In fact, many see the law as a political ploy by DeSantis, as it was pushed through during the legislative session that preceded his presidential run, by a very willing legislature that rubber-stamped most of the governor’s agenda.
But Eric Renequez, a lawyer with Ropes & Gray who listened through the legislative discussion of the bill, isn’t so sure. “I don’t think Florida, or at least the Senate, passed the bill with the intent for this to be challenged and revisited and not go into law,” he said. “It seemed like they believed that this was the best path forward.”
For Hernandez, it’s about weighing the costs and benefits. “The push and pull is the security motive for the law, and the effects and disparate impact of them,” said Hernandez. “That’s the question, whether there’s a way to protect our national security without discriminatory effects against Asian Americans.”
The motive is fairly obvious to Nguyen.
“It’s easier to find a common enemy than a solution,” he said. “It’s playing on people’s fears of China.”
Chava Gourarie can be reached at cgourarie@commercialobserver.com.
A recently enacted Florida restricting foreign real estate investment from seven so-called “countries of concern” is rippling through the Sunshine State’s commercial real estate industry. Passed in May, SB 264 prohibits entities from six countries — Iran, North Korea, Syria, Russia, Venezuela and Cuba — from acquiring agricultural land or any property within 10 miles Channel, Legal, More, American Civil Liberties Union, Don Hayden, Don Nguyen, Gabriel Chin, Mark Migdal & Hayden, Mike Pappas, Ropes & Gray, The Keyes Company, Florida
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
A recently enacted Florida restricting foreign real estate investment from seven so-called “countries of concern” is rippling through the Sunshine State’s commercial real estate industry. Passed in May, SB 264 prohibits entities from six countries — Iran, North Korea, Syria, Russia, Venezuela and Cuba — from acquiring agricultural land or any property within 10 miles Robert Khodadadian | Chairman NY Investment Sales Skyline Properties Robert Khodadadian New York City Real Estate Commercial Real Estate Investment Properties Property Development Real Estate Brokerage Office Space Retail Space Residential Real Estate Real Estate Investing Property Management Real Estate Services Real Estate Transactions Real Estate Market Analysis Commercial Property Sales Real Estate Acquisitions Real Estate Consulting Property Valuation Real Estate Investment Trusts (REITs) Property Listings Real Estate Portfolio Management Real Estate Finance Property Leasing Real Estate Negotiation Real Estate Contracts Real Estate Law Real Estate Industry News ground leases office buildings commercial buildings apartment buildings townhouses mixed use investment building mixed use user buildings live plus income buildings industrial properties off market real estate daniel shirazi new york real estate real estate investment
Partnership Planning $1B Miami Mixed-Use Project – Robert Khodadadian
Partnership Planning $1B Miami Mixed-Use Project – Robert Khodadadian
The partnership of Black Salmon and The Allen Morris Company plans to develop Highland Park Miami. The $1 billion mixed-use project will span 7 acres and increase the footprint of the Miami Medical District by approximately 10 percent.
The multi-block, mixed-use development will house medical and related office uses that include hotels, apartment buildings, supporting retail, food and beverage uses, and green space. The project is master planned and designed by the architecture firm Arquitectonica.
The project, which will rise 22 stories high, will feature 1,000 residential units by Oppenheim Architecture, a 150-room hotel, and 500,000 square feet of medical-related office.
Highland Park Miami will be located at 800 NW 14th Street. Site plan approval is needed from the city for the multi-phase project to proceed.
The post Partnership Planning $1B Miami Mixed-Use Project appeared first on Connect CRE.
The partnership of Black Salmon and The Allen Morris Company plans to develop Highland Park Miami. The $1 billion mixed-use project will span 7 acres and increase the footprint of the Miami Medical District by approximately 10 percent. The multi-block, mixed-use development will house medical and related office uses that include hotels, apartment buildings, supporting retail, food and …
The post Partnership Planning $1B Miami Mixed-Use Project 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
The partnership of Black Salmon and The Allen Morris Company plans to develop Highland Park Miami. The $1 billion mixed-use project will span 7 acres and increase the footprint of the Miami Medical District by approximately 10 percent. The multi-block, mixed-use development will house medical and related office uses that include hotels, apartment buildings, supporting retail, food and …
The post Partnership Planning $1B Miami Mixed-Use Project appeared first on Connect CRE. Robert Khodadadian | Chairman NY Investment Sales Skyline Properties Robert Khodadadian New York City Real Estate Commercial Real Estate Investment Properties Property Development Real Estate Brokerage Office Space Retail Space Residential Real Estate Real Estate Investing Property Management Real Estate Services Real Estate Transactions Real Estate Market Analysis Commercial Property Sales Real Estate Acquisitions Real Estate Consulting Property Valuation Real Estate Investment Trusts (REITs) Property Listings Real Estate Portfolio Management Real Estate Finance Property Leasing Real Estate Negotiation Real Estate Contracts Real Estate Law Real Estate Industry News ground leases office buildings commercial buildings apartment buildings townhouses mixed use investment building mixed use user buildings live plus income buildings industrial properties off market real estate daniel shirazi new york real estate real estate investment
MakeInspires Opens First Makerspace in Upper East Side – Robert Khodadadian
MakeInspires Opens First Makerspace in Upper East Side – Robert Khodadadian
MakeInspires, a provider of STEAM classes and programs for K-12 students and adults, has opened its first New York City Makerspace on the Upper East Side, reported by New York Business Journal.
Located at 1642 York Ave, MakeInspires NYC is in a 3,000-square-foot, bi-level space that features five classrooms named after female icons in the STEM area; an interactive 16-foot LED wall; and a retail area that sells items designed and made in the Makerspace.
MakeInspires NYC offers more than 20 after-school programs and courses ranging from filmmaking and coding to 3D printing and woodworking. In addition, MakeInspires NYC offers workshops on days when kids are off from school. The space also will be available to rent out for birthday parties and corporate team-building events.
KSR’s Joshua Berkun represented MakeInspires on the deal.
The post MakeInspires Opens First Makerspace in Upper East Side appeared first on Connect CRE.
MakeInspires, a provider of STEAM classes and programs for K-12 students and adults, has opened its first New York City Makerspace on the Upper East Side, reported by New York Business Journal. Located at 1642 York Ave, MakeInspires NYC is in a 3,000-square-foot, bi-level space that features five classrooms named after female icons in the STEM …
The post MakeInspires Opens First Makerspace in Upper East Side 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
MakeInspires, a provider of STEAM classes and programs for K-12 students and adults, has opened its first New York City Makerspace on the Upper East Side, reported by New York Business Journal. Located at 1642 York Ave, MakeInspires NYC is in a 3,000-square-foot, bi-level space that features five classrooms named after female icons in the STEM …
The post MakeInspires Opens First Makerspace in Upper East Side appeared first on Connect CRE. Robert Khodadadian | Chairman NY Investment Sales Skyline Properties Robert Khodadadian New York City Real Estate Commercial Real Estate Investment Properties Property Development Real Estate Brokerage Office Space Retail Space Residential Real Estate Real Estate Investing Property Management Real Estate Services Real Estate Transactions Real Estate Market Analysis Commercial Property Sales Real Estate Acquisitions Real Estate Consulting Property Valuation Real Estate Investment Trusts (REITs) Property Listings Real Estate Portfolio Management Real Estate Finance Property Leasing Real Estate Negotiation Real Estate Contracts Real Estate Law Real Estate Industry News ground leases office buildings commercial buildings apartment buildings townhouses mixed use investment building mixed use user buildings live plus income buildings industrial properties off market real estate daniel shirazi new york real estate real estate investment
Xin Development Faces Foreclosure on Midtown Condo – Robert Khodadadian
Xin Development Faces Foreclosure on Midtown Condo – Robert Khodadadian
Xin Development Group International, the United States development arm of China’s Xinyuan Real Estate, is confronting foreclosure issues in Manhattan, marking the third such instance for the Chinese developer.
The luxury condo in question is an eight-story, 92-unit property located at 500 West 45th Street in Hell’s Kitchen, constructed in 2020. In 2021, it was refinanced with $90 million in senior debt from Ares Capital and $30 million in mezzanine debt from a subsidiary of The Georgetown Company.
Mezzanine lenders have filed for foreclosure on the property, scheduling an auction for October 11. The winning bidder will acquire the holding company that owns the building and the senior loan, along with any outstanding payments. The property is anchored by Target.
The post Xin Development Faces Foreclosure on Midtown Condo appeared first on Connect CRE.
Xin Development Group International, the United States development arm of China’s Xinyuan Real Estate, is confronting foreclosure issues in Manhattan, marking the third such instance for the Chinese developer. The luxury condo in question is an eight-story, 92-unit property located at 500 West 45th Street in Hell’s Kitchen, constructed in 2020. In 2021, it was …
The post Xin Development Faces Foreclosure on Midtown Condo 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
Xin Development Group International, the United States development arm of China’s Xinyuan Real Estate, is confronting foreclosure issues in Manhattan, marking the third such instance for the Chinese developer. The luxury condo in question is an eight-story, 92-unit property located at 500 West 45th Street in Hell’s Kitchen, constructed in 2020. In 2021, it was …
The post Xin Development Faces Foreclosure on Midtown Condo appeared first on Connect CRE. Robert Khodadadian | Chairman NY Investment Sales Skyline Properties Robert Khodadadian New York City Real Estate Commercial Real Estate Investment Properties Property Development Real Estate Brokerage Office Space Retail Space Residential Real Estate Real Estate Investing Property Management Real Estate Services Real Estate Transactions Real Estate Market Analysis Commercial Property Sales Real Estate Acquisitions Real Estate Consulting Property Valuation Real Estate Investment Trusts (REITs) Property Listings Real Estate Portfolio Management Real Estate Finance Property Leasing Real Estate Negotiation Real Estate Contracts Real Estate Law Real Estate Industry News ground leases office buildings commercial buildings apartment buildings townhouses mixed use investment building mixed use user buildings live plus income buildings industrial properties off market real estate daniel shirazi new york real estate real estate investment
Bipartisan Legislation Would Support CRE Loan Workouts – Robert Khodadadian
Bipartisan Legislation Would Support CRE Loan Workouts – Robert Khodadadian
Bipartisan legislation (H.R. 5580) introduced in the House this week would reduce the tax burden on a borrower that can arise when a troubled commercial real estate loan is modified as part of a debt workout, the Real Estate Roundtable said. The legislation, introduced by Reps Claudia Tenney (R-NY) and Brian Higgins (D-NY), could help smooth the transition to a healthy and stable post-pandemic real estate market, said the Roundtable.
“From the tax law to banking regulation, housing policy, and other areas, public policy has always encouraged the restructuring of unsustainable loans to help businesses turnaround and help taxpayers get back on their feet,” said Real Estate Roundtable president and CEO Jeffrey DeBoer.
At the height of the pandemic, the federal government extended lifelines to businesses via PPP loans, suspended the repayment of federal debts, and imposed foreclosure moratoria on federally backed loans. Emergency legislation expressly excluded the forgiveness of federal loans from cancellation of debt (COD) income.
“In the case of commercial real estate, the full economic consequences of the pandemic are still unfolding,” DeBoer said. “Remote work and other challenges facing cities have put stress on certain real estate assets, such as office buildings. Debt workouts between lenders and borrowers are a critical part of the solution. Workouts can ensure that these properties continue supporting jobs and economic activity.”
DeBoer will discuss a range of policy issues facing the industry on Sept. 26 as part of a Marcus & Millichap webcast, “A Conversation with Lloyd Blankfein, Former Chairman and CEO of Goldman Sachs, on the Economy and Commercial Real Estate with Insights from Industry Leaders.” Marcus & Millichap president and CEO Hessam Nadji and former Chairman and CEO of Goldman Sachs Lloyd Blankfein will lead the live webcast discussion on economic factors, including Federal Reserve policy, impacting the commercial real estate market. DeBoer, Tom McGee, president and CEO of ICSC, and Sharon Wilson Géno, president of NMHC, will join the conversation as CRE industry leaders.
The post Bipartisan Legislation Would Support CRE Loan Workouts appeared first on Connect CRE.
Bipartisan legislation (H.R. 5580) introduced in the House this week would reduce the tax burden on a borrower that can arise when a troubled commercial real estate loan is modified as part of a debt workout, the Real Estate Roundtable said. The legislation, introduced by Reps Claudia Tenney (R-NY) and Brian Higgins (D-NY), could help …
The post Bipartisan Legislation Would Support CRE Loan Workouts 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
Bipartisan legislation (H.R. 5580) introduced in the House this week would reduce the tax burden on a borrower that can arise when a troubled commercial real estate loan is modified as part of a debt workout, the Real Estate Roundtable said. The legislation, introduced by Reps Claudia Tenney (R-NY) and Brian Higgins (D-NY), could help …
The post Bipartisan Legislation Would Support CRE Loan Workouts appeared first on Connect CRE. Robert Khodadadian | Chairman NY Investment Sales Skyline Properties Robert Khodadadian New York City Real Estate Commercial Real Estate Investment Properties Property Development Real Estate Brokerage Office Space Retail Space Residential Real Estate Real Estate Investing Property Management Real Estate Services Real Estate Transactions Real Estate Market Analysis Commercial Property Sales Real Estate Acquisitions Real Estate Consulting Property Valuation Real Estate Investment Trusts (REITs) Property Listings Real Estate Portfolio Management Real Estate Finance Property Leasing Real Estate Negotiation Real Estate Contracts Real Estate Law Real Estate Industry News ground leases office buildings commercial buildings apartment buildings townhouses mixed use investment building mixed use user buildings live plus income buildings industrial properties off market real estate daniel shirazi new york real estate real estate investment
Luxury Retailers Expand Footprint After 2022 Bonanza – Robert Khodadadian
Luxury Retailers Expand Footprint After 2022 Bonanza – Robert Khodadadian
After an impressive pandemic rebound in 2022, luxury retail brands have been expanding their retail footprints, leasing a total 650,000 square feet of space during the 12 months ending June 30, according to a report from JLL.
Luxury retail sales hit $69.5 billion in 2022, edging past the $68.95 billion high in 2019 prior to the pandemic — and that’s fueled the retail expansion, per the report.
New York and Los Angeles continued to dominate the sector, accounting for more than half of all luxury retail leasing in the United States in the prior four quarters, while Sun Belt cities such as Miami, Atlanta and Las Vegas saw significant growth. Detroit emerged as a surprise winner as well.
LVMH — parent brand of Louis Vuitton, Dior and Tiffany & Co., among others — had the highest number of stores open, with a net increase of 108 stores between 2021 and 2022. LVMH also dwarfed every other company in luxury sales, with $85 million in total in 2022. Kering Group — parent to Gucci, Saint Laurent, Balenciaga and others — came in a close second, at 100 new stores, with Cartier owner Richemont in third, with 96 stores.
However, during a second-quarter earnings call, LVMH CFO Jean-Jacques Guiony acknowledged there had been a slowdown in luxury sales, saying that “aspirational consumers no longer spent on entry-level products.” LVMH itself saw its U.S. sales drop by 1 percent in the quarter while Cartier owner Richmand reported a 4 percent decline, as some of the COVID excesses subsided. Both companies, however, saw a fantastic rebound in Asia, especially as places such as mainland China and Hong Kong reopened.
The largest luxury U.S. lease in 2023 was a 36,000-square-foot Louis Vuitton deal on New York’s Fifth Avenue, followed by a 30,000-square-foot Chanel lease in Beverly Hills. The largest luxury lease in Miami was a 4,135-square-foot Ralph Lauren store in the Miami Design District.
Chava Gourarie can be reached at cgourarie@commercialobserver.com.
After an impressive pandemic rebound in 2022, luxury retail brands have been expanding their retail footprints, leasing a total 650,000 square feet of space during the 12 months ending June 30, according to a report from JLL. Luxury retail sales hit $69.5 billion in 2022, edging past the $68.95 billion high in 2019 prior to Channel, Leases, Retail, Cartier, JLL, Kering Group, Louis Vuitton, Richemont, Florida, Los Angeles, National, New York City, LVMH
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
After an impressive pandemic rebound in 2022, luxury retail brands have been expanding their retail footprints, leasing a total 650,000 square feet of space during the 12 months ending June 30, according to a report from JLL. Luxury retail sales hit $69.5 billion in 2022, edging past the $68.95 billion high in 2019 prior to Robert Khodadadian | Chairman NY Investment Sales Skyline Properties Robert Khodadadian New York City Real Estate Commercial Real Estate Investment Properties Property Development Real Estate Brokerage Office Space Retail Space Residential Real Estate Real Estate Investing Property Management Real Estate Services Real Estate Transactions Real Estate Market Analysis Commercial Property Sales Real Estate Acquisitions Real Estate Consulting Property Valuation Real Estate Investment Trusts (REITs) Property Listings Real Estate Portfolio Management Real Estate Finance Property Leasing Real Estate Negotiation Real Estate Contracts Real Estate Law Real Estate Industry News ground leases office buildings commercial buildings apartment buildings townhouses mixed use investment building mixed use user buildings live plus income buildings industrial properties off market real estate daniel shirazi new york real estate real estate investment
Former Miami Beach Mayor Sells Wynwood Assemblage for $24M – Robert Khodadadian
Former Miami Beach Mayor Sells Wynwood Assemblage for $24M – Robert Khodadadian
Former Miami Beach Mayor Philip Levine sold off half a block in Wynwood for $24 million.
The collection of low-rise retail buildings, known as The Whale & Star property, totals 27,406 square feet. The site fronts 365 feet on NW First Place, between Northwest 22nd and 23rd streets.
The property has no tenants. The buyer, a Delaware-based limited liability company named Whale & Star Wynwood, plans to build a mixed-use development that will include a hotel with over 300 rooms, Dwntwn Realty Advisors’ Tony Arellano, who represented the seller alongside Devlin Marinoff, told Commercial Observer.
Laura Valente of Global Luxury Realty and Alyssa Morgan of The Inside Network represented the buyer and did not respond to requests for comment. Attorney Charles Ratner provided legal counsel.
The parcel is zoned for a hotel with 265 to 388 rooms or a multifamily building with 132 to 194 units. Levine, who served as Miami’s mayor from 2013 to 2017, assembled the property in 2012, paying $5.9 million in total, according to property records.
Since Levine’s purchase, Wynwood, a historically working-class neighborhood filled with warehouses, has become one of the most sought-after areas in Miami. Tech companies, including Peter Thiel’s Founders Fund, have opened offices, and residential developments, such as the Diesel-branded condo building, are under construction.
Quadrum Global opened an Arlo Hotel last year, making it the first hospitality property in Wynwood.
Another hotel development is in the pipeline. Last year, Jackie Soffer’s Turnberry Associates paid $13 million for a 0.7-acre parcel, where it’s planning to develop a mixed-use property with a hotel, The Real Deal reported.
Julia Echikson can be reached at jechikson@commercialobserver.com.
Former Miami Beach Mayor Philip Levine sold off half a block in Wynwood for $24 million. The collection of low-rise retail buildings, known as The Whale & Star property, totals 27,406 square feet. The site fronts 365 feet on NW First Place, between Northwest 22nd and 23rd streets. The property has no tenants. The buyer, Channel, Land, Retail, Sales, Philip Levine, The Whale & Star, Florida, South Florida, Miami, Wynwood, Dwntwn Realty Advisors
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
Former Miami Beach Mayor Philip Levine sold off half a block in Wynwood for $24 million. The collection of low-rise retail buildings, known as The Whale & Star property, totals 27,406 square feet. The site fronts 365 feet on NW First Place, between Northwest 22nd and 23rd streets. The property has no tenants. The buyer, Robert Khodadadian | Chairman NY Investment Sales Skyline Properties Robert Khodadadian New York City Real Estate Commercial Real Estate Investment Properties Property Development Real Estate Brokerage Office Space Retail Space Residential Real Estate Real Estate Investing Property Management Real Estate Services Real Estate Transactions Real Estate Market Analysis Commercial Property Sales Real Estate Acquisitions Real Estate Consulting Property Valuation Real Estate Investment Trusts (REITs) Property Listings Real Estate Portfolio Management Real Estate Finance Property Leasing Real Estate Negotiation Real Estate Contracts Real Estate Law Real Estate Industry News ground leases office buildings commercial buildings apartment buildings townhouses mixed use investment building mixed use user buildings live plus income buildings industrial properties off market real estate daniel shirazi new york real estate real estate investment
Target to Close East Harlem Store, Blames Shoplifting – Robert Khodadadian
Target to Close East Harlem Store, Blames Shoplifting – Robert Khodadadian
Target is packing up its store at East River Plaza in East Harlem along with eight others around the country that it claims have become hot spots for shoplifting, the company announced Tuesday.
The East Harlem location, which opened at 517 East 117th Street in 2010, will shutter Oct. 21 along with two stores in Seattle; three in Portland, Ore; and three in San Francisco and Oakland, Calif., Target said.
“We cannot continue operating these stores because theft and organized retail crime are threatening the safety of our team and guests,” a spokesperson for Target said in a statement.
The statement said Target’s 96 other stores in New York state and 1,900 across the country will remain open.
Target has claimed massive revenue loss due to shoplifting in recent years. The company said it lost $400 million in 2022 from stolen goods in its stores nationwide and said it was on track to lose $600 million this year for the same reason.
Other retailers have reported similar woes due to shoplifting. Earlier this year, Mayor Eric Adams launched a new Organized Retail Theft Task Force within the New York City Police Department and vowed to crack down on retail theft in the five boroughs.
Police reports of petty larceny in New York City are down 3.8 percent compared to the same time last year, according to NYPD crime statistics. In the 25th Precinct, which covers East Harlem and Randall’s Island, reports are down 2.5 percent since last year.
The anti-shoplifting efforts were not enough to make Target change course.
Company executives made the “difficult decision” to shutter the stores after attempts to invest in theft prevention strategies failed to make an impact, according to the company.
Target leases part of the second floor of the shopping center at 517 East 117th. Other tenants include Costco, Bob’s Discount Furniture, Burlington, Marshalls and other department stores.
Staff at the stores slated for closure will be offered positions at other Target locations, the company said.
Abigail Nehring can be reached at anehring@commercialobserver.com.
Target is packing up its store at East River Plaza in East Harlem along with eight others around the country that it claims have become hot spots for shoplifting, the company announced Tuesday. The East Harlem location, which opened at 517 East 117th Street in 2010, will shutter Oct. 21 along with two stores in Channel, Politics & Real Estate, 517 East 117th Street, Eric Adams, New York City Police Department, New York City, Manhattan, Harlem
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
Target is packing up its store at East River Plaza in East Harlem along with eight others around the country that it claims have become hot spots for shoplifting, the company announced Tuesday. The East Harlem location, which opened at 517 East 117th Street in 2010, will shutter Oct. 21 along with two stores in Robert Khodadadian | Chairman NY Investment Sales Skyline Properties Robert Khodadadian New York City Real Estate Commercial Real Estate Investment Properties Property Development Real Estate Brokerage Office Space Retail Space Residential Real Estate Real Estate Investing Property Management Real Estate Services Real Estate Transactions Real Estate Market Analysis Commercial Property Sales Real Estate Acquisitions Real Estate Consulting Property Valuation Real Estate Investment Trusts (REITs) Property Listings Real Estate Portfolio Management Real Estate Finance Property Leasing Real Estate Negotiation Real Estate Contracts Real Estate Law Real Estate Industry News ground leases office buildings commercial buildings apartment buildings townhouses mixed use investment building mixed use user buildings live plus income buildings industrial properties off market real estate daniel shirazi new york real estate real estate investment