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.

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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

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

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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

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. 

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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 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

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. 

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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 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

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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 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 

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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

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. 

Read more

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

Tracy Kasper’s tall, troubled order as NAR president – Robert Khodadadian

Tracy Kasper’s time as president of the beleaguered National Association of Realtors has been dominated by internal conflict despite just a few weeks on the job.

Kasper’s turn at the head of the National Association of Realtors has been a long time coming, but assigned an earlier starting day than planned after former president Kenny Parcell’s resignation in the wake of a sexual harassment scandal. 

Angry staff members of the Chicago-based industry group called for major leadership changes, alleging in a letter obtained by Crain’s that upper-level management was aware of the pattern of misconduct but protected the president instead of rectifying the treatment of staff. 

Kasper replied with a three-paragraph note where she requested NAR staffers stand by for action and confirmed her support of reform and “action to strengthen our organization.”

CEO Bob Goldberg later announced updated policies for the trade group, including a task force of members and an external law firm to investigate claims of harassment, discrimination and misconduct. 

The announcement didn’t address calls for the resignations of NAR executives including Goldberg, senior vice president of talent development Donna Gland, general counsel Katie Johnson and Kasper — leaving an open end to weeks of demands for the new president’s exit and internal issues over her track record with the organization. 

“For Tracy to promise to stop the bullies, when she is in fact one of them, leaves us with little faith anything will change,” the letter read. 

It’s been a baptism of criticism for a Boise-area broker who has served as an organization person for NAR for years.

Kasper has had 27 appointments with NAR from 2013 to 2023. Roles in the RPAC Implementation Group, the Future of the REALTOR Party Presidential Advisory Group (PAG), and the RPAC State Fundraising Partnership Goal PAG.  She has 30 years of real estate experience, with half of that spent as the broker-owner of Berkshire Hathaway HomeServices Silverhawk Realty.

Jason Haber, the founder of grassroots group NAR Accountability Project, said he was willing to give Kasper the benefit of the doubt when her term started. But Haber said many members feel Kasper’s deep roots with the organization lend more to the issues at hand than potential solutions. 

“There’s a core group that she’s a part of that is part of the problem,” Haber said. “We need a whole new system in place.” 

The recent calls for change echo comments from industry observers as Kasper stepped into the job. In a LinkedIn post, Susan Yannaccone, president and CEO of Anywhere Brands and Anywhere Advisors, urged Goldberg to take action as others sounded off on their demands from those at the top of the trade group.

“New policies cannot be crafted by present leadership given the accusations,” Danielle Garofalo, a real estate entrepreneur in New York City, wrote in a LinkedIn comment on the post. “The women who bravely stepped forward and the membership at large deserve more.”

On top of internal tension over culture, NAR is also facing legal threats in the form of antitrust lawsuits that could place it on the hook for billions of dollars and a corruption scandal from its affiliate in San Diego. On Kasper’s first day on the job, the U.S. Court of Appeals ruled against NAR to revive an antitrust lawsuit over the trade group’s policy on pocket listings. 

As the trade group weathers what could amount to a consequential year, Kasper has made her position on her first order of business clear: Cleaning up after her predecessor.

“This is a really hard time for our association,” Kasper said in a prepared statement as she embarked on her year-long term. “As your president, I take the responsibility of rebuilding very seriously.”

Read more

The post Tracy Kasper’s tall, troubled order as NAR president appeared first on The Real Deal.

 Tracy Kasper’s time as president of the beleaguered National Association of Realtors has been dominated by internal conflict despite just a few weeks on the job. Kasper’s turn at the head of the National Association of Realtors has been a long time coming, but assigned an earlier starting day than planned after former president Kenny
The post Tracy Kasper’s tall, troubled order as NAR president appeared first on The Real Deal.  Uncategorized, Brokerage, Real Estate And Politics, Residential Real Estate 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.

Tracy Kasper’s time as president of the beleaguered National Association of Realtors has been dominated by internal conflict despite just a few weeks on the job. Kasper’s turn at the head of the National Association of Realtors has been a long time coming, but assigned an earlier starting day than planned after former president Kenny
The post Tracy Kasper’s tall, troubled order as NAR president 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

Maverick reviving Bloomingdale’s former Indian Lakes Resort – Robert Khodadadian

Maverick Hotels and Restaurants aims to breathe new life into the former Indian Lakes Resort in Bloomingdale, which closed and went up for sale in 2021.

The Chicago-based company will perform an extensive renovation of the sprawling hotel and golf course at 250 West Schick Road, rebranding it as Prairie Lakes Resort, the Daily Herald reported.

Maverick wants to maintain some design elements already in place, such as the Frank Lloyd Wright-inspired architecture, characterized by a unique geometric design with hexagon-shaped hotel rooms tiered and stacked on each other.

Maverick plans to invest $30 million to revamp all hotel rooms, reopen the spa and restaurants and upgrade amenities, including a 10,000-square-foot addition for meetings and events. Prairie Lakes will have 241 guest rooms and 60 suites.

The firm plans to make a separate investment to overhaul the golf course and reestablish the site as a premier golf destination. Village leaders and golf course architect Dave Esler are finalizing a vision to transform the 27-hole layout into an 18-hole course and a nine-hole par-3 course with golf academy holes that are separated by a driving range.

“The beautiful thing about that resort is that it’s so versatile,” Maverick CEO Robert Habeeb told the outlet. “We see the potential for business conferences and meetings. We see golf outings. It’s a haven for weddings. We have a really inspired vision on establishing Prairie Lakes as a wedding mecca.”

Indian Lakes helped turn Bloomingdale into a weekend resort town after it opened in the 1980s, attracting visitors from all over Illinois and hosting large-scale events, including celebrity fundraisers headlined by actress Meryl Streep and rock band The Go-Go’s. The village bought the resort for more than $8 million in 2020 to protect it from a major redevelopment.

With plans to reopen the main building in early 2024, Maverick is optimistic about the timing, and business and leisure travel continuing to rebound from the pandemic. 

— Quinn Donoghue 

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The post Maverick reviving Bloomingdale’s former Indian Lakes Resort appeared first on The Real Deal.

 Maverick Hotels and Restaurants aims to breathe new life into the former Indian Lakes Resort in Bloomingdale, which closed and went up for sale in 2021. The Chicago-based company will perform an extensive renovation of the sprawling hotel and golf course at 250 West Schick Road, rebranding it as Prairie Lakes Resort, the Daily Herald
The post Maverick reviving Bloomingdale’s former Indian Lakes Resort appeared first on The Real Deal.  Uncategorized, Golf Courses, Hotel 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.

Maverick Hotels and Restaurants aims to breathe new life into the former Indian Lakes Resort in Bloomingdale, which closed and went up for sale in 2021. The Chicago-based company will perform an extensive renovation of the sprawling hotel and golf course at 250 West Schick Road, rebranding it as Prairie Lakes Resort, the Daily Herald
The post Maverick reviving Bloomingdale’s former Indian Lakes Resort 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

Resi roundup: Waterfront island homes and luxury condos sell across Miami-Dade – Robert Khodadadian

Luxury buyers are still in the market for waterfront homes and condos across Miami-Dade County. 

The Real Deal’s latest roundup shows that sales ranged in price from $10.7 million to $12.6 million from Miami Beach to Sunny Isles Beach.

William and Phyllis Taylor, heads of Taylor & Taylor design firm, sold their longtime waterfront Sunset Islands home for $12.6 million, records show.

The Taylors sold the house at 2095 Lake Avenue to Sunset Lands Investments LLC, a Delaware entity, in an off-market deal. The actual buyer is unknown. Built in 1990, the couple bought it for $153,000 in 1989. The house spans 3,400 square feet, includes five bedrooms, three bathrooms and sits on nearly 0.4-acre, according to records. 

The Taylors weren’t the only longtime Sunset Islands owners who cashed out this month. Brian Dan and Lorraine Dan sold their late parents’ home at 1635 West 27th Street for $10.7 million to an LLC named for the address, records show. 

Jill Hertzberg and Danny Hertzberg of the Jills Zeder Group at Coldwell Banker Realty had the listing. 

Carol and Dr. Lewis Dan bought the almost half-acre waterfront house for $445,000 in 1986. The 4,100-square-foot home includes five bedrooms and four bathrooms. It was advertised as a development opportunity with 100 feet of waterfront. 

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In Sunny Isles Beach, Ranbir Singh and Navninder Dalla bought a condo for $12.4 million. The Virginia-based couple bought unit 4301 in Muse, the condominium at 17141 Collins Avenue from Atmosphere 55 LLC, according to records. Singh is executive vice president of Navitas Semiconductor, which acquired the firm he founded, GeneSiC Semiconductor last year, according to his LinkedIn profile.

Sylvia Frago of Great Estates International Realty had the listing, and Ivan Chorney of Compass brought the buyers. 

The seller bought the unit for $10.6 million in 2019, records show. Built in 2018, the 5,400-square-foot unit includes five bedrooms, five bathrooms, one half-bathroom, a private elevator and biometric security, according to the listing. Amenities at the 68-story, 49-unit Muse include an oceanfront pool, spa, fitness center and a restaurant.

The post Resi roundup: Waterfront island homes and luxury condos sell across Miami-Dade appeared first on The Real Deal.

 Luxury buyers are still in the market for waterfront homes and condos across Miami-Dade County.  The Real Deal’s latest roundup shows that sales ranged in price from $10.7 million to $12.6 million from Miami Beach to Sunny Isles Beach. William and Phyllis Taylor, heads of Taylor & Taylor design firm, sold their longtime waterfront Sunset
The post Resi roundup: Waterfront island homes and luxury condos sell across Miami-Dade appeared first on The Real Deal.  Uncategorized, Condos, Home Sales, Housing Market, Housing Prices, Miami Beach, Muse, Sunset Islands, Waterfront Properties 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.

Luxury buyers are still in the market for waterfront homes and condos across Miami-Dade County.  The Real Deal’s latest roundup shows that sales ranged in price from $10.7 million to $12.6 million from Miami Beach to Sunny Isles Beach. William and Phyllis Taylor, heads of Taylor & Taylor design firm, sold their longtime waterfront Sunset
The post Resi roundup: Waterfront island homes and luxury condos sell across Miami-Dade 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

Billionaires bank on multifamily market – Robert Khodadadian

Where the ultra-wealthy once parked their gains in the office market, they are instead trying their hand at apartment buildings.

Billionaires are turning to the multifamily market in hopes demand in rentals keeps up for Americans as the housing market remains difficult to crack, Bloomberg reported. 

In the past decade, these ultra-wealthy people and their firms have more than doubled investments in the multifamily market, according to Knight Frank. The sector presents an area of growth, considering the fall in commercial property values and the outstanding need for housing.

Israeli billionaire Eyal Ofer is one of those ultra-wealthy individuals growing their multifamily portfolio. Over the summer, his Global Holdings Management Group paid $30.7 million for a 56-unit building at 51 Irving Place in Manhattan. The six-story, 42,500-square-foot property added to an already substantial (and growing) luxury multifamily portfolio for the firm.

Another billionaire digging into the multifamily market is Amancio Ortega, best known for the fashion company Zara. Last month, Ortega’s family office, Pontegadea, paid $232 million for one of Chicago’s most famous apartment towers in the West Loop. The firm snagged the 45-story, 492-unit luxury building at 727 West Madison Street from a joint venture of Ares Management and Skokie-based F&F Realty.

Carlyle Group co-founder David Rubenstein also raised money last year from around the world to buy apartment buildings.

Office properties used to be the crown jewel of the rich who wanted to bet on the stability of commercial real estate, with trophy offices providing a steady stream of income with long-term leases.

But the pandemic has soured many on the office market and left its fate unclear. Meanwhile, fundamentals have remained strong in the rental market, where rents have slowed on growth from a pandemic surge, but demand remains high and inventory issues in housing markets continue to sideline buyers.

— Holden Walter-Warner

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The post Billionaires bank on multifamily market appeared first on The Real Deal.

 Where the ultra-wealthy once parked their gains in the office market, they are instead trying their hand at apartment buildings. Billionaires are turning to the multifamily market in hopes demand in rentals keeps up for Americans as the housing market remains difficult to crack, Bloomberg reported.  In the past decade, these ultra-wealthy people and their
The post Billionaires bank on multifamily market appeared first on The Real Deal.  Uncategorized, Amancio Ortega, Eyal Ofer, Investment Sales, Knight Frank, Multifamily Market The Real Deal Read More 

Lead by real estate veteran Robert Khodadadian, Skyline Properties has been instrumental in many multi-million dollar commercial developments, including a $12 million contract for the White House Hotel, a 99-year ground lease of a four-story commercial site in Harlem, and a retail co-op on Prince St. for $50 million.

Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.

Where the ultra-wealthy once parked their gains in the office market, they are instead trying their hand at apartment buildings. Billionaires are turning to the multifamily market in hopes demand in rentals keeps up for Americans as the housing market remains difficult to crack, Bloomberg reported.  In the past decade, these ultra-wealthy people and their
The post Billionaires bank on multifamily market 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

Former Miami Beach Mayor Philip Levine sells Wynwood complex for $24M – Robert Khodadadian

Miami Beach’s former mayor Philip Levine has cashed in on a Wynwood complex known as the Whale & Star building. 

An entity managed by Levine sold three warehouses for $24 million. Combined, the buildings at 2215 Northwest First Place total 27,400, according to a press release. The deal breaks down to $623 dollars per square foot. 

The buyer is a Delaware LLC named Whale & Star Wynwood Owner.

Laura Valente with Global Luxury Realty and Alyssa Morgan with the Inside Network represented the buyer. Tony Arellano and Devlin Marinoff with DWTN Realty Advisors and Miami-based attorney Charles Ratner represented Levine.

The full-block property was listed for $29 million. In 2012, Levine’s entity paid $5.9 million for the three warehouses, and renovated the buildings into an art gallery complex. The site is also adjacent to a proposed Woonerf, a Dutch-inspired, pedestrian friendly street.

The existing complex can be repurposed into retail storefronts with glass walls. However, some of the site is primed for redevelopment, according to a listing. A developer could tear down the southern portion of the complex and replace it with a hotel with 265 rooms to 388 rooms or an apartment building with 132 units to 194 units. The zoning also allows for an eight-story office building, the offering states. 

Levine served as Miami Beach mayor from 2013 to 2017. A year later, he launched an unsuccessful bid to become Florida’s governor. He and his partner, Miami Beach-based developer Scott Robins, own a 0.9-acre site at 35-83 Northwest 27th Street in Wynwood where the duo are proposing a five-story building with 203 units and 15,000 square feet of ground-floor retail. 

Earlier this month, a separate entity managed by Robins and Levine sold a three-story retail building near Lincoln Road in Miami Beach. Azor Exan, a joint venture between Madrid-based Azora and Miami-based Exan Capital, paid $16 million for the property at 1000 17th Street.

The post Former Miami Beach Mayor Philip Levine sells Wynwood complex for $24M appeared first on The Real Deal.

 Miami Beach’s former mayor Philip Levine has cashed in on a Wynwood complex known as the Whale & Star building.  An entity managed by Levine sold three warehouses for $24 million. Combined, the buildings at 2215 Northwest First Place total 27,400, according to a press release. The deal breaks down to $623 dollars per square
The post Former Miami Beach Mayor Philip Levine sells Wynwood complex for $24M appeared first on The Real Deal.  Uncategorized, Hotels, Miami, Mixed-use, Multifamily, Office, Retail, Wynwood 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.

Miami Beach’s former mayor Philip Levine has cashed in on a Wynwood complex known as the Whale & Star building.  An entity managed by Levine sold three warehouses for $24 million. Combined, the buildings at 2215 Northwest First Place total 27,400, according to a press release. The deal breaks down to $623 dollars per square
The post Former Miami Beach Mayor Philip Levine sells Wynwood complex for $24M 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

Colleges divided on Las Vegas Sands’ LI casino – Robert Khodadadian

Las Vegas Sands’ proposed casino in Nassau County has set off a debate between two local higher education institutions.

Hofstra University and Nassau Community College are on opposing sides over the benefits of a casino at the site of Nassau Veterans Memorial Coliseum, Newsday reported. Both schools are a short walk from where the gaming facility would rise.

NCC put a partnership in place with Sands that could see the creation and expansion of programs that may result in students receiving internships and jobs at the site, which goes far beyond a gaming facility. The school has a handful of relevant programs, including hospitality, culinary, theater production, marketing and management.

On the other side of the debate stage is Hofstra president Susan Poser, who has railed against the development’s proximity to students and has advocated for a different development for the 72-acre Nassau Hub.

The $4 billion proposal doesn’t necessarily need the support of either school. The state, which will be the ultimate arbiter of the site selection for three downstate casino licenses, didn’t place restrictions on how far a facility needs to be from a school.

Community support, however, is likely to be a factor in the decision-making process by the state. Other casino license bids, like SL Green and Ceasar’s proposal in Times Square, have sought support from nearby institutions to help pave the way for a project. 

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There’s still a long way for  Sands to go to get its casino on Long Island, but the resort company is already seeking tax breaks and rolling through the bureaucratic process. The IDA board unanimously approved transferring the Coliseum’s lease from Mastroianni II and the county reached a 99-year lease agreement with Sands.

The company has stated it would move forward with a development regardless of whether it is awarded a casino license. Its lease requires Sands to build a luxury hotel, entertainment center and a housing component. Conference space, a health club and restaurants are also under consideration.

— Holden Walter-Warner 

The post Colleges divided on Las Vegas Sands’ LI casino appeared first on The Real Deal.

 Las Vegas Sands’ proposed casino in Nassau County has set off a debate between two local higher education institutions. Hofstra University and Nassau Community College are on opposing sides over the benefits of a casino at the site of Nassau Veterans Memorial Coliseum, Newsday reported. Both schools are a short walk from where the gaming
The post Colleges divided on Las Vegas Sands’ LI casino appeared first on The Real Deal.  Uncategorized, Casinos, Las Vegas Sands, Long Island, Nassau County 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.

Las Vegas Sands’ proposed casino in Nassau County has set off a debate between two local higher education institutions. Hofstra University and Nassau Community College are on opposing sides over the benefits of a casino at the site of Nassau Veterans Memorial Coliseum, Newsday reported. Both schools are a short walk from where the gaming
The post Colleges divided on Las Vegas Sands’ LI casino 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

Trammell Crow building massive warehouse near Port of Houston  – Robert Khodadadian

As Trammell Crow plans high-profile projects from Chicago to San Jose, it isn’t forgetting Texas. 

The developer, founded in Dallas and now owned by CBRE, is building a 752,000-square-foot warehouse near Houston. The building at 15600 Carpenters Logistics Drive in Channelview is currently in leasing. 

Work is expected to start in November and finish next August, according to a filing with the Texas Department of Licensing and Regulation. The estimated project cost is $26 million. 

Tenants will be able to stack inventory up to 40 feet high and load materials through 177 trailer stalls and four drive-in ramps, according to the project’s marketing materials. There will also be about 3,600 square feet of office space, and a 5-acre outdoor storage area with another 153 trailer stalls. 

A second building on the property spans 132,000-square-feet and is leased by packaging company South Atlantic Services. The property sits near the Port of Houston, the top American port by waterborne tonnage. Its closest major roadway is Interstate 10, which runs about a half mile from the project. 

Nearly 8 million square feet of industrial space came online in Houston last quarter, coinciding with a rise in the vacancy rate to 6.5 percent, according to a report from Avison Young. New construction has slowed somewhat in recent months though, amid financing constraints and slowed demand. In all, around 29 million square feet of industrial space is in the pipeline for the Bayou City. 

In recent months, Trammell Crow has made moves across the country. In April, its subsidiary High Street Residential received a $125 million construction loan for apartments in Chicago’s Fulton Market neighborhood.

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The post Trammell Crow building massive warehouse near Port of Houston  appeared first on The Real Deal.

 As Trammell Crow plans high-profile projects from Chicago to San Jose, it isn’t forgetting Texas.  The developer, founded in Dallas and now owned by CBRE, is building a 752,000-square-foot warehouse near Houston. The building at 15600 Carpenters Logistics Drive in Channelview is currently in leasing.  Work is expected to start in November and finish next
The post Trammell Crow building massive warehouse near Port of Houston  appeared first on The Real Deal.  Uncategorized, Development, Industrial, Logistics, Trammell Crow, Warehouses 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.

As Trammell Crow plans high-profile projects from Chicago to San Jose, it isn’t forgetting Texas.  The developer, founded in Dallas and now owned by CBRE, is building a 752,000-square-foot warehouse near Houston. The building at 15600 Carpenters Logistics Drive in Channelview is currently in leasing.  Work is expected to start in November and finish next
The post Trammell Crow building massive warehouse near Port of Houston  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

Modular home builder faces SEC inquiry – Robert Khodadadian

A modular construction company that has received business from Elon Musk appears to be under investigation by the Securities and Exchange Commission.

Boxabl acknowledged in an updated financial statement that it was the subject of an SEC inquiry, Insider reported. Little is publicly known about the inquiry, but the regulator has subpoenaed at least two people. 

In its filing, Boxabl suggested the inquiry was attached to pending lawsuits and “unconventional marketing of securities offerings.”

Those approached by the SEC, including former employees and an individual with knowledge of Boxabl’s financial reporting, were asked about business practices, the conduct of company executives and public crowdfunding rounds that raised tens of millions for the Nevada-based firm.

Boxabl manufactures prefabricated tiny houses, designed to be a cheap alternative to traditionally constructed homes. Co-founded by son-and-father duo Galiano and Paolo Tiramani, the startup has leaned heavily on public support, raising more than $150 million in the last three years.

Despite its nascent status, Boxabl has run into some significant issues. Former chief operating officer Greg Ehlers filed a whistleblower complaint with the SEC, after which he was improperly terminated, according to a lawsuit filed in Nevada. Ehlers alleged the company wasn’t being truthful about manufacturing costs or its business model to investors.

That case is scheduled to go to trial in a year.

Mutual fund manager Leader Capital recently sued Boxabl, accusing the company of delaying the sale of shares it holds in the construction company. Leader planned to sell the stock for below the share price Boxabl recently charged investors, according to the lawsuit, which would have netted the fund manager $3.7 million if the deal hadn’t collapsed.

Boxabl didn’t disclose its 2022 full-year performance until last month, when it reported $33 million in operating losses, doubling the total from the previous year. 

The two co-founders raised their base salaries by nearly $200,000 for this year. They each sold approximately $5 million in company stock last year, though they remain majority shareholders.

The company doesn’t have regulatory approval to sell its Casitas in any state.

— Holden Walter-Warner

Read more

The post Modular home builder faces SEC inquiry appeared first on The Real Deal.

 A modular construction company that has received business from Elon Musk appears to be under investigation by the Securities and Exchange Commission. Boxabl acknowledged in an updated financial statement that it was the subject of an SEC inquiry, Insider reported. Little is publicly known about the inquiry, but the regulator has subpoenaed at least two
The post Modular home builder faces SEC inquiry appeared first on The Real Deal.  Uncategorized, Home Builders, Modular Construction, prefab construction, Securities And Exchange Commission 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.

A modular construction company that has received business from Elon Musk appears to be under investigation by the Securities and Exchange Commission. Boxabl acknowledged in an updated financial statement that it was the subject of an SEC inquiry, Insider reported. Little is publicly known about the inquiry, but the regulator has subpoenaed at least two
The post Modular home builder faces SEC inquiry 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