robert khodadadian the real deal Manhattan Commercial real estate Sales Property value Investment Property management Real estate brokers Tenant leasing Rent roll Building inspections Due diligence Zoning regulations Title searches Environmental assessments Building codes Market analysis Property tax Financing Property appraisal Lease negotiations Landlord representation Tenant representation Net operating income Cap rate Cash flow Commercial mortgage-backed securities Appraisal value Property redevelopment Site selection Leasehold improvements Commercial property management Lease agreements Commercial property inspections Tax incentives Historic tax credits Energy efficiency Building amenities Commercial property marketing Lease renewals Tenant retention Property insurance Escrow services Closing costs Commercial property auctions Opportunity zones Real estate investment trusts (REITs) Property ownership structure Building maintenance Real estate market trends Property listing services Site plans Common area maintenance fees Asset management Exit strategies Lease options Property surveys Site feasibility studies Economic incentives Equity financing Debt financing Property tax assessments Building permits Commercial property development Subleasing Short-term rentals Lease buyouts Tenant improvements Lease assignments Commercial tenant screening Tenant credit analysis. Real estate boils down to how much a buyer is willing to pay and a seller is willing to accept. Duh. But last week showed the market is more than a little helter skelter, not only with sales prices, but also with the way in which players conduct themselves. Nowhere was that more evident than
The post A helter-skelter week in commercial, residential real estate appeared first on The Real Deal. Robert Khodadadian – The Real Deal

Real estate boils down to how much a buyer is willing to pay and a seller is willing to accept.

Duh.

But last week showed the market is more than a little helter skelter, not only with sales prices, but also with the way in which players conduct themselves.

Nowhere was that more evident than in New York City, where the Flatiron Building saga appeared to come to a close when the building’s majority owners, led by Jeffrey Gural, beat out at least four other bidders to acquire the landmark at a second auction last week.

The first auction in March saw Gural outbid by unknown Jacob Garlick, who won with a $190 million bid. Two days later, however, Garlick failed to put down the deposit, triggering a do-over and a lawsuit by Gural’s group against Garlick and his investment firm Abraham Trust.

Fast forward to last week and closure wasn’t on everyone’s mind. Indeed, as Gural spoke to reporters — presumably ready to put the matter to bed — a man began to scream at Gural’s lawyer, Richard Dolan.

“Get ready for the fucking lawsuits,” the man shouted. “We’ll see you at either the Appellate Division or the fucking Supreme Court.”

Putting aside that the highest court in New York state is the milquetoast-named Court of Appeals, the threat of litigation didn’t seem to phase Gural.

“Lovely,” Dolan responded. “The court is open every day.”

“You better fucking believe it,” the man hollered back.

Another thing that had to be seen to be believed was the price Safe Harbor spent — an eye-watering $149 million — to buy the Montauk Yacht Club from Gurney’s, setting numerous records along the way. The sale was completed last year, but the price was only just recently revealed.

Even that number wasn’t close to the California record $200 million that music royalty couple Jay-Z and Beyonce paid for a Malibu estate designed by Japanese architect Tadao Ando.

Not everything was so rosy on the commercial side, however, as Vornado sold its Rego Park development site at 93-30 93rd Street to Queens developer Chris Jiashu Zu for about $70 million, which was 16 percent shy of the $85 million the REIT initially sought two years ago.

It’s a tough time for commercial buyers and sellers, but that isn’t stopping Vornado from looking to raise cash by selling assets.

The bad news isn’t limited to New York, with Melohn Group is projected to default on a Chicago building’s $105 million debt package after losing some crucial tenants.

The investor is on track for an “imminent default due to cash flow issues” on the loan it obtained in 2017 against the 24-story, 575,000-square-foot building at 111 West Jackson Boulevard, according to credit ratings agency DBRS Morningstar.

The post A helter-skelter week in commercial, residential real estate appeared first on The Real Deal.

 Real estate boils down to how much a buyer is willing to pay and a seller is willing to accept. Duh. But last week showed the market is more than a little helter skelter, not only with sales prices, but also with the way in which players conduct themselves. Nowhere was that more evident than
The post A helter-skelter week in commercial, residential real estate appeared first on The Real Deal.  Uncategorized, Week in Review The Real Deal 

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

robert khodadadian the real deal Manhattan Commercial real estate Sales Property value Investment Property management Real estate brokers Tenant leasing Rent roll Building inspections Due diligence Zoning regulations Title searches Environmental assessments Building codes Market analysis Property tax Financing Property appraisal Lease negotiations Landlord representation Tenant representation Net operating income Cap rate Cash flow Commercial mortgage-backed securities Appraisal value Property redevelopment Site selection Leasehold improvements Commercial property management Lease agreements Commercial property inspections Tax incentives Historic tax credits Energy efficiency Building amenities Commercial property marketing Lease renewals Tenant retention Property insurance Escrow services Closing costs Commercial property auctions Opportunity zones Real estate investment trusts (REITs) Property ownership structure Building maintenance Real estate market trends Property listing services Site plans Common area maintenance fees Asset management Exit strategies Lease options Property surveys Site feasibility studies Economic incentives Equity financing Debt financing Property tax assessments Building permits Commercial property development Subleasing Short-term rentals Lease buyouts Tenant improvements Lease assignments Commercial tenant screening Tenant credit analysis. How much would you pay for a ghost town? There’s one in Arizona that comes complete with a refurbished general store. The owner is asking $1.1 million. A cannabis company tried selling the desert town of Nipton in California for $5 million, but ultimately only got $2.5 million from the adult circus that now owns
The post Secretive company buys California ghost town for $23M appeared first on The Real Deal. Robert Khodadadian – The Real Deal

How much would you pay for a ghost town?

There’s one in Arizona that comes complete with a refurbished general store. The owner is asking $1.1 million. A cannabis company tried selling the desert town of Nipton in California for $5 million, but ultimately only got $2.5 million from the adult circus that now owns it. 

Putting those meager millions to shame, a secretive company with the nondescript moniker Ecology Mountain Holdings just bought a California ghost town for $22.5 million, SFGate reported. 

The only publicly available information about the buying entity is its name; its Cerritos, California address; and that it bought the ghost town, Eagle Mountain, California.

The seller was Eagle Mountain Acquisition LLC, an apparent affiliate of Kaiser Steel, the long-gone steel company that established the town in 1948, according to the outlet. Kaiser Steel was one of many companies owned and led by Henry J. Kaiser, a 20th century industrialist who had shipbuilding, health care, automobile, aluminum, real estate and media enterprises. His most visible legacy remaining today is the health care giant Kaiser Permanente.

Kaiser’s Eagle Mountain, a three-hour drive inland from Los Angeles and far out-shined by its neighbor, Joshua Tree National Park, became a thriving steel town for a few short decades, according to the outlet. The mine’s employee base swelled to just under 1,000, and they were served by an early model of the Kaiser prepaid health care plan.

The town opened a post office, a 350-seat rec center and a 100-student high school in its good years. But Kaiser Steel closed its doors in 1983, and so did the Eagle Mountain mine. The prosperity of blowing iron ore out of the hillside had withered. 

After the mining business died, a private prison called the Eagle Mountain Community Correctional Facility briefly operated in town.

While some ghost towns like Nipton have been rebranded into tourist attractions, Ecology Mountain Holdings’ ambitions for this redevelopment remain, like most things with the company, unknown.
–– Kate Hinsche

The post Secretive company buys California ghost town for $23M appeared first on The Real Deal.

 How much would you pay for a ghost town? There’s one in Arizona that comes complete with a refurbished general store. The owner is asking $1.1 million. A cannabis company tried selling the desert town of Nipton in California for $5 million, but ultimately only got $2.5 million from the adult circus that now owns
The post Secretive company buys California ghost town for $23M appeared first on The Real Deal.  Uncategorized, California, ghost towns, Joshua Tree, Los Angeles The Real Deal 

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

robert khodadadian the real deal Manhattan Commercial real estate Sales Property value Investment Property management Real estate brokers Tenant leasing Rent roll Building inspections Due diligence Zoning regulations Title searches Environmental assessments Building codes Market analysis Property tax Financing Property appraisal Lease negotiations Landlord representation Tenant representation Net operating income Cap rate Cash flow Commercial mortgage-backed securities Appraisal value Property redevelopment Site selection Leasehold improvements Commercial property management Lease agreements Commercial property inspections Tax incentives Historic tax credits Energy efficiency Building amenities Commercial property marketing Lease renewals Tenant retention Property insurance Escrow services Closing costs Commercial property auctions Opportunity zones Real estate investment trusts (REITs) Property ownership structure Building maintenance Real estate market trends Property listing services Site plans Common area maintenance fees Asset management Exit strategies Lease options Property surveys Site feasibility studies Economic incentives Equity financing Debt financing Property tax assessments Building permits Commercial property development Subleasing Short-term rentals Lease buyouts Tenant improvements Lease assignments Commercial tenant screening Tenant credit analysis. The gender gap may be closing in luxury real estate home ownership. More than half — 54 percent — of luxury homeowners under the age of 35 are women, reflecting a transforming luxury real estate market landscape, according to a survey by Luxury Portfolio International. Men still represent the majority — 59 percent — of luxury
The post Women claim a greater share of the luxury home market appeared first on The Real Deal. Robert Khodadadian – The Real Deal

The gender gap may be closing in luxury real estate home ownership.

More than half — 54 percent — of luxury homeowners under the age of 35 are women, reflecting a transforming luxury real estate market landscape, according to a survey by Luxury Portfolio International.

Men still represent the majority — 59 percent — of luxury homeowners between the ages of 35 and 64, but women are on the rise among the younger subset of wealthy buyers. 

In the fourth quarter of 2020, 44 percent of luxury homebuyers were female. Data from the report showed the figure steadily ticked up by two percent each year after that, before reaching 49 percent in the second quarter of 2023. 

The study compiled responses from just over 1,400 people from 24 countries on five continents who had a minimum income of $250,000 per year and an average home value of more than $3.3 million.

That there is a wealth gap between men and women isn’t exactly a new concept. 

In 2020, a published study by Yale University revealed single women who buy real estate see 1.5 percent lower annual returns on their investment compared to their male counterparts, according to a recently published Yale study. The researchers analyzed U.S. transactions from 1991 to 2017.

Mickey Alam Khan, president of Luxury Portfolio International, said the gains by women in the sector is “refreshing” and said agents in the high-end market should “adjust their marketing strategy accordingly.” 

The gender gap wasn’t the only noticeable change among the subset of buyers. In a sign of shifting attitudes toward technology and the digital world, the report found 46 percent of luxury home buyers under 35 said they found social media advertising to be the most effective platform.

The younger set of luxury buyers also place more importance on an agent’s brokerage affiliation, while buyers older than 35 prioritize local market knowledge. 

Additional findings show shifting priorities among generations, with 52 percent of luxury homeowners under the age of 35 owning extended-family properties (apparently placing a higher priority on family and communal living), compared with less than 38 percent of luxury homeowners aged 35 to 64. 

— Ted Glanzer

The post Women claim a greater share of the luxury home market appeared first on The Real Deal.

 The gender gap may be closing in luxury real estate home ownership. More than half — 54 percent — of luxury homeowners under the age of 35 are women, reflecting a transforming luxury real estate market landscape, according to a survey by Luxury Portfolio International. Men still represent the majority — 59 percent — of luxury
The post Women claim a greater share of the luxury home market appeared first on The Real Deal.  Uncategorized, Gender Gap, Luxury Portfolio International, Luxury Real Estate The Real Deal 

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

robert khodadadian the real deal Manhattan Commercial real estate Sales Property value Investment Property management Real estate brokers Tenant leasing Rent roll Building inspections Due diligence Zoning regulations Title searches Environmental assessments Building codes Market analysis Property tax Financing Property appraisal Lease negotiations Landlord representation Tenant representation Net operating income Cap rate Cash flow Commercial mortgage-backed securities Appraisal value Property redevelopment Site selection Leasehold improvements Commercial property management Lease agreements Commercial property inspections Tax incentives Historic tax credits Energy efficiency Building amenities Commercial property marketing Lease renewals Tenant retention Property insurance Escrow services Closing costs Commercial property auctions Opportunity zones Real estate investment trusts (REITs) Property ownership structure Building maintenance Real estate market trends Property listing services Site plans Common area maintenance fees Asset management Exit strategies Lease options Property surveys Site feasibility studies Economic incentives Equity financing Debt financing Property tax assessments Building permits Commercial property development Subleasing Short-term rentals Lease buyouts Tenant improvements Lease assignments Commercial tenant screening Tenant credit analysis. A luxe Aspen, Colorado, home sold for $65 million, a hefty price to be sure, but well below the $100 million it was listed for. Detroit manufacturing entrepreneur Joel Tauber and his family sold the 10-bedroom, 11-bathroom mansion, which sits on 1.4 acres, to an unknown buyer, the Wall Street Journal reported. Steven Shane of
The post Aspen home sells for $65M, well below $100M ask appeared first on The Real Deal. Robert Khodadadian – The Real Deal

A luxe Aspen, Colorado, home sold for $65 million, a hefty price to be sure, but well below the $100 million it was listed for.

Detroit manufacturing entrepreneur Joel Tauber and his family sold the 10-bedroom, 11-bathroom mansion, which sits on 1.4 acres, to an unknown buyer, the Wall Street Journal reported.

Steven Shane of Compass had the listing.

The home, built in 1979 and renovated in 2015, is more than 14,000 square feet and is near the Little Nell ski run, about 100 yards from the gondola’s base. The home is accessible via an elevator and a short bridge that connects to the main entrance on the second floor. 

The two-story foyer resembles an upscale department store or hotel, with a large chandelier, wood-paneled walls and small balconies overlooking it from the floor above. The great room has a stained-glass ceiling and walls of windows and skylights that provide views of the surrounding mountain and downtown Aspen.

It has a slope-side ski room with lockers, 5,000 square feet of deck and patio space, a home gym, a media room and two kitchens.

Even though the home was sold for well below its asking price, it still fetched far more than the $9 million that Tauber bought the property for back in 1996. And while it didn’t set an Aspen record (that belongs to former pro hockey player Patrick Dovigi’s purchase of a home for $72.5 million in 2021), the sale did set a record for downtown Aspen, according to the Journal.

While there has been a residential downturn, that’s not the case for trophy homes in Aspen.

In addition to his record purchase, Dovigi also sold an Aspen home for $55 million, $10.5 million more than he paid for it, in December 2022. 

Last September, William Wrigley Jr., the heir to the Wrigley Gum fortune, sold his Aspen estate for $30 million.

The 7,500-square-foot mansion was purchased by a trust tied to the Richter family. Wrigley is the great-grandson and namesake of William Wrigley Jr., who founded the chewing gum empire in 1891. The contemporary Wrigley Jr. is the former CEO of Wrigley Company, which Mars bought for $23 billion in 2008.

— Ted Glanzer

The post Aspen home sells for $65M, well below $100M ask appeared first on The Real Deal.

 A luxe Aspen, Colorado, home sold for $65 million, a hefty price to be sure, but well below the $100 million it was listed for. Detroit manufacturing entrepreneur Joel Tauber and his family sold the 10-bedroom, 11-bathroom mansion, which sits on 1.4 acres, to an unknown buyer, the Wall Street Journal reported. Steven Shane of
The post Aspen home sells for $65M, well below $100M ask appeared first on The Real Deal.  Uncategorized, Aspen, Colorado real estate, Mansions, trophy homes The Real Deal 

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

robert khodadadian the real deal Manhattan Commercial real estate Sales Property value Investment Property management Real estate brokers Tenant leasing Rent roll Building inspections Due diligence Zoning regulations Title searches Environmental assessments Building codes Market analysis Property tax Financing Property appraisal Lease negotiations Landlord representation Tenant representation Net operating income Cap rate Cash flow Commercial mortgage-backed securities Appraisal value Property redevelopment Site selection Leasehold improvements Commercial property management Lease agreements Commercial property inspections Tax incentives Historic tax credits Energy efficiency Building amenities Commercial property marketing Lease renewals Tenant retention Property insurance Escrow services Closing costs Commercial property auctions Opportunity zones Real estate investment trusts (REITs) Property ownership structure Building maintenance Real estate market trends Property listing services Site plans Common area maintenance fees Asset management Exit strategies Lease options Property surveys Site feasibility studies Economic incentives Equity financing Debt financing Property tax assessments Building permits Commercial property development Subleasing Short-term rentals Lease buyouts Tenant improvements Lease assignments Commercial tenant screening Tenant credit analysis. Like a good neighbor, State Farm is there*. (*Except for new homeowners in California.) Citing rising construction costs and increasing wildfires in the state, State Farm General Insurance Company announced it is no longer accepting new applications for property insurance in California, The Orange County Register reported. The move does not affect personal auto insurance
The post State Farm ceases new applications for home insurance in California appeared first on The Real Deal. Robert Khodadadian – The Real Deal

Like a good neighbor, State Farm is there*.

(*Except for new homeowners in California.)

Citing rising construction costs and increasing wildfires in the state, State Farm General Insurance Company announced it is no longer accepting new applications for property insurance in California, The Orange County Register reported.

The move does not affect personal auto insurance or existing home policies, which remain in effect, the outlet reported.

“State Farm General Insurance Company made this decision due to historic increases in construction costs outpacing inflation, rapidly growing catastrophe exposure, and a challenging reinsurance market,” the company wrote in a press release. “We take seriously our responsibility to manage risk. … [I]t’s necessary to take these actions now to improve the company’s financial strength.”

State Farm — which is the biggest car and home insurer by premium volume in the country — has just over 8 percent of the property and casualty insurance policies in California, the Register said, citing 2021 data from the state. 

It’s the latest move by insurers to pull back from a state that in some parts are rife with wildfires, which makes it more expensive for homeowners to protect their homes, according to the Wall Street Journal. Most of those withdrawals, however, have been limited to places prone to wildfires or to properties without fire-resiliency features, the outlet said.

A California Department of Insurance spokesperson told Fox Business that the reasons behind the company’s decision to pull back from issuing new policies in the state were “beyond our control.”

Early last year, California unveiled standards to keep older homes safe from wildfires, aiming to keep insurance costs affordable after fires last year consumed about 4.2 million acres, damaged or destroyed almost 10,500 structures and killed 30 people.

The rules include a fire-resistant roof, at least five feet of defensible space around the home and a clearly defined evacuation route. While the state already has standards for homes built before 2008, the new standards aim to encourage insurance companies to offer discounts and provide incentives to retrofit older homes.

Twelve insurers, representing 40 percent of the market, offer discounts to owners who take measures to protect homes, compared with 7 percent three years ago.

“Reducing the wildfire risk is critical to making insurance available, reliable and affordable for all Californians,” he said.

— Ted Glanzer

The post State Farm ceases new applications for home insurance in California appeared first on The Real Deal.

 Like a good neighbor, State Farm is there*. (*Except for new homeowners in California.) Citing rising construction costs and increasing wildfires in the state, State Farm General Insurance Company announced it is no longer accepting new applications for property insurance in California, The Orange County Register reported. The move does not affect personal auto insurance
The post State Farm ceases new applications for home insurance in California appeared first on The Real Deal.  Uncategorized, California, Homeowners Insurance, State Farm, Wildfires The Real Deal 

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

robert khodadadian the real deal Manhattan Commercial real estate Sales Property value Investment Property management Real estate brokers Tenant leasing Rent roll Building inspections Due diligence Zoning regulations Title searches Environmental assessments Building codes Market analysis Property tax Financing Property appraisal Lease negotiations Landlord representation Tenant representation Net operating income Cap rate Cash flow Commercial mortgage-backed securities Appraisal value Property redevelopment Site selection Leasehold improvements Commercial property management Lease agreements Commercial property inspections Tax incentives Historic tax credits Energy efficiency Building amenities Commercial property marketing Lease renewals Tenant retention Property insurance Escrow services Closing costs Commercial property auctions Opportunity zones Real estate investment trusts (REITs) Property ownership structure Building maintenance Real estate market trends Property listing services Site plans Common area maintenance fees Asset management Exit strategies Lease options Property surveys Site feasibility studies Economic incentives Equity financing Debt financing Property tax assessments Building permits Commercial property development Subleasing Short-term rentals Lease buyouts Tenant improvements Lease assignments Commercial tenant screening Tenant credit analysis. Seagate Technology Holdings, an Ireland-based hard drive maker, sold its 31-acre Fremont research campus to New York-based Madison Capital for $260 million, a roughly 13 percent discount from its asking price. Seagate, which listed the campus for $300 million in November, agreed with Madison to a lease to remain at least for the time being
The post Madison Capital buys Seagate Technology’s Fremont campus for $260M appeared first on The Real Deal. Robert Khodadadian – The Real Deal

Seagate Technology Holdings, an Ireland-based hard drive maker, sold its 31-acre Fremont research campus to New York-based Madison Capital for $260 million, a roughly 13 percent discount from its asking price.

Seagate, which listed the campus for $300 million in November, agreed with Madison to a lease to remain at least for the time being at the 575,000-square-foot property at 47488 Kato Road, the San Francisco Business Times reported.

Seagate said in a statement that “no changes to the work experience” would happen for its employees at the campus, the outlet said.

The move comes after Seagate announced its plans last fall to cut its global employee headcount by nearly 8 percent. 

The Fremont campus, just off Interstate 880, was built in 2010 for $300 million and once served as a Solyndra factory for solar arrays. Seagate paid $90.3 million for it in 2013 after Solyndra declared bankruptcy in 2011.

Seagate had sought $40 million more for the two-story, 31-acre campus — 11 of which are undeveloped — than it sold it for. 

In 2016, Seagate transformed the Fremont campus with a $200 million renovation, according to the marketing brochure. The property achieved LEED Gold status and features a “combination of high-quality clean rooms, laboratories, first-class office space, heavy power and robust MEP infrastructure.”

Seagate has been consolidating its Bay Area properties since before the pandemic, according to the Business Times. In 2017, it ended a decades-long presence in Scotts Valley and in 2019 it sold a 140,000-square-foot office building in Cupertino.

Madison Capital manages about $3.2 billion in assets, the Times said, citing Madison’s website.

It’s at least the second large office campus sale in California in recent months.

In April, Shubin Nadal Realty Investors and DRA Advisors sold an office campus in Northridge for $171 million — a roughly 30 percent discount from its listing price.

Pendulum Property Partners, an investment firm based in Orange County, bought the 761,000-square-foot The Mix at Harman campus at 8500 Balboa Boulevard for about $224 per square foot.

— Ted Glanzer

The post Madison Capital buys Seagate Technology’s Fremont campus for $260M appeared first on The Real Deal.

 Seagate Technology Holdings, an Ireland-based hard drive maker, sold its 31-acre Fremont research campus to New York-based Madison Capital for $260 million, a roughly 13 percent discount from its asking price. Seagate, which listed the campus for $300 million in November, agreed with Madison to a lease to remain at least for the time being
The post Madison Capital buys Seagate Technology’s Fremont campus for $260M appeared first on The Real Deal.  Uncategorized, Office Campus, San Francisco The Real Deal 

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

robert khodadadian the real deal Manhattan Commercial real estate Sales Property value Investment Property management Real estate brokers Tenant leasing Rent roll Building inspections Due diligence Zoning regulations Title searches Environmental assessments Building codes Market analysis Property tax Financing Property appraisal Lease negotiations Landlord representation Tenant representation Net operating income Cap rate Cash flow Commercial mortgage-backed securities Appraisal value Property redevelopment Site selection Leasehold improvements Commercial property management Lease agreements Commercial property inspections Tax incentives Historic tax credits Energy efficiency Building amenities Commercial property marketing Lease renewals Tenant retention Property insurance Escrow services Closing costs Commercial property auctions Opportunity zones Real estate investment trusts (REITs) Property ownership structure Building maintenance Real estate market trends Property listing services Site plans Common area maintenance fees Asset management Exit strategies Lease options Property surveys Site feasibility studies Economic incentives Equity financing Debt financing Property tax assessments Building permits Commercial property development Subleasing Short-term rentals Lease buyouts Tenant improvements Lease assignments Commercial tenant screening Tenant credit analysis. Segula Investments has upgraded plans to build a larger apartment highrise in Uptown Oakland. The Berkeley-based developer has requested a permit to build a 19-story, 197-unit apartment complex at 2305 Webster Street, the San Francisco Business Times reported. The firm led by Avi Nevo has revised plans from 2016 that called for a 24-story, 130-unit
The post Segula tweaks plans for 200-unit apartment tower in Uptown Oakland appeared first on The Real Deal. Robert Khodadadian – The Real Deal

Segula Investments has upgraded plans to build a larger apartment highrise in Uptown Oakland.

The Berkeley-based developer has requested a permit to build a 19-story, 197-unit apartment complex at 2305 Webster Street, the San Francisco Business Times reported.

The firm led by Avi Nevo has revised plans from 2016 that called for a 24-story, 130-unit apartment tower, which was approved the following year.

Four years ago, Segula had updated its plans to take advantage of state density bonus law that allows developers to build a larger building than allowed by local zoning in exchange for affordable units.

The Uptown Oakland project then became snarled in a legal dispute after Oakland refused to refund permitting fees it charged for the original project.

In early 2021, Segula sued the city to get back nearly $450,000, plus costs of the suit and other damages. The city settled that fall, when Oakland agreed to pay the developer $465,000. 

The same year, the developer resubmitted a pre-application for a 26-story project, which it’s now whittled down to 19 stories. The developer bought the quarter-acre lot in 2018 for $7 million.

It’s not clear why the developer is moving forward on the project now. Segula could not immediately be reached for comment by the Business Times

The project is among several from the era that have boomeranged back to the city’s development pipeline, though none have been approved. In recent years, only two housing towers have broken ground in Oakland, namely a 452-unit building at 1900 Broadway and a 222-unit building at 1510 Webster.

In February, Oakland-based R2 Building updated plans for an approved 29-story residential building two blocks from Segula’s project at 2044 Franklin Street, adding 10 more floors for a 39-story building.

Last fall, Los Angeles-based CIM Group submitted plans for a 596-unit apartment building at 325 22nd Street, originally proposed in 2018

In late 2021, Pinnacle Red, a unit of China-based Hengshan, filed new plans for a 22-story, 207-unit highrise at 1261 Harrison Street, first first envisioned in 2017 with 36 stories. 

— Dana Bartholomew

Read more

The post Segula tweaks plans for 200-unit apartment tower in Uptown Oakland appeared first on The Real Deal.

 Segula Investments has upgraded plans to build a larger apartment highrise in Uptown Oakland. The Berkeley-based developer has requested a permit to build a 19-story, 197-unit apartment complex at 2305 Webster Street, the San Francisco Business Times reported. The firm led by Avi Nevo has revised plans from 2016 that called for a 24-story, 130-unit
The post Segula tweaks plans for 200-unit apartment tower in Uptown Oakland appeared first on The Real Deal.  Uncategorized The Real Deal 

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

robert khodadadian the real deal Manhattan Commercial real estate Sales Property value Investment Property management Real estate brokers Tenant leasing Rent roll Building inspections Due diligence Zoning regulations Title searches Environmental assessments Building codes Market analysis Property tax Financing Property appraisal Lease negotiations Landlord representation Tenant representation Net operating income Cap rate Cash flow Commercial mortgage-backed securities Appraisal value Property redevelopment Site selection Leasehold improvements Commercial property management Lease agreements Commercial property inspections Tax incentives Historic tax credits Energy efficiency Building amenities Commercial property marketing Lease renewals Tenant retention Property insurance Escrow services Closing costs Commercial property auctions Opportunity zones Real estate investment trusts (REITs) Property ownership structure Building maintenance Real estate market trends Property listing services Site plans Common area maintenance fees Asset management Exit strategies Lease options Property surveys Site feasibility studies Economic incentives Equity financing Debt financing Property tax assessments Building permits Commercial property development Subleasing Short-term rentals Lease buyouts Tenant improvements Lease assignments Commercial tenant screening Tenant credit analysis. Dhanani Private Equity Group is getting back to its retail roots after diving deep into the multifamily realm in recent years. And it appears to be set on working both sectors. The Stafford-based firm purchased the 165,000-square-foot Kingwood Commons retail center earlier this month, and it acquired 30 acres of land on the northeastern corner
The post Private equity firm gets two properties in Montgomery County appeared first on The Real Deal. Robert Khodadadian – The Real Deal

Dhanani Private Equity Group is getting back to its retail roots after diving deep into the multifamily realm in recent years.

And it appears to be set on working both sectors.

The Stafford-based firm purchased the 165,000-square-foot Kingwood Commons retail center earlier this month, and it acquired 30 acres of land on the northeastern corner of the Grand Parkway and FM 1314 in Porter shortly after, the Houston Business Journal reported. The purchase price was not disclosed for either transaction.

Kingwood Commons  sits on a 17-acre tract at Kingwood Drive and Loop 494, just east of Interstate 69. CBRE brokers Matt Berry, Robbie Kilcrease, Drew Reinking and Jack Carbo represented Dhanani in the off-market deal. The seller was also undisclosed, but the last owner was Indianapolis-based Kite Realty Group Trust, according to the Montgomery Central Appraisal District.

Grocery chain Randalls was the complex’s largest tenant before it closed in early 2020, contributing to a current vacancy rate of 55 percent.  

The deal  marks a return to Dhanani’s roots. The firm started in the 1980s with a primary focus on retail. But more recently, the company has made a sharp pivot to multifamily development, with nearly 3,000 apartments in the pipeline. 

The firm cited the attractive pricing and location as the driving factors behind the purchase of Kingwood Commons.

“The broader strategy is to acquire real estate at a great price and in a great location,” Dhanani principal Ahsan Daredia told the outlet. “Now, whether that’s retail, whether that’s multifamily — whatever comes across our desk and … fits our criteria.”

Multifamily is the plan for another recent deal by the firm–the acquisition of 30 acres in Porter. Dhanani plans to develop a 342-unit garden-style apartment complex on a chunk of the land, and sell 10 acres for commercial development.

The apartment complex, tentatively named Territory at Porter, is still in the design phase, with construction expected to start within the next year. The property is across the street from a 25-acre site that’s been owned by grocery chain H-E-B since 2018.

—Quinn Donoghue 

Read more

The post Private equity firm gets two properties in Montgomery County appeared first on The Real Deal.

 Dhanani Private Equity Group is getting back to its retail roots after diving deep into the multifamily realm in recent years. And it appears to be set on working both sectors. The Stafford-based firm purchased the 165,000-square-foot Kingwood Commons retail center earlier this month, and it acquired 30 acres of land on the northeastern corner
The post Private equity firm gets two properties in Montgomery County appeared first on The Real Deal.  Uncategorized, Acquisition The Real Deal 

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

robert khodadadian the real deal Manhattan Commercial real estate Sales Property value Investment Property management Real estate brokers Tenant leasing Rent roll Building inspections Due diligence Zoning regulations Title searches Environmental assessments Building codes Market analysis Property tax Financing Property appraisal Lease negotiations Landlord representation Tenant representation Net operating income Cap rate Cash flow Commercial mortgage-backed securities Appraisal value Property redevelopment Site selection Leasehold improvements Commercial property management Lease agreements Commercial property inspections Tax incentives Historic tax credits Energy efficiency Building amenities Commercial property marketing Lease renewals Tenant retention Property insurance Escrow services Closing costs Commercial property auctions Opportunity zones Real estate investment trusts (REITs) Property ownership structure Building maintenance Real estate market trends Property listing services Site plans Common area maintenance fees Asset management Exit strategies Lease options Property surveys Site feasibility studies Economic incentives Equity financing Debt financing Property tax assessments Building permits Commercial property development Subleasing Short-term rentals Lease buyouts Tenant improvements Lease assignments Commercial tenant screening Tenant credit analysis. AIDS Healthcare Foundation is making a third attempt at overturning California’s Costa-Hawkins Act, which has limited rent control for 28 years. AHF and its allies submitted more than 800,000 signatures May 25 to county clerks’ offices across the state for verification, in hopes of placing its Justice for Renters Act on the November 2024 ballot.
The post AHF makes third ballot push to repeal statewide rent control law appeared first on The Real Deal. Robert Khodadadian – The Real Deal

AIDS Healthcare Foundation is making a third attempt at overturning California’s Costa-Hawkins Act, which has limited rent control for 28 years.

AHF and its allies submitted more than 800,000 signatures May 25 to county clerks’ offices across the state for verification, in hopes of placing its Justice for Renters Act on the November 2024 ballot. It follows similar attempts to reverse the Costa-Hawkins Act that California voters rejected in 2018 and 2020.

AHF and its allies also held a demonstration at Los Angeles City Hall where comments were made by AHF president Michael Weinstein and Dolores Huerta, 93-year-old co-founder of United Farm Workers Association and a star of the labor movement. Also appearing was Susie Shannon, policy director for AHF’s division Housing Is a Human Right.

In an interview with TRD, Shannon said the Justice for Renters measure is similar to past initiatives. However, she forecast the new initiative will succeed at the ballot box, because California voters have a different mindset compared to 2018 and 2020.

“The state of California is a different place than it was four years ago,” Shannon said. “We’ve been through a pandemic. There are more adult children living with their parents because it’s harder to own a house. Rents are skyrocketing.”

The Costa-Hawkins Act of 1995 has provided guidelines which have shaped California’s rental markets. It prohibits rent control on single-family homes, condominiums and rental units that were built after 1995. 

Justice for Renters has caused alarm for political conservatives such as Susan Shelley of the Howard Jarvis Taxpayers Association.

“If Costa-Hawkins is repealed, every city council and county board of supervisors could, at any time, pass a radical rent control law that completely changes the economics of the rental housing business,” Shelley wrote in an April editorial for the Orange County Register.

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The post AHF makes third ballot push to repeal statewide rent control law appeared first on The Real Deal.

 AIDS Healthcare Foundation is making a third attempt at overturning California’s Costa-Hawkins Act, which has limited rent control for 28 years. AHF and its allies submitted more than 800,000 signatures May 25 to county clerks’ offices across the state for verification, in hopes of placing its Justice for Renters Act on the November 2024 ballot.
The post AHF makes third ballot push to repeal statewide rent control law appeared first on The Real Deal.  Uncategorized, affordable-housing, Politics, rent-control, residential-real-estate The Real Deal 

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

robert khodadadian the real deal Manhattan Commercial real estate Sales Property value Investment Property management Real estate brokers Tenant leasing Rent roll Building inspections Due diligence Zoning regulations Title searches Environmental assessments Building codes Market analysis Property tax Financing Property appraisal Lease negotiations Landlord representation Tenant representation Net operating income Cap rate Cash flow Commercial mortgage-backed securities Appraisal value Property redevelopment Site selection Leasehold improvements Commercial property management Lease agreements Commercial property inspections Tax incentives Historic tax credits Energy efficiency Building amenities Commercial property marketing Lease renewals Tenant retention Property insurance Escrow services Closing costs Commercial property auctions Opportunity zones Real estate investment trusts (REITs) Property ownership structure Building maintenance Real estate market trends Property listing services Site plans Common area maintenance fees Asset management Exit strategies Lease options Property surveys Site feasibility studies Economic incentives Equity financing Debt financing Property tax assessments Building permits Commercial property development Subleasing Short-term rentals Lease buyouts Tenant improvements Lease assignments Commercial tenant screening Tenant credit analysis. Sadelle’s won’t be coming to Miami Beach’s 1212 Lincoln, as Major Food Group canceled its lease at Crescent Heights’ mixed-use project under construction.  Major Food, the New York-based hospitality firm, led by Mario Carbone, Jeff Zalaznick and Rich Torrisi, pulled out of a lease for a 10,000-square-foot space at the five-story building rising on the
The post No Sadelle’s for you! Major Food Group cancels Miami Beach lease appeared first on The Real Deal. Robert Khodadadian – The Real Deal

Sadelle’s won’t be coming to Miami Beach’s 1212 Lincoln, as Major Food Group canceled its lease at Crescent Heights’ mixed-use project under construction. 

Major Food, the New York-based hospitality firm, led by Mario Carbone, Jeff Zalaznick and Rich Torrisi, pulled out of a lease for a 10,000-square-foot space at the five-story building rising on the 1600 block of Alton Road, just west of Lincoln Road, the Commercial Observer reported. 

Crescent Heights, led by Russell Galbut, Sonny Kahn and Bruce Menin, and Major Food Group mutually agreed to terminate the lease agreement that was signed in 2021, a spokesperson for the developer told the publication. 

Sadelle’s is a high-end Jewish deli and market concept with outposts in Boca Raton, Coconut Grove, the Miami Design District, New York, Las Vegas, Paris, Dallas and Riyadh. Major Food Group has been aggressively expanding in South Florida the past two years. In addition to Sadelle’s restaurants, the company operates Carbone, the Italian restaurant named after one of Major Food Group’s partners, in Miami Beach’s South of Fifth neighborhood. 

Last year, Major Food Group opened a northern Italian-style restaurant, Contessa Miami, in the Miami Design District. 

Also last year, the hospitality firm abandoned a plan to co-develop a condo-hotel in Brickell with JDS Development Group, a New York-based real estate firm led by Michael Stern.

But Major Food Group is still planning to be involved in its first residential project in Miami. 

In March, Major Food Group and David Martin’s Terra teamed up with One Thousand Group to co-develop 729 Edge, a proposed 649-foot-tall waterfront condominium with 50 units in Miami’s Edgewater neighborhood. Major Food Group will brand and operate the food and beverage and amenity spaces in the planned tower, as well as design the in-unit kitchens, and will be involved in 729 Edge’s design.

In 2020, Crescent Heights sold the hotel portion of the planned 1212 Lincoln project to CitizenM for $9 million, records show. The development will also entail retail, a parking garage and an outdoor, rooftop movie cinema. 

— Francisco Alvarado

The post No Sadelle’s for you! Major Food Group cancels Miami Beach lease appeared first on The Real Deal.

 Sadelle’s won’t be coming to Miami Beach’s 1212 Lincoln, as Major Food Group canceled its lease at Crescent Heights’ mixed-use project under construction.  Major Food, the New York-based hospitality firm, led by Mario Carbone, Jeff Zalaznick and Rich Torrisi, pulled out of a lease for a 10,000-square-foot space at the five-story building rising on the
The post No Sadelle’s for you! Major Food Group cancels Miami Beach lease appeared first on The Real Deal.  Uncategorized, Alton Road, Crescent Heights, Lincoln Road, Major Food Group, Miami Beach, Restaurants The Real Deal 

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

robert khodadadian the real deal Manhattan Commercial real estate Sales Property value Investment Property management Real estate brokers Tenant leasing Rent roll Building inspections Due diligence Zoning regulations Title searches Environmental assessments Building codes Market analysis Property tax Financing Property appraisal Lease negotiations Landlord representation Tenant representation Net operating income Cap rate Cash flow Commercial mortgage-backed securities Appraisal value Property redevelopment Site selection Leasehold improvements Commercial property management Lease agreements Commercial property inspections Tax incentives Historic tax credits Energy efficiency Building amenities Commercial property marketing Lease renewals Tenant retention Property insurance Escrow services Closing costs Commercial property auctions Opportunity zones Real estate investment trusts (REITs) Property ownership structure Building maintenance Real estate market trends Property listing services Site plans Common area maintenance fees Asset management Exit strategies Lease options Property surveys Site feasibility studies Economic incentives Equity financing Debt financing Property tax assessments Building permits Commercial property development Subleasing Short-term rentals Lease buyouts Tenant improvements Lease assignments Commercial tenant screening Tenant credit analysis. Downtown San Francisco has sustained another retail hit with the pending closure of an Old Navy flagship. San Francisco-based Gap, parent company of Old Navy, plans to close Old Navy’s 72,400-square-foot store at 801 Market Street, in South of Market, the San Francisco Business Times reported. The store will go dark July 1. A Gap
The post Old Navy to close 72K sf flagship store in SoMa appeared first on The Real Deal. Robert Khodadadian – The Real Deal

Downtown San Francisco has sustained another retail hit with the pending closure of an Old Navy flagship.

San Francisco-based Gap, parent company of Old Navy, plans to close Old Navy’s 72,400-square-foot store at 801 Market Street, in South of Market, the San Francisco Business Times reported. The store will go dark July 1.

A Gap spokesperson said it’s looking into opening an Old Navy somewhere else in Downtown.

“Since our Market Street store opened in the 1990s, the way we leverage flagship locations has changed,” the company representative told the Business Times in an email. “We are already working to identify new locations in Downtown San Francisco that will better serve the needs of the business and our customers.”

The move will end Old Navy’s 24-year run at the corner of Market and Fourth streets, where it opened in 1999. The owner of the 116-year old Pacific Building is Miami-based Ponte Gadea California, an affiliate company of Spanish billionaire Amancio Ortega, founder of Zara. 

In 2020, the landlord sued Gap for $1 million in unpaid rent, according to the Business Times.

The closure comes after Gap shuttered a Banana Republic last month at Westfield San Francisco Centre in South of Market. The store opened at the mall in 2009.

The company said the darkened store was part of a plan to close 30 percent of Gap and Banana Republic stores. Gap is also laying off 1,800 workers

Banana Republic is moving its flagship store from 256 Grant Avenue to a smaller store at 152 Geary Street in Downtown. Gap has closed stores on 890 Market Street, in Embarcadero Center and Stonestown Galleria. It also closed its Athleta store in Union Square.

The retail tumult at Gap follows dozens of stores that have shut their doors or will soon close in Union Square and around Powell Street, including Coco Republic, Saks Off 5th, Uniqlo, H&M and Anthropologie. The closure of a Whole Foods Market last month drew national headlines. 

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After 35 years, Nordstrom, prepares to slip away from the Westfield mall, with other stores at risk of leaving at the end of their leases. A Nordstrom Rack will soon close across the street.

The departing businesses blamed falling foot traffic in the era of empty offices and remote work, a drop in tourists, a rise in online shopping and concerns about public safety and deteriorating street conditions.

— Dana Bartholomew

The post Old Navy to close 72K sf flagship store in SoMa appeared first on The Real Deal.

 Downtown San Francisco has sustained another retail hit with the pending closure of an Old Navy flagship. San Francisco-based Gap, parent company of Old Navy, plans to close Old Navy’s 72,400-square-foot store at 801 Market Street, in South of Market, the San Francisco Business Times reported. The store will go dark July 1. A Gap
The post Old Navy to close 72K sf flagship store in SoMa appeared first on The Real Deal.  Uncategorized, 801 Market Street, Commercial Real Estate, Gap, Old Navy, San Francisco, South Of Market The Real Deal 

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

robert khodadadian the real deal Manhattan Commercial real estate Sales Property value Investment Property management Real estate brokers Tenant leasing Rent roll Building inspections Due diligence Zoning regulations Title searches Environmental assessments Building codes Market analysis Property tax Financing Property appraisal Lease negotiations Landlord representation Tenant representation Net operating income Cap rate Cash flow Commercial mortgage-backed securities Appraisal value Property redevelopment Site selection Leasehold improvements Commercial property management Lease agreements Commercial property inspections Tax incentives Historic tax credits Energy efficiency Building amenities Commercial property marketing Lease renewals Tenant retention Property insurance Escrow services Closing costs Commercial property auctions Opportunity zones Real estate investment trusts (REITs) Property ownership structure Building maintenance Real estate market trends Property listing services Site plans Common area maintenance fees Asset management Exit strategies Lease options Property surveys Site feasibility studies Economic incentives Equity financing Debt financing Property tax assessments Building permits Commercial property development Subleasing Short-term rentals Lease buyouts Tenant improvements Lease assignments Commercial tenant screening Tenant credit analysis. A fight is brewing at Barrington Plaza, where Douglas Emmet is booting residents from nearly 600 apartments in the largest eviction in Los Angeles. The Santa Monica-based real estate investment trust is evicting tenants from 577 occupied rent-controlled units to install fire sprinklers at 11740 Wilshire Boulevard, in Sawtelle, the Los Angeles Times reported.  The
The post Tenants decry mass evictions by Douglas Emmet at Barrington Plaza in West LA appeared first on The Real Deal. Robert Khodadadian – The Real Deal

A fight is brewing at Barrington Plaza, where Douglas Emmet is booting residents from nearly 600 apartments in the largest eviction in Los Angeles.

The Santa Monica-based real estate investment trust is evicting tenants from 577 occupied rent-controlled units to install fire sprinklers at 11740 Wilshire Boulevard, in Sawtelle, the Los Angeles Times reported. 

The tenants are being evicted under the Ellis Act, a state law that allows landlords to remove tenants from rent-controlled apartments if their building is taken off the rental market. When evictions are complete, a total 712 units will be affected. 

But some residents, many who have been given four months notice to leave the 61-year-old complex, say they’ll fight to stay. Others, who are at least 62 or disabled, have up to one year to get out.

Tenants will get relocation expenses according to city guidelines, including as much as $9,200 for those who have lived there for less than three years. Elderly or disabled occupants could get more than $22,000. 

Douglas Emmett says the move is necessary to install the sprinklers and other safety equipment in a complex with a history of dangerous fires.

The complex will be returned to the rental market when the upgrades are complete, according to the landlord. No completion date has been set. There aren’t any provisions for renters to move back to their former homes.

Barrington Plaza saw two life-threatening fires in the last nine years, including one that turned deadly. Eight floors in one of the buildings remain vacant.

Some tenants are already packing their stuff while facing a significant jump in rent and the irony that their own evictions might drive up prices even more.

Goral and others believe the company is improperly applying the law and that it can make the safety upgrades without permanently displacing them. 

“In a period where we’re dealing with homelessness throughout the city and county, it’s a major issue that this company would suddenly put almost 600 people on the housing market to compete for housing,” Miki Goral, a librarian at UCLA, told the Times. “It’s not a sensible thing to do.”

Eric Rose, a spokesman for Douglas Emmett, said that when the company submitted plans to rebuild the damaged floors, the city conditioned its approval on the installation of sprinklers and other safety equipment throughout Barrington Plaza’s three towers.

Those changes cannot be done without vacating the three towers at the same time, Rose said, because building systems are shared among them and “structural changes, including changes to ceilings and walls, need to be made in order to carry the weight of the sprinkler system.”

He said the apartments could eventually return to the rental market under rules laid out by the city. There are no plans to build new condominiums on the site, Rose said.

This month, Barrington tenant Sergei Maidaniuk filed a lawsuit against Douglas Emmett for breach of contract and private nuisance for allegedly ignoring the fire safety problem. 

— Dana Bartholomew

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The post Tenants decry mass evictions by Douglas Emmet at Barrington Plaza in West LA appeared first on The Real Deal.

 A fight is brewing at Barrington Plaza, where Douglas Emmet is booting residents from nearly 600 apartments in the largest eviction in Los Angeles. The Santa Monica-based real estate investment trust is evicting tenants from 577 occupied rent-controlled units to install fire sprinklers at 11740 Wilshire Boulevard, in Sawtelle, the Los Angeles Times reported.  The
The post Tenants decry mass evictions by Douglas Emmet at Barrington Plaza in West LA appeared first on The Real Deal.  Uncategorized, Fire Sprinklers The Real Deal 

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

robert khodadadian the real deal Manhattan Commercial real estate Sales Property value Investment Property management Real estate brokers Tenant leasing Rent roll Building inspections Due diligence Zoning regulations Title searches Environmental assessments Building codes Market analysis Property tax Financing Property appraisal Lease negotiations Landlord representation Tenant representation Net operating income Cap rate Cash flow Commercial mortgage-backed securities Appraisal value Property redevelopment Site selection Leasehold improvements Commercial property management Lease agreements Commercial property inspections Tax incentives Historic tax credits Energy efficiency Building amenities Commercial property marketing Lease renewals Tenant retention Property insurance Escrow services Closing costs Commercial property auctions Opportunity zones Real estate investment trusts (REITs) Property ownership structure Building maintenance Real estate market trends Property listing services Site plans Common area maintenance fees Asset management Exit strategies Lease options Property surveys Site feasibility studies Economic incentives Equity financing Debt financing Property tax assessments Building permits Commercial property development Subleasing Short-term rentals Lease buyouts Tenant improvements Lease assignments Commercial tenant screening Tenant credit analysis. About eight years after construction started, Ian Bruce Eichner’s odyssey to sell out Madison Square Park condo tower was almost complete. He had settled disputes with his partners and after a sluggish start to sales had sold all but one unit in the 83-unit building. But now, residents at the noteworthy Manhattan condo have alleged
The post Condo board alleges defects at Eichner’s Madison Square Park tower appeared first on The Real Deal. Robert Khodadadian – The Real Deal

About eight years after construction started, Ian Bruce Eichner’s odyssey to sell out Madison Square Park condo tower was almost complete.

He had settled disputes with his partners and after a sluggish start to sales had sold all but one unit in the 83-unit building.

But now, residents at the noteworthy Manhattan condo have alleged a laundry list of defects, including a life-threatening lack of a firestop, a multimillion-dollar building maintenance unit that never worked, drafty windows and badly installed hardwood floors.

In a lawsuit, the condo board also claims the developer has not secured a permanent certificate of occupancy, imperiling their mortgage agreements and creating a risk that the Department of Buildings will order them to vacate.

The board also alleges the developer and project partners Fortress Investment Group and Dune Real Estate pilfered its assets and walked away with millions of dollars in distributions.

The suit says Madison Realty Capital in 2018 lent the project $167.5 million, which was more than the equity the partners put in, and that the loan should have been classified as an equity investment because Madison seized proceeds from unit sales.

A Madison subsidiary provided the loan, secured by the unsold units, a spokesperson for the lender said. “The loan has been paid down, with one unit remaining from the initial collateral,” the spokesperson said. (That unit is a $20 million duplex.)

Eichner has not responded to the lawsuit and did not return a request for comment.

Lawsuits brought by boards of luxury condos are not uncommon in New York City. Residents at the supertall 432 Park Avenue brought a case alleging faulty elevators and flooding, which the developers called “vastly exaggerated.”

Eichner began the Madison Square Park project by buying air rights from a co-op in the middle of the block before asking the owner of the neighboring building to throw out a price for the assemblage’s first piece of land.

He ended up buying $100 million worth of air rights and seven properties to build the Madison Square Park tower. He snagged $85 million from Fortress and Dune and put in $61 million of his own money before securing $343 million in construction financing from Goldman Sachs.

The 65-story project in the Flatiron District was supposed to be his comeback project in New York after what he called his 15-year “exile to the desert.” Eichner, a New York developer, built the Cosmopolitan casino in Las Vegas before losing it to foreclosure.

Sales for Madison Square Park launched in 2015 to some success; about half of the development’s 83 units were in contract by that October. But when construction finished in the summer of 2017, about a third of Eichner’s units remained unsold and soon Eichner was in danger of losing the project.

He sued his partners, Fortress and Dune, claiming they stopped his efforts to refinance and pushed him to the verge of default. But he avoided that by landing the Madison Realty Capital loan in June 2018 and ended his litigation with Dune and Fortress. Around the same time, condo sales started to pick up. 

Eichner appeared to be in the clear, ready to focus on an ambitious project in Miami, when the condo board sued.

The condo board’s attorney did not return a request for a comment. The architect Hill West, which was also named in the lawsuit, declined to comment.

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The post Condo board alleges defects at Eichner’s Madison Square Park tower appeared first on The Real Deal.

 About eight years after construction started, Ian Bruce Eichner’s odyssey to sell out Madison Square Park condo tower was almost complete. He had settled disputes with his partners and after a sluggish start to sales had sold all but one unit in the 83-unit building. But now, residents at the noteworthy Manhattan condo have alleged
The post Condo board alleges defects at Eichner’s Madison Square Park tower appeared first on The Real Deal.  Uncategorized, Flatiron, Ian Bruce Eichner, Lawsuits, Madison Realty The Real Deal 

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

robert khodadadian the real deal Manhattan Commercial real estate Sales Property value Investment Property management Real estate brokers Tenant leasing Rent roll Building inspections Due diligence Zoning regulations Title searches Environmental assessments Building codes Market analysis Property tax Financing Property appraisal Lease negotiations Landlord representation Tenant representation Net operating income Cap rate Cash flow Commercial mortgage-backed securities Appraisal value Property redevelopment Site selection Leasehold improvements Commercial property management Lease agreements Commercial property inspections Tax incentives Historic tax credits Energy efficiency Building amenities Commercial property marketing Lease renewals Tenant retention Property insurance Escrow services Closing costs Commercial property auctions Opportunity zones Real estate investment trusts (REITs) Property ownership structure Building maintenance Real estate market trends Property listing services Site plans Common area maintenance fees Asset management Exit strategies Lease options Property surveys Site feasibility studies Economic incentives Equity financing Debt financing Property tax assessments Building permits Commercial property development Subleasing Short-term rentals Lease buyouts Tenant improvements Lease assignments Commercial tenant screening Tenant credit analysis. For decades, Arlington Park withstood pounding hooves. In mere days, it could fall to swiping claws. The Chicago Bears are closer to building a new stadium after the village of Arlington Heights issued a demolition permit at the former Arlington International Racecourse horse track site, where the NFL team is planning a $5 billion gameday
The post Demolition permit issued for Bears’ new stadium site in Arlington Heights appeared first on The Real Deal. Robert Khodadadian – The Real Deal

For decades, Arlington Park withstood pounding hooves. In mere days, it could fall to swiping claws.

The Chicago Bears are closer to building a new stadium after the village of Arlington Heights issued a demolition permit at the former Arlington International Racecourse horse track site, where the NFL team is planning a $5 billion gameday venue, the Chicago Tribune reported.

The permit is designated for the interior portion, marking the first phase of the teardown. The Bears expect to start the process Tuesday, without using explosives or implosion to execute the job, according to a team representative.

Village spokesperson Avis Meade said Arlington Heights and Cook County would review and approve demolition plans for the exterior buildings on the site. In total, the job is expected to cost around $3.8 million, with $1.48 million coming from the first phase of the tear-down. The team posted a plan for removing demolition debris on its website.

The Bears finalized a deal to pay $197 million for the racecourse property in February. In addition to the stadium, the project is slated to include residential, commercial and entertainment aspects.

The team has faced its fair share of challenges in pursuit of a new venue, as it plans to move on from the historic Soldier Field, where the team has played on Chicago’s Lake Michigan shoreline since the 1920s.

Cook County Assessor Fritz Kaegi recently reset the land value of the former racecourse to $197 million, a staggering increase from its previous tax value of roughly $33.5 million. The Bears are in the process of appealing the assessment.

The team is also currently negotiating a property tax battle with a trio of school districts whose assessments could also increase as a result of the new stadium, the outlet said. The districts have suggested the team settle on a $95 million valuation of the land, which the team’s President Kevin Warren called a “nonstarter.”

— Quinn Donoghue 

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The post Demolition permit issued for Bears’ new stadium site in Arlington Heights appeared first on The Real Deal.

 For decades, Arlington Park withstood pounding hooves. In mere days, it could fall to swiping claws. The Chicago Bears are closer to building a new stadium after the village of Arlington Heights issued a demolition permit at the former Arlington International Racecourse horse track site, where the NFL team is planning a $5 billion gameday
The post Demolition permit issued for Bears’ new stadium site in Arlington Heights appeared first on The Real Deal.  Uncategorized, Demolition, Entertainment, Stadiums The Real Deal 

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

robert khodadadian the real deal Manhattan Commercial real estate Sales Property value Investment Property management Real estate brokers Tenant leasing Rent roll Building inspections Due diligence Zoning regulations Title searches Environmental assessments Building codes Market analysis Property tax Financing Property appraisal Lease negotiations Landlord representation Tenant representation Net operating income Cap rate Cash flow Commercial mortgage-backed securities Appraisal value Property redevelopment Site selection Leasehold improvements Commercial property management Lease agreements Commercial property inspections Tax incentives Historic tax credits Energy efficiency Building amenities Commercial property marketing Lease renewals Tenant retention Property insurance Escrow services Closing costs Commercial property auctions Opportunity zones Real estate investment trusts (REITs) Property ownership structure Building maintenance Real estate market trends Property listing services Site plans Common area maintenance fees Asset management Exit strategies Lease options Property surveys Site feasibility studies Economic incentives Equity financing Debt financing Property tax assessments Building permits Commercial property development Subleasing Short-term rentals Lease buyouts Tenant improvements Lease assignments Commercial tenant screening Tenant credit analysis. Here’s the story of a man named Brady, whose iconic Studio City home as seen in “The Brady Bunch” has hit the market for $5.5 million. The 5,100-square-foot dwelling made famous by the TV show about a blended family in the 1970s has been listed at 11222 Dilling Street, the Los Angeles Daily News reported.
The post HGTV lists restored “Brady Bunch” house in Studio City for $5.5M appeared first on The Real Deal. Robert Khodadadian – The Real Deal

Here’s the story of a man named Brady, whose iconic Studio City home as seen in “The Brady Bunch” has hit the market for $5.5 million.

The 5,100-square-foot dwelling made famous by the TV show about a blended family in the 1970s has been listed at 11222 Dilling Street, the Los Angeles Daily News reported. The seller is HGTV, a unit of Warner Bros.

The five-bedroom, five-bathroom home, built in 1959 has been “meticulously rebuilt and designed to replicate the set of the home from the beloved 1970s sitcom,” according to the listing.

There’s no mistaking the floating staircase, burnt orange-and-avocado green kitchen and Jack-n-Jill bathroom between the kids’ bedrooms.

A swing set, teeter-totter and Tiger’s dog house dominate the backyard.

The home’s contents are included in the sale, according to the Daily News.

Danny Brown of Compass has the listing. Part of the proceeds from the sale of the home will go to “Turn Up! Fight Hunger,” a partnership between Warner Bros. Discovery and No Kid Hungry to end childhood hunger in the U.S.

It was in July 2018 when the celebrity house came up for sale for the first time in nearly a half-century and sparked a bidding war that involved singer Lance Bass of ‘Nsync fame, but which HGTV won. The network paid $3.5 million, 86 percent more than its $1.9 million asking price.

At that time, Warner Bros. Discovery CEO David Zaslav, who oversees HGTV, announced plans to “restore the Brady Bunch home to its 1970s glory.”

As part of the renovation, HGTV sank $1.9 million and added 2,000 square feet to the home, which fed Bradymania. 

More than 28 million viewers tuned into “A Very Brady Renovation” to watch actors who played the six Brady kids reunite and turn the home into a replica of the original TV set. They returned to the renovated house for a holiday special.

“We did everything we dreamed of doing with the house and delighted a lot of Brady Bunch fans in the process, but it’s time for us to let it be loved and enjoyed by someone else,” a statement attributed to HGTV read.

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The post HGTV lists restored “Brady Bunch” house in Studio City for $5.5M appeared first on The Real Deal.

 Here’s the story of a man named Brady, whose iconic Studio City home as seen in “The Brady Bunch” has hit the market for $5.5 million. The 5,100-square-foot dwelling made famous by the TV show about a blended family in the 1970s has been listed at 11222 Dilling Street, the Los Angeles Daily News reported.
The post HGTV lists restored “Brady Bunch” house in Studio City for $5.5M appeared first on The Real Deal.  Uncategorized The Real Deal 

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

robert khodadadian the real deal Manhattan Commercial real estate Sales Property value Investment Property management Real estate brokers Tenant leasing Rent roll Building inspections Due diligence Zoning regulations Title searches Environmental assessments Building codes Market analysis Property tax Financing Property appraisal Lease negotiations Landlord representation Tenant representation Net operating income Cap rate Cash flow Commercial mortgage-backed securities Appraisal value Property redevelopment Site selection Leasehold improvements Commercial property management Lease agreements Commercial property inspections Tax incentives Historic tax credits Energy efficiency Building amenities Commercial property marketing Lease renewals Tenant retention Property insurance Escrow services Closing costs Commercial property auctions Opportunity zones Real estate investment trusts (REITs) Property ownership structure Building maintenance Real estate market trends Property listing services Site plans Common area maintenance fees Asset management Exit strategies Lease options Property surveys Site feasibility studies Economic incentives Equity financing Debt financing Property tax assessments Building permits Commercial property development Subleasing Short-term rentals Lease buyouts Tenant improvements Lease assignments Commercial tenant screening Tenant credit analysis. The City of Los Angeles may expand a policy that helped create 12,000 homes out of old office buildings in Downtown. The city aims to expand a 1999 adaptive reuse ordinance credited with an explosive growth of homes Downtown by allowing the conversion of vacant office buildings into housing everywhere, Urbanize Los Angeles reported. As
The post LA could expand office-to-home conversions across city appeared first on The Real Deal. Robert Khodadadian – The Real Deal

The City of Los Angeles may expand a policy that helped create 12,000 homes out of old office buildings in Downtown.

The city aims to expand a 1999 adaptive reuse ordinance credited with an explosive growth of homes Downtown by allowing the conversion of vacant office buildings into housing everywhere, Urbanize Los Angeles reported.

As the city faces a state mandate to accommodate 255,000 more homes by 2030, the policy could be extended from Sylmar to San Pedro.

“Los Angeles needs more housing that Angelenos can afford,” Mayor Karen Bass said in a statement. “Adaptive reuse development can help bring much-needed housing online throughout the city.”

Los Angeles leaders see the expansion of the adaptive reuse ordinance as a key strategy in a citywide housing incentive program allowing the city to meet its Housing Element, the state-mandated plan for building more homes.

Only buildings completed before July 1, 1974 in a handful of Central Los Angeles neighborhoods are eligible for conversion through the program. 

The draft ordinance now under consideration by Planning Department officials would expand eligibility to include all buildings citywide which are at least 15 years old; buildings between five and 15 years old with the approval of a conditional use permit by the Zoning Administrator; and any parking garage that is at least five years old.

While the adaptive reuse ordinance has enabled the construction of more than 12,000 homes in Downtown, past efforts to expand its reach to other parts of the city have come with the caveat of only allowing income-restricted housing.

But with the market for offices tanking in the era of remote work, calls for converting empty buildings into apartments and condominiums have picked up steam.

Regulations proposed under the new ordinance would continue to offer more flexibility for the conversion of historic buildings, including exemptions from parking requirements and limits on residential density.

Conversion projects would remain subject to the city’s linkage fee ordinance, which charges developers to generate funds for new affordable housing developments. 

The Planning Department is now conducting a feasibility study to determine if affordability requirements are economically viable for adaptive reuse projects. Current regulations allow developers to pay an in-lieu fee rather than building affordable units on-site.

Planning staff will host three webinars from June 6 through June 8, offering information on the draft ordinance and opportunities for feedback.

Los Angeles County could add up to 113,000 residential units by converting underused hotels, offices and other commercial buildings, according to a RAND study released last year.

— Dana Bartholomew

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 The City of Los Angeles may expand a policy that helped create 12,000 homes out of old office buildings in Downtown. The city aims to expand a 1999 adaptive reuse ordinance credited with an explosive growth of homes Downtown by allowing the conversion of vacant office buildings into housing everywhere, Urbanize Los Angeles reported. As
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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.