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
The post LA could expand office-to-home conversions across city appeared first on The Real Deal.  Uncategorized, Adaptive Reuse, office-to-home conversions 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. Vornado sold its Rego Park development site for a sizable discount as the REIT unloads assets in an inhospitable sales market. The Steve Roth-led company sold the site at 93-30 93rd Street in Rego Park for about $70 million to Queens developer Chris Jiashu Xu, sources told The Real Deal. Traded NY first reported news
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Vornado sold its Rego Park development site for a sizable discount as the REIT unloads assets in an inhospitable sales market.

The Steve Roth-led company sold the site at 93-30 93rd Street in Rego Park for about $70 million to Queens developer Chris Jiashu Xu, sources told The Real Deal. Traded NY first reported news of the sale.

The price tag is 16 percent shy of the $85 million Vornado was eyeing when it put the property up for sale roughly two years ago. In June 2021 the company was looking to get a sale done quickly so that a buyer could qualify for the 421a tax break, which expired a year later.

It wasn’t immediately clear if Vornado got entitlements for the site, but the lack of a tax break would make the property worth less. Interest rates are also much higher now, which pushes property prices down as well.

A representative for Vornado was not immediately available for comment. A JLL team led by Bob Knakal and Stephen Palmese brokered the sale.

Xu, the founder of United Construction and Development Group, is the developer of the tallest building in Queens, the 67-story Skyline Tower in Long Island City. He could be planning another condominium project on the Rego Park site, as developers have all but stopped building rental housing on sites that do not qualify for 421a.

A year ago, Xu bought a Flushing development site for $103 million. In 2016 he paid north of $100 million for another Flushing site.

His newest purchase is next to Vornado’s Rego Center shopping mall and across the street from the 312-unit Alexander apartment building the company developed in 2015. It holds about 670,000 square feet of development rights.

It’s a tough time to be a seller — or a buyer, given the lending environment and loss of 421a — but that isn’t stopping Vornado from looking to raise cash by selling assets.

That’s a change in strategy. The company as recently as February said it was not considering selling. But since then Vornado’s stock has fallen by more than half, prompting the REIT to suspend its dividend for this year and authorize a $200 million share buyback.

Company executives said on their May earnings call that Vornado will look to sell a mix of retail and office assets, but declined to say which ones.

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Roth dismissed the notion that Vornado is a forced seller.

“We are not a distressed seller. We are not a weak seller,” he said. “In fact, we are focusing on a very select pool of assets … where we consider ourselves to be offensive sellers.”

The post Vornado sells Queens dev site for $70M — 15% off initial price appeared first on The Real Deal.

 Vornado sold its Rego Park development site for a sizable discount as the REIT unloads assets in an inhospitable sales market. The Steve Roth-led company sold the site at 93-30 93rd Street in Rego Park for about $70 million to Queens developer Chris Jiashu Xu, sources told The Real Deal. Traded NY first reported news
The post Vornado sells Queens dev site for $70M — 15% off initial price appeared first on The Real Deal.  Uncategorized, Bob Knakal, Chris Xu, Development Site, Investment Sales, new york, Rego Park, Steven Roth, Vornado Realty Trust 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. Nordstrom’s pending exit from the Westfield San Francisco Centre has been joined by another  retailer: Banana Republic. The apparel chain owned by San Francisco-based Gap has left the indoor mall at 865 Market Street in South of Market, the San Francisco Chronicle reported. The store opened in 2009. The company said its closure at Westfield
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Nordstrom’s pending exit from the Westfield San Francisco Centre has been joined by another  retailer: Banana Republic.

The apparel chain owned by San Francisco-based Gap has left the indoor mall at 865 Market Street in South of Market, the San Francisco Chronicle reported. The store opened in 2009.

The company said its closure at Westfield mall late last month was part of a plan to shutter 30 percent of Gap and Banana Republic stores. Gap is also laying off 1,800 workers.

“This closure is in support of the efforts announced in October 2020 to optimize Banana Republic’s fleet of stores across North America,” a company spokesperson said.

Banana Republic is also moving its flagship store from 256 Grant Avenue to a smaller store at 152 Geary Street in Downtown.

The Westfield mall closure comes after dozens of stores 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. 

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

Gap has shuttered stores on 890 Market Street and in Embarcadero Center and Stonestown Galleria. It also closed its Athleta store in Union Square.

The Westfield mall exit comes as its main tenant, Nordstrom, prepares to slip away from San Francisco’s largest mall, with other stores at risk of leaving at the end of their leases. A Nordstrom Rack will soon close across the street.

The lease of Century Theatres, taking up 52,000 square feet on the top floor, ends in September. The lease for H&M, which occupies 25,300 square feet, expires in January.

The mall, owned by Paris-based Unibail-Rodamco-Westfield, ended last year at 53-percent occupancy, compared to 74 percent at the close of 2021.

— Dana Bartholomew

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The post Banana Republic closes up shop at Westfield mall in SF appeared first on The Real Deal.

 Nordstrom’s pending exit from the Westfield San Francisco Centre has been joined by another  retailer: Banana Republic. The apparel chain owned by San Francisco-based Gap has left the indoor mall at 865 Market Street in South of Market, the San Francisco Chronicle reported. The store opened in 2009. The company said its closure at Westfield
The post Banana Republic closes up shop at Westfield mall in SF 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. Developer Rick Caruso plans to bulldoze a movie theater at his outdoor shopping mall in Calabasas and replace it with nearly 120 homes, plus dozens of new shops and restaurants. The former Los Angeles mayoral hopeful and his Fairfax-based Caruso Affiliated have filed plans to redevelop The Commons at Calabasas at 4719 Commons Way, The
The post Caruso plans resi high-rise in place of cinema at Calabasas mall  appeared first on The Real Deal. Robert Khodadadian – The Real Deal

Developer Rick Caruso plans to bulldoze a movie theater at his outdoor shopping mall in Calabasas and replace it with nearly 120 homes, plus dozens of new shops and restaurants.

The former Los Angeles mayoral hopeful and his Fairfax-based Caruso Affiliated have filed plans to redevelop The Commons at Calabasas at 4719 Commons Way, The Acorn reported.

Plans call for the demolition of the Regency Theatres, which saw attendance sputter during the pandemic.

The multiplex would be replaced with ground-floor stores and restaurants topped by up to 119 apartments on two sections of the upscale 25-acre mall in the celebrity-rich city on the southwest edge of the San Fernando Valley. Twelve of the apartments would be affordable.

The theater at The Commons, the only movie house in Calabasas, opened as an Edwards Cinema in 1998, when the mall opened. The 33,000-square-foot theater was taken over by Regency last year when former owner Regal went bankrupt. 

Caruso retained ownership of the theater lease, and wants to tear down the building and replace it with a five-story, mixed use building with 101 apartments and 2,000 square feet of ground-floor shops.

Residents would have access to underground parking and a rooftop swimming pool. 

The Commons central makeover calls for four mixed-use complexes in the parking lot in front of the theater, linked by grass and meandering walking paths, according to the Acorn.

Each building would be one-to-three stories high with up to 10 new boutique shops and up to five new restaurants on the ground floor. A combined 18 apartments would be on top.

The redevelopment will add 24,000 square feet of new retail space, plus the nearly 120 homes, to a segment of the shopping center to be called Commons Lane. The north and south edges of The Commons will remain untouched. A cost and timeline for the makeover wasn’t disclosed. 

The homes would count toward the 354 new units that Calabasas must find room for by 2030 to satisfy its state-mandated housing element.

Caruso owns Caruso Affiliated, owner of The Grove at Farmers Market mall in Fairfax, where it is based. It also owns Americana at Brand in Glendale, Palisades Village in Pacific Palisades and other upscale shopping centers across the region.

The billionaire developer ran for mayor against Rep. Karen Bass, and was defeated in November after spending $100 million of his own money on the race.

— Dana Bartholomew

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The post Caruso plans resi high-rise in place of cinema at Calabasas mall  appeared first on The Real Deal.

 Developer Rick Caruso plans to bulldoze a movie theater at his outdoor shopping mall in Calabasas and replace it with nearly 120 homes, plus dozens of new shops and restaurants. The former Los Angeles mayoral hopeful and his Fairfax-based Caruso Affiliated have filed plans to redevelop The Commons at Calabasas at 4719 Commons Way, The
The post Caruso plans resi high-rise in place of cinema at Calabasas mall  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. A Central Loop office owner is projected to default on a building’s $105 million debt package after losing some crucial tenants, as the trail of failed deals involving downtown commercial assets grows longer in post-pandemic Chicago. New York-based Melohn Group is on track for an “imminent default due to cash flow issues” on the loan
The post Melohn Group’s $105M Loop office loan hits special servicing appeared first on The Real Deal. Robert Khodadadian – The Real Deal

A Central Loop office owner is projected to default on a building’s $105 million debt package after losing some crucial tenants, as the trail of failed deals involving downtown commercial assets grows longer in post-pandemic Chicago.

New York-based Melohn Group 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.

Portions of the debt package were moved into special servicing in March and earlier this month by the lender, reports from Midland Loan Services and Rialto Capital Advisors that were compiled by Morningstar said. Midland and Rialto are the special servicers tasked with working out the problematic debt with the borrower.

Lenders as of late have initiated moves to limit their exposures to several big loans on struggling office buildings amid downtown Chicago’s rough office scene. Next door to Melohn’s property, the Chicago Board of Trade building early this year was snagged by Apollo Global Management through a deed-in-lieu of foreclosure, as its former owner, a joint venture of Chicago-based Glenstar and Los Angeles-based Oaktree Capital Management, managed to avoid a lawsuit over a default on the $256 million in debt against the property.

Elsewhere in Chicago, Blackstone is trying to get a new loan on a challenged River North property, and the $678 million loan on the 83-story Aon Center hit special servicing earlier this year.

The Melohn-owned property’s occupancy has been declining since at least 2018, and is set to dip even even further to around 60 percent, when Loop Capital moves out in 2024 after exercising an early termination on a lease initially scheduled to expire in 2027. The investment banking tenant instead signed a new deal for 37,000 square feet at CIM Group’s 425 South Financial Place.

”We experienced large turnovers of space due to lease expirations during the pandemic,” Melohn told the lender in March, according to Morningstar. “We are working with a new leasing group to actively market the building.”

Melohn’s loan isn’t scheduled to reach maturity until December 2027. The landlord’s payment on the loan was late but less than 30 days delinquent, according to Morningstar. Rialto and Midland did not return requests for comment, and no one from Melohn was available to comment Thursday.

The property was appraised at $163 million in September 2017, and brought in nearly $9 million in net cash flow in 2020, according to Morningstar. Last year, though, the property’s net cash flow declined to less than $3.5 million after vacancy increased.

The building was 68 percent leased as of late last year, below the 78 percent average for downtown office buildings notched last quarter, which marked an all-time low for Chicago.

Other tenants that have given up their space in the building since the health crisis struck include Oracle, which leased about 40,000 square feet; Thyssenkrupp, which had about 25,000; and e-commerce consultant Gorilla Group, which leased about 24,000.

Melohn bought the building in 2013 for $135 million and spent an additional $38 million on renovations and tenant improvements. The firm put the property up for sale in 2019, when it was 93 percent leased, but it never sold, and several leases expired by the end of 2022.

French corporate and investment bank Nataxis originated the loan to Melohn, with the Jackson Boulevard building put up as collateral. The debt was then packaged with other real estate loans and sold off to investors in commercial mortgage-backed securities, making details about the property’s performance public.

If Melohn and the loan servicers now handling the debt are able to work things out, it won’t be the first time 111 West Jackson has narrowly evaded foreclosure. The property’s previous owner, Michael Silberberg, bought it for $35 million in 2011 after the previous owner before fell behind on a loan that had a balance of more than $23 million due, according to published reports.

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The post Melohn Group’s $105M Loop office loan hits special servicing appeared first on The Real Deal.

 A Central Loop office owner is projected to default on a building’s $105 million debt package after losing some crucial tenants, as the trail of failed deals involving downtown commercial assets grows longer in post-pandemic Chicago. New York-based Melohn Group is on track for an “imminent default due to cash flow issues” on the loan
The post Melohn Group’s $105M Loop office loan hits special servicing appeared first on The Real Deal.  Uncategorized, Breaking, Breaking News, Distress, Office 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. Related Group, Teddy Sagi and BH Group got the green light to redevelop a shuttered waterfront hotel in North Miami. The North Miami City Council voted 5-0 on Tuesday to approve a site plan for Icon Residences, a proposed 10-story condominium with 53 units and 114 parking spaces at 2305 Northeast 123rd Street, according to
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Related Group, Teddy Sagi and BH Group got the green light to redevelop a shuttered waterfront hotel in North Miami.

The North Miami City Council voted 5-0 on Tuesday to approve a site plan for Icon Residences, a proposed 10-story condominium with 53 units and 114 parking spaces at 2305 Northeast 123rd Street, according to video of the meeting. 

The 1-acre waterfront redevelopment site is the former White House Inn, a shuttered two-story hotel that was completed in 1969. In 2021, the partnership paid $11 million for the property, records show. 

“You know what this property looks like, and the dilapidated condition it has been in for the last two decades,” Pedro Gassant, a lawyer for the joint venture, told council members. “We all know it needs to be redeveloped.” 

Designed by Miami-based Arquitectonica, Icon Residences will feature units ranging in size from 2,546 square feet to 4,142 square feet, the site plan shows. As a condition of the site plan approval, the joint venture agreed to contribute nearly $1 million to the city for parks, workforce housing and improvements to a bridge in Keystone Point, a waterfront residential neighborhood. 

Sagi is a billionaire who founded Cyprus-based gambling software developer Playtech and owns a portfolio of real estate in London, including Camden Market. He teamed up with Related, BH Group and Chicago-based Wanxiang America RE Group to buy the last condo development site on exclusive Fisher Island in Miami Beach last year.

The four partners paid $122.6 million for the 6.5-acre site at 6 Fisher Island Drive. The joint venture plans to build a 50-unit luxury condo project, with prices for typical units at about $30 million, and more than $60 million for penthouses. 

Miami-based Related, led by Chairman Jorge Peréz, and Aventura-based BH Group, led by Liat and Isaac Toledano, are partners in a slate of other residential projects across South Florida. Last month, the joint venture paid $13 million for an empty office building in Plantation. Related and BH plan to redevelop the property into a mixed-use project with 400-plus apartments. 

Related and BH are also planning Icon Aventura, a 26-story tower with 308 apartments, 12,000 square feet of ground-floor retail and a garage on a 4-acre development site in Aventura. 

The post Jorge Perez’s Related, partners can move ahead on North Miami condo project appeared first on The Real Deal.

 Related Group, Teddy Sagi and BH Group got the green light to redevelop a shuttered waterfront hotel in North Miami. The North Miami City Council voted 5-0 on Tuesday to approve a site plan for Icon Residences, a proposed 10-story condominium with 53 units and 114 parking spaces at 2305 Northeast 123rd Street, according to
The post Jorge Perez’s Related, partners can move ahead on North Miami condo project appeared first on The Real Deal.  Uncategorized, BH Group, Condo Market, Condos, North Miami, Related Group, Teddy Sagi 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 a year after award-winning fashion designer Alexander Wang produced a runway show in Los Angeles’ Chinatown, the New York-based designer is making moves to spend more time — and money — in the city.  A trust connected to Wang paid $19.4 million for a unit at the ultra-luxe hotel-branded condo building, Four Seasons Private Residences
The post Alexander Wang pays $19M for LA condo appeared first on The Real Deal. Robert Khodadadian – The Real Deal

About a year after award-winning fashion designer Alexander Wang produced a runway show in Los Angeles’ Chinatown, the New York-based designer is making moves to spend more time — and money — in the city. 

A trust connected to Wang paid $19.4 million for a unit at the ultra-luxe hotel-branded condo building, Four Seasons Private Residences Los Angeles, located at 9000 W. 3rd Street, according to property records. A Redfin profile of the unit, said it was 2,500-square-feet, the deal may pencil out to barely under $8,000 per-square-foot. 

The seller is the property’s developer, Genton Property Group.

About 70 percent of the building’s units were sold as of March, according to Billy Rose of The Agency, who serves as a listing agent for The Four Seasons Private Residences. Rose, however, declined to comment on Wang’s deal. Likewise, a request for comment from Wang was not returned.

Wang’s purchase may take the cake as this year’s 2023 priciest Los Angeles area condo. So far that distinction belongs to a $17.5 million condo at the 8899 Beverly building in West Hollywood. The deal for that condo was recorded in January. There was also a $14.5 million condo bought in March at the Pendry Residences West Hollywood. 

At the current pace, condo purchases may not top 2022’s priciest condo sale, which was a $21.5 penthouse at the Pendry Residences West Hollywood. The buyer is unknown.

Wang’s purchase, while not modest in price, is still a far cry from The Four Seasons Private Residences’s priciest listing. One L.A., the building’s 13,000-square-foot penthouse, which hit the market at $75 million. In March, the ask was cut to $50 million. 

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The post Alexander Wang pays $19M for LA condo appeared first on The Real Deal.

 About a year after award-winning fashion designer Alexander Wang produced a runway show in Los Angeles’ Chinatown, the New York-based designer is making moves to spend more time — and money — in the city.  A trust connected to Wang paid $19.4 million for a unit at the ultra-luxe hotel-branded condo building, Four Seasons Private Residences
The post Alexander Wang pays $19M for LA condo appeared first on The Real Deal.  Uncategorized, celebrity-real-estate, Condos, LA, los-angeles, luxury-real-estate, priciest-listings 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. Chinese-born investor Maggie Gong Miracle has aimed for the stars with a 35,000-square-foot Bel-Air mansion listed at $185 million. An unidentified limited liability company tied to Miracle will soon list the hilltop estate at 911 Tione Road, the Wall Street Journal reported. Miracle is known for proposing to build an $800-million, egg-shaped office tower in
The post Firm tied to Maggie Gong Miracle asks $185M for Bel-Air estate appeared first on The Real Deal. Robert Khodadadian – The Real Deal

Chinese-born investor Maggie Gong Miracle has aimed for the stars with a 35,000-square-foot Bel-Air mansion listed at $185 million.

An unidentified limited liability company tied to Miracle will soon list the hilltop estate at 911 Tione Road, the Wall Street Journal reported.

Miracle is known for proposing to build an $800-million, egg-shaped office tower in Hollywood , a proposed project known as The Star. The 22-story building on Sunset Boulevard is in the approvals pipeline.

The mansion she is peddling sits on a nearly 3-acre estate in Bel-Air, and includes an eight-bedroom, three-story mansion, plus a guesthouse and “wellness facility.” The property, dubbed La Vue, has never been lived in, brokers say.

Brokers Joyce Rey of Coldwell Banker Realty and James Harris and David Parnes of the Agency will hold the listing. There’s no mention of the mansion on their websites.

The curving white megamansion has blocks of concrete segments with floor-to-ceiling windows looking onto Los Angeles, according to a photo. The matching guesthouse looks down on a 105-foot pool and tennis court.

The foyer of the main house has a curved limestone staircase, a chandelier, and a fresco painted on the walls, Rey told the Journal.

The living room has two 16-foot marble fireplaces made of stone from a quarry outside Rome. There’s also a living garden wall and an office with a 1,600-square-foot deck. 

The master bedroom comes with a sauna and steam room and can be closed off from the rest of the estate with facial recognition software.

The mansion sits above a 174-foot curved lap pool on grounds that contain a fitness room, theater and a dining alcove in an olive grove. 

The property once contained a midcentury-modern home, built in 1961, designed by Richard Dorman. The 4,700-square-foot house, listed by Rey, sold in 2014 for $10.7 million.

It was replaced by a home that closely resembles plans by developers Michael Palumbo and Jay Belson, who in 2016 listed an yet-to-be-built spec home for $100 million, for which Rey also shared the listing, according to Forbes. The developers offered as an alternative a $32 million of the lot  and plans.

It’s not clear which developer built the 29,600-square-foot contemporary-style mansion, designed by Shubin Donaldson, based in Culver City, or when Miracle bought the property.The record price for a L.A.-area home was set this month when Beyoncé and Jay-Z paid $200 million for a beachfront estate in Malibu designed by a Tadao Ando. A Malibu estate owned by former Disney CEO Michael Eisner has been listed for $195 million, down from $225 million.

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The post Firm tied to Maggie Gong Miracle asks $185M for Bel-Air estate appeared first on The Real Deal.

 Chinese-born investor Maggie Gong Miracle has aimed for the stars with a 35,000-square-foot Bel-Air mansion listed at $185 million. An unidentified limited liability company tied to Miracle will soon list the hilltop estate at 911 Tione Road, the Wall Street Journal reported. Miracle is known for proposing to build an $800-million, egg-shaped office tower in
The post Firm tied to Maggie Gong Miracle asks $185M for Bel-Air estate appeared first on The Real Deal.  Uncategorized, 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. It’s business as usual for Harlan Crow’s Crow Holdings, which is planning yet another industrial project.  The Dallas real estate stalwart filed to build a 405,000-square-foot industrial property at 1500 North Walton Walker Boulevard on the western edge of Dallas. The building has an estimated build cost of $40.7 million.  Work is expected to begin
The post Crow Holdings plans $40M industrial in Dallas appeared first on The Real Deal. Robert Khodadadian – The Real Deal

It’s business as usual for Harlan Crow’s Crow Holdings, which is planning yet another industrial project. 

The Dallas real estate stalwart filed to build a 405,000-square-foot industrial property at 1500 North Walton Walker Boulevard on the western edge of Dallas. The building has an estimated build cost of $40.7 million. 

Work is expected to begin in August and run through next December. The project is called “Commerce 30 Building D” in filings, evidently a reference to Interstate 30, which runs just north of the project site. While it is called Building D, no other project filings existed for nearby addresses in the Texas Department of Licensing and Regulation database. 

The project architect is Azimuth, a Dallas-based firm that designs office and retail buildings in addition to industrial. Crow and Azimuth are also teaming up on an 800,000-square-foot distribution center in Lancaster, just south of Interstate 20 near Dallas.

Crow has been investing heavily in industrial development near urban cores for years now. 

“These industrial properties need to be closer and closer to the end consumer,” the firm’s CEO, Michael Levy, told FundFire shortly after the pandemic began. “Where people used to expect delivery within a week, now we expect things to be delivered in two hours.”

Industrial vacancy remains near historic lows in Dallas-Fort Worth, according to a recent report from brokerage Avison Young. Openings ticked up slightly to 7 percent due to a significant amount of new square footage coming online, but average rent remains at the lower end of the national spectrum at $6.55 per square foot. 

It is unclear whether Crow already has a tenant lined up for the building, which it described in the filing as a concrete tilt wall shell. But the firm has been on a development tear in recent months, filing for a $38 million logistics center near the Design District and a $31 million refresh for its Hilton Anatole in the Market Center complex.

The firm recently announced a $2.8 billion fund, in partnership with Crow Holdings Capital and an unnamed institutional investor, for small, open-air shopping centers. 

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The post Crow Holdings plans $40M industrial in Dallas appeared first on The Real Deal.

 It’s business as usual for Harlan Crow’s Crow Holdings, which is planning yet another industrial project.  The Dallas real estate stalwart filed to build a 405,000-square-foot industrial property at 1500 North Walton Walker Boulevard on the western edge of Dallas. The building has an estimated build cost of $40.7 million.  Work is expected to begin
The post Crow Holdings plans $40M industrial in Dallas appeared first on The Real Deal.  Uncategorized, Crow Holdings, Development, Harlan Crow, Industrial 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. Pan-Cal Showcase Homes aims to replace a shopping center in San Jose with 210 homes. The San Jose-based developer, a unit of Pan-Cal, has filed plans to replace the North Valley Plaza at 1670-1696 Berryessa Road, the San Jose Mercury News reported.  Preliminary plans call for 210 homes between Berryessa Station Way and Lundy Avenue,
The post Pan-Cal eyes 210 homes in place of San Jose retail center appeared first on The Real Deal. Robert Khodadadian – The Real Deal

Pan-Cal Showcase Homes aims to replace a shopping center in San Jose with 210 homes.

The San Jose-based developer, a unit of Pan-Cal, has filed plans to replace the North Valley Plaza at 1670-1696 Berryessa Road, the San Jose Mercury News reported. 

Preliminary plans call for 210 homes between Berryessa Station Way and Lundy Avenue, northeast of Downtown.

The filing suggests the developer would employ SB 330, a state law meant to streamline housing approvals.

The project is near the Berryessa BART station, the transit agency’s one stop in the South Bay city. Developers have proposed several housing projects on multiple sites nearby.

North Valley Plaza shopping center is owned by an affiliate whose mailing address is the same location as Pan-Cal, founded in 1978 as a developer of custom homes in the Bay Area, according to its website.

The company describes itself as “a full-service real estate organization with expertise in homebuilding, site development, commercial and multi-family asset management, and leasing.” 

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The post Pan-Cal eyes 210 homes in place of San Jose retail center appeared first on The Real Deal.

 Pan-Cal Showcase Homes aims to replace a shopping center in San Jose with 210 homes. The San Jose-based developer, a unit of Pan-Cal, has filed plans to replace the North Valley Plaza at 1670-1696 Berryessa Road, the San Jose Mercury News reported.  Preliminary plans call for 210 homes between Berryessa Station Way and Lundy Avenue,
The post Pan-Cal eyes 210 homes in place of San Jose retail center 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. It’s a case of strange bedfellows: Landlord groups, tenant advocates and the City Council are on the same side in a fight with Mayor Eric Adams over rental vouchers. The Council on Thursday approved a series of measures aimed at expanding voucher eligibility, despite opposition from the Adams administration. The vote may set the stage
The post Council, landlords back voucher expansion, but mayor objects appeared first on The Real Deal. Robert Khodadadian – The Real Deal

It’s a case of strange bedfellows: Landlord groups, tenant advocates and the City Council are on the same side in a fight with Mayor Eric Adams over rental vouchers.

The Council on Thursday approved a series of measures aimed at expanding voucher eligibility, despite opposition from the Adams administration. The vote may set the stage for the first mayoral veto in years.

Among the measures is a bill that repeals a rule requiring individuals and families to spend at least 90 days in homeless shelters before they can apply for the City Fighting Homelessness and Eviction Prevention Supplement, or CityFHEPS.

Another would increase income eligibility for vouchers. Instead of 200 percent of the federal poverty level, the upper limit would be 50 percent of area median income — bumping the threshold to $66,700 from $55,500 up for a family of four, based on 2022 figures.

The Adams administration has criticized the measures, saying they would cost $17 billion just in the first five years and make it harder for the existing 20,000 voucher holders to find housing, because of the new competition.

Department of Social Services Commissioner Molly Park said in a statement that the measures were “well intentioned” but “would do significant harm to the most vulnerable unhoused New Yorkers.”

“They would undermine a system designed to direct resources to those with the greatest need, and instead provide rental assistance to tens or even hundreds of thousands of New Yorkers who are not homeless or at risk of becoming homeless,” Park said in a statement.

The administration said it offered to work with the Council on a measure that would lift the 90-day rule for families only, as well as another proposal to expand vouchers.

A recent report by the Citizens Budget Commission raised concerns about rent assistance funding, pointing to a $450 million shortfall. The city’s executive budget projects spending $636 million in fiscal year 2023 on rental assistance programs, but only allocates $192 million in fiscal year 2024.

City Council Speaker Adrienne Adams criticized the administration on Thursday for focusing on “solely expanding emergency shelters.”

“The choice is clear from the perspective of what helps New Yorkers in our communities, and what is cost-effective,” she said at a press conference ahead of Thursday’s vote.

The speaker said expanding the path to housing would save money, given the high cost of emergency shelter, and is also better for the health and well-being of those tenants.

She also challenged the mayor’s $17 billion figure, saying it incorrectly included the total cost of housing even though vouchers only cover a portion of rent (tenants must pay 30 percent of their income). She pointed to a report estimating that ​​housing a family of two in the shelter system costs $8,773 a month, while a CityFHEPs voucher costs $2,387 per month for a one-bedroom apartment.

The administration counters that many vouchers would go to tenants who would not otherwise end up in a shelter.

Because vouchers supplement rent, landlords have been generally supportive of the bill package. The Real Estate Board of New York testified in favor of the measures eliminating the 90-day rule and raising the income threshold.

On Thursday, Michael Tobman, membership director of the Rent Stabilization Association, said his organization has “long supported government vouchers that are efficiently and expeditiously delivered.”

Jay Martin, executive director of the Community Housing Improvement Program, called the bills a step in the right direction and praised the Council for “removing many of the bureaucratic hurdles that prevent renters in trouble from finding permanent housing.”

“But let’s be honest about the impact they will have on the current affordable housing crisis in the city,” he said in a statement. “These bills will help dozens of renters, at the expense of other renters. Vouchers only work if there is an adequate supply of housing.”

The clash over the voucher bill comes one day after the city’s housing chief, Jessica Katz, said she plans to step down by July. Her departure comes as the mayor seeks to limit the city’s right-to-shelter policy.

Katz did not specify her reasons for leaving, but these issues apparently put her at odds with the mayor. In a statement Wednesday, Christine Quinn, president and CEO of Win and a former City Council speaker, made it a point to thank Katz for supporting a repeal of the 90-day rule.

It is not yet clear if the mayor will veto the measures. The speaker would not say on Thursday whether she is confident that the Council would override a veto. But when asked about her relationship with the mayor, given their disagreements over right-to-shelter and vouchers, she chose her words carefully.

“Our working relationship is interesting, and I’ll leave it there,” she said.

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The post Council, landlords back voucher expansion, but mayor objects appeared first on The Real Deal.

 It’s a case of strange bedfellows: Landlord groups, tenant advocates and the City Council are on the same side in a fight with Mayor Eric Adams over rental vouchers. The Council on Thursday approved a series of measures aimed at expanding voucher eligibility, despite opposition from the Adams administration. The vote may set the stage
The post Council, landlords back voucher expansion, but mayor objects appeared first on The Real Deal.  Uncategorized, Affordable Housing, Housing Policy 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.