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Kushner Companies

Kushner loans Moskovits $33M for Bushwick project Company’s debt fund has been eying deals $30M or above

From left: Jared Kushner, Toby Moskovits a上海贵族宝贝论坛 上海贵族宝贝nd 215 Moore Street in Bushwick

As traditional banks tighten the purse strings, Jared Kushner is seeing through a commitment to establish his firm as a peer-to-peer lender. A debt fund under th上海千花网 爱上海同城对对碰e Kushner Companies umbrella provided a $33 million loan to Toby Moskovits Heritage Equity Partners for a new mixed-use office-and-retail project at 215 Moore Street, according to records filed with the city Monday.

The financing from Kushner Credit Opportunity Fund will replace a prior senior mortgage from Richmond Hill Investment Company. Neither Moskovits nor Kushner immediately responded to requests for comment.

Heritag爱上海 爱上海同城手机版e s latest plans for the site include 75,000 square feet of light industrial, office and retail space geared toward tech, creative and food p上海龙凤论坛 新上海贵族宝贝论坛roduction tenants.

Kushner has been making moves in the debt business this year as traditional financing for condominium and hotel projects has dried up. Earlier this year, the company became the mezzanine lender on JDS Development Group and Chetrit Group s mixed-use project at 340 Flatbush Avenue Extension in Downtown Brooklyn.

Laurent Morali, president of Kushner, previously told The Real Deal that the firm is eyeing New York deals valued at $30 million or above.

“We realized getting into lending would allow us to still invest while getting attractive risk-adjusted returns,” he said. “By being a lender, we can stay active in a market that doesn’t necessarily always agree with our equity valuations.

Heritage purchased the Bushwick site, which runs along Seigel and Moore streets, for $28.3 million in December 2014.

In its July issue, TRD explored the risks and rewards the developers face as they lend to peers.

Tags: heritage equity partners, Jared Kushner, kushner companies, Toby Moskovits
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Park Lane Hotel

Witkoff tapping Eastdil to market
Park Lane Hotel: sources Asset has been entangled in Jho Low 1MDB scandal新爱上海同城对对碰论坛 上海同城对对碰交友社区

Roy March and The Park Lane Hotel (Credit: Getty Images)

Steve Witkoff is tapping Eastdil Secured to Market The Park Lane Hotel as part of an agreement to oust scandal-plagued partner Jho Low, The Real Deal has learned.

Sources familiar with the marketing expect that the hotel could fetch north of $1 billion, well above the $660 million Witkoff and Low paid for it in 2013.

Eastdil s Roy March and Lawrence Wolfe, who will lead the sales effort, were not immediately available for comment. Witkoff declined to comment.

A judge approved a sale of th上海千花网 爱上海同城对对碰e hotel in February as p爱上海同城 爱上海art of a cooperation agreement between Witkoff and the government. Witkoff initially proposed selling only Low s stake in the project, but it was ultimately decided that the whole asset should hit the block.

Witkoff had pla爱上海同城 爱上海nned to turn the 446,000-square-foot, 605-key property at 36 Central Park South into luxury condominiums, with Harry Macklowe and Howard Lorber holding minority pieces in the deal. However, he shelved those plans early in 2016, in a nod to the softeni上海龙凤论坛 新上海贵族宝贝论坛ng in the high-end sales market.

Low, a Malaysian investor who provided most of the equity for the purchase of the hotel, has objected to the sale. He is at the center of a massive international money laundering scandal and stands accused of siphoning hundreds of millions of dollars from a Malaysian investment fund known as 1MDB and using it to buy U.S. real estate, including his stake in The Park Lane.

He s since sold part of his stake to Mubadala Development Corp., an Abu Dhabi-based sovereign wealth fund.

Witkoff and the DOJ previously said the project is in a precarious financial position, since cash flow doesn’t cover its $480 million in debt.

In 2015, China s Sunshine Insurance Group paid over $2 million a room, or a total of $230 million, for the Baccarat Hotel on West 53rd Street.

Tags: Commercial Real Estate, eastdil secured, Helmsley Park Lane Hotel, New Development Marketing, Steve Witkoff
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Grand Central Columbus

Detroit landlord to unload 2.3M square-foot portfolio, Gensler to design tallest tower in Austin, and more… National market report

A rendering of Grand Central in Columbus

Columbus: 23-acre vacant lot to get massive mixed-use development

An Ohio-based developer unveiled plans for a 23-acre mixed-use luxury project on one of the last large, undeveloped plots of land in Columbus’ Arena District, the Columbus Dispatch reported last month.

Brian Schottenstein, the president of Schottenstein Real Estate Group, told the local paper that the development would be a “district of its own.” Though the firm has yet to submit its plans to the city, as it stands, “Grand Central” would include a 120- to 144-unit condominium tower, a 206- to 270-unit apartment building, a 200-key hotel, a 125-room extended-stay hotel, a conference center, two parking garages and a two-story grocery store. The company has yet to select an architect, but it is currently in talks with potential joint venture partners for the project, which would be the largest Schottenstein Real Estate has taken on.

Schottenstein said his company was currently in contract to buy the vacant sailboat-shaped property sandwiched between Interstate 670 and Huntington Park. It sits just across the Scioto River from a 21-acre site, where the city of Columbus released a request for qualifications for master planners that could construct a $500 million, 3.1 million square-foot mixed-use development.

Michigan Theater building

Detroit: Troubled landlord looks to unload 30-property portfolio

An embattled Motor City property owner has put 30 commercial and industrial buildings on the market for sale and lease, Crain’s Detroit Business reported last month.

Dennis Kefallinos — who most recently made the news in February, when the city evicted 150 tenants from his Russell Industrial Center building over unsafe conditions — has been investing in Detroit real estate for decades.

The properties now on the market total 2.3 million square feet across 100 上海千花网龙凤论坛 上海千花社区acres in Detroit and the adjacent city of Hamtramck. The portfolio includes some of Kefallinos’ more well-known holdings, such as the almost century-old, 12-story Harvard Square Centre high-rise and the former Michigan Theater building, bot上海龙凤论坛sh1f 上海龙凤论坛h in downtown Detroit.

Kefallinos scooped up some of the properties at foreclosure auctions, and he’s often said he planned to convert some of the industrial buildings into restaurants or apartments. But over the years, he has been criticized for putting off renovations and improvements at his properties. At one point, the city even lined up one of his buildings for demolition before he persuaded it to reconsider, suggesting he would create micro apartments in the building.

None of Kefallinos’ residential properties have been listed for sale; in fact, many are tied up in a class-action lawsuit over code violations, his failure to obtain certificates of occupancy and alleged substandard living conditions, according to MLi[……]

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Frank Gehry High Line

We are having some上海千花网论坛 上海千花网 technic上海千花网龙凤论坛 上海千花社区新上海贵族宝贝论坛 上海贵族宝贝交流区al difficu上海龙凤论坛sh1f 上海龙凤论坛lties. Try again later.

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The Dakota NYC

Roberta Flack s Dakota apartment is finally under contract Buyer will combine two Dakota units into 14-新爱上海同城对对碰论坛 上海同城对对碰交友社区room spread

The Dakota at 1 West 72nd Street and Roberta Flack (Credit: Douglas Elliman and Warburg Realty)

Roberta Flack, a Grammy award-winning singer, is in contract to sell her co-op apartment at the exclusive Dakota.

Th上海千花网龙凤论坛 上海千花社区e unknown buyer plans to combine Flack’s 2,000-square-foot unit with a nine-room apartment next door, according to the New York Post. The buyer is in contract for both units for an undisclosed price, but the combin爱上海同城手机版 新爱上海同城对对碰论坛ed asking price was $17 million, down from an initial $26 million.

Flack, 80, is a four-time Grammy award winner, with wins for her covers of “Killing Me Softly with His Song” and “The 上海千花网龙凤论坛 上海千花社区First Time I Ever Saw Your Face” in the 1970s. Her apartment had been reconfigured from a six-room unit t爱上海龙凤419桑拿 上海龙凤论坛sh1fo a spacious two-bed, two-bath spread, and includes four wood-burning fireplaces, 12-foot ceilings and Central Park views.

Flack’s apartment was first listed in 2015 for $9.5 million, and the asking price was cut several times since, with the most recent price at $7 million.

The neighboring apartment belonged to the late Jacqueline Bikoff, who paid $13 million for it in 2010. The asking price was cut from an initial $16.75 million to $10 million. It was gut-renovated by Bikoff’s daughter Sasha, who is an interior designer.

The combined unit will return the apartment at 1 West 72nd Street to its original configuration when it was built in 1884. [NYP] Chava Gourarie

Tags: 1 west 72nd street, celebrity real estate, dakota, Residential Real Estate
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Houston Segregated Housing

Lawsuit throws Houston s access to disaster-recovery funds into jeopardy Local housing group is blocking Houston from receiving federal funds in protest of the city’s policies

Left: Sylveste爱上海同城手机版 新爱上海同城对对碰论坛r Turner in 2015. (Credit: Traci Patterson, back photo by Nick Youngson)

A local housing group is taking Houston to task over policies that it says perpetuates racial segregation throughout the city.

The group, called Texas Housers, filed a lawsuit last week alleging that the city has a track record of refusing to allow low-income housing developments to be built in predominantly white neighborhoods and that the Department of Housing and Urban Development has known about it all along, reports the Wall Street Journal.

The suit could block Houston from receiving the $30上海同城对对碰交友社区 上海夜网论坛 million it receives annually from HUD and much more; the state has received $5上海千花社区 上海千花网交友 billion from HUD and is now tasked at distr新爱上海同城对对碰论坛 上海同城对对碰交友社区ibuting it throughout area affected from last year s hurricane season, and HUD has another $28 billion it still needs to distribute to areas damaged by natural disasters.

“The lawsuit is not in the best interests of people in the city o上海夜网 阿爱上海同城f Houston, who were directly impacted by Hurricane Harvey and found themselves displaced by the flood waters,” the Houston mayor s spokesman, Alan Bernstein, told the Journal.

But the Housers say the rebuilding process has to be done equitably.

“Are we going to continue upholding segregation are or are we going to give families a real choice?” said co-director Chrishelle Palay to the Journal. [WSJ] Erin Hudson

Tags: Politics, Real Estate Lawsuits, Residential Real Estate
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Priciest Apartments Manhattan

Here are the week’s top luxury sales An interactive look at where the biggest deals were struck, plus total o爱上海同城手机版 新爱上海同城对对碰论坛verall s上海同城对对碰交友社区 上海夜网论坛ales and average prices for the week (click on numbers to see da上海贵族宝贝 上海千花网龙凤论坛ta)
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Co-working space has tripled in Chicago in 4 years: report Shared spaces now comprise nearly 2 percent of Downtown office market

A WeWork coworking space in Fulton Market and Adam Neumann (Credit: WeWork and Getty Images) 

Chicago’s co-working market has tripled in the last four years, adding some 1.8 million square feet of shared office space Downtown and on the Near North Side.

Totalling less than 800,000 square feet at the start of 2014, the city’s co-working market now has 99 locations that occupy nearly 2.6 million square feet, according to a new report by Colliers International.

Co-working space now makes up 1.8 percent of the central business district’s office space, meaning the industry’s health is now critical to the city’s office market, according to the report.

The face of the city s co-working market has undergone dramatic change as well.

In 2014, Regus dominated the local co-working market, accounting for 54 percent of the city’s 788,898 square feet of co-working space. But as WeWork began to dominate the industry, Regus share began dwindling. By the second quarter of this year, Regus controlled 15 percent of the market.

Other co-working firms include Spaces, a sister company of Regus, that recently signed a lease to occupy 80,000 square feet at 620 North LaSalle Street. Another, Rent24, a European co-working company, has signed on to a 100,000-square-foot space at 500 North Michigan Avenue, according to Colliers.

WeWork, the industry leader, is also the biggest in Chicago. It will have opened eight locations and will control 23 percent of the market by the end of 2018, the report said.

Chicago has also undergone a change in the type of co-working space available. While Regus now has 18 locations compared to WeWork’s eight, WeWork contr阿拉爱上海同城 爱上海龙凤419桑拿ols more than 200,000 more square feet in the city.

That’s because modern co-working spaces are larger and more amenity-heavy than in years past, as new players enter the market and seek an edge against the competition: WeWork has an average office size of 75,116 square feet, compared to Spaces’ 48,944 and Regus’ 21,834.

“The dramatic transformation experienced within Chicago’s co-working market is a microcosm of the co-working industry’s recent upheaval,” according to the report. The industry, it said, is shifting from almost exclusively catering to traditional users such as small financial services firms and boutique law firms to providing dynamic, flexible workspaces in amenity rich environments. Those environments 爱上海同城论坛 爱上海同城are increasingly geared to a you上海千花网交友 上海千花网论坛nger workforce in the gig economy, it noted.

The city’s co-working offices are heavily concentrated in some of the area’s hottest real estate markets, the report sa爱上海同城 爱上海id.

River North and West Loop each have 23 co-working spaces, though River North has 30 percent of the city’s total co-working office space while the West Loop has 24 percent.

The burgeoning Fulton Market has drawn 7.5 percent of the city’s co-working space — e爱上海同城 爱上海ight offices[……]

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Miami Real Estate lawsuits

South Florida s most head-turning lawsuits of 2018 Business partners became enemies, buyers sought to cancel deals over allegedly false square footage advertising and investors faced 新爱上海同城对对碰论坛 上海同城对对碰交友社区accusations of theft and fraud, among other allegations during the past year

From left: Craig Studnicky, John Yanopoulus, Philip Spiegelman, and Brenda Nestor

In 2018, South Florida’s real estate industry saw longtime business partners going through bitter divorces, buyers seeking to get out of luxury condo deals by accusing developers of construction delays and false advertising, foreign governments and investors suing local companies over allegedly fraudulent real estate investments and sizzling disputes over allegedly unpaid six-and-seven-figure commissions. Here’s a look back at the 10 most scandalous lawsuits filed in the past 12 months:

1. Craig Studnicky and Philip Spiegelman built International Sales Group into one of the region’s leading luxury condo brokerages during a quarter century’s worth of peaks and valleys in South Florida’s real estate cycles. The company outlasted recessions and the market bottoming out in 2008, but it may not survive an internal civil war between the ISG founders.

Over the summer, Studnicky and Spiegelman sued each other in Miami-Dade Circuit Court over control of ISG. Studnicky wants to force Spiegelman out and keep ISG in business. Studnicky wants a judge to dissolve the company. Both partners made scathing allegations against the other. Spiegelman accuses Studnicky of burning “through large amounts of cash” that ISG made in sales commissions, and failing to deliver any profits. Studnicky alleges Spiegelman s “overbearing narcissism and obnoxious personality” alienated an original founding partner, employees and clients.

2. Vulcan Investment Partners, a fund founded by a group of leading Mexican businessmen and financial experts, had plans to go on a voracious buying binge when it announced six years ago that it planned to invest $150 million to purchase 1,200 single family homes throughout South Florida. Turns out that 41 properties Vulcan ended up buying were actually financed with allegedly pilfered funds from the Mexican state of Veracruz. The state sued Vulcan Dynamic Realty Fund and its CEO Inaki Negrete, Miami-based Nexxos Realty and its managing member Ana Maria Velasquez, and Delaware-based ACE Realty Holdings.

The Veracruz government claims the money used to buy the properties was stolen by Javier Duarte De Ochoa during his term as the Mexican state’s from 2010 to 2016. Duarte is currently awaiting trial on corruption charges in Veracruz after he was captured last year in Guatemala. Veracruz is seeking at least $25 million in compensatory damages and additional punitive damages, as well as control over the properties.

3. Jupiter developer Nicholas Mastroianni II has become somewhat of a guru in the world of EB-5 financing and investing. As founder of U.S. Immigration Fund for EB-5 Investment, Mastroianni has rais[……]

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Manhattan Condo Inventory

Source: TRData analysis of plans approved to sel上海千花网交友 上海千花网论坛l by NYS Attorney General in January


Source: TRData a上海贵族宝贝论坛 上海贵族宝贝nalysis of NYS Attorney General and NYC Dept. 上海夜网论坛 上海夜网of Finance records for units in condo 爱上海 爱上海同城手机版projects t上海同城对对碰交友社区 上海夜网论坛hat sold in January

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