Blogs

Jonathan Rose

Johnathan Rose (Photo by Catherine Gibbons)

In 1963, Rose Associates, led by its second-generation patriarch, Frederick Rose, was closing in on a huge triumph: the completion of 280 Park Avenue, an Emery Roth-designed building in Midtown that was to be the company’s first office tower and would later become the headquarters of Bankers Trust. Amid all the hubbub, an 11-year-old Jonathan Rose was focused on a much lower-profile project. Just 10 miles north but worlds away from the gilded environs of Park Avenue, Rose Associates was working 上海同城对对碰交友社区 上海夜网论坛on an affordable housing complex, built under the state’s Mitchell-Lama program, called Bronx Evergreen Gardens. To the young Rose, who had regularly visited the construction site and observed the hopeful faces of the many low-income families walking into the leasing office with their housing applications, this was the development that mattered and excited his boyhood sense of possibility. 

“I felt it was making a bigger difference in people’s lives,” he said recently during an interview with The Real Deal.

That youthful appraisal turned out to be a sign of things to come. Today, the 64-year-old developer is one of the most respected for-profit builders of sustainable and socially conscious designs in the country. Most recently, he was one of the developers of an $83 million charter school and affordable housing development in East Harlem that opened last fall. Jonathan Rose Companies, which he founded in 1989, is also an active investor. This past January, it purchased Forest City Ratner’s stake in 47 affordable housing communities as part of an $80 million deal.

Now, Rose — whose vast policy credentials include being part of the team tapped by the Clinton administration in the 1990s that coined the term “smart growth”— has added the role of author to his résumé.

“The Well-Tempered City,” published in September by Harper Wave, surveys the long history of city planning — from Mesopotamian times to the present — and the challenges facing cities. Rather than focus on his own endeavors, Rose is targeting a broader audience of urbanophiles. As the book jacket states, his goal is to join the urban planning canon that includes Jane Jacobs’  “The Death and Life of Great American Cities” and Edward Glaeser’s “Triumph of the City.” It’s a gutsy aspiration, and “The Well-Tempered City” — which takes its title and inspiration from Johann Sebastian Bach’s tuning and music manual “The Well-Tempered Clav上海龙凤论坛 新上海贵族宝贝论坛ier” — delivers in terms of dizzying breadth. In roughly 400 pages, Rose weaves in history, scientific doctrines, current events and policy examples from New Delhi to New York. Early on, he argues that city dwellers these days have a right to have high expectations, reeling off a list of nearly 30 urban policy achievements — Finland’s public education system, Copenhagen’s biking culture, New York City’s arts and culture and Hong Kong’s subway system, to name a few. “Each of these aspects of a well-tempered city[……]

Read more

Lewis Rudin’s daughter is selling her Southampton home for $4.2M

Built in 19上海千花网 爱上海同城对对碰11 as part of painter William Merritt Cha爱上海同城对对碰 爱上海同城论坛se’s Art Village in Southampton, this two-acre property has since acquired a prolific web of affiliations, thanks to its current owner, art patron Beth DeWoody. DeWoody is the daughter of real estate mogul Lewis Rudin and at one point, the executive VP of his company. Her husband is celebrity photographer Firooz Zahedi, though she was formerly married to painter James DeWoody. Her stepfather was the infamous film producer David Begelman, who, amid bankruptcy, shot himself in 19上海千花社区 上海千花网交友95. Spanning 4,347 squ阿爱上海同城 阿拉爱上海同城上海千花社区 上海千花网交友are feet, the house on Briar Lane contains six bedrooms, 5.5 baths, and three fireplaces, 27East reported. Gabriel Falco of Douglas Elliman has the listing. [27East]

Tags: Hamptons
We are having some technical difficulties. Try again later.

By clicking Subscribe you agree to our Privacy Policy.

[……]

Read more

SL Green Realty

So far, SL Green has signed just one tenant to its One Vanderbilt office tower. What about the rest? REIT hopes to average $150 per sf in rents

Marc Holliday and a rendering of One Vanderbilt

Some analysts worry that SL Green Realty may struggle to fill its office project One Vanderbilt with tenants amid a lackluster Midtown office market.

On last week’s earnings call, SL Green’s CEO Marc Holliday said the real estate investment trust will likely not start leasing until next year. The announcement “kind of reset expectations,” KeyBanc Capital Markets analyst Craig Mailman told the Wall Street Journal.

So far, SL Green has only signed on one tenant, TD Bank, which will take 200,000 square feet in the planned 1.7-million-square-foot tower. The company expects to average rents of $150 per square foot in the tower far above the current Midtown average of $80.45, according to CBRE. But during the call Holliday said even rents of $135 would still yield a 6 percent return on the tower.

Last year, SL Green landed a $1.5 billion construction loan from a syndicate led by Wells Fargo to fund the tower and earlier this year it announced that the National Pension Service of Korea had bought a 27.6 percent stake in the project.

“Wi爱上海 爱上海同城手机版th the $525 million equity commitment that we now have in the project, combined with the $1.5 billion of construction financing, which is locked and loaded, our future equity commitment to the project between now and 2020 is less than $100 million a year,” Holliday 爱上海龙凤419桑拿 上海龙凤论坛sh1fsaid.

In a statement,上海千花网交友 上海千花网论坛 a spokesperson for SL Green defended the leasing timeframe.

Construction is ahead of schedule, we’ve signed a great anchor tenant in TD Bank, partnered with a restaurant icon in Daniel Boulud and finalized a strong joint venture with the National Pension Service of Korea and Hines. We’ve consistently said that leasing commitments will begin in earnest in 2018, more than two years ahead of building completion, and we expect extraordinary demand for this unparalleled product on that timeline,” the spokesperson said.[WSJ] Konrad Putzier

(To see more properties owned or developed by SL Gre上海龙凤论坛sh1f 上海龙凤论坛en Realty, click here)

Tags: Commercial Real Estate, sl green
We are having some technical difficulties. Try again later.

By clicking Subscribe you agree to新上海贵族宝贝论坛 上海贵族宝贝交流区 our Privacy Policy.

[……]

Read more

Amazon Headquarters

A map of the states and provinces that submitted a bit to Amazon. (Credit: Amazon via BI)

The numbers are in, and they re a doozy.

Amazon says it has received 238 proposals from cities wanting to ho爱上海同城论坛 爱上海同城st the company s new headquarters.

Proposals came from 54 states, provinces, and districts.

All US states except Arkansas, Hawaii, Montana, New Hampshire, Wyoming, and North and South Dakota submitted bids. Provinces and territories in Canada and Mexico also submitted bids that will be considered.

The deadline to submit was October 19.

Amazon will now sift through the proposals, eliminating ones that don t fit its criteria. The company will 上海龙凤论坛 新上海贵族宝贝论坛announce a decision early next year.

Amazon specified it was looking for an area with a low cost of living, an educated and tech-savvy workforce, high incentives, at least 1 million people, and close access to an international airport, among other requirements.

With these requirements in mind, some cities definitely have a better shot than others.

Amazon said it expects to invest $5 billi阿拉爱上海同城 爱上海龙凤419桑拿on and create up to 50,000 jobs at the site of the new headquarters.

Tags: amazon, Commercial Real Estate
上海千花网 爱上海同城对对碰 We are having some technical 爱上海同城手机版 新爱上海同城对对碰论坛difficulties. Try again later.

By clicking Subscribe you agree to our Privacy Policy.

[……]

Read more

Timber Towers

Shiver me timbers! Flank bringing wooden buildings to Brooklyn Projects will rise two and five stories

From left: Exterior rendering of 320 Wythe Avenue and the interior of 360 Wythe Avenue

UPDATED 11:40 a.m., Nov. 20: New York City isn t quite ready for a timber tower, but Brooklyn is about to take a crack at low-rise office and retail buildings made of wood.

Flank, an architecture and development firm, is building two timber-filled commercial buildings at 320 and 360 Wythe Avenue in South Williamsburg. The firm is billing the projects as the first wooden structures to be built in the city in nearly a century.

Not that others haven t tried: Two years ago, SHoP unveiled renderings for a 10-story timber-based condo building, which was planned for 475 West 18th Street. The project s developer, however, scrapped the design last year, saying the market downturn and city regulations made the building unfeasible.

Current city rules only allow wooden buildings of up to six stories tall. That s not a problem for Flank s 360 and 320 Wythe, which will respectively rise five and three stories. The projects are using a kind of mass timber, which is engineered wood that s extremely dense — a feature that serves to strengthen the material and make it fire resistant. Flank s using cross-laminated timber from Canada-based Nordic Structures. The material is mostly made from black spruce trees.

The use of mass timber has caught on in other cities. Hines announced plans earlier this week for a six-story, wooden office building in Chicago as well as another in Atlanta. Last year, the developer completed a mass timb爱上海同城 爱上海er office building, the T3 Tower, in Minneapolis. A 12-story, mixed-use timber tower is planned for Portland. According to a June report by the Council on Tall Buildings and Urban Habitats, 40 mass timber buildings over eight-stories tall are complete, planned or under construction. In 2008, there was only one such building worldwide.

As a building material, wood is often touted as a more sustainable alternative to steel and concrete, since it s renewable and absorbs more carbon than it releases. It also reportedly can provide psychological benefits.

Flank s projects will be brick-and-beam buildings, meaning that they will have brick facades and 上海夜网 阿爱上海同城wooden interiors. 360 Wythe will feature 46,000 square feet of office space and 18,000 square feet for retail, as well as a small residential component. 320 Wythe will have 11,0上海贵族宝贝论坛 上海贵族宝贝00 square feet of office space and 4,000 square feet for retail. The buildings are designed to be reminiscent of old turn-of-the-century warehouses to attract tech and financial tenants.

“Williamsbur上海贵族宝贝 上海千花网龙凤论坛g is an emerging and enticing alternative to the Meatpacking District and DUMBO,” said Mick Walsdorf, co-founder of Flank. “320 and 360 Wythe will expand the limits of traditional construction and usher in a new era of sustainability-minded building practices.

Correction: A previous version of this story incorrectly stated the[……]

Read more

EB

As the EB-5 investor program’s expiration nears, experts weigh its pros and cons amid recent scandals

Based on recent headlines, it might sound like the EB-5 visa program is akin to a kiss of death for some developers. In January, it became known that the U.S. Securities and Exchange Commission was investigating Kushner Companies’ use of the EB-5 program following a fundraising trip to China last May. At the time, Nicole Kushner Meyer name-dropped her
brother in the White House, Jared Kushner, during a pitch to investors from whom the company was hoping to raise $150 million for the One Journal Square project in Jersey City. 

Meanwhile, up in Vermont, the Miami developer behind the Jay Peak resort project was ordered to pay $81 million back to 800 foreign investors who poured $450 million into what has been dubbed the largest ever fraudulent use of the program. To top it off, state officials are also being accused of being involved in the scandal. (None other than Harry Macklowe has offered up his condominium project 1 Wall Street if the beleaguered investors are looking to redeploy their money.)

Despite the recent scandals, the program, which allows for foreigners to invest up to $1 million in job-creating projects in exchange for a green card, has a been a huge financing source for projects in Manhattan. As Congress deliberates the reauthorization of the program, which expires March 23, one of the main points of contention is that the funds are often directed toward major cities, while rural areas aren’t receiving nearly as much of the capital. There’s also a 10-year backlog in applications, and developers are returning investors’ money before they can obtain green cards — an unwelcome occurrence in the eyes of immigration authorities. That’s resulted in $16.6 billion in capital that investors need to redeploy into real estate or other businesses to remain in good standing with the program, according to EB-5 servicer NES Financial. (It should be noted that subsequent projects receive less oversight and require no job-creation.)

So, all considered, is EB-5 — referred to by some as the “crack cocaine of real estate financing” — really a reliable source of capital? According to the four experts The Real Deal spoke to, the answer varies from a resounding yes to a shrug. But, to them, it’s clear the program is not in jeopardy, despite red flags to the contrary.

Russell Barr
Founder and Managing Partner, Barr Law Group

You’re representing EB-5 investors in a class-action lawsuit against the state of Vermont for officials’ role in the Jay Peak resort fraud. What’s the status of that case? We filed an opposition to the state’s motion to dismiss our complaint [in late January] that we believe took the state to task. Our complaint was filed at 80-odd pages, and it’s very detailed. It’s one of the only complaints in the history of my practice where about 90 percent of every allegation is supported by documentary evidence, and it ties the state of Vermont to thi[……]

Read more

The Real Deal Golf

Tee off with The Real Deal at our annual NY golf outing Join u新上海贵族宝贝论坛 上海贵族宝贝交流区s Aug. 13 for great play, networking and more

The Real Deal is plea上海千花社区 上海千花网交友sed to an爱上海同城对对碰 爱上海同城论坛nounce that we will be hosting this year s golf outing at The Muttontown Club in East Norwich, New York. Muttontown is a beautiful private country club available exclusively to members and their guests and offers the perfect setting for meeting and mingling with NYC’s real estate elites.

The day will include breakfast, a shotgun start and 爱上海龙凤419桑拿 上海龙凤论坛sh1fcocktails and meals, including a semi-formal dinner.

上海千花网龙凤论坛 上海千花社区

For the first time ever, a portion of the proceeds from this year’s event will benefit Make-A-Wish, which creates life-changing wishes for children with critical illnesses.

Be sure to mark your calendars and start planning your foursomes!

For sponsorship opportunities, please contact [email protected] or call 212.260.1332.

Tags: Golf
We are having some technical difficulties. Try again later.

By clicking Subscribe you agree to our Privacy Policy.

[……]

Read more

WeWork

Today is WeWork’s deadline to close on the Lord Taylor building. Here’s what’s happening with the deal The shuttered Fifth Avenue department store will become the We Company’s new HQ

Adam Neumann and Bjarke Ingels (Credit: Alexei Hay, courtesy WeWork)

After paying millions to extend its closing deadline twice爱上海同城手机版 新爱上海同城对对碰论坛, WeWork Property Advisors seems poised to finally complete its $850 million purchase of Lord Taylor s Fifth Avenue flagship.

As上海龙凤论坛sh1f 上海龙凤论坛 a part of the final deal, which has a deadline of Jan. 31, the retailer’s parent Hudson’s Bay Company is retaining a $125 million equity stake in the property, according to a source with knowledge of the arrangement. WPA — an investment vehicle managed by the We Company and private equity firm Rhône Group — paid an initial $75 million deposit, with an additional $50 million at the time of the two extensions. WPA still owes an additional $600 million, and the transaction is expected to close by early next week, sources said.

Eastdil Secured negotiated a $900 million loan to fund the purchase. JPMorgan Chase, Starwood Property Trust and another lender are providing the debt, sources said. (The identity of a third lender was unclear, with sources saying a previous report naming Mack Real Estate Group was inaccurate.) Eastdil did not immediately respond to requests for comment. JPMorgan and Starwood declined to comment.

A roughly $600 million portion of the debt will be available at the time of the acquisition, with the remainder set aside for the renovation of the over 600,000-square-foot building at 424 Fifth Avenue, according to a source with knowledge of the deal. The We Company plans to lease a portion of it as its global headquarters.

It’s a landmark deal for the We Company, whose ability to fund the deal was called into question上海千花网论坛 上海千花网 even before SoftBank slashed a $16 billion investment in the startup amid concerns from investors in its $100 billion Vision Fund. As recently as September, The Real Deal reported that WPA was on the hunt for an additional equity partner on t爱上海同城对对碰 爱上海同城论坛he deal. The building was valued at $650 million in 2017, with Brookfield Property Partners placing a $700 million bid to buy it that year, according to previous reports.

The We Company declined to comment on the deal.

It is unclear whether any other entity besides HBC is taking any equity in the project.

A source with knowledge of the arrangement said HBC’s decision to hold on to a minority stake was made in August 2018, the same 爱上海同城论坛 爱上海同城month the Canadian retail giant initially expected the deal to close. HBC’s “preferred minority equity interest” gives the former owner of the store a “preference on an exit if and when the building sold,” according to the source. HBC declined to comment.

HBC’s relationship with the We Company dates back to the announced sale of the Fifth Avenue flagship back in October 2017, which came alongside a series of WeWork leases in HBC stores in Toronto, Vancouver and Frankfurt and a $500 million[……]

Read more

New York Housing Nonprofits

Funding for a stat上海龙凤论坛 新上海贵族宝贝论坛ewide network of housing nonprofits co爱上海同城论坛 爱上海同城uld soon end Money stream from 2012 National Mortgage Settlement is set to sunset next month

Governor Andrew Cuomo and a house for sale (Credit: Getty Images and Pixabay)

A network of about 90 nonprofits that help homeowners across New York state could run out of funding at the end of March.

The $176 billion executive budget from Gov. Andrew Cuomo does not replace a funding stream for the nonprofits from the 2012 National Mortgage Settlement that ends next month, according to the New York Post. The organizations are calling on the governor to include $20 million in the final budget to support housing counseling and legal services.

Roughly 30 local nonprofits have worked with 33,600 home爱上海龙凤419桑拿 上海龙凤论坛sh1fowners since 2007 on issues such as foreclosure prevention. The funding push is 上海千花网龙凤论坛 上海千花社区said to have support in the state legislature, and affordable rental units comprise many of the homes at risk of getting lost to foreclosure.

A spokesman for the New York State Division of the Budget told the Post that it is continuing to hold talks with the attorney general’s office, which has previously funded these programs. [NYP] – Eddie Small

Tags: And上海贵族宝贝 上海千花网龙凤论坛rew Cuomo, Real Estate Finance, Residential Real Estate
We are having some technical difficulties. Try again later.

By clicking Subscribe you agree to our Privacy Policy.

[……]

Read more