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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[……]

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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[……]

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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
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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[……]

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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
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Michael Shvo

Michael Shvo partnership pays $130M for Beverly Hills development site Shvo and his team have made several big bets recently, including a New York luxury resi conversion and a Miami hotel

Bilgili Development s Serdar Biligil and Michael Shvo with a rendering of 9200 Wilshire Boulevard (Credit: Facebook and Getty Images)

Michael Shvo s buying spree continues.

For the latest, the New York developer and his partners paid $130 million for a Beverly Hills development site.

The team is planning a 300,000 square foot residential and retail complex at 9200 Wilshire Boulevard it said in a statement Wednesday. The seven-story building will have 54 luxury residential units and 6,000 square feet of retail space.

It is a joint venture with Turkish developer Bilgili Group — led by Serdar Biligili — and with Deutsche Finance.

The seller was New Pacific Realty Corp. and the deal pencils out to $422 a square foot.

The acquisition was funded with a $51 million loan from爱上海龙凤419桑拿 上海龙凤论坛sh1f Acore Capit上海千花社区 上海千花网交友al. Lotus Capital Partners brokered the 上海贵族宝贝交流区 上海贵族宝贝论坛debt.

The deal follows a string of acquisitions made by Shvo and his partners in recent months. In February, Shvo and Bilgili purchased the Raleigh Hotel in Miami from Tommy Hilfiger, paying $103 million for the 83-room Art Deco hotel.

The same week, the partners received the green light to convert 685 Fifth Avenue in Manhattan into a residential condominiums, a deal in which Mandarin Orient上海千花网 爱上海同城对对碰al Hotel Group signed on to manage.

Shvo and Bilgili s joint venture is backed by Bayerische Versorgungskammer, a German pension fund.

Tags: Beverly Hills, Com上海龙凤论坛sh1f 上海龙凤论坛mercial Real Estate, deutsche bank, Development, Michael Shvo
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” big melee of Ren Tiantang star is special edition ” 3 weeks of sales volume of Japanese break through 2 million

Media Create of orgnaization of statistic of Japanese market research was released last night statistic of game sales volume reports last week. Show according to the report, on December 17, 2018 ~ during December 23, switch game ” big melee of Ren Tiantang star: Special edition ” become champion of a list of names posted up of game sales volume in order to exceed 450 thousand sales volume, this is this game since appearing on the market successive the 3rd week occupies a list of names posted up of a list of names posted up of sales volume of Japanese area game by force the position of first. At the same time ” big melee of Ren Tiantang star: Special edition ” the 2nd game that also makes sales volume of Japanese area Switch break through 2 million. Other sport respect, what SQUARE ENIX rolls out at the same time in double platform of PS4 and Switch is similar ” my world ” play a way ” brave person fight evil dragon: Wright 2 ” sales volume of first weeks of accumulative total breaks through double platform 200 thousand. It is specific sales volume and rank circumstance below: A list of names posted up of game sales volume:[……]

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” anthem ” accident of complete newer daily record drops edition of 1.04 patches Chinese rate by repair

On March 26 ” anthem ” the line on 1.04 patches, at the same time BioWare returned synchronism to issue 1.04 complete newer daily records. Nevertheless at that time is English edition, civilian net has been updated in now, issued the daily record of complete Chinese edition that updates this. Those who have fun at is OK look. According to the daily record that the government issues, surprising is, bioWare appears or go up in certain level ” reduce ” of master degree and fabulous class equipment drop rate. Pursue as follows, we see BioWare is in the 1.04 rehabilitate in updating ” the accident is obtained to drop when the player is flat rate ” this one flaw (Bug) . Be worth what carry is, there is operation of this kind of sweet juice before BioWare. ” anthem ” on Feburary 22 head when hair small update ” accident ” bring about certain goods drop rate increased, after 11 hours, bioWare will be dropped very quickly again lead the state before correcting a put on sale afresh. This kind of for fear that drops BioWare lead addition operation to make a person incomprehensible really, master degree and fabulous class equipment drop very hard originally, and their vocabulary entry is very much after dropping it is rubbish, the even if below this kind of circumstance is to this kind lets lead addition flaw, have might as well again? Full text of newer daily record is as follows: Fabulous degree job: Let you can with taller difficulty task of road of new play key. Can open a task everyday, and the restriction that did not achieve a frequency. These tasks can be offerred brand-new challenge and need group collaboration to gain a victory! Yilisi treasure: Finish daily challenge to obtain spoon of the Si Yao in Yi. These keys can use Yuyilisi treasure, beat Prince of the Devils when you and finish fortified point afterwar, you can interpret lock exterior prop and synthetic data. Tibet will be open Yi Li Sibao expeditionary all medium members bring spoils of war. Share prop of kind of distinctive outward appearance to be able to solve a lock among them, include stick pose of graph, victory, expression and advent animation. You won’t acquire reduplicative exterior stage property absolutely! This is the regulation of box of the Si Bao in Yi of the first edition in our game, we very respond to and data is obtained what expect to obtain you when your amuse oneself. The treasure chest in battle of booty change foothold, free mode and task organic now rate falls additional prop and synthetic material. In great master 1 difficulty or above, foothold battle Prince of the Devils will drop more booty, organic meeting drops additional master degree and fabulous class prop. Nvidia Highlights adds Nvidia Highlights newly to assist will obtain check scheme and game short automatically: Pay a visit and postmortem scouts the dot beats specific and large biology to finish much bang to kill beat fabulous class biology to explore coffin pit of army group arms to defeat set of PC[……]

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E3: Collect of B company news briefing ” destroy a soldier: Lasting ” announce day of put on sale

Of E3 2019 reveal just sent Microsoft, greeted Bethesda of manufacturer of old brand game again, though this B company has announced ” antediluvian reel 6 ” and ” sky ” will not join exhibit, but the content of news briefing of this B company still is worth to look, ” destroy a soldier: Lasting ” date of affirmatory put on sale should be the message with a lot of old the most gratified vermicelli made from bean starch, still have in addition ” antediluvian reel OL ” , ” De Jun headquarters ” the latest news that waits for much money game, at present 3DM had had information pool for players, everybody looks together! ” antediluvian reel: Blade ” land NS mobile phone to carry open tonight download now (on June 10) , b company announced him on E3 2019 most mobile phone game of fire ” antediluvian reel: Blade ” pertinent information, ” antediluvian reel: Blade ” will land Switch platform Summer 2019, and file can applicable to both or all, end of mobile phone of IOS/ An Zhuo will develop download tonight. News link: Nod me to understand? ” radiation 76 ” new DLC is premonitory B company was announced on newest news briefing ” radiation 76 ” new DLC ” useless earth ” , ” radiation 76 ” new DLC ” useless earth ” revealed a player to wait 51 long already home, as the advocate of 76 shelter, can you choose to join 51 home a group of people of same interest to spread out intense resource to contend for battle? And what support 52 players fight hard at most is big escape kill mode ” nuclear winter ” also will go up line. News link: Nod me to understand? 3 on true department makes newly announce ” GhostWire: Tokyo ” on B company news briefing, announce to join before this exhibit 3 on true department announced the horrible game with newest oneself ” GhostWire: Tokyo ” , it is a brand-new game IP, in be not a hearsay ” Ahriman adds a body 3 ” , and published the guide of game premonitory. ” GhostWire: Tokyo ” forerunner is premonitory:
Premonitory in showed make newly probably story, the world that the setting base oneself upon of game disappears suddenly at everybody, it seems that the power that game has a mystery let the world appear to change, the part that still has a mystery appears, of game specific play law and even of day of put on sale sealed. News link: Nod me to understand? ” antediluvian reel OL ” new content is premonitory announced B company to reveal ” antediluvian reel OL ” new DLC premonitory CG. Additional, this Bethesda still expresses to want to increase server size for this game, let more player have better game experience. The new content name that this Bethesda place reveals is ” Elsweyr ” , already OK amuse oneself, be in premonitory in, players will admire the fight of you hero and megalosaurus, occasion looks very intense, CG performance is very good also. At the same time B company still is met again the next time next DLC is announced on QuakeCon ” Dragonhold ” more information. Premonitory demonstrate:
News link: Nod me to und[……]

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