Paydirt: Take it to the (Asian) bank, WeWork’s investment play more The industry news you need to start your week, and what’s ahead
From left: WeWork s Adam Neumann, Bank of China s Chen Siqing (credit: Getty) and Uni上海龙凤论坛sh1f ted Overseas Bank s Wee Ee Cheong (credit: Getty)
WeWork, the co-working golden child seen by some as the future of real estate, h上海夜网论坛 as taken a beating of late critics have loudly questioned the fundamentals of its model and the firm has struggled to reduce costs and meet growth targets. It s now trying something different: Just a day after news of a $260 million infusion valuing the company at $16.9 billion broke, WeWork vice chair Michael Gross said the company was looking to acquire buildings that could house its co-working and co-living spaces.
“We’re looking at multiple companies where we’re looking at sale-leasebacks,” Gross said.“They’re looking to sell us阿爱上海同城 buildings. We would come, refit it out and give it back to them.”
The initiative is the company’s latest effort to add more firepower in what observers say is preparation for a possible IPO, a prospect that CEO Adam Neumann recently said the firm was “not afraid of.” WeWork is also in talks with corporations to design and manage more yuppie-friendly headquarters for them, as TRD’s Konrad Putzier reported. It certainly could use some new ideas, after slashing its profit projections for this year by 78 percent.
Banking on Asia: WeWork’s $690 million Series F funding round was dominated by[……]
Yeshiva lands $140M loan from Argentic, Citi for five Manhattan properties Mortgage refinances buildings in Washington Heights, Murray Hill
Yeshiva s Stern College阿拉爱上海同城 and Silverpeak Argentic s Doug Tiesi
Y爱上海 eshiva University refinanced five Manhattan properties with a $140 million mortgage from debt fund manager Silverpeak Argentic and Citigroup’s Citi Real Estate Funding, property records filed with the city Wednesday show.
T上海千花网论坛 he new loan on 2495 and 2520 Amsterdam Avenue in Wash爱上海同城 ington Heights and 215, 245 and 253 Lexington Avenue in Murray Hill replaces $175 million in taxable bonds serviced by UMB Bank that had $125 million in unpaid principal outstanding.
Yeshiva took out the bonds in August 2014. At the time, the private orthodox Jewish school was reeling from a $105 million loss to Bernie Madoff’s Ponzi scheme and sold several buildings to raise cash.
The properties are home to Yeshiva College and Stern College for Women. Representatives for Y爱上海 eshiva did not immediately respond to a request for comment, and Argentic and Citi declined to comment.
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One of Williamsburg s tallest projects just got a $150M construction loan Square Mile is lender for the 23-story redevelopment of Dime Savings Bank
Rendering of the Dime Savings Bank building, Nicholas Silvers and Craig Solomon (Credit: Fogarty Finger Architec新爱上海同城对对碰论坛 ts)
Tavros Capital Partners and Charney Construction Development secured a $150 million construction loan for their redevelopment of the Dime Savings Bank building in Williamsburg into a 23-story mixed-use property, sources told The Real Deal.
Square Mile Capital Management is providing financing that will allow the developers to move ahead with the building at 209 Havemeyer Street, poised to be on上海千花网龙凤论坛 e of the Brooklyn neighborhood’s tallest developments.
Plans call for 177 rental apartments as well as 100,000 square feet of offices and 40,000 square feet of retail. The 109-year-old bank is being incorporated into the new, much larger 340,000-square-foot structure爱上海 called the Dime. The developers broke ground this spring on the site, located between South 4th and 5th streets, and construction is slated for completion by spring 2019, around the 爱上海龙凤419桑拿 start of the L train shutdown.
Tavros and Charney bought the site for $80 million from the bank’s parent company, Dime Community Bancshares, in March 2016 and filed plans later that year. The parcels in the $80 million deal included 205 Havemeyer Street, 262-272 South 4th Street and 263-277 South 5th Street.
The loan deal was timed to coi阿爱上海同城 ncide with[……]
Hamptons Cheat Sheet: The priciest Hamptons home sales of 2017, historic Wainscott estate gets a $10M price cut more
Clockwise from top left: Lasata s main house sells in East Hampton, Kilkare in Wainscott trims $10 million from its asking price, 157 Egypt Lane in East Hampton chops $8.25 million, and the Amagansett house made famous by Seinfeld sells at a discount.
Top 10 Hamptons sales for 2017 range from $22M to $31M Even with Jay-Z and Beyonce making an appearance on the list, the top 10 sales of 2017 in the Hamptons lack a bit of star power. The value of each of the top 10 sales exceeded $20 million, but many had spent long spells on the market and endured multiple pric上海千花网 e cuts. The top sale was 328 Gin Lane in Southampton, a 2,500-square-foot home that sold for $31 million — a fair bit off the original $39.5 million asking price. The Carter-Knowles family took the fourth spot on the list with their $25.9 million purchase of 81 Briar Patch Road in East Hampton. [TRD]
Price for historic Wainscott home gets a $10M cut The Wainscott mansion featured in Eternal Sunshine of the Spotless Mind hasn t had any takers. The historic home, known as Kilkare, was listed in August 上海千花社区 for $55 million and was just reduced to $45 million. Built in 1877, the seaside home has seven bedrooms and seven full bathrooms. The property has almost three full acres with 330 feet of ocean frontage. Frank Newbold and Beate Moore of Sotheby s International Realty have the listing. [Curbed]
Buckle up, brokers: This could be the worst spring for home sales in years Rising prices and interest rates, along with the new tax law, could slow demand
Springtime for home sales across the U.S. could end up being a pretty depressing season.
Increasing mortgage rates, a new tax law reducing homeownership incentives and exhaustion from first-time homebuyers getting priced out of the market could all contribute to extremely low d新上海贵族宝贝论坛 emand for houses this spring, according to the Wall Street Journal. The volatility of the stock market is also contributing to weakness at the high end of the housing market, while rising interest rates are a major factor on the low end.
This could lead to a slowdown in the constant price increases that the housing market has seen in recent years, but while this may increase 上海夜网论坛 interest fr上海贵族宝贝论坛 om buyers, it could make things more difficult for selle上海夜网 rs in pricier markets.
Last year, about 2 million homes were sold between March and June, and the National Association of Realtors expects this spring’s sales to be flat. Fannie Mae data from February showed that consumer confidence had dropped in the housing market, and in January, NAR data showed that home sales saw their sharpest drop in three years.
“People are being a little more cautious than they were before,” Chicago broker Bruce Glazer told the Journal. “Buyers have a number in mind, and they’re willing to stick their ground more than in the past.” [WSJ] – Eddie Small
Group alleges Gamma wrongfully rushed foundation work at Sutton Place tower Issue heads to city’s Board of Standards and Appeals
Jonathan Kalikow and a rendering of Sutton 58
When a conga line of cement trucks made their way down East 58th Street to complete a foundation for an 800-foot-tall condo tower, the project s developer didn t have a permit to close down the thoroughfare, a group of neighbors opposed to the project claims.
Next week Gamma Real Estate will argue before the city s Board of Standards and Appeals that its project — Sutton 58 — shouldn t阿拉爱上海同城 be subject to a rezoning that impacts 10 blocks on the Upper East Side. Crucial to the developer s argument will be the fact that a majority of the tower s foundation was completed at the time the rezoning was approved in November — a notion that the East 上海同城对对碰交友社区 River 50s Alliance challenges.
ERFA, the nonprofit group that launched the rezoning effort, alleges that more than 2,000 cubic yards of concrete was illegally poured at Gamma s 428-432 East 58th Street. In a letter to the BSA, the organization claims the developer didn t have the proper permits to close down 58th Street on three dates in November, which allowed a brigade of cement trucks to pour concrete at the site nonstop. ERFA also claims that some foundation work was done beyond when after-hours work was authorized by the Department of Buildings and after the City Council approved the rezoning.
DOB records show the project s general contractor, Lendlea[……]
Alloy Development buyin爱上海同城对对碰 g pair of Dumbo properties for more than $50M Company is purchasing 42 Jay Street and 50 Jay Street from nonprofit Phoenix Hous上海夜网 e
Jared Della Valle of Alloy Development and 42-50 Jay Street (Credit: Van Alen and Google Maps)
Alloy Development is purchasing a pair of interconnected buildings in Dumbo for more than $50 million.
The company is in contract to buy 42 Jay Street and 50 Jay Street from Phoenix House, an organization that helps people struggling with substance abuse, according to property records and sources familiar with the deal. The building at 50 Jay Street stands five stories tall, while the building at 42 Jay Street stands seven stories tall.
Phoenix House put them on the market in January, and they were valued at roughly $60 million. Although the exact purchase price was unavailable, sources confirmed that Alloy is buying the properties for between $50 million and $60 million.
A representative for Alloy did not immediately respond to a request for comment, and a spokesperson for Phoenix House decline上海千花网 d.
Alloy is currently at work on a massive project at 80 Flatbush in Downtown Brooklyn that is expected to include 900 reside上海千花社区 ntial units, 20阿爱上海同城 0,000 square feet of office space, 40,000 square feet of retail, 15,000 square feet of space for a cultural center and two schools. It would stand 986 feet tall, although Brooklyn Borough President Eric Adams recently advocated shrinking it to 600 feet.
A fire broke out on Friday morning at Vornado Realty Trust’s 330 Madison Avenue.
The fire department responded to a report of the blaze around 10:30 a.m., and flames were no longer visible from the street by 11 a.m., according to PIX11.
Workers at the building, lo上海千花网龙凤论坛 cated by East 43rd Street, said they left 上海贵族宝贝交流区 after the阿爱上海同城 y saw Christmas lights on fire and thought the decorations may have started the blaze. The FDNY is still investigating the cause.
Bu新爱上海同城对对碰论坛 sted: A group of New York architects were caught cheating on a certification exam Group worked for Skidmore, Owings & Merrill
(Credit: iStock and Pixabay)
A group of architects from the prestigious firm Skidmore, Owings Merrill have been busted for cheating on a key professional exam.
The National Council of Architectural Registration Boards has named eight people that it says shared or received content from the Architect Registration Examination, a six-part test required to become a licensed architect, according to the New York Post.
The New York architects named were Charles Harris, Irene Wangpataravanich, Marti Gottsch, Rami Abou-Khalil, Isaiah Miller, Miguel Ferreira Da Silva Brochado, Nicole Kotsis and William Eng-Feng. A whistleblower outed the group, and NCARB is accusing them of cir阿爱上海同城 culating c爱上海 ontent from the exam on an e-mail chain.
NCARB has suspended the certificates it already awarded to Abou-Khalil and Eng-Feng, and the other six will not be allowed to receive their certificate for two years.
Skidmore, Owings Merrill was the firm responsible for designing One World Trade Center along with several other of the world’s tallest buildings. SOM is one of the most prolific design shops in the city, having built 28 buildings spanning 35 million square feet over the past dec上海千花网交友 ade.
One test-taker who spoke to the Post on condition of anonymity downplayed the significance of the group’s actions.
“It’s not like we snuck into the exam and took photo[……]