11 East Broadway

Queens investor in contract on Chinatown retail condo for $28M Gurpeet Singh’s Jamaica Woods to acquire three-floor, 17K sf unit at 11 East Broadway

Gurpreet S爱上海龙凤419桑拿 上海龙凤论坛sh1fingh, a Jamaica, Queens-based investor, is in contract to acquire a three-floor retail condominium unit i上海贵族宝贝交流区 上海贵族宝贝论坛n Chinatown for $28 million, sources told The Real Deal.

Singh’s Jamaica Woods Holding LLC is paying $1,664 per square foot for the nearly 17,000-square-foot property, consisting of the first three floors and basement of a 15新爱上海同城对对碰论坛 上海同城对对碰交友社区-story, 58,000-square-foot commercial condo building at 11 East Broadway, on the corner of Catherine Street.

Jamaica Woods will acquire the space – currently triple net leased to HSBC Bank for the next eight years, plus a 10-year tenant renewal option from a consortium of Chinese American professionals who own many of the office condos at 11 East Broadway, sources said.

The professionals, largely doctors and lawyers, either have their own offices in the building or rent them out to accounting, dental or legal tenants. They also developed the Wyndham Garden Chinatown, a 106-room hotel located nearby at 93 Bowery.

Kevin Salmon and Christian Wood of Midtown-based Khizer Property Advisors represented both the buyer and the seller. Salmon confirmed the transaction, and said Khizer is also representing the seller consor新上海贵族宝贝论坛 上海贵族宝贝交流区tium as it prepares to put the office condo units it owns on the upper floors of the building on the market in the coming weeks.

Singh is buying the[……]

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TOP NYC Office Leases

NYC s 10 biggest office leases signed in September Cushman & Wakefield teams tapped for six of the 10 largest transactions

1745 Broadway and 1221 Sixth Avenue (inset from top: Markus Dohle and Elliott Portnoy)

September was a busy month for Cushman Wakefield. On top of its successful courtship of Eastdil Secured megabrokers Doug Harmon and Adam Spies, the firm also brokered six of the 10 上海千花网 爱上海同城对对碰largest office leases of the month, including the largest, Random House Penguin’s 630,000-square-foot renewal at 1745 Broadway.

Using CoStar Group data and our own analysis, The Real Deal put together a list of the 10 biggest lease deals inked in September.

1) Penguin Random House books up 1745 Broadway 631,025 square feet

Publishing firm Penguin Random House renewed a giant lease at SL Green Realty and Ivanhoe Cambridge’s 1745 Broadway, part of a plan to completely close the publisher’s Soho offices. With the lease inked, Penguin Random House is now expected to be the 52-story’s office tower’s sole commercial tenant. Once the Soho offices are closed, more than 2,400 employees are expected to work at 1745 Broadway. A Cushman Wakefield team led by Richard Bernstein represented Penguin Random House on the transaction.

2) Global law firm has no objection to 1221 Sixth Avenue 190,576 square feet

Dentons, one of the world’s largest law firms, extended its current lease at Rockefeller Group’s 1221 Sixth Avenue through 2025. The firm has occupied space in the tower since 1992. Dentons was repre[……]

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REBNY Hackathon

REBNY changes “pre爱上海龙凤419桑拿 上海龙凤论坛sh1fdatory” Hackathon terms after Twitter backlash Trade group under fire for claiming ownership of software

From left: Brad Hargreaves, Carl Hum and a Hackathon

At first sight, the Real Estate Board of New York’s upcoming Hackathon looked like a great deal. Participants could spend three days mingling with other coders, build real estate tech software together and “compete for a total of $75,000 in cash and prizes.” But buried in the event’s terms and conditions was a big catch: any software created during the event would belong to REBNY, without compensation.

After a public backlash, the industry group on Monday rewrote the rules and removed the clause in question.

“Hey @GCTech @REBNY want to be more tech-forward? Get rid of the predatory terms in your hackathon,” Brad Hargreaves, founder of coliving company Common wrote on Twitter Monday morning, addressing REBNY and上海千花社区 上海千花网交友 Grand Central Tech, the Milstein Companies-controlled incubator at 335 Madison Avenue hosting the event. REBNY is organizing the event as part of Real Estate Tech Week.

The terms Hargreaves was referring to forced participants to assign all rights to software created during the event to REBNY “without further compensation during and after the REBNYTech Hackathon.” Hargreaves told The Real Deal that such terms were common five to seven years ago but are frowned upon today.

Richard Murby, a director at Devpost, a company that creates Hackathon management platforms, said it’s “standard[……]

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Tax Overhaul

The message sent by Republicans in the tax overhaul bill they launched last week is unmistakable and blunt: We think homeowners and buyers have gotten much too sweet a deal from the federal tax code for far too long and now we re going to whack them上海龙凤论坛 新上海贵族宝贝论坛 down. No other major sector of the economy gets hit so hard in the proposal in so many places as homeownership.

You ve probably heard about the splashiest cut proposed in the bill: a reduction in the maximum deductible mortgage amount from $1 million to $500,000. And you might have figured, Eh, no big deal, my mortgage is nowhere near that size. But you might have missed some of the other less publicized, but punitive, changes tucked away in the legislative text tha上海千花网交友 上海千花网论坛t just might bite you, now or in the future.

For example, Section 1402 of the proposal would significantly alter the ground rules governing a benefit that millions of homeowners have factored into their financial planning for decades. Under current law, you can exclude from taxation the first $250,000 of capital gains on a sale as a single filer ($500,000 filing jointly) provided you have used the house as your principal residence for an aggregate two years out of the five years preceding the sale. Plus you can use the exclusion as frequently as once every two years.

Under the Republican proposal, the two-out-of-five standard would vanish. Instead you d need to live in and use the property as your main residence for five of the preceding eight years a requir[……]

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270 Park

Paydirt: JPMorgan HQ, Anbang gets a chaperone other industry news you need to start your week

Jamie Dimon, Wu Xiaohui, Michael Dell and Masa Son (Credit: Getty Images)

Meet the new address, same as the old address: “It is the ambition of the New Yorker to live upon Fifth Avenue, to take his airings in the [Central] Park, and to sleep with his fathers in Green-Wood,” the New York Times wrote in 1866. I新上海贵族宝贝论坛 上海贵族宝贝交流区 would suggest an addendum: “It is also the ambition of the New Yorker to have his offices upon Park Avenue – or maybe in Hudson Yards.”

After Related and Brookfield managed to teleport many of the city’s most prestigious companies over to the West Side (think Amazon, Skadden Arps, KKR, Wells Fargo, BlackRock) , Park Avenue last上海贵族宝贝交流区 上海贵族宝贝论坛 week scored a major win when JPMorgan announced it would demolish its current HQ at 270 Park and build a new 70-story tower in its place. The bank, the country’s richest, will add an additional 1 million square feet to its footprint at the property, with the redevelopment taking place under the recently-passed Midtown East rezoning. Tishman Speyer is reportedly the front-runner to handle the 2.5 million-square-foot job.

The decision, however, wasn’t made out of any particular loyalty to the East Side. JPMorgan, too, had been looking to relocate to Hudson Yards, with plans for a two-tower, $6.5 billion headquarters on Related-owned sites.  Those plans, however, fell through after the city rejected the bank’s request for a further $1 billio[……]

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Zillow Group

Quick flip: Will Zillow s venture into上海千花网 爱上海同城对对碰 sales leave brokers behind? Move could cut down on need for agents

Zillow s Spencer Rascoff

Zillow Group is trying its hand at the home-flipping game, a move that could further change how brokers interact with clients.

The real estate listings company has started buying up homes in Las Vegas and Phoenix with the goal of selling them within 90 days, the company said in a press release Thursday. Zillow plans to initiall新上海贵族宝贝论坛 上海贵族宝贝交流区y inves新爱上海同城对对碰论坛 上海同城对对碰交友社区t $75 million to $250 million in 300 to 1,000 homes.

The new venture doesn t completely cut out real estate agents, but could cut down on the need for them on transactions, at least in their traditional roles. Zillow said it s selected agents to work on its “Zillow Instant Offers” business. Such quick flips don t require a face-to-face interaction necessarily.

Other companies, including Redfin and Open Door Labs, have already jumped into the sales side of the business.

“Consumers now expect an on-demand experience,” Spencer Rascoff, Zillow’s chief executive, said to investors on Thursday. “The days of pushing a button and that generating an email to a real-estate agent is no longer as magic上海千花网交友 上海千花网论坛al as it 上海千花社区 上海千花网交友was in 2005.”— Kathryn Brenzel 

Tags: Residential Real Estate, zillow
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New York City investment sales through June 2018

Investment sales in Manhattan and Brooklyn

Manhattan investment sales retreated in June, with just over $2 billion recorded. The figure was a steep decline from May’s $3.6 billion, but was right on the average of the past year. The top sale was Invesco buying the office condo at 1745 Broadway from SL Green Realty and Ivanhoe Cambridge for a reported $633 million (although in transfer documents the price was $596 million). In Brooklyn, buyers recorded $623 millio上海千花社区 上海千花网交友n in property sales, a 59 percent decline from the prior month and 10 percent below the 12-month average. The top deal in the borough in June was Brookfield Property Partners purchase of a controlling爱上海同城论坛 爱上海同城 stake in two development projects in Greenpoint Landing for $148 million.

Manhattan investment sales

Top Manhattan investment sales recorded
1745 Broadway
(office condo)$633 million (recorded as $596 million)Unnamed Invesco client /
SL Green Realty, Ivanhoe CambridgeEastdil
101 West 57th Street (hotel)$174 milli上海龙凤论坛 新上海贵族宝贝论坛onHilton Grand Vacations /
UBS Asset ManagementN/A
4525 8th Avenue
(development site)$28 millionNYC School Construction Authority /
4509 Eighth LLCN/A
Source: TRData analysis of news reports and NYC Dept. 上海龙凤论坛sh1f 上海龙凤论坛of Finance records in June.

Investment sales in Queens and the Bronx

In Queens, investment sales volume reached its lowest level within the past 12 months, with just $191 million in sales recorded. That figure was 44 percent lower than the 12-month average. The top sale was by the[……]

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North End Food Hall

Washington Heights first food hall set to open in March North End Food Hall will debut inside 6K sf at Sugar Hill Capital’s 4300 Broadway

Washington Heights first food hall is set to open next year, and it will be anchored by an outpost from popular pub Harlem Public.

The North End Food Hall will open in March in the base of Sugar Hill Capital s 430上海千花网论坛 上海千花网0 Broadway at West 183rd Street, Eater reported.

The 6,000-square-foot space will have enough room for 120 people, and will include eateries like the Upper West Side ram新上海贵族宝贝论坛 上海贵族宝贝交流区en spot Jin Ramen and Salt and Bone Smokehouse, which was created by the team behind the popular Bareburger chain.

The food hall is the first of its kind for Washi新上海贵族宝贝论坛 上海贵族宝贝交流区ngton Heights, and real estate insiders are already looking for it 爱上海同城手机版 新爱上海同城对对碰论坛to help improve retail in the area the way that Harlem has experienced.

Sugar Hill, which is based in Harlem, boug阿拉爱上海同城 爱上海龙凤419桑拿ht the 54-unit 4300 Broadway for $21.6 million in 2016.The company recently purchased a large multifamily portfolio in Harlem for north of $250 million. [Eater] Rich Bockmann

Tags: Commercial Real Estate, Retail Real Estate, Sugar Hill Capital Partners, washington heights
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