Ideal Toy Company

Bedspread maker asking $95M for 4-acre Hollis site The two large warehouses in Hollis were home to Ideal Toy Company for decades

Joe Pirrello’s Rodless Properties, an affiliate of bedspread and comforter manufacturer Rodless Decorations, is putting a 3.5-acre devel新爱上海同城对对碰论坛 上海同城对对碰交友社区opment site in Queens’ Hollis neighborhood on the market for $95 million, sources told The Real Deal.

The site is home to a two-building industrial complex called the Ideal Business Center. The buildings at 184-10 and 184-60 Jamaica Avenue collectively span more than 577,000 square feet. There is also a 100-car, 40,000-square-foot parking lot.

Both buildings were constructed as a printing plant – one in 1923 and the other in 1954. Most famously, they housed the now-defunct Ideal Toy Company from the 1940s through 1980, when Rodless acquired them. Ideal, the largest doll maker in the U.S. after World War上海贵族宝贝论坛 上海贵族宝贝 II, produced the Rubik’s Cube and the Magic 8-Ball both of which are now sold by other companies.

A Pinnacle Realty team led by Decio Baio, Fredric Stein and Paul Bralower is marketing the site as an opportunity to reposition the property as office or keep it as industrial.

The site is expected to officially hit the market next week, Baio said. The ask上海贵族宝贝论坛 上海贵族宝贝ing price comes out to roughly $165 per square foot.

Hollis-based Rodless has upgraded the buildings over the years, adding manufacturing tenants. Last year, the company constructed a 60,000-square-foot hydroponic greenhouse leased to Brooklyn-based agriculture company Gotham Greens. The buildings’ floor plates are as big as 100,0爱上海同城 爱上海00 square feet, according to marketing materials.

In nearby Jamaica, Long Island-based G上海贵族宝贝论坛 上海贵族宝贝TJ REIT is looking to sell the seven-acre MTA Bus Depot site. Sources said it is expected to sell for $140 million.

Tags: hollis, pinnacle realty
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Jeff Blau

Brexit leading to uncertainty in London: Blau Related is developing some 13K resi units across the pond

Big Ben and Jeff Blau

The Related C上海夜网 阿爱上海同城ompanies’ Jeff Blau is circumspect on London’s luxury real estate market as the U.K. gets ready to break from the European Union.

“Uncert爱上海同城论坛 爱上海同城ainty is bad for business, and Brexit has created uncertainty,” the company CEO told Bloomberg on Monday.

The company, which formed a joint venture to develop approximately 13,000 residential units targeting the city’s middle-market, has “cer爱上海同城手机版 新爱上海同城对对碰论坛tainly” seen a drop in prices for luxury London homes, Blau said.

London’s 爱上海 爱上海同城手机版residential market has declined sharply from near-record highs amid an atmosphere of higher sales taxes and concern over Brexit. Sales of London homes under construction plumm爱上海同城手机版 新爱上海同城对对碰论坛eted last year to their lowest level since 2012, and there is a record number of unsold properties, according to the research firm Molior London.

New listings fell 14 percent in January from a year earlier as sellers got more skittish. [Bloomberg] – Rich Bockmann

Tags: brexit, jeff blau, Related Companies
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Where billionaires are stockpiling land for the apocalypse: Map

When the apocalypse arrives, life goes on. That s the possibility some are preparing for, at least.

A new article in Forbes suggests the US billionaires are making significant land grabs in America s heartland, where the climate is mild and the locations are conducive to survivalism and living on the land. The Midwest is home to several fortified shelters and vacation homes where the super-rich could happily live out their post-doomsday (or retirement) days.

Reid Hoffman, the cofounder of LinkedIn and a notable investor, told The New Yorker earlier this year he estimated more than 5新爱上海同城对对碰论坛 上海同城对对碰交友社区0% of Silicon Vall爱上海 爱上海同城手机版ey billionaires had 上海千花网 爱上海同城对对碰bought some level of apocalypse insurance, like a bunker.

Fortified shelters, built to withstand catastrophic events from viral epidemic to nuclear war,上海千花网交友 上海千花网论坛 seem to be experiencing a wave of interest in general as hints of a nuclear conflict ramp up.

Real estate developer爱上海 爱上海同城手机版s are capitalizing on the moment with luxury underground doomsday shelters that cost as much as $3 million. These post-apocalyptic homes, often built on retired military bases or in missile silos, include luxury amenities and safety features like nuclear blast doors, armored trucks, and massive stores of food and water.

The map below reveals where American billionaires are stockpiling land that could be used in the apocalypse.

Tags: Billionaires
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Nooklyn

Harley Courts (Credit: Emily Assiran)

Startup brokerage Nooklyn is crossing the Brooklyn Bridge.

The seven-year-old company has expanded to Manhattan, where it has opened up shop at WeWork s Union Square location. Over the next few months, the plans to hire around 100 agents and build out a p阿拉爱上海同城 爱上海龙凤419桑拿ermanent flagship space in the Flatiron area.

CEO Harley Courts said he s been looking to plant a flag in Manhattan for a while because so many of Nooklyn’s customers wer阿拉爱上海同城 爱上海龙凤419桑拿e looking for roommates or sublets in the borough. The company’s landlord clients also have holdings in both boroughs, he added, and over the past year, Nooklyn上海千花网论坛 上海千花网 completed “quite a few deals” in Manhattan.

In addition to expanding its footprint, Courts sai上海千花网交友 上海千花网论坛d the 250-agent firm is going on a large hiring spree in both boroughs. In addition to the 100 agents in Manhattan, No上海龙凤论坛 新上海贵族宝贝论坛oklyn said it is looking to add 275 agents in Brooklyn. Courts said he s already thinking about a second Manhattan location, too, most likely in Harlem.

Founded in 2010, Nooklyn has developed a software platform that connects renters, roommates and landlords.

The firm currently has four offices in Greenpoint, Crown Heights and Bushwick, where it has two locations. Courts said scaling up so quickly is possible because of Nooklyn’s software platform, which agents use to track deals, request photos, send invoices and manage customer relationships. Six weeks ago, the firm launched “Nooklyn Apply,” its online application platform, that’s been used by 993 applicants to date.

Besides connecting renters, roommates and apartments, Nooklyn began processing rental payments last year. Courts said 75 percent of customers currently use Nooklyn Pay, and year to date, the firm has processed $11 million worth of rent payments through the service. The firm charges around 0.75 percent per payment.

Tags: Co-working NYC, Commercial Real Estate, Nooklyn, Office Leasing, Residential Real Estate, union square, wework
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Coworking NYC

The accounting reform that could be a game changer for co-working firms New rules would treat conventional leases as liabilities

Inside a WeWork space (Credit: WeWork)

A change in federal accounting rules taking effect by 2019 could give co-working companies a majo上海龙凤论坛sh1f 上海龙凤论坛r boost.

Under the new ru上海同城对对碰交友社区 上海夜网论坛les, public companies will have to list office leases as liabilities on their balance sheets, which could make them look worse on paper. But there’s a loophole: if public companies sign a lease with a co-working space provider, and if the provider has a right to move the tenant, that lease won’t have to be listed as a liability.

Several co-working companies are now using the rule change as part of their pitch to potential tenants, The Information reported. Knotel’s CEO Amol Sarva called the reform the “Y2K of regulatory change.”

“It’s been part of our discussion with them. ‘Hey guys, avoid this,’” he told the outlet. Industrious and Serendipity Labs have also brought up the rule change in talks with potential customers.

On the flip side, the change could also hurt co-working companies once they go public or get acquired by increasing their own liabilities. WeWork, for example, rents much of its space from landlords under long-term leases.

Nabbing more employees from large companies would 上海千花网 爱上海同城对对碰be a plus for co-working companies, limiting their reliance on riskier freelancers and startups. The new accounting rules will accelerate the trend of bigger companies t新上海贵族宝贝论坛 上海贵族宝贝交流区aking co-working spaces, Zach Aarons of Metaprop NYC told The Information.

Big corporations, with 1上海千花网交友 上海千花网论坛,000 employees or more, now account for 30 percent of WeWork’s monthly sales. [The Information] Konrad Putzier

Tags: Co-working NYC, co-working space, Commercial Real Estate
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BRP Companies

BRP scraps affordable rentals at Harlem project, will sell condos instead Planned 80/20 building will now house 134 for-sale units, including “affordable” condos

BRP s Meredith Marshall and The Rennie (Credit: GF55 Partners)

UPDATED: Mar. 6, 9:37 a.m.: For-profit affordable housing developer BRP Companies plans to sell condominiums instead of rent below-market apartments at its Harlem development called the Rennie, according to an offering plan filed with the New York Attorney General s office.

The developer previously planned an 80 percent market rate, 20 percent affordable rental building with 134 units. The new offering plan, h上海夜网 阿爱上海同城owever, calls for all of those apartments to be sold for a total asking price of $104 m上海贵族宝贝交流区 上海贵族宝贝论坛illion, or $780,000 per apartment on average.

BRP acquired the old Renaissance Ballroom and Casino building at 2341 Adam Clayton Powell Jr. Boulevard in 2014, paying Abyssinian Development $15 million. The Rennie takes its name from now-demolished building, as well as from the Harlem basketball team, the Rens, which played home games there between 1923 and 1949.

Santander Bank lent BRP $53.2 million for construction of a new building at the site and most exterior construction on the Rennie finish爱上海同城手机版 新爱上海同城对对碰论坛ed sometime last year. BRP recently completed another condo nearby at 2225 Adam Clayton Powell Boulevard that included affordable units priced between $400,000 and $500,000, according to the Commercial Observer.

In a statement to The Real Deal, company co-founder Geoff Flournoy confirmed the change to condos. “We recognized the limited supply of condos in the Central Harlem market and we’re excited to continue working with the community to expand neighborhood offerings,” he sa上海龙凤论坛 新上海贵族宝贝论坛id. The company also said that 20 percent of the Ren上海千花社区 上海千花网交友nie would be set aside for affordable condos priced between $300,000 and $347,000

BRP is especially active in Jamaica, Queens, where it acquired a development site from Chris Xu in December, paying $55 million. It s also partnering with retail billionaire Jeff Sutton to develop a 300-unit complex In Jamaica at 90-02 168th Street.

Meredith Marshall, co-founder of BRP, sits on the board of directors of the New York State Association for Affordable Housing, a trade and lobbying group with a mostly for-profit developer membership.

Correction: The initial version of this story misnamed the New York State Association for Affordable Housing.
Clarification: This story was updated to include a reference to below-market condos BRP Companies is planning at The Rennie.

Tags: affordable housing, brp companies, Development, Residential Real Estate
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VEREIT negotiating with SEC for dismissal of potential fraud charges

VEREIT negotiating with SEC for dismissal of potential fraud charges Former CFO was sentenced to 18 months in November

Glenn Rufrano

Months after its former CFO was sentenced to 18 months in prison, VEREIT is inching towards dodging legal repercussions for its role in an accounting scandal.

Last November, a Manhattan judged ruled against Brian Block, who used to be an executive at the retail-and-office real estate investment trust under former cha新爱上海同城对对碰论坛 上海同城对对碰交友社区irman Nicholas Schorsch, handing down a conviction for six counts of fraud. Block was found guilty of filing false financial statement to deceive investors and the SEC. He was accused of plugging in fake numbers to the 2014 second-quarter results of VEREIT, then known as American Realty Capital Properties.

The financial statements were altered to make it appear as if the company met second quarter Wall Street forecasts. Block’s sentence was eventually reduced to a $160,000 fine and a lifetime ban from working as an officer and director in any company that deals in securities. He was charged along with former ARCP Chief Accounting officer Lisa McAllister, who was in the room when the documents were revised.

The company under which Block performed his misdeeds may get off scot-free. “The United States Attorney’s Office has indicated that it does not intend to bring criminal charges agai爱上海同城对对碰 爱上海同城论坛nst the Company arising from its investigation,” VEREIT announced in a regulatory filing today.

VEREIT is also negotiating with the U.S. Securities and Exchange Commission for the dismissal of civil charges. According to the filing, the agency’s enforcement division inquired last March on whether the company “wishes to discuss a resolution of potential civil charges the SEC may bring with respect to certain matters.”

When charges were filed against Block in 2016, neither VEREIT nor Schorsch were accused of any wrongdoing. However, Block testified later in court that Schorsch was involved in inflating the quarterly report by $12 million.

The REIT, meanwhile, sued Block last February, seeking $35 million in damages. A federal judge denied VEREIT’s claim, saying that the company’s corporate culture provided motivation for Block’s misdeeds. The judge’s ruling  described VEREIT as a “co-conspirator” rather than a “victim.”

VEREIT, which underwent a rebranding after the accounting scandal, offloaded one of the last remnants of the Schorsch era when it sold Cole Capital to CIM Group last February. Cole managed the real estate funds爱上海同城 爱上海 headed by Schorsch.

Representatives for VEREIT and t爱上海 爱上海同城手机版he SEC’s Enforcement Division did not immediately respond to a request for comment.

Tags: VEREIT
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Friedkin Realty Group

Westchester Fairfield Cheat Sheet: Stamfor上海千花网 爱上海同城对对碰d building fetches $78M in city’s largest multifamily sale this year … more

Clockwise from top left: Buyer snaps up five floors of space in Norwalk office building, Stamford apartment building fetches $78M in city’s largest resi sale this year, Dobbs Ferry developer wants to build luxury hotel in New Rochelle (credit: EarthCleaner), and LLC shells out $1.45M for two buildings in downtown New Rochelle.

Stamford apartment building fetches $78M in city’s largest multifamily sale this year
San Francisco-based Friedkin Realty Group purchased an apartment building in Stamford from Norwalk-based Fuller Development LLC and Spinnaker Real Estate Partners for $78 million — the largest multifamily sale in the city so far this year, The Hour reported. CBRE brokered the deal for Element One, the 183-unit building which opened on Morgan Street around two years ago, according to the outlet. “We really liked the construction and design,” Friedkin Realty Chairman Morton Friedkin told the outlet. “Combined with the recently added townhouses, it makes for a very balanced property.” Friedkin also owns two apartment complexes in Danbury. [The Hour]

Dobbs Ferry developer proposes luxury hotel in New Rochelle
A Dobbs Ferry developer wants to bring a 24-story hotel to New Rochelle, LoHud reported. WARD Capital Management’s TRYP by Wyndham hotel would rise at 115 Cedar Street, near I-95, and have around 225 rooms, a rooftop pool, a parking garage, according to the outlet. New Rochelle already has a Radisson and a Residence Inn by Marriott, as well as the V Hotel, which is currently under construction. “We’re excited about bringing a luxury hotel to the City of New Rochelle,” Managing Partner and CEO D’Wayne Prieto said, adding that the hotel would be an “urban resort.” [LoHud]

Bridgeport construction projects to get $14.8M in state bond funding
A handful of construction projects in Bridgeport are getting a total of $14.8 million in state bond funding, the Fairfield County Business Journal reported. The cash will cover designs for improvements to I-95 exits 27A and 19, in addition to the exterior restoration of City Hall, improvements to Crescent Crossing housing development and more. The State Bond Commis上海贵族宝贝论坛 上海贵族宝贝sion新爱上海同城对对碰论坛 上海同城对对碰交友社区 is slated to approve the funding this week. [FBJ]

Buyer snaps up five floors of space in Norwalk office building
Hanover Norwalk Investors LLC, an affiliate of Greenwich-based Hanover Real Estate Partners, has scooped up five floors in a Norwalk office building, the Fairfield County Business Journal 上海千花网交友 上海千花网论坛reported. Matrix Norwalk LLC sold the 179,292 square feet at 535 Connecticut Avenue for an undisclosed price. The sale was “the largest acquisition of Class A office space in Norwalk — and one of the largest in Fairfield County — this year,” according to the outlet. The building’s tenants include UBM, Crius and Belvoir, and it is currently 74 percent leased. Avison Young had the listing. [FBJ]

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Opportunity Zones

Here’s where Opportunity Zones are bound to take off in Chicago Investors are looking closely at a handful of sites where major development is already in the works

Habitat Company president Matt Fiascone and McLaurin Development CEO Zeb McLaurin

The federal Opportunity Zones program was not designed to help people like Phil Denny.

Peppercorn Capital founder Phil Denny

But the first time Denny saw the state-issued map of the zones, which crack open a collection of tax breaks for investors who buy property in distressed areas, the prolific West Loop property owner immediately started making phone calls.

The 8,700 American Census tracts designated as Opportunity Zones include a quarter-square-mile rectangle on the Near West Side where Peppercorn Capital, Denny’s development firm, owns nine properties with some 650,000 square feet of vacant land.

“I may not always be the smartest guy in the room, but I’m certainly the luckiest,” Denny said. “I don’t know how I managed to amass so much property inside an Opportunity Zone … but if the rising tide lifts all boats, I’m going to leverage my ownership of those sites the best I can.”

The tract, which faces Fulton Market at one end and the soon-to-be-built Damen Avenue Green Line station on the other, is one of handful of areas in Chicago where Opportunity Zones are poised to turbo-charge ambitious redevelopment plans already on the books.

Even as investors wait for federal regulators to fill in some details of the program’s rules, financial managers from coast to coast have been racing to channel billions of dollars into Qualified Opportunity Funds so they can maximize their returns before benefits expire in 2026. One fund, from Chicago-based Origin Investments, raised more than $100 million in less than a day.

The 140 eligible Census tracts in Chicago trace a familiar map of low-income areas on the South and West sides, including the majority of the land in neighborhoods like Englewood, Grand Crossing and West Garfield Park.

But it might be years before Opportunity Zone investments make their way to the city’s poorest neighborhoods, if ever. Investors’ rush to place their bets means they’re unlikely to look past areas already seen as viable targets for development, according to Adam Southard, managing director of Savills Studley’s Chicago office.

Opportunity Zones “could have a benefit on the margin, where if you have a project that’s close to上海龙凤论坛 新上海贵族宝贝论坛 making sense, this gets it there,” Southard said. “But you mostly have operators who would have been looking for opportunities in these areas anyway, and now there’s just a larger pool of capital being directed at them.”

Michael Reese and Bronzeville

The program is almost certain to boost Farpoint Development and McLaurin Development’s unreleased plan for the 49-acre former Michael Reese Hospital site, located inside an anvil-shaped Opportunity Zone that stretches from Motor Row to 31st Street Beach on the Near South Side.

That stretch also includes the former site of the[……]

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Doug Middleton Eastdil Secured

Darcy Stacom poaches one of Eastdil Secured’s up-and-coming brokers Doug Middleton leaving to work with team led by Darcy Stacom and Bill Shanahan

Darcy Stacom of CBRE and CBRE headquarters at 200 Park Avenue (Credit: CBRE and Wikipedia)

Eastdil Secured has lost another one of its dealmakers as the company’s executives are reportedly working on a management-backed buyout of the brokerage from parent company Wells Fargo.

Doug Middleton is leaving the company for the competing investment-sales team led by Darcy Stacom and Bill Shanahan at CBRE, Bloomberg reported. Middleton, 34, will join the firm Tuesday.

“This widens our ability to really go after anything from the $50 million to the $5 billion,” Stacom said. “I kind of look at this as the final cornerstone of what I was looking to build out as a deeper capital-markets team.”

The CBRE team is currently marketing the Chrysler Building. Middleton started at Eastdil in 2010 before working his way to director of investment sales.

Eastdil, meanwhile, has lost significant market share since the top i-sales team led by Doug Harmon and Adam Spies departed for Cushman Wakefield in late 2016. In 2015, Eastdil sold a record $22.7 billion worth of New York properties. In The Real Deal s most recent investment sales ranking, CBRE placed second with $6.37 billion in dollar volume last year while Eastdil Secured placed third, with $5.86 billion.

The brokerage last year also saw a hotel team led by Larry Wolfe leave for Newmark Knight Frank.

Eastdil CEO Roy March is reportedly working on a deal with Singapore sovereign wealth fund Temasek Holdings to buy the brokerage from Wells Fargo.上海千花社区 上海千花网交友

Sources have told The Real Deal that Eastd上海夜网论坛 上海夜网il will proba上海贵族宝贝交流区 上海贵族宝贝论坛bly look to lock brokers down with contracts ahead of any sale.

Eastdil 新上海贵族宝贝论坛 上海贵族宝贝交流区recently hired former Allianz executive Gary Phillips to run the New York City office, and is in talks to hire Hodges Ward Elliott’s Will Silverman. [Bloomberg] Rich Bockmann

Tags: CBRE, Commercial Real Es新爱上海同城对对碰论坛 上海同城对对碰交友社区tate, eastdil secured
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