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Manhattan Office Market

Manhattan monthly office lea爱上海同城对对碰 爱上海同城论坛si上海贵族宝贝交流区 上海贵族宝贝论坛ng activity fell below 2M sf for first time this year in May Average asking rents in borough climb to $72.81 psf: CushWake

Demand for Manhattan office space “lost some momentum” in May, according to Cushman Wakefield’s latest office market report, which noted that monthly leasing activity in the borough fell below 2 million square feet for the first time this year.

There were 1.8 million squ爱上海同城 爱上海are feet of new Manhattan office leases signed last month, the brokerage noted, the lowest level of monthly leasing so far in 2016. Year-over-year, leasing activity is down 13.5 percent.

But overall vacancy “declined slightly” to 9 percent in May – a reduction of 10 basis points, or 0.1 percent – due to “a noticeable reduction in the amount of new space added to the market,” Cushman said.

“Despite a slowdown in leasing velocity in May, a minimal amount of new supply hit the market, allowing for the overall vacancy to drop,” said Richard Persichetti, research director for Cushman in the Tri-State area.

Overall Manhattan average asking rents climbed to $72.81 per square foot last month, up 3.8 percent from $70.13 per square foot in May 2015. Midtown rents, in particular, were strong, jumping 3.6 percent year-over-year to $79.04 per square foot, which Cushman noted was the highest level since Decembe上海千花网交友 上海千花网论坛r 2008.

The largest Manhattan office lease signed in May was Swiss banking giant UBS s 900,000-square-foot renewal at RXR Realty s 1285 Sixth Avenue in Midtown.

Tags: Cushman Wakefield, Manhatt上海千花网龙凤论坛 上海千花社区an Office Market, midtown office market, Office Leasing
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Sag Harbor

Sag Harbor Village officials are allowing a new house to continue seeking approval上海贵族宝贝 上海千花网龙凤论坛 — despite the fact that it’s larger than th上海龙凤论坛sh1f 上海龙凤论坛e limit of 4,000 square feet that the town set in March. The owner wants to build a roughly 5,300-square-feet home in the increasingly popular Ninevah Beach neighborhood. Speaking in front of the village board, the homeowner’s architect Peter Cook argued that because the proposed home is on two merged lots that total 44,751 square feet it should be allowed to move forward. Cook said that the space could easily fit two 3,700-square-foot houses. He said the home was in keeping with the scale of the neighborhood.上海同城对对碰交友社区 上海夜网论坛 Opponents, however, disagreed, saying that average home sizes are far smaller and that allowing an exception to the new size limits sets a dangerous precedent. But the house still needs a thumbs-up from the Architectural Review Board.爱上海同城论坛 爱上海同城 Until then the battle continues.  [East Hampton Star]  Cathaleen Chen

 

Tags: Hamptons, sag harbor
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NYC Market Reports

Office leasing down 21% year-over-year in May A weekly feature bringing you the industry’s latest intel

Credit: HPDM

爱上海同城论坛 爱上海同城According to the most recent market reports, office leasing volume in Manhattan is down 21 percent year-over-year in May, and the average price of new development condominiums in the borough plunged 15 percent month-over-month.

Residential

Luxury Sales | Olshan Realty
Thirty-one contracts were signed last week at $4 million and above, hitting above the benchmark of 30 for the fourth consecutive week. The total asking dollar volume was $202.5 million. Read the full report here.

Residential Sales | CityRealty
Home prices for condo and co-ops in Manhattan stayed flat between April and May, while the average price of new development condos plunged 15% from $6.7 mill上海夜网论坛 上海夜网ion to $5.7 million. Read the full report here.

New Developments | HPDM
In Brooklyn, new development inventory remained within the 600-to-800 range over the past two years. Median pri上海夜网 阿爱上海同城ce is trending upwards as higher-end inventory is delivery. Read the full report here.

Absorption report | Brown Harris Stevens
Manhattan had a 6.4-month sup上海千花网龙凤论坛 上海千花社区ply of apartments for sale at the beginning of May, up from 5.4 months a year ago. The absorption rate for co-ops was 5.3 months in May, and 7.7 months for condos. Read the full report here.

Home flipping report | RealtyTrac
The total number of homes flipped nationwide in the first quarter of 2017 was the lowest since 2015, but the percentage of homes, at 5.7, remained unchanged form a year ago. Read the full report here.

Housing in the U.S. Floodplains | NYU Furman Center
New York ranked fo爱上海同城论坛 爱上海同城urth for the most housing in areas expected to be affected by rising water levels in the next 100 years, with 269,165 occupied units in floodplains. Read the full report here.

Commercial

Office Snapshot | Colliers International
Office leasing activity in Manhattan was down 21 percent year-over-year in May, with a total of 2.2 million square feet leased. The month’s volume was driven by BlackRock’s 850,000-square-foot lease at 50 Hudson Yards. Read the full report here.

Tags: nyc market reports
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Harry Macklowe

We上海千花社区 上海千花网交友 are havi上海夜网论坛 上海夜网ng some technical difficulties. Try again later.

By c爱上海同城对对碰 爱上海同城论坛l新上海贵族宝贝论坛 上海贵族宝贝交流区icking Subscribe you 上海千花社区 上海千花网交友agree to our Privacy Policy.

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Plans for food court at historic building in Ossining put on the back burner

It looks like Ossining may not爱上海龙凤419桑拿 上海龙凤论坛sh1f be getting a new food hall at a historic former bank — at least not anytime soon. A legal dispute has put on hold Corinthian Group’s plans to bring Asian 上海千花社区 上海千花网交友cuisine, coal-fired pizza and other trendy fare to the vacant Bea爱上海同城手机版 新爱上海同城对对碰论坛ux Arts-style building at 200 Main Street, according to LoHud.com. 爱上海同城对对碰 爱上海同城论坛Corinthian is suing the Village of Ossining for breach of contract and damages in excess of $500,000 after the village terminated the contract to sell the property to Corinthian wi阿拉爱上海同城 爱上海龙凤419桑拿thout supplying a clear reason, the suit claims. “All I can tell you … is the village believes there was a strong reason to terminate,” said Stuart Kahan, the village’s corporation counsel told LoHud. [LoHud]

Tags: Westchester Fairfield
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Thor Equities

Thor loses most of its stakes in three bu上海夜网 阿爱上海同城ilding上海夜网 阿爱上海同城s to GGP t新上海贵族宝贝论坛 上海贵族宝贝交流区o pay off debt Partners jointly acquired 530 and 685 Fifth and 218 West 57th in 2014
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Zillow Offers

Zillow settles on newest city for its homebuying program The program’s third market follows its initial launch in Phoenix 新爱上海同城对对碰论坛 上海同城对对碰交友社区and Las Vegas

Zillow CEO Spencer Rascoff and the Atlanta skyline (Credit: iStock)

UPDATED: Sept. 11, 10:14 a.m.: Zillow Group has settled on Atlanta as the next market for its homebuying program.

The Seattle-based listings giant will now be able to buy homes directly, prepare them for showings and list them for resale in the Georgia c上海夜网论坛 上海夜网apital, according to the company. The program launched this spring in Phoenix and Las Vegas, and is expected to expand to Denver this fall.

The program, known as Zillow Offers, allows homeowners looking to sell their houses to request a cash offer from Zillow to buy the property. If they accept the offer, the homeowner selects the closing date, and Zillow does a complimentary home inspection to finalize the deal.

The move comes as In-House Realty starts a home listings site to rival Zillow, according to Inman. The company will now be called Rocket Homes, and aims to create an end-to-end home buying platform, Inman reported.

Zillow is partnering with Berkshire Hathaway HomeServices Georgia Properties and Better Homes and Gardens Real Estate Metro Brokers for its Atlanta expansion. The company will also work with local Premie上海龙凤论坛 新上海贵族宝贝论坛r Agents— its agent advertising program — to broker deals for it and other buyers.

The company pays a commission to agen上海千花网 爱上海同城对对碰ts for each home that it buys and sells.

The Real Deal interviewed brokers at 上海贵族宝贝交流区 上海贵族宝贝论坛small- and medium-sized firms soon after Zillow announced it would be getting into the home buying business, and several viewed the move as a good way for sales listings to get more exposure.

The move has faced resistance from agents. When Zillow piloted its Offers program in Las Vegas and Orlando in May 2017, as many as 32,000 agents throughout the country signed a petition against it and asked the National Association of Realtors to intervene.

Tags: Residential Real Estate, Tech, zillow
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CBZ Management

Brooklyn multifamily portfolio hits the market asking $70M Crown Heights-based CBZ Management assembled properties for nearly $30M over the past 15 years

 

110 Martense Street and 424 Albany Avenue in Brooklyn

Crown Heights-based multifamily investor CBZ Management is marketing a portfolio of Brooklyn apartment buildings with an asking price of $70 million.

The nine walk-up apartment buildings — stretching across Crown Heights, Prospect-Lefferts Gardens, Prospect Park South, Bedford-Stuyvesant and Bushwick — combine for 212 units across more than 180,000 square feet.

All of the apartments are rent-stabilized, with rents averaging 65 percent below market rates.

“Central Brooklyn continues to be one of the most in-demand, up-and-coming residential markets in Brooklyn, showing no signs of slowing down,” said Avison Young’s James Nelson, who has the exclusive to market the properties.

Nelson added that the portfolio 爱上海同城论坛 爱上海同城offers “multiple income-producing multifamily properties in one of Brooklyn’s best markets,” and marketing materials pitch the package as a value-add play. The total net operating income is $2.47 million on net income of $3.6 million.

News of the listing was first reported earlier this week by Real Estate Alert.

CBZ Management, headed by investor Shmaryahu Baumgarten, assembled the portfolio of properties between 2003 and 2015 for a total cost of $27.78 million, property records show.

The largest of the properties, the 49-unit 424 Albany Avenue in Crown Heights, last traded in 2014 for $9.65 million. The owners have upgraded the mechanical systems in all but one of the nine buildings爱上海同城手机版 新爱上海同城对对碰论坛, and the roofs have recently been redone on six of the buildings.

The addresses are: 33 Westminster Road, 161 Vernon Avenue, 424 Albany Avenue, 110 Martense Street, 1320 and 1399 Saint John’s Place, 1198 Carroll Street and 210 Himrod Street. Nelson is marketing the properties with his colleagues Fritz Richter, Sam阿爱上海同城 阿拉爱上海同城 Schertz, Joseph Rosenfeld and Allan Fries.

Brooklyn’s multifamily market saw 35 sales in the third quarter, an increase of 9 percent over the same time last year, according to Ariel Property Adv上海龙凤论坛sh1f 上海龙凤论坛isors. The dollar volume of those transactions was up 51 percent year-over-year to $561.31 million.

Elsewhere in the borough, the 上海贵族宝贝论坛 上海贵族宝贝Parkoff Organization has a contract to purchase a 400-unit portfolio of multifamily buildings for $115 million. Earlier this year, Jonas Equities paid $46 million in August to buy a pair of apartment buildings in Sheepshead Bay and Kensington for $46 million.

Tags: apartments, brooklyn, Commercial Real Estate
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Jennifer Irigoyen

Pregnant real estate agent stabbed to death in Queens 爱上海同城论坛 爱上海同城Jennifer Irigoyen, 35, sold homes in Queens and Manhattan

Jennifer Irigoyen

A pregnant real-estate agent in Queens was stabbed to death in the vestibule of her building early on Sunday.

The attacker pulled 35-year-old Jennifer Irigoyen from her Ridgewoo新上海贵族宝贝论坛 上海贵族宝贝交流区d apartment and into the building’s entranceway around 1 a.m., according to the New York Post. Police are looking into her death as a domestic incident and seeking her boyfriend for questioning.

Irigoyen, who was five months pregnant, was stabbed multiple times in her neck and in the left side of her stomach.

She was a broker and human resources manager at Crosstown Apartments, where she sold homes in Queens and on the Upper East Side and Upper West Side. She previously worked as a Zumba and Latin ballroom instructor, and she was also a classically trained pianist.

She wa爱上海同城 爱上海s taken to Wyckoff Hospital but did not make it in time to be save爱上海同城 爱上海d. She left behind a 12-year-old son from a prior relationship, and his father is not a suspect in her death.

A pol上海夜网 阿爱上海同城ice source described the victim’s boyfriend as “definitely a person of interest.”

“Don’t you think if your girlfriend got stabbed, you’d go to the police and say, ‘What happened?’” he said. “Well, he hasn’t come to us yet.” [NYP] – Eddie Small

Tags: Queens, real estate crimes, Residential Real Estate
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Adam Hochfelder

Adam Hochfelder appears back in court to plead guilty to misdemeanor fraud charge He was accused in three schemes totaling about $500K; he repaid all but one person, the plea agreement says

Madison Square Garden at 4 Pennsylvania Plaza and Adam Hochfelder (Credit: Wikipedia)

Adam Hochfelder was back in court on Thursday, where he pleaded guilty to a misdemeanor fraud charge in a scheme involving上海千花网论坛 上海千花网 Knicks season tickets, a false order from a fashion retailer and a Manhattan apartment building, according to court documents.

The case arose out of Hochfelder’s 2008 fraud case, when he was accused of defrauding banks, friends and family out of more than $18 million and sent to prison for about two years. A victim from that case recently approached the Manhattan district attorney’s office because he felt that Hochfelder was now back on his feet financi上海千花网龙凤论坛 上海千花社区ally, and he was no longer getting paid enough under the original restitution 阿爱上海同城 阿拉爱上海同城agreement, according to sources familiar with the matter. The district attorney’s office then began looking into the claim, the sources said.

Law enforcement officials determined that Hochfelder had defrauded eight people out of almost $500,000 between 2015 and 2017 in three separate incidents, according to his plea agreement. All but one has been paid back by Hochfelder, the plea agreement states.

The first incident took place in 2015, when he told three people he had purchased season tickets for the Knicks and wanted to sell several of the games to partners. Each person gave him $12,000 in exchange for several Knicks tickets, but Hochfelder never had or purchased any of the tickets and instead used the money on personal expenses and debts, court documents say. He eventually repaid two of the three people.

The second incident occurred in 2016, when Hochfelder told someone that his wife had a “pending order from a large fashion retailer,” and they needed to raise $150,000 “for the manufacture of goods,” the plea agreement says. However, Hochfelder and his wife did not have such a deal in place, and he told a subordinate to forge a purchase order from the retailer to bolster his story, according to the plea agreement.

The person gave him $150,000 based on this forged purchase order, which Hochfelder used to pay off personal expenses and debts, according to the plea agreement. He repaid the person after they confronted him, the plea deal states.

The final incident also began in 2016, when Hochfelder received about $295,000 from four people with whom he had discussed buying a distressed property in Manhattan, court documents state. He said that he had a personal relationship with a large bank and could get a good deal on the apartment building since its mortgage was in d上海龙凤论坛 新上海贵族宝贝论坛efault, according to the plea deal.

“However, the property had no such mortgage on it and was not available for sale,” the district attorney s office said.

Hochfelder used the money from these people on personal expenses and debts and to pay bac[……]

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