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Kramer Levin

Out of the mouths of attorneys: Kramer Levin s leaders on land use, rezoning Kramer Levin co-chair Sillerman: One of city’s biggest issues is the abundance of industrial land

The Real Estate Board of New York is happy with the Midtown East rezoning proposal, with a few caveats.

One is the floor price proposed for the 3.6 million square feet of landmarked air rights in the district: $393 per square foot ($78.60 of which will go to the city). Paul Selver, a co-chair of Kramer Levin s land-use department who is working with REBNY, said the city s reasoning for the floor price — to create more transparency in the process — doesn t make sense because developers already need to file transfer t爱上海同城论坛 爱上海同城ax returns that spell out the specifics of the deal. In other words, the justification behind the requirement, he said, is bunk.

I have never seen a transaction where anyone misstated the co爱上海同城 爱上海nsideration in order to avoid a tax. People just don t do that, he said. They have to be honest in paying their transfer property tax.

During a public hearing in January, REBNY testified that the floor price was onerous, excessive and unfair. A spokesperson with the Department of City Planning disagreed, saying that the minimum contribution is a straightforward way to support上海贵族宝贝 上海千花网龙凤论坛 the public improvement fund.

The minimum contribution simply enables us to establish a reasonable floor regardless of how a development rights transaction is structured legally, since the market value of such a transaction won’t always be reflected separately on a transfer tax return, a spokesperson for DCP said.

Midtown East is just one of a few key land-use issues o新爱上海同城对对碰论坛 上海同城对对碰交友社区n the mind of attorneys with Kramer Levin s real estate, land use and environmental group, who gathered at the Museum of the City of New York on Wednesday night. The cocktail reception was held, in part, to celebrate an exhibit at the museum about zoning in the city. The law firm was one of the exhibit s sponsors.

Another co-chair with the land-use department, Michael Sillerman, said one of the biggest issues the city needs to address is the abundance of industrial land. He said the city s zoning rules are too rigid and should allow more mixed-use development on such properties.

Another big issue, of course, is the lack of one of the most developer-beloved tax breaks in the city. When asked about the future of 421a, developer Robert Skolnick simply lamented that the tax abatement still hasn t been revived — even though the governor has floated a possible replacement. Without it, he said, reiterating a common complaint of city developers, constructing rental housing isn t financially tenable.

In its absence, any site that we ve looked at that s potentially rental doesn t make any sense to us, he said.

As for the arrival of one of New York s real esta上海贵族宝贝交流区 上海贵族宝贝论坛te players in the White House, Jay Neveloff, chair of the firm s real estate practice, provided a vote of confidence. Neveloff has previously worked for Presiden[……]

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CoStar

CoStar makes big push at ICSC Data firm’s attendance increased sharply at convention, while owners, brokers, retailers were mostly flat

CoStar at ICSC (Credit: Adam Pincus for The Real Deal)

CoStar Group is blanketing ICSC, more than doubling its attendance from last year, making it one of the top 30 firms at the show.

The dominant player in commercial real estate data arena, CoStar sent 69 registered attendees to the retail event, the largest head count from a company that is not a brokerage, tenant or owner.

The firm which is spending up to $20 million this year to prevent upstart Xceligent from breaking into its market strongholds did not respond to a request for comment.

CoStar’s competitors have registered far fewer attendees. As of Tuesday, Xceligent had four reps, CompStak (with whom they announced a partnership this month) had also had four, and Yardi counted eight.

The analysis based on ICSC attendance information available on its we新上海贵族宝贝论坛 上海贵族宝贝交流区bsite, and may not have the final figures for each firm. Total registered attendance as of Tuesday morning was just under 33,000, but ICSC expects the total to hit 37,000.

Other firms that pushed up their numbers were sandwich restaurant Subway, which jumped from 50 to 97 attendees this year, and Internet giant Amazon, which registered 15 Seattle-based individuals this year, up from 10 last year.

The landlord with the most significant attendance increase was shopping center landlord DDR, which jumped from 17 professionals last year to 44 attendees as of Tuesday. Mexican shopping center owner Grupo Acosta Verde grew from 7 pros in 2016 to 17 this year.

The six largest companies at the show were all brokerages, and for the most part those firms sent roughly the same number of professionals as they had last year. CBRE had by far the most attendees registered, with 763 as of Tuesday (up from 746 as of last year’s registration count). They were followed by Cushman Wakefield, which also increased its presence despite losing high-profile agents like Bradley Mendelson and David Green, and top brokers like Bob Knakal did not attend. This year they had 375 professionals registered, compared with 348 last year.

JLL had 331 attendees registered as of Tuesday morning, Colliers International had 289, Marcus Millichap had 272 and Newmark Grubb 上海夜网论坛 上海夜网Knight Frank came in with 209.

Some large landlords also cut back sharply. Kimco Realty reduced its headcount from 92 last year to 58 this year. The firm cut back on non-leasing professionals this year.

“Kimco decided this should strictly be a leasing event. This was due in part to space and cost management in order to accommodate the high meeting volume the leasing teams have,” the firm said in a statement to The Real Deal.

Overall, the number of owners or developers registered as of Tuesday morning 10,上海龙凤论坛sh1f 上海龙凤论坛876 was about 4 percent below last year’s final figures. The next most active group was real estate services (mostly brokers), which tallied 8,653 as of Tuesday morning[……]

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Real Estate Reading List

Real estate pros share their picks for books on the innocence of youth, the importance of failing and how money and power aren’t everything

Ellen Baer
President, Hudson Square Connection

What are you reading right now? “Swing Time” by Zadie Smith.

What spurred you to read that book? I exclusively read fiction and have always enjoyed Zadie Smith’s books, especially “White Teeth” and “On Beauty.” I haven’t finished “Swing Time” yet, but I think Smith is a very talented author.

Has anything you read in the book stuck with you? “Swing Time” is the name of a Fred Astaire movie from the 1930s, and I remember watching his movies with my mother when I was a child. The story itself is beautifully written and uses music as a way to “dance” through the various periods of the primary character’s life. The early parts of the book use old Fred Astaire songs and dances as a metaphor for the innocence of youth — we need this kind of reminder of our innocence right now.

Adam Mahfouda
President and CEO, Oxford Property Group

What are you reading right now, or what did you finish most recently? “Originals: How Non-Conformists Move the World” by Adam Grant.

What spurred you to read it? I received Adam Grant’s first book, “Give and Take,” from one of our agents as a gift. I was halfway through the book and enjo新上海贵族宝贝论坛 上海贵族宝贝交流区ying it but accidentally left it at home while traveling, so I grabbed this one at the airport bookstore.爱上海龙凤419桑拿 上海龙凤论坛sh1f

Has anything you read in the book stuck with you? Something that struck me was how many of the great inventors, poets and composers in the world have produced massive volumes of work over their lifetimes. Thomas Edison filed 1,093 patents. Pablo Picasso created 1,800 paintings, 2,800 ceramics, 1,200 sculptures and 12,000 drawings. Maya Angelou wrote over 165 poems. Grant makes the argument that it’s not always the case that you produce better work by doing less and focusing intensely on one thing, but rather that the most predictable path to qua上海龙凤论坛sh1f 上海龙凤论坛lity ideas is from producing large volumes of work. It’s a reminder that you must produce a countless amount of failures or bad idea上海贵族宝贝交流区 上海贵族宝贝论坛s in order to find the good ones.

Would you recommend it to others? Yes. I thought there were many powerful ideas on how you can create change in your life and in the world around you.

Katie Mahon
Managing Director, NY Tri-State Region Retail Services Brokerage Operations, Cushman Wakefield

What are you reading right now, or what did you finish most recently? “Thrive: The Third Metric to Redefining Success and Creating a Life of Well-Being, Wisdom, and Wonder” by Arianna Huffington.

What spurred you to read that book? Arianna Huffington is a strong, successful woman who has always inspired me. I’m usually not very good with well-being books, but I respect Arianna and figured I would give it a shot.

Has anything you read in it stuck with you? How to be present in every situation. The book also made me think about my inner voice and how to redefine what success a[……]

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433 Broadway

Faced with retail vacancy, Soho landlord bets on revenue sharing and startups Startup Collab rents out shelves to online brands for between $1,500 and $2,500 a month

The Collab space at 433 Broadway and Abdul Thunayan (Credit: LinkedIn)

The first newly constructed retail space in Soho’s Broadway in about a decade hit the leasing market in January 2015, when the market was still sizzling. But almost three years later, 433 Broadway still hasn’t found a long-term tenant. So the landlord, Omari Properties, went with an unusual Plan B.

Last month Collab, a store that allows online brands to showcase their goods in exchange for a fee, opened in about 2,000 square feet and is set to expand to 6,000 square feet at the property, which also holds co-working spaces on the upper floors.

Like pop-up stores, Collab can open its doors and shut down in a matter of weeks with minimal buildout. But while popup stores typically showcase a single company’s products, Collab showcases dozens.

The startup approaches online brands that don’t have the means for a store but might still want to get their products in front of Soho shoppers. They can rent a small shelf or clothing rack for between $1,500 and $2,500 per month, the company’s founder Abdul Thunayan said. And unlike some c上海千花网交友 上海千花网论坛o-retailing models, where companies operate mini stores within a larger space, Collab mans the store and manages sales.

The rent goes to the landlord and Collab gets a share. Both also receive a percentage of sales. A “curations team” decides which brands fit together and which don’t. Thunayan, who also heads the short-term retail rental listing site Reta上海龙凤论坛sh1f 上海龙凤论坛il Linx, argued that the revenue sharing model is “more flexible and more profitable for the landlord” than a traditional lease. The company is eyeing a second location in Brooklyn, he added.

Edan Abehsera, CEO of the Cubico co-working space in the property and son-in-law of Omari Properties’ Eddie Omri, said he sees the deal with Collab as a “very low-risk” temporary fix 新爱上海同城对对碰论坛 上海同城对对碰交友社区until he finds a long-term tenant: it pays the bills, is less disruptive than a pop-up store and cheape爱上海同城论坛 爱上海同城r than hiring a broker for a short-term fix, he said.

Omari, which acquired 433 Broadway in 1996 and spent about 15 years上海千花网交友 上海千花网论坛 developing the property, had been targeting $600 a square foot for the 9,100-square-foot retail space, Abehsera told The Real Deal earlier this year. Abehsera declined to say how much money the space makes when fully rented out, but claimed it could rise higher than the asking rent for a long-term lease (Omari was asking $300,000 a month $590 a square foot for the retail space in late 2015, according to Agorafy). “If the market goes right, this could be the new normal,” he said.

Tags: Commercial Real Estate, NYC Retail Market, Retail
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Laser and camera systems company moving its headquarters to Shelton

Laser and camera systems company Dark Field Technologies is moving from Orange to Shelton, the Fa上海同城对对碰交友社区 上海夜网论坛irfield Business Journal reports. The tech company will take up 5,785 square fe爱上海同城对对碰 爱上海同城论坛et of space in a 84,000-square-foot building at 5 Research Drive. Employees will have access to a fitness club, salon and spa, tennis and ba上海贵族宝贝论坛 上海贵族宝贝sketball courts at a neighboring 爱上海同城对对碰 爱上海同城论坛corporate park. [FBJ]

Tags: Westc上海千花社区 上海千花网交友hester Fairfield
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Kensington Brooklyn Development

Solomon Feder plans 43-unit apartment building 上海千花社区 上海千花网交友in Kensington Property at 上海龙凤论坛 新上海贵族宝贝论坛210 Parkville Ave. will span 33,900 sf

210 Parkville Avenue in Brooklyn (Credit: Google Maps)

A p上海千花网交友 上海千花网论坛arking lot in the Kensington section of Brooklyn is the site of a planned eight-story residential building with 43 apartments.

The property at 210 Parkville Avenue will span 33,900 square feet and will most likely contain rentals, according to building plans cited by New York YIMBY.

Property records identify the owner as Shimon Lefkowitz, who also owns the 200-bed Waterford on the Bay senior living facility in Sheepshead Bay. Solomon Feder of Velocity Framers is overseeing the development, according to documents filed with the city’s Department of Buildings.

Apartments will average 680 square feet, and the building will include 22 bicycle parking spaces, a recreation area and a laundry room. It will have private terraces starting on the second floor.

Just two blocks over, David Marom’s Horizon Group is planning a 63-unit condominium building at 264 Webster Avenue, which is one of the largest for-sale residential projects planned in the neighborhood in years. [YIMBY] – Rich Bockmann

 

Tags:上海夜网 阿爱上海同城 Development, Residential Real Estate
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Charles Cohen

Developer Charles Cohen cuts deal to buy Landmark Theatres The indie chain is estimated to be worth $175 million

Charles Cohen, a Landmark Theatre (Credit: Getty Images, BruinBlogger)

Billionaire real estate developer and film aficionado Charles Cohen has just closed a deal to purchase Landmark Theatres, a chain of art-house cinemas.

Investors Mark Cuban and Todd Wagner sold the 52-theater portfolio for an undisclosed pric上海龙凤论坛sh1f 上海龙凤论坛e, the Los Angeles Times reported. They had been trying to sell the Landmark on and off for several years.

Landmark Theatres an indie chain that specializes in foreign and independent films can be found in 27 cities, includi爱上海 爱上海WIFIng L.A., Ne上海夜网 阿爱上海同城w York, Denver and San Francisco. There are three locations in L.A., with its flagship found inside the Westside Pavilion.

Amazon was believed to be a top contender for the chain over the summer. An estimate from Deadline Hollywood pegs the value of the theaters, which typically include lounges, at about $175 million.

Through his media company, Cohen Media Group, Cohen distributes art-house films including the award-winning “The Salesman” and “Timbuktu.” Earlier this year, two of his other films were nominated for Academy Awards. He’s also taken to buying up and restoring theaters in New York, such as the quaint Quad Cinema in the Greenwich Village.

Cohen serves as chairman and CEO of Cohen Brothers Realty Corp., which owns and manages more than 12 million square feet of space across the country. In L.A., the firm holds the Pacific Design Center i爱上海龙凤419桑拿 上海龙凤论坛sh1fn West Hollywood in its portfolio.

He has a net worth of $3.4 billion, according to Forbes. [LAT] Natalie Hoberman

Tags: Commercial Real Estate
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Most expensive home listing

Chicago’s most expensive listing returns to market at “markdown” to $45M Lincoln Park mansion that was on listed for 2 years at $50M is still priciest in Chicago ar上海千花网龙凤论坛 上海千花社区ea

(Credit: Sotheby’s)

A Lincoln Park mansion that sat unsold for two years asking $50 million before 爱上海同城 爱上海being pulled off the market is being listed again, this time for $45 million.

The six-bedroom home on North 新上海贵族宝贝论坛 上海贵族宝贝交流区Burling Street was by far the priciest residential listing in the Chicago area while it sat on the market, and is still more than twice as expensive as th上海贵族宝贝交流区 上海贵族宝贝论坛e second priciest listing, even at the reduced amount, according to the Chicago Tribune.

The home of United Automobile Insurance Company CEO Richard Parillo and his wife, Michaela, was taken off the marke上海千花网交友 上海千花网论坛t Nov. 17 after being listed since December 2016. The couple built the home a decade ago after paying $12.5 million in 2005 for the eight city lots it sits on.

Including land costs, the couple spent $65 million to build the mansion, representatives said previously. The house is marketed as 25,000 square feet, but the Cook County Assessor’s office reports it as being 15,500 square feet. It’s assessor-estimated market value is $19.4 million.

Jameson Sotheby’s International Realty’s Tim Salm has the listing.

The next most expensive listing is a 130-year-old Gold Coast mansion owned by Pete’s Fresh Market owner Jimmy Dremonas, who is seeking $22 million. A few homes down from the Parillo home, an 8,000-square-foot mansion at 1950 North Burling sold for $11.9 million last year. [Chicago Tribune] — John O’Brien

 

Tags: Lincoln Park, luxury home sales, Residential Real Estate

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Kendall Stewart

Ex- city councilman Kendall Stewart arrested for threatening his tenants He has been charged with criminal mischief, menacing and harassment

Kendall Stewart and 1744 Lounge (Credit: Twitter and Google Maps)

Kendall Stewart, a former city councilman, has been arrested and charged with harassment after allegedly threatening his Flatbush tenants who run a Brooklyn hookah lounge over money.

Stewart broke down the office door of 1744 Lounge on Friday morning and told a tenant that he would “come back here and take care of you,” according to the New York Post, citing police sources. He then came back on Saturday evening with three men—one of whom pulled a gun—and threatened one of the business’ female employees.

Stewart has also been charged with criminal mischief and menacing, although the three men he was with are 上海千花网论坛 上海千花网still at large.

The argument was reportedly about city fines. The lounge had been hit with thousands of dollars worth of fines in 2016, but those were paid off.

Stewart represented Brooklyn’s 45th District on the City Council from 2002 to 2009, which includes neighborhoods like Flatbush and Canarsie. He was voted out soon after his old chief of staff admitted to stealing $200,000 in taxpayer money and replac爱上海 爱上海同城手机版ed by Jumaane Williams, who was recently elected to be the city’s publi爱上海 爱上海同城手机版c advocate.

Stewart was previously one of the victims in a loan modification fraud scam. [NYP] – Eddie Small

Tags: Commercial Real Estate, real estate crimes
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