Archives June 2019

Leser Group

Abraham Leser to buy 179-unit Bronx building for $34M Rental property on Seward Ave. last traded in 2012 for $21M

2009-2025 Seward Avenue

Abraham Leser s Leser Group is in contract to buy a 221,208-square-foot building at 2009-2025 Seward Avenue in the Bronx for $33.7 million, according to documents filed with the Tel Aviv Stock Exchange.

The eight-story, C-shaped building stretches from Seward Avenue to Homer Avenue in Castle Hill, in the south central section of the Bronx. It has 179 market-rate units across 195,608 square feet, an爱上海同城论坛 爱上海同城d the property includes a 25,000-square-foot parking lot next door.

The building is currently 86 percent occupied, and net income from rent is about $1.65 million annually, according to the Tel 上海贵族宝贝交流区 上海贵族宝贝论坛Aviv documents.

The majority of the financing for the purchase will be through loans, with the remainder being provided by the company’s own funds.

The building上海贵族宝贝 上海千花网龙凤论坛 is currently owned by the management company Arkar Inc., which bought the building from Michael Shah s Delshah Capital in 2012 上海千花网龙凤论坛 上海千花社区f上海千花社区 上海千花网交友or $21.3 million, according to property records. Arkar s holdings include a six-story Hamilton Heights rental building.

The deal is set to close by February 2017.

The Leser Group was not immediately available for comment. The seller confirmed the details of the transaction.

Tags: Abraham Leser
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One Year Lease

Mom and pop landlords are rapidly becoming a thing of the past, so it s almost refreshing when a bit of old school New York上海千花社区 上海千花网交友 housing weirdness crops up.

After moving into their new apartm阿拉爱上海同城 爱上海龙凤419桑拿ent, one couple soon discovered that they might have NYC s most eccentric landlord and they have the voicemails to prove it.

It all started when Brian Bolster and Thomas Harrington received an od新爱上海同城对对碰论坛 上海同城对对碰交友社区d request from their landlord Rita. She called to ask if they had any spare pots and 上海夜网论坛 上海夜网pans. Okay, not the craziest request in the world although it is a little odd to hit your tenants up for cookery. But from there, things only got weirder and unintentionally hilarious.

Soon, Rita was calling them up talking about nursing baby pigeons, accusing them of neglecting their cat, and calling them spoiled brats, according to Esquire.

In response the strange messages, the couple compiled a 10-minute documentary called One Year Lease. Enjoy.

 [Esquire]  Christopher Cameron

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Ben Carson Miami

Don t read too much into Trump s proposed cuts to HUD funding, Carson says $1.5M grant used to build complex that Carson toured would be eliminated under Trump’s budget

Miami-Dade Mayor Carlos Gimenez, developer Jorge Perez and HUD Secret爱上海同城 爱上海ary Ben Carson during Carson s visit上海千花网 爱上海同城对对碰 to Miami (Credit: Getty Images)

On his two-day tour of Miami, Housing and Urban Development Secretary Ben Carson advised against reading too much into the president s proposed budget – especially cuts to housing and development funds. 

What you need to concentrate on i上海贵族宝贝交流区 上海贵族宝贝论坛s: The parts of these programs that are functioning well — and that are maintaining people — are going to be preserved, Carson said during a press conference at Hialeah’s Hoffman Gardens low-income townhouse development, the Miami Herald reported. There may be a different nomenclature. We may not call it the same thing We are clearly going to maintain these programs that are going very well.

Carson toured the Villa Aurora apartments on Thursday, a $28 million apartment complex that includes dozens of units for the homeless and dozens more for low-income residents. Carrfour Supportive Housing completed the building in 2009 with mostly federal funding, including $1.5 million from the HOME program, a $950 million national program that would be cut under Donald Trump s proposed budget.

Under his budget, the HUD s Community Development Block Grant program would also end, eliminating about $4 million a year in Miami, the Herald[……]

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The Wing

WeWork leads $32M Series B for women-only co-working club The Wing will soon have 3 locations in NYC

From left: The Wing Flatiron, SoHo and co-founders Audrey Gelman and Lauren Kassan (Credit: The Wing)

A women-only co-working club, the Wing, just raised a $32 million Series B round of funding, the bulk of which came from unicorn competitor WeWork.

This round of financing brings the total investment in Wing to more上海贵族宝贝交流区 上海贵族宝贝论坛 than $42 million, Forbes reported. The company raised an $8 million Series A round of funding in April.

The company opened its first loc上海同城对对碰交友社区 上海夜网论坛ation in the Flatiron District in October 2016, and opened its second this year in Soho. A third location is set to open in Dumbo in January. The Wing is looking to open another location in Washingto上海千花网交友 上海千花网论坛n D.C. early next year and also has plans for spaces in San Francisco and Los Angeles.

At last check, the Wing said it had a waiting list of 8,000 women.

CEO and co-founder Audrey Gelman told Fortune separately that the new capital will help expand the company s footprint, add empl上海贵族宝贝 上海千花网龙凤论坛oyees and start a scholarship program for women who can t afford Wing s ra上海千花网交友 上海千花网论坛tes.

It frees us up a little to focus on community and brand, Gelman told Forbes. [Forbes] — Kathryn Brenzel 

Tags: Co-working NYC, Commercial Real Estate, Real Estate Finance, wework
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FitHouse plans 15 new locations in NYC The exercise studio will utilize so-called shotgun leases

276 Bowery and Clement Benoit

In an effort to expand quickly in the city, an exercise studio is planning to use so-called s阿爱上海同城 阿拉爱上海同城hotgun leases.

FitHouse plans to open 15 locations in the city thro上海同城对对碰交友社区 上海夜网论坛ug上海龙凤论坛sh1f 上海龙凤论坛h leases that allow either the studio or landlord to cancel with a 60- to 90-day notice, the New York Post reported. The company s first location will be at 276 Bowery, and other locations are planned for Flatiron, Chelsea and SoHo.

“We like the flexibility of opening spaces fast and closing them fast if we find t阿爱上海同城 阿拉爱上海同城he location is not right,” FitHouse founder and 33-year-old chief executive,上海龙凤论坛 新上海贵族宝贝论坛 Clement Benoit, told the Post.

The company is seeking spaces of 3,000-plus square feet and invests about $150,000 square feet in each of its new locations. FitHouse is also scoping out former studio spaces that have closed down in popular neighborhoods.

Benoit has raised roughly $3 million in venture capital led by Global Founders Capital. [NYP] — Kathryn Brenzel

Tags: Commercial Real Estate
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Craft Breweries Revive Retail

Beer me: the new fuel for America s downtrodden commercial districts The 阿拉爱上海同城 爱上海龙凤419桑拿breweries’ “economic ripple effects” are being felt by retailers and property owners alike

(Credit: emdot/Flickr)

It might sound surreal, but beer really could save America at least in terms of commercial real estate.

There was a record-breaking number of small craft breweries operating throughout the country for the second year in a row in 2016; the record, which was originally set in 1873, of 4,131 breweries was beat in 2015, according the New York Times. Together, the breweries contributed a total of $68 billion to the American economy in 2016 alone talk about beer money.

With every new brewery comes a series of tax breaks for the new operator, vendor contracts especially with food trucks or local eateries an新爱上海同城对对碰论坛 上海同城对对碰交友社区d property上海贵族宝贝 上海千花网龙凤论坛 values begin to rise as other business move in to scoop up the be上海千花网交友 上海千花网论坛er-fueled tourist dollars suddenly pouring in.

“When we moved here, you could see old scars of bad times,” said Ricardo Petroni, the co-owner of a two-year-old brewery in Middletown, New York, to the Times, “but you can tell that now, new things are flourishing.”

“The economic ripple effects are definitely there,” JLL s David Barnett told the Times. He noted in a report he authored last year called “The Craft Beer Guidebook to Real Estate,” that craft beer s production doubled between 2011 and 2016 in 36 states.

“It’s hard to ignore an industry that has grown this much,” he said. [NYT] Erin Hud[……]

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Delshah Capital

Delshah buying 28-building portfolio for $100M-plus Silvershore’s 210-unit resi package almost entirely located in Brooklyn

Michael Shah and 149 Rivington Street (Credit: Google Maps)

Michael Shah’s Delshah Capital is is buying a large Brooklyn-centric multifamily portfolio from Silvershore Properties for just o上海千花网论坛 上海千花网ver $100 million, The Real Deal has learned.

The buildings collectively span just shy of 200,000 square feet and include 210 residential units and 12 commercial units, according to documents Delshah filed with the Tel Aviv Stock Exchange, where the company has issued bonds.

The portfolio includes 28 buildings throughout Brooklyn, including Williamsburg, Bedford-Stuyvesant, Carroll Gardens and Bushwick, as well as two buildings on the Lower 上海贵族宝贝 上海千花网龙凤论坛East Side in Manhattan, according to the documents. The buildings addresses were not immediately clear.

Although the documents did not disclose the seller, sources familiar with the properties said it is Silvershore Properties.  Some of the properties were among the 57 that Silvershore put on the market last year amid the market slowdown, sources said.

Shah, who is paying a total of $100.7 million for the package, plans to upgrade the buildings and is looking to raise their collective net operating income by 31 percent from $4.8 million to $6.3 million in two years, according to the filing. Most of the buildings are small, with between four and 10 units and are therefore classified as 2a or 2b for tax purposes. State law li[……]

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Brokerage Lawsuit

Here’s why more brokerages are taking developers to court The tough market is fueling litigation over new dev disputes

Pam Liebman, Steven Kliegerman, and a courthouse (Credit: iStock and Halstead)

In the midst of an inventory glut, brokerages are taking their grievances to court.

Since June, several firms have sued developers — seeking monetary compensation for what they deem were unfair practices or unpaid fees. The cases highlight the somewhat cyclical nature of this type of litigation: When the market gets tough, companies are much more prone to sue.

“If pockets were full and markets were good, people might take a more conciliatory approach,” said Nancy Packes, a new development marketing specialist. “But it’s not easy for new development brokers right now.”

Last month, Corcoran Sunshine Marketing Group filed a $30 million suit against the developers of a supertall condominium at 111 West 57th Street, claiming the brokerage was terminated without warning on May 16. While JDS Development Group and Property Markets Group contend that the brokerage missed sales benchmarks, Corcoran said in court documents that infighting, lawsuits and self-sabotage “undermined and frustrated” its ability to market units.

Corcoran alleged that in 2016, PMG boss Kevin Maloney “commenced a publicity campaign underscoring his lack of desire to market the Building” until market conditions changed.
“If pockets were full and markets were good, people might take a more conciliatory approach.” Nancy Packes[……]

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1MBD Real Estate

Walker Tower penthouse tied to 1MDB scandal gets another staggering price cut Unit at heart of alleged financial fraud was purchased for $50.9M in 2014

Neil Moffitt and Walker Tower at 212 West 18th Street (Credit: Hakkasan Group and Compass)

UPDATED, Thursday, Jan. 22, 11:13 上海同城对对碰交友社区 上海夜网论坛p.m.: A Walker Tower penthouse unit that s been ensnared in one of history s greatest financial scandals just received another massive price cut.

The penthouse, which was bought by an LLC for a downtown record $50.9 million in 2014, was just relisted Thursday at $35 million.

There s good reason the seller is eager to unload the asset: the feds are keen to seize it.

In 2016, U.S. federal prosecutors filed a complaint alleging that Abu Dhabi-based businessman Khadem al-Qubaisi purchased the 6,000-square-foot penthouse using funds diverted from either state development fund 1Malaysia Development Bhd. (1MDB) or International Petroleum Investment Co. (IPIC), an entity al-Qubaisi control上海千花网 爱上海同城对对碰led that guaranteed some of 1MDB’s bond sales and owned a minority stake in some of its energy assets.

Prosecutors say al-Qubaisi conspired with a shadowy figure named Jho Low to pilfer funds from the 1MBD fund, with some of the billions in stolen cash going toward the purchase of real estate in New York nearly $350 million worth. (Low also bought the majority stake at the Park Lane Hotel for $200 million as well as a $30 million apartment at the Time Warner Center, according to prosecutors.)

At Walker Tower, federa[……]

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