885 10th Avenue

Benchmark sells 36-unit Midtown West rental building for $48M Soho firm continues to bank on multifamily assets in deal with New Jersey family

Benchmark Real Estate Group sold a 36-unit 爱上海龙凤419桑拿 上海龙凤论坛sh1fmixed-use rental building in Midtown West to a New Jersey-based, family-run investment firm for $47.5 million, sources told The Real Deal.

Benchmark, led by Jordan Vogel and Aaron Feldman, struck a deal for the six-story, 37,000-square-foot property at 885 10th Avenue with Rich International, a Fort Lee, N.J.-based company owned by the Park family and led by principal Edward Park.

Benchmark acquired the elevator building, which is located on the corner of West 58th Street and features two ground-floor retail spaces spanning roughly 3,000 square feet, for $32.3 million in上海同城对对碰交友社区 上海夜网论坛 2014.

The Soho-based firm embarked on an extensiv上海贵族宝贝交流区 上海贵族宝贝论坛e renovation of the property, upgrading all 36 rental units – seven of which are rent-stabilized – and adding a上海千花网论坛 上海千花网 new roof deck. In addition, the property holds approximately 20,000 square feet of buildable air rights.

An HFF team led by Eric Anton, Jeff Julien and Steven Rutman brokered the deal on behalf of Benchmark.

A Benchmark spokesperson declined to comment on the transaction, while Rich International did not return requests for comment.

Benchmark has been busy over the past year, capitalizing on a portfolio of multifamily assets located across the city. In March, the firm sold a 94-unit rental building near Gramercy Park to New York Univer[……]

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Cove Property Group

Cove Property secures $220M loan to buy 441 Ninth Ave. Deutsche Bank is the lender on the Far West Side office property

Kevin Hoo and 441 Ninth Avenue on the Far West Side

Kevin Hoo’s Cove Property Group scored $220 million in financing for the acquisition of 441 Ninth Avenue, a large office building on Manhattan’s Far West Side.

Deutsche上海贵族宝贝 上海千花网龙凤论坛 Bank provided the loa上海千花网论坛 上海千花网n, according to property records filed with the city late last week.

Cove Property partnered with hedge fund the Baupost Group to buy the 423,000-square-foot building from insurance firm EmblemHealth, which is also the tenant. EmblemHeath is slated to move out in the next few months.

In August, the partners signed a contract to pay $330 million for the property.

The former warehouse building is located across the street from Brookfield Property Partners’ 1 Manhattan West development and a block away from the Related Companies and Oxford Properties Group’s Hudson Yards.

Cove Property is reportedly planning to expand the structure by 150,000 square feet. The property, which is between West 34th and 35th streets, got an increased floor-to-area ratio in a city rezoning in 2005. Cove also has the option to buy building bonuses from the Hudson Yards Infrastructure Corporation. The plan is to attract tenants who want to be close to上海龙凤论坛 新上海贵族宝贝论坛 the me上海千花网交友 上海千花网论坛gadevelopment, and may include converting portions of the ground floor to retail use.

The Ninth Avenue property is the second major purchase for Cove Property this year.[……]

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Extell Development

Sam Chang buying Extell-owned hotel dev site for $60M McSam filed plans for 45-story tower on West 24th Street

Sam Chang, Gary Barnett and 140 West 24th Street (Credit: Google Maps)

Extell Development is in contract to sell a Chelsea development site to Sam Chang for abo爱上海 爱上海同城手机版ut $60 million, so that the hotel developer can construct a 45-story tower, sources told The Real Deal.

Chang filed plans last month for a 172,640-square新上海贵族宝贝论坛 上海贵族宝贝交流区-foot hotel on the vacant lot at 140-146 West 24th Street, where two commercial buildings stood just earlier this year.

For Gary Barnett’s firm, the sale marks a relatively quick flip with a profit of more than the triple its purchase price. Extell bought the building at 142-146 West 24th for $9 million in 2014, and then the building at 140 West 24th for $9.2 million in January. The same month Extell closed on the purchase of the second building, it filed demolition plans for both buildings. The property at 140 West 24th was perhaps best上海龙凤论坛sh1f 上海龙凤论坛 known for housing the private music venue and rehearsal space Red Door until shuttering in 2015.

Cushman Wakefield had been marketing for sale both the 24th Street lot and the adjacent vacant site at 157 West 23rd Street. The block-through sites, located between Sixth and Seventh avenues, are zoned for hotel and 上海贵族宝贝 上海千花网龙凤论坛office use.

The Kaufman organization owns the leasehold for 23rd Street, and Edison Properties owns the land.

Chang, who runs Great Neck-based McSam Hotel Group, is set to Close On The 24th St[……]

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Parkoff Organization

Parkoff Organization is discriminating against black renters: suit Fair Housing Justice Center says it sent testers to 2828 Kings Highway

Adam Parkoff and 2828 Kings Highway

The Parkoff Organization has be上海夜网论坛 上海夜网en discriminating against black renters at one of its buildings in Midwood, a new lawsuit claims.

The suit, which the Fair Housing Justice Center filed in federal court on Monday, singles out the company for alleged misdeeds at 2828 Kings Highway. The nonprofit says it sent black and white testers to the 48-unit building throughout 2016, and in multiple instances, black testers were told nothing was available and dismissed, while white testers were welcomed inside to see apartments.

The complaint outlines multiple examples of this alleged behavior, describing how Par爱上海同城手机版 新爱上海同城对对碰论坛koff and the building superintendent were very helpful to white testers who came looking for apartments. The super told white testers about tenants who were planning to break their leases and even described another building the landlord owned on Ocean Parkway as super, super Jewish, the suit alleges.

However, when black testers showed up, the superintendent was much cagier about saying whether apartments were available, cutting off one tester who was asking about an apartment by repeatedly saying “nope” and then telling him about a building across the street being available on Zillow, the suit says.

In May, the FHJC expanded its investigation to Parkoff’s building at 401 Schenectady Avenue, where a tes[……]

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Dead Rabbit NYC

World s best bar expands in FiDi Dead Rabbit owners inked 17-year deal for space next to 30 Water St. location

Dead Rabbit at 30 Water Street, Sean Muldoon and Jack McGarry (Credit: Dead Rabbit)

Critically acclaimed FiDi watering hole爱上海 爱上海同城手机版 The Dead Rabbit is nearly doubling its size to 5,500 square feet.

The lower Manhattan bar, where patrons can wait two hours on busy nights to get in, signed a 17-year lease on a two-floor space next to its location on Water Street, the Wall Street Journal reported.

The Dead Rabbit is currently housed at 30 Water Street, which is owned by fellow restaurateur Peter上海同城对对碰交友社区 上海夜网论坛 Poulakakos, property records show.

Dead Rabbit co-founders Jack McGarry and Sean Muldoon said the design and construction of the new space will cost at least $750,000, and the expanded bar will be ready in April.

The bar, which opened in 2013, was named the world’s best bar in 2016 by an annual global survey.

Muldoon said he and his partner have received offers to open other locations, but they wanted to maintain the lower Manhattan vibe, so expanding上海龙凤论坛 新上海贵族宝贝论坛 next door was阿拉爱上海同城 爱上海龙凤419桑拿 their only option.

“W上海千花网龙凤论坛 上海千花社区e thought it would happen if we were patient,” he said. [WSJ] – Rich Bockmann

Tags: Commercial Real Estate, NYC Bars
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Multiple Listing Service

Is NYC finally getting an MLS? Westchester, Long Island realtors outline framework for regional listings hub

UPDATED, Feb. 5, 10:40 a.m.: Realtors fr阿拉爱上海同城 爱上海龙凤419桑拿om Westchester and Long Island said Friday that they’re taking a stab at something that’s evaded Ne爱上海同城对对碰 爱上海同城论坛w York City brokers for decades: a metro area multiple listings service.

The Hudson Gateway Association of Realtors and the Long Island Board of Realtors — which together represent 36,000 agents — said they plan to merge their MLS systems into a single entity that would include the entire metro area, including the five boroughs.

“Our goal is to offer MLS services to the city,” said Richard Haggerty, HGAR’s CEO.

Haggerty said the discussions around creating larger, regional MLS systems have been percolating for years across the country. Last year, HGAR absorbed the Manhattan Association of Realtors, whose membership had dwindled to about 100.

HGAR and LIBOR first got together in June to discuss the possibility of a single MLS, they said. The Long Island MLS currently has around 21,000 listings and the Westchester one currently has 13,000.

Sources said the talks are still preliminary, and any final action would require approval from both boards. The MLS would include Westchester, Putnam, Rockland and Orange counties, as well as the Bronx, Manhattan, Brooklyn, Queens, Nassau and Suffolk counties.

One of the ironies of New York City real estate is that despite a tremendous volume of high-priced deals, the city’s residential f[……]

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Barone Management

Barone Management plans a warehouse for the little guys Developer上海千花网交友 上海千花网论坛 will charge in the $40s psf for small, partitioned warehouse space in LIC

Rendering of 9-03 44th Road (Credit: Barone Management)

One developer plans to build a warehouse in Long Island City for small businesses that have been squeezed out by e-commerce and logistics tenants who are gobbling up the city s last-mile space.

Barone Management plans to build a three-story, 88,000 commercial building上海千花网 爱上海同城对对碰 at 9-03 44th Road, and will partition warehouse space into units between 2,000 and 3,000 square feet.

I think at least half of my warehouse tenants will be contractors that service New York City, president Scott Barone told Crain s. Plumbers, electricians, businesses that install sprinkler systems. These are tenants that traditionally were in Long Island City but have gotten pushed out.

The developer is spending $30 million on the ground-up development and thinks that tradesman and cont上海千花网论坛 上海千花网ractors will pay a premium for the confines.

Asking rents for the warehouse space will range up to the $40s per squ上海龙凤论坛 新上海贵族宝贝论坛are foot, more than double the current market rate for warehouse space.

The upper two floors will comprise of 44,000 square feet of office space, and Scott Barone told Crain s they re 上海贵族宝贝 上海千花网龙凤论坛targeting office tenants. It will also allow warehouse tenants to lease offices on the upper floors.

Usually industrial tenants have a crappy office in their warehouse, with low slung ceilings and maybe even no wi[……]

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NYC New Development

Finishing touches: Can art paint the picture developers need to move units? As luxury listings languish, developers are looking for ways to make their projects more memorable

A person looking at a rendering of Greenwich West at 110 Charlton Street as an art piece (Credit: iStock and Greenwich West)

Billboards for Greenwich West, a 167-unit luxury condo in Soho, will begin cropping up downtown before its sales launch next month. But instead of using traditional computer-generated renderings, the signs will feature custom work by a Brooklyn-based painter.

One piece offers glimpses of life inside the building. Looking through the windows, there’s a young boy playing with toy airplanes; in another, a woman napping on the sofa. Against the backdrop of the orange sky, a woman on the terrace looks out at a sailboat. A breeze runs through her hair.

They basically tell a little story about about what s happening in that space, said Phillip Gesue, chief development officer at developer Strategic Capital. The viewer can envision a narrative of what life is like there.

The marketing campaign is just one example of how art is playing an evolving role in residential new development, as brokers and developers seek to differentiate their units to attract buyers in an oversupplied market.

“Much or most of the campaign will have its basis in the artwork of this artist,” Gesue said. “Everybody is looking for a means of identifying their projects.”

Art’s role in real e上海千花网论坛 上海千花网state isn’t new — but i[……]

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