Skanska quits pioneering Ratner project
[6:02 pm, September 23, 2014 | No Comment | ]

Skanska has terminated its construction agreement with Forest City Ratner for an Atlantic Yards modular apartment tower, sending the dispute over the project into a new round.

In a statement issued today (Tuesday), Skanska justified the step by alleging Forest City Ratner did not address unspecified “material breaches” under the agreement.

Work at the Atlantic Yards B2 Project, set to become the tallest modular tower in the world at 32 stories, has been interrupted for weeks, prompting the two firms to exchange lawsuits

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Finance & Accounting »

[7:20 pm, September 30, 2014 | No Comment | ]

China has dominated the North American investment sales market in the past 12 months, investing over $1.6 billion in US properties, according to a new report from DTZ.
North American investors dominated the U.S. market, acquiring nearly $76 billion of assets in the year to Q2 2014 and representing 84 percent of market activity and, on the sell side, reaching net sales of close to $4 billion.
However, a steady decline in North American net investment contrasted with net positive activity from non-North American capital.
“Nearly half (47 percent or $9.2 billion) of …

Finance & Accounting »

[7:11 pm, September 30, 2014 | No Comment | ]

Real estate crowdfunding platform, Fundrise announced a number of new investors have joined the company’s first-round Series A including Guggenheim Partners, Rockrose president Justin Elghanayan and James Ratner, chairman and CEO of Forest City Commercial Group, bringing its total raise to $38 million.
“These investments from top players in the real estate and financial industries provide further confirmation of real estate crowdfunding as a viable and effective investment tool,” said Ben Miller, co-founder of Fundrise.
Additional new investors in the company include Debbie Ratner Salzberg of Forest City, Terrence Rohan of Index …

Deals & Dealmakers »

[6:51 pm, September 30, 2014 | No Comment | ]

The East Midtown Steering Committee, a planning group co-chaired by Manhattan Borough President Gale A. Brewer and City Councilmember Daniel R. Garodnick to set the framework for a new greater East Midtown area, has finalized the group’s membership and held its first formal session today (Tuesday).
A facilitation team will be led by John Shapiro, chair of the Graduate Center for Planning and the Environment at Pratt Institute.
The team will also include Geoffrey Wiener, formerly the assistant vice president of Facilities Planning at Columbia University; David Burney, former Commissioner of the …

Brokers Weekly »

[7:18 pm, September 29, 2014 | No Comment | ]

By Konrad Putzier
New York is falling behind in the race for millennials, according to a new report by research firm, RealtyTrac.
While Manhattan and Hudson County, which includes Hoboken and Jersey City, are among the top ten markets millennials are moving to, they are trailing other hotspots like Washington D.C., San Francisco and Denver.
Arlington and Alexandria counties in metro Washington D.C. head the list with 82.2 and 80.7 percent growth in the population of millennials between 2007 and 2013, respectively.
Orleans Parish in Louisiana, San Francisco County, Denver County, Montgomery County in …

Brokers Weekly »

[5:23 pm, September 29, 2014 | No Comment | ]
Veteran photographer turns her focus to real estate

The residential brokers of New York have earned a reputation as some of the most driven business men and women on the globe.
The mystique of dealing with the most coveted properties in the world brings to mind an image of young millennials, sharply dressed and eager to advance upwards from rentals to major listings or seasoned veterans heading towards retirement with priceless experience in their pocket and the commissions of numerous sales in their bank accounts.
Dana Buckley of Corcoran doesn’t exactly fit into either of those molds.

Brokers Weekly »

[9:00 am, September 26, 2014 | No Comment | ]

Home prices in the Manhattan condo market reached an all-time high in August, and are now nearly 7 percent higher than their previous peak in September 2007. Lack of inventory remains a key driver in condo price gains, according to the August StreetEasy® Manhattan Condo Market Report.

The total number of condos listed on the market in August fell by 4.6 percent from July, an expected slowdown that occurs during the summer months. Inventory remains 18.9 percent below the five-year average for Manhattan. In an encouraging sign for buyers, August inventory …

Brokers Weekly »

[6:47 pm, September 25, 2014 | No Comment | ]
Related Development heating up in Florida

Related Development, LLC is capitalizing on renewed rental demand, following historic lows in multi-family development. Four new rental properties totaling 1,129 units, from Miami-Dade to Palm Beach counties, break ground this month.

Steve Patterson, President of Related Development, says low single-family home ownership rates, which declined to 64.8 percent, according to US census data (the lowest level since 1995), along with a job market flooded with young workers (“millennial” generation) unable to afford ownership points toward a strong recovery for rentals.

Related’s SOFA-Delray, Town-Pembroke Pines, Doral View II and Town-University Drive all begin construction this month.  With 4,700+ rental units in …

Deals & Dealmakers »

[3:46 pm, September 25, 2014 | No Comment | ]

Schneider & Schneider, Inc. announced that Yorkshire Towers and Lexington Towers, two Upper East Side residential buildings with a combined 861 rental units, have been sold by their ownership entities to a venture controlled by The Chetrit Group and Laurence Gluck.
Daniel Geiger at Crain’s NY Business reported the sale price at nearly $500 million.
The buildings, 305-315 E. 86th Street and 160 E. 88th Street in Manhattan, were both constructed in 1964 and feature a mix of market-rate and rent-regulated units, as well as significant retail and professional space.
Lynn C. Schneider, …

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