Luxury builders reap rewards as new condo prices soar
[7:00 am, October 1, 2014 | No Comment | ]

Manhattan’s apartment sales market has continued its steep climb, benefiting from strong demand for luxury new development.

The median sales price grew by 4.2 percent year-over-year to $908,242 while the average price grew by 17.4 percent to $1.684 million, according to Miller Samuel’s report for Douglas Elliman, as luxury sales far outpaced the rest of the market.

The median sales price in the luxury market — defined as the top ten percent in terms of price — rose by 22 percent, while the number of sales at or above $10 million grew by 89.7 percent.

And as demand continues unabated, new condo developers like HFZ Capital Group are seeing strong demand for their units.

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Deals & Dealmakers »

[4:19 pm, October 1, 2014 | No Comment | ]

By: Dan Orlando
After multiple delays, Brookfield Asset Management was announced as the highest bidder for the recently closed Revel Hotel and Casino in Atlantic City, New Jersey.
Brookfield notched a bargain with their bid, offering $110 million for the property which cost $2.4 billion to construct. The resort wields 6.3 million sf, nearly 1,400 rooms with ocean views, and three areas designated for night clubs.
“Revel is a brand new trophy asset on the beachfront, which we are acquiring at a substantial discount to replacement cost,” Andy Willis, a Brookfield …

Brokers Weekly, Finance & Accounting, REBNY Watch »

[3:02 pm, October 1, 2014 | No Comment | ]

By Steve Spinola
Last week The Fiscal Policy Institute and State Senator Brad Hoylman separately announced a proposal to tax non-primary resident owners of condo and co-op apartments and Class 1 properties (1-3 family homes) in New York City with a market value of $5 million or more.
REBNY is vigorously opposed to this proposal and will continue to express our serious concerns to the appropriate officials about the impact of this proposal on our industry and our city.
This proposal has had an immediate, direct, and negative impact on the residential sales …

Finance & Accounting »

[1:44 pm, October 1, 2014 | No Comment | ]

James Nelson of Massey Knakal, sat down with William Elder of RXR Realty, Christopher Schlank of Savanna Partners, Brian Steinwurtzel of Newmark Grubb Knight Frank and Andrew Levin of Boston Properties to discuss their current projects and the current office building sales and leasing market.
James Nelson: What is your most recent office acquisition and your typical business plan?
Bill Elder: 61 Broadway and 470 Vanderbilt are the two most recent acquisitions that we have closed in the last 60 days or so. We are excited to have a Downtown presence now, …

Finance & Accounting »

[1:38 pm, October 1, 2014 | No Comment | ]

Mission Capital Advisorsannounced that its Debt & Equity Finance Group has arranged $8.76 million in construction financing for the conversion of a three-story, historic schoolhouse in Greenpoint, Brooklyn to a 13-unit luxury residential condominium building.
MCA’s managing director Jordan Ray, director Ari Hirt and associate director Steven Buchwald arranged the financing on behalf of the sponsor, Largo Investments.
While already a significant Williamsburg developer, this represents Largo’s first project in Greenpoint.
“The return of construction financing is indicative of continuing robust real estate fundamentals, and strong lender appetite for quality projects, particularly in …

Finance & Accounting »

[1:34 pm, October 1, 2014 | No Comment | ]

Meridian Capital announced the following transactions:
• A new mortgage of $1,370,000 on a five-story, 18-unit multifamily property located on South Broadway in Yonkers, NY. The loan features a rate of 2.38% and a three-year term. This transaction was negotiated by Judah Hammer and Sam Schonfeld.
• A new mortgage in the amount of $11,250,000 on a six-story, 42-unit multifamily property located on Avenue C in New York, NY. The loan features a rate of 2.88% and a three-year term. Carol Shelby and Dani Sabesan negotiated this transaction.
• New mortgages totaling $10,650,000 …

Finance & Accounting »

[1:32 pm, October 1, 2014 | No Comment | ]

Charles Cotsalas, senior director of NorthMarq Capital’s New York metro based office, secured the $20 million refinance of the Brooklyn Renaissance Garage, a 888-space parking garage condominium located at 335 Adams Street in Brooklyn, New York.
The transaction was structured with a 10-year term and 30-year amortization schedule.
Financing for the borrower, Brooklyn Renaissance Group, LLC was arranged by NorthMarq through its correspondent relationship with a life insurance company.
“The first leasehold mortgage, leased from the City of New York, was for a term of ten years at an attractive interest rate given …

Finance & Accounting »

[1:27 pm, October 1, 2014 | No Comment | ]

Meridian Capital Group negotiated a $65 million loan for the purchase of an industrial property in Suffern, NY, on behalf of Raymour & Flanigan, a premier furniture and home design store.
The 10-year loan, provided by a CMBS lender, features a competitive fixed-rate of 4.57% and a 25-year amortization schedule.
This transaction was negotiated by Meridian Capital Group managing directors Ari Adlerstein and Ari Dobkin, who are both based in the company’s New York City headquarters.
The industrial warehouse property totals 871,600 s/f and is located at 30 Dunnigan Drive in Suffern, NY. …

Finance & Accounting »

[1:24 pm, October 1, 2014 | No Comment | ]

Massey Knakal Capital Services closed a $69.5 million loan collateralized by nine hotel properties located in New York City, Rockland County, and New Jersey.
The loan featured a 10-year term at 3.439 percent, with a 25-year amortization schedule and 60.00% LTV.
“Our client, a major hospitality owner, tasked us with sourcing capital in the three percent range,” said Massey Knakal’s Morris Betesh, who exclusively handled this transaction.
“We were able to successfully identify a lender with a niche for limited service hotels and a competitive cost of capital. The Sponsor was able to …

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