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Deals & Dealmakers, Headline »

[17 Dec 2014 | No Comment | ]
Spinola: Real estate has earned its place at political table

With taxes from revenue-generating properties providing enough money to pay New York’s teachers, police officers, fire fighters, sanitation workers and corrections officers for a year, the city’s real estate industry is its most powerful sector.

And it’s most influential group is braced to harness that power to build a better New York.

Speaking before a group of real estate executives, REBNY chairman Steven Spionla said, “Before, state legislators would ask us – What right do you have to argue these issues? Well, 54 percent of the entire city’s budget comes from the real estate industry. Why are we involved? Because without income-producing properties, we would have fewer police officers, teachers and public servants. We, as an industry, want to grow those numbers, get involved in big projects and create more jobs.”

Deals & Dealmakers, Headline »

[11 Dec 2014 | No Comment | ]
New York hotel developers checking all the boxes

The North America Hotel Investment Conference (NATHIC) heard optimistic predictions from some of the industry’s most influential leaders at their annual summit last week, but New York City developers have their eye on a plethora of issues that could upset the applecart, from rising land prices to the Airbnb economy.
James Nelson and Andy Posil of Massey Knakal sat down with Will Obeid of Gemini Real Estate Advisors, LLC, Eddie Hidary of Hidrock Realty Inc., and Tyler Morse of MCR Development LLC, to discuss their current projects and the current …

Finance & Accounting, Headline »

[10 Dec 2014 | One Comment | ]
Cash startups are separating  from the crowd

In the trial-and-error gospel of creative destruction, failure is arguably as important as success. For every startup that turns an industry on its head, there are dozens more who disappear, never to be heard from again. Their downfall offers valuable lessons to more successful competitors.

It is too early to point out winners and losers in real estate crowdfunding. But the two-to-three-year old crop of startups is starting to show signs of diverging.

At the top, a few firms — most notably Fundrise and Realty Mogul — are entrenching themselves as industry leaders. Others have started to fall behind. Their fate is raising questions over the future of crowdfunding. Can the field sustain dozens of firms in the long run, or will it consolidate into a handful of behemoths?

Deals & Dealmakers, Headline »

[5 Dec 2014 | One Comment | ]
Mystery billionaire buys NoMad site

By Konrad Putzier
An unnamed Russian-Israeli billionaire has snapped up a NoMad development site at 264 Fifth Avenue for $25.5 million, or $850 per buildable s/f.
Under current zoning, the site at the corner of West 29th Street and Fifth Avenue allows for the construction of a 30,000-s/f mixed-use building. The site boasts 130 feet of retail frontage. The existing structure is a five-story, 13,875-s/f mixed-use building with six retail stores and 13 residential units.
Bob Knakal and John Ciraulo of Massey Knakal represented the seller. The buyer was represented by Eran Elhanani …

Deals & Dealmakers, Headline »

[4 Dec 2014 | One Comment | ]
Getting into game early paying off for Silvershore

By Konrad Putzier
For two young brokers with no established name and little financial backing, 2008 must have seemed like the worst year to found a real estate investment firm. But in hindsight, Jason Silverstein and David Shorenstein’s timing proved fortuitous.
Initially struggling to secure financing amid the worst credit crunch in living memory, the two entrepreneurs were forced to leave their Manhattan home turf and venture into cheaper neighborhoods across the East River.
So they began investing in Brooklyn at what proved to be the beginning of an unprecedented real estate boom.
In the …

Deals & Dealmakers, Headline »

[25 Nov 2014 | No Comment | ]
Rent ruling leaves owners reeling

New York’s landlords have been left reeling by a court ruling that ranks a rent regulated lease alongside state welfare.

The State Court of Appeals last week found that rent-regulated leases are “local public assistance benefits,” like Social Security and Medicare, and therefore cannot be counted as assets and liquidated by trustees in bankruptcy proceedings.

“We were nothing less than astounded to read the court’s decision,” said Mitch Posilkin, general counsel for the Rent Stabilization Association, and organization that represents 25,000 New York City landlords.

Deals & Dealmakers, Headline »

[19 Nov 2014 | 2 Comments | ]
Peebles planning to launch  $350M investment fund

Don Peebles, head of development behemoth The Peebles Corporation, plans to launch a $350 million real estate investment fund.

Peebles told Real Estate Weekly he has recently begun raising capital for the fund, which will invest in Peebles’ own projects as well as developments by “emerging mid-sized developers” in several major U.S. cities, including New York.

“The fund will be more along the lines of a venture capital model,” Peebles said. “We are not just deploying capital as an allocator, but as a development partner.”

He added that the fund, which will solely provide equity and raise capital from institutional investors, is set to launch in the second or third quarter of 2015.

Brokers Weekly, Headline »

[14 Nov 2014 | No Comment | ]
Bubble Bluster: Chatter of luxury over-supply getting louder in New York

By Konrad Putzier
As late as a year ago, most real estate experts scoffed at the notion that New York’s luxury condo market is heading for a bubble, pointing to a seemingly infinite supply of billionaires and dropping the phrase “safe haven” more often than a Republican says “Obamacare”.
But in the past months, opinion has shifted noticeably as more and more new luxury towers are being announced.
At a celebrity-heavy panel at last week’s NYC Real Estate Expo, most industry leaders agreed that luxury condo development is heading in the wrong direction.
The …

Headline, Property Managers »

[12 Nov 2014 | One Comment | ]
Property management can be a real high wire act

Were you holding your breath when Nik Wallenda walked the high wire over the Chicago river last weekend? So was Bill O’Leary, CPM, property manager of the Marina Towers Condominium Association.

“I was holding my breath for him, and for everything else,” said O’Leary, manager of the iconic Marina City, two 60-story towers the stuntman walked between with no safety gear or net.

The “everything else” began long before the record-breaking event appeared on television.The City of Chicago contacted O’Leary last winter to let him know that Wallenda was considering a high wire walk in Chicago, and that Marina City was one of the locations

Brokers Weekly, Headline »

[12 Nov 2014 | No Comment | ]
Apartment market having ‘buyers moment’

By Dan Orlando
With prices skyrocketing, condo buyers haven’t had much to be happy about over the past year. But star broker and Urban Compass president Leonard Steinberg reckons better times are ahead.
“While right now, I don’t think I’d classify this as a buyer’s market, I would consider this a buyer’s moment,” Steinberg said at a panel discussion at last week’s NYC Real Estate Expo in the Midtown Hilton. “Because I believe when you have a lot of sellers thinking about holding off on putting their apartments on the market until …

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