Scott Rechler

RXR s Scott Rechler making plans to leave Port Authority Developer cites growing business, desire to remain civically active

RXR Realty chairman and CEO Scott Rechler is making moves to step down as vice chairman of the Port Authority of New Yo爱上海同城论坛 爱上海同城rk and New Jersey, but plans to stay active on the civic scene.

Rechler, whom Gov. Andrew Cuomo appointed to the bi-state agency in 2011, told Politico he’s spoken with the governor about “transitioning off” the agency s board.

“It could be a number of months or more,”  Rechler told Politico, citing a desire to focus 爱上海同城论坛 爱上海同城more on his real estate business, which he said has grown “dramatically” in the past five years.

Rechler joined the agency four years after he sold his real estate investment trust Reckson Associates to SL Green Realty for $6 billion and formed RXR. The company has grown a portfolio in the tri-state area covering more than 18 million square feet and worth $5.5 billion.

During Rechler’s time at the Port Authority, the agency initiated plans to rebuild LaGuardia Airport and wrap up the rebuilding process at the World Trade Center site.

The Port Authority is considering selling off real estate assets deemed non-essential to its core mission of transportation and economic development. Rechler recently told The Real Deal that holding onto the World Trade Center site would be beneficial as it serves as a base for the agency to issue bonds.

Rechler’s known at the agency for a congenial attitude and pushing for better trans-Hudson transportation planning. He advocated for a plan to relocate the 上海千花网交友 上海千花网论坛Port Authority Bus Terminal across the river in New Jersey – one the authority’s board recently shot down.

He was recently recommended for a position on the board at the Regional Plan Association, but said he’s yet to make up his mind on his next move.

That s not been decided, Rechler said. Obviously, I intend on whatever I do to be active from a civic perspective.  [Politico] – Rich Bockmann

Tags: port authority, RXR上海贵族宝贝 上海千花网龙凤论坛 Realty, scott rechler
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189 Schermerhorn St

爱上海同城手机版 新爱上海同城对对碰论坛Here’s what the $10M-$20M NYC inve爱上海同城对对碰 爱上海同城论坛stment sales market looked like last week Midd新爱上海同城对对碰论坛 上海同城对对碰交友社区le Village retail strip and a full-floor office condo at Delmonico Plaza trade han新爱上海同城对对碰论坛 上海同城对对碰交友社区ds
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GPB Capital Holdings

Oestreicher, GPB land $48M construction loan for Brooklyn condo Financing for project at 211 Schermerhorn comes from CapitalSource

211 Schermerhorn Street

Oestreicher Properties and GPB Capital新上海贵族宝贝论坛 上海贵族宝贝交流区 Holdings received a $47.9 million construction loan for their long-awaited condominium project in Boerum Hill at 211 Schermerhorn Street.

The loan comes from middle-market lender CapitalSource, and financing was coordinated by Aaron Niedermayer, Aaron Appel and Brandon Krupetsky of JLL, according to the Commercial Observer.

The mixed-use Schermerhorn Street project will contain 48 units, a 1,138-square-foot rooftop terrace, a fitness center, a children’s pla新上海贵族宝贝论坛 上海贵族宝贝交流区yroom, a lounge and a media room. It will include 10,000 square feet of retail on the ground floor as well.

Developer Nicholas Cammarato paid $16 million to acquire the parcels that make up the condo site between 2013 and 2014 and then listed the site for $30 million in 2015. GPB bought the site from Cammarato that year for an undisclo上海千花网论坛 上海千花网sed price and filed plans for the condo上海贵族宝贝交流区 上海贵族宝贝论坛 in February 2016. Sales at the condo should launch this fall. [CO] – Eddie Small

Tags: Development, Real Estate Finance, schermerhorn street
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Hong Kong Housing Market

In the most expensive RE market 爱上海同城论坛 爱上海同城in the world, guess who s still buying? Because, of course, they are

Public domain

A new survey found that one in seven parents in Hong Kong would buy their children apartments in the city, the world s most expensive real estate market. In fact, most first-time buyers in the city are using funds from新上海贵族宝贝论坛 上海贵族宝贝交流区 their parents.

In the survey, reported on by the South Ch上海千花社区 上海千花网交友ina Morning Post, 53 percent of Hong Kong parents said they would extend their mortgages to help their children and 60 percent said they are giving money to their children well into their 30s. Half of the parents surveyed also said they valued buying their children homes over their own retirement savings.

The survey was run by the Hong Kong s mandatory retirement pension plan, which is understandably concerned by the results.

“We cannot fault parents for caring, but they should pay attention to the potential risks that arise when they neglect to prepare for their own retirement,” said the plan s chief executive Stephen Fung to SCMP.

Hong Kong house prices rose for the seventeenth month in a row as of August and the average debt-to-income ratio was 75 percent as of the second quarter, according to SCMP.

[SCMP] E.K. Hudson

T上海千花网交友 上海千花网论坛ags: hong kong, Residential Real Estate
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Marcus & Millichap

PHOTOS: Inside Marcus Millichap’s 2017 holiday brokerfest “New York has a lot more to go down than to go up,” said one attendee
It was a real brokerfest at Marcus Millichap’s 2017 holiday party in Chelsea Wednesday night. By 9 p.m., a line of wheelers and dealers had formed outside Tao Downtown, ready to hobnob and name-drop under the watchful eyes of the towering Geisha murals.

Attendees in上海千花社区 上海千花网交友cluded Lightstone Group’s Meir Milgraum, Luise Barrack of Rosenber上海贵族宝贝论坛 上海贵族宝贝g Estis, and VEREIT’s Tom Falatko. Marcus Millichap’s Eric Anton, J.D. Parker and Joe Koicim were seen chatting with guests.

Across the room, men and a few women drank, exchanged cards, talked deals that did and did not happen, and discussed the news of the season sexual harassment and the GOP tax bill.

One small-time multifamily owner predicted tough days ahead in the Big Apple multifamily market. “New York has a lot more to go down than to go up,” he said.

See more highlights from the 2017 holiday parties

Others were more focused on business than pessimistic prognostications. Two attendees, who had proven their worth by making it all the way through the packed pit to the venue’s bar, said it best.

They were waiting for their drinks when an older gentleman leaned in behind them. “Get me a red, a Cabarnet, would you?” he asked the two younger men .

Sure, they said, turning slightly to face him, with one elbow each on the bar. “What do you do?” they asked the gentleman.

“I sell,” he yelled over the mu上海龙凤论坛 新上海贵族宝贝论坛sic. “What do you do?”

The tw上海贵族宝贝交流区 上海贵族宝贝论坛o youngsters leaned further back against the bar and faced him上海千花网论坛 上海千花网. “We buy!” they shouted in unison.

Rich Bockmann contributed reporting.

Photos by Jhila Farzaneh for The Real Deal.

Tags: holiday parties, marcus millichap
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Biggest Office Leases NYC 2018

Clockwise from top left: 4 Times Square, 18 West 18th Street and 195 Broadway

February’s top offices leases followed January’s lead in terms of the size of the space. The top 10 office lease deals totaled 1.2 million square feet, matching January’s top 10 leases, which also totaled 1.2 million square feet.

1) Omnicom Group, 195 Broadway, Financial District 288,000 square feet

The advertising conglomerate extended its lease for 15 years for  288,000 square feet of office space at 195 Broadway. Lee Feld of Feld Realty Group represented the tenant, while David Berkey and Andrew Wiener of L L Holding Company represented the landlord in-house.

2) WeWork, 18 West 18th Street, Flatiron 177,000 square feet

The co-working company inked a lease for 177,000 square feet at 18 West 18th Street for the entire office portion of the 11-story building. Derrick Ades, Timothy Dempsey and Brett Shannon of CBRE represented the tenant, while Tara Stacom, Connor 爱上海同城 爱上海Daugstrap and David E. Green of Cushman Wakefield represented the landlord, 17-18 Management Company.

3) Nasdaq, 4 Times Square, Times Square 145,000 square feet

The stock exchange company signed a lease for 145,000 square feet at 4 Times Squa爱上海同城对对碰 爱上海同城论坛re. Durst Organization is the landlord of the 51-story Midtown building.

4) WeWork, 154 West 14th Street 120,000 square feet

The co-working company inked a 15-year lease for 120,000 square feet at 154 West 14th Street across six floors. The asking rent was roughly $60 per square foot in the deal. Abner Properties is the landlord of the building.

5) Gay Men’s Health Crisis, 307 West 38th Street, Hudson Yards 112,000 square feet

The nonprofit care provider for those with HIV/AIDS signed a 30-year lease for 112,000 square feet at 307 West 38th Street. Ira Schuman and Stephan Steiner of Savills Studley represented the tenant. George Comfort Sons is the landlord of the building.

6) Brooklyn Lab Charter School, 77 Sands Street, Dumbo 81,648 square feet

The school inked a lease for 81,648 square feet of space at one of the buildings in the Dumbo Heights office complex. Scott Klau of Newmark Knight Frank represented the tenant, while Whitten Morris and Joseph Sipala, also of Newmark Knight Frank, r上海贵族宝贝 上海千花网龙凤论坛epresented the landlords RFR Realty, Kushner Companies and LIVWRK.

7) Facebook, 770 Broadway, Noho 78,000 square feet

The social media giant e新上海贵族宝贝论坛 上海贵族宝贝交流区xpanded its lease for 78,000 square feet more at 770 Broadway, bringing its total footprint to 513,000 square feet. The landlord of the building is Vornado Realty Trust.上海千花网论坛 上海千花网

8) Estee Lauder, 767 Fifth Avenue 77,700 square feet

The cosmetics company signed a lease for 77,700 square feet at the GM Building, the iconic 50-story tower owned by Boston Properties. 

9) Brown Rudnick, 7 Times Square, Times Square 70,754 square feet

The law firm inked a lease for 70,754 square feet of office space at 7 Times Square, a 48-story building also owned by Boston Properties.

10) Campari America, 1114 Sixth Avenue, Midtown 65,000 square feet

The spir[……]

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Herman Kraus

Dead scofflaw still owes city $100M-plus The late Herman Kraus had been fighting with the city over taxes for decades
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(Credit: Wikimedia Commons)

Developer and notorious scofflaw Herman Kraus may have died, but even that hasn’t stopped the lawsuits against him from piling up.

Kraus had been arguing with the city over interest and property taxes on a dozen properties since 1991, but negotiations have since lowered that number to six buildings that owe more than $100 million, according to the New York Post.

All of the buildings are part of Kraus’ 250-unit affordable housing project in Williamsburg called Buff, which he owns with other investors through the company Development Associates Buff. The top scofflaw building in that development on South 2nd Street owed the city about $26.5 million as of Tuesday.

“The owners have been working with the city on a resolution to settlement of all outstanding matters,” a Development Associates Buff spokesman told the Post, “and are committed to concluding that process as soon as possible.”

Last year, The Real Deal上海千花网交友 上海千花网论坛 爱上海 爱上海同城手机版ranked the Kraus Organization as number 10 on its list of two-generation real estate owners by square feet. [NYP] – Eddie Small

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The Yard Co

The Yard lowers prices as co-working competition intensifies Rent for a desk drops to $20.18 per month

The Yards co-working spaces in New York and CEO Morris Levy (Credit: The Yards)

Is the co-working industry heading for a price war?

The Yard slashed the rent for a desk to $20.18 per month f上海夜网 阿爱上海同城or the remainder of the year, down from the usual $670 to $1,000, Crain’s reported.

The move comes mere weeks after news broke tha爱上海同城 爱上海t WeWork is offering tenants that switch over from other coworking companies 50 percent off their first year’s rent. The company is also offering a 100-percent commission to brokers who bring them in. Last year, WeWork offered a year’s free rent to some new tenants.

The Yard’s price cut only applies to new tenants who sign up this month and commit for at leas上海贵族宝贝 上海千花网龙凤论坛t a year.

“We do need to mak上海千花网 爱上海同城对对碰e some noise sometimes, the company’s co-founder Morris Levy told Crain’s. Every single one of our members has heard of our competition. I can t say that every one of our competitors members has heard of us because we re the small guy. [Crain’s] — Konrad Putzier

Tags: Tech, th上海龙凤论坛 新上海贵族宝贝论坛e yard
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