Boston Properties Owen Thomas

Boston Properties won t be selling prime assets this cycle: Owen Thomas CEO talks strategy as keynote speaker at NYU REIT conference

Rendering of Dock72 and Owen Thomas

Boston Properties was an ac爱上海同城论坛 爱上海同城tive seller toward the end of the last real estate cycle, selling trophy office towers like 280 Park Avenue for $1.2 billion in 2006 and 5 Times Square for $1.3 billion in 2007.

But don’t expect the real estate investment trust to put any of its prime assets on the block anytime soon.

“We have been more reticent market-timer-sellers of our high quality assets this cycle,” CEO Owen Thomas said during his keynote address Thursday morning at the NYU Schack Institute of Real Estate’s annual REIT symposium.

Instead of cycling capital through selling and buying office properties, the company is adopting a strategy of selling partial stakes – such as the 45 percent interest in a trio of buildings it sold to Norges Bank in 2014 for $1.5 billion – and pumping that capital into new construction.

“Almost all our new investment is coming in development versus acquisition,” he added.

Thomas – who took over the CEO job in 2013 and goes by the nickname “O.T.” – kicked off the 22nd annual symposium at the Pierre Hotel discussing Boston Properties’ transition from a “founder-led” business at a time of uncertainty, both for the real estate industry in general and REITs in particular.

Thomas said that the strategy of buying low and selling high has become particularly difficult, so the company is instead focused on creating value through 上海夜网 阿爱上海同城development.

Boston Properties had a deal in place to develop a new skyscraper on the site of the Metropolitan Transportation Authority’s Midtown headquarters near Grand Central Terminal, but plans appear to have fallen apart since officials last year questioned t爱上海同城 爱上海ax breaks being offered to th新爱上海同城对对碰论坛 上海同城对对碰交友社区e developer.

And the REIT is cur爱上海同城 爱上海rently teaming up with Rudin Management to develop the 675,000-square-foot Dock 72 office building at the Brooklyn Navy Yard, which will be anchored by WeWork. In January they landed a $250 million construction loan for the project, which is expected to be completed next year.

Thomas added that uncertainty over policies coming out of Washington, D.C., and interest rate increases make it difficult to underwrite growth in the near term.

And when it comes to REITS, he said the industry is still waiting to see more dollars from general investors after S P Down Jones last year created a new sector specifically for real estate.

“There was a view that this would create lots of flows into the REIT market, because generalist investors – not REIT dedicated investors – would have to get more market-weight in the real estate business,” Thomas said.

“Well, that has not happened,” he added. “At least so far, it hasn’t created significant or any fund flows into public real estate.”

Tags: Boston Properties, Commercial Real Estate, NYU, Owen Thomas, Reality TV
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Sean Ludwick to be sentenced tomorrow in Hamptons fatal drunk driving crash

Real estate developer Sean Ludwick, who pleaded guilty in August to killing his friend, Douglas Elliman broker Paul Hansen in a 2015 drunk driving accident in the Hamptons, will be sentenced Wednesday, according to 27east. Ludwick, who has a home in Bridgehampton, was accused of dragging his friend out of 上海贵族宝贝论坛 上海贵族宝贝a car wreck and leaving him on the side of the road. Ludwick has admitted to driving with a blood-alcohol level of .18 percent. According to the report, he accepted a plea deal and is expected to serve three to nine years in prison. He is slated to be sentenced by Justice Camacho in State Supreme Court in Central Islip. He was the founder, along with Saif Sumaida and Ashwin Verma, of BlackHouse Development in 2007. [2上海贵族宝贝 上海千花网龙凤论坛7east] [TRD]

Tags: Hamptons
We are having som上海龙凤论坛sh1f 上海龙凤论坛e techn新爱上海同城对对碰论坛 上海同城对对碰交友社区ical difficulties. Try again later.

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Douglas Elliman Revenue

Douglas Elliman s profitability falls over 50% with fewer new dev closings Revenue rose after brokerage closed $7B in sales in Q3

Clockwise from left: 125 Greenwich Street, Madison Square Park Tower, 1 Seaport and Howard Lorber (Credit: Douglas Elliman and Getty Images)

Douglas Elliman’s sales volume rose during the third quarter, 阿爱上海同城 阿拉爱上海同城but its profitability slipped more than 50 percent thanks to fewer “higher margin” new development closings.

The New York-based brokerage pulled in $190.4 million in revenue, up 3.2 percent from $184.5 million during the prior-year period, according to filings by its parent company, Vector Group. But net income was $4.2 million — down from $8.7 million in 2016.

Those numbers were the result of a strong low-end market but softer new development segment, where Elliman has had fewer closings despite a robust pipeline of projects it is marketing.

“There were m阿爱上海同城 阿拉爱上海同城ore closings in ’16 than in ’17 — quite a bit more,” Chairman Ho上海夜网论坛 上海夜网ward Lorber said during an earnings call Tuesday.

Overall, Elliman closed $7 billion worth of sales during the quarter compared to $6.8 billion in 2016. For the first nine months of the year, Elliman closed sales worth $19.8 billion compared to $18.9 billion a year earlier.

Lorber said the low-end of the market is “very, very strong,” as is the high-end. The mid-market segment is “kind of quiet,” he said.

When it comes to new developments, however, Lorber said there’s a dearth of new projects that are on the drawing board. “But we have a big backlog of projects,” he said. In the last six months, he said, Elliman has picked up five or six projects currently being built “where the sales were slow and we took them over.”

Despite a new “multi-million dollar” marketing push that kicked off in May, Lorber hinted at some restraint, given the cyclical nature of the business. “We think our growth will continue,” he said, but “we want to watch our expenses, obviously, so we try to trim down when we can.”

Overall, Vector’s revenue was $484.6 million during the quarter, up 5 percent compared to $459.1 million last year. But the company’s profits slid to $19.3 million, down from $23.2 million in 2016’s third quarter.
Net income for the first nine months of the year was also down. 上海贵族宝贝 上海千花网龙凤论坛Vector reported $41.8 million in net income through September 30, d上海夜网 阿爱上海同城own 37 percent from $66.5 million in 2016. Revenue for the nine-month period was $1.372 billion in revenue, up from $1.278 billion in 2016.

The slow new development market has dogged Elliman before: In May, Elliman said its profits dipped to just $100,000 — a decline the firm attributed to fewer closings in new projects.

Last week, competitor Realogy said its revenue for the quarter rose 2 percent year-over-year to $1.7 billion. Net income slipped to $95 million from $106 million. During the quarter, Realogy said it spent $53 million on commission expenses during the quarter amid a major recruitment effort.

Tags: Douglas Elliman, Howard Lorber, Residential R[……]

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90 Park Avenue

$1B software firm signs office lease at Vornado’s 90 Park UiPath taking 26K sf in 41-story tower

90 Park Avenue and Steve Roth

A business software company that just raised $153 million is planning to move into 26,00爱上海同城 爱上海0 square feet of office space at Vornado Realty Trust’s 90 Park Avenue.

UiPath, which was founded in Bucharest in 2005, plans to move 100 employees to the Park Avenue tower in May, Crain’s新上海贵族宝贝论坛 上海贵族宝贝交流区 reported.

The company, which specializes in the fast-growing sector of robotic process automation, moved last year into a WeWork space in Midtown. UiPath is valued at $1.1 billion following its Series B funding round.

Tenants in Vorando’s 41-story, 880,000-square-foot building include Compass and PricewaterhouseCoopers新上海贵族宝贝论坛 上海贵族宝贝交流区, which inked a deal in 2016 for 240,000 square feet in the building. [Crain’上海千花网交友 上海千花网论坛s] – Rich Bockmann

Tags: 390 park avenue, Commercial Real Estate, Office Leasing,上海同城对对碰交友社区 上海夜网论坛 Vornado Realty Trust
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Hotel Association New York City

Top hotel trade group sits on sidelines while debate roars over special permits Its members have conflicting views on the plan

HANY s Vijay Dandapani, Bill de Blasio and the Hotel and Motel Trades Council’s Peter Ward (Credit: Getty Images)

As the de Blasio administration moves forward with its proposal to limit hotel development in large swaths of the city, the main trade group representing hotel owners – whose members have conflicting attitudes toward the plan – is sitting the debate out.

The Hotel Association of New York City, which represents owners of some 280 hotels, has yet to weigh in on the plan the mayor first announced in late 2015 that would require developers to receive a special permit to build new hotels in light manufacturing zones.

And HANYC has decided not to take 上海千花社区 上海千花网交友a position on the proposal, sources told The Real Deal. That’s because its members are reluct上海千花社区 上海千花网交友ant to run afoul of the politically powerful union pushing the plan, and because they can’t reach a consensus among those who stand to win and lose from its fallout.

Hotel association president and CEO Vijay Dandapani, who joined the organization early last year, declined to comment.

Evan Weiss, CEO of LW Hospitality Advisors, said most developers he’s come across are against the change, which is being pushed by the New York Hotel Trades Council.

“While we are sure there are some owners that hold the dissenting view that the M1 zoning restriction would be a positive for their existing/operating hotels,” he wrote in an email, “it has been our experience through discussions and research that most developers and even owners of existing hotels oppose the proposed law.”

His company last month published a study that shows City Hall’s proposal would result in an economic loss of $119.8 billion between now and 2028. The study was commissioned by Gene Kaufman, who has designed hotels for many of the developers who build in manufacturing zones. He’s also spoken out publicly against the proposal while many of his developer clients have kept their views out of the spotlight.

The Real新上海贵族宝贝论坛 上海贵族宝贝交流区 Estate Board of New York, meanwhile, is taking a hard stance against the plan. REBNY president John Banks called it an “effort to constrain the rights of property owners to address a market condition that needs no correction” and appears to be motivated for reasons “unrelated to sound planning.”

And a real estate board representative was the only person to testify against the plan at a Department of City Planning in October.

But this isn’t the only time the hotel association has stayed on the sidelines in a debate over special permits. HANYC declined to push back on the special-permit components of recently completed rezonings in Midtown East, East Harlem and Jerome Avenue in the Bronx.

That’s in contrast to other major policy issues that the association has weighed in on in the past such as Local Law 50, the two-year moratorium the city passed in 2015 – and renewed two years later – banning owner[……]

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CrediFi

Real estate data startup CrediFi raises another $6M Company has now raised $29M overall

Credifi fou新爱上海同城对对碰论坛 上海同城对对碰交友社区nder Eli Razin

The real estate data and analytics startup CrediFi just got $6 million richer.

The latest round of investments comes on the heels of its $13 million Series B funding round, and it will be used to expand the company’s recruiting efforts and efforts to get to market.

Liberty Technology Venture Capital阿拉爱上海同城 爱上海龙凤419桑拿 II led the round上海龙凤论坛 新上海贵族宝贝论坛 of fundraisin爱上海同城对对碰 爱上海同城论坛g, along with Maverick Ventures Israel and Japanese real estate investor Mitsui Fudosan. The company also received additional funds from its current investors Battery Ventures, Viola Ventures and OurCrowd.

Credifi, founded in 2014 by former Thomson Reuters executive Ely Razin, sells a database with inform上海夜网 阿爱上海同城ation on commercial real estate loans. It claims to cover $13 trillion in debt deals in the U.S. The company is based in Tel Aviv and New York. CrediFi has now raised $29 million overall, including its latest round.

Tags: Big Data, startups, Tech
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1250 Broadway

Global Holdings lands second major ten上海千花网龙凤论坛 上海千花社区ant for rebranded 1250 Broadway Language tech firm TransPerfect will take 124K sf at NoMad Tower

TransPerfect CEO Phil Shawe and NoMad Tower at 1250 Broadway (Credit: Twitter)

StreetEasy has new neighbors.

A few months after Zillow Group inked a 130,000-square foot le上海同城对对碰交友社区 上海夜网论坛ase at the rebranded NoMad Tower, Eyal Ofer s Global Holdings Management Group has landed another major tenant for the rebranded property: language services and tech firm TransPerfect.

Eyal Ofer s Global Holdings bought the property at 1250 Broadway from Jamestown and Murray Hill Properties in上海贵族宝贝论坛 上海贵族宝贝 2016, for $565 million. The company rebranded the 39-story office tower as NoMad Tower and put a 435,000-square foot block on the market i上海龙凤论坛 新上海贵族宝贝论坛n 2017.

As part of a $50 million renovation, the building s lobby was moved from West 32nd Street to West 31st Street, and the facade for the lower floors was redesigned.

TransPerfect, which counts translations.com among its subsidiaries, will occupy five floors in the building and have a private ground-floor lobby and entrance. The company recently emerged from a messy corporate divorce between its two co-founders, Liz Etling and Phil Shawe, with Shawe ultimately buying out Etling s share.

The landlord was represented by a JLL leasing team led by Paul Glickman, while TransPerfect was represented by a team of brokers from CBRE and Real Bro上海龙凤论坛 新上海贵族宝贝论坛ker LLC. [NYP] Kevin Sun

Tags: 1250 Broadway, Commercial Real Estate, global holdings
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NYC Investment Sales

Here s what the $10M-$20M NYC investment sales market looked like last week SDG Management picks up a resi complex in Washington Heights

Clockw上海贵族宝贝论坛 上海贵族宝贝ise from left: 3880 Broadway, 212 Lafayette Street, and 1300 Sedgwick Avenue in the Bronx (Credit: Google Maps)

In the world of New York Cit爱上海 爱上海同城手机版y s mid-market investment sales last week, a two-story hotel in the Bronx sold for上海贵族宝贝论坛 上海贵族宝贝 $11 m阿爱上海同城 阿拉爱上海同城illion and two mixed-use complexes traded in Manhattan, according to property records filed with the New York City Department of Finance.

1.) An entity tied to SDG Management Corp. shelled out $19.7 million for a six-story, mixed-use building at 3880 Broadway in Washington Heights, and a subsidiary of Arbor Realty Trust provided $15.81 million in financing for the deal. The seller was Broadway 3880 LLC, which had acquired the property, which has 35 residential units and sits at the corner of West 162nd Street, for $17.5 million in 2017.

2.) A five-story, 16-unit mixed-use building at  in Soho traded for $13.4 million. The seller was a limited liability corporation that listed Ala爱上海同城 爱上海n Luke as manager, property records show, and the seller also was masked by an LLC. First Republic Bank helped to finance the buy with an approximately $8.8 million mortgage. One unit is up for rent at the property, located between Broome and Spring Streets — a two-room pad for $3,675, according to StreetEasy.

3.) Sedgwick Hotel Corp. picked up a two-story, 45-key hotel at 1300 Sedgwick Avenue, near the Major Deegan Expressway, in the Bronx for $11 million. One of the sellers, Seven Hills Hospitality Group LLC, bought the property in 2005 for $6.41 million. The deed was transferred to be shared among Seven Hills and four additional entities before its sale.

Tags: Commercial Real Estate, Investment Sales
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