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New York Supreme Court

2019年6月18日 | 未分类 | No Comments

From the April issue: When a New York real estate deal goes south or a partnership sours, chances are good that someone is going to court. And if the stakes are high enough, there’s a strong likelihood that the case will end up in the Commercial Division of the New York Supreme Court in Manhattan.

Indeed, the judges that rule in these parts have some serious decision-making power when it comes to big-ticket New York City real estate cases.

But while litigious real estate players fill out much of their dockets, commercial judges hear an impressively wide range of cases (recent suits include big-box retailers fighting over Martha Stewart-brand bath towels and the pop star Kesha seeking to cut ties with hit record producer Dr. Luke).

The division, which is housed at 60 Centre Street, less than a mile from Wall Street, is where spats over billions of dollars in securities were first heard when markets crashed during the Great Recession.

“They have a tremendous caseload,” said defense attorney Stuart Slotnick, who referred to the Commercial Division as the “crown jewel” of The Supreme Court system. “They frequently have what we call ‘bet the farm’ cases — high-dollar cases.”

To be eligible for the commercial division, a suit must carry a price tag of at least $500,000 — a number that’s gone up considerably over the years. Because of the dollar thresho上海贵族宝贝论坛 上海贵族宝贝ld, as well as the experience these judges have with high-stakes cases, many litigants check off the “commercial” box when filing a big-time real estate lawsuit. (The court ultimately decides where cases are heard.)

“Our real estate cases almost exclusively start at, or are housed within, the Commercial Division,” said attorney Lori Marks-Esterman of Olshan Frome Wolosky. “The commercial division jud上海贵族宝贝论坛 上海贵族宝贝ges are very familiar with real estate disputes and the players and the practicalities that go with New York State real estate litigation, as well as the implications.”

In New York, Supreme Court judges are usually elected in partisan elections — though some are assigned as “acting” judges. Of the nine on the bench, most have at some point been affiliated with the Democratic Party.

Herrick Feinstein real estate litigator Ray Hannigan said the Commercial Division is a huge asset in a sophisticated market like New York, where real estate disputes can be particularly complex.

“Thank the lord for the Commercial Division,” he said. “It’s very nice that you’re able to go into a part where the judges have tremendous experience in dealing with complex agreements and complex issues and don’t need a lot of time to get up to speed because they’ve seen it all before.”

Not surprisingly, real estate attorneys who regularly appear before these judges have strong opinions of them — and seem to revel in exchanging intel. And they do so in force on the Robing Room, a website that lets lawyers anonymously rate judges and post reviews of them.

While some judges are known for being meticulous or pushing cases toward settlem[……]

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Bolat Nazarbayev

2019年6月18日 | 未分类 | No Comments

Kazakh tycoon lists Plaza apartment for $18M Ownership of the condo was at the center of a Nazarbayev family dispute

The Plaza Hotel and Bolat Nazarbayev

A sprawling Plaza apartment that was at the center of a wild Kazkakh family 爱上海 爱上海同城手机版feud is on the market for $17.9 million.

The four-bedroom unit, owned by Bolat Nazarbayev, the brother of Kazakhstan dictator Nursultan Nazarbayev, is located on the 18th floor of The Iconic Plaza and is priced at about $4,400 a square foot. The 4,600-square-foot unit comes with a master suite with six closets, views of Central Park, and access to hotel s spa and gy新爱上海同城对对碰论坛 上海同城对对碰交友社区m.

The Plaza pad has been a source of much consternation for the leading family in Kazakhstan. Bolat, a fertilizer tycoon, has filed several lawsuits against his ex-wife Maira and his nephew Daniyar Nazarbayev, related to the ownership of the apartment. He even had his ex-wife arrested in Kazakhstan.

In 2012, Bolat accused Daniyar and Maira of secretly obtaining the deed to the unit. Records show that Bolat and Maira bought the unit for $20 million in新上海贵族宝贝论坛 上海贵族宝贝交流区 February 2008, and that in 2011, Daniyar, acting as power of attorney for his stepfather, transferred the deed into his own name.

Bolat claimed in court papers that Daniyar (who also goes by the last name Kezikbayev), tried to rent the unit for $55,000 a month in 2014, according to a New York Daily News article. Daniyar was also accused of 阿拉爱上海同城 爱上海龙凤419桑拿refusing to pay hundreds of thousands of dollars in maintenance fees on the apartment. Bolat also alleged that his ex-wife and nephew used his money to buy apartments at 55 Wall Street and a waterfront pad in Miami with his money.

The suit over the ownership of The Plaza apartment was resolved outside of court and the apartment was transferred back to Bolat s name in 2014.

Court documents show that the divorced couple reached a settlement agreement, where the ownership of上海同城对对碰交友社区 上海夜网论坛 the apartment would be transferred back to Bolat if he allowed Maira s release from house arrest in Kazakhstan, where she was facing criminal charges.

There are 40 active listings on StreetEasy at The Iconic Plaza condominium, ranging from $1.3 million to $43 million.

Tags: one central park south, Plaza Hotel
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Death of Retail

2019年6月18日 | 未分类 | No Comments

An abandoned mall

Department stores are planning to close even more stores this year on top of the tidal wave of closures announced over the past couple of months.

Sears has already started closing more stores in addition to the 150 it announced earlier this year. Over the past several weeks, the company has announced nearly two dozen new closures.

JCPenney and Macy s, which collectively are planning to shut down more than 200 stores this year, also said this week that they were assessing additional locations for closure.

There continues to be op新上海贵族宝贝论坛 上海贵族宝贝交流区portunity for us to monetize some assets, a JCPenney executive told analysts on an earnings call on Friday.

He said the company was continually assessing its store base to determine whether additional locations were worth more as real estate than an operating store.

In general, the US has way too many stores, according to Macy s CEO Jeff Gennette.

We ve known for some time that the United States is over-retailed compared to other markets, so it s not surprising to see the contraction in retail square footage, Gennette said on a call with analysts on Thursday. And it will take some time to tell how the consolidation and the closure of stores and, in some cases, entire brands will impact us.

The US has 23.5 square feet of retail space per person, compared with 16.4 square feet in Canada and 11.1 square feet in Australia, the next two countries with the most retail space per capita, according to a Morningstar Credit Ratings report from October.

Like JCPenney, Macy s is looking at whether there are advantageous o上海千花网 爱上海同城对对碰pportunities for us where the value of that real estate for any particular store is greater than the value of the retail that we do there, Gennette said.

I m not going to say we re not going to 上海千花网 爱上海同城对对碰close more stores, he said, though he added that he felt the company had reached the right level of stores.

We do have to stabilize the core brick-and-mortar business because still the bulk of our business is being done in our stores, he said.

According to Jan Kniffen, CEO of the consulting firm Worldwide Enterprises, Macy s right level would involve at least 100 more closures.

The market probably wants to see another 100 Macy s stores close, Kniffen told CNBC on Thursday.

In late January, Macy s operated 673 stores, down from about 800 in 2014. By the end of this year, the chain s store base is expected to drop to about 600. JCPenney, in comparison, will operate about 875 stores after its closures this year, down from 1,062 in 2014.

Sears store count has dropped by 17% since 2014, to 1,430.

It s unclear how the closures of these department stores — also called anchor stores because they drive customer traffic to malls — will affect the rest of the retail industry.

When an anchor store closes, smaller stores in the middle of the mall tend to follow.

Closures feed on themselves, sometimes leading to an abandoned shopping area, the professors and retail experts John Cla爱上海同城 爱上海pp of the University of Conn[……]

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Office Lease Concessions

2019年6月18日 | 未分类 | No Comments

Foreign owners don’t give a buck about concession packages Overseas buyers are less likely to dip deep新爱上海同城对对碰论坛 上海同城对对碰交友社区 into their pockets for free rent and tenant improvements: Colliers

Clockwise from top left: 550 Madison Avenue, 245 Park Avenue and 60 Wall Street

“When in Rome” appears to have gotten lost in translation when it comes to Manhattan’s office market.

Foreign owners are ignoring the custom set by Manhattan’s real estate families, real estate investment trusts and private equity owners of offering pricey incentive packages to lure tenants, according to a new report from Colliers International.

“Foreign owners oftentimes have a longer term perspective on their investment with less pressure to maintain starting rents at a certain level,” Colliers executive director Craig Caggiano told The Real Deal.

As new construction has come online in places like the Far West Side, Lower Manhattan and the outer boroughs, landlords have increasingly sweetened the pot by offering things like free rent and tenant-improvement dollars to build out spaces in order to compete for tenants.

Overseas owners were offering an average of 4.5 months of free rent during the third quarter, essentially on par with the free-rent period they offered before the Great Recession. They were also payi上海千花网龙凤论坛 上海千花社区ng out an average of $42.81 per square foot in cash contributions, a 48.5 percent increase over the third quarter in 2008.

Other ownership types – defined by the majority owner in a property – were reaching deeper into their pockets.

Private equity owners are the most likely to spend big in order to attract a tenant. During the third quarter they were offering an average of $88.06 per square foot in cash incentives, a whopping 307.9 percent increase over the same period nine years ago. Private equity owners were also offering nearly a full year – 11.9 months – in free ren阿拉爱上海同城 爱上海龙凤419桑拿t, an increase of 250 percent over late 2008.

Real estate investment trusts, institutional owners and private landlords have seen their concession packages more than double since the Great Recession.

(Click to enlarge)

Among Manhattan’s three submarkets, concessions were greatest in Lower Manhattan – an average of 9.9 months free rent and $75.21 per square foot in tenant allowances – as landlords started bulking up concession packages post-recession to draw tenants the reinvigorate爱上海 爱上海同城手机版d neighborhood.

“In order to bring上海夜网 阿爱上海同城 those tenants to Lower Manhattan, they started offering very generous concession packages,” said Brian English, Colliers’ senior director of research. “That theme will continue as large tenants relocate downtown.”

Manhattan’s average asking rent topped their pre-recession levels a year ago, but have since dipped slightly to an average of $72.87 per square foot in the third quarter. Colliers forecasts that as interest rates rise and it becomes more costly to give tenants cash to build out their space, landlords will rely more on free-rent periods to keep face rents steady.

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Allied Property Group

2019年6月17日 | 未分类 | No Comments

DoBro Shake Shack sues landlord to keep sidewalk café Michael Chera’s firm removed permission with no justification, lawsuit says

The Shake Shack in Downtown Brooklyn at 409 Fulton Street (Credit: Google Maps)

The Shake Shack in Downtown Brooklyn will go to court to keep its sidewalk café.

The restaurant at Fulton Street and Brooklyn Bridge Boulevard opened in 2011 and has an expansive sidewalk café with glass walls, according to the New York Post. However, the company has argued in a lawsuit that its landlord Allied Property Group,上海千花网龙凤论坛 上海千花社区 owned by Michael Chera, took away its permission for the area and has not provided them a reason why.

Court pap阿拉爱上海同城 爱上海龙凤419桑拿ers maintain that approval from the city for the space lapsed due to a clerical error by Shake Shack.

The popular burger joint founded by Danny Meyer decided this fall to move its offices to the West Village from Union Square after inking a 15-year lease at 225 Varick Street for 39,000 square feet. T上海千花网交友 上海千花网论坛he restaurant also 阿爱上海同城 阿拉爱上海同城plans to open a lo爱上海同城对对碰 爱上海同城论坛cation this year on Staten Island at BFC Partners’ Empire Outlets. [NYP] – Eddie Small

Tags: Commercial Real Estate, shake shack
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Novel Property Ventures

2019年6月17日 | 未分类 | No Comments

Novel Property Ventures sells BK Heights rental f上海龙凤论坛sh1f 上海龙凤论坛or $36M after two years Henry Street property爱上海龙凤419桑拿 上海龙凤论坛sh1f sees flip after previous owner’s 50-year hold

115 Henry Street and Bennat Berger

Bennat Charatan Berger and Andrew Miller’s Novel Property Ventures sold a Brooklyn Heights rental building long known as the Plymouth house after just two years, the firm told The Real Deal.

Investors George and Peter Eliou, which owns several Williamsburg buildings, closed last week on the $35.上海龙凤论坛 新上海贵族宝贝论坛5 million purchase of the six-story, 32,000-square-foot property at 115 Henry Street.

Novel Property Ventures, founded in 2015 by BCB Property Management’s Berger and Excelsior Equities’ Miller, bought the buildi上海夜网 阿爱上海同城ng for $25 million as one of its first purchases in September. At the time, the deal was the building’s first trade in 50 years. The Heller family, associated with Melon Associates LLC, had long owned it.

Berger said the building’s 38 apartments are about 80 percent free market, and those units were renovated under their ownership. Novel ditched the Plymouth House name after purchasing the property.

“We sold because we had completed our business plan and continued our game plan of selling assets with limited near-term upside,” Berger said.

There were no brokers on the deal, he said.

The Elious, who made the purchase as part of a 1031 exchange, also own 125 and 127 Kent Avenue and 60 North 6th Street, records show. The family could not be reached.

Tags: Commercial Real Estate, Multifamily Market, Novel Property Ventures
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Industrial Real Estate

2019年6月14日 | 未分类 | No Comments

Industrial vacancies nat上海千花社区 上海千花网交友ionwide hit all-time low: report Rent growth outpaced other commercial sectors for the first time

Warehouse (Credit: Wikimedia Commons)

Industrial vacancy hit an all-time low across the U.S., as rent growth outpaced other commercial real estate sectors.

The vacancy rate hit 7.3 percent last year down from 8.1 percent in 2016, according to a report by online real estate trading platform Ten-X. The firm predicts the industrial market will tighten up slightly more this year 上海夜网论坛 上海夜网on the back of 10 million square feet of net absorption.

The report found 2017 was the first year that industrial rent growth led other sectors, and the sixth straight year that rent growth accelerated, according to Real Estate Weekly.

California metro markets including Los Angeles, San Jose, and San Francisco are all ripe for investment, according to the report, partially because of strong demand from the cloud c上海千花网论坛 上海千花网omputing and legalized cannabis industries.

More broadly, the shift toward e-commerce has pushed up demand for warehouse, data centers and di上海贵族宝贝交流区 上海贵族宝贝论坛stribution space.

Ten-X determined that owners of industrial properties in cities including Dallas, San Antonio, Cleveland, and Baltimore should look to sell because of high supply and weak fundamental growth drivers.

Looming tariffs proposed by President Trump c上海龙凤论坛sh1f 上海龙凤论坛ould negatively impact the industrial sector, according to Real Estate Weekly. Trump’s proposed tariffs on foreign steel and aluminum have already had an impact on the construction industry, which relies heavily on the former.  [Real Estate Weekly] — Dennis Lynch 

Tags: Commercial Real Estate, industrial
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US Apartment Rents

2019年6月14日 | 未分类 | No Comments

Nationwide rents remain flat during August. (Credit: Getty Images)

In the battle of West Coast versus East Coast, one might say the former just added another notch under its belt.

The price for a one-bedroom in Santa Ana, located in Orange County, climbed 3.4 percent, knocking Miami off the list of the top 10 most expensive places to rent, according to a new report from Zumper.

Otherwise, rents remained relatively flat nationwide last month, with one- and two-bedroom units rising just 0.1 percent since July. On average, rents for a one-bedroom last month were about $1,2上海千花网论坛 上海千花网00, while a two-bedroom asked $1,450.

With Santa Ana in the top 10, California cities dominated more than half of the ranking.

One-bedroom rentals in Los Angeles averaged $2,320 last month, making it the fourth most expensive city in the country阿拉爱上海同城 爱上海龙凤419桑拿. That reflects an 8 percent hike since last year, and less阿爱上海同城 阿拉爱上海同城 than 0.5 percent hike since last month.

San Francisco claimed the No.1 spot, with a one-bedroom asking $3,570 per month. San Jose, Oakland and San Diego also placed in the top 10.

On the East Coast, New York led with one-bedroom rentals demanding $2,870 per month. Though its ranking on the list remained stable, rates in the city actually dropped 1 percent since last month. Year over year, they grew 0.7 percent.

Both Miami and Chicago dropped on the list, despite rents remaining flat — both monthly and yearly. In Miami, a one-bedroom asked $1,800 on average last month. Meanwhile, Chicago rents stayed at $1,520 monthly.

Zumper compiles its National Rent Report by analyzing and aggregating rental data from over 1 million active listings across the country.

Tags: rents, Residential Real Estate Miami Design District buildi新上海贵族宝贝论坛 上海贵族宝贝交流区ng allegedly lost $5M in value due to bill…Miami is the most rent-burdened city in the country: reportHudson’s Bay mulls sale of Lord & TaylorCorelogic s chief counsel is leaving the company as it deals wit…
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Opportunity Zones

2019年6月14日 | 未分类 | No Comments

Last call for TRD s Future City 2019 in the Bahamas! Join real estate’s top players for learning + networking Jan. 27-29

The Real Deal’s Future City 2019 is less than two weeks away, and we have just a few remaining spots for qualified candidates.

Attendees will join a group of 200 C-level executives in the fields of development, tech, construction, design and finance to network with and learn from the top minds and biggest dealmakers in the country at the Baha M爱上海同城 爱上海ar resort in the Bahamas from Jan. 27-29.

Some of our participants include: Don Peebles, John Catsimatidis, Anthony Scaramucci, Michael Stern, Ken Fisher, Bess Freedman, 阿爱上海同城 阿拉爱上海同城Morris Moinian, Sharif El-Gamal, Young Woo, Edgardo DeFortuna, Bob Knakal and more.

The industry is changing at a faster pace than ever before as a result of new technology, new sources of funding, new policies and new attitudes, and top th上海贵族宝贝交流区 上海贵族宝贝论坛ought leaders will be hosting workshops at the event enabling an understanding of these seismic shifts at a high-level, as well as their practical day-to-day applications.

In addition to 20-plus learning sessions, there will be programming to facilitate上海千花网交友 上海千花网论坛 networking including golf, fitness activities, group meals and keynote speeches, co上海千花网 爱上海同城对对碰cktail events and plenty of other entertainment.

If you are VP level or higher, please email [email protected] immediately for further details.

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