Sioni Group

Sioni Group plans 15-story Garment District office building Isaac Chetrit collaborator Ray Yadidi targeting tech firms for 65K sf property on West 37th St.

From left: Rendering of 44 West 37th Street (credit: Newman Design), Ray Yadidi and the former building on the site

Ray Yadidi, a frequent partner of Isaac Chetrit, is planning a 15-story office building on a vacant Garment District site, sources told The Real Deal.

Yadidi’s 上海千花网交友 上海千花网论坛Garment District-based investment firm Sioni Group is expected to file plans with the city’s Department of Buildings next week for a 65,000-square-foot property at 44 West 37th Street, located between上海龙凤论坛 新上海贵族宝贝论坛 Fifth and Sixth avenues. Sources familiar with the plan said the firm is looking to attract tech tenants, a c上海千花网交友 上海千花网论坛ouple showrooms, and a restaurant for the 3,500-square-foot ground floor.

Sioni paid $9 million for the two-story retail building on the site in 2014, and then demolished it.

The property will be one of the few new-construction office buildings in the Garment District, with projected asking rents in the mid-$60s per square foot, sources said. The firm plans to break ground later this year and wrap up construction by March 2018, sources said.

Brian Newman of Newman Design was hired as the architect of record.

Representatives for Sioni Group declined to comment.

Yadidi formed real estate investment firm Sioni Group in 1992 with his brother Jack. Their father founded women’s clothing brand Sioni, which sells its wares at Bloomingdale’s and other department stores.

Sioni Group owns 12 New York City buildings, most of them located in the Garment District. Half of Sionio’s real estate holdings are owned in partnership with Chetrit of AB Sons; the rest are owned solo.

Yadidi and Chetrit are partnering to build a skyscraper with as many as 80 stories on Sixth Avenue between Wes上海千花网论坛 上海千花网t 36th and 37th streets.

Tags: garment district
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CoStar

CoStar files suit against Xceligent, its biggest rival Data company previously filed suits targeting competitors RealMassive, CompStak and LoopNet

CoStar s Andrew Florance and Xceligent s Doug Curry

UPDATED, Dec. 13, 6:59 p.m.: Commercial real estate data company CoStar Group is suing its biggest rival Xceligent for copyright infringement, in a near mirror image of its previous lawsuits against data startups RealMassive, LoopNet and agai上海千花网论坛 上海千花网nst users of CompStak.

In a complaint filed Tuesday in Kansas City, Missouri federal court, CoStar accused Xceligent of “piracy” and “copyright infringement on an industrial scale,” alleging that Xceligent’s researchers regularly trawl CoStar’s and LoopNet’s (now a CoStar subsidiary) databases to steal property data and images. The firm seeks millions of dollars in damages and injunctive relief to prevent the alleged copyright infringement from happening again.

Xceligent immediately dismissed the charges in a statement, accusing CoStar of anti-competitive behav上海龙凤论坛sh1f 上海龙凤论坛ior. The lawsuit fits with a pattern of action by CoStar of filing lawsuits against its competitors to protect its dominant market position in commercial real estate research in the United States,” Xceligent’s CEO Doug Curry said in a sta上海贵族宝贝交流区 上海贵族宝贝论坛tement. “In fact, in August 2012, the Federal Trade Commission issued an Order restraining CoStar from engaging in certain activities, which the Federal Trade Commission determined to be anti-competitive in nature.

Competitors have long accused CoStar of using lawsuits as a weapon to weaken rivals. CoStar claims it spends a lot of capital gathering its data, and insists that rivals are trying to mooch off its hard work.

In 2014, the company sued unnamed users of leasing comp database CompStak for copyright infringement, and last year it sued Texas-based online marketplace RealMassive. It also filed several lawsuits against the online leasing marketplace LoopNet, before acquiring the company for $860 million in 2012.

The latest lawsuit comes just as Xceligent   which sources say is the only company seriously attempting to offer a product similar to CoStar  is preparing to launch in New York City, taking on the behemoth in its most important market. Both CoStar and Xceligent offer online databases with commercial property and leasing information, along with separate online leasing marketplaces (LoopNet and commercialsearch.com). And both companies use armies of researchers who call landlords and brokers to compile their databases.

CoStar claims that hundreds of Xceligent employees created over 3,000 CoStar accounts to steal data and images. Xceligent, an open-source platform, counters that its “data centers operate to ensure protection of intellectual property rights and have controls in place to ensure we publish data that we have collected within the scope of those rights.”

Washington, D.C.-based CoStar is a public company with a current market cap of $6.3 billion. Xceligent, meanwhile, with 1,300 emplo[……]

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Amazon Distribution Center

Amazon to open 1M sf distribution center on Staten Island: report The “fulfillment facility” in the borough should open by summer

Amazon s Jeff Bezos and 546 Gulf Avenue (Credit: Getty Images and Google Maps)

Amazon plans to open its first New York distribution center on the west shore of Staten Island, with the company set to take 975,000 square feet at a warehouse in the borough.

Sources told th上海千花网论坛 上海千花网e New York Post that the Jeff Bezos-owned company will open a “fulfillment center” at Matrix Development Group’s Matrix Global Logistics Park in Bloomfield on Staten Island s west shore. The warehouse will be open by the end of summer, according to the New York Post.

The New Jersey-based developer is building a commercial hub that will eventually span 3.5 million square feet, according 上海千花网交友 上海千花网论坛to a report from New York York YIMBY. Last month, the firm filed plans for a 2.3 million-square-foot building at the park. The 671-acre site had been previously earmarked for a 82,500-seat NASCAR racetrack.

Amazon’s center is expected to be the first of four warehouses on the site, according to the Post. “We think the sites could bring in 3,000 employees,” Steve Grillo, first vice president of the Staten Island Economic Development Corporation, told the newspaper. “Matrix has been very secretive about the tenants, but the chatter is that Amazon is coming in.”

A representative for the Matrix decline上海龙凤论坛 新上海贵族宝贝论坛d to comment. The notoriously press-shy Amazon said the pr爱上海同城论坛 爱上海同城oposed distribution center on Staten Island are “rumors and speculation.”

Last week, Amazon agreed to pay $13.7 billion for Whole Foods, a move that sent shockwaves through the grocery industry.  The online retail giant is also opening bricks-and-mortar stores and is said to be planning a bookstore in 爱上海同城 爱上海the Time Warner Center. [NYP] Miriam Hall

Tags: amazon, Commercial Real Estate, Development, matrix development group
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Vornado Los Angeles

Vornado shedding its last LA property, Santa Monica lawmakers target foreign hotel investors and more… Los Angel爱上海同城论坛 爱上海同城es briefs

Steve Roth

Vornado selling its last L.A. asset

Vornado Realty Trust’s exit from Los Angeles is almost co爱上海同城论坛 爱上海同城mplete.

The company is in contract to sell its 243,000-square-foot Class A office property at 800 Corporate Pointe in Culver City to Northwood Investors for approximately $150 million, or $599 per square foot. Neither buyer nor seller was available to confirm the transaction, but one source familiar with the deal said the price was “astonishing” for the area.

The site is the last remaining L.A. property owned by Vornado, which paid $69.2 million for the complex in 2012, public records show.

The building is 98 percent leased by tenants including Ares Management and Thomson Reuters. However, more than 20 percent of the tenants have leases that expire next year, meaning Northwood could hike below-market rents at that point.

“Roth is trying to simplify the company, make it more manageable, more focused and easier to understand,” Sandler O’Neill analyst Alex Goldfarb said of Vornado CEO Steve Roth when the building first came on the ma上海千花网交友 上海千花网论坛rket in October. “Having two or three random investments in L.A. doesn’t help that at all.”

Former NKF exec wants his sexual harassment accuser unmasked

Former Newmark Knight Frank executive Michael Arnold, who is being sued for sexual harassment, wants the identity of his accuser revealed.

His attorney, Tara-Jane Flynn, filed a motion last month arguing that Arnold and his family are “handcuffed from defending their reputation.”

The anonymous woman, “Jane Doe,” alleged that she was repeatedly sexually harassed, ogled and even stalked by senior executives at NKF’s Los Angeles offices. Arnold’s filing requests the dismissal of the case, contending that Doe didn’t go through the proper legal procedures before filing suit — namely, that she didn’t obtain “right-to-sue” letters from the state Department of Fair Employment and Housing for all the defendants before taking to the courts.

Doe’s attorney Mark Geragos, who has represented celebrities such as Michael Jackson, said, “These obvious and pathetic legal tactics confirm that both Arnold and his employer and legal team need to be taught a lesson.”

Arnold left NKF last November, landing at NAI Global.

Santa Monica Beach Hotel

Full disclosure in Santa Monica

As concerns rise over foreign money entering the hospitality business, Santa Monica city officials voted unanimously to have its lawyers draft legislation that would force hotels to disclose their ownership.

Hospitality labor union leaders voiced concern when China’s Anbang Insurance Group purchased the Loews Santa Monica Beac上海夜网 阿爱上海同城h Hotel last year, part of its $6.5 billion buy of Strategic Hotels and Resorts Inc. from Blackstone Group. Santa Monica’s largest union, Unite Here Local 11, hopes to prevent a conversion of the beachside resort into condominiums, similar to what the Chines[……]

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Luxury Malls

You want the recipe for retail success? Luxury and location, apparently Exhibit A: Bal Harbour 上海千花网龙凤论坛 上海千花社区Shops in Miami Beach

Bal Harbour Shops. (Credit from back: Phillip Pessar; Christian Gonzalez)

While most malls are shuttering or downsizing, Miami Beach s Bal Harbour Shops is expanding and there s two reasons why.

Surrounded by luxury hotels and wealthy residents, the mall is a natural gathering place, albeit one with $30 valet parking. With 511,000-square-feet of luxury tenants, Bloomberg reports the mall turns a profit.

The culture among tenants also widely departs from the industry at large: in Bal Harbour, tenants are not on the verge of eviction阿拉爱上海同城 爱上海龙凤419桑拿 trying to get breaks on rent; they ve stuck it out on a wait list to get in and they might be out if shoppers grow bored of their offerings.

The luxury model has found success elsewhere: in New York there s the Americana Manhasset on Long Island; in Las Vegas, the Forum Shops; and finally, in Los Angeles, there s the Grove. In each, so long as the local neighborhood doesn t change, the malls seem poised to last.

“Those malls in the densely populated, high-income sectors are continuing to thrive,” said Michael Brown for A.T. Kearne上海千花网龙凤论坛 上海千花社区y to the publication. [Bloomb上海千花网 爱上海同城对对碰erg] Erin Hudson

Tags: Commercial Real Estate, malls, NYC Luxury Market
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Mesirow Financial

Mesirow Financial closes latest real estate fund at $567M The funding will help support investment for multifamily properties and student housing

Mesirow Financial 上海千花社区 上海千花网交友CEO Dominick Mondi 上海贵族宝贝论坛 上海贵族宝贝and generic multifamily homes (Credit: Mesirow Financi爱上海同城论坛 爱上海同城al and iStock)

Mesirow Financial closed its Real Estate Value Fund III at $567 million, attracting commitments from institutional investors across the U.S., Europe and Australia.

The fund is managed by Mesirow Financial’s Real Estate — Direct team, which focuses on the multifamily and student housing sectors in the United States, accordi上海夜网论坛 上海夜网ng to RE Journals.

The closing follows two previous funding rounds that allowed the firm to acquire more than $1.6 billion in assets.

The real estate investment team for Chicago-based Mesirow has raised $1.5 billion in equity over the past five years and has invested in nearly 13,000 multifamily units in 23 cities nationwide.

Private real estate investment funds closed out the second quarter with the lowest fundraising volumes since the first quarter of 2013, according to a report by research firm Prequin. The $22 billion in investor commitments in the second quarter was down fr上海千花网交友 上海千花网论坛om $37 billion worth of new private real estate funds year over year.

Still, a number of firms had success raising equity, including Kayne Anderson, which closed a $1.9 billion fund.

JLL, meanwhile, launched a $100 million fund to boost real estate tech startups. [REJournals] — John O’Brien

 

Tags: multifamily market, Multifamily Real Estate, Residential Real Estate

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Housing Market Cooling

(Credit: iStock, Pixabay, and Wikipedia)

Don t call it a buyer s market. Don t call it a corr爱上海同城论坛 爱上海同城ection. But the fact is t上海千花社区 上海千花网交友hat a sobering change is taking shape in the housing market an unmistakable cooling trend that defies an economy that is showing impressive growth, has the lowest unemployment rate in years and the highest home-equity levels on record.
Anyone thinking of selling or buying a home shouldn t ignore it. Doing so could cost you money, time and maybe a great opportunity.

Call it a re-balancing. For years since the end of the financial crisis, prices in most markets have increased steadily by single digits annually in most places, double digits in cities like Seattle, San Francisco, Denver and others that have vibrant employment growth plus persistent and deep shortages of homes for sale. Sellers were in the saddle.

That was then. This is now:

Sales of existing and new homes have been sagging for half a year. According to data from the National Asso上海同城对对碰交友社区 上海夜网论坛ciation of Realtors, resales have been dropping since the spring compared with year-earlier levels. At the end of the third quarter, resales were 2.4 percent below their level at the end of the same quarter in 2017. That s despite growing inventories of homes available for sale in some areas, reversing the boom-time pattern of bidding wars that pushed prices to record levels and drove buyers batty.

Mortgage rates hit their highest level in nearly eight years in early November 5.15 percent for a conventional 30-year fixed-rate loan according to the Mortgage Bankers Association. Lending Tree, an online network that pairs mortgage applicants with lenders, reported last week that the average annual percentage rate quoted to shoppers was 5.27 percent. Buyers with good scores between 680 and 719 were quoted 5.42 percent.

Though rates i上海千花网论坛 上海千花网n the 5 s may sound reasonable to people who purchased or refinanced a home a decade ago, they are disturbingly high to millennials and other young buyers and magnify the affordability challenges they already face. Higher rates are also daunting to the millions of owners who have mortgages with rates in the mid-3-percent to 4-percent range. Rather than pursuing a move-up or downsizing purchase requiring a new mortgage at today s rates many of them prefer to hunker down on the sidelines, further reducing sales activity.

Sellers are cutting their list prices. According to research by realty brokerage Redfin, 28.7 percent of prices of homes listed for sale in major markets during the month ending October 14 saw reductions. That s the highest share of homes with price drops recorded since Redfin began tracking this metric in 2010. One of the key reasons for the cuts: Demand by shoppers is down by more than 10 percent compared with a year earlier. Consumer psychology is shifting as well: A national survey by Fannie Mae released last week found that the net share of Americans who believe it s a good time to buy has fallen to just 21 percent, whi[……]

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Bond New York

Bond New York taps Keller Williams veteran to head downtown offices Brokerage recently expanded to new locations in Midtown and UES

Fanny Montalvo Bruno Ricciotti (Credit: Facebook)

Following its recent northward expansion, Bond New York has brought in Keller Williams Fanny Montalvo to be ma上海千花社区 上海千花网交友naging director of its offices in Chelsea and Union Square.

In October, Bond inked a lease for its new corporate headquarters at 810 Seventh Avenue in Midtown. The former managing director for the brokerage s Chelsea office, Adam Taylor, is relocating to the 17,000-square foot flagship where he will manage 250 agents.

Montalvo was the Managing Broker of Record at Keller Williams NYC for the past four years,爱上海 爱上海同城手机版 managing as many as 700 agents. Her 14-year real estate industry experience also included stints at Bellmarc Coldwell Banker and Fenwick Keats Realty. During her time at Fenwick Keats, Montalvo once worked out of 64 West 21st Street, the lo阿爱上海同城 阿拉爱上海同城cation of Bond s Chelsea office.

The BOND family of agents is comprised of mostly agents and managers that I was fortunate to work with and know from my tenure at Bellmarc Coldwell Banker, Montalvo said in the announcement. This opportunity seemed destined and ful爱上海同城 爱上海l circle a chance to be located at an office I have loved and lamented over relocating from years ago.

Montalvo s responsibilities will include managing and recruiting agents as well as industry compliance adherence.

The brokerage, led by Bruno Ricciotti, is still looking 上海千花网龙凤论坛 上海千花社区for a manager for its new 5,000-square foot space on the Upper East Side, at 324 East 86th Street, for which it also signed a lease in October.

Tags: bond new york, Residential Real Estate
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Anna Sorokin

Banker overseeing Anna Sorokin s arts space loan application sent he爱上海同城对对碰 爱上海同城论坛r lewd texts The former Fortress banker, Dennis Onabajo, was in charge of vetting a $22M loan request the woman made

Anna Sorokin (Credit: Getty Images and iStock)

A banker who was tasked with vetting a loan application from Soho grifter Anna Sorokin sent her flirty text messages after her application was rejected.

Dennis Onabajo, a married banker who previously worked for private equity firm Fortress, was overseeing the $22 million loan application which Sorokin planned to use to open an arts space at Aby Rosen s 281 Park Avenue South, according to the New York Post.

The texts emerged as part of Sorokin s ongoing fraud trial in New York, where she is being tried for grand larceny, attempted grand larce上海贵族宝贝交流区 上海贵族宝贝论坛ny and theft of services. The 28-year-old socialite who posed as a German heiress by the name of Anna Delvey, initially convinced Onabajo she was worth 60 million euros.

After Fortress declined the loan in February 2017, Onabajo sent Sorokin a total 158 texts. On one occasion, after Onabajo reportedly met with Sorokin in the lobby of her apartment building, 11 Howard Street, he texted her saying “Let me come upstairs and say a proper good-bye” an offer that she declined.

Another time in March 2017 he reportedly texted: “I’m forcing myself not to ki爱上海同城论坛 爱上海同城ss you because you are insa上海千花网 爱上海同城对对碰nely beautiful.”

Her defense attorney, Todd Spodek, raised the texts in his opening statement last week, and then again during his questioning Monday of Onabajo’s previous Fortress manager, Spencer Garfield.

Garfield was reportedly introduced to Sorokin through white-shoe law firm Gibson, Dunn Crutcher, which was representing her on the application. Gibson Dunn is also seeking $250,000 in unpaid legal fees from Sorokin.

Onabajo reportedly left Fortress two months after sending Sorokin the texts. Fortress was bought by SoftBank for $3.3 billion last year. [NYP] David Jeans

Tags: Aby Rosen, fortress, Real Estate Finance 爱上海 爱上海同城手机版
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