287 Park Avenue South

Chinese developer formerly known as Cheerland abandons $300M Flatiron condo con上海千花网论坛 上海千花网version CL Investment Group to keep building as commercial

287 Park Avenue South

Chinese developer CL Investment Group pulled the plug last month on a $300.2 million luxury condo conversion of the United Charities office building at 287 Park Avenue South in the Flatiron District, records show. The company will instead keep the building commercial and will announce a renovation and repositioning plan in the the near future, a spokesperson for CL Investment told The Real Deal.

The now-dropped 40-unit condominium offering plan, first filed with the New York state Attorney General’s office more than a year ago, called for luxury residential apartments averaging somewhere in the neighborhood of $7 million apiece. A penthouse was expected to list for a whopping $17.5 million, a sum topped by only three apartments currently listed in the Flatiron neighborhood, according to StreetEas上海千花网 爱上海同城对对碰y.

The developer had also applied for permits to nearly double the height of the 19th-century building with an eight-story addition. Amenities in the building would have included a swimming pool and rooftop terrace.

CL Investment s conversion project was one of a crop of new residential developments coming online from the Beijing-based developer formerly known as Cheerland, its first development ventures into the New York market.

A total abandoning of major condominium plans is not uncommon, and so far this this year d[……]

Read more

NYC Affordable Housing

NYC hasn t seen this much affordable housing built since 1989 City Hall built or preserved 21,963 units of below-market housing in 2016

Mayor Bill de Blasio

Mayor Bill de Blasio’s administration built or preserved 21,963 units of bel上海龙凤论坛sh1f 上海龙凤论坛ow-market housing in 2016, the most the city has seen since 1989.

The mayor is expected to announce the numbers at a news conference in Brooklyn on Thursday.

The figure includes 6,844 apartments in newly constructed buildings, according to data city housing officials provided to the New York Times.

More than 30 percent of the units built or preserved last year were in Manhattan, and about 29 percent each were in the Bronx and Brooklyn. Over the course of the last three years, City Hall has provided financing for developments that built or preserved 62,506 below-market apartments as part of the mayor’s plan to build or preserve 200,000 units over the next decade.

In the past three years funding for the city’s housing agency ha上海千花社区 上海千花网交友s doubled from $400 million in 2014 to $798 million this year.

“I want people struggling out there to know that this is still your city,” de Blasio said Wednesday. “We are fighting to Keep New York A Place that seniors, the middle class and families trying to make it to the middle class can actually afford.”

Critics have said that too many apartments are being set aside for moderate-income New Yorkers, instead of those who are truly poo上海夜网论坛 上海夜网r. About 35 percent of units have been set aside for families of three ear[……]

Read more

Mortgage Rates US

US mortgage rate drop could cause spike in home sales Average rate on 30-year mortgage was上海同城对对碰交友社区 上海夜网论坛 3.9% last week

(Credit: Freddie Mac, Click to enlarge)

U.S. mortgage rates fell below 4 percent last week, which may encourage a rush of home buyers.

Last week, the average rate on a 30-year fixed-rate mortgage was 3.9 percent, the Wall Street Journal reported, citing data released by Freddie Mac. It s the first time rates have dro爱上海 爱上海同城手机版pped below 4 percent since November. A week earlier, the rate was 4.08 percent and in mid-March it was 4.3 percent, according to the Journal.

Mortg上海龙凤论坛 新上海贵族宝贝论坛age rates jumped following Donald Trump’s presidential win, after hovering slightly above 3.5 percent for the 30-year fixed-上海千花网论坛 上海千花网rate mortgage for most爱上海同城论坛 爱上海同城 of 2016. The Federal Reserve raised interest rates last month, and officials have foreshadowed two more rate raises this year.

However, Treasury yields came close to a five-month low last week, driven by investor concerns about unrest in Syria and North Korea, and because of little development on tax reform.

Economists say a mortgage rate decline could drive more home buyers towards investing, as lower rates mean reduced mortgage repayments.

“Almost the entirety of the Trump bump [to mortgage rates] has been washed away,” Keith Gumbinger, a vice president at HSH.com, a mortgage-information website, told the newspaper.

“It’s driving more demand into a market that doesn’t have much in the way of supply,” he added. [WSJ] Miriam Hall

Tags: fred[……]

Read more

Enormous equestrian estate sees first price cut to $35 million

An enormous 2上海贵族宝贝 上海千花网龙凤论坛3-acre equestrian estate in East Hampton just had its first price cut since coming on the market in March, reducing its $39 million price tag to $35 million. A buyer would get a lot for the money, it seems: The compound at 172 Ce阿拉爱上海同城 爱上海龙凤419桑拿dar Street has 11 parcel爱上海同城论坛 爱上海同城s of land, a 12-bedroom main house, plus multiple guest houses, Curbed reported. There are also horse stables, a barn, and riding fields for horse lovers and a tennis court, full爱上海 爱上海同城手机版y equipped gym, theater and saltwater gunite pool for additional recreation. The property la上海夜网 阿爱上海同城st changed hands in 2009 for $12.5 million, the report said. Zachary and Cody Vichinsky of Bespoke Real Estate and Dana Trotter of Sotheby’s International Realty have the listing. [Curbed]

Tags: Hamptons
We are having some technical difficulties. Try again later.

By clicking Subscribe you agree to our Privacy Policy.

[……]

Read more

East Harlem

Melissa Mark-Viverito and East Harlem (Credit: Getty Images and Compass)

The City Council s Land Use Committee on Tuesday greenlighted a proposal to rezone East Harlem under the Mandatory Inclusionary Housing program — a plan that is expected to create 1,288 affordable housing units on private sites.

Under MIH, the city estimates that at least 20 to 25 percent of all new residential units in East Harlem will be affordable. As a part of the plan, New York City Housing Authority’s East Harlem properties will get a $50 million investment, and $101 million will be set aside for the cr新上海贵族宝贝论坛 上海贵族宝贝交流区eation of a new park between 125th and 132nd streets.

As the cost of living in New York City continues rising, we recognize that the c阿爱上海同城 阿拉爱上海同城reation and preservation of affordable housing is imperative to ensuring New Yorkers can continue to live and thrive in our diverse neighborhoods, City Council Speaker Melissa Mark-Viverito said in a statement after the vote.

Politico reported that Mark-Viverito and the de Blasio administration struck a deal on Monday night to go forward with the rezoning, which was in danger of being held up over disagreements over height and density. The administrati新爱上海同城对对碰论坛 上海同城对对碰交友社区on, however, agreed to include hei上海贵族宝贝交流区 上海贵族宝贝论坛ght limits on Park Avenue south of 118th Street, as well as other 上海同城对对碰交友社区 上海夜网论坛parts of the district.

The proposal had its critics, including Manhattan Borough President Gale Brewer, who said in August that the plan didn t do enough to curb displacement.[……]

Read more

Secondary Housing Markets

Cruisin the burbs: City dwellers are looking out for a deal in these 10 secondary markets Accepting l上海千花网论坛 上海千花网ong commutes or taking n上海贵族宝贝论坛 上海贵族宝贝ew jobs, home buyers are looking for affordability further afield

(Credit: GIPHY)

As home prices continue to rise and listings dwindle, more and more people are looking for a new pad in suburbia or beyond.

Realtor.com analyzed search data to compile a list of the top 10 markets would-be home buyers are interested in and found that they re looking farther afield than just the outskirts of big cities, though there are a few commonalities across the board.

“The markets on this list offer affordable housing options and a chance to move up for those who are willing to change jobs or take on longer commutes,” said Realtor s director of research Javier Vivas.

Here s a look at the spots buyers are considering in lieu of 阿拉爱上海同城 爱上海龙凤419桑拿an expensive major city. Erin Hudson

1. Spokane, Wash.

Spokane, WA. (Credit: Ron Reiring)

Median list price: $264,000
Median income: $51,000
Estimated job growth in 2018: 2.7 percent

2. Portland, Maine

Portland, ME. (Credit: Alex Boykov)

Median list price: $340,000
Median inc上海千花社区 上海千花网交友ome: $68,000
Estimated job growth in 2018: flat

3. Knoxville, Tenn.

Knoxville, TN. (Credit: Zereshk)

Median list price: $247,000
Median income: $52,000
Estimated job growth in 2018: 0.9 percent

4. Deltona-Daytona Beach, Fla.

Deltona-Daytona Beach-Ormond Beach, FL. (Credit: William “Patrick” Ma)

Median list price: $270,000
Median income: $47,000
Estimated job growth[……]

Read more

Michael Jordan Mansion

Airball: Why is Michael Jordan’s estate in Highland Park not selling? A buyer has not been found after multimillion-dollar price cuts, a failed auction and a string of gimmicks

Michael Jordan and his mansion (Credit: Zillow, Images Money via Flickr)

He’s one of the most famous athletes of all time, immortalized by a statue at the United Center, the man who could do absolutely anything on the court.

But for six years, Michael Jordan has been unable to sell a house.

Jordan and his first wife, Juanita, moved into a custom-designed home in north suburban Highland Park in 1995 and raised their three children there until their divorce in 2006.

Jordan got the mansion in the split, but by then he’d already put the Chicago area in his rear view mirror: His career with the Bulls ended after the 1998 season, and after a brief comeback with the Washington Wizards in 2001-2003, he moved on to an ownership role with the Charlotte Bobcats in 2006.

In 2012 he listed the home for $29 million. That ended up being out of sync with what the North Shore market could bear.

Four price chops and many flashy marketing tricks later, the house sits unsold — occupied only by the staff, which His Airness still employs to keep it looking fresh.

(Credit: Zillow)

Compass’ Katherine Malkin said the 30,000-square-foot house on seven acres is now asking just under $14.4 million. Malkin, formerly of Baird Warner, has listed the mansion for its entire time on the market.

Stephen Shapiro of the Westside Agency, a Los Ange[……]

Read more

Construction Unions NYC

Can the closed-shop development site prevail as costs rise and builders get increasingly squeezed?

To hire union or to 阿爱上海同城 阿拉爱上海同城go open shop, that is the question — at least for many developers. While that has long been a loaded question, it’s never been more fraught with political ramifications and controversy than it is now.

With razor-thin margins in a market marked by softness and uncertainty, nonunion and open shops (those that employ both union and nonunion workers) seem to be eating up market share from union hardhats.

And the escalating dispute between one of the city’s biggest developers, Related Companies, and biggest union trades — Building and Construction Trades Council of Greater New York — has put the tension in the spotlight yet again.

The BCTC — which represents 100,000 New York City workers from various unions — has been picketing上海贵族宝贝 上海千花网龙凤论坛 Related’s 50 Hudson Yards for more than a year because the developer hired some nonunion construction workers.

This spring, the developer responded by slamming the group and its head, Gary LaBarbera, with two lawsuits, accusing BCTC of inflating construction costs and using “thug-like” tactics during demonstrations, which disrupted work at the site. LaBarbera called the allegations “bullshit” and recently said that the Related dispute was an anomaly and that relations between unions and developers are strong. But some developers and general contractors say unions need to become more flexible on pricey mandatory benefits and pe[……]

Read more

Brooklyn I

Brooklyn I-sales saw a surge in dollar volume last year. But there s a caveat Dollar volume increase can be attributed to massive Starrett City deal

Clockwise from the top: Starrett City, 175-225 3rd Street, and 30 Front Street in Brooklyn (Credit: iStock)

Brooklyn’s investment sales market saw a large spike in dollar volume in 2018 thanks to a series of big deals, but transaction volume stayed mostly flat, according to a new report from Ariel Property上海贵族宝贝论坛 上海贵族宝贝 Advisors.

Overall, the borough saw $7.84 billion worth of deals across 1,079 transactions and 1,404 buildings last year. This was a 24 percent increase in dollar volume, a 4 percent decrease in transaction volume and a 0.3 percent decrease in building爱上海 爱上海同城手机版 volume yea爱上海同城 爱上海r over year.

Brooklyn’s multifamily market had the highest dollar, transaction and property volume among all asset classes, with 648 deals across 795 buildings worth $4.13 billion. This was a 5 percent decline in transaction volume, a 1 percent decline in building volume and a 61 percent increase in dollar volume compared to 2017, largely due to the $905 million Starrett City deal. Brooksville Company and Rockpoint Group purchased this 46-building portfolio from Starrett City Associates in New York City’s second-largest portfolio deal of the year.

The only other asset class that saw dollar volume increase year over year was development sites. Dol爱上海同城手机版 新爱上海同城对对碰论坛lar volume rose 31 percent to hit $2.38 billion, while transaction volume dropped by 4 percent to hit 3[……]

Read more