Open for Business: China lifts limits on foreign investors in several economic sectors

Foreign investors can buy up more of the world’s second-largest economy after China updated a regulatory list that had capped investment across several industries. While a trade war brews with Trump White House, China has decided to make good on foreign investment reforms and will now allow foreigners to take more ownership in banks, brokerages and car manufacturers, all starting in 2021. “The reduction of the list means there’ll be more opportunities for cross-border enterprises […]

source https://therealdeal.com/2018/06/30/open-for-business-china-lifts-bans-on-foreign-investors-in-several-economic-sectors/

Making six-figs in San Francisco? The government says you might be “low-income”

When high-salaried denizens of the Bay Area call themselves “poor” many people’s natural reaction is an eye roll. But with the cost of living reaching record heights in and around San Francisco, now even the government sympathizes with them. The Department of Housing and Urban Development will classify earners of up to $117,000 a year as “low-income,” the New York Times reported. The number, which takes into account home pries and housing costs, will allow […]

source https://therealdeal.com/2018/06/30/making-six-figs-in-san-francisco-the-government-says-you-might-be-low-income/

FEMA cuts off almost 1,800 Puerto Ricans from housing assistance

The Federal Emergency Management Agency (FEMA) moved Friday to end housing assistance for nearly 1,800 Puerto Ricans who survived Hurricane Maria last year. CNN reported that the people had lived rent-free in hotels in Puerto Rico as well as in the continental United States. Though the program was originally designed to only last two weeks, it has been extended several times. “After 10 months of providing emergency shelter through Transitional Sheltering Assistance (TSA), FEMA is ending […]

source https://therealdeal.com/2018/06/30/fema-cuts-off-1800-puerto-ricans-from-housing-assistance/

Trump plan would mean higher rent for 150k New Jersey families

150,000 poor New Jersey families could soon be facing higher rent. The Trump administration’s policy proposals to increase rent obligations for those living in subsidized housing would affect 99 percent of renters who receive assistance from the Department of Housing and Urban Development, according to a report from the liberal-leaning Center on Budget and Policy Priorities. NJ.com reported that family rents would increase by 18 percent on average. And if the proposal were to pass Congress, the […]

source https://therealdeal.com/2018/06/30/trump-plan-could-mean-higher-rent-for-150k-new-jersey-families/

Meet the motorhome communities of the one percent

In Las Vegas, some well-off road warriors are ditching mansions for mobile homes, just so long as they have the right kind of neighbors. Only “Class A” RVs are allowed to park at one of these exclusive mobile home communities across the country, the New York Times reported. For the uninitiated, Class A is the highest class of motor home, meaning they’re really nice, and in some cases, cost more than $2 million. Margie and […]

source https://therealdeal.com/2018/06/30/only-luxury-rvs-need-apply-meet-the-motorhome-communities-of-the-one-percent/

Just two percent of NYC buildings make half the city’s CO2 pollution: report

One57, 15 Central Park West, the Baccarat Hotel and Residences—they’re all known for their well-heeled residents and sweeping views. They may also now be known for besmirching Manhattan with climate-changing emissions, according to a new report. A consortium of advocacy groups including New York Communities for Change analyzed public electricity use data and concluded that just two percent of the city’s buildings produce almost half of the total carbon dioxide emissions. Many of the offenders […]

source https://therealdeal.com/2018/06/30/just-2-percent-of-nyc-buildings-make-half-the-citys-co2-pollution-report/

Sales launch at HFZ and Westbrook’s Belnord

The first set of condominiums are up for grabs at the Belnord, with prices starting at $3.2 million. HFZ Capital group and Westbrook Partners put 11 apartments on the market on Friday, Curbed reported. The prices range from $3.2 million to $8.85 million, and the units range from two- to five-bedrooms. The developers brought on Robert A.M. Stern Architects to convert the 215-unit Upper West Side rental building into luxury condos, the report said. Douglas […]

source https://therealdeal.com/2018/06/29/3286723/

A nightclub in Queens is getting replaced by a storage facility

Nightlife in Queens is getting a little less exciting. Illinois-based LSC Development is planning to replace the Woodside nightclub Pure NYC at 62-05 30th Avenue with a two-story storage facility spanning about 103,000 square feet, according to plans filed with the Department of Buildings on Friday. Demolition permits were filed last March. LSC purchased the property in the fall for approximately $9.4 million, according to property records. The company is also planning an eight-story storage […]

source https://therealdeal.com/2018/06/29/a-nightclub-in-queens-is-getting-replaced-by-a-storage-facility/

Carpenters’ union inches toward independence, but members say monitor ignored problems

It’s been nearly a decade since several members and leaders of the city’s carpenters’ union were last indicted on racketeering and fraud charges. Since then, the New York City District Council of Carpenters has implemented several changes to help keep the group corruption-free. But some think the union hasn’t gone far enough. During a status conference in Manhattan Federal Court on Friday, Donna Clancy, an attorney for two fired union members, said the organization’s independent […]

source https://therealdeal.com/2018/06/29/carpenters-union-inches-toward-independence-but-members-say-monitor-ignored-problems/

This month in real estate history

1893: Hospital sale puts a value on Fifth Avenue The $2.4 million sale of St. Luke’s Hospital 125 years ago this month was reported in The Record & Guide as the single largest real estate transaction to ever occur in the city and called into question the fate of a house-lined strip along Fifth Avenue, according to the New York Times. Although it was apparent that properties below 50th Street would be converted into offices and […]

source https://therealdeal.com/issues_articles/this-month-in-real-estate-history-128/#new_tab

Foreign dollars continue to pour into US commercial market: report

Foreign investment in U.S. commercial real estate remained strong last year, despite a major pullback from Chinese companies that have been hampered by capital controls its government has imposed. Despite those restrictions, Chinese investors made up the biggest share of foreign buyers in the U.S. at 20 percent, according to a new report from the National Association of Realtors. While the share of Chinese investors in U.S. commercial real estate was actually slightly higher than […]

source https://therealdeal.com/2018/06/29/foreign-dollars-continue-to-pour-into-us-commercial-market-report/

Rupert Murdoch’s Realtor.com rolls out NYC-specific filters

When Realtor.com made its push into New York City last year, the Rupert Murdoch-owned site quickly encountered a fundamental problem: wonky listings. A year later, the company said it is rolling out a slew of new search filters that will let users discern between condos and co-ops, building amenities and no-fee rentals — intricacies of the market it previously missed. “We definitely were aware that there are nuances in this marketplace that we had to […]

source https://therealdeal.com/2018/06/29/rupert-murdochs-realtor-com-rolls-out-nyc-specific-filters/

Heng Sang Realty lands $60M loan for Zara flagship site

Heng Sang Realty Corporation landed a $60 million loan for a Soho building that is home to a Zara flagship store. The building, at 503 Broadway, is a five-story property that sits between Spring and Broome Streets. The property was the site of a record sale in 2015. Inditex, the parent company of Zara, paid $19,000 per square foot (a total of $280 million) for a 47,000-square-foot retail condo in the building. Zara’s space covers […]

source https://therealdeal.com/2018/06/29/heng-sang-realty-lands-60m-loan-for-zara-flagship-site/

WATCH: David Von Spreckelsen on the problem with ultra-luxury, early Gowanus woes and where Toll is headed next

 In 2009, executives from Toll Brothers City Living gathered to celebrate a hard-fought rezoning in Gowanus — the culmination of a five-year push that would finally pave way for a planned 500-unit development. In the middle of the festivities, however, they got word the canal was being declared a Superfund site, recalled David Von Spreckelsen, president of City Living’s New York division. The party turned into a wake, he said, and soon after the […]

source https://therealdeal.com/2018/06/29/watch-david-von-spreckelseon-on-the-problem-with-ultra-luxury-tolls-gowanus-woes-and-where-the-homebuilder-is-heading-next/

Don’t miss The Real Deals debut Hamptons panel event this Saturday!

Don’t miss The Real Deal’s first East End panel event on June 30, where the top brokers in the Hamptons will discuss strategies for moving product in an increasingly competitive market. Confirmed panelists include Corcoran Group’s Susan Breitenbach, Brown Harris Stevens’ Christopher Burnside, Bespoke’s Cody Vichinsky, Douglas Elliman’s Enzo Morabito, Compass’ Lori Schiaffino and Saunders and Associates’ Ed Buehl . The panel discussion will kick off at 3:30 p.m. and will be followed by a […]

source https://therealdeal.com/2018/06/29/dont-miss-the-real-deals-debut-hamptons-panel-event-this-saturday/

Here are the quiet tricks NYC retail landlords use to boost rent rolls

UPDATED, Sep. 21 , 3:13 p.m.: In New York City’s retail world — which serves residents’ around-the-clock needs from late-night pad thai to Gucci loafers — there are two types of “facades”: the tens of thousands of actual storefronts and the well-concealed side deals between landlords and retail tenants. One of those deals took place in early 2013, when the Carlyle Group was looking to sell its 27-story office building at 650 Madison Avenue, which […]

source https://therealdeal.com/issues_articles/nycs-great-retail-facade/#new_tab

Booming home equity: Financial opportunity or warning sign?

If you’ve got it, don’t piggybank it — borrow against it. That seems to be the prevailing sentiment among tens of thousands of American homeowners who’ve seen their property values surge and then decided: Hey, we’ve got a ton of equity sitting here, let’s do something with it. According to the latest estimates from real estate analytics firm ATTOM Data Solutions, 347,875 new home-equity lines of credit (HELOCs) were taken out during the first quarter […]

source https://therealdeal.com/2018/06/29/booming-home-equity-financial-opportunity-or-warning-sign/

Widow of Greek shipping heir facing eviction from $10M Pierre Hotel co-op

The 73-year-old widow of a Greek shipping magnate who refused to leave her Pierre Hotel co-op is now facing eviction. A judge at Manhattan Surrogate’s Court has ordered Tara Kulukundis, whose husband Michael Kulukundis died eight years ago, to leave the $10 million home by January 15, according to the New York Post. The executors of her husband’s will have already listed the unit for sale, saying its $12,000 a month in maintenance fees were […]

source https://therealdeal.com/2018/06/29/widow-of-greek-shipping-heir-facing-eviction-from-10m-pierre-hotel-co-op/

At these NYC buildings, newly-bought condos quickly become rentals

Condos in New York City are becoming increasingly popular with investors. Last year, 10.7 percent of condos that sold throughout the city were listed as rentals within a few months, according to Bloomberg. The most popular building for this was 550 Vanderbilt at Pacific Park in Brooklyn. Investors are buying the units as bets that their underlying value will increase. They are also taking advantage of developers dropping prices to sell units before one of […]

source https://therealdeal.com/2018/06/29/at-these-nyc-buildings-newly-bought-condos-quickly-become-rentals/

Dalan Management, Elion Partners buy Upper West Side building for $66M

Dalan Management and Elion Partners have purchased a double apartment building on the Upper West Side for $66 million. The companies bought 2568 Broadway at the corner of 97th Street from the Gumowitz and Levy families, according to the New York Post. The families are keeping the property’s excess air rights. The building spans 80,000 square feet and contains 67 rental units, along with a Bank of America, Dunkin’ Donuts and Paris Baguette. Other recent Upper West […]

source https://therealdeal.com/2018/06/29/dalan-management-elion-partners-buy-upper-west-side-building-for-66m/

Cascade condo project receives additional $100M in financing

Madison Realty Capital is adding $100 million to its loan in a Bedford-Stuyvesant condo complex called Cascade. Empire State Management, Abraham Brach and Nachman Leibowitz are constructing the seven-building complex, which will span 400,000 square feet along the Bed-Stuy-Williamsburg border, according to Commercial Observer. Madison Realty Capital previously loaned $88 million last year to the project for its first phase. The project will include seven buildings overall at 104, 114 and 134 Stockton Street, 833-869 Myrtle Avenue […]

source https://therealdeal.com/2018/06/29/cascade-condo-project-receives-additional-100m-in-financing/

National Cheat Sheet: Zillow plans to file for a $650M public offering … & more

Listings giant Zillow plans to file for a $650M public offering Real estate listings company Zillow plans to file for a public offering, according to Wednesday’s regulatory filing. Zillow hopes to raise a total of $650 million — half in stock and half in convertible bonds. The proceeds could rise to $750 million if underwriters exercise an option to purchase additional shares. The funds would be used for general expenses, as well as “acquisitions of, or […]

source https://therealdeal.com/2018/06/29/national-cheat-sheet-zillow-plans-to-file-for-a-650m-public-offering-more/

Six top real estate players share the joys and pains of their first jobs

Donald Trump touted his — supposedly — humble start in real estate during his presidential campaign, when he cited the $1 million “small loan” given to him by his father. And while it’s certainly not uncommon for New York’s real estate elite to come from great fortune, some did a bit more tugging on their bootstraps. As evidence, The Real Deal talked to six industry leaders about the less glamorous jobs they worked before building […]

source https://therealdeal.com/issues_articles/early-work/#new_tab

How Michael Cohen got Jared Kushner into Gowanus

In 2014, Kushner Companies, LIVWRK and SL Green Realty paid $72.5 million to acquire a polluted parking lot on the banks of the Gowanus Canal. The partners were hoping to cash in on a rezoning of the 140,000-square-foot site that would allow them to develop a project spanning nearly 1 million square feet in a rapidly changing neighborhood. But the plans, which included apartments and space for artists across from a newly-built Whole Foods, antagonized […]

source https://therealdeal.com/2018/06/28/how-michael-cohen-got-jared-kushner-into-gowanus/

Frank McCourt back to seeking partner at Hudson Yards site

Frank McCourt, the former owner of the Los Angeles Dodgers, may finally be ready to move ahead with developing his long-languishing plot at a prime corner in Hudson Yards. McCourt Global recently hired CBRE and HFF to help “identify potential development partners and opportunities” for the site at 360 10th Avenue, Drew McCourt, the firm’s president and Frank McCourt’s son, confirmed to The Real Deal. Sources said the company does not have plans for an […]

source https://therealdeal.com/2018/06/28/frank-mccourt-back-to-seeking-partner-at-hudson-yards-site/