Better Way Tax Plan

Real estate industry freaked out by Republican tax reform plan Observe上海贵族宝贝交流区 上海贵族宝贝论坛rs fear turmoil if proposed changes are handled wrong

From left: Jeffrey DeBoer, Paul Ryan and Donal爱上海同城对对碰 爱上海同城论坛d Trump

Some real estate insiders are worried a Republican overhaul of the tax system could damage the industry.

In June, Republican federal lawmakers proposed a tax reform, and lobbyists told the Wall Street Journal that it stands a decent chance of passing now that Donald Trump is set to occupy the White House. “The House is ready to roll,” said Jeffrey DeBoer of the Real Estate Roundtable.

But despite Republicans’ tax-cutting credentials, some worry that the proposed changes could plunge the real estate industry into turmoil. For example, the plan would double the standard deduction available to taxpayers上海龙凤论坛 新上海贵族宝贝论坛, which would take the teeth out of the mortgage interest deduction (an itemized deduction) and lessen the tax advantage of buying a home.

“Because of the other provisions included in the new tax system, far fewer taxpayers will choose to itemize deductions,” the Republican proposal reads.

The plan would also scrap a provision that allows companies to write off property depreciation over time. Buyers of apartment buildings can depreciate the cost over 27.5 years, with other commercial real estate being written off over 39 years. Instead, firms would be able to record the price of buying a property a新爱上海同城对对碰论坛 上海同城对对碰交友社区s a one-off business expense.

Real estate insiders worry that such changes could harm investors who bought properties under the as爱上海同城论坛 爱上海同城sumption that the old tax rules would remain in effect. “The transition rules are really, really critical,” DeBoer said, according to the Journal. [WSJ] Konrad Putzier 

Tags: Donald Trump, taxes
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NYC Rental Market

Apartment construction showing signs of
a slowdown Units unde上海千花网交友 上海千花网论坛r construction leveling off from 42-year high reached in early 2017

Multifamily construction

The red-hot U.S. apartment construction market is starting to cool down.

Although the apartment supply skyrocketed in recent years, largely in response to the recession, multiple reports now show it may have reached its peak, according to Bloomberg.

A new report from the U.S. Department of Commerce showed that multifamily units were being completed in October at their fastest annualized rate in about 30 years, and after hitting a 42-year high at the beginning of 2017, the pipeline of apartments under construction has started to level off.上海千花网龙凤论坛 上海千花社区

Construction on apartments could drop by 8 percent in 2018, which would be the second consecutive year of decline, and rental vacancies have hit a two-year high.

This shift could lead to slower increases in rent and make more co新爱上海同城对对碰论坛 上海同城对对碰交友社区nstruction workers available to work on other projects, such as single-family hom爱上海同城手机版 新爱上海同城对对碰论坛es.  [Bloomberg] – Eddie Small

Tags: construction, Development, NYC apart爱上海同城论坛 爱上海同城ments, NYC Rental Market, Residential Real Estate
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Lightstone Group

Lightstone Group is buying four Bronx buildings for $50M Developer in contract on majority of Greenspan’s “BMH 350 portfolio”

David Lichtenstein, 3520 Dekalb Avenue and 105 East 177th Street (Credit: Larry Ford and上海千花网龙凤论坛 上海千花社区 Marcus Millichap)

In 爱上海龙凤419桑拿 上海龙凤论坛sh1fa break from developing condominiums in Manhattan and raising capital in Tel Aviv, Lightstone Group is digging into the Bron爱上海同城论坛 爱上海同城x multifamily world.

The company recently signed a contract to buy the Bronx portion of a 350-unit, seven-building portfolio for about $50 million, or $190,000 per unit, sources told The Real Deal.

The four buildings in contract contain 266 apartments and span roughly 260,000 square feet. The addresses are 105 East 177th Street in Mount Hope; 2151 Davidson Avenue in University Heights; 831 Bartholdi Street in Williamsbridge; and 3520 Dekalb Avenue in Norwood, marketing materials 爱上海同城对对碰 爱上海同城论坛show.

The seller, Abe Greenspan s Belmar Realty Corp., had put the full 323,000-square-foot package of seven buildings in the Bronx and Manhattan for a combined $100 million, or $285,700 per unit. The package was called the “BMH 350 portfolio,” in reference to the Brooklyn, Manhattan and Harlem locations and the number of units.

All four of the Lightstone buildings are entirely rent-stabilized, except the 122-unit Bartholdi Street property, which only has free-market apartments. That building also generates the highest net operating income currently, at $1.05 million, the materials show.

In addition, the Bartholdi Street building is the odd one out when it comes to ownership history. The Greenspan family bought it from Larry Gluck’s Stellar Management for $14 million in 2012; the other three have been in the family for decades, records show.

A Marcus Millichap team led by Peter Von Der Ahe, Joe Koicim, Seth Glasser, David Lloyd, Danny Handweiler and Michael Fusco is representing the seller, and Shmaya Haskel and Benny Katz of BruMa Realty is representing the buyer.

The brokers and Lightstone declined to comment, and Greenspan could not be immediately reached.

The other remaini上海夜网论坛 上海夜网ng buildings on the market are 336 West 95th Street and 345 West 92nd Street on the Upper West Side and 1975 Adam Clayton Powell Boulevard in Harlem.

Lightstone, led by David Lichtenstein, has been largely focused on development as of late, with projects such as a 228-unit condo tower in the Financial District; a 428-unit rental building in Long Island City, which opened in November; and a 700-unit, two-building rental project in Gowanus.

Tags: Commercial Real Estate, david lichtenstein, lightstone group, the Bronx
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Fredrik Eklund

Fredrik Eklund puts his Tribeca apartment 上海夜网 阿爱上海同城on th上海贵族宝贝 上海千花网龙凤论坛e market Naturally, he’s representing himself in the sale of the condo

290 West Street, 3B and Fredrik Eklund (Credit: Douglas Elliman and Getty Images)

Fredrik Eklund, the Million Dollar Listing New York star and top Douglas Elliman broker, is looking to sell his Tribeca condominium at 290 West Street.

Eklund, who is brokering the sale himself, is asking for $6.5 mil上海同城对对碰交友社区 上海夜网论坛lion or a tenant willing to pay $22,500 a month. He bought the apartment with his husband, artist Derek Kaplan, in 2014, but the couple have outgrown the three-bedroom apa上海贵族宝贝 上海千花网龙凤论坛rtment with the arrival of twins last year, according to Curbed.

Last month, Eklund skipped out of Douglas Elliman s annual Ellies awards, after posting爱上海 爱上海同城手机版 on Instagram that he would no longer participate and that his team was competing against ourselves anyway.  [Curbed] David Jeans

Tags: 290 West Street, Fredrik Eklund, Residential Real Estate
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Andrew Cuomo Real Estate

NYC real estate gave $733K to Cuomo in first half of 2018 RE donors doing business in the five boroughs accounted for more than 12% of his campaign contributions

Clockwise from the bottom left: Douglas Durst, James Nederlander, Morad Ghadamian, Peter Fine, Marc Holliday, Andrew Cuomo (Credit: Getty Images)

Donors from New York City s real estate industry contributed more than $733,000 to the re-election campaign of Gov. Andrew Cuomo in the first half of 2018, an analysis of state contributions data by The Real D上海夜网 阿爱上海同城eal found.

That s down from the more than $1.2 million property interests gave the governor during the previous six-month reporting period. Gov. Cuomo raised roughly $6 million in total contributions during both periods and now holds more than $31 million in cash for the duration of his re-election campaign.

The largest real estate donor to Cuomo during the last six months was the Douglas Durst-led Durst Organization, which contributed $75,000 across four different LLCs. Durst was followed by James L. Nederlander of the the Nederlander Organization, who contributed $65,000, and enti爱上海同城对对碰 爱上海同城论坛ties tied to Peter Fine s Atlantic Development, which gave a total of $60,000. Other top contributors include Extell Development s Gary Barnett ($40,0爱上海同城 爱上海00), entities tied to the publicly-traded office landlord SL Green Realty ($31,741) and Maxwell Rovt, son of billionaire Alexander Rovt ($50,000). These donors or their family members have all donated to Cuomo in the past.

The Real Estate Board of New York did not donate to Cuomo during the period (it gave $50,000 during the last reporting phase).

Meanwhile, New York s other major landlord lobby, the Rent Stabilization Association, chose to give to the Republican candidate for governor, Marcus Molinaro, donating $44,000 across its two affiliated PACs. RSA was joined by a handful of other real estate-connected donors, including Andrea Catsimatidis ($25,000), Friedberg Milstein s Barry Friedberg ($5,000) and Robert S上海贵族宝贝论坛 上海贵族宝贝. Trump, brother of President Trump, who gave $25,000. Molinaro raised $1.1 million between mid-January and mid-July.

As for Cuomo s primary challenger, Cynthia Nixon, The Real Deal was only able to identify one New York City real estate business person among her top donors. Lawrence Benenson of Benenson Capital Partners, which is currently at work on a mostly market-rate rental building in the East Village, donated $10,000.

Cuomo s smaller but notable real estate donors include the partnership of Maddd Equities and Joy Construction that s attempting to build a soccer stadium in the Bronx. It gave $10,000. And Triangle Equities, which has received state subsidies for development on Staten Island, gave a total of $40,000.

During his tenure as governor, Cuomo has upheld key policies for real estate owners and developers, namely the 421a developer tax exemption that amounts to more than a billion dollars in subsidy to the real estate industry each year. But more recently, some in the ind[……]

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1MDB Fund

China offered to help kill investigations into 1MDB: report In return, Malaysia offered stakes in pipeline and railway projects

Former Malaysian Prime Minister Najib Razak and Chinese official Xiao Yaqing (Credit: Getty Images)

In 2016, Chinese leaders offered to help bail out 1MDB, the controversial Malaysian state fund that was at the center of a billion-dollar scandal, according to a new report.

China offered to use its influence to persuade the U.S. and other countries to drop their investigations into the fund and then-Prime Minister Najib Razak, the Wall Street Journal reported on Monday. It further offered to bug the offices and homes of Journal reporters reporting on the fund and leak information, according to the newspaper.

In 2015, it was reported that $681 million of funds originating with 1MDB — formally 1Malaysia Development Bhd. — went to Mr. Najib’s personal bank accounts, masterminded by an alleged playboy conman named Jho Low. Najib’s office said the money was a gift from a Saudi Arabian and most of it was retur上海龙凤论坛sh1f 上海龙凤论坛ned. When the U.S. Justice Department began investigated, that damaged the countries’ relationship, the report said. And helped M上海千花网论坛 上海千花网alaysia turn toward China.

In return for China’s bailout, M上海夜网论坛 上海夜网alaysia offered stakes in railway and pipeline projects for China’s One Belt, One Road program of building infrastructure abroad. Najib signed爱上海同城 爱上海 $34 billion of rail and pipeline deals with Chinese state companies, the Journal reported.

Current Malaysian Prime Minister Mahathir Mohamad replaced Najib in an election last May and put the Chinese projects on hold. Najib has been crimes including money laundering, which he has denied, and爱上海同城 爱上海 will face trial this year.

According to the Journal, Low, who is accused of laundering money through real estate in New York and Los Angeles, is hiding in China. [WSJ] — Meenal Vamburkar

Tags: 1mdb, real estate crimes
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Shared office spaces are courting a variety of tenants as they expand outside Manhattan

Workpoint’s Stamford location in Shippan Landing is home to 34 companies.

When Jonathan Manierre and Ryan Doran decided they needed new digs for their growing ad and marketing agency, Turkois, the design duo contacted realtors and did a traditional office search. In the end, they settled on 2,500 square feet of storage space over a restaurant in White Plains, New York, and prepared to rent out parts of the space under the name KOI Creative Space. The idea of a co-working space spoke to their mutual desire for community and collaboration.

Today, the Mamaroneck Avenue location, which debuted in 2016, is not only home to Turkois, but also 70 co-working members ranging from accountants and real estate agents to ride-sharing companies and corporate project teams. The venture has been so successful that Doran and Manierre are now working on a second co-working location down the block, bankrolled by the money they’ve made from KOI, where full-time membership is $405 per month.

“We’re meeting a need,” Manierre said. “We had heard of co-working and had been to WeWork and felt like Westchester was vastly underserved.”

As co-working giants like WeWork — now known as the We Company following a January rebranding — Knotel and Regus parent company IWG march into major cities around the globe, a clutch of boutiques, ambitious independents and some larger outfits are making a bet on markets surrounding New York City. Those mostly peripheral players are opening new sites and expanding their co-working footprint by attracting entrepreneurs, small businesses, corporate refugees and larger companies looking to cut costs and boost productivity.

“It’s a hot market,” said Donna Miller, founder and president of C3 Workplace, a co-working and shared office rental firm with two New Jersey locations, in Montclair and Sparta. “Today, there are four [co-working spaces] in Montclair. Three years ago, I was it.”

The growth in suburban co-working is a natural next step in the flexible space revolution that has overtaken the real estate industry ever since the We Company opened its first location in Manhattan’s Soho neighborhood in 2010. The amount of co-working space in Manhattan, the largest urban co-working market in the country, grew more than 47 percent between 2016 and 2018, according to commercial real estate firm Colliers International.

More broadly, at least 43.5 million square feet of commercial space were devoted to co-working in 20 major urban U.S. markets at the end of 2018, up 50 percent from a year earlier, according to real estate research firm Yardi Matrix.

Driving that trend is the increased diversity of co-working clients beyond startups and entrepreneurs, as big companies shun long-term leases in favor of arrangements that give them more flexibility and help them attract an increasingly mobile and millennial workforce. A CBRE analysis last year found that a vast majority of compan[……]

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Linda Rosenthal

NYC politicians are taking aim at key rent control formula Proposed law would change the way rent increases occur at rent-controlled apartments

Assemblywoman Linda Rosenthal and State Senator Brian Benja上海龙凤论坛 新上海贵族宝贝论坛min

Assemblywoman Linda Rosenthal and state Sen. Brian Benjamin held a boisterous rally with tenant groups on the Upper West Side Wednesday morning to support one of the many reforms Albany is considering making to New York’s rent laws.

Rosenthal and Benjamin spoke in support of a bill that would change the way rent increases take place for rent-controlled tenants. Currently, rent hikes are calculated using the maximum base rent system, which causes rents to go up by 7.5 percent biannually, according to the politicians. The system also factors fuel costs into the calculation, but rent-controlled tenants still have to pay an extra monthly charge for fuel, they said.

“I went to Harvard Business School, and it took me three days to figure out what maximum base rent meant,” said Benjamin, the form上海千花网交友 上海千花网论坛er managing director of real estate firm Genesis Companies, “and then there are a few pass-along costs as well, right? That is way too complicated.”

Under the bill sponsored by Rosenthal and Benjamin, increases at rent-controlled apartments would be calculated by averaging the previous five years of rent increases for one-year leases decided by the Rent Guidelines Board. The bill would also eliminate the fuel pass-along cost.

“It could be 1 percent,” Rosenthal said of the size of the increase. “That is what’s fair, not 7.5 percent.”

The city has slightly more than 21,000 rent-controlled units, and the income of tenants in those apartments dropped by 5 percent betwe爱上海 爱上海同城手机版en 2013 and 2016, according to Rosenthal and Benjamin.

New York’s rent laws expire on June 15, and this is one of many new laws that affordable housing advocates are calling for to help protect上海龙凤论坛 新上海贵族宝贝论坛 tenants. Others include bills that would eliminate individual apartment increases and major capital improvements, two techniques that landlords can currently use to increase rents.

The real esta上海贵族宝贝交流区 上海贵族宝贝论坛te industry has been bracing for reforms to New York’s rent laws since Democrats took full control in Albany for the first time in years. Deals for multifamily buildings have had a slow start to the year as potential buyers wait to see what will happen at the state level, and property owners are rushing to make major capital improvements while they still can.

“This is a matter of moral, must-do legislation,” Rosenthal said of the rent control bill. “It’s the right thing to do. It’s a humanitarian thing to do because the last thing that people standing here need to do in the days when they should be out here enjoying life is worrying about how they’re going to make that rent increase.”

Tags: Politics, Rent Regulations, Residential Real Estate
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