Minority Construction Workers

Nonunion group brings race into construction safety debate NYCA opposes City Council bill that mandates training programs

A construction worker (credit: Vonderauvisuals)

UPDATED, Jan. 20, 7:47 p.m.: Nonunion contractors opened a new playing field in their fight against a proposed City Council bill that would mandate apprenticeship programs for construction workers: race.

In survey results released Friday, the New York Construction Alliance said that 76.48 percent of open-shop construction workers are minorities, and that the proposed bill would hit them hardest.

The group, founded in June to advocate for nonunion contractors, timed the release for the week City Council introduced the bill. One of the bill’s clauses would require developers of projects of a certain size to hire contractors whose workers have completed training prog阿拉爱上海同城 爱上海龙凤419桑拿rams of the kind unions already offer.

NYCA argues that the bill would benefit union contractors at the expense of their nonunion peers. And sinc爱上海 爱上海同城手机版e the latter employ more minorities, “this piece of legislation would 上海千花网论坛 上海千花网exclude many of the open shop sector’s local, minority workers from new job opportunities.” NYCA s co-chair Tom Nickel told TRD that the group timed the release for this week because the Council needs to take that into account.

Proponents of the bill argue that mandating training for construction workers is necessary to ensure safety and prevent construction deaths. On Wednesday, both sides staged protests outside City Hall.

“NYCA’s survey indicates that open shop development is a pathway for local hiring and diversity in New York City’s construction industry,” REBNY President John Banks said in a statement. “We hope city officials welcome this data and respond by considering policies that encourage local hiring and greater workforce diversity in the city’s construction industry.”

A day earlier, the think tank Employment Policies Institute had released its own survey resu上海千花社区 上海千花网交友lts, which found that minorities made up 75.3 percent of non-union construction workers an上海夜网论坛 上海夜网d 55.1 percent of union workers between 2006 and 2015. That survey was sponsored by the New York City Building Trades Council.  That difference is almost entirely due to Hispanics, which make up 48.6 percent of nonunion and 30.5 percent of union workers. In contrast, black workers make up a larger share of union workers 21.2 percent compared to 15.8 percent among nonunion workers.

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Donald Trump Net Worth

Trump’s office buildings made less money than expected: report Net income in 2016 lagged behind appraisals

Trump Tower, President Donald Trump (credit: Getty Images) and 40 Wall Street

Amid a changing office market, President Trump’s Manhattan office towers made less rental income last year than initially projected by lenders, according to a new report.

The office tower at 40 Wall Street, where Trump owns the leasehold, made $17.4 million in 2016, according to CMBS data analyzed by Bloomberg. A 2015 appraisal valuing the property at $540 million predicted that it would generate $22.6 million in annual income.

At Trump Tower, a 2012 appraisal valued the retail and office portion, which 上海夜网论坛 上海夜网Trump owns, at $480 million and estimated that it would make $20.4 million in annual income. But last year the property had a net income of $14.1 million.

Vornado Realty Trust’s 1290 Avenue of the Americas, where Trump owns a 30 percent stake, generated a net income of $77.7 million last year. A 2012 appraisal valuing the tower at $2 billion had estimated an annual income of $97.7 million.

“We’re in the biggest development pipeline in Manhattan si新爱上海同城对对碰论坛 上海同城对对碰交友社区nce the 1980s,” Savills St爱上海同城论坛 爱上海同城udley researcher Keith DeCoster told Bloomberg. “Older buildings circa 1980s, 1990s a上海千花社区 上海千花网交友re having a tougher time competing.”

Based on these income numbers, Bloomberg claims that the value of Trump’s office properties has fallen, pushing his estimated net worth from $3 billion to $2.9 billion. Bloomberg cited mortgage documents, lender statements, market data and the president s most recent financial disclosure on June 16 in determining value. But it s still not clear exactly how Bloomberg arrived at its estimate, or whether it accounted for the fact that property values rise can rise even as rental income shrinks, depending on fa阿爱上海同城 阿拉爱上海同城ctors like interest rates or investor appetite. [Bloomberg] Konrad Putzier 

(To view more properties owned by the Trump Organization, click here)

Tags: 40 wall street, Commercial Real Estate, Donald Trump, Office Leasing, trump tower
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Expensive Rentals NYC

Rent over backwards: Condo owners struggle to lease out pricey pads They’re competing with major landlords and other investors

Illustration by Lexi Pilgrim for The Real Deal

Over the summer, broker Reba Miller had high hopes that her rental listing at 56 Leonard Street would fetch $32,000 a month. The owner had signed a contract on the new condominium more than three years earl上海千花网交友 上海千花网论坛ier, and the plan was to sell it and collect a tidy profit.

But with new development resales “not lining up to what everyone dreamed and wanted,” Miller said the owners decided to rent it out until the right buyer came along. However, a drawn-out closing and a weakening rental market meant they had to lower their expectations. They pulled the listing.

The owners relisted the apar阿拉爱上海同城 爱上海龙凤419桑拿tment in August, but with the rent reduced by nearly 30 percent.

“That $23,000 is a giveaway price….she’s done her part, now I have to do my part, that brokering pressure is on me,” the president of RP Miller said.

There are plenty of luxury condo owners facing the same set of issues. Across all price points, the rental market is challenged. In September, the median net effective rents slipped in Manhattan, Brooklyn and Queens, according to data from appraisal firm Miller Samuel. Citi Habitats estimates that 21,793 new rental units will be added to the market across the three boroughs by the end of this year. And another 21,434 units are expected to become available next year meaning the rental glut is only going to get worse.

Luxury condo owners who are renting out their units are in a uniquely challenging position. Along with competing against major landlords in rental buildings who use concessions to reel in tenants, they are also up against a suite of condo investors who picked up units in pricey luxury buildings during the new development boom, and are now renting them out.

“There are more people who bought in the buildings as an investment than I or anyone was aware of,” said the Corcoran Group’s Robby Browne, whose own unit at 15 Central Park West is now rented for $16,250 a month, a drop from the $18,500 it used to score. “I would say the market for luxury rentals is down at least 10 to 15 percent.”

Billionaires Rentals

Landlords in some of the city’s most expensive condo buildings have been forced to slash prices to fill the eight-figure pads. At Macklowe Properties and CIM Group’s 432 Park Avenue, there are four units available to rent, according to StreetEasy, three of which have been price reduced.

“You’ve got two choices: you stay with it, or you ma阿拉爱上海同城 爱上海龙凤419桑拿ke your上海贵族宝贝交流区 上海贵族宝贝论坛 adjustment so your owner is able to get his cash flow,” said Corcoran broker Stephen Gutman, whose listing at 432 Park was reduced from $55,000 a month down to $49,000 a month. According to Gutman, a condo owner 20 floors up listed their apartment for below market rent last year, which meant all the rentals in the building had to adjust. “It’s a spectacular building… but it takes a certain type of person to sp[……]

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Starrett City

A Ne上海同城对对碰交友社区 上海夜网论坛w York Supreme Court judge on Tuesday dismissed a lawsuit seeking to block the $905 million sale of Starrett City, the largest federally subsi上海夜网论坛 上海夜网dized housing complex in the U.S.

Minority owners of the housing complex, including children of the late Disque Deane, sued their stepmother 上海龙凤论坛 新上海贵族宝贝论坛Carol Deane and other managing partners in September, alleging that they agreed to a sale below market value. Judge Saliann Scarpulla ruled that the plaintiffs failed to prove they suffered irreparable harm by the sale.

State and federal officials still need to approve the deal, which 70 percent of the limited partners and owners signed off on.

Andrew MacArthur’s Brooksville Company and Rockpoint Group, who went in contract for the complex in early September in a deal brokered by Cushman Wakefield’s Doug Harmon, expect to take over the property in two to three months, the New York Times reported.

Harmon suggested the managing partners not put the complex up for auction but instead deal directly with a small group of potential buyers. Brooksville and Rockpoint made a bid and there were no negotiations with any other bidder. Real estate firms Belveron Partners and LICH Investment Group, aligned with the children of Disque Deane, later bid $25 million more than Rockpoint and Brooksville. But they were rebuffed.

President Trump owns a 4 percent stake in the project, raising the specter of a conflict of interest. “The president is on both sides of the negotiation — he oversees the government entity providing taxpayer funds and he pockets some of that money himself,” Represen上海千花网 爱上海同城对对碰tatives Hakeem Jeffries and Elijah E. Cummings wrote in a July letter to the trust holding Trump’s assets and to Department of Housing and Urban Development Secretary Ben Carson.

The complex, with 5,581 units across 135 acres overlooking Jamaica Bay in Brooklyn, is the largest federally subsidized housing facility in the cou上海同城对对碰交友社区 上海夜网论坛ntry. [NYT] Konrad Putzier 

Tags: Commercial Real Estate, rockpoint group, starrett city
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Builder seeks wetlands permits for subdivision on 42 acres in Water Mill

Yumi the Kids LLC has proposed subdividing a 42-acre Water Mill parcel in order to build three new houses on land that also includes the existing home known as Fordune at Flying Point. The firm w阿爱上海同城 阿拉爱上海同城ill need freshwater wetlands and tidal wetlands per上海夜网 阿爱上海同城mits to build on the site off June Pond Drive, which was once part of the Henry Ford Estate. The New York State Department of Environmental Conservation is seeking public comment on the plan, which the Southampton Town Planning Board already approv新上海贵族宝贝论坛 上海贵族宝贝交流区ed. [27 East]

Tags: Hamptons
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Top Commercial Brokerages NYC

Outsized leases drove business for the top commercial brokerages last year, but 2018 has not started off with the same bang

(Illustration by Ryan Peltier)

When News Corp and 21st Century Fox expanded their Midtown office footprints to a combined 1.2 million square feet in January 2017, it kicked off a hot streak for the Manhattan leasing market. And neither the market nor the brokerages that negotiated those blockbuster deals looked back last year.

For CBRE 鈥?which represented News Corp and Fox in those dual deals 鈥?and Cushman Wakefield, which represented the owners of 1211 Sixth Avenue, the lease expansions (and extensions) were the first of many biggies in a year when mega transactions played an outsized role.

鈥淚 wouldn鈥檛 have predicted at this time last year that we would鈥檝e had as strong a year in the market as we did,鈥?said powerbroker Mary Ann Tighe, CEO of the tri-state region for CBRE.

This month, with that in mind, The Real Deal pored over hundreds of deals and ranked the top players in the Manhattan office leasing space 鈥?the biggest driver of fee revenues for the largest commercial brokerages.

CBRE once again took the top spot, racking up about 16.6 million square feet worth of Manhattan deals in 2017 on both the tenant and landlord sides. That was up from 14.5 million square feet back in 2014, the last time TRD published this ranking.

Cushman, which leased 12 million square feet, clocked in at No. 2. It was followed by Chicago-based JLL (with about 6.4 million square feet), Newmark Knight Frank (fresh off its IPO with roughly 4.6 million square feet), tenant rep firm Savills Studley (with 3.7 million square feet) and Colliers International (with 2.5 million square feet). Rounding out the top 10 were Adams Company, Avison Young, Cresa New York and ABS Partners Real Estate.

In all, Manhattan saw 36.8 million square feet of space leased up in 2017, including both new leases and renewals, according to CBRE. That was up 17 percent year over year 鈥?and the highest deal volume since 2014, which logged 38.8 million square feet. And 2017 was the second most active year since 2006 for new leases, with 28.5 million square feet of those deals inked.

That strong level of activity was thanks to an unusual number of big deals.

Activity for blocks of 50,000-plus square feet exceeded the average for the past five years, according to CBRE鈥檚 data. Deals greater than 250,000 square feet did extraordinarily well, too. Tenants inked 10 new mega leases for more than 250,000 square feet in 2017, double the number in 2016 and outperforming the five-year average by nearly 90 percent.

But it鈥檚 already clear that it鈥檚 going to be difficult to replicate 2017鈥檚 performance this year. Brookfield Property Partners鈥?/a> chair, Ric Clark, said as much last month at a luncheon hosted by the Real Estate Board of New York, though he noted that tech companies are growing and financial services firms are expanding.

鈥淚 think it will be a good year, but I don鈥檛 know if we鈥檒l be at[……]

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Luxury Spec Homes LA

Meet the developers building the country s wildest spec homes “It’s a crazy business; you don’t do it unless you’re a little nuts.”

The Billionaire spec house in Bel Air and Bruce Makowsky (Credit: Makowsky via LA Times, Getty)

Are you prepared to bet tens of millions of dollars on building outrageously lavish spec homes that you hope to sell for ni上海千花社区 上海千花网交友ne-figure sums? If the answer is yes, you re part of a small and extremely quirky club.

Despite murmurs of a slowdown at the top of the luxury market, a handful of Los Angeles developers are creating playgrounds for the ultra-wealthy with price tags of high as $500 million. It s an extremely risky proposition – these builders risk being stuck with gilded, one-off properties that they ve sunk substantial mone爱上海 爱上海同城手机版y into. The personalities and stories of these spec builders tend 爱上海 爱上海同城手机版to be as colorful as the homes themselves.

“It’s a crazy business, Bruce Makowsky, who is asking $188 million for 上海千花网交友 上海千花网论坛his Bel-Air spec mansion dubbed Billionaire, told the Wall Street Journal.   You don’t do it unless you’re a little nuts. Makowsky made his fortune selling handbags on shopping channel QVC before getting into real estate.

Makowsky s property, initially asking $250 million, features a 40-seat movie theater, a bowling alley, and artwork such as a photo of a blonde standing on a Rolls-Royce holding a chainsaw.

But his project isn t even the most expensive one out there. Nile Niami, a former B-movie special effects man and producer, is building a Bel-Air mansion dubbed The One that he hopes to sell for $500 million. The home has 20 bedrooms, a nightclub and jellyfish aquariums. The magnitude of the bets he makes and the sheer expense of building and financing such projects can be taxing, he admitted.

“It’s like, my God, look what the mortgage payments are, look how long it’s taking,” he told the Journal. “I cannot keep doing this at this level with this many houses so often. It’s too much stress. My girlfriend’s a yoga instructor. She’s got me doing yoga and drinking yerba mate shit.”

Nile Niami

Scott Gillen, who came from a background in directing commercials and is now building a Malibu spec home asking $85 million, told the newspaper that spec developers tend to shoot for a return on investment of about 50 percent — though he’s likely to get closer to 30 percent.

“If I’m going to invest $20 million, I need 10 million bucks,” he said. “If I’m listing a house at $100 million, I’ve got to have enough meat on it that, if something goes wrong, I can slice $25 million off the top.” [WSJ] — Meenal Vamburkar

Tags: bruce makowsky, Los Angeles Luxury Market, luxury real estate, Mega-Mansions, Nile Niami, Spec Homes
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NYC Real Estate

Next week brings a few爱上海同城对对碰 爱上海同城论坛 new real estate events!

On Dec. 5, REBNY is hosting its Annual Holiday Luncheon from 11:30 a.m. to 2 p.上海千花网 爱上海同城对对碰m. at The Edison Ballroom, 240 West 47th Street. Ric Clark of Brookfield Property Group will provide the keynote at the event. Come and network with other industry professionals.

Also on Dec. 5, the Asian Real Estate Professional Association (AREPA) is hosting its Holiday networking event from 6 p.m. to 9 p.m. at t爱上海同城 爱上海he Third Floor Cafe, 315 Fifth Avenue, 3rd Floor. Attend for a night of networking. The event is free for members.

Also on Dec. 5, the New York Building Conference (NYBC) is h新爱上海同城对对碰论坛 上海同城对对碰交友社区osting its 2018 Industry Recognition Gala starting at 6 p.m. at the Grand Hyatt New York, 109 East 42nd Street. This year, U.S. Senator Charles Schumer, Michael Zetlin of Zetlin Di Chiara LLP and Lynne Brown of NYU wi上海千花网论坛 上海千花网ll be honored at the event.

To search for future industry events or browse past ones, click here. And to submit more industry events, please reach out to [email protected].

 

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Cayre Equities

Cayre Equities nabs a Crown Heights warehouse it s been eyeing since 2012 Firm paid $24M, plans to convert into self storage

Ken Cayre and 1260 Atlantic Avenue in Brooklyn (Credit: Patricia Adams via The Forum and Google Maps)

In a city brimming with self-storage development, another warehouse conversion is underway in Brooklyn.

Cayre Equities plans to convert a 92,000-square-foot building上海龙凤论坛sh1f 上海龙凤论坛 in Crown Heights into a Treasure Island Storage facility with 1,600 units, the firm said. (Cayre owns and operates the regional storage developer.)

The private real estate firm paid $23.5 million for the property, said Treasure Island s President James Coakley. Cayre paid上海贵族宝贝交流区 上海贵族宝贝论坛 in cash, and the construction budget is about $5 million.

Marcus Millichap s Jakub Nowak, who brokered the deal, declined the comment.

The conversion of the four-story warehouse, located at 1260 Atlantic Avenue, marks Treasure Island s seventh property in the borough. It s expected to open in the first quarter of 2020, Coakley said.

Treasure Island, which is in the midst of building another storage facility off Cooper Avenue in Queens, had been eyeing the Crown Heights property for some time. Atlantic Properties LLC was the seller, according to a source.

The good deals are tough to come by these days, or it seems to be. And this one we have been looking at since 2012. I just think the seller was 上海龙凤论坛 新上海贵族宝贝论坛finally able to make the deal, Coakley said.

There are several self storage developments and conversions already underway, particularly in the outer boroughs, as the asset class continues to see strong demand and rising rents in the New York metro area.

Shibber Khan s Criterion Group recently filed an application to build what may be one of the city s largest self-storage stores. Located at 31-08 Northern Boulevard in Long Island City, the project will span 255,000 square feet and stand nine stories tall.

Art 上海同城对对碰交友社区 上海夜网论坛storage company Uovo is converting a warehouse at 105 Evergreen Avenue in Bushwick for its fourth project in New York. The niche storage facility will cater to the art, design and fashion worlds.

Update: This article was updated to add information about the seller.

Tags: Commercial Real Estate, Development, Industrial Real Estate
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NoMad Hotel

Owners of NoMad Hotel failed to pay $100M to lenders and investors Sydell, Make it Nice are being sued in state and federal court and face foreclosure proceedings

Andrew Zobler of Sydell Group and the NoMad Hotel at 1170 Broadway (Credit: Google Maps and Kaplan Heckler)

It seemed like the hotel project that couldn’t fail.

But new documen上海贵族宝贝 上海千花网龙凤论坛ts filed as part of a state and federal lawsuits show that the owners of the NoMad hotel at 1170 Broadway neglected to repay more than $100 million owed to lenders and equity investors starting in late 2018, Commercial Observer reported.

Andrew Zobler’s Sydell Group and Make It Nice own the hotel through a ground lease with the Haddad Organization, which is suing the partners in state court.

NoMad hotel at 1170 Broadway

While the hotel appeared to be financially sound — with gross revenue climbing $2.5 million per year on average from 2015 to 2018, according to CO — court filings show the hotel owners didn t pay back Colony Capital and Bank of America $140 million in debt that came due in December. Now Colony, which provided a $35 million mezzanine piece, has initiated a UCC foreclosure auction which is set to take place in June.

Haddad s suit alleges Sydell and Make it Nice failed to resolve building-code violations, including defective facade work. But the partners counsel argues tha上海龙凤论坛 新上海贵族宝贝论坛t it s a ploy to gain leverage on a ground lease that was negotiated in a different market.

上海同城对对碰交友社区 上海夜网论坛

“It is abundantly clear that the landlord is unhappy with the economic deal reached more than 11 years ago,” Howard Shapiro, a lawyer for the NoMad’s owners, wrote in court documents, “and through this default notice is attempting to extort concessions from the tenant parties to improve that deal.”

The owners are also being sued in federal court by energy giant Chevr上海贵族宝贝论坛 上海贵族宝贝on, who bought equity in the hotel in 2009. Chevron say part of the agreement all阿爱上海同城 阿拉爱上海同城owed them to sell back its ownership share to guarantors GFI Capital and Square Mile Capital Management, but that when they tried to do this in November 2018, the guarantors reneged.

The 168-key luxury hotel, which opened in 2012, was developed by GFI Development, then a partnership between Allen Gross and Zobler, who had also partnered on the Ace Hotel at 20 West 29th Street. Following a legal dispute between the partners, GFI sold its interest in the NoMad Hotel. [CO] — Decca Muldowney

Tags: Commercial Real Estate, Hotel Market, nomad, Real Estate Finance, Real Estate Lawsuits
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