Donald Trump

No fraud trial for Trump before presidential election, judge says The candidate will face trial over real estate university after Nov. 8

Donald Trump won t have to divide his time between the campaign trail and a上海夜网论坛 上海夜网 federal courthouse.

The jury trial over the defunct Trump University will instead start 20 days after the Nov. 8 presidential election. Thousands of former students from Florida, New York and California claim the university falsely promised to reveal t上海同城对对碰交友社区 上海夜网论坛he real estate tycoon s investment secrets in exchange for $35,000 上海贵族宝贝交流区 上海贵族宝贝论坛tuition.

Trump s attorney requested that the trial be held next year, but the plaintiffs s attorney argued for an earlier date, Bloomberg reported. U.S. District Court Judge Gonzalo Curiel struck a compromise, saying he was concerned about the media attention that the case would attract.

“I’m thinking of my jury,” he said. “Wil阿爱上海同城 阿拉爱上海同城l they be able to stay clear of the media frenzy that will occur and will w爱上海龙凤419桑拿 上海龙凤论坛sh1fe be able to insulate them from events that may occur outside the courthouse?”

Trump will also face a fraud claim in New York in relation to Trump University. A New York appeals court revived the claim in March, but a trial date has not yet been set.
Last month, The Real Deal dove into Trump s long history of litigation and what it may reveal about his leadership style. [Bloomberg] Kathryn Brenzel

Tags: Donald Trump, trump university
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NYC Lien Sale

City s sale of landlord debts is harming tenants: officials Housing advocates, Letitia James call for changes to lien sale program

Tish James and Scott Stringer上海同城对对碰交友社区 上海夜网论坛

Housing advocates and city officials are pushing for changes to the city’s lien sale program that could include foreclosing on properties or selling debts to nonprofits.

Each year since 1998, the city has sold off landlords’ unpaid fines and bills to private investors, who then collect payments and can seize properties if the owners don’t pay.

But when the debt is sold off the inflating interest can becoming a crushing burden上海千花网论坛 上海千花网, and residents often feel the brunt of the pain as landlords cut costs on crucial services, according to a new report expected to be released Friday by Public Advocate Letitia James.

Between 2010 and 2015, more than 15,000 properties spanning some 43,600 units were affected by the lien sales, the New York Times reported, and housing advocates along with city officials are urging the city to rethink how the program is formulated.

 

New York City Comptroller Scott Stringer wants the city to foreclose on the delinquent landlords’ properties and use the land to construct affordable housing. James floated the idea of selling the debt through a housing preservation trust to nonprofits, which would compel owners to fix up their buildin上海龙凤论坛 新上海贵族宝贝论坛gs.

The city first implemented the program as a way to recoup some of the unpaid charges it levies.

“We have found that the lien sale program is an effective tool to collect delinquent municipal charges,” said Freddi Goldstein, a spokesman for Mayor Bill de Blasio.

He added that the city will “continue to look at how all available tools can be used to create affordable housing.”

The public advocate’s report found dangerous conditions at 22 buildings that gone through the lien sale program many times, and code violations grew by 528 percent over the past six years. All of the buildings had rent-stabilized apartments.

The report also found that the program may incentivize owners to de-regulate units.

“Without a doubt, the city is missin上海同城对对碰交友社区 上海夜网论坛g an opportunity to preserve affordable housing and protect tenants,” James said. [NYT] – Rich Bockmann

Tags: affordable housing, Letitia James, scott stringer, taxes
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Retail Leasing

Tenant incentives are sweeping the retail world as landlords are offering even more to get to ‘yes’

Fitness-related retailers, like Lululemon are desired tenants in today’s retail climate now that store closings have rocked the industry

Some of the recent statistics on retail leasing across the U.S. might sound a bit contradictory. Rents in many major markets nationally are still strong and in some cities, such as San Francisco, breaking records. At the same time, a record number of retail outlets shuttered in 2016, and a number of national legacy brands — bedrock American companies from Kmart to Sears — have closed a slew of stores and/or filed for bankruptcy protection.

With this kind of uncertainty in the retail world, landlords are increasingly turning to incentives to sweeten deals for cautious retailers, even on High Street strips. Lucrative incentive deals may include a period of lower rent at the start of the lease term, huge contributions to the tenant build-out and, sometimes, lower rent for the entire period in exchange for a percentage of total revenue.

Incentives are nothing new, but “the race to incentivize is more than we’ve seen in the last five years on Fifth Avenue in New York,” said Naveen Jaggi, president of retail brokerage at JLL. For luxury retail in other major metropolitan areas, he said, landlords are “incentivizing, but not on the same level as in New York.”

Until very recently, retail on High Streets had generally performed well since the darkest days of the recession, with rents hitting records in the last five years in many of top shopping corridors nationally — Chicago’s Michigan Avenue, New York’s Fifth Avenue and Rodeo Drive in Beverly Hills. But since the recovery, consumer preferences have shifted and occupancy costs have gotten higher. Retailers are making do with less space, including sometimes having only a showroom-type space, even for clothing or shoes.

Taking rents are now hovering around 15 percent below asking, one prominent retail broker who asked not to be named said. And in some areas, including Manhattan, asking rents are already falling.

Faith Hope Consolo, a retail broker with Douglas Elliman, said the tide has definitively turned in 新上海贵族宝贝论坛 上海贵族宝贝交流区the tenant’s favor in lease negotiations. “It’s an epidemic. They are offering not only tenant 上海夜网 阿爱上海同城improvement, which they never did, but better terms and lower rent in the first couple of years,” she said.

Douglas Elliman’s Faith Hope Consolo

Better terms can be a mix of incentives, some of which might help shield both tenant and landlord from overcommitment. These include lowe爱上海 爱上海同城手机版r introductory rent and flexible options on both sides, brokers said. With all the churn in the retail landscape, that makes sense for both parties.

Still, the uptick in incentives could mean that retailers who can’t quite afford spaces in the long run are coming in, leading to turnover, more defaults or landlords being forced to lower rents even further. But Consolo disputed that, saying,[……]

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HAP Investments

HAP locks in $235M construction loan for Chelsea rental-condo Subsidiary of Japan’s largest homebuilder p上海夜网论坛 上海夜网rovided financing for the two-building阿拉爱上海同城 爱上海龙凤419桑拿 complex

215-227 West 28th Street rendering (credit: DXA Studio via New York YIMBY)

HAP Investments scored a $235 million construction loan for its two-building, rental-condominium development in Chelsea, sources told The Real Deal.

Daiwa House Texas, a U.S. subsidiary of Japan’s largest homebuilder Daiwa House Group, provided the financing for the project at 215-227 West 28th Street阿爱上海同城 阿拉爱上海同城, said sources familiar with the deal. In addition to a senior loan, Daiwa provided mezzanine and joint-venture equity in the deal, sources added.

Daiwa also provided $42 million in acquisition and predevelopment financing for one of the parcels last year.

HAP spent more than $76 million assembling the site and filed plans for the first building in 2014 and then the second one last year. The Department of Buildings approved the plans, most recently for the second building on Oct. 12, records show.

Plans call for a pair of 20-story buildings with 122 condos and 120 rental units. The complex, pegged at a construction cost of $387 million, would span a total of 300,000 square feet. DXA Studio, which replaced frequent HAP collaborator Karim Rashid, is the architect.

A Carlton Group team led by Howard Michaels and Jonathan Rosner brokered the deal. Carlton said it recently brokered a $235 million construction loan in Chelsea, but declined to comment further.

Representatives for HAP and Daiwa could not be immediately reached for comment.

HAP, the Midtown East-based development firm led by Eran Polack, Amir Hasid and Nir Amsel, has been active in Harlem and is developing a 42-story mixed-use tower in Jersey City. An Israeli court 上海贵族宝贝论坛 上海贵族宝贝ruled in September that Polack lied about being a victim of a $10 million diamond heist.

Tags: carlton group, Commercial Real Estate, HAP Investment
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St John’s Terminal

Canada Pension Plan jo上海千花网论坛 上海千花网ins Oxford on
St. John’s Terminal megaproject Deutsche provided $400M financing to the partnership

From left: Renderings of St. John s Terminal, CPP CEO Mark Machin and Oxford Properties Blake Hutcheson

O新上海贵族宝贝论坛 上海贵族宝贝交流区xford Properties Group has brought on Canada Pension Plan as an equity partner for the office and retail portion of the massive St. John’s Terminal site.

The firms closed on the $700 million purchase of the south site Wednesday, bringing the site’s total capitalization of $1.3 billion. Canada Pension Plan, also known as CPP, has taken a 47.5 percent stake in the south site, which offers 1.3 million square feet for commercial development, the firms announced.

The mixed-use complex, located at 550 Washington爱上海 爱上海同城手机版 Street, is slated to have 1,500 rental apartments as well as office and retail across a three-block-site site.

The sellers, Westbrook Partners and Atlas Capital Group, continue to own the north site and plan to develop 400,000 square feet of residential space.

Deutsche Bank provided $400 million in new financing to Oxford and CPP, sources told The Real Deal.

Oxford, which has yet to develop any projects solo, signed a contract by itself to buy office and retail development rights for $700 million in September, the New York Post reported at the time.

Cushman Wakefield’s Adam Spies and Doug Harmon brokered the sale and brought in the joint-venture partner, and a team led by Steve Kohn brokered the loan. CBRE’s Paul Amrich was hired to handle office leasing at the south site, sources said.

The buyers could not be immediately reached for comment, and the brokers declined to speak.

Other bidders vying for the site included Brookfield Property Partners, Vornado Realty Trust and RXR Realty.

The overall St. John s Terminal site has traded hands among several major investors this market cycle, but the redevelopment is still far 上海夜网 阿爱上海同城off. Fortress Investment Group and Atlas Capital Group acquired the property for $540.8 million in 2012. Westbrook then took a majority stake through two acquisitions totaling $450 million in 2013 and 2015. Atlas Capital Group stayed on in a minority position.

The City Council approved the redevelopment in December 2016, after two years of negotiations between the developers, the Hudson River Park Trust and local politicians. The city allowed the developers of the Terminal to skip the mandatory inclusionary housing requirement as a result of its $100 million investment in Hudson River Park. That investment bough爱上海 爱上海同城手机版t the firms 200,000 square feet of development rights.

In April 2017, the developers secured $300 million in refinancing from Morgan Stanley, replacing a loan for the same amount, records show. At the same time, they closed on the $100 million purchase of development rights from the trust.

Tags: Development, Foreign Investment, Oxford Properties Group, Real Estate Finance
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100 Barclay

The PH at Ben Shaoul s 100 Barclay didn t list for $105M as rumored PH with massive great room is on the market for $59M

100 Barclay and Ben Shaoul

Developer Ben Shaoul never quite confirmed — or denied — that the penthouse at 100 Barclay would ask $1上海贵族宝贝交流区 上海贵族宝贝论坛05 million. As it turns out, he s willing to take a lot less.

Magnum Real Estate listed the 14,500-square-foot duplex for $59 million, or nearly $4,069 per foot, according to the Wall Street Journal. The crown jewel of the spread is a cavernous great room — with 21-foot industrial-style windows — that Magnum says is the largest living room in the city. Measuring 96 feet by 33 feet, the room is longer than an NBA-regulation basketball court.

Can you imagine having a Super Bowl party there 上海千花网论坛 上海千花网or a mitvah? Shaoul said to the Journal.

To attract well-heeled buyers, the penthouse has been partially finished — the kitchen and bathrooms are complete — but Magnum left most of the space raw, allowing a buyer to customize the home. The Corcoran Group s Vickey Barron is marketing the unit, along with Corcoran Sunshine Mar新上海贵族宝贝论坛 上海贵族宝贝交流区keting Group.

Magnum bought t新爱上海同城对对碰论坛 上海同城对对碰交友社区he top floors of the Ralph Walker-designed building from Verizon for $274 million in 2013, and scooped up the retail space for $40 million a year later. The developer, and partner CIM Group, have converted the building into 157 units. Shaoul de上海千花社区 上海千花网交友clined to say how many units were sold since launching sales in 2016.

Previous sales at the property have averaged $2,294 per square foot, or $5.26 million, according to StreetEasy. [WSJ] E.B. Solomont

Tags: 100 Barclay Street, ben shaoul, magnum real estate group, penthouses, Residential Real Estate
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Softbank

Masayoshi Son’s aggressive bets on a growing number of property-related startups have left some questioning his vision for those firms and the broader industry

Masayoshi Son (Credit: Getty)

Masayoshi Son responds to swagger.

It’s something only a handful of New York real estate executives may have realized about the 60-year-old SoftBank founder and CEO, who has poured billions into a slew of tech-focused startups over the last few years.

The Japanese billionaire, who prefers to meet with these potential recipients one on one, looks for extreme confidence and a bold vision behind the companies he invests in, according to multiple sources privy to the exchanges.

Those talks have gone down both in New York and overseas, and typically stretch over the course of several months. Perhaps the most famous meet-and-greet-turned-megainvestment was in late 2016, when Son impulsively penciled out a game-changing $4.4 billion deal in the backseat of his car with WeWork co-founder and CEO Adam Neumann. That funding propelled the co-working giant to a $20 billion valuation, as Forbes reported.

The eccentric Japanese native of Korean descent, short and balding, directly controls the fate of the companies he invests in and indirectly dictates the market for their rivals. Son is also now the richest person in Japan, with a net worth pegged by Forbes at $22.7 billion.

With the recent creation of SoftBank’s nearly $100 billion Vision Fund, the Japanese telecommunications giant is making investments that threaten to overhaul several industries from ride sharing to robotics — and even dog walking. But its interest in real estate is especially pronounced.

In 2017 alone, SoftBank made roughly 100 investments through the fund and other platforms, with a combined value of $36 billion, in companies such as Uber and Slack Technologies, according to data from research firm Prequin. Nearly $6 billion of that was pumped into budding real estate firms Compass, WeWork, Katerra and Lemonade. Separately, the conglomerate acquired the New York-based asset management firm Fortress Investment Group in a $3.3 billion all-cash deal in December.

To get a closer look, The Real Deal spoke to industry players about what these splashy investments mean for the market and which firms might be next to catch SoftBank’s eye.

But Son — who has said he wants the 16-month-old Vision Fund to help further his company’s growth for “300 years” — may have a new dilemma on his hands.

“They have the funds, but their challenge is when to deploy that kind of capital,” said Richard Sarkis, CEO of the real estate data startup Reonomy, which landed $3.7 million in funding from SoftBank in 2014. “They’re kind of in a trap.”

The fund saw a 22 percent return of about $3 billion over a five-month period starting last May, when it closed its first major investment round, SoftBank announced in October. It has already deployed one-third of its capital and is planning another 70 to 100 investments in tech firms in the near fut[……]

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Microsoft Corp.

Microsoft is mulling a Soho flagship The move signals the tech giant is looking to expand its brick-and-mortar presence

Microsoft CEO Satya Narayana Nadella and 300 Lafayette Avenue (Credit: Getty Images and COOKFOX)

UPDATED September 18, 10:12 a.m.: Microsoft has been eyeing a Soho office-and-retail building for a flagship store.

As oth爱上海同城手机版 新爱上海同城对对碰论坛er tech giants increasing expand their brick-and-mortar operations, Microsoft is looking to do the same. The company has reportedly looked at leasing at 300 Lafayette Street, taking retail and possibly some office space, according to Crain’s.

The outlet reported that no deal has been confirmed and that negotiations上海贵族宝贝论坛 上海贵族宝贝 are in early stages.

The 80,000-square-foot property 爱上海同城手机版 新爱上海同城对对碰论坛is being developed by Related Companies and LargaVista Companies. Related sold the building to Nightingale Properties, a Manhattan-based investment firm founded by Elie Schwartz and Simon Singer, last year.

The building, which is designed by COOKFOX Architects and Studio 5, includes 50,000-square-feet of office space and 30,000-square-feet of retail space. [Crain s] — David Jeans

The story has be上海龙凤论坛sh1f 上海龙凤论坛en updated to include LargaVista Companies as a co-developer of 300 Lafayette Street.

Tags: Commercial Real Estate, Soho retail
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Top Retail Leases NYC 2018

Top retail leases for 2018 by annual rent Fast-food giant McDonald’s tops the list with Times Square deal

From left: 1530 Broadway, 609 Fifth Avenue, 6 East 57th Street, and 650 Madison Avenue (Credit: CityRealty, Google Maps, and Vornado)

Retail is no longer in a free fall, but New York City s market remained subdued in 2018, compared with the boom years of 2015 and 2016. The top 10 most valuable leases for the year tell the tale.

McDonald’s, the global fast food giant, signed the most expensive retail lease in the city, inking a deal for about $11.5 million for its starting annual rent, research by The Real Deal found. That’s a shift from recent years, when the top spots went to trendy brands, luxury designers or high-end jewelry stores.

For example in 2017, the most expensive deal was with Genesis, the high-end brand that car maker Hyundai will bring to the Meatpacking District, which paid about $11 million per year.

And t上海千花网论坛 上海千花网he year before that, the top deal was Nike’s $35 million lease at 650 Fifth Avenue, while in 2015, the top lease was watchmaker Swatch Group’s $35 million lease at the St. Regis on Fifth Avenue.

Put another way, the top 10 retail leases for 2018 totaled $62 million, compared with $71 million in 2017 and an eye-popping $150 million in 2015.

TRD communicated with more than 20 real estate professionals to determine the top 10 deals and the estimated annual rent. The rents are approximate and no figures were confirmed by sources on the record. Renewal deals were not included.

And there were other indications of a muted 2018, including the relatively large number of relocations within the top 10, as opposed to new entries to the market or expanding brands.

“We are not seeing the $20 million to $30 million rents being paid for showcase stores. The reality is that it’s difficult to carry a rent of that magnitude [now],” Robin Abrams, a broker with Compass, said.

She said the relocations underscored that firms with experience in New York were the ones prepared to sign large leases. And she took that as a positive sign of stability for the city.

“Tenants that have an existing presence in the market and are relocating — in many cases to larger more pricey real estate — and continue to operate in a challenging real estate market — that is not bad news,” Abrams said.

And despite the lower figures, brokers are seeing strong activity at the close of the year, said Karen Bellantoni, a broker at RKF. She expected to see many deals close in the first quarter of 2019.

“We are doing a ton of transactions, although maybe not as big as a few years ago,” Bellantoni said. She was optimistic, in part because she s seen long lines to get into experiential stores. And that online retailers continue to open brick and mortar stores.

“It’s now very clear that the web business can’t stand on its own. They need stores to support it,” she said.

1) Tenant: McDonald’s
Rent: $11.5 million
Address: 1530 Broadway, Times Square
Landlord: Charles Moss’ Bow Tie Properties

Mc[……]

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