A global slowdown at in-store sales is hurting some of New York’s top retail corridors, with rental prices in much of the city trending downward, according to the Real Estate Board of New York.
Rents in 10 of Manhattan’s top 12 retail corridors dropped over the past year, according to real es爱上海同城论坛 tate group’s New York Spring Retail Report.
Soho was the hardest hit neighborhood, with average asking rents hitting $824 per square foot compared to $977 in spring 2015, a 16 percent drop, the New York Post reported.
Average Rents On West 34th 新爱上海同城对对碰论坛 Street between Fifth and Seventh avenues fell by 11 percent, to $890 per square foot from $1,000 last year, the report said. Average prices on Madi上海夜网论坛 son Avenue between 57th and 72nd streets dropped 3 percent, to $1,644 per square foot.
Two corridors bucked the trend. Rents climbed 39 percent to $326 per square foot on Lower Broadway between Battery Park and Chambers Street, and a more modest 7 percent, to $513 per foot, on Bleeker Street between Seventh Avenue South and Hudson Street.
To explain the overall price declines, the report cited a general national and international retail slowdown. Manhattan’s retail fundamentals, it said, remained strong.
“The changing economic landscape has not been immediately felt across all Manhattan corridors,” said REBNY president John Bank in a statement, “but our Retail Advisory Grou[……]
Bruce Ratner’s ex says he’s trying to evict her from her clinic In midst of divorce, Pamela Lipkin files suit against developer
Pamela Lipkin (credit: YouTube) and Bruce Ratner
Bruce Ratner is getting under his soon-to-be ex-wife s skin.
Ratner’s estranged wife, plastic surgeon Pamela Lipkin, says the Forest City Ratner chairman is engag上海千花网交友 ing in divorce-related “gamesmanship” by trying to boot her from the office where she practises, according to a lawsuit she filed in State Supreme Court Monday.
Robert Cohen, an attorney for Ratner, called the suit just another attempt by Dr. Lipkin to get around a rock-solid prenup that she has already agreed is valid and enforceable.
Lipkin claims she transferred her ownership interest in the property, at 128 East 62nd Street, to Ratner , trusting that she would be allowed to continue operating her clinic there for as long as she wanted.
She says Ratner helped her to transfer her ownership shares in a co-op unit at 90爱上海龙凤419桑拿 5 Fifth Avenue, where she previously worked, to the 62nd Street building, in 2008, under a structure that had certain tax benefits. She wen上海千花网 t on to spend $600,000 bringing it up to code as a medical facility, she claims in court papers.
But when in 2009, he asked her to exchange her interest in the building for another investment property, this time in California, she went along with it, since he assured her that her clinic could stay put.
“Having been together for 19 years, Lipkin had no cause to doubt her hus[……]
A look at the industry’s biggest trade groups and influence peddlers, who are descending on Washington with everything from tax reform to infrastructure to affordable housing on their agendas
(Illustration by Dante Terzigni)
In the fall of 1991, a brash New York developer testified at a Congressional budget hearing, telling committee members that nobody he knew could get a loan and complaining that the real estate industry’s muscle in Washington was weak.
“They have absolutely the most pathetic lobby in the history of the United States Congress,” a then-bankrupt Donald Trump said during the hearing, which was focused on how to help the U.S. economy recover amid a deep recession.
“It’s a shame,” he said, “that this very powerful and important industry doesn’t have a better lobby.”
Today, of course, Trump is the primary resident of the White House, and rather than relying on lobbyists to push his agenda, he is the target of their influence peddling.
The real estate lobby has grown massively since the day Trump testified in front of that House of Representatives committee.
In 2016, the industry pumped nearly $104 million into federal lobbying — more than the securities and investment industry, which includes the bulk of Wall Street interests apart from the major banks. The industry’s biggest spender — the National Association of Realtors — was second only to the U.S. Chamber of Commerce in total spending by any company or group from any industry between 1998 and 2016, according to t[……]
How one Shanghai operator is disrupting rental markets Harbour Apartments is building units for the “sociable millennial”
Harbour Apartments chief executive and founder Huang Haibin 上海夜网 has a vision for Chinese cities rental markets and it involves an unsuspecting typology you could be forgiven for thinking you d graduated from the dormitory.
Harbour s approach is to refurbish old buildings into co-living suites, glammed up dorms that share amenities上海夜网论坛 in common areas, rent for between $90 and $3,000 per month, according to the South China Morning Post. The dorms are aimed at the sociable millennial who s making bank, but can t afford to buy their own home.
Since 2015 when Huang started the firm, Harbour s portfolio has expanded to 24 buildings in Shanghai, Beijing, Shenzhen, and Hangzhou with an average occupancy rate of about 96 percent. Thanks to a recent cash injection of about $60 million from Hong Kong-based Gaw Capital Partners, the firm has set its sights on creating 20,000 new units and expanding into Hong Kong, Guangzhou, Nanjing, and Xiamen by the end of the year; Huang wants to have 80,000 rental units built by 2019.
Huang s strategy speaks to a larger expectation among developers that China s rental 爱上海同城论坛 housing market s value is growing, in large part due to the government s favorable zoning laws allowing commercial and rural land to be converted into residential rental developments.
Beyond bringing the dormitory back in style, Har[……]
Malls open their doors to the once-shunned fitness industry GGP plans to bring fitness centers to half of its malls in the next decade
(Credit: Getty Images)
Gyms are emerging as popular mall tenants as department stores and retailers shrink or close their stores across the country.
The once-shunned gym has become a popular tenant of malls and shopping centers for two reasons: the fitness industry has boomed and mall owners are looking to fill vacant spaces left by retailers that have closed stores or folded thanks to competition from e-commerce, according to the Wall Street Journal.
Chicago-based Ge上海龙凤论坛sh1f neral Growt爱上海同城对对碰 h Properties plans to上海贵族宝贝论坛 bring gyms to half of its 115 malls in the next 10 years, CEO San爱上海龙凤419桑拿 deep Mathrani told the newspaper. Phillips Edison Company also has fitness centers in nearly half of its 爱上海同城对对碰 more than 340 grocery-anchored shopping centers.
Memberships to health clubs have increased 26 percent since 2009, and consumers are increasingly comfortable going shopping in their fitness clothes.
In South Florida, Equinox has opened locations at Aventura Mall and the Shops at Merrick Park; LA Fitness anchors shopping centers and malls like the Shops at Sunset Place in South Miami; and even Boca Raton-based Orangetheory Fitness recently opened in the high-end Miami Design District and in Downtown Dadeland. [WSJ] – Katherine Kallergis
Tags: Commercial Real Estate, general growth properties, shopping malls Vista Equity Partners exec buys B[……]
Toll Brothers City Living posts big contract growth in Q1. But wait til you see how California did Value of signed contracts in the Golden State rose 93%
Doug Yearley, New York City and Los Angeles
Toll Brothers got off to a solid start in fiscal year 2018, with net income, revenues and contract value a上海龙凤论坛 ll up significantly year-over-year in the first quarter, company executives said Tuesday in an earnings call.
Net income rose to $132.1 million in the first quarter of fiscal year 2018 from $70.4 million in the first quarter of fiscal year 2017, while revenue rose 28 percent to $1.18 billion, and net value of contracts went up 36 percent to $1.69 billion, according to the company. Revenue was still not as high as it had been during the fourth quarter, when it reached $2.03 billion. Net income was lower as well, as it had reached $191.9 million during the fourth quarter.
The luxury homebuilder’s City Living division, which focuses primarily on the New York City metro area, saw a fair share of the first quarter growth, as the value of contracts in its projects fully owned by Toll Brothers went up by 25 percent year-over-year, according to CEO Doug Yearley. The value of City Living contracts in Toll Brothers’ joint venture projects rose as well.
In all, Toll Brothers City Living division inked 47 contracts valued at $61.8 million in the first quarter of FY 2018, compared to 22 contracts signed in the first quarter of 2017, with a value of $49.3 million. The average contract pri[……]
EB-5 program extended through September The extension was passed as part of the feder爱上海龙凤419桑拿 al spending bill on Friday.
(Credit: U. S. Air Force photo/Staff Sgt. Eboni Reams, Pixabay)
The EB-5 visa program is sticking around, though there is a mixed reaction about the circumstances.
The program, which allows foreign investors to obtain a green card if they put $500,000 into job-creating projects, will remain in place until September 30, thanks to its inclusion in the spending bill Congress passed yesterday as Mansion Global reports.
Known to some as the crack cocaine of real estate financing, the program was almost extended for five years, un上海千花社区 til the proposed legislati上海夜网论坛 on was scuttled earlier this week in what some call a victory, while others expressed disappointment.
Some within the industry were hoping for permanence such as Justin Gardinier, founder and CEO of TigerBridge Capital (formerly JSG Capital).
“Getting six years of certainty on the program — and adjusting to a new reality — ultimately, I think, would have been better for the industry as a whole,” he told The Real Deal.
Other industry leaders such as Nick Mastroianni II, the CEO and chairman of the U.S. Immigration Fund, breathed a sigh of relief.
In a statement, he said we are grateful that the leaders of Congress did not let a small group of legislators, who did not share their proposed changes to their fellow members or the public until the very end, ram through a bill that would have mortally wounded[……]
Cuomo joins rally as battle between Related and unions heats up Governor said all state projects will be union if re-elected
Andrew Cuomo and Gary LaBarbera (credit: CountMeIn)
Gov. Andrew Cuomo on Tuesday lent his support to a union rally against Related Companies — though he stopped short of joining chants 上海龙凤论坛 of “Fuck Steve Ross” and We just punched Related in the face.
Though the governor adopted some of the bluster of other speakers at the rally, he didn t mention the Hudson Yards developer by name while speaking before thousands gathered at Union Square. The Building and Construction Trades Council of Greater上海贵族宝贝交流区 New York organized the event as part of its Count Me In campaign, which has largely targeted Related for its use of nonunion labor. At the rally, Gary LaBarbera, president of the BCTC, announced his organization s endorsement of the governor, who faces off with Cynthia Nixon in September.
Cuomo didn t wade directly into the group s battle with Related, but he credited unions for electing his late father, Mario Cuomo, and for being the singular reason he s served two terms as governor. He also pledged that there will never be a state project that isn t built with union labor if he s re-elected in November.
You know how to build like no people on this globe, Cuomo said. No one builds with the skills and the ability of organized labor. If you want quality construction, if you want it done right, you want union labor.
State projects have traditionally gone t[……]
H上海千花网交友 ere are the wee上海夜网 k’s top luxury sales An interactive look at where the biggest deals were struck, plus total overall sales and average prices for the week (click on numbers to see data)
We are ha上海夜网论坛 ving some tech上海贵族宝贝 nical difficul爱上海同城 ties. Try again later.
The Exit Interview: Alicia Glen talks Amazon, affordable housing Deputy Mayor plans to step down in early March
Alicia Glen (Credit: Getty Images)
With a little over a month left, Deputy Mayor Alicia Glen’s office still looks busy. The whiteboard is covered. A pair of red heels are at the ready in the corner to the left of her desk. There are papers everywhere. The space is still very much on-brand for Glen: There’s a pillow that says, “Make a Power Move,” a nameplate on her desk that says “I’m not bossy. I’m the boss” and a book titled “Get Sh*t Done.” There’s also a large exercise ball from well-intentioned staffers that she admits hasn’t gotten much use.
Glen plans to step down sometime in the first week of March — five years after she took charge of the city’s housing and economic development initiatives. As an alumna of both Goldman Sachs and the Department of Housing Preservation and Development, many saw her as someone who spoke the real estate industry’s language — a perception that both earned her praise and criticism. During her tenure, the administration financed the creation and preservation of 上海同城对对碰交友社区 a record number of affordable housing units, Midtown East was rezoned with plans for two massive office towers underway and the city landed (with the help of $3 billion in incentives) one of Amazon’s new campuses. She said she was surprised more people weren’t excited about the latter.
“By the way, if we had done it in Hudson Yards or Lower Manhattan, people would[……]