122 East 23rd Street

122 East 23rd Street

Toll Brothers seeks $500上海龙凤论坛sh1f 上海龙凤论坛M sellout at Gramercy condo Planned tower at 122 East 23rd 爱上海同城手机版 新爱上海同城对对碰论坛Street adds to Madison Square condo cluster
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Anbang Insurance Group

Anbang closes on acquisition of Essex House, 14 Strategic properties The Chinese insurer will buy 15 of 16 hotels from $6.5B portfolio

Anbang s Wu Xiaohui and Essex House

Anbang Insurance Group closed on its acquisition of the Strategic Hotels Resorts portfolio from the Blackstone Group. The Chinese insurance company bought 15 of 16 of the U.S. properties, which includes the iconic Essex House at 160 Central Park South.

Anbang reached a deal with Blackstone in March to pay $6.5 billion for 16 hotels, but the purchase of the portfolio s 16th and final property, Hotel del Coronado near San Diego, is under review by the inter-agency Committee on 上海千花网论坛 上海千花网Foreign Investment in the United States, Bloomberg reported.

The deal is the biggest real estate purchase by a Chines上海龙凤论坛 新上海贵族宝贝论坛e company in the U.S. to date, according to Bloomberg, and part of Anbang’s two-year shopping spree for foreign investments, including the $1.95 billion purchase of the Waldorf Astoria.

The Chinese insurer, which is looking to make a public offering in China, is best known in the U.S. for its aborted $14 billion bid to buy Starwood Hotels Resorts, also in March.

In a move that mystified and rattled investors, Anbang first made a $12.9 billion bid for Starwood, which had already agreed to sell to Marriott, then after s新上海贵族宝贝论坛 上海贵族宝贝交流区tarting a bidding war, abruptly withdrew its offer, which had escalated to $14 billion.

Marriott completed its acquisition of Starwood last week上海夜网论坛 上海夜网.

Anbang s real estate assets are worth $120 billion, and owns properties in Belgium, Holland, the U.S. and Canada. It was one of a wave of Chinese companies investing in New York and U.S. real estate. The Real Deal looked at seven iconic pr上海龙凤论坛 新上海贵族宝贝论坛operties owned by Chinese investors. [Bloomberg] Chava Gourarie

Correction: A previous version of the story provided an incorrect valuation for Anbang. Its real estate assets are valued at $120 billion.  

Tags: anbang, blackstone group
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HomeAdvisor

HomeAdvisor hangs a shingle at Vornado s 330 West 34th REIT chief said retail rents have “clearly gotten too high” during earnings call

330 West 34th Street, Barry Diller and Steve Roth

Home improvement website HomeAdvisor.com — owned by media mogul Barry Diller s IAC — inked a deal for a new West Side headquarters.

The company is taking 43,000 square feet at Vornado Realty Trust s 330 West 34th Street, CEO Steve Roth disclosed during the REIT s earnings call Tuesday. On Monday, IAC announced a $500 million deal to buy HomeAdvisor rival Angie s List.

According to Roth, strong office demand boosted the company s first-quarter revenue to $620.8 million, up from $613 million in 2016 s first quarter. Net income was $73.8 million compared to the prior year s $91.6 million loss.

The struggling retail market was a different story. As I do the math, our retail business is valued at virtually nothing, Roth said, referring to Vornado s stock price.

But he said Vornado is buttoned up on Upper Fifth Avenue and in Times Square with just one lease set to expire in those prime submarkets through mid-2019. That lease — Massimo Dutti s store at 689 Fifth Avenue — is currently priced at 50 percent under market, he said.

For the rest of its portfolio, just under 400,000 square feet of retail leases are set to expire by mid-2019. Roth said the REIT is in a strong position at key spots, including 34th Street, where Old Navy s 78,000-square-foot lease is 50 percent below market, Roth said. Vornado s basis at 435 Seventh Avenue, where the retailer H M occupies the entire 43,000 square feet, is also low enough to be realistic in pricing, he said.

According to Roth, Vornado bought 435 Seventh f上海贵族宝贝交流区 上海贵族宝贝论坛or around $30 million, and the retailer generates around $20 million a year in income for its landlord, he said. [The building] is probably worth north of $400 to $500 million and we own it for $30 million, he said.

We admit it s soft. We re not ducking that, Roth said, of the retail market. Rents throughout the market have clearly gotten too high, causing business to slow. When retailers basic business model and format is under siege, they re not aggressivel上海贵族宝贝论坛 上海贵族宝贝y interested in 爱上海同城 爱上海stepping up to high-profile asset and we re finding that.

Vornado would be realistic in pricing, he said. We take what the market will give us and move on.

Tags: Barry Diller, Commercial Real Estate, Office Leasing, Steven Roth, Vornado R上海千花社区 上海千花网交友ealty Trust
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Condo Supply NYC

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200 Kent Avenue

LIVWRK is now partner on Cornell’s 200 Kent Asher Abehsera’s firm is now lead developer of Trader Joe’s-anchored Williamsburg project

Asher Abehsera and a rendering of 200-206 Kent Avenue in Williamsburg (Credit: RKF via CityRealty)

Asher Abehsera’s LIVWRK is now a partner on Cornell Realty Management’s office-and-retail project on the Williamsburg waterfront and will be taking the lead on developing it, sources told The Real Deal.

The developer recently joined the partnership in the roughly 110,000-square-foot project at 200 Kent Avenue, which will be anchored by a Trader Joe’s supermarket.

The deal brings the project’s total market capitalization to $70 million, sources said. The size 上海同城对对碰交友社区 上海夜网论坛of LIVWRK’s investment was not immediately clear.

Cornell Realty, led by Isaac Hager, acquired the vacant lot last year for $33 million and then signed Trader Joe’s上海千花网龙凤论坛 上海千花社区 to about 18,000 square feet.  In the past month, the firm locked in a $64 million construction loan from Madison Realty Capital and broke ground on the site.

LIVWRK, a frequent partner of Kushner Companies on Brooklyn developments, will also head up the building s design and the leasing of the available retail and office and retail space, sources said. The six-story property is slated to have 35,000 square feet of offices, 35,000 square feet of retail and 40,000 square feet of garage parking. The project is expected to be complete by the first quarter of 2019.

A representative for LIVWRK declined to comment, and Cornell Realty could not be reached.

Abehsera and Hager have done one deal together in the past, though not as partners. Abehsera bought a Crown Hei新上海贵族宝贝论坛 上海贵族宝贝交流区ghts development site at 109-111 Montgome上海千花社区 上海千花网交友ry Street for $24.5 million from Hager in 2015.

Tags: Commercial Real Estate, Cornell Realty Management, Development, livwrk
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A&H Acquisitions

Alex Adjmi, partners plan 38-unit mixed-use project in Fla上海贵族宝贝 上海千花网龙凤论坛tbush Nostrand Avenue building will spa上海贵族宝贝交流区 上海贵族宝贝论坛n rough阿爱上海同城 阿拉爱上海同城ly 62K sf
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Ski Property Values

How to end the Olympics right … with a plan for how mountain-side r上海夜网论坛 上海夜网eal estate will appreciate over time

(Credit: Pixabay)

As the 2018 Winter Olympics come to an end, The Financial Times is applauding a host city that turned gold medals into the real thing.

In Whistler, a ski town outside of Vancouver where the numerous events for the 2010 Winter Olympics were held, real estate has continued to skyrocket as snow conditions and more commercial development has kept the ski industry spread over two mountains, Whistler and Blackcomb thriving.

Proof? An 8,000-square-foot chalet with nine bedrooms is going for爱上海同城论坛 爱上海同城 a cool $15 million while a serviced apartment in the Four Seasons Whistler Resort is selling for $392,000. [FT] Erin Hudso新爱上海同城对对碰论坛 上海同城对对碰交友社区n

Tags: Commercial Real Estate, H爱上海同城论坛 爱上海同城otel Market
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Anbang

Xi Jinping and the Waldorf Astoria

Anbang Insurance Group is getting a $9.7 billion government bai上海夜网论坛 上海夜网lout to prevent it from collapsing.

The China Insurance Regulatory Commission said Wednesday that the move is meant to protect policyholders. The money comes from the China Insurance Industry Fund, a bailout fund backed by the industry, Bloomberg reported.

In February, Beijing took control of the struggling insurer, which owns the Waldorf Astoria hotel, for at least a year爱上海同城手机版 新爱上海同城对对碰论坛. The company funded long-term investments, for example in real estate, by s上海贵族宝贝论坛 上海贵族宝贝elling short-term, high-yield investment products, leading to fears over its stability. Founder Wu Xiaohui is currently on trial for fraud.

Meanwhile, the Waldorf Astoria’s condo conversion appears上海夜网论坛 上海夜网 to continue. Anbang filed an offering plan for 352 units in March. The Waldorf will hold 350 hotel rooms and suites on the lower floors, according to plans filed with the city’s Department of Buildings. Those plans show condos will be located on floors 14 through 43. Floors 14 and 15 will have 28 units each. Higher floors will have fewer units: floors 40, 41 and 42 will have two units a piece.

Prosecutors in China last week said that Anbang s former chairman Wu Xiaohui carried out a $10 billion fraud that threatened national security. Wu is expected to be found guilty and could spend the rest of his life in prison. [Bloomberg] Konrad Putzier

Tags: anbang, china, Commercial Real Estate, Politics, waldorf astoria
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ADEAM

Japanese fashion brand buys long-vacant Madison Avenue retail site Adeam purchased 770 Madison Avenue for $31M

Adeam designer Hanako Maeda and 770 Madison Avenue (Credit: Getty Images and Google Maps)

UPDATED, 1:58 p.m. August 21: The parent company of the Japanese fashion brand Adeam has purchased an Upper East Side retail site that has been vacant for more than a year.

FOXEY Corporation purchased the five-story townhouse at 770 Madison Avenue for $31 million from Galo Shoes, which had owned the building since at least 1981, according to property records.

The building housed the trendy dress shop BCBGMAXAZRIA for more than 10 years, but the store closed in February 2017 as part of a larger corpo上海同城对对碰交友社区 上海夜网论坛rate bankruptcy.

FOXEY has not yet decided what they will do with the property, and they do not have immediate plans to open up an Adeam there, according to representatives for the company.

An analysis by The Real Deal last summer found that retail vacancies had hit the Upper East Side hard, with 82 empty storefronts along Second, Third, Lexington and Madison avenues between East 57th and 96th streets.

Another long-vacant retail site on the Upper East Side at 1251 Third Avenue found a tenant earlier this year in Morton Williams, which signed a deal for 13,000 square feet and $2 milli上海同城对对碰交友社区 上海夜网论坛on per year across two floors.

This story has been updated to clarify the identity of 爱上海同城手机版 新爱上海同城对对碰论坛the buyer and their plans for the property.

Tags: Commercial Real Estate, Retail Real Estate, upper east side
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Biggest Retail Leases NYC

Clockwise from left: 138 Bowery, 6502 18th Avenue in Brooklyn, and 999 Third Avenue (Credit: Google Maps)

UPDATED: 11:50 a.m., Jan. 10: Not satisfied with regularly inking some of the city s largest office leases, WeWork (now The We Company ) made a cameo on last month s list of biggest retail leases.

All together, December was a bigger month for marquee leasing deals than November. The 10 biggest retail lease deals signed last month totaled 148,800 square feet, up 28,000 square feet from November’s total of 120,800 square feet.

1) Selina, 138 Bowery, Little Italy 63,000 square feet

The hotel and co-working company that counts WeWork’s founder Adam Neumann among its investors signed a 63,000-square-foot lease at 138 Bowery. The building’s landlord is Emmut Properties.

2) IKEA, 999 Third Avenue, Lenox Hill 17,530 square feet

The Swedish furniture store inked a lease for 17,530 square feet at 999 Third Avenue, its first ever Manhattan location. The building’s landlord is the Zucker Organization. Eric Yarbro of Colliers International represented the tenant.

3) Blink Fitness, 6502 18th Avenue, Bensonhurst 15,500 square feet

The gym signed a lease for 15,500 square feet at 6502 18th Avenue. Ezra Saff of Retail Zone represented the tenant. The building’s landlords are Jeff Sutton and Eliot Tawil.

4) The North Face, 584 Broadway, Soho 13,000 square feet

The ou上海夜网 阿爱上海同城tdoor clothing brand signed a lease for 13,000 square feet of space at 584 Broadway, relocating from 139 Wooster Street. Michael Hirschfeld, Matt Ogle and Brian Hirschfeld of JLL represented the tenant while Steven Marvin of Olmstead Properties represented the landlord in-house.

5) Gucci, 375 West Broadway, Soho 10,000 square feet

The luxury 上海千花网交友 上海千花网论坛brand inked a long-term lease for 10,000 square feet at 375 West Broadway, where it originally had a short-term space. The building’s landlord is Pearlmark Real Estate Partners.

6) I Love NY Gifts, 9 Times Square, Times Square 9,000 square feet

The gift shop signed a 15-year lease for 9,000 square feet of space at 9 Times Square for a new flagship location. Jordyn Comras, TJ Cholnoky, Jackie Totolo and Ariel Schuster of RKF represented both the tenant and the landlord, American Realty Capital New York City REIT.

7) WeWork, 902 Broadway, Flatiron 7,460 square feet

The co-working company signed a lease for 7,460 square feet of space at 902 Broadway. The deal marks the second lease WeWork has signed for its new retail concept. Koeppel Rosen represented the building’s landlord, the Rosen family.

8) CrossFit Hell s Kitchen NYC, 361 West 36th Street, Midtown West 6,084 square feet

The gym signed a lease for just over 6,000 square feet of space at 361 West 36th Street. Louis Franco and Joseph Is上海千花社区 上海千花网交友a of Isa Realty Group represented both the tenant and the landlord, Crossroads Owners.

9) Mandee, 2625 Broadwa上海千花网龙凤论坛 上海千花社区y, Upper West Side 4,2上海千花网论坛 上海千花网80 square feet

The clothing chain inked a lease for 4,280 square feet at 2625 Broadway. Jessica Viola and Steve Asch of City Con[……]

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