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Death Avenue Brewing

Lalezarian Properties’ High Line development allegedly sunk brewery The 10th Avenue brewery is now taking legal action

Kevin Lalezarian with 507 West 28th Street in West Chelsea and a rendering of the completed building

The architecture along the High Line draws huge crowds of tourists – presumably thirty ones. But a brewing company based under the High Line says it hasn’t been able to cash in on the traffic because Lalezarian Properties’ new development allegedly destroyed their business.

上海千花社区 上海千花网交友Death Ave Brewing Co.

Construction at 319 10th Avenue th上海贵族宝贝交流区 上海贵族宝贝论坛e tallest residential tower on the High 爱上海同城手机版 新爱上海同城对对碰论坛Line – almost shuttered the Death Ave Brewing Co. for good, a lawsuit cited by the New York Post claims.

The brewpub was all爱上海 爱上海同城手机版egedly forced to turn away business, “close substantial portions of its dining room,” and delay its opening because work on the adjacent building left the business with “dangerously unlevel and uneven” floors. They claim阿爱上海同城 阿拉爱上海同城 it also ruined custom built seating.

Construction next door has “rendered portions of the Tenth Avenue restaurant, including its newly minted brewery, to be wholly unusable,” Death Ave claims in Manhattan Supreme Court papers.

The defendants are officially named Maestro West LLC and Kadima Tenth Avenue LLC in the suit. The developer, Lalezarian Properties, is not directly named, according to the New York Post. [NYP] –Christopher Cameron

Tags: High Line, lalezarian properties, Real Estate Lawsuits
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85 Jay Street

Kushner, CIM and LIVWRK score $187M loan for Dumbo buy Criterion Real Estate Capital provides financing for 85 Jay Street acquisition

From left: 85 Jay Street (credit: Google Maps), Criterion’s Chuck Rosenzweig (credit: Cornell) and Jared Kushner

Kushner Companies, CIM Group and LIVWRK secured a $187 million acquisition loan from Criterion Real Estate Capital to fun上海千花网论坛 上海千花网d their $345 million acquisition of the Dumbo development site 85 Jay Street.

The partners closed on the purchase from the Jehovah s Witnesses last week.  They plan to build a mixed-use building on the site, which spans 135,000 square feet and comes with 1.1 million square feet of development rights.

The terms of the loan were not immediately clear. Kushner declined to comment and Criterion Real Estate Capital didn’t immediately respond to a request for comment.

Earlier this year, Kushner, CIM and LIVWRK bought a nearby office building at 25-30 Columbia Heights from the religious group for $340上海千花社区 上海千花网交友 million. Kushn上海千花社区 上海千花网交友er and LIVWRK, along with RFR Realty, had also bought five Dumbo buildings from the group in 2013.

Criterion Real Estate Capital, a private real estate investor and lender, made waves in 2013 when it backed Steve Witkoff’s上海贵族宝贝 上海千花网龙凤论坛 acquisition of The Helmsley Park Lane Hotel with 上海龙凤论坛sh1f 上海龙凤论坛a $525 million loan in partnership with Wells Fargo.

Tags: CIM Group, Jared Kushner, kushner companies, livwrk
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EB

T上海千花网交友 上海千花网论坛RD’s five-part investigation on the ‘crack cocaine’ of real estate financing — and who’s profiting from it

Howard Michaels, the tough-talking finance broker, shot off an email in 2014 to his client 阿拉爱上海同城 爱上海龙凤419桑拿Michael Shvo.

Michaels, who heads the Carlton Group, had just gotten off a long phone call with Nicholas Mastroianni II, the head of the U.S. Immigration Fund, New York’s biggest EB-5 regional center, and was convinced that EB-5 money from Chinese investors was the perfect financing solution for Shvo’s planned 275-unit condo at 125 Greenwich Street in Lower Manhattan. “[It] sounds like legalized crack cocaine,” he raved to Shvo, according to an email later revealed in a lawsuit between the two. “You guys would be crazy not to jump on this.”

The developer agreed, eventually securing an EB-5 loan that came in the form of $175 million in爱上海龙凤419桑拿 上海龙凤论坛sh1f mezzanine financing.

Shvo is certainly not the first high-profile developer to milk EB-5 as a source of cheap capital.  The program, which grants foreigners a U.S. green card in exchange for a $500,000 or $1 million investment, has become wildly popular — and controversial — in the last few years.

It’s also birthed a multi-billion-dollar industry, making the many middlemen who help facilitate each step of these transactions very rich.

This month, The Real Deal took a deep look at how the program’s key stakeholders — from developers to regional centers to banks to the so-called migration agents — are riding this EB-5 gravy train[……]

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Utah real estate investor may be retried over alleged Ponzi scheme

Federal pros上海千花网 爱上海同城对对碰ecutors intend to retry Utah investor Rick Koerber, accused of running a real estate Ponzi scheme. Jurors in his Oct. 16 eight-week trial were unable to reach a verdict, resulting in a mistrial, according to the Salt Lake Tribune. Prosecutors filed a motion this week requesting a scheduling hearing to set a new trial. The prosecution alleged that $100 million was entrusted to the defendant and over $50 million was redistribute上海贵族宝贝论坛 上海贵族宝贝d to other investo上海千花社区 上海千花网交友rs. Despite the time and cost involved in retrying the case, U.S上海龙凤论坛 新上海贵族宝贝论坛. Attorney for Utah John Huber said, “it is the right thing to do.” [SLT]

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Spanish Real Estate Investment

Guess the European country that had an excellent year for commercial RE Property investment in Spain has finally recovered from the financial crisis

(Credit: www.viajar24h.com/Wikimedia Commons; Pexels, right)

For Spain, the future post-crash finally began this year as commercial real estate investment reached comparable pre-2007 levels to the tune of an estimated 8.9 billion euros, according to Savills.

With the economy slated to grow 3.1 percent by the time Spaniards ring in the new year and growth for 2018 pegged at 2.5 percent, Bloomberg reports that 2017 was the country s year, despite political upheaval around the Catalan secession movement.

“The Spanish economy is doing well, its banks are healthy, there’s a very investor-friendly legal framework and property is still cheap compared to other European cities,” said Merlin Properties Socimi s founder Ismael Clemente. “It’s 上海龙凤论坛 新上海贵族宝贝论坛all come together.”

The majority of the real estate investment comes from foreign buyers who account for approximately two-thirds of investors, according to Savills. Retail properties were the most popular buy, an understandable figure consi上海贵族宝贝 上海千花网龙凤论坛dering Spanish shopping malls offer owners the best yields in comparison to cities like Frankfurt or Paris.

“Rents are rising and爱上海 爱上海同城手机版 so is occupancy, and that’s what’s motivating investors,” said Savills Luis Espadas, head of capital markets at the firm office in Madrid.

[Bloomberg] Erin Hudson

Tags: european debt crisis, European Real Esta上海同城对对碰交友社区 上海夜网论坛te[……]

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32 West 18th Street

Condo board sues over SoulCycle’s “earsplitting” music, positivity Altair 18’s residents said unpermitted construction caused flood

Apparently, the only thing worse than paying $34 to ride a stationary bicycle in a dark room, wear branded spandex and listen to trance music, is living above a SoulCycle. Residents of a Flatiron 上海千花网交友 上海千花网论坛condominium filed a lawsuit last week against SoulCycle, complaining about “earsplitting music” and “screams of encouragement” that emanate from the fitness studio at all hours of the day.

In a Feb. 2 lawsuit, the board of Altair 18 said the fitness studio — located on the ground floor of 32 West 18th Street — has also engaged in unpermitted after-hours construction since leasing the space in May. The suit named SoulCycle and Dalan Management, which owns the commercial space.

According to the suit, the SoulAnnex studio — which opened last year — is operating illegally since it never obtained a “physical culture establishment” permit, which is required for health clubs and fitness studios. (The commercial unit is zoned for retail.) SoulCyle also failed to obtain construction permits, resulting in multiple violations 爱上海同城论坛 爱上海同城from the city’s Department of Buildings. On Dec. 29, it was given a violation for not having an automatic sprinkler on site, the suit said. And then there’s the noise.

In the suit, residents of Altair 18 where apartments sell for an average of $4.2 million said they have been subjected to “unreasonably loud music blared through la[……]

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Zillow

Zillow-grade fever While the increasingly costly listings service remains an essential tool for some brokers, others say it provides diminishing returns

Spencer Rascoff

Eight years ago, Mid-city-based Century 21 broker Ron Escobar was spending $20,000 a month marketing properties on Zillow. Now, he is spending almost nothing.

“It used to be a good source for me, but lately the cost per lead skyrocketed,” Escobar said, adding that leads that used to cost $20 now cost $60. “At one point in time, Zillow sold to team leaders. Now they’re diluting it by selling to many agents.”

The rising costs of using the service — which vary greatly depending on location and a host of other factors — are especially problematic, as mo上海千花网龙凤论坛 上海千花社区ney spent on Zillow often comes directly out of a broker’s pocket and is not reimbursed by a brokerage, he added.

Escobar is just one of many Angeleno agents now doing a cost-benefit analysis on the ubiquitous platform and finding the results tough to take. Given its popularity with buyers and sellers, the listings service provides valuable exposure, but its widespread use by brokers translates to fewer eyeballs for each — unless you want to pay top dollar.

“When I started using it in Beverly Hills, nobody was using it. People thought it was like using a bus bench ad, a sign of desperation,” said Gary Gold, a Hilton Hyland executive vice president, who for a time got leads on Zillow for free. “I got so much business it was ridiculous. I have a lot of clients[……]

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Drue Heinz

Heinz heiress’ Sutton Place home hits the market for $21M The townhouse spans about 7,000 square feet

1 Sutton Place (Credit: Travis Mark for Sotheby s International Realty)

A Sutton Place townhouse is hitting the market for $21 million.

The seller is the estate of Drue Heinz, who was married to heir Henry John Heinz II, the Wall Street Journal reported. Heinz died in April and the property is owned by a trust established in 1986.

Mary Kent of Sotheby’s International Realty has the listing.

The townhouse, on the corner of East 57th Street and Sutton Place, spans about 7,000 square 上海夜网 阿爱上海同城feet. It has access to a shared neighborhood garden — and the home includes a 32-foot-long drawing room, a wood-paneled library and an elevator.

The home was designed for Anne Vanderbilt, wife of railroad heir William Vanderbilt. Previous owners also include include Charles Merrill, the co-founder of Merrill Lynch, the report said.

Last month, Long Island-based Lalezarian Properties bought a five-story apartment building in Sutton Place for $25 million. The pro爱上海同城论坛 爱上海同城perty, at 222 East 56th Street, contains 60 rental apartments and spans 30,600-square feet. [WSJ] — Meenal Vamburkar

 

上海千花网 爱上海同城对对碰Tags: Residential Re爱上海龙凤419桑拿 上海龙凤论坛sh1fal Estate, sutton place
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Opportunity Zones

Trump boosts federal resources to Opportunity Zones, as real estate investors keep pouring in The president signed an executive order that creates a task force to help businesses, and local and state governments in low-income areas that comprise the thousands of zones nationwide

President Trump at the White House Wednesday, where he signed an executive order establishing an Opportunity Zones council. Sen. Tim Scott is at right, at left is 新爱上海同城对对碰论坛 上海同城对对碰交友社区Secretary of Housing and Urban Development Secretary Ben Carson. (Getty Images)

For months, 上海千花社区 上海千花网交友real estate investors and developers have been setting up multimillion-dollar Opportunity Zone funds, hoping to cash in on a federal program that offers tax incentives to investors who pour money into properties in designated low-income neighborhoods.

On Wednesday, President Trump signed an executive order to direct resources to state and local municipalities to improve basic conditions within the 8,700 designated Opportunity Zones. Businesses in the zones could also be eligible for some of these benefits.

The executive order created a task force to be led by U.S. Secretary of Housing and Urb上海龙凤论坛sh1f 上海龙凤论坛an Development Ben Carson. It will consist of 13 different federal agencies. The president said Treasury Secretary Steven Mnuchin and Commerce Secretary Wilbur Ross will also be part of the group.

The move is designed to help businesses and local and state governments in the zones receive federal funding and backing for community needs li[……]

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Reggora

Real estate appraisal startup Reggora raises $3M in seed round The round was led by Spark Capital and Boston Seed Capital

Brian Zitin

Reggora, a startup that is automating residential real estate appraisals has raised $3 million in a seed round, taking ground in a niche industry quic上海同城对对碰交友社区 上海夜网论坛kly being filled by tech firms.

Boston Seed Capital and Spark Capital led the latest funding round, which the Boston-based startup announced Friday. The firm says its two-way platform is used by appraisers and lenders to reduce the time it takes to put together an appraisal. The new funding will enable the startup to take expand its service from New England to a national base.

The firm enters a fast-growing demand for automated appraisal services that several startups are rushing in to fill. Bowery Valuation, which last week announced a $12 million series A funding round, has focused on multifamily and mixed-use properties, and has signaled ambitions to expand its commercial appraisals business.

Alex Finkelstein, a general partner at Spark Capital, said Reggora would 上海千花网交友 上海千花网论坛increase transparency in the appraisal industry.

Spark Capital s investment is a big win for the startup, as the prominent venture capital firm has been behind prominent funding round in prominent companies, including Twitter and Trello. In May last year, the investor was involved in a $40 million series B funding round for Hello Alfred, an in-home assistant and property management startup.

Led by CEO and co-founder Bria[……]

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