Month: June 2019

Tax Exempt Real Estate

Religious groups tax-exempt NY properties skyrocket in value to $26B: report RE assets worth nearly double in 2015 what they were in 1999

Photo of 25-30 Columbia Heights in Brooklyn Heights (credit: Jehovah s Witnesses)

The value of religious groups’ real estate holdings across New York state has exploded over the past two decades to a total of $26 billion.

The state’s most notable expansion of tax-free land is in Ramapo, where there is a fast-growing Orthodox Jewish population, according to analysis from the USA Today Network. The number of religious上海夜网 阿爱上海同城 tax-exempt properties in the town more than tripled between 1999 and 2015. The value of the properties rose by 165 percent in the same period.

Michael West, an attorney at the New York Council of Nonprofits, told the news network the expansion has been so vast it is possible there are no longer any properties left on the tax rolls. “If you do the math and extrapolate it out, there’s only so much land, he said.

New York City has the highest number of religious groups tax-exempt properties, with a total value of $12 billion. The town of Buffalo came in second, with a total of 842 tax-exempt properties worth $172 million. Rochester ranked third, with 568 properties valued at $141 million co上海夜网论坛 上海夜网mbined.

State Sen. John Bonacic said New York state residents pay some of the highest property ta爱上海同城对对碰 爱上海同城论坛xes in the country. “When a property comes off the tax rolls, it simply shifts a higher tax burden onto the shoulders of the remainin[……]

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2019年6月18日

Eastern Consolidated

Tripp Lyons, Alexa Klein and Elan Teichman

Eastern Consolidated has promoted Tripp Lyons, Alexandra Rossland, Ted Volynets and Peter Aarts. Each now holds the title of director. All four were previously associate directors. 

Attorney Alexa Klein has joined Joshua Stein, a commercial real estate law firm. She previously worked at Latham Watkins and is currently a co-owner of Yogi Beans, a yoga studio for children.

Cignature Realty has hired Elan Teichman as an investment sales representative specializing on the Upper West Side. He was previously an analyst at CB Alliance, a boutique private equity firm.

Jeff Crisalli has joined Rutenberg as a sales agent. He comes from Plaza Real Estate.

Obituaries

Jack Rudin, a second-generation le上海千花网 爱上海同城对对碰ader of one of New York’s storied real estate dynasties, died in December 2016. He was 92.

Rudin last served as chairman of Rudin Management Company, which he and his brother led for a number of years. His father, Samuel Rudin, started the company in 1924, eventually p爱上海 爱上海同城手机版assing the business on to Jack and his brother, Lewis, in the 1970s. As president of the company, Jack Rudin oversaw the construction and design of several residential and commercial buildings in Manhattan, including 345 Park Avenue, 3 Times Square, 1 Battery Park Plaza, 215 East 68th Street and 211 East 70th Street.

He was born on June 28, 1924, in the Throgs Neck section of the Bronx, but his family moved to Manhattan when he was young. He enlisted in the U.S. Army in 1942, servi[……]

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2019年6月18日

Spruce Startup

Title insurance startup Spruce raises $4.5M in venture funding The company claims to offer faster, cheaper service

Spruce s Cofounder Patrick Burns and COO Andrew Weisgall

Title insurance startup Spruce raised $4.5 million in a Series A funding round from Bessemer Venture Partners, Omidyar Network, Third Prime Capital and other investors.

The company, founded by finance entrepreneurs Patrick Burns and Andrew Weisgall, claims to offer cheaper and faster title insurance上海千花网龙凤论坛 上海千花社区 by using new tec上海同城对对碰交友社区 上海夜网论坛hnology to research and process contracts.

In a special report last year, The Real Deal broke down how title insurance firms collude to 上海夜网论坛 上海夜网keep prices, and t爱上海 爱上海同城手机版heir profits, high. Firms tend to compete by wining and dining clients rather than by offering 爱上海龙凤419桑拿 上海龙凤论坛sh1fcheaper prices. In 2014, the industry made a net profit of $800 million on $12.2 billion on revenue.

“Why haven’t these companies kept up with the times, and applied modern technology to their operations? Lack of incentive, of course,” Spruce’s founders wrote in a blog post Friday. [TechCrunch] Konrad Putzier

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2019年6月18日

NYC Market Reports

Annual Manhattan new dev sales could hit $12B by 2020 A weekly feature bringing you the industry’s latest intel

According to this week’s market reports, new development inventory in Manhattan could bring in annual sales worth nearly $12 billion by 2020, and office sales in Manhattan had a dollar volume of $129 billion in the last decade, more than double the next largest market in DC, which came in at $45 billion.

Residential

Residential sales | REBNY
The total dollar volume for residential sales in Manhattan decreased by 1 percent in the third quarter, to $13.5 billion, and average home price increased by 1 percent to $987,000. Read the full repo爱上海同城手机版 新爱上海同城对对碰论坛rt here.

Luxury sales | Olshan Realty
Twenty-five residential contracts were signed last week at $4 million and above, half of which were in new developments, with a total asking dollar volume of $193 million. Read the full report here.

Townhouse sales | Leslie J. Garfield
Between October 28 and Novembe上海龙凤论坛 新上海贵族宝贝论坛r 10, 12 townhouses went into contract in Brooklyn and Manhattan, 12 entered the market, and 19 dropped their asking price. Read the full report here.

New development | CityRealty
There are 5,636 new development units expected through 2020 in Manhattan with a total projected sellout of $11.9 billion. Average sales in the third quarter fell to $3.9 million from a high of $6.1 million in 2016. Read the full report here.

Commercial

Office sales | CommercialCafe
Manhattan saw $128.7 billion in office sales between 2007 and 2017, compar[……]

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2019年6月18日

East Hampton glass house with architectural pedigree cuts price to $995K

A modern home in East Hampton featuring walls of glass is on the market for $995,000 after being listed at $1.2 million earlier this year. The 1972 home was designed 爱上海同城对对碰 爱上海同城论坛and built by architect Harr上海千花网交友 上海千花网论坛y Bates and sits on just under an acre in the Northwest Harbor neighborhood. With 1,200 square-feet of上海千花网龙凤论坛 上海千花社区 space, the doub阿拉爱上海同城 爱上海龙凤419桑拿le height living areas are surrounded by windows and cedar beams阿爱上海同城 阿拉爱上海同城. Included in the asking price are beach and docking rights. David Mazujian of Corcoran Group Real Estate has the listing. [Curbed]

Tags: Hamptons
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2019年6月17日

270 Park Avenue

JPMorgan Chase isn t done buying air rights for its新上海贵族宝贝论坛 上海贵族宝贝交流区 ground-up HQ Bank looking to buy 100K sf in dev rights from St. Bartholomew’s

From left: Jamie Dimon, St. Bartholomew’s Church and 270 Park Avenue

JPMorgan Chase is in talks to buy another 100,000 square feet of air rights from St. Bartholomew’s Church as part of its plans to build a new 2.5-million-square-foot tower.

The bank is also purchasing 680,000 square feet of air rights from the owners of Grand Central Terminal for $240 million and may buy mo上海夜网论坛 上海夜网re from another religious institution, the New York Times reported. JPMorgan Chase plans to demolish its headquarters at 270 Park Avenue and replace it will a larger office tower — made possibl阿拉爱上海同城 爱上海龙凤419桑拿e through the Midtown East rezoning.

Last week, MRP Realty an新上海贵族宝贝论坛 上海贵族宝贝交流区d Deutsche Bank Asset Management announced that they would buy 30,000 square feet of air rights from St. Patrick’s Cathedral under the rezoning. The Times reported that developers are eyeing at least four other buildings to demolish, including the Grand Hyatt New York hotel near Grand Central. The Real Deal previously reported that the Pfizer headquarters on 42nd Street, the Metropolitan Transportation Authority headquarters on Madison Avenue and the Roosevelt Hotel on 45th Street were also possible contenders.

As part of the rezoning of the district, which was approved in August, the city identified 3.6 million square feet of landmarked air rights that developers could purchase to build out their o[……]

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2019年6月17日

Casandra Properties

Casandra Properties is on a mission to make Staten Island cool Company works on some of borough’s most visible projects, including Empire Outlets

James Prendamano with renderings of Urby and Empire Outlets (Credit: Urby Staten Island, Empire Outlets NYC)

Staten Island may commonly be known as New York City’s “forgotten borough,” but broker James Prendamano and his company Casandra Properties are trying hard to turn that into an outdated moniker.

“Did we agree with it? Yeah, we agreed with it for a long time,” he said of the disparaging nickname. “It’s really what inspired me 10 years ago to dig in on the North Shore, where there was some progressive zoning, and go fight.”

These days, Casandra Properties is tasked with handling some of the most high-profile projects in Staten Island, including Empire Outlets and the Urby rental complex.

“It’s been hard to get out of the shadow of Manhattan, but we’re doing it,” he said. “I think we’re doing it a little more every day.”

Prendamano’s mother Casandra Zappala founded Casandra Properties in 1989, at a time when there were few women in the commercial real estate industry. She described it as “a man’s world at this point, especially for the types of deals that I was going for, which was the large banks, the drug chains and so on.”

She found success, which she attributed to one factor.

“They knew I knew what I was doing,” she said. “It was that simple.”

Prendamano, the managing director, had been interested in his mother s work since he was a[……]

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2019年6月14日

Briarcliff Manor home designed by UN, Rockefeller Center architect is on the market

Briarcliff Manor home designed by UN, Rockefeller Center architect is on the market

A Briarcliff Manor home designed by renowned architect Wallace Har上海夜网论坛 上海夜网rison — who was instrumental in designing the United Nations headquarters, Rockefeller Center and Lincoln Center — is on the market for $1.35 million, LoHud reported. Harrison finished work on the historic four-bedroom, four-bathroom house on Long Hill Road in 1939. The 4,352-s上海千花网交友 上海千花网论坛quare-foot home built of fieldstone and stucco was purchased by its curre爱上海龙凤419桑拿 上海龙凤论坛sh1fnt owners in 2001 and has “lots of original features, including two 50-foot corridors, circ上海龙凤论坛 新上海贵族宝贝论坛ular windows and doors and a charming circular staircase made of bamboo,” according to the outl上海千花社区 上海千花网交友et. It also sits on 4.5 acres of lawn and greenery.Houlihan Lawrence brokers Tina Messina and Sharon Bodnar Briskman have the listing. [LoHud]

Tags: Westchester Fairfield
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2019年6月14日

Property Markets Group

PMG, Raven plan $1B worth of co-living units Kevin Maloney’s firm and PE group say they have $300M in committed equity

Raven president Josh Green (orange), PMG principal Kevin Maloney (purple), and X Logan Square in Chicago (Credit: Raven, Getty Images, and PMG)

Less than two years after Property Markets Group launched its own co-living business, the Kevin Maloney-led firm said it has $1 billion worth of inventory in the hopper.

In partnership with Raven Capital Management, a New York-based private equity firm, PMG has committed $300 million 上海贵族宝贝 上海千花网龙凤论坛in equity to building X Social Communities, which it described as a multifamily housing division. XSC has 10,000 units in the pipeline nationwide, according to Noah Gottlieb, a principal at PMG.

Ryan Sh新上海贵族宝贝论坛 上海贵族宝贝交流区ear of X Social Communities

“Our product provides incredible value to our customers,” he said, noting that unlike companies like Ollie or Common, PMG is both an owner and operator of co-living properties.

According to Gottlieb, PMG isn t trying to create a niche market. We are intent on cannibalizing the existing apartment universe,” he said, by developing luxury units that can be rented by the bedroom. Ryan Shear leads X Social Communities.

Between 20 percent to 50 percent of units in each development have a Rent by the Bedroom component. “It’s important for our customers to be able to graduate within our building,” Gottlieb said.

Last year, PMG became one of the first major developers to jump into co-living — a segment of the ma[……]

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2019年6月14日