Cara Leonard

Savills Studley launches US hotel investment banking platform as financing for asset class grows tighter Cara Leonard will lead the grou上海千花网论坛 上海千花网p as a senior managing director in LA

From the Los Angeles website: Savills Studley is building a new U.S.-based hotel investment banking platform with a focus on securing financing for hotel projects in gateway markets such as New York, Los Angeles and Miami.

The company has tapped Cara Leonard, an alumnus of real estate advisory firm Lowe Enterprise Investors, to lead the group as a senior managing direct上海千花网论坛 上海千花网or in L.A. She will report to George Nicholas, the London-based global head of the company’s hotels platform. Nicholas was recruited last November from JLL.

Savills move to bulk out its hotel financing services offerings comes amid a tight m爱上海龙凤419桑拿 上海龙凤论坛sh1farket for hotel financing in the U.S.

“A lot of lenders went out at the beginning of 2015 and made a lot of hotel secured loans and are now looking at their portfolios and hoping to moderate their hotel investments to some degree,” Leonard told The Real Deal. “They’re being more conservative in their overwriting. There are still some very active lenders in the marketplace but a handful have backed out completely.”

The top brass at Savills Studley believes the company is well positioned to help hotel developers find alternate sources of financing as traditional lenders tighten their purse strings, Leonard said. She declined to comment on any specific deals currently in the pipeline.

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The Real Deal’s Data Book is getting a makeover

The Real Deal is completely redesigning its Data Book, now in its 12th edition. The industry’s most comprehensive collection of information on the New York-area real estate market will sport more pictures and a new look, bringing more of the st上海千花网论坛 上海千花网yle and energy TRD s flagship magazine is well known for.

Now with a greater focus on industry players and rankings of top residential agents, commercial brokers, law firms and more, the Data Book gives you essential statistics that serve as context for the residential an上海千花社区 上海千花网交友d commercial ind上海千花社区 上海千花网交友ustries. It’s an encyclopedic annual record that users return to as a reference point for the current year and years past.

The Data Book will arrive with the February issue of The Real Deal.

For editorial inquiries, em上海夜网 阿爱上海同城ail [email protected]. To learn more about marketing opportunities in our Data Book, please call (212) 254-7400 or email [email protected].

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Retail REITs

By continuing to sell off lower-tier properties, real estate investment trusts are trying to stay on the right side of the shifting landscape

Adding entertainment, like the ice rink at Simon’s Galleria in Houston, is one way malls are attracting customers.

Retail real estate investment trusts have taken a beating since the end of last summer, with many of the major players posting double-digit drops in stock prices as several retailers announced store closings. However, despite the continuing influx of grim news — including Sears’ announcement that it had “substantial doubt” it could survive — several retail REITs have recently begun to recover, and some analysts say they could even be undervalued.

上海龙凤论坛 新上海贵族宝贝论坛“They have been underperforming the S P 500, but there’s still opportunity,” said Calvin Schnure, a senior vice president at the National Association of Real Estate Investment Trusts (NAREIT). “REITs are in prime locations and can find new, good tenants. The fundamentals remain strong in the sector.”

Those fundamentals include funds from operations (FFO), which measures the cash generated by REITs and which analysts use because it accounts for property depreciation. FFO was up year over year in 2016 by 6.1 percent, according to NAREIT data. Dividends paid climbed 7.8 percent during the same period. Net operating income remained stable, and the fourth-quarter 2016 retail occupancy rate for REITs was 95.9 percent — the highest quarterly rate for the retail segment for the 17 year[……]

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$20M redevelopment plan in Midtown Detroit hopes to create a tech corridor

With a $爱上海 爱上海同城手机版20 million mixed-use project coming to Selden Street, 上海龙凤论坛sh1f 上海龙凤论坛the nonprofit development organization leading the area’s rebuilding efforts hopes to bring entrepreneurs into a new tech corridor. The Selden Corridor Initiative, run by Midtown Detroit, Inc., plans to build a bar/arcade, a public outdoor workspace, and eco-friendly homes. “Once complete, 爱上海龙凤419桑拿 上海龙凤论坛sh1fthis will be a place for all people — entrepreneurs, women, people of color — to build skills,” Marci爱上海同城对对碰 爱上海同城论坛a上海夜网 阿爱上海同城 Ventura, senior VP of Invest Detroit, said. [Crain’s Detroit Business]
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Department of Buildings

Check out DOB s flashy analysis of 20 years of construction Agency launches quarterly report on permits filed

(credit: Department of Buildings)

The Department of Buildings on Wednesday unveiled a comprehensive analysis of construction volume in the city dating back nearly 20 years.

The NYC Construction Dashboard highlights the volume of permits — for new buildings, renovations, minor alterations and demolitions — issued during the third quarter of 2017. Through a series of interactive maps and charts, the dashboard compares the year s latest data with that of previous quarters, dating back to 2000. The DOB will up上海千花社区 上海千花网交友date the charts quarterly, tracking both newly issued permits and those that have been renewed.

This is a new era for the Department of Buildings, DOB Commissioner Rick Chandler said in an interview Wednesday evening. Thi新爱上海同城对对碰论坛 上海同城对对碰交友社区s information is o爱上海同城对对碰 爱上海同城论坛ne piece to improve our consistency and transparency.

The dashboard is part of the DOB s Building One City initiative, a series of changes to the department that Chandler announced in 2015. As part of these efforts — which are meant to modernize the agency and increase transparency — the DOB s data analyti上海夜网 阿爱上海同城cs team released a report in May that showed the more than 7,700 sidewalk sheds in the city and when they were installed. Some of the scaffolding has been in place for more than a decade.

The DOB s latest report shows that the agency issued 129,363 permits since the beginning of this year. Of this tota[……]

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Manhattan Office Market 2017

Manhattan office rents saw first annual decline since Great Recession Average asking rents dropped as landlords lowere上海同城对对碰交友社区 上海夜网论坛d prices, expensive blocks leased up

Manhattan s average asking rents fell in 2017 for the first time in seven years.

Manhattan’s office market sa上海千花网龙凤论坛 上海千花社区w average asking rents fall in 2017 for the first time in seven years, as landlords lowered prices and more expensive spaces left the market.

Average asking rents declined s上海千花网交友 上海千花网论坛lightly by 0.7 percent to $72.74 per square foot compared to 2016, according to Colliers International, marking the first annual decline since the Great Recession.

It’s the first time since 2010 that at the year-end mark, the average asking rent was down compared to the previous year’s end mark,” said Franklin Wallach, managing director of the research group at Colliers. “However, pockets of Manhattan did have their asking rent averages increase in 2017.”

Lower Manhattan stood out as the lone market where asking rents increased year-over-year (up 6.8 percent to $63 per square foot), as all five 上海龙凤论坛sh1f 上海龙凤论坛of its submarkets recorded gains.

The submarkets of Soho, Murray Hill, Hudson Square, U.N. Plaza and the Hudson Yards/ Manhattan West area also saw price increases. In fact, Hudson Yards/Manhattan West supplanted the Plaza District as Manhattan’s most expensive submarket, though its small size – 7.74 million square feet compared to the Plaza District’s 55.3 million square feet –makes it much more sensitive to shifts in p[……]

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White Plains developer sued for $17M over alleged fraud scheme

Already facing lawsuits over a failed condominium project in Manhattan, White Plains developer Michael P. D’Alessio has been hit with three new suits brought by seventeen investors who are seeking at least $17 million in damages. The new suits claim D’A上海千花社区 上海千花网交友lessio’s Michael Paul Enterprises defrauded investors with his plan to buy Manhattan townhouses and convert them into condos. D’Alessio had allegedly promised quic上海贵族宝贝 上海千花网龙凤论坛k repayment for l爱上海 爱上海同城手机版oans but investors filed their first suits in the case once he stopped making payments上海贵族宝贝交流区 上海贵族宝贝论坛. In a letter to his investors, D’Alessio wrote, “I am terribly sorry for these turns of events,” blaming city inspectors a上海贵族宝贝论坛 上海贵族宝贝nd a changing market for delaying his projects. [WBJ]

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One57

Getting by with a little help from discounts: One57 sees best quarter since爱上海同城手机版 新爱上海同城对对碰论坛 end of 2016 All five units sold were discounted

One57

One57 saw its best quarter since the end of 2016 — largely because every unit was sold at a discount.

Extell Development sold five apartments totaling $73 million in the first three months of 2018, according to a filing on the Tel Aviv Stock Exchange. Extell president Gary Barnett told Bloomberg that each of the units came with a price chop.

“If our competitors are giving discounts, and that’s what people really want, that’s how you’re going to move the product,” Barnett said. “We could just hold it — the market will come back. But we have Central Park Tower coming up Clear the deck for that.”

The price cuts ranged from single-digit percentages to more significant discounts and perks. In some cases, Extell paid the buyer s closing costs. A three新上海贵族宝贝论坛 上海贵族宝贝交流区-bedroom on the third floor that was listed for $29 million came with all the artwork and furniture envisioned by Jeffrey Beers International, a company Extell hired to provide custom interior design an上海千花网论坛 上海千花网d furnishings. A larger apartment on the 52nd floor didn t come with fur上海贵族宝贝交流区 上海贵族宝贝论坛niture but was listed at $29.95 million after Extell initially priced it at $31.75 million.

Extell still has 36 units to sell in the tower. The developer is also competing with condo owners in the building who are willing to sell their units for less than what they paid in order to cut a deal.

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Battery Maritime Building

Midtown Equities to take stake in long-delayed Battery Maritime project Cayre family’s firm is expected to hold about a 30% equity stake

Battery Maritime Building at 10 South Street and Joe Cayre (Credit: Marvel Architects and Getty Images)

The Cayre family s Midtown Equities is planning to take about a 30 percent stake in the Battery Maritime Building hotel project.

The equity stake would put construction on the conversion project back on track and could be completed in 2020, Crain’s reported.

In June, an official from the development corpo新爱上海同城对对碰论坛 上海同城对对碰交友社区ration said Midtown Equities plan爱上海 爱上海同城手机版s to issue a mezz新爱上海同城对对碰论坛 上海同城对对碰交友社区anine loan to the project this month. After the deal is closed, the developer will convert the loan position to an equity stake in the roughly $100 million project, the report said. Midtown is expected to split ownership equally with Centaur and Cipriani.

The loan deal is expected t上海贵族宝贝 上海千花网龙凤论坛o close imminently, Crain’s reported. 上海龙凤论坛sh1f 上海龙凤论坛The team expects construction to resume in the fall or winter, with work expected to last 18 months.

In 2007, a team led by Dermot Company was tapped to convert the structure at 10 South Street. But the company was unable to come up with the capital to finance construction. Last year, a venture between Centaur Properties and Cipriani took over the sublease but again was unable to get construction to resume.

Midtown is expected to split ownership equally with Centaur and Cipriani, according to Crain s.

Earlier this year, about 150 Chinese[……]

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