Downtown Brooklyn Office Market

Downtown Brooklyn s second act: Q A, part I Forest City’s MaryAnne Gilmartin and RXR’s Seth Pinsky offer their takes

From the May issue: The buzz surrounding Downtown Brooklyn’s skyline has lately reached a fever pitch. Last year, JDS and the Chetrit Group unveiled plans to build Brooklyn’s tallest tower, a 73-story residential skyscraper that would be twice as high as anything surrounding it. The investment represents a stark contrast to where the neighborhood was just over a decade ago.

“People considered the ZIP code to be socially unattractive, as opposed to a community that offered a diversity o阿爱上海同城 阿拉爱上海同城f culture,” said MaryAnne Gilmartin, president and CEO of Forest City Ratner, which owns the downtown MetroTech Center and is building its Pacific Park development adjacent to the area.

Since a 2004 rezoning, nearly 41 million square feet has been built or is in the works in Downtown Brooklyn.

Most of that has been residential, but attention is now expanding to the office market. In November, the developer of 420 Albee Square, JEMB Realty, scrapped its plans to build 上海贵族宝贝论坛 上海贵族宝贝a residential tower and will instead switch to office. “We’re no longer relegated to the back office tenant,” said Albert Laboz, principal of United American Land. “Now we’re getting primary tenants who are the creative, TAMI crowd.”

The Real Deal asked a panel experts to weigh in on the Downtown Brooklyn real estate market. Read on for the first web installment with MaryAnne Gilmartin of Forest City Ratner and Seth Pinsky of RXR Realty.

MaryAnne Gilmartin
President/CEO, Forest City Rather

The neighborhood’s rezoning in 2004 has been credited with spurring tremendous development. But it was largely driven by residential development. Why did that happen?

Downtown Brooklyn’s rezoning went in a completely different direction than was planned. I don’t think anybody, including Forest City, ever imagined the residential market would kick in like it did. We thought we’d see a third central business district thrive and an expansion of the office market as a result of the zoning, but that didn’t happen. It started with the food movement and then the artists. They all flocked to Brooklyn. Certainly, government policies, including the allowance for taller buildings to spur the office market, allowed for market forces to respond so that residential development took over.

What kind of buyers and renters are flocking to Downtown Brooklyn and how has this changed over the last few years?

It’s really about the spread when living上海龙凤论坛sh1f 上海龙凤论坛 in Brooklyn versus Manhattan. When you are hearing about the marking down of condominiums originally priced at $40 million or $50 million, that is not the real world. If interest rates continue to stay low and jobs continue to be created, city dwellers will have the financial security to buy in the city. If you look at the $1,500-per-square-foot condo in Brooklyn then look at what’s available in Manhattan, there is such a stark comparison. For the same quality you[……]

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Lyft

Difficulty sharing? Coworkrs sues Lyft over FiDi office deal Shared-ride startup allegedly reneged on one-year lease at 60 Broad

From left: Logan Green, John Zimmer (credit: Lyft), Shlomo Silber and office space at 60 Broad Street (credit: Coworkrs)

UPDATED, 6:37 p.m., Dec. 29: It’上海夜网论坛 上海夜网s underdog versus underdog in this office-lease spat.

In a lawsuit filed Wednesday in New York State Supreme Court, WeWork rival Coworkrs alleges that struggling ride-sharing startup Lyft tried to renege on a one-year lease at 60 Broad Street in the Financial District.

According to the suit, Lyft agreed to lease 23 desks and two conference rooms from Coworkrs for $17,527 a month — which ended up being $175,527 for the year after Coworkrs sweetened the pot with several discounts.

But it didn t take long for the San Francisco-based ride-sharing company to try to back out of the contract it signed in November, Coworkrs claims. It says Lyft first downsized its space and later sent two lease termination letters. In the second letter, Lyft accused Coworkrs of turning over confidential information to the companies’ shared broker at Cushman Wakefield, which it said represented a violation of the lease terms.

Coworkrs denied sharing confidential information, but said it contacted the agent to disclose that Lyft was taking a smaller space, and that the agent’s commission would be adjusted accordingly.

The co-working firm says Lyft s claim was made to hide the fact that it s underperforming in the New York market and needed to reduce expenditures.

In a statement, Alexandra LaManna, a spokesperson for Lyft, said, This is a blatant attempt by CoWorkrs to distract from their own breach of an agreement by making negative insinuations about Lyft’s market viability and extract leverage where there is none. We will defend ourselves vigorously against these baseless allegations.

A spokesperson for Coworkrs declined to comment on pending litigation.

Both venture-backed startups are dwarfed by their respective industry r爱上海同城论坛 爱上海同城ivals.

Coworkrs, founded in 2012 by CEO Shlomo Silber, has five locations in New York City compared to WeWork’s 36. (Coworkrs has 40,000 square feet at 60 Broad and it recently took on another 30,000 square feet in Bushwick.) As for Lyft, the company has raised $2 billion from investors to date — a far cry from Uber’s $8.7 billion.

But while Coworkrs seems to be growing — Silber told TRD in May it was looking t阿爱上海同城 阿拉爱上海同城o raise $20 million to expand in the Northeast— Lyft has struggled to gain traction in a market saturated with ride-sharing competitors like Via, Gett and Juno.

This summer, the Wall Street Journal reported that Lyft had hired an investment bank known for helping tech companies find a buyer.

In October, Lyft’s co-founder and president John Zimmer denied the company was for sale, and said Lyft had doubled its ridership to 17 million rides since a year earlier. 上海贵族宝贝论坛 上海贵族宝贝Lyft has $1.3 billion in the bank out of the $2 billion it has raised from investors, Zimmer[……]

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Lower East Side Hoarder

This one goes out to爱上海同城对对碰 爱上海同城论坛 all the supers. Sure, they may no爱上海同城对对碰 爱上海同城论坛t always do the best work and they might seem to never be around when you need them, but occasionally they are asked to do some true dirty work and at least one Lower East Side superintendent has risen to the occasion.

The super of an unidentified Lower East Side building recently posted a video of a hoarder s apartment where cockroaches, rotting rubbish and a cat’s corpse can all be seen, according to the New York Post.

“Whatever you’ve seen, you’ve never seen nothing like this, superintendent Martin Fernandez says in the YouTube clip阿爱上海同城 阿拉爱上海同城.

Fernandez says the tenant was pretty clean until two years ago, when he began hoarding. The tenant was eventually evicted after a more than one-year court battle, leaving Fernandez to deal with the aftermath.

Check out the carnage below.

[NYP] Christopher Cameron

Tags: lo上海龙凤论坛sh1f 上海龙凤论坛wer eas新爱上海同城对对碰论坛 上海同城对对碰交友社区t side, Residential Real Estate, superintendents
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Hamptons Retail Market

Home furnishings s爱上海龙凤419桑拿 上海龙凤论坛sh1ftore One Kings Lane is setting up its first brick-and-mortar shop in Southampton this summer.

This summer it will be baskets and butcher blocks, plus maybe a few (fancy) books, at the former Rogers Memorial Library in Southampton.

One Kings Lane will be setting up its first brick-and-mortar shop in the 19th-century building for the season. The online home furnishings company, which was founded in 2009, had something very specific in mind as it planned its entry into the physical world, either in New York City or somewhere in the Hamptons.

“We wanted to pick a space that had character, and could bring our assortment to life for our customer in a way that feels comfortable and authentic,” said Suki LaBarre, One Kings Lane’s director of retail operations.

The place had to have the feel of a home, the retailer specified. Jeffrey Roseman, EVP and principal at Newmark Knight Frank Retail, knew the nearly 7,000-square-foot library was just the place.

“It’s the best corner in Southampton and, arguably, in the Hamptons,” said Roseman, who brokered the lease, which is for Memorial Day through Labor Day. “So it’s about having a very unique building, but it’s also at Main and Main.”

One Kings Lane will use the 3,500-square-foot first floor to showcase its luxury furniture and home décor. The second floor will be used for storage. The company declined to say how much it paid for the lease. The Rogers Memorial Library relocated to 91 Coopers Farm Road in 2000, and the old building was sold to the Parrish Art Museum for its education center. It was purchased for $2.88 million in 2012 by Jonathan Sobel, a supporter of the Parrish and former Goldman Sachs executive. Westchester-based RPW Group is the current owner.

Southampton’s new wave

The entry of One Kings Lane marks a positive turn for the Hamptons during a troubled time for retail across the U.S. Bluemercury and Greenwich, Connecticut, fashion boutique Copious Row are recent arrivals on the East End, and jewelry chain Kendra Scott has a pop-up this season.

Hal Zwick

Sabre Real Estate Group broker Stephanie Zulic handled the deal for the Kendra Scott store. The brand took a 1,200-爱上海同城对对碰 爱上海同城论坛square-foot space at 44 Main Street for one year, with an option to stay for five years. While Zulic would not specify the details of the lease, she said that in general, rents hover around $140-$150 per square foot on Main Street, while on Jobs Lane, they’re about $100-$110 per square foot. She added that the quality of tenants on Southampton’s Main Street is a step up from years prior.

“I think this year is definitely a turn in a positive direction compared to last year,” she said. “Last year it seemed like a lot of the retailers wanted Champagne on a beer budget, and they didn’t want to pay what the landlords were asking.”

This year, she said, she’s gotten many more offers at asking rent than in 2016, including Kendra Scott and a publicly traded women’s brand that ended up not taking the space.

Other[……]

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The Boston Globe building’s rebirth: From newspaper HQ to innovation park

Developer Nordblom offered a vision of the future for the 700,000-square-foot former headquarters of the Boston Globe in Dor上海龙凤论坛sh1f 上海龙凤论坛chester that includes a tech-friendly co-working space, a food hall and craft breweries. Nordblom plans to gut the inside of the building, whic阿拉爱上海同城 爱上海龙凤419桑拿h it bought for $81 million in December. The developer hopes to complete the上海贵族宝贝论坛 上海贵族宝贝 necessary permitting process by summer and open the renovated building in 上海千花网论坛 上海千花网2019. [上海千花社区 上海千花网交友Boston Globe]

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Top Miami Real Estate Agents

Here are the highest-grossing age上海千花社区 上海千花网交友nts in Miami-Dade’s top markets Miami Gardens made the top 5 cities with the largest sales volumes

Clockwise from top left: Ariel Lopez, Jill Hertzberg, Jill Eber, Josie Wang, Judy Zeder and Riley Smith

Who’s the highest-grossing of them all?

Riley Smith, the J上海夜网 阿爱上海同城ills, the Zeder team, Josie Wang and Ariel Lopez were among the leading agents in Miami’s top neighborhoods, according to an analysis of single-family home sales that closed in Miami-Dade County in 2017.

The data, analyzed by The Real Deal, also shows the cities with the highest sales volumes. Miami came in at No. 1 with $705 million of closed home sales, followed by Miami Beach with $609 million, Coral Gables with $587 million, Pinecrest with about $308 million and Miami Gardens with nearly $192 million.

Here s a look at each one:

Miami

Riley Smith was the leader of the pack in Miami with $47.37 million of closed sales volume spread across 32 deals. Smith, of EWM Realty International, had a 3 percent market share.

Next in line was Peggy Fucci, owner of OneWorld Properties. Fucci only closed two deals, one on the selling side and one on the buying side, to control 2 percent of the market with $23 million in closed home sales.

Top Miami AgentsListing volumeListing sidesSelling volumeSelling sidesTotal volumeTotal sidesMarket share

Miami Beach

It’s no surprise that Coldwell Banker’s top team, the Jills, ranked No. 1 in Miami Beach and throughout the county last year for single-family home sales. The team, led by Jill Hertzberg and Jill Eber, closed $111.1 million over 30 deals, representing about 9 percent of the Miami Beach market.

EWM’s Nelson Gonzalez was the second top-producing agent with $82 million in closed single-family home sales and 7 percent market share; and the Esther Percal Team, also of EWM, was No. 3 with $53 million in sales volume and a 4 percent market share.

AgentListing volumeListing sidesSelling volumeSelling sidesTotal volumeTotal sidesMarket share

Coral Gables

Judy Zeder’s team led the Gables ranking with $97.5 million in sales volume last year and an 8 percent market share. EWM’s Zeder Team was followed by the Jills with $53.7 million and 5 percent of the market. Belinda Sime of Sime Realty Corporation closed $34.2 million in single-family home sales and had a 3 percent market share.

AgentListing volumeListing sidesSelling volumeSelling sidesTotal volumeTotal sidesMarket share

Pinecrest

Josie Wang of Brown Harris Stevens Miami closed $43 million of home sales in Pinecrest last year, giving her the top spot and a 7 percent market share. The Zeder Team followed Wang with $27.7 million in sales, and the Goldman Residential Group was third with $17 million in sales volume for 2017.

In Pinecrest, a town known for its large, high-end estates, sales of single-family homes totaled $308 million.

Top Pinecrest AgentsListing volumeListing sidesSelling volumeSelling sidesTotal volumeTotal sidesMarket share

Miami Gardens

Single-family home sales totale[……]

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Dunkin’ Donuts Airbnb

Would you stay at Dunkin Donuts $10-per-night Airbnb? The 275-square-foot home is literally fueled by used coffee ground上海龙凤论坛 新上海贵族宝贝论坛s

(Credit: Airbnb)

Dunkin Donuts is getting into the tiny home game.

The coffee chain has built a tiny mobile home in Nahant, Massachusetts and is now renting it out on Airbnb for $10 per night with a maximum stay of up to three days, according to Eater.

Billed on Airbnb as The Home T上海贵族宝贝 上海千花网龙凤论坛hat Runs On Coffee, the house comes with ample coffee-making supplies, unlimited Dunkin coffee and do上海同城对对碰交友社区 上海夜网论坛nuts (of course) and the small structure is powered on oil extracted from used coffee grounds.

(Credit: Airbnb)

The interiors, which were designed by actress Olivia Wilde, have subway-tiled walls and Dunkin -branded pink and orange accent colors sprinkled throughout the 275-square-foot space. It also comes with a full kit阿爱上海同城 阿拉爱上海同城chen, a Jacuzzi tub, cedar deck and a loft bed.

(Credit: Airbnb)

The house was first displayed in New York as part of a brand installati阿爱上海同城 阿拉爱上海同城on before being relocated to the lot near Boston. [Eater] Erin Hudson

Tags: airbnb, Commercial Real Estate
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51 Jay St

Luxury litigation: Adam America, Slate s新爱上海同城对对碰论坛 上海同城对对碰交友社区ue over delays and shabby construction at Dumbo condo project The developers are seeking damages upwards of $8M

51 Jay Street

UPDATED, Feb. 1, 1:29 p.m.: A year ago, in the midst of disputes between the developers and contractors, new owners began to move in to the condos at 51 Jay Street in Dumbo. Hoping to quickly resolve the issues, the developers turned to mediation — to no avail.

Now, Slate Property Group and Adam America are 上海千花社区 上海千花网交友taking the contractors to court.

In a legal complaint filed Jan. 30, the developers accused DCHM — a joint venture between Danya C上海千花网论坛 上海千花网ebus Construction and Hudson Meridian Construction Group — of project delays, overbilling and defective work. And they’re seeking damages upwards of $8 million.

“As the Project progressed, 201 Water and DCHM had many disputes regarding DCHM’s management of the Project including, without limitation, the resulting delays and DCHM’s overcharging of fees,” the plaintiff said in the court filing.

The suit alleged that the delays were caused by DCHM’s mismanagement and being unable to fully staff the project. The developers did not respond to request for comment. A spokesperson for Hudson Meridian said any allegations that DCHM mismanaged the project or overcharged are categorically false.

上海千花网论坛 上海千花网DCHM fulfilled all of its contractual obligations and is owed substantial monies for the work it performed at the Project, the spokesperson said.

In May 2018, following mediation, the developers and DCHM agreed to terminate their deal, under which DCHM was contracted to provide all labor, equipment and materials necessary to build the project — but “various obligations” would be ongoing, the complaint states. But the developers said they later found defects in DCHM’s work.

“These defects included, without limitation, DCHM’s failure to insulate HVAC ductwork throughout the building resulting in excessive condensation and damages to many of the units and common areas, leaking windows and incorrect installation of the hot water heater flue for the building,” according to the complaint.

The developers further alleged that DCHM breached its duties “by failing to supervise, manage and construct the Project in a reasonable, competent and safe manner resulting in water and condensation issues throughout the building and damages to the condominium and to unit owners.”

When it hit the market in 2015, 51 Jay Street was one of Brooklyn’s priciest new condo projects — and was 50 percent sold in less than five months. At the time, pricing at the 74-unit warehouse conversion started at $750,000 for a studio. Currently, a penthouse in the building is asking $4.85 million. Amenities include a rooftop fireplace, children’s playroom and a landscaped central courtyard.

Slate and Adam America paid $45 million in 2013 for the site, or about $300 per buildable square foot. Eran Chen’s ODA Architect爱上海同城对对碰 爱上海同城论坛ure designed the conversion.

Tags: Contractors, Real Estate Lawsui[……]

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