De Blasio says time is ticking on new 421a deal Mayor asks affordable housing developers to push Albany for reformed program before session ends next month

Mayor Bill de Blasio implored the state’s affordable housing developers to 上海千花网论坛 上海千花网pressure Al上海千花网论坛 上海千花网bany to pass a reformed 421a program before the legislative session comes to a close next month.

“We’ve got five or six weeks left in the Albany legislative session, and it’s a chance for Albany to get it right now,” the mayor said Wednesday morning at the New York State Association for Affordable Housing’s conference at the Marriott Marquis in Times Square.

“When it comes to the 421a program, I’ve said many times, the way it was configured in past years didn’t make sense anymore,” he said. “It wasn’t fair to the taxpayers. It wasn’t helping us create the affordable housing we needed. It focused too much on luxury buildings.”

The controversial tax abatement program dominated the legislative session in Albany last year, and expired in mid-January after talks between the Real Estate Board of New York and the Building and Construction Trades Council of Greater New York broke down over the issue of prevailing wage.

This year’s legislative session is scheduled to end June 16, and no lawmaker has yet submitted a formal replacement proposal. But 421a continues to dominate the conversation.

Earlier this month, Gary LaBarbera, president of the Building Trades clashed with REBNY president John Banks over the issue. And in March, Related[……]

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Kushner Companies One Journal Square

Kushner Companies has yet to secure EB-5 funds for Jersey City project after Chinese road show Chinese agency Qiaowai said it’s too soon to see any investors commit funds to the project

From left: Jared Kushner, Nicole Kushner Meyer and rendering of One Journal Square (Credit: Getty Images and Woods Bagot)

Kushner Companies’ One Journal上海千花网交友 上海千花网论坛 Squ爱上海同城对对碰 爱上海同城论坛are apartment project has not secured any EB-5 funds 上海贵族宝贝论坛 上海贵族宝贝from Chinese investors after four events promoting the development overseas.

Du Guanchao – general manager assistant with QWOS Group, also known as Qiaowai, which is producing the roadshow in China – said that it’s too soon to see any investors commit funds for the project, Bloomberg reported.

Kushner Companies caused an international uproar last week when Nicole Kushner Meyer – the sister of President Donald Trump’s son-in-law, Jared Kushner – mentioned her brother by name at an event in Beijing p阿拉爱上海同城 爱上海龙凤419桑拿romoting the 1,467-unit apartment tower One Journal Square, which is seeking $150 million from EB-5 investors. The development has a projected cost of up to $1 billion, according to marketing materials floated in China.

Qiaowai continued to highlight the event on its website after Kushner Meyer s gaffe, saying it promoted a “buying rush.”

The Beijing-based company may have skirted the rules for EB-5 in promoting the project. Reuters reported that it may come under scrutiny from the Securities and Exchange Commission for making statements that green cards and project[……]

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Manhattan Luxury Market

Nerves tested as luxe market again loses footing While optimism was in the air earlier this year, brokers are feeling jitters as the high end sees deals drag and prices drop

From the November issue: This past spring, Stribling Associates broker Charlotte Van Doren landed an exclusive on a four-bedroom condo on East 57th Street and listed it for just shy of $5 million. Within 48 hours, buyers were making offers, and six days after going live, the property went into contract for $200,000 over the ask. 

But now a very different scenario is playing out in the same building — with the same broker, just one flight up. Encouraged by their neighbor’s success, the owner of an identical apartment set its price at an aggressive $5.6 million. After several weeks on the market, however, there have been few showings and no offers, Van Doren said.

Unfortunately for brokers working in Manhattan’s residential luxury market — especially on the very high end — that story is not unique. While optimism in the sector was strong during the “frothy” spring market, sales are now dragging out and brokers are decidedly more anxious.

“[Brokers] are talking about how hard it is to get a deal done in a market that many perceive is declining,” said Douglas Elliman’s Sabrina Saltiel, who’s marketing an $82 million apartment at 432 Park Avenue. “Getting people to feel secure enough to pull the trigger and not feel they are catching a falling knife is difficult.”

After a rocky 2016, the industry had high hopes fo[……]

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31 Ocean Parkway

Sentinel sells Windsor Terrace rental building for $34M Frey’s Ocean Parkway purchase is part of 1031 exchange with Ocean Avenue sale

31 Ocean Parkway and John Streicker

Sentinel Real Estate Corporation sold a nearly 100,000-square-foot rental apartment building in Windsor Terrace to local landlord Frey Management for $33.7 million爱上海龙凤419桑拿 上海龙凤论坛sh1f, sources told The Real Deal.

Frey Management, led by上海龙凤论坛 新上海贵族宝贝论坛 Steven Frey, closed on the purchase earlier this week of the six-story, 83-unit elevator property at 31 Ocean Parkway, sources said. The price came out to just over $400,000 per door.

To close the deal, Frey obtained a $19 million, five-year acquisition loan from New York Community Bank, sources said.

Sentinel, a prominent Midtown-based multifa上海千花网交友 上海千花网论坛mily player led by chairman John Streicker, saw a sizable windfall from the上海千花网交友 上海千花网论坛 sale, given it paid only $13 million for the 91,000-square-foot property in 2010, property records.

The firm has been steadily selling off holdings in Upper Manhattan and Brooklyn. In the past year, its sales have included the Fort Riverside portfolio for $101.5 million, a Prospect Park portfolio for $89 million, and a Kensington property for $33 million.

Rosewood Realty Group’s Aaron Jungreis brokered the sale, and Meridian Capital Group’s Joe Taub brokered the financing. Frey, Sentinel and the brokers could not be reached for comment.

The deal is said to serve as a 1031 tax exchange for Frey, which sold a 35-unit rental building at 2197 Ocean Avenue in M[……]

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South Florida Housing Market

PMG s Kevin Maloney files plans for three resi towers in Orlando The housing project of about 870 apartments will go up in three stages

From back: Orange County Courthouse, 上海贵族宝贝 上海千花网龙凤论坛Kevin Maloney. (Credit: Miosotis jade, STUDIO SCRIVO)

As Miami tries to sell off its four-year backlog of  high-end co上海千花网龙凤论坛 上海千花社区ndos, some developers are looking to Orlando.

Yesterday, Kevin Maloney s Property Markets Group (PMG) filed plans for a three tower complex near Orlando s Orange County Courthouse which will hold 867 units and 1,374 parking spaces, according to the Orlando Sentinel. The project will be called either X Orlando or Golden Sparrow, and will be developed in three stages. PMG s p上海同城对对碰交友社区 上海夜网论坛roposal for a currently empty 3.57-acre plot is now pending city approval.

Whether the developer will find success remains to be seen, as the project is part of a spate of development seekin爱上海同城论坛 爱上海同城g to introduce more residential buildings into Orlando; the city has had about 1,200 new hous爱上海同城对对碰 爱上海同城论坛ing units added to its downtown core, but only one new office complex by way of comparison.

Meanwhile, in New York, where the majority of PMG s estimated $3 billion portfolio is located, Maloney is embroiled in two lawsuits related to the contentious project 111 West 57th Street, of which Maloney holds an ownership stake as The Real Deal reported. [Orlando Sentinel] Erin Hudson

Tags: Kevin Maloney, property markets group, Residential Real Estate, South Florida condo market Zillow revenue soars — but so d[……]

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Hicksville retail center sells for $6.1M

Long Island-based real estate investors, MC Hicksville Realty LLC and Maple Forest Realty LLC, bought a retail center in Hicksville for $6.1 爱上海同城 爱上海million. The 27,000-square-foot strip阿爱上海同城 阿拉爱上海同城 mall holds 15 stores on West Old Country Road. The owners had held the property for more than 50 years, letting rents dip below market rates. The seller, Chicago-based US Realty Group, worked wit新爱上海同城对对碰论坛 上海同城对对碰交友社区h Silber Inv上海贵族宝贝 上海千花网龙凤论坛estment Properties, which also represented the上海同城对对碰交友社区 上海夜网论坛 buyer. [LIBN]

Tags: long island
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Toll Brothers

Toll Brothers aims for record revenues as profit climbs 30% The builder’s home deliveries rose 18 percent

A Toll Brothers luxury home and Doug Yearley (Credit: Toll Brothers and iStock)

Toll Brothers is poised to end the year on a high note.

The luxury builder’s profit climbed in the third quarter, as the company also raised its outlook for 2018. The optimism is thanks to strong new home sales amid housing supply constraints, Toll Brothers said in a statement Tuesday.

Net income was $193.3 million, up 30 percent from $148.6 上海千花网论坛 上海千花网million a year earlier. Revenues climbed 27 percent to $1.91 billion, and home deliveries rose 18 percent to 2,246 units.

“We have buyers that will only shop new,” CEO Douglas Yearly said on the company’s earnings call. “We are positioned really well and have a huge advantage over the used market.”

For the full fiscal year, Toll Brothers expects deliveries between 8,100 and 8,400 units with an average price between $835,000 and $860,000. That’s down from the previous expectation of between 8,000 and 8,500 units. The resulting revenues — between $6.76 billion and $7.22 billion — would be the highest annual revenues in the company’s history, the statement said.

The value of contracts in the West, South and Mid-Atlantic regions, and the City Living division, were all up at least double digits, the company said. The North region was essentially flat. Net contract value was $2.03 billion, up 12 percent.

The City Living division, which primarily focuses on the[……]

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Rockland County has highest single

Just west of Westchester County, a waterfront estate in Upper Nyack has sold for $5.2 million — making it the priciest single-family home sold in Rockland County since 2013, LoHud reported. That title was previously held by Ro阿爱上海同城 阿拉爱上海同城sie O’Donnell’s former compound in Nyack, which sold for $5.1 million a year ago, according to Weld Realty, whose broker Laura Weintraub had the Upper Nyack listing. The 4,488-square-foot home at 641 North Broadway has five bedrooms, three bathrooms and an in-ground pool, as well as 上海夜网论坛 上海夜网723 feet of shore上海千花网论坛 上海千花网line that includes a sandy beach and a private boat dock. The area around the 6.42-acre estate used t新爱上海同城对对碰论坛 上海同城对对碰交友社区o be a sandstone quarry in the 1800s, Weld Realty said. “Rockland County continues to offer an exceptional opportunity for buyers looking for space, amenities, natural beauty and proximity to New York City,” Weintraub said in a statement. Seta Tunell of Ellis Sotheby’s International Realty’s brought in the unidentified buyer, according to LoHud. [LoHud]

Tags: Westchester Fairfield
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Imagine a city with no cars, free bikes — and 50,000 people in one square mile That’s the vision of “Cyclocroft” a conceptual planned community near Boulder, Colorado

(Credit: iStock)

The brains behind a conceptual, planned community in Colorado is imagining a city where cars aren’t allowed, bikes are free and 50,000 people live within a square mile.

Blogger Pete Adeney and Amsterdam-based property development agency, B4place, say that if their conceptual “Cyclocroft” community between Longmont and Boulder were to be built, they would start from scratch to avoid “antique car-based building/zoning rules, according to Forbes.

Adeney, who has 300,000 regular readers blogging as “Mr. Money Mustache,” concedes people will deride the idea as a “high-tech hippie commune,” but told Forbes a settlement l上海龙凤论坛 新上海贵族宝贝论坛ike C爱上海同城论坛 爱上海同城yclocroft could attract Millennials and other people who don’t see living closely together as a compr上海贵族宝贝交流区 上海贵族宝贝论坛omise, “but rather an opportunity to regain once-cherished benefits, including incidental socialization and collaboration.”

Using traditional Dutch standards as a model, the community would feature parks, small public squares and no malls. Shops would be built close to homes, similar to the zoning rules that 爱上海同城手机版 新爱上海同城对对碰论坛enforce retail proximity in The Netherlands.

“But the precedent for something like this in North America is virtually non-existent. NIMBYs, codes, standards, and the entrenched are effectively unchallenged and lawyered up,” Adeney said. “The average[……]

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