David Geffen

David Geffen is the buyer of $70M East Hampton estate Entertainment mogul acquires two-acre property after flipping previous Hamptons digs

Entertainment magnate David Geffen is the proud new owner of a sprawling East Hampton estate, having paid $70 million for the two-acre pr上海夜网论坛 上海夜网operty.

Geffen, who founded his eponymous record label as well as film studio DreamWorks, bought the home at 199 Lily Pond Lane in Katonah from the上海千花网龙凤论坛 上海千花社区 estate of late fashion executive Josephine Chaus.

It’s not the first time Geffen has broken the bank for a place in the Hamptons, according to the New York Post. He paid around $50 million in 2014 for a 7,500-square-foot home featuring a three-bedroom guest house and a dock.

Geffen acquired that property from Courtne爱上海同城对对碰 爱上海同城论坛y Sale, the wife of late Time Warner CEO Steven Ross. Sale originally asked $75 million for the estate, located a上海贵族宝贝交流区 上海贵族宝贝论坛t 26 and 30 West End Road, before dropping that price to $55 million.

But Geffen has since flipped that property to “a troop of developers,” according to the Post, and will now make his Hamptons home at Chaus’ two-acre estate.

Chaus’ former Manhattan digs are also on the market, with her Upper East Side townhouse at 128 East 73rd Street asking $36.5 million.

Geffen recently cut a $100 million check to the Museum of Modern Art to finance the institution’s expansive renovation and expansion.

But he’s al新爱上海同城对对碰论坛 上海同城对对碰交友社区so facing a lawsuit from neighbors at the Parc V co-op building in Midtown, who claim a gut renovation at Geffen’s duplex penthouse is causing structural damage to their own apartment. [NYP] – Rey Mashayekhi

Tags: david geffen
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Coffee Bean and Tea Leaf NYC

All 12 Coffee Bean Tea Leaf shops in Manhattan close LA-based chain’s outposts in the city were all franchises

Coffee Bean and Tea Leaf in Midtown (credit: Coffee Bean and Tea L上海龙凤论坛sh1f 上海龙凤论坛eaf)

Trendy java joint chain Coffee Bean Tea Leaf has shuttered all 12 of its New York City locations.

The chain of Los Angeles-based stores featured on shows like “Entourage” and “The Hills” closed down the dozen franchise locations over the weekend, the West Side Rag reported.

“All NYC stores were f上海千花网交友 上海千花网论坛ranchised and unfortunately are closing,” a spokesperson for the company told the blog.  “We value the brand’s loyal following in the Big Apple and intend to swiftly bring The Coffee Bean Tea Lea上海千花网交友 上海千花网论坛f hand-crafted coffees and teas . . . back to New York City,”.

On the Upper West Side, the chain had locations at 77th Street and Broadway, 79th Street and Columbus Avenue and 86th Street and Amsterdam Avenue. Signs on the stores informed passersby that they would be “reopening soon.”

The java spot follows chains like Organ上海千花网交友 上海千花网论坛ic Juice and Pie Face that have shut down en masse in recent years. [West Side Rag] – Rich Bockmann

Tags: Chain Stores, closings
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NYC Worst Landlords

Kamran Hakim suing NYC public advocate over “worst landlord” list Landlord seeks $15M after being included on the list

Letitia James New York City Public Advocate

A prominent New York City landlord is suing Public Advocate Letitia James, arguing he was u上海龙凤论坛sh1f 上海龙凤论坛nfairly included in last year’s “worst landlord” list.

An LLC controlled by Kamran Hakim who owns more than 100 properties in New York City filed a notice with the city comptroller s office last month claiming he plans to sue James, Politico reported. Hakim was named the city’s 34th worst landlord on the 2015 list, which ranks landlords based on outstanding violations at the爱上海同城对对碰 爱上海同城论坛ir properties.

Hakim had 565 violations at seven buildings, according to James. However, he argues in the notice that several buildings are part of one development site. He also claims that tenants at two other buildings at the same site have refused buyouts and are blocking his attempts to bring the properties up to code. Violations at other properties have been cleared but not wiped from the record, according to Hakim.

He is seeking $15 million in damages, according to Politico.

The city first began putting out the worst landlord list in 2010, when Bill de Blasio was public advocate. Landlords have long complained about the list, since it doesn t discount violations that occurred before they took control of the buildings.

Landlords Harry Silverstein and Allan Goldman topped this year’s list, which was released in October.

Silverstein has since died, and A E Rea爱上海同城论坛 爱上海同城l Estate Holdings is in talks to acquire a 14-building, 800-plus-unit portfolio still belonging to his family for $275 million, a上海千花网 爱上海同城对对碰s The Real Deal reported this week.

Hakim owns at least 129 buildings, according to Crain s. [Politico] Miriam Hall

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Steve Witkoff

WATCH: Steve Witkoff recalls meeting Howard Lorber for the first time The developer describes meeting Howard Lorber outside Cipriani on a rainy day

While practicing law at Dreyer Tr爱上海同城手机版 新爱上海同城对对碰论坛aub, Steve Witkoff represented some of the city s top real estate players  and often yearned to be seated at the opposite side of the table.

It was a who s who list of real estate entrepreneurs in the city of New York, Witkoff said during an上海夜网 阿爱上海同城 exclusive one-on-one sit-down with The Real Deal s Hiten Samtani. So you couldn t help as a young lawyer wanting to do what they did.

In the interview, Witkoff recounted his earliest memories of Howard Lorber, who would pull up to the law firm s headquarters in a cream-colored, drop-top Rolls-Royce.

Watch the video above, and to see the conversation in full, click here.

Produced by Alistair Gardiner and Kerry Barger. 上海贵族宝贝论坛 上海贵族宝贝Interview conducted by Hiten Samtani. 

For more videos, visit The Real Deal’s Yo阿拉爱上海同城 爱上海龙凤419桑拿uTube page.

Tags: Howard Lorber, Steve Witkoff, The Real Deal Studio, Witkoff
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Sam Zell

The real estate billionaire on the supply-and-demand lessons he got from Playboy, cursing and the last time he flew coach

Sam Zell (Photo by Studio Scrivo)

Sam Zell is the brash and outspoken chairman of Equity Group Investments, a private equity and venture capital firm he founded more than 45 years ago. He made his fortune — which has been pegged at $5 billion — by investing in an ar上海贵族宝贝交流区 上海贵族宝贝论坛ray of industries, including commercial real estate, manufacturing, transportation and health care. As of December, Equity Residential, the REIT he chairs, owned (or had a stake in) 300-plus properties with more than 77,000 apartments nationwide. More than 10,000 of those units are in New York — including 269 luxury rentals at the Christian de Portzamparc-designed Prism on Park Avenue South, where Toll Brothers, Equity Residential’s partner on the project, is selling part of the building as condos. Zell also founded and chaired Equity Office Properties Trust, which was the biggest office REIT in the country until it was sold in 2007 for $36 billion to the Blackstone Group. That same year, Zell bought the cash-strapped Tribune Company for $8.2 billion. His tenure there was, however, controversial, and his slash-and-burn cost-cutting did not go over well. In 2008 the venerable newspaper company sank into bankruptcy, and in 2012 its ownership was turned over to creditors and lenders. But Zell — nicknamed the “Grave Dancer” for snapping up distressed real estate and generally known as a contrarian — didn’t express regrets about buying the media giant. And the tycoon, who turns 76 this month, isn’t mellowing with age. In May, he published a memoir entitled “Am I Being Too Subtle?” and he’s been actively making the rounds on cable news shows, talking about the Trump administration’s proposed tax plan, which he believes will boost the economy. He’s also an avid motorcycle rider.

DOB: September 28, 1941
Hometown: Chicago
Lives in: Chicago
Family: Married to third wife; three children

What were you like as a kid? I was always different. Like all children, I wanted to be part of the popular, relevant group. But I figured out relatively early that I would never survive in a conformist environment. I always had enormous confidence in my own views and was not willing to compromise.

Did you get good grades? I was the world’s most adequate academic — good enough to go to the University of Michigan, but academia was never one of my great desires.

Didn’t you have your own business selling Playboy magazines as a kid? I was commuting from the suburbs into Chicago every day as part of my Hebrew education. I was 12 when I discovered there were stores under the L tracks that sold different magazines than the ones they had in the suburbs. I figured out supply and demand and started importing the magazines to the suburbs. I got away with it.

How’d you spend your profits? I played poker. I always had a lot of money.

Your parents were Polish Jews who escaped before上海千花网交友 上海千花网论坛 World War II. What[……]

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GOP Tax Bill

Mortgage indus新上海贵族宝贝论坛 上海贵族宝贝交流区try latest real estate sector to express alarm over GOP tax bill Provision in Senate bill could drive some small lenders out of business, experts say

The mortgage industry is the latest group to express concern over the proposed GOP tax plan

Add the mortgage industry to the list of groups concerned about the Republican上海贵族宝贝 上海千花网龙凤论坛 tax plan.

Industry leaders are worried that a provision in the Senate bill changing the time when lenders pay taxes on income they get from managing mortgages could cause some smaller lenders to go out of business, according to Bloomberg.

Lenders currently pay taxes on this service as they receive the money, but under the Senate bill, they would have to pay these taxes upfront. The Mortgage Bankers Association said smaller companies unable to afford this could just abandon the practice entirely.

“It’s a fire drill,” MBA president David Stevens told Bloomberg. “We’re scrambling to get people on phone calls. It would cause a significant disruption in the industry.”

Senate leaders expect to vote on the bill Thursday or Friday, and it is unclear whether they plan to keep this provision in the bill or whether they targeted lenders on purpose.

The Republican tax proposals could have far-reaching effects on the real estate industry, including making it more expensive to own a home and making it more difficult to develop afford上海龙凤论坛 新上海贵族宝贝论坛able housing, though it would likely be a b上海同城对对碰交友社区 上海夜网论坛oon for condominium developers and large real estate corporations.  [Bloomberg] – Eddie Small

Tags: Mortgage Bankers Association, Politics, Real Estate Finance, taxes
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AECOM

Chris Ward and Industry City

AECOM is opening a new office in Brooklyn as上海龙凤论坛sh1f 上海龙凤论坛 the engineering giant takes on more work in the borough.

The company leased 15,000 square feet at Industry City in Sunset Park and is using the space to house 80 employees in its urban design group, Crain s reported. The new digs offer a quick commute to one of AECOM s projects: Part of the Brooklyn-Queens Expressway and the Belt Parkway.

This is exactly the ki爱上海龙凤419桑拿 上海龙凤论坛sh1fnd of space that AECOM should be in, Chris Ward, a senior vice president at the firm, told Crain s. It s an open floor plan that s a mix of both the past a上海千花社区 上海千花网交友nd the future and I want the professionals at AECOM to be thinking of that all the time.

The move also comes as the company eyes Red Hook as the site of a potential large-scale redevelopment p上海夜网论坛 上海夜网roject. In 2016, Ward floated the idea of extending the No. 1 train into Brooklyn, which he estimated would cost $3.5 billion. The proposal also sought to build up to 45 million square feet of residential space in Red Hook. The plan hinged on Port Authority allowing its 80-acre Red Hook Container Terminal to be used for the development.

During his State of the State address, Gov. Andrew Cuomo said the bi-state agency should consider moving the terminal and that the possibility of extending the 阿拉爱上海同城 爱上海龙凤419桑拿subway to Red Hook should be explored. [Crain s] — Kathryn Brenzel 

Tags: aecom, Commercial Real Estate, Industry City, Office Leasing, red hook
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Edward S. Gordon Company

The Yale University of爱上海同城 爱上海 CRE: These are the all-star alumni of the Edward S. Gordon Company A look at the industry’s top players 新爱上海同城对对碰论坛 上海同城对对碰交友社区who get their start at Gordon’s fir阿拉爱上海同城 爱上海龙凤419桑拿m
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Top LA Real Estate Agents

LA’s top luxury brokers TRD’s ranking of high-flying agents finds them begging sellers to lower their expectations while listings priced over $40 million proliferate

Bel Air’s 900 Stradella Avenue went for $41 million shortly after broker team James Harris and David Parnes of the Agency held a brandy tasting and seven-course dinner for 30 potential buyers and brokers.

UPDATED April 25, 10:45 A.M.:  Multi-course dinners, brandy tastings and even the odd theme party are among the fêtes high-end brokers throw in the hopes of drawing the right clientele.

And while some ostentatious events were always part of the game, there’s an increasing urgency to the sales pitch these days. The top luxury brokers in Los Angeles said the market is moving to extremes, with even more overpriced l上海同城对对碰交友社区 上海夜网论坛uxury homes on the market than ever. High-end buyers are looking for value and want properties with more land and less house, while sellers are largely unrealistic in their pricing expectations, brokers said.

To get a better sense of what’s happening in the luxe market, TRD ranked the industry’s highest-performing luxury market players, analyzing single-family home sales of $4 million and higher to identify the 20 top-producing agents from March 1, 2017, through Feb. 28, 2018. Agents were credited with both listing and buying sides, including deals where they were the co-broker; an agent who represented both parties received full credit for each side.

Topping the ranking was Westside Estate Agency’s Kurt Rappaport, with over $627 million in sales. He was followed by Chris Cortazzo of Coldwell Banker Residential with $530 million in sales. Hilton Hyland’s Drew Fenton placed third with almost $407 million in sales, and in fourth place, couple-slash-team Rayni and Branden Williams of Hilton Hyland landed over $403 million in sales over the 12-month period.

The brokers’ astronomical sales volumes and recent data reports suggest there are many deals to be done at the top of the market. In the fourth quarter of 2017, the number of closed luxury home sales was up 7.6 percent year over year. Those homes went fast, sitting on the market for an average of 83 days — 40 less than over the same period the year before.

But buyers are not ponying up as much as they used to, considering that the median luxury home sale price in Q4 of 2017, $8.9 million, was down 17.3 percent from the same time the year before.

Brokers say it’s been a persistent struggle to get luxury sellers to lower their pricing expectations. 

“There’s a lot of good property, but there’s also a lot of bad property and a lot of overpriced property,” said Pacific Union International broker Aaron Kirman, who snatched the No. 11 spot in TRD’s analysis, bringing in nearly $243.6 million in sales.

“We’re seeing a disconnect between sellers who want to get the most from their house and buyers who want to get a value even at the upper level,” he said. “Agents used to price high to get media attention and get something s[……]

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Stillman Development

Stillman reveals pricey revamp of long-shuttered Times Square Theater It’s the latest act for a space that has sat vacant for decades

Roy Stillman and 217 West 42nd Street (Credit: Stillman Development and Google Maps)

Stillman Development is planning a $100 million makeover for one of the last vestiges of old Times Square.

The company and its partner, the South Korean financial firm Daishin Securities Co., are renovating the long-shuttered Times Square Theater at 217 West 42nd Street to draw in entertainment-focused retailers, the Wall Street 爱上海同城 爱上海Journal reported.

“We wanted to design a project that would be insulated from the risks of e-commerce,” company president Roy Stillman said.

Stillman last year signed a 73-year lease for the space, and plans to restore its architectural features while lifting the theater’s limestone façade by five feet to create higher ceilings on the ground floor.

The developer will also construct a two-story glass box and outdoor space.

It’s the latest act for the theater, which opened in 1920 as a Broadway playhouse until it was later converted into a movie theater. In the mid-2000s, fashion retailer Ecko Unltd. sign新爱上海同城对对碰论坛 上海同城对对碰交友社区ed a lease at the property but never opened a store.

In 2014, a gr阿拉爱上海同城 爱上海龙凤419桑拿oup called “Broadway 4d” leased the property, but then walked away after paying rent for nearly four years. And last year a deal fell apart for a Singapore-based entertainment and multimedia company to lease the space.

Meanwhile, the city is struggling with vacant storefronts, though Times Square has阿拉爱上海同城 爱上海龙凤419桑拿 remained resilient. Vacan上海千花社区 上海千花网交友cy rates fell to 15.6 percent in the second quarter from 22 percent in 2016, according to Cushman Wakefield.

Colliers International’s Brad Mendelson, who has long worked on the theater space and is handling leasing for Stillman, said the developer is targeting major brands like Apple, Amazon and Coca-Cola.

“The trick is you have to give the shopper a reason to go,” he said. “Otherwise the internet is easy to work.” [WSJ] – Rich Bockmann

 

Tags: Commercial Real Estate, Stillman Development, Time Square
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