Artists Leaving NYC

No, all the artists are pro上海贵族宝贝 上海千花网龙凤论坛bably not leaving NYC It’s hard to quantify but the young and creative are still moving to the Big Apple

Richard Taittinger

For as long as NYC has had artists it’s been scared of losing them. And when they aren’t gentrifying your neighborhood, they are getting priced out of it.

I never rest in New York, photographer Brian Palmer told WNYC, before moving from Brooklyn to Richmond, Virginia. I always feel like I have to be doing something work-related.

Most New Yorkers have a story about their creative friend who couldn’t make it work in NYC’s super expensive housing market. Bu上海贵族宝贝论坛 上海贵族宝贝t are more artists really leaving now tha上海贵族宝贝交流区 上海贵族宝贝论坛n in the past?

We’ve seen, actually, an increase in visual artists in New York City over the last decade, Adam Forman, the Center for an Urban Future, which studies the issue, told WNYC. So without question, people are still coming here.

However, he noted that while most young artists come to attend art school, they are more li新爱上海同城对对碰论坛 上海同城对对碰交友社区kely to be burdened with college debt, making it difficult to survive. [WNYC] –Christopher Cameron

Tags: artists
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Realogy Holdings Corp

Realogy weathers challenging Q2, vows to fight rivals rampant agent poaching CEO Richard Smith talks action plan to retain top producers

Pam Liebman and Richard Smith

Even the Goliath of real estate companies isn’t immune to agent poaching.

In reporting a “challenging” second quarter, Realogy Holdings — the New Jersey-based conglomerate that owns the Corcoran Group, Sotheby’s International Realty, Citi Habitats and other brokerages —cited softness in the high-end market and vicious competition for top-producing agents.

And while chairman, CEO and president Rich上海千花社区 上海千花网交友ard Smith didn’t drop any names during a second-quarter earnings call Thursday, analysts reading between the lines know he was talking about Compass , the three-year-old New York City startup that’s in the middle of a fundraising push that could value it at $1.3 billion.

Last year, Corcoran s Soho manager Gene Martinez jumped to Compass as did Patrick Brennan, a senior managing director of Corcoran’s Park Slope office, who recruited several other Brooklyn agents to the brokerage.

“The market is always competitive for agents,” Smith s新上海贵族宝贝论坛 上海贵族宝贝交流区aid, while noting the “trend has recently become more pronounced, as new entrants to the industry as well as assorted well-established firms use short-term economic incentives to build market share.”

Amid that changing landscape, Smith said Realogy is fighting back.

“We intend to be aggressive in retaining our top-producing agents and sales associates,” he said. While he was short on actual details, he said Realogy has developed a solid “action plan” to retain and recruit agents, the benefits of which he said will be seen in the next 12 to 18 months.

The hope, Smith said, is that inves上海千花网 爱上海同城对对碰ting in agent recruitment and retention would bring in more revenue as the high-end market recovers.

Overall, Realogy reported revenue of $1.66 billion during the second quarter, up 1 percent from 2015’s second quarter thanks largely to a 3 percent increase in transactions across the company. Net income was $92 million for the quarter, down from $97 million in Q2 2015. Earnings before interest, taxes, depreciation and amortization (EBITDA) was $275 million, up 4 percent.

But even as sales were up across the company, Realogy’s NRT division which owns and operates Corcoran, Sotheby’s and Citi struggled. It posted a 1 percent drop in transaction volume and 2 percent drop in average sale price. And NRT’s revenue for the second quarter, $1.268 billion, dropped $21 million compared to the same period in 2015, thanks to slower sales in the $2.5 million-plus category.

During the second quarter, sales above $2.5 million represented 16 percent of NRT’s volume, down from 19 percent in 2015’s second quarter. “High-value property sales are still occurring, but in smaller numbers,” Smith said.

Some 60 percent of NRT’s revenue comes from key markets including New York, Florida and California, with the New York tri-state area accounting for 24 percent of NRT revenue, executives said on[……]

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Starrett City

Hot and bothered: Starrett City s AC goes down ahead of HUD inspection Subsidized rental complex plagued by dismal inspections in recent years

Starrett City and Ben Carson (Credit: Getty Images)

Plagued in recent years by wear and tear, the owners of Starrett City are facing a sticky problem at the sprawling Brooklyn housing complex just in time for its annual inspection by federal officials.

Starrett City, the largest federally subsidized resi上海贵族宝贝交流区 上海贵族宝贝论坛dential rental project in the nation, is grappling with a major leak that shut do上海千花网龙凤论坛 上海千花社区wn the cooling pipes that service the complex s air conditioning, forcing the owners to hand out fans to tenants this week as the mercury hovered around 90.

The bad news comes as the complex is in talk上海千花网论坛 上海千花网s with the U.S. Department of Housing and Urban Development led by Ben Carson, who was appointed to the post by President Trump, a minority owner of Starrett City to inspect the complex sometime this summer, the New York Daily News reported.

The complex — with 46 buildings and 5,881 apartments — is one of the country s largest federally-subsidized developments and it s received $491.7 million in federal funds since May 2013. It received $76.8 million in 2016 and $38.3 million so far this year, according to the U.S. Department of Housing Urban Development.

But HUD inspections in recent years have been poor. A score of 90 out of 100 requires inspections every three years, but Starrett City scored 89 in 2007 and 77 in 2009. The complex scored just 70 in October 2016 at its last inspections.

Starrett City officials said the scores dropped when HUD cited a series of minor, non-safety issues, such as repairs that were being made to the buildings brick facades. The ownership an investor group led by the family of the late Disque Deane have reportedly pumped $30 million into improvements.

In November, The Real Deal reported the owners were in talks with four banks to land a refinancing that would replace a $531 million loan issued by Freddie Mac in 2009.

Trump holds a 4 percent stake in the complex, generating $5 million in income last year through April 15, according to his financial disclosure.

Bob Liff, a spokesman for Starrett City, said the president plays no role in managing the complex and that his father, Fred, w爱上海同城对对碰 爱上海同城论坛as a limited partner when the project was built in 1974. He said the complex “responds immediately to maintenance issues as they arise.

Eric Trump s wedding planner, Lynne Patton, was recently appointed to run HUD s New York City programs. She do上海贵族宝贝 上海千花网龙凤论坛es not have housing experience.  [NYDN] E.B. Solomont

Tags: Politics, Residential Real Estate, starrett city, U.S. Department of Housing and Urban Development
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Kushner Companies

Kushner Companies hit with rent-stabilization lawsuit in Brooklyn Heights “Ignorance, indifference or utter disregard of the law.”

From left: Jared Kushner, Laurent Morali and 89 Hicks Street (Credit: Getty Images, CUNY TV and Google Maps)

Kushner Companies violated rent-stabilization laws at a building the company owns in Brooklyn Heights, a new lawsuit alleges.

The lawsuit, which seeks class action status, comes at a time when the company is already facing scrutiny over its ownership and management of a massive multifamily portfolio with hundreds of rent-stabilized units across the city, and puts a further spotlight on Jared Kushner, the former CEO of the firm and top White House adviser who continues to hold a stake in the Brooklyn Heights property.

For years, the 48-unit apartment building at 89 Hicks Street was a servant to institutions. It was first converted to religious housing for the Jehovah’s Witnesses in 1989, and later became a dorm for Brooklyn Law School. In 2014, it was picked up for $14.3 million by Kushner Companies, which was on its way to becoming one of the biggest players in the borough.

According to the complaint, apartments at the building had for more than two decades enjoyed a temporary reprieve from the burdens of rent stabilization, due to a law that makes exceptions for buildings used for institutiona爱上海同城 爱上海l purposes, such as for schools, hospitals or religious organizations. With the Kushner Companies acquisition, the building went back into the private sector, and the building s apartments were required to become rent-stabilized again. But Kushner Companies did not comply with that requirement, according to the lawsuit, filed Tuesday in Kings County State Supreme Court, and instead leased many apartments in the building at market rates.

Aft爱上海同城论坛 爱上海同城er the Kushner Companies acquisition, the legal rent for the apartments would have to revert back to what they were before the building received the reprieve, according to state rent laws. In the case of at least one apartment, the year of reset was 1991, meaning that the legal rent for the apartment would be a fraction of what the market-rate rent in tony Brooklyn Heights is today.

The tenants are demanding monetary damages equivalent to the amount of rent overcharge, plus interest.

Lucas Ferrara, a partner at Newman Ferrara who is representing the tenants in the suit, said the laws were clear.

“There are only three possible explanations for the abuses we have uncovered here, he said. Ignorance, indifference or utter disregard of the law. We suspect the latter.” Ferrara said he brought the lawsuit after the Housing Rights Initiative, a nonprofit group 爱上海同城对对碰 爱上海同城论坛that has organized many recent rent-stabilization suits against major landlords, brought the 89 Hicks situation to his law firm’s attention.

A representative for Kushner Companies said that we are reviewing the lawsuit. The company, which has a sprawling portfolio of multifamily holdings in New York and across the Northea上[……]

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Women In Real Estate

New data show just how male-dominated the CRE industry is Women account for just 10% of top US jobs

Women who上海千花网论坛 上海千花网 want to become CEO of 上海龙凤论坛 新上海贵族宝贝论坛a real estate fund manager may have a better shot across the ocean.

A mere 10 percent of senior executives at U.S. private real estate fund managers are female, according to a survey by上海贵族宝贝 上海千花网龙凤论坛 research firm Preqin. That’s a far cry from France, where women occupy 17 percent of top jobs, Singapore (14 percent) and Hong Kong (12 percent).

Germany and the United Kingdom trail the U.S. with 9 percent each. The global average is 9.9 per爱上海 爱上海同城手机版cent.

Women are even more rare at the highest echelons: They account for a mere 5 percent of CEOs, 6 percent of presidents and 2 percent of chairwomen globally. COOs and CFOs are more likely to be female, with shares of 16 and 18 percent respectively.

The Real De上海龙凤论坛 新上海贵族宝贝论坛al broke down the real estate industry’s diversity problem in the January issue.

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New York City Development

10 projects born out of NYC s failed Olympic ambitions Ready for a trip down memory lane?

(Credit: Beyond My Ken)

As the Winter Olympics in PyeongChang, South Korea approach, let s not forget the failures along the way, notably NYC s bid to win the games, literally, by bringing them to the city.

Under former mayor Michael Bloomberg, the city tried, but ultimately came up short, of winning the bid to host the 2012 Summer Olympic games, but there are some lasting legacies of the attempt worth noting, as Curbed reports: here are 10 projects that came about, in part, thanks to the city s loss of the celebrated games.

1
Hudson Yards

(Credit: Becker747400/Wikimedia Commons)

Redeveloping Manhattan s west side was a major part of the 2012 bid and facilitated the rezoning of what has become Hudson Yards. Though the Olympian dreams had planned for a stadium in the area (which was left somewhere on the cutting room floor), much of the 2005 rezoning can be attributed to the bid at least as an NYU report argues.

2
The 7 line extension / 34th St-Hudson Yards subway station

(Credit: MTA)

An integral part of the Hudson Yards rezoning, the project still happened as planned just two years behind schedule.

3
Jacob K. Javits Convention Center

(Credit: Jeffrey O. Gustafson)

The bid pushed the center to add an extra 340,000 square feet, for which Gov. Andrew Cuomo agreed to help redevelop to the tune of $1.5 billion.

4
Citi 阿拉爱上海同城 爱上海龙凤419桑拿Field

(Credit: Cathy T)

The city s scramble to find a stadium re上海千花网龙凤论坛 上海千花社区sulted in a fine deal for The Mets, according to an NYU report on how the 2012 Olympic bid transformed New York: “To help reduce the cost of the stadium, the City granted the Mets the right to construct it on City-owned property, foregoing payment for the land.” Though the team still had to fork over $600 million, the city chipped in $180 million.

5
Barclays Center

(Credit: AEMoreira042281/Wikimedia Commons)

The center, then known as the Atlantic Yards stadium, was to be the venue for gymnastics.

6
369th Regiment Armory

(Credit: Jim Henderson)

The 20th century building was going to be converted into a venue for boxing and it s going down swinging: in 2016, a $2.2 million renovation was announced. The fight goes on.

7
Hunters Point South

(Credi爱上海同城 爱上海t: Jim Henderson)

The would-have been athletes Olympic village became the focus of numerous starchitects master plans. In the end, after the bid and star power faded to dust, SHoP Architects ended up building two new buildings for the area.

8
Bushwick Inlet Park

(Cred爱上海 爱上海同城手机版it: Newkai)

Rezoning of the waterfront was underway, but received an extra push once the bid was underway as it would have been the site for water sports events like beach volleyball.

9
The High Line

(Credit: Beyond M新上海贵族宝贝论坛 上海贵族宝贝交流区y Ken)

One report by NYU credits the successful park we know and love completely to the failed bid: The decisive impetus for saving the High Line came when the City Council leadership agreed to support NYC2012’s plan for a West Side Stadium in return for the Bloombe[……]

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Michael Shvo

Meet Michael Shvo s Turkish business partner, Serdar Bilgili His firm BLG Capital has invested in a flurry of deals with SHVO

Serdar Biligili and Michael Shvo (Credit: Facebook and Getty Images)

During a 2007 lecture to members of Hilton Hotels and Resorts advisory board, Michael Shvo, then a New York real estate megabroker, declared that the real estate market was about to collapse, due to an excess market without sanity and logic. The proclamations raised a few eyebrows, but one person in the room, Serdar Bilgili, the owner of a Turkish real estate private equity firm, was intrigued and reached out to Shvo to meet for lunch.

A decade later, Bilgili has gained a small foothold in the New York market by partnering with Shvo and his company SHVO on a string of luxury developments in the city. Last month, Biligili s Istanbul-based firm BLG Capital announced a joint venture with Shvo in the Gucci Building at 685 Fifth Avenue. The deal involves two major German funds and Deutsche Finance Group, to secure 100,000 square feet of office space at the property long-sought by Shvo.

With Bayerische Versorgungskam爱上海同城手机版 新爱上海同城对对碰论坛mer (BVK), the country s largest manager of public pension funds and Versicherungskammer Bayern Group (VKB), the largest public insurer in Germany, the firms raised $155 million for the deal, including $135 million for the purchase of the space and $20 million in equity. They plan to add five stories to the building and with construction to start at the end of the year.

Serdar has invested in most of my developments in New York, Shvo said. You can see there s a lot of similarities to what we do, in the world of developing unique product.

Shvo, who frequently refers to Bilgili as his best friend, (Bilgili introduced Shvo to his wife, Shvo introduced Bilgili to the mother of his child) said the pair are working on two additional deals together. He declined to state how much equity the partners had in their various New York projects.

Though teaming up with Shvo has given Bilgili an entry to the New York market, he also has a development track record of his own in Turkey.

Bilgili, a 55-year-old Istanbul native, owns one of the largest private equity real estate firms in Turkey, Bilgili Holdings, the parent company to BLG Capital. In the early 2000s, he gained notoriety as the president of one of Turkey s most popular soccer teams, Beşiktaş Jimnastik Kulübü. Since then, Bilgili has become a major real estate developer in Turkey and brought international hotel brands to Istanbul, including the W Hotel, Radisson Blu and Soho House.

Recent turmoil in Turkey, including terrorist attacks and an increasingly autocratic leader, has placed immense pressure on the country s economy and tourist trade. To build hype around a luxury development and to serve as a tourist attraction in I上海龙凤论坛sh1f 上海龙凤论坛stanbul s Nişantaşı neighborhood, an artist district, Bilgili erected a 200 foot high outdoor photography exhibit on the sides of the scaffolding, depicting portraits of[……]

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US Home Incentives

Watch: These US cities will pay you to build the 上海贵族宝贝交流区 上海贵族宝贝论坛home of your dreams Hope you like the Midwest!

While home prices are skyrocketing in cities like New York, Los Angeles and San Francisco, some places are offering free land and cash rebates to lure ho上海千花网龙凤论坛 上海千花社区me buyers and home builders. Check out the video above to see which seve上海同城对对碰交友社区 上海夜网论坛n towns and cities in the U.S. are of上海龙凤论坛 新上海贵族宝贝论坛fering incentives.

Tags: homeownership, Residential Real Estate
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Opportunity Zones

Last call! Join the architect of the Opportunity Zone program at Future City 2019 Real estate’s top players to convene in the Bahamas Jan. 27-29

One of the key architects of the Opportunity Zone legislation, Steve Glickman, will join Skybridge Capital’s Anthony Scaramucci and Youngwoo Associates’ Young Woo, among others, at The Real Deal s Future City 2019 for a workshop exploring the ins and outs of the Opportunity Zone program. The workshop is among 20 that will be held at the event.

Glickman was a senior economic advisor to President Obama and his firm, Develop Advisors, works with entities looking上海贵族宝贝 上海千花网龙凤论坛 to raise and deploy capital into Opport上海龙凤论坛sh1f 上海龙凤论坛unity Zones. Scaramucci, a financier who had a very short tenure as White House co新上海贵族宝贝论坛 上海贵族宝贝交流区mmunications director, has been busy building a multi-billion-dollar Opportunity Zone fund, while Youngwoo Associates launched their own OZ fund with EquityMultiple in September.

The trio, along with other experts, will parse the tax and legal implications of the program, as well as other key aspects important to the industry. They join a group of 200 C-level executives in the fields of development, tech, construction, design and finance to network with and learn from the top minds and biggest dealmakers in the country at Future City 2019, taking place at the Baha Mar resort from Jan. 27-29.

Some of our other confirmed attendees and thought leaders include: Don Peebles, John Catsimatidis, Michael Stern, Morris Moinian, Bruce Mosler, Sharif El-Gamal, Edgardo DeFortuna, Bob Knakal and more.

The industry is changing at a faster pace than ever before as a result of new technology, new sources of funding, new policies and new attitudes, and top thought leaders will be hosting workshops at the event enabling an understanding of these seismic shifts at a high-level, as well as their practical day-新上海贵族宝贝论坛 上海贵族宝贝交流区to-day applications.

In addition to 20-plus learning sessions, there will be programming to facilitate networking including golf, fitness activities, group meals and keynote speeches, cocktail events and plenty of other entertainment.

If you are VP level or higher, please email [email protected] 上海龙凤论坛sh1f 上海龙凤论坛for further details. Space is limited and subject to approval. 

Tags: Opportunity Zones
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NYC Residential Brokerages

“They are pimping you out”: Brokerage execs talk StreetEasy, Compass and broker poaching at NYRAC’s inaugural event Top resi executives said — once again — that they need to unify

From left: Bess Freedman, Rob Reffkin, Howard Lorber, Clelia Peters, and Elizabeth Ann Stribling-Kivlan

Just hours after Compass struck a deal to buy Stribling Associates, the city s top residential brokerage executives took to the stage to spar over existential questions about the industry’s future, the ongoing threat of StreetEasy and Compass’ aggressive recruiting tactics.

Right off the bat, the spotlight was on Elizabeth Ann Stribling-Kivlan, the head of Stribling, and Robert Reffkin, the CEO and co-founder of Compass. Stribling-Kivlan said her firm’s decision “has nothing to do with other people’s firms,” noting that Stribling had reached a point where it could no longer provide the level of resources and support it sought for its agents and staff.

Light-hearted jokes about the deal peppered the chat throughout the night — Douglas Elliman s chairman Howard Lorber quipped that Corcoran Group CEO Pam Liebman was off calling Stribling brokers — but the remarks lar阿拉爱上海同城 爱上海龙凤419桑拿gely centered around the need for the city’s brokerage industry to band together and how firms can stand up to disruptive forces including aggregators like StreetEasy.

More than 100 brokers and assorted industry players crowded into a 66th floor apartment at Extell Development’s One57 for the panel entitled “The Future of NYC Residential Real Estate Brokerage: How the Disruptors are Affecting Our Industry.” The discussion — an inaugural event for New York Residential Agent Continuum, a broker adv上海千花网论坛 上海千花网ocacy group that launched last fall — also included Warburg Realty president Clelia Peters and Brown Harris Stevens CEO Bess Freedman.

Ownership of and control over listings and data was the cen上海千花社区 上海千花网交友tral idea the executives agreed upon. Freedman, taking aim at the Zillow Group’s Premier Agent program that has been a consistent source of frustration for brokers, partly blamed the lack of education among consumers. If they better understood how the initiative is misleading, she said, it would change consumers’ perception of the program.

“They are pimping you out, and every time you give them money, you are helping them to get stronger,” Freedman said, drawing applause and murmurs of agreement from the audience.

But the dynamic grew more combative as the panelists criticized Elliman and Corcoran for its dealings with Zillow. In 2017, Elliman tapped StreetEasy to build a back-end portal for its agents — a move that Lorber said was made after consulting with brokers. “We did what we thought was good for them, and what they thought was good for them,” he said.

Elliman also chose to cover the costs of StreetEasy’s rental listing fee for its brokers. Realogy — the parent company of Corcoran, Citi Habitats and Sotheby’s International Realty — also inked a “long-term, multi-year” deal to cover the fe上海贵族宝贝 上海千花网龙凤论坛e. (Early[……]

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