Trump Real Estate

Resi brokers weigh in on the Trump effect Players say uncertainty and election jitters slowed down deals

Donald Trump and an aerial view of New York City (credit: Getty Images)

“Know any brokers in C上海千花网 爱上海同城对对碰anada?”

After 上海龙凤论坛sh1f 上海龙凤论坛Donald Trump’s election victory, Leonard Steinberg’s phone kept ringing. Some callers were buyers gearing up to invest. Others had decided to pump the brakes until things settled down. The rest were looking north of the border.

“There’s so many unknowns at this point. We do know a few little tidbits, but they don’t add up to a full comprehensive picture yet,” said Steinberg, the president at Compass. “How it impacts the world, we don’t know.”

It’s a question that residential brokers across the city are mulling over. There’s no doubt election jitters slowed down deals. An internal survey at the Corcoran Group found 40 percent of brokers there上海千花网论坛 上海千花网 had at least one client waiting until after Nov. 8 to make purchases. But with the presidency now settled, brokers told The Real Deal, they are optimistic deal flow will begin to normalize. While not everyone agrees on exactly how and to what extent Trump’s presidency will affect the city’s residential market, all believe the return to political certainty likely will have a positive impact.

“People are exhaling right now,” said Kathy Sloane, a top broker at Brown Harris Stevens. “I think once they finish that exhale they’re going to hopefully start inhaling real estate.”

Not everyone shares that rosy outlook. Last week, Charles Bendit, the co-CEO of Taconic Investment Partners, told a panel at a Real Estate Board of New York event that he fears 上海贵族宝贝 上海千花网龙凤论坛foreign investors may back away from New York City and cause condo sales to “come to a screeching halt.”  But Charlie Attias, a Corcoran broker who represents overseas buyers, believes those fears are unfounded. Within days of the election, he said he received calls from two international investors one from Switzerland and one from Africa. According to Attias, both of them already own “substantial” property in the city and see the Trump presidency as a boon for the local market. “They feel that since he’s a business person and a real estate person, especially in New York City, he’s going to facilitate business, real estate investment and construction here in New York,” he said.

爱上海同城对对碰 爱上海同城论坛

Trump sold himself to the American public as a shrewd businessman who will employ his entrepreneurial talents in governing. “He is, foremost, a great builder,” said Elaine Diratz, a managing director of new development at Town Residential, and former senior vice president at the Trump Organization. “Any time you have a businessman in the office, I think people will be more open to business deals.”

But some doubt if having a real estate tycoon in the role of commander-in-chief will make the slightest difference to the city’s residential market.

“I think de Blasio has more of an impact on New York real estate than Mr. Trump ever will,” said Elizabeth Stribl[……]

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Andrew Cuomo

Next stop, JFK: Cuomo outlines details of upcoming $10B airport redevelopment Work will include expanding existing terminals

Rendering of John F. Kennedy International Airport

Officials on Wednesday announced the planned redevelopment of Jo爱上海同城对对碰 爱上海同城论坛hn F. Kennedy International Airport, a project that is expected to cost as much as $10 billion.

At an event held by the Association for a Better New York on Wednesday, Gov. Andrew Cuomo and Dan Tishman, vice chairman of AECOM and Tishman Construction, provided some details on the project, which will include expanding newer terminals (4,5 and 8) at the airport, redeveloping and relocating older terminals (1,2 and 7) and redesigning some of the major roads leading to the airport to cut down on traffic congestion. Tishman was named to an advisory panel in 2015 tasked with creating recommendations to redevelop 上海千花网论坛 上海千花网LaGuardia Airport and JFK.

The on-airport development is expected to cost $7 billion to $8 billion, while the improvements to roads leading to the airport — such as adding lanes to the Van Wyck Expressway and reorganizing the Kew Gardens Interchange — is projected to cost $1.5 billion to $2 billion, Cuomo said. The state is also studying the feasibility of creating a one-seat ride to the airport from Manhattan, meaning that travelers wouldn t have to transfer from subway to air train. Cuomo said the cost of such mass transit has yet to be determined. The private operators of the terminals will have to work individually with Port Authority to come up with development plans and are expected to finance the terminal work. Cuomo said the development opportunities will be offered on a first-come, first-served basis.

Delta called my house at 5:45 a.m. this morning. Just saying, he said.

from left: Dan Tishman, Cuomo, Tom Prendergast and Matthew Driscoll

The announcement was also an opportunity for Cuomo to tout his planned $100 billion worth of infrastructure projects and the state s use of design-build, which is supposed to simplify project contracts and shift cost liability to the private sector.  Late last year, the state broke ground on the $8 billion redevelopment of LaGuardia Airport, which was recently voted as the worst airport in the United States.

Cuomo repeated a favore新爱上海同城对对碰论坛 上海同城对对碰交友社区d spiel on New York s fall from being the nation s preeminent builder to a state with infrastructure that can t keep pace with the rest of the world. He said the fall from grace came sometime in the 70s, following Watergate and financial crisis, which heralded a wariness in government. He noted that master builder Robert Moses final project, the World s Fair, and World Trade Center in 1973 marked the end of an era for New York.

We lost the confidence government, and in truth, we lost the competence, he said, noting the delays that occurred with the redevelopment of the World Trade Center. He said such lack of co上海贵族宝贝 上海千花网龙凤论坛nfidence led many to criticize his $100 billion infrastructure plan, but he pointed to the completio[……]

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Manhattan Commercial Brokers

WATCH: Manhattan s top 10 office
leasing agents These are the most successful commercial agents in the current market

In the April issue, The Real Deal ranked the agents and firms who brokered the上海千花网论坛 上海千花网 most space in Manhattan’s lucrative office leasing arena in 2016. CBRE dominated the list, taking the top f阿拉爱上海同城 爱上海龙凤419桑拿our spots. Others who made the ranking include Cushman Wakefield s Bruce Mosler and Tara Stacom, while brokers from NGKF made three appearances in the top 15.

To see the 10 b上海千花网交友 上海千花网论坛rokers with the most Manhatt爱上海同城 爱上海an office deals, watch the video 新上海贵族宝贝论坛 上海贵族宝贝交流区above.

For more videos, visit The Real Deal’s YouTube page.

Tags: CBRE, Cushman Wakefield, Office Leasing
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125 West 31st Street

125 West 31st Street and Hal Fetner

Fetner Properties has landed $202 million to refinance a 59-story rental building in Midtown.

The state s Housing Finance Agency provided $176.8 million for 125 West 31st Street, a 458-unit apartment building between Sixth an新上海贵族宝贝论坛 上海贵族宝贝交流区d Seventh ave阿爱上海同城 阿拉爱上海同城nues. The loan — which comes from the proceeds of tax-exempt bonds — replaces an earlier loan of the same amount. HFA also supplied a new $25 million loan, according to documents filed with the city s Department of Finance. Both loans were passed onto Wells Fargo.

The apartment tower, dubbed the Epic, was built in 2005. At the time, 20 percent of the luxury爱上海 爱上海同城手机版 apartment building s units were set aside for affordable housing. The Durst Organization had originally partnered with Fetner on the building but ended up selling its stake in the property back to Fetner. The deal was part of the dissolution of their $740 million residential development p上海夜网 阿爱上海同城artnership.

In March, Fetner secured $183 million from the state and federal governments to refinance a 417-unit rental building at 501 West 41st Street — known as the Victory.

Tags: hal fetner, Housing Market, Real Estate Finance
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NYC Luxury Condos

Can’t afford a luxury condo? Well, maybe your office will at least look like one Landlords are modeling their spaces after high-end condos to attract tenants

The GM Building and a luxury unit in On上海龙凤论坛sh1f 上海龙凤论坛e57

It’s not enough for an office to just have a decent microwave and coffee maker anymore.

Landlords are now using luxury condos as inspiration to make their offices more appealing to tenants, including amenities like Miele brand convection ovens and faucets for still and sparkling water in their space, according to the Wall Street Journal.

Property owner上海夜网论坛 上海夜网s hope these features make it less intimidating for companies to relocate and allow them to increase rents. And given how competitive the market is, this means that high-end touches such as LED lighting, huge pantries and fashionable counter tops have become more normal.

ABS Partners John Brod told the Journal they爱上海同城对对碰 爱上海同城论坛 looked to Luxury Condo Projects Like 432 Park Avenue for their office building a上海千花网交友 上海千花网论坛t 145 East 57th Street, spending about $140 per square foot on their $20 million improvement project.

“There are a lot of prebuilts and they all look alike,” Brod said. “We specifically set out to build a better product.”

Tenant improvement allowances at Manhattan’s Class A office towers are nearly three times pre-recession levels, according to a report by JLL. [WSJ] – Eddie Small

Tags: amenities, Commercial Real Estate, John Brod
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Hamptons Real Estate

Hamptons Cheat Sheet: Jay-Z and Beyonce try to protect their East Hampton view from Richard Meier, oceanfront Quogue mansion lists for $21M more

Clockwise from top left: A seaside estate in Quogue listed for $20.9 millio上海千花网交友 上海千花网论坛n, George Stephanopoulos and Ali Wentworth s Southampton manse is back on the market, a 100-year-old home on Wainscott s Georgica Association Road sold for $7,71 million, and Jay-Z and Beyonce are battling Richard Meier in East Hampton.

Jay-Z and Beyonce lawyer up to stop Richard Meier house from blocking their view in East Hampton
Architect to the stars Richard Meier designed a new 8,325-square-foot house for daughter Ana Meier to build on Jones Creek Lane, but her neighbors, superstars Jay-Z and Beyonce, are objecting because they say it will block the view from their Briar Patch Road home, the East Hampton Star reported. The Meiers need variances from the East Hampton Village Zoning Board of Appeals to build and lawyers for both sides argued for their clients at the last board meeting. Richard Meier bought the land in question in 1972 before transferring it to Ana, while Beyonce and family bought their “Gatsby-esque” mansion for $25.9 million in 2017. [EHS]

Oceanfront Quogue mansion lists for $20.9M
Built in 2009, a six-bedroom, nine-bathroom mansion on Dune Road in Quogue is on the market for $20.9 million. The house has 10,200 square feet of living space, including a movie theater, a sauna and a game room. Sitting on nearly three acres, the ocean-front property has private beach access, a tennis court and an infinity pool. The current owners, Ray and Natharon Goodman, finished building the home in 2009 after tearing down the original structure. Lori Schiaffino of Compass has the listing. [Mansion Global]

New owners plan restaurant and more for former Hampton Bays Diner property
Montauk 24 Realty LLC bought the Hampton Bays Diner property in J上海千花网龙凤论坛 上海千花社区une for $3.2 million, and the as-of-yet unidentified owners are slowly moving forward on changes for the 1.7-acre site. A lawyer representing the company, Joseph Vona, said the owners want to put something on the property that is good for the town, which includes an eatery. Plans will likely include a new entrance to the lot that will ease traffic concerns at the intersection of Montauk Highway and Flanders Ro上海龙凤论坛sh1f 上海龙凤论坛ad but could also include building additional office space. [Southampton Press]

George Stephanopoulos and Ali Wentworth re-li爱上海同城对对碰 爱上海同城论坛st Southampton home for $1M less
A year after listing their Southampton home for just under $7 million, George Stephanopoulos and Ali Wentworth are giving the housing market another try, re-listing the Cameron Way property for $5.995 million. The five-bedroom, six-and-a-half bathroom shingle-style house sits on 1.47 acres with a pool and tennis court. The actor and her ABC News hosting husband paid $4.5 million for the home in 2013. [Realtor]

Century-old Wainscott home on Georgica Pond sells for $7.71上海贵族宝贝交流区 上海贵族宝贝论坛M
A 100-year-old home o[……]

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Stephen Siegel

Whether it can truly be a considered a roast, commercial新爱上海同城对对碰论坛 上海同城对对碰交友社区 real estate s 上海千花网论坛 上海千花网elite still managed to exchange some light-hearted barbs with CBRE 上海夜网论坛 上海夜网s Stephen Siegel, who was honored during a benefit event organized by The Real Deal to suppor上海龙凤论坛sh1f 上海龙凤论坛t the Gift of Life foundation on Feb. 7.

If上海千花网论坛 上海千花网 you missed any of the action, catch a highlight reel of the best jokes, jabs and, in some rare cases, well wishes by watching the video above.

Video produced by Jhila Farzaneh

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Andrew Cuomo

Cuomo: Felder needs to state whether he s pro-tenant or not Governor plans to pressure senator to rejoin Dems

Gov. Andrew Cuomo and Sen. Simcha Felder

As he gets pulled left, Gov. Andrew Cuomo is reportedly trying to pressure Sen. Simcha Felder of Brooklyn to rejoin state Democrats.

If Democrats win the April 24 state Senate special election, the governor plans to introduce a series of policy changes, including stricter rent regulations such as vacancy decontrol, according to the New York Daily News. Other issues include gun control, criminal justice and campaign finance reform.

One source told the newspaper that the governor s agenda would present “a policy choice and not a political choice for Simcha: Are you pro-tenant or not? Pro-gun-safety or not? Pro—voting and -ethics reform, or not?”

“With 32 elected Democrats it should be done before the end of the session,” the source said. “This puts pressure on Simcha Felder to have to pick a side, or be the reason the agen上海夜网论坛 上海夜网da is not taken up.”

Earlier this month, Cuomo, who is facing a primary challenge from progressive Cynthia Nixon, cut a deal with eight Democrats — the Independent Democratic Conference — who h上海千花网交友 上海千花网论坛ave sided with Republicans since 2011. Felder was the only holdout. The arrangement 上海千花网交友 上海千花网论坛between the IDC and Republicans was advan爱上海同城对对碰 爱上海同城论坛tageous to Cuomo, who could play mainline Democrats against Republicans.

What else is new? I’ve been blamed for everything since I was born, Felder said through a spokesperson. Let’s see what happens on April 24.”

Cuomo recently lost the endorsement of the politically powerful Working Families Party, though he reportedly convinced some of its biggest labor backers including the上海千花网 爱上海同城对对碰 teachers union and 32BJ SEIU to continue supporting him. [NYDN]— Kathryn Brenzel 

Tags: Andrew Cuomo, Politics
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GOP Tax Plan

Why Westchester homes are getting battered by dramatic price reductions” The new 爱上海同城对对碰 爱上海同城论坛federal cap on state and local property tax deductions is forcing sellers to slash prices dramatically

(Credit: Daniel Case, Pixabay)

UPDATED, Aug. 7, 12:37 p.m.: Westchester residents, many trying to avoid the hefty tax bill that 2018 promises, are finding themselves in an unforgiving buyers market.

In Scarsdale alone, prices dipped 5 percent in the first six months of 2018, while Mamaroneck saw a 13 percent drop, according to Bloomberg. The number of homes selling in the county fell 18 percent 爱上海龙凤419桑拿 上海龙凤论坛sh1fin the second quarter of 2018, with those asking between $1.5 million to $3 million faring the worst.

The major push factor for sellers to plow ahead despite plummeting prices is the GOP s new tax law which上海龙凤论坛 新上海贵族宝贝论坛 slapped a $10,000 cap on state and local property tax deductions, which means homeowners in areas like Westchester, where property taxes can run up to $50,000, are feeling a serious crunch.

As a result, the number of homes for sale in Westchester has been increasing: in late June, inventory was up 5 percent compared to last year and, for homes priced between $2-2.5 million, listings were up 26 percent.

Buyers are feeling no sympathy for homeowners who bet on turning a neat profit when they decided to sell off their prestige address. Compass broker Angela Retelny says her clients tell her “‘Look, I’m not going to spend more than $35,000 in taxes.’ Houses are just being dismissed, even though they’re superior homes, and they have to be reduced because their taxes are just way too high for the price range.”

With buyers taking a hard line, sellers are being forced to bend, according to her. There are “dramatic price reductions every single day every hour, pretty much,” she told Bloomberg.

Yorktown Heights property attorney Matthew Roach recalled one client who sold his home of 25 years immediately after the GOP s tax law was passed. His home had property taxes over $50,000 and he was planning to move to Brooklyn, pay $10,000 in rent and never buy another home.

“We all think next year is going to be a tough year for real estate sales,” Roach told Bloomberg. [Bloomberg]

Correction: A previous version of this post incorrectly stated t上海贵族宝贝论坛 上海贵族宝贝here had been an 18 percent drop in Westchester home prices. The 18 percent drop was, in fact, for the number of Westchester homes that sold.

Tags:新爱上海同城对对碰论坛 上海同城对对碰交友社区 Residential Real Estate, suburbs, taxes
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Federal Reserve

Fed rate may surpass 3% in 2019: Federal Reserve’s Karen Gilmore Higher rate expected to push up cost of borrowing — but only one to two hikes expected this year, she confirmed at a CREW-Miami luncheon

CREW Miami President Keren Marti with Federal Reserve Vice President Karen Gilmore (Credit: iStock)

In 2019, the benchmark federal funds rate could crack the 3 percent mark for the first time in more than a decade, according to the Federal Reserve’s top official in Miami.

During a luncheon this week hosted by CREW-Miami, Karen Gilmore, vice president and regional executive at the Miami branch of the Federal Reserve Bank of Atlanta, said the regulatory body is anticipating two hikes this year that could bump up the rate to 3.25 percent. The rate is currently between 2.25 percent and 2.5 percent. A higher fed rate is expected to push up the cost of borrowing for commercial and residential loans.

Gilmore told attendees at the Four Seasons Hotel Miami that the Federal Reserve has dialed back its projected rate hikes for 2019, confirming earlier reports that there will only be two increases this year instead of three. In 2018, the Federal Reserve raised rates four times.

“T爱上海同城对对碰 爱上海同城论坛he federal policy makers [have indicated] there will be one to two adjustments,” Gilmore said. “In September, they were much more aggressive about what would happen in 2019. They have pulled back th上海同城对对碰交友社区 上海夜网论坛e pace of the interest rate changes in the coming year.”

While the economy and the labor market finished strong in 2018, there are signs the record growth is slowing down, Gilmore 上海千花网交友 上海千花网论坛said. The last time interest rates went over 3 percent was in 2005, three years before the global financial collapse and subsequent recession.

Gilmore said the economy and job growth are still tracking upward, but certain employment trends could slow things down. “We are not going into a recession,” she said. “However, a hot labor market can have other ramifications.”

The historically low unemployment rate can lead employers to be forced to raise salaries and wages to attract qualified workers. Those business costs are absorbed by raising prices for goods and services, Gilmore explained. In turn, consumers could end up spending less money, she added.

Another area of concern is that the Republican-led tax cut plan has not led to more spending by businesses that benefited from it, she said. Proponents expected tax cuts would entice companies to invest in new capital such as buying new equipment or building new warehouses, Gilmore said. “But businesses have not been strong investors in their businesses,” she said. “A lot of the tax savings went to stock buybacks and dividends.”

The trend will continue in 2019, she added. Moreover, the Trump tariffs and trade war has dampened economic enthusiasm generated by the president’s tax cut plan. “It put the brakes on all the positive sentiment created by the tax cuts,” she said.

There has also been a pull back on home buying, Gilmore said, with consumers q[……]

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