224 West 22nd Street

How bout a little hug for the Bushy s house? Disgraced ex-“Today” show host’s Chelsea townhouse has been on the market since April

224 West 22nd Street and Billy Bush (Credit: ODA New York and Getty Images)

UPDATED, Oct. 24, 1:35 p.m.: On Sunday night, the New York Post reported that fired Today show anchor Billy Bush had just listed his recently-purchased fixer-upper Chelsea townhouse.

The tabloid didn t i上海千花网龙凤论坛 上海千花社区dentify the townhouse, but sources tell The Real Deal that the home is at 224 West 22nd Street, and has in fact been阿爱上海同城 阿拉爱上海同城 on the market for 25 weeks.

224 West 22nd Street (credit: ODA)

The Post, citi上海千花网论坛 上海千花网ng anonymous sources, claimed that Bush had recently purchased a Chelsea townhouse to coincide with his move from Los Angeles to New York for the Today show gig. But according to the tabloid, his New York plans quickly changed when a 2005  Access Hollywood tape detailing a candid, sexually-charged conversation with Donald Trump surfaced and he was fired last Monday by NBC. Citing anonymous sources, the Post claims Bush quickly moved to list his Chelsea townhouse.

TRD sources and records tell a different tale. According to city documents, the Chelsea townhouse has been on the market since April 29 for $8.995 million. B上海贵族宝贝论坛 上海贵族宝贝ush s move to the Today show was announced in May of this year. Howard Morrel and Rebecca Kilborne of Engel Volkers have the listing.

224 West 22nd Street (credit: ODA)

The home was purchased in December 2015 by Massachusetts-based JLM Trust, an entity affiliated w上海夜网 阿爱上海同城ith the famous Bush political dynasty. Documents filed with the city list Jonathan Bush as the successor trustee meaning the trust could be controlled by Billy s brother Jonathan, the CEO of athenahealth; or his father Jonathan, the younger brother of former President George H.W. Bush.

The prior owners of the townhouse, Empire City Realty s Steven Ostad and business partner Andre Sakhai, received gut renovation permits in January 2015 to convert the former SRO into a modern five-bedroom abode spanning 7,000 square feet. They tapped Eran Chen s architecture firm to design a full gut renovation and then sold the vacant townhouse to JLM Trust for $8.8 million, which at $1,257 per square foot was a conversion record for the neighborhood.

The Post claimed Billy was living in an apartment while the gut renovation was being completed. Its sources said his family stayed behind in Los Angeles.

Tags: celebrity real estate
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Clock Tower LIC

Durst buys Clock Tower site in LIC for about $175M Developer planning massive rental project at site purchased from PMG, Hakim

Renderings of Queens Plaza Park in Long Island City and Douglas Durst

UPDATED, Dec. 19, 12:20 p.m.: The Durst Organization bought the Clock Tower development site in Long Island City from Property Markets Group and Hakim Organization for about $175 million, The Real Deal has learned. Durst plans to build one of the neighborhood s biggest rental projects on the site, which allows for a project of about 1 million square feet.

The sellers had sought to develop an 800-unit project – two-thirds rentals, one-third condos – on the vast Queensboro Plaza site at 29-37 41st Avenue. But this summer, the firms opted to put the undeveloped land on the market with HFF. The project was slated to Be Called Queens Plaza Park.

Hakim chief Kamran Hakim confirmed the deal, saying Durst went into contract and closed on the purchase on the same day in a deal for roughly $175 per buildable square foot.

“They are a good developer that c上海贵族宝贝交流区 上海贵族宝贝论坛an take better advantage of the site,” Hakim said. “It was too big for us.”

PMG and Hakim had proposed a joint venture, but Durst insisted on going solo, sour上海龙凤论坛sh1f 上海龙凤论坛ces said. Durst i上海贵族宝贝交流区 上海贵族宝贝论坛s also developing the Hallets Point megaproject in Astoria, and has been vying for an RFP from the city s Economic Development Corporation to develop two Long Island City waterfront sites across 4上海贵族宝贝论坛 上海贵族宝贝.5 acres.

A spokesperson for Durst did not immediately respond to a request for comment, while representatives for PMG declined to comment.

HFF’s Andrew Scandalios, Christopher Peck, Eric Anton, Rob Hinckley and Jeff Julien, who brokered the deal, declined to comment.

PMG and Hakim paid a total of at least $133 million, or about $133 a foot, for the site. PMG bought a large portion of the assemblage for $46.3 million in 2014, then the Clock Tower site for $30.9 million later that year. Last year, the firm paid $49 million to the Metropolitan Transportation Authority for multiple parcels, and an additional $6.7 million for air rights.

Elsewhere in the neighborhood, PMG and Hakim are continuing to develop a 44-story residential tower at 23-10爱上海龙凤419桑拿 上海龙凤论坛sh1f Queens Plaza South with Howard Lorber’s New Valley. That project was originally slated to be condos, but will now be rentals.

Rich Bockmann contributed reporting.

Correction: A previous version of this story said the deal was all-cash. M T Bank, in fact, provided a loan. 

Tags: durst organization, Hakim family, long island city, Property Markets Group
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City Point Tower 1

Acadia, Washington Sq. Partners put City Point building on the market The largely 阿爱上海同城 阿拉爱上海同城affordable 250-unit rental at 7 DeKalb opened last year

Paul Travis, Chris Conlon and 7 Dekalb Avenue

Acadia Real阿拉爱上海同城 爱上海龙凤419桑拿ty Trust and Washington Square Partners are looking to sell their majority stake in affordable housing building in the City Point megacomplex in Downtown Brooklyn, The Real Deal has learned.

The 23-story, 230,000-square-foot property at 7 Dekalb Avenue opened in March 2016 as the first phase of the three-building, 1.8 million-square-foot development. Of the 250 apartments, 200 – or 80 percent are affordable.

The developers hired a CBRE team led by Darcy Stacom to market controlling ownership in the building, sources said. BFC Partners, which led the building’s development and has a small minority stake, would remain an owner, sources added.

Sources famili爱上海同城对对碰 爱上海同城论坛ar with the complex said the building is worth nearly $100 million, or about $435 per square foot.

Representatives for Acadia, BFC and CBRE declined to comment, while Washington Square Partners could not be reached.

The developers faced intense demand for the building’s affordable apartments, with nearly 88,000 rental applications submitted in a city-run lottery.

The second phase, the Brodsky Organization’s 48-story, 440-unit market-rate rental building, also opened last year and the third phase, Extell Developm阿爱上海同城 阿拉爱上海同城ent’s 59-story tower at 138 Willoughby Street, is slated for completion in 2020.

In an interview last month with Extell chief Gary Barnett, he said the Willoughby Street tower will hold small units and either be co-op or condo.

In full, the complex holds 1,148 rental apartments, a 675,000-square-foot shopping center and 30,000 square feet of office space.

Tags: acadia realty trust, Commercial Real Estate, Real Estate Finance, washington square partners上海贵族宝贝论坛 上海贵族宝贝
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Diller Island

How Barry Diller s Pier 55 project finally went overboard The media mogul’s family staged an “intervention” with him

Barry Diller and a rendering of Pier 55 (Credit: Pier 55 Inc via Curbed)

UPDATED, Sept. 25, 5:39 p.m.: Earlie上海夜网 阿爱上海同城r this month after years of legal disputes and around $40 million in pre-construction costs Barry Diller officially declared Pier 55 dead.

At the time, the billionaire said “huge escalating costs” and “ongoing controversy” were the reasons he canceled the project. Now, a report from the New York Times throws more light on Diller’s decision to end the six-year saga that had engulfed his pet project, known as Diller Island.

“My family essentially had an intervention with me in the 上海夜网 阿爱上海同城last couple of weeks to say, We’ve watched you be stressed and tortured by something that was only meant to be a good t上海千花网龙凤论坛 上海千花社区hing, ” the billionaire上海龙凤论坛 新上海贵族宝贝论坛 media mogul told the Times. “Then my family said, Don’t you think we should use our resources where they’re wanted? ”

He added he’d become “disillusioned” about the island in Spring, when a U.S. District Court judge ruled wok on the park had to stop because the Army Corps of Engineers had not properly considered the site a protected fish and wildlife sanctuary when issuing its original permit. Developer and fellow billionaire Douglas Durst had admitted earlier this year that he was bankrolling the lawsuits against the park.

A new permit that was eventually issued meant construction could move ahead.  But Diller officially pulled his support for the project on Sept. 12.

The lawyer for the the park s opponents Richard Emery said he was shocked Diller pulled out, and suggested to the Times that the Whitney Museum’s proposed floating art installation nearby was the reason he pulled the project. He was angry, Emery said, that the Hudson River Park Trust didn’t tell him about the proposal.

However, Diller said he didn’t find out about the installation until after he decided to drop his plans, so it had no weight on the decision.

A spokesperson for the trust told The Real Deal, “The idea that the demise of Pier55 had anything to do with新爱上海同城对对碰论坛 上海同城对对碰交友社区 the Whitney proposal and that the Trust somehow concealed that proposal from Mr. Diller is absolute nonsense.” [NYT] Miriam HallTags: Barry Diller, Commercial Real Estate, Development, Douglas Durst, Pier 55
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Jeffrey Gershon

Jeffrey Gershon closes on爱上海同城 爱上海 Jehovah’s Witnesses Dumbo building Developer’s company secured roughly $100M in financing for 74 Adams Street

74 Adams Street

UPDATED, 10:46 a.m. Nov. 16: Developer Jeffrey Gershon has closed on his $60 million purchase of the Jehovah’s Witnesses building at 74 Adams Street, one of the religious group’s last remaining parcels in Dumbo.

The site holds a o上海千花社区 上海千花网交友ne-story garage and allows for the construction of about 200,000 square feet of retail and residential space. Gersho上海千花网 爱上海同城对对碰n’s Hope Street Capital secured about $100 million in financing for the space, according to property records.

The financing was split between three loans: a building loan for about $60.5 million, a senior loan for $30 million and a project loan for about $9.5 million. All three loans are from Arkansas-based B爱上海同城手机版 新爱上海同城对对碰论坛ank of the Ozarks, one of the largest condominium lenders in the city.

The company filed plans with the Department of Buildings on Thursday to construct a 10-story residential building on the site with 165 residential units and 584 square feet of commercial space. The building, designed by ODA, will span 145,322 square feet and feature amenities such as a pool, exercise room, bike storage and parking.

Hope Street did not respond to a reques新爱上海同城对对碰论坛 上海同城对对碰交友社区t for comment.

The Witnesses relocated their global headquarters to Warwick, New York and have been selling off their Brooklyn properties at a rapid clip. The organization recently sold its building at 21 Clark Street to Kayne Anderson Real Estate Advisors for $200 million and their buildings at 97 Columbia Heights and 119 Columbia Heights to Hawkins Way Capital for a total of $76 million.

Hope Street recently completed the development of the Hendrik, a 38-unit condo in Boerum Hill, in partnership with AEW Capital Management.

Tags: jehovah’s witnesses, Residential Real Estate
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Chinese Capital Controls

Will the Chinese investment drought be over soon? Outbound investment from the nation fell 29.4 percent in 2017 to $120 billion, according to newly released government figures, but some observ上海千花网龙凤论坛 上海千花社区ers expect capital controls to be l上海千花网论坛 上海千花网ifted in 2018.

The tighter capital controls, which was the biggest reason behind the slump in (overseas direct investment), will gradually be eased as the yuan stabilizes, Standard Chartered economist Ding Shuang told Bloomberg. Policy makers will approve more overseas acquisitions and mergers with real bus上海龙凤论坛sh1f 上海龙凤论坛iness needs this is necessary as the nation see上海贵族宝贝论坛 上海贵族宝贝ks to open up the economy and internationalize the yuan.

The Yuan’s value rose 6.8 percent against the dollar last year.

Beijing started implementing capital controls in late 2016 to slow down investment outflows and stabilize the country’s currency. Over the course of 2017, regulators also tightened the screws on several large conglomerates that had invested heavily in New York real estate, such as Anbang Insurance Group and HNA Group.

As a result, Chinese interest in New York real estate cooled noticeably, contributing to an overall market swoon.  [Bloomberg] Konrad Putzier

Tags: chinese buyers, Chinese Developers, Foreign Investment, Real Estate Finance
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Millennial Home Buyers

Why Austin could beat New York in a fight for millennial home b阿爱上海同城 阿拉爱上海同城uyers For millennials, weird is the new luxury

“Keep Austin Weird” is上海贵族宝贝论坛 上海贵族宝贝 the city s unofficial slogan. From left: a scene at South by Southwest (SXSW), 2009 Austin birthday party, Maria s Taco Express, Austin, TX. (Credit: DieLaughing, Jack Newton, Larry D. Moore, State Farm)

Authentic, convenient and weird that s the magical triumvirate to attract millennials to a neighborhood. After all, who wants to be average?

Well, Austin s got weirdness in spades, even by New York standards, which says a lot and it s fueling real estate in the city, according to the Financial Times.

In the past five years, home values have risen more than 60 percent and, in 2017, homes selling at between $1.4 and $2.4 million would sell instantaneously,” as broker and owner of Kuper Sotheby’s International Realty, J. Kuper told the Times.

The market is due to the increasing presence of major tech companies that started setting up shop i上海千花网论坛 上海千花网n the Texas city around 2010 the year Facebook moved in. Apple and Google have also got offices in the city and Amazon is considering Austin for its second headquarters. The tech jobs brought a wave of millennials to the city, but where they buy and how much they ll fork over depends on the level of authentic weirdness in the neighborhood.

Case in point: the 1964 honky-tonk bar, the Broken Spoke, is one of the 上海千花网 爱上海同城对对碰draws to the上海贵族宝贝论坛 上海贵族宝贝 $60 million condo and retail complex that surrounds it.

“Keeping Austin Weird is still alive and well, I’d say, Kuper told the Times by way of explanation of how the city s unofficial slogan jives with new real estate development. Maybe it’s just not as weird.” [FT] Erin Hudson

Tags: Home Prices, homeownership, Residential Real Estate
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Millennial Homebuyers

Instant regret: 4 in 10 millennials aren t happy to be homeowners Survey says 68% of millennial homebuyers have buyer’s remorse

The face of homeownership regret (Credit: iStock)

Millennials aren t feeling too great about becoming homeowners.

A new survey by Bank of the West found that four in 10 millennials (defined here as individuals 21 to 34 years old) are homeowners — and a majority of them regret taking the plunge, CNBC reported. Four in 10 millennials felt they d made a poor financial decision in buying阿爱上海同城 阿拉爱上海同城 their home, acc上海贵族宝贝 上海千花网龙凤论坛ording to the survey. Down payments might be a contributing factor to such results: One in three said they drew from their retirement accounts to pay 爱上海 爱上海同城手机版for their homes.

“Borrowing from your retirement may make sense in special circumstances, but it’s definitely not a recommendation,” Ryan Bailey, head of Bank of the West’s retail banking, told CNBC.

Unexpected costs and prematurely 上海夜网 阿爱上海同城deciding on a home also played a part in the survey s results. One in five said they discovered damage to the home after moving in, and two-thirds reported compromising at some po上海千花网论坛 上海千花网int during their home purchase.

In June 2016, The Real Deal took an in-depth look at how the millennial generation is shaping real estate. [CNBC] — Kathryn Brenzel

Tags: Residential Real Estate
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Landmarks Preservation Commission

The Top 10 preservation fights of 2018 JP Morgan’s new HQ, 550 Madison renovations and proposed LPC rule change were among the year’s biggest battles

From left: 270 Park Avenue, former Landmarks Preservation Commission chair Meenakshi Srinivasan and 550 Madison Avenue

JP Morgan s new headquarters, the renovations to 550 Madison and rule changes at the Landmarks Preservation Commission were among the top preservation battles of 2018.

Here s a look at the year s 10 biggest showdowns, according to Curbed:

1) Marx Brothers playground

AvalonBay Communities plan to build a 700-foot tower on the Upper East Side rankles opponents who disagree with the developer s plan to replace green space.

2) 270 Park Avenue

Jamie Dimon and 270 Park Avenue (Credit: Getty Images)

Preservationists want to save 270 Park Avenue also known as the Union Carbide building. But the city didn t landmark the tower when it rezoned Midtown East, and it looks unlikely that it will before JP Morgan tears it down to build a new headquarters.

3) Landmarks Preservation Commission s proposed rule change

Meenakshi Srinivasan

It s believed that former LPC chair Meenakshi Srinivasan stepped down in part over backlash from her decision to handle some changes like rooftop and backyard additions to staff-level meetings, instead of public hearings.

4) The Baptist Church of the Redeemer

Preservations pushed to save this nearly century-old church in Ditmas Park, but developer Mutual Housing Association of New York is moving forward with plans to build a nine-story residential building at the site.

5) 550 Madison Avenue

Renderings of 550 Madison Avenue (Images courtesy of Snohetta)

Developers Olayan America and Chesfield America this year made changes to the lobby which is not landmarked raising the ire of preservationists.

6) The Frick Collection

The collection is planning a $160 million renovation designed by Annabelle Selldorf Architects. Opponents fought to have the garden preserved, but the LPC approved the expansion.

7) Hans S. Christian Me上海夜网论坛 上海夜网morial Kindergarten

The LPC sided with local residents and landmarked this French Renaissan爱上海同城论坛 爱上海同城ce-style structure in Carro上海夜网 阿爱上海同城ll Gardens.

8) Broadway buildings

Fe上海贵族宝贝 上海千花网龙凤论坛arful of techies spurring overdevelopment i上海千花网龙凤论坛 上海千花社区n the neighborhood, locals want to landmark parts of Greenwich Village after the city announced plans to develop a tech hub on 14th Street.

9) Merchant s House Museum

Merchant’s House Museum at 29 East 4th Street (Credit: Merchant s House)

Locals want to stop a hotel from rising on the site of the Lower East Side s Merchant House Museum.

10) S.W. Bowne Grain Storehouse

A rearview of the former S.W. Bowne Grain Storehouse at 595-611 Smith Street (Credit: Google Maps)

Gowanus residents have been trying for more than a decade to landmark this site, which is owned by the Chetrit Group. In June, a fire broke out in the warehouse, and the fire department said it was intentionally started. [Curbed] Rich Bockmann

Tags: landmarks preservation commission, Politics[……]

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Mortgage Delinquencies

A couple paying their mortgage (Credit: iStock)

It s a real estate and social barometer that doesn t get a lot of publicity, but it s important: More Americans are paying their mortgages on ti上海贵族宝贝交流区 上海贵族宝贝论坛me today than they have in nearly two decades maybe even longer.

That s a big deal, because when large numbers of owners do the opposite stop paying on their home loans for months at a time the entire economy feels the effects. Spiking delinquencies in 2007-2008 ushered in the global financial crisis and spawned tidal waves of foreclosures that devastated borrowers and their communities. Some of the wounds are still fresh. Delinquency rates may sound like a yawn, but they are a key economic bellwether that shouldn t be ignored by anyone serious about real estate.

So here s the good news: The national delinquency rate on home loans hit the lowest level it s been in 18 years as of the final quarter of 2018, according to data compiled by the Mortgage Bankers Association. Borrowers with conventio上海千花网交友 上海千花网论坛nal mortgages, those eligible for sale to investors Fannie Mae and Freddie Mac, are the best performers; roughly 97 percent of them are paying on time. Borrowers with Federal Housing Administration-insured (FHA) mortgages pay late nearly three times more frequently; even so, more than 91 percent of them are on time. The big gap between homeowners with conventional loans and FHA borrowers shouldn t be surprising, because FHA borrowers have lower credit scores, higher debt-to-income ratios and lower down payments on average. All three factors multiply the risk that borrowers will pay late. Yet even at 8.65 percent, the current FHA delinquency rate is much better than it was a decade ago, when it hovered around 14 percent.

Overall, says Freddie Mac Chief Economist Sam Khater, U.S. homeowners are performing better today in terms of on-time payments and foreclosure avoidance than they have in 30 years.

What s contributing to this good behavior? It s no secret: Since 2010, stricter federal underwriting rules imposed on the爱上海同城对对碰 爱上海同城论坛 mortgage industry have banned some of the lending industry s previous worst habits, and required them to screen out high-risk borrowers essentially limiting their customer base to people who can truly afford the mortgages they re seeking. In the conventional market, that s why Fannie Mae and Freddie Mac the country s two largest sources of mortgage money have kept their average FICO credit scores near a relatively pristine 750, well above levels typical before the financial crisis. (FICO scores run from 300 to 850, with low scores indicating a high probability of future delinquencies and foreclosures.)

An improving economy has helped significantly as well. Mortgage interest rates continue to be below historica上海同城对对碰交友社区 上海夜网论坛l averages. Unemplo爱上海同城 爱上海yment has fallen steadily and is now at or near multi-decade lows. Plus many of today s owners are sitting on sizable equity gains as they pay down mortgage balances on their homes while price in[……]

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