Steve Witkoff

Steve Witkoff scoops up at least five condos at 150 Charles Developer paid more than $48M for units at his own building

150 Charles Street and Steve Witkoff

Tenants at 150 Charles Street already count Jon Bon Jovi, Ben Stiller and swimsuit model Irina Shayk as their neighbors. The newest addition上海千花网论坛 上海千花网 is the building s developer, Steve Witkoff, who has shelled out $48 million on five condominium units.

Witkoff closed on the purchase of at least five sponsor units at his own West Village condo building — a penthouse, four-bedroom, three-bedroom, two-bedroom and a studio, according to property records filed with the city on Thursday.

He paid $24.2 million for penthouse B, which was most recently listed for $35 million. He also dished out $10.6 million for the four-bedroom unit, $6.7 million for the three-bedroom unit, $5.7 million for the two-bedroom and $865,768 for the studio. The penthouse, the largest of the units, spans 4,610 square feet and has another 2,521 squa爱上海 爱上海同城手机版re feet of Outdoor Terrace space.

It wasn t immedia上海贵族宝贝 上海千花网龙凤论坛tely clear if Witkoff has purchased additional units in the 15-story, 277,630-square-foot building. He wasn t available to provide comment Thursday morning. Scott Alper, Witkoff s chief investment officer, also purchased a three-bedroom unit in the building for $5.9 million, according to records filed on Thursday.

Witkoff launched sal爱上海同城手机版 新爱上海同城对对碰论坛es at the 91-unit condo building in 2013. In July 2015, the developer took the unusual step of allowing buyers to flip their contracts. As part of the deal, Witkoff received 10 percent of the sales.

The building has attracted several celebrity buyers, as well as notable names in real estate including Douglas Elliman s John Gomes, Compass president Leonard Steinberg, Corcoran Group broker Robby Browne and Witkoff s own Brett Mufson.

Witkoff is among several developers who have recently purchased units in their own buildi爱上海同城对对碰 爱上海同城论坛ngs.

Tags: 150 charles street, Steve Witkoff
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19 East 64th St

Wildenstein mansion sets new NYC townhouse record with $79.5M sale Buyer is linked to Chinese con阿拉爱上海同城 爱上海龙凤419桑拿glomerate HNA’s New York chief

From left: 19 East 64th Street, David Wildenstein (credit: Getty Images) and Roy Liao

Art heir David Wildenstein has closed on the sale of his Upper East Side townhouse for $79.5 million, or about $3,180 a foot, setting a new record for the priciest townhouse ever sold in Manhattan.

The buyer of the property is an entity aff新上海贵族宝贝论坛 上海贵族宝贝交流区iliated with Roy Liao, CEO of HNA Holdings Group, the same company 爱上海龙凤419桑拿 上海龙凤论坛sh1fbehind the $2.2 billion deal to buy 245 Park Avenue, records show.

A spokesperson for HNA did not immediately respond to a request for comment and the Wildensteins could not be reached. Carrie新上海贵族宝贝论坛 上海贵族宝贝交流区 Chiang of the Corcoran Group represented the Wildensteins in the deal, but was unavailable for comment.

The 25,000-square-foot, 41-foot-wide property, at 19 East 64th Street, is the former location of the Wildenstein Gallery and dates back to the 1930s.

Liao is not the property s first suitor.

Music mogul Len Blavatnik recently sued Wildenstein, claiming his family reneged on its promise to sell him the property for $79 million. A judge tossed the suit last month, saying the verbal agreement was not legally binding.

In 2014, the nation of Qatar walked away from a $90 million deal to buy the house, which it had planned to use as a consulate.

Previously, the record for a Manhattan townhouse was held by the the Harkness mansion, purchased by financier J. Christopher Flowers for $53 million a decade ago.

Tags: 19 East 64th Street, HNA Property 新爱上海同城对对碰论坛 上海同城对对碰交友社区Group, Residential Real Estate
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Emerging Markets REITs

Why emerging markets REITs are struggling Ma新爱上海同城对对碰论坛 上海同城对对碰交友社区laysia’s REIT seemed on track to succeed, but couldn’t attract international investors

“There are many investors like us who are desperate to invest in these [emerging market] cities,” s上海千花网交友 上海千花网论坛aid co-head at investment manager Schroders PLC. (Pedro Ribeiro Simões, front/Naim Fadil, back)

Without significant international investment, emerging markets real estate investment trusts are struggling, indicating that the existence of a REIT market isn t magical solution it promised to be for these markets.

Ernst Young found less than 5 percent of the $1.7 trillion REIT market capitalization is in emerging markets; 上海千花网 爱上海同城对对碰the majority is in the U.S.

A good illustration of 上海千花网龙凤论坛 上海千花社区why REITs aren t taking off in emerging markets is the case of Malaysia, according to the Wall Street Journal. The country s REIT market seemed to be succeeding until two years ago when listings disappeared and profits plateaued or plummeted.

“They haven’t benefited from the wave of international capital which has been driving Hong Kong and Singapore REIT markets,” said Corrine Ng of Australia’s APN Property Group to the Journal.

The major reasons are due to the often-obligatory use of external managers and terms that benefit owners, commonly founding families and conglomerates, over shareholders.

What hasn t changed, however, is investors will to invest in emerging market real estate.

“There are many investors like us who are desperate to invest in these cities,” said Tom Walker, co-head of global real-estate securities at investment manager Schroders PLC to the Journal.

[WSJ上海同城对对碰交友社区 上海夜网论坛] E.K. Hudson

Tags: Global Investment, global real estate, New York REIT, Real Estate Finance
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WeWork

WeWork to acquire social networking company Meetup First meeting took place阿爱上海同城 阿拉爱上海同城 in August: report

From left: Meetup s Scott Heiferman and WeWork s Adam Neumann (Credit: Meetup and WeWork)

WeWork is acqui上海贵族宝贝论坛 上海贵族宝贝ring Meetup, a social network that connects people who want to meet up and pursue a common hobby.

The acquisition is another step in the co-working company’s planned transformation into a “physical social network” active in a broad range of community-centric real estate and software ventures. “It’s like a magical puzzle that fits together,” Meetup’s co-founder Scott Heiferman told the New York Times.

Meetup facilitates around 15,000 meetings per day, according to the firm, and around 100,000 of them have taken place in WeWork spaces to-date. According to Heiferman, Meetup will continue to operate as-is, but may become integrated into WeWork’s offerings the way Instagram is into Facebook’s (where 上海贵族宝贝论坛 上海贵族宝贝users can link their accounts).

The Times reported that Meetup’s general counsel David Pashman was friendly with an unnamed WeWork executive, and that the first meeting between Heiferman and WeWork 上海贵族宝贝交流区 上海贵族宝贝论坛co-founder Adam Neumann took place in August.

Last week, news broke that WeWork invested in the women-only co-working company The Wing, which took in a total of $32 million in a Series B funding round. And in October, WeWork acquired the coding bootcamp Flatiron School. As The Real Deal exclusively reported last week, WeWork is working on a push into retail. It s also reportedly considering raising hundreds of millions in 爱上海同城 爱上海additional funding on the Israeli bond market.  [NYT] Konrad Putzier

Tags: Tech, wework
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Greenland USA

Four years pregnant : While other Chinese companies retreat from development, Greenland dives deeper The上海龙凤论坛 新上海贵族宝贝论坛 company has a bigger stake at Pacific Park. Now what?

From left: Hu Gang, MaryAnne Gilmartin, Scott Solish and a rendering of Pacific Park

Just five years after entering the U.S. market, Shanghai-based Greenland Group is charged with completing one of the largest — and most contentious — development projects in New York history.

Greenland launched its subsidiary, Greenland USA, in 2013, and that same year bought a 70 percent stake in Pacific Park, a 22-acre mixed-use development in Prospect Heights, for a reported $200 million. Earlier this month, the company said it would increase its stake in the project, which it values at $4.6 billion, to 95 percent, allowing Forest City Realty Trust to further limit its exposure to development.

The move comes as many other Chinese companies pull back on their investments in the U.S., in part due to pressure from the Chinese government to limit the amount of capital flowing out of the country. Greenland is simultaneously working on two other large-scale projects in the U.S., Metropolis in Los Angeles and Oyster Point South

San Francisco. The former, a $1 billion luxury condo-and-hotel complex, is slated for completion in 2019. Construction just started on the latter, which will feature residential, hotel and retail新爱上海同城对对碰论坛 上海同城对对碰交友社区 space throughout the 42-acre waterfront site.

“These large-scale projects are our expertise,” said Scott Solish, director 上海龙凤论坛 新上海贵族宝贝论坛of development at Greenland and a former executive at the New York City Economic Developm爱上海同城对对碰 爱上海同城论坛ent Corporation. “We’re very bullish on the New York market.”

But its recent moves outside New York have been less encouraging. In November, the company pulled out of a 1.9 million square foot mixed-use project in North Hollywood. Greenland and Dallas-based developer Trammell Crow Co. were selected by the Los Angeles County Metropolitan Transportation Authority to develop a 15.6-acre site near the Red Line Metro. At the time, Greenland USA chief executive and president Gang Hu told CoStar that the company had decided to focus its efforts on getting the South San Francisco project underway. Representatives for Trammell didn’t return messages seeking comment. Greenland declined to comment on the decision to abandon that project.

Greenland may also be looking to exit the South San Francisco venture. The firm and three partners bought the Oyster Point site in 2016 for $171 million, but the company was reportedly in talks with Kilroy Realty Corp. to sell the first and second phases of the $2 billion project in late 2017. Greenland wouldn t comment on these talks. Meanwhile, sales at Metropolis have been sluggish, leading Greenland to replace Douglas Elliman with L.A.-based brokerage the Agency.

At Pacific Park, the firm brought in Nest Seekers International’s Ryan Serhant to handle sales at 550 Vanderbilt. The building has seen some success with Chinese investors.

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GOP Tax Law

Can real estate brokers cash in on this tax deduction? No one knows Law isn’t yet clear on who is excluded on pass-through businesses

(Credit: Pixabay, Wikimedia Commons, PxHere, CMS Wire)

The new GOP tax law is widely considered a win for high-earners, but it’s not clear if real estate brokers and their firms will also benefit from a hefty deduction granted to pass-through businesses.

The so-called pass-through deduction has been billed as a boon to independent contractors, including Uber drivers and freelancers, but its application to real estate agents remains murky. If a broker makes less than $157,500 a year (or $315,000 if filing as a married couple), he or she will automatically qualify for the 20 percent deduction. Of course, brokers selling luxury real estate in cities like New York City, Miami or Los Angeles, likely make significantly more than that, so additional res爱上海同城论坛 爱上海同城trictions apply.

“For brokers, it s a little bit of a mixed bag,” said Aaron Lerner, a senior tax manager at Eisner Amper. “You have a situation where the income limits, before you even look at the other limits, is sort of low.”

Above that income threshold, two main hurdles stand in the way of brokers securing the deduction, Lerner said. The first is the exemption of “specified service businesses,” which the law defines as those that provide “services in the fields of health, law, accounting, actuarial sciences, performing arts, consulting, athletics, financial services, brokerage services or any trade or business where the principal asset of such trade or business is the reputation or skill of one or more of its employees or owners.” The definition of “brokerage” here is nebulous, said Michael Greenwald, partner and leader of the corporate and business tax practice at Friedman LLP. It’s unclear if the law is referring to just financial brokers or “anyone who brokers anything,” he said.

Brokers also often market themselves based on their knowledge and experience in a given neighborhood or with a particular asset type. Thomas Gallagher, a partner at Philadelphia-based law firm Cozen O’Connor, notes in a January article released by his firm that advertisements for high-producing teams — think the Eklund-Gomes Team or Alexa Lambert Team — basically “scream reputation and personal skill.” He said some brokers may be advised to change their marketing strategies to increase their chances at qualifying for the deduction.

The Internal Revenue Service is expected to issue additional guidelines for the tax law in June. If it’s ultimately determined that real estate brokers provide a “specified service,” th上海贵族宝贝交流区 上海贵族宝贝论坛e deduction won’t be available to any broker who makes $207,500 or more ($415,000 for joint filers). Greenwald said brokers should probably wait to see what the IRS releases before shifting 上海同城对对碰交友社区 上海夜网论坛advertising strategies.

“Until we get more guidance, I would caution people not to do anything,” he said. “I would hate to think someone s changing their behavior or signif[……]

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Harrison residents raise $90K in legal fight to stop senior housing development

Angry Harrison resid上海千花网交友 上海千花网论坛ents want to halt 上海龙凤论坛 新上海贵族宝贝论坛a senior housing爱上海 爱上海同城手机版 development that was unanimously approved by the town board in 2016. To that end, they’ve raised $90,000 because they believe the 7.3-acre development is too big, out of character for the neighborhood and likely to cause traffic woes. The development firm, Brightview, has already reduced the units to 148. Construction hasn’t begun as Brightview still needs permits from the town. [LoHud]

Tags: Westchester Fairfield
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Serkan Piantino

Former Facebook director leases space at 2 Gansevoort for tech startup Serkan Piantino’s company Spell is leasing space on the seventh floor of the building

Serkan Piantino and 2 Gansevoort Street (Credit: LinkedIn and Rubenstein)

A former Facebook director is moving his tech startup focused on artificial intelligence to 2 Gansevoort Street.

Serkan Piantino, co-founder of Facebook’s artificial intelligence research team and the former founder of its New York office, signed a 3,604-square-foot lease for his company Spell at the landmarked office building, according to the William Kaufman Organization, which has owned the property since 1948.  Asking rents were $95 per square foot.

Spell, which focuses on developing artificial intelligence and infrastructure for deep learning, is the first tenant to sign a lease in the Swivel portion of the building on the seventh floor.

Kaufman introduced Swivel at 2 Gansevoort Street in February. The concept combines private office space with communal amenities, such as lounges and meeting rooms. Each private office includes its own爱上海龙凤419桑拿 上海龙凤论坛sh1f rotating wall that companies can “swivel,” reconfiguring the space. Kaufman plans to l新爱上海同城对对碰论坛 上海同城对对碰交友社区aunch more Swivel locations at its properties in Lower and Midtown Manhattan.

Piantino founded Spell in 2017, and it should move from its current office at 100 Avenue of 上海贵族宝贝交流区 上海贵族宝贝论坛the Americas in August. About 12 employees will work in the new location.

The building at 2 Gansevoort Street was built in 1912, and Kaufman recently completed renovating the bu爱上海同城 爱上海ilding’s lobby and front entrance. Tenants include Theory, Coronado Biosciences and Kobalt Music, which leased 23,000 square feet in the building last summer.

Sage Realty Corporation, the leasing arm of Kaufman, landed a $97 million mortgage for 2 Gansevoort Street from New York Life Insurance Company earlier in July.

Tags: Commercial Real Estate, startups, william kaufman organization
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Opportunity Zones

IRS cancels Opportunity Zones hearing amid gov shutdown New date to be set after funding is restored

(Credit: iStock)

The IRS has cancelled a key hearing on opportunity zones amid the ongoing government shutdown.

The hearing was originally scheduled for Jan. 10 and would focus on tax上海夜网 阿爱上海同城 breaks and proposed regulations under the new program, according to Bloomberg. The agency plans to announce 爱上海同城 爱上海a new date for the hearing after funding is restored to the Treasury Department.

The IRS received almost 150 comments ahead of the hearing. It was seeking feedback on how to define “substantial improvements” and “original use,” which will impact how developments remain eligible for tax cuts.

Though the program has generated great interest上海贵族宝贝 上海千花网龙凤论坛 in the real estate world, the lack of detailed guidelines may discourage some investors.

The Opportunity Zones program, enacted in late 2017 as part of the Trump administration’s tax overhaul, provides tax deferments and tax上海千花社区 上海千花网交友 breaks for investors who put capital in projects or companies in designated low-income neighborhoods across the country.

Ivanka Trump, the president’s daughter and a White House adviser, has阿爱上海同城 阿拉爱上海同城 attracted scrutiny for advocating for the program while standing to benefit greatly from it. [Bloomberg] – Kevin Sun

 

Tags: Commercial Real Estate, Opportunity Zones, Politics, trump organization
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JLL

上海千花网交友 上海千花网论坛JLL hires former Starbucks retail executive as its top bean-counter The global real estate firm had been searching for a new CFO since Christie Kelly stepped down in September

JLL CFO Stephanie Plaines and their headquarters at the Aon Center (Credit: JLL, iStock, and Wikipedia)

JLL named Stephanie Plaines its new chief financial officer, replacing the interim executive who took over the position after Christie Kelly announced her resignation in September.

Plaines will join the $7.6 billion real estate services firm later this month after a two-year stint as CFO of U.S. retail for Starbucks, JLL announced Tu爱上海龙凤419桑拿 上海龙凤论坛sh1fesday morning. Before that she was CFO of e-commerce for Walmart’s Sam’s Club stores, and she previously oversaw finances at Ahold Delhaize, PepsiCo and UBS.

Chief Administrative Officer Trish Maxson has served as interim CFO for JLL since Kelly’s departure.

Plaines will report directly to CEO Christian U新上海贵族宝贝论坛 上海贵族宝贝交流区lbrich and sit on the company’s Global Executive Board, according to the announcement.

Plaines will “bring her significant experience in financial leadership in businesses across the world to play a key leadership role in the continuing implementation of our Beyond strategic vision and transformation agenda, Ulbrich said in statement.

JLL’s stock value shot up last month after the company’s fourth quarter earnings call, when Ulbrich announced the company recorded a 25-percent year-over-year spike in global leasing revenue. The company has increasingly shifted its attention toward co-working firms, which its leaders predict will represent up to 30 percent of the office market by 2030.

JLL Spark, the firm’s ventu上海千花网 爱上海同城对对碰re capital arm backed by a $100 million fund, has made seed or series-A investments in at least 10 tech startups since it launched last year.

Tags: Commercial Real Estate, JLL, Real Estate and F上海千花网龙凤论坛 上海千花社区inance

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