432 Park Retail

UPDATED: May 3, 12:35 p.m.: Thirteen years ago, Harry Macklowe had the idea to erect a glass cube in front of the GM Building. It became the entrance to an outrageously profitable Apple Store. Now, he is repeating the theme at 432 Park Avenue.On Tuesday, Macklowe Properties unveiled renderings for what it calls a “Park Avenue Cube” – a low-rise retail building adjacent (and connected) to its luxury condominium tower. Together, the cube and tower will hold 130,000 square feet of retail and office space.

A CBRE team of Andrew Goldberg, Richard Hodos, Matthew Chmielecki, and Joseph Hudson is handling the retail leasing, while CBRE s Paul Amrich, Neil V. King 爱上海同城手机版 新爱上海同城对对碰论坛III, and Patrice Meagher are handling office leasing.

The cube features 6,600 square feet of r上海千花网交友 上海千花网论坛etail space over two floors and will be lit up at night.

The cube will be connected to an additional 20,000 square feet of retail space in the neighboring condo tower via a 30,000-square-foot underground concourse. Above the tower s retail space will be four office floors of 17,600 square feet each. Macklowe is also putting a marble outdoor plaza with a grove of birch trees next to the cube.

Macklowe is developing 432 Park – New York’s tallest residential tower – in partnership 新上海贵族宝贝论坛 上海贵族宝贝交流区with fund manager CIM Group. In 2014, he bought the 1,396-foot tower’s retail space from CIM for $450 million in partnership with Qatari Investment Bank QInvest. In September, Saudi investor Hamza al Kholi sued Macklowe, claiming he was cut out of a joint venture agreement to buy the space.

Correction: An earlier version of this post incorrectly claimed that the office space will be in the cube. It will 爱上海龙凤419桑拿 上海龙凤论坛sh1fin fact be in the tower.

Tags: 432 park avenue, Harry Ma上海龙凤论坛sh1f 上海龙凤论坛cklowe, macklowe properties
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NYC Market Reports

The week in real estate market reports A weekly feature bringing you the industry’s latest intel

Click to enlarge (credit: StreetEasy and CUNY Institute for State and Local Governance)

According to the latest batch of market reports, the national housing market is expected to see slow growth next year, home prices dropped in October in two of New York City’s most expensive neighborhoods, and mortgage applications spiked in the week after th上海贵族宝贝交流区 上海贵族宝贝论坛e presidential election.


Home purchase applications: Mor新上海贵族宝贝论坛 上海贵族宝贝交流区tgage Bankers Association

Lenders saw a spike in new mortgage applications the week after Trump was elected. The number of homebuyers who filed for mortgages was up 5.5 percent over last year. Read the full report here.

October 2016 residential sales: StreetEasy

Residential prices declined in North Brooklyn and Downtown Manhattan, two of New York City’s priciest areas, and Manhattan’s price growth is at its slowest pace in fiv爱上海同城手机版 新爱上海同城对对碰论坛e years. Read the full report here.

2017 Housing forecast: forecasts the national housing market will see only modest growth in 2017. Nationwide home prices are expected to increase 3.9 percent and home s上海千花社区 上海千花网交友ales will grow 1.9 percent in the next year. Read the full report here.

2016 Equality indicators: CUNY Institute for State and Local Governance

Nearly a third of all renters in 新爱上海同城对对碰论坛 上海同城对对碰交友社区New York City are extremely rent burdened, and Hispanic and Asian residents are the most likely to be rent burdened. Read the full report here.

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Dolly Lenz

Stuck like Leon Black : Top brokers caution against short-term 上海贵族宝贝交流区 上海贵族宝贝论坛bets on the new dev market Buyers at towers such as One57 are already reselling pads at a loss

From left: Dolly Lenz, Stephen Kliegerman, Lauren Muss and Noble Black (Credit: Getty Images)

The buyers who rushed into the Manhattan luxury real estate market in the frothy days of 2014 and 2015 did so with the expectation that their apartments would rise in value. But some have woken up just two years later to find that they must stomach a loss to resell their units.

So, what happens when buyer flip-flops?

“When I got into this business, the sure bet was new development,” said broker Dolly Lenz, speaking Friday at a Haute Living summit at The Core Club On East 55th Street. “You get in first and you’re going to be able to flip it or resell it for 30 percent or even 50 percent more. In the case of 15 Central Park West, 100 percent. Today, buyers of new development better be very discerning and better have pen to paper because if their plan is to exit, they could get stuck like Leon Black.”

Private equity billionaire Black was a hot topic of conversation at the event, as a poster boy for the high-end real estate slump in Miami. He sold his condo at Faena House in Miami Beach for $12.5 million earlier this year, a steep discount from the $16.5 million he paid in 2015. Art giant Larry Gagosian flipped his penthouse at the same building for $12 million, a loss of nearly $1 million in just a year. Ken Griffin is also looking to flip his penthouse there.

“It’s shattering every record again on the way down,” Lenz quipped. “Leon Black just lost 25 percent plus 10 percent in closing costs. Hedge fund billionaire Ken Griffin is out before he s in.”

Her fellow panelist, Noble Black of Douglas 上海同城对对碰交友社区 上海夜网论坛Elliman, said he faced the reality of falling new development prices in New York when he represented a client looking to flip an apartment he bought at Extell Development’s One57 for nearly $32 million in 2014. The apartment resold for $23.5 million last year.

“At One57, when it was sinking, no one really knew where the pricing was and people were chasing it down,” he said. “[The client] sold it for 33 percent off what they thought they could have sold it for. Ultimately he saw where things were going, just took a leap and got to a number close enough to where a buyer thought they were going to be safe.”

The price crunch is also impacting developers, many of whom forked out top dollar for land several years ago with the assumption they could sell at record-breaking prices.

“There’s a lot新爱上海同城对对碰论坛 上海同城对对碰交友社区 of pressure for developers, particularly those who bought land from 2013 to 2016, when they were paying through the nose for land,” said Stephen Kliegerman, president of Halstead Property Development Marketing. “Unfortunately, they didn’t come to us when they were bidding on the property. They came after they’d already closed on it and said, ‘Oh, by the way I need to get $3,500 a foot to make any money’ a[……]

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Somerset Partners

Kushner Companies provides loan for Somerset s massive Bronx project The $25M loan is part of the company’s “Kushner Credit Opportunity Fund”

From left: 9 Bruckner Boulevard, Laurent Morali and Keith Rubenstein (Credit: Google Maps and Getty Images)

Developer Kushner Companies expanded its debt book this week by lending $24.5 million to Keith Rubenstein s Somerset 上海贵族宝贝论坛 上海贵族宝贝Partners on two Bronx development sites.

The land loan covers 9 爱上海同城论坛 爱上海同城Bruckner Boulevard, where Somerset plans to convert a warehouse into a food hall, and 2413 Third Avenue, part of a larger Mott Haven development site where Somerset will team up with Chetrit Group for a multi-building, mixed-use residential project. The developers are still in need of a much larger construction loan.

Iron Hound Management s Robert Verrone and Robert Vernicek brokered the新上海贵族宝贝论坛 上海贵族宝贝交流区 debt.

Over the last year, Kushner Companies has lent modest amounts to a growing number of developers in New York City. Last year, CEO Laurent Morali announced that the company intended to step up its lending to total $200 million per year for the next five years. Previous loans include a $33 million loan to Heritage Equity Partners for a Bushwick office development and a $57.5 million note on Chetrit and JDS Development s 9 Dekalb Avenue supertall project in Brooklyn.

In 2015, Somerset Partners caught heavy flack for t上海贵族宝贝论坛 上海贵族宝贝hrowing a Bronx is Burning -themed party at Its Third Avenue development site, a fiesta that featured burning barrels and bullet hole-pocked cars. Many criticized the developer for trivializing the borough s ongoing struggles with poverty and violence.

Chetrit and Somerset are still looking for a $500 construction million loan needed to pull off the the full plans for their remaking of Mott Haven, which could bring as many as 1,500 new residential units to the Bronx.

Although Kushner Companies is happy to finance other developers projects, its having a hard time getting backing for its own ambitious plans. Bloomberg reported last week that the company has searched the globe for the capital it needs to convert its flagship property, 666 Fifth Avenue, into an uber-luxury supertall condo. Anbang Insurance Group, Sheikh Hamad bin Jassim Al Thani of Qatar and the South Korea s sovereign wealth fund are just a few of the investors to pass on the project.

Tags: Development, kushner companies, Real Estate Finance, Somerset Partners 上海贵族宝贝 上海千花网龙凤论坛
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SkyView Parc

SkyView Parc nears long-awaited sellout 上海贵族宝贝交流区 上海贵族宝贝论坛Flushing project suffered following the 2008 financial crisis上海贵族宝贝交流区 上海贵族宝贝论坛 but has since rebounded

Grand at Sky View Parc will add 750 units

After a阿拉爱上海同城 爱上海龙凤419桑拿 decade of starts and stops, Flushing s most prominent megaproject is finally nearing a sellout.

SkyView Parc, a residential and retail complex, first put its apartments on the market 10 years ago and has now almost reached a sellout, according to the Wall Street Journal.

The project, which includes about 1,200 apartments, a six-acre private park and an 800,000-square-foot shopping center, initially sold well but suffered in the wake of the 2008 financial crisis. Onex Real Estate Partners then relaunched sales in 2011, and the first three buildings sold out in 2013. The last three buildings have sold quickly since they hit the market at the beginning of 2015, the Journal reported.

Modern Spaces president Eric Benaim told the Journal that 600 of the 743 condos in the last three buildings 81 percent sold at increasi新上海贵族宝贝论坛 上海贵族宝贝交流区ng prices in 30 months, and the remaining units will likely sell by year’s end.

“We are bringing up the market in general,” he said. [WSJ] – Eddie Small

Tags: Development, flushing, home sales, sky view parc
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Best New NYC Restaurants

Here are Wall Street s favorite new r上海贵族宝贝论坛 上海贵族宝贝estaurants – and their landlords The best new spots in town

(Credit: Pexels)

If you re looking to seal the deal over lunch or, at the very least, seem like a New Yorker with sophisticated taste and a wallet to match, follow the lead of the traders and financiers who use the Blo上海龙凤论坛 新上海贵族宝贝论坛omberg Terminal to choose the location of their next meal.

Bloomberg ran a poll of their foodie-inclined terminal users to see which of the city s New Restaurants Have Already Earned A Permanent Place in their date books (or iCals) and the biggest winner is uncontested Aby Rosen, co-founder of RFR Realty.

Rosen s long-standing spat with restaurateurs Julian Niccolini and Alex von Bidder and the subsequent closure of their legendary Four Seasons restaurant the Seagram Building s original dining room famously designed by an all-star interdisciplinary team in 2016 proved a savvy investment in the end. The three new eateries Rosen picked to fill the void left by the Four Seasons all nabbed top rankings on Bloomberg s list.

The developer transformed the beloved restaurant, originally designed by Philip Johnson and filled with furniture designed by greats that included Ludwig Mies van der Rohe (also the architect of the Seagram Building itself), Charles Eames and Eero Saarinen, into tw上海千花网 爱上海同城对对碰o distinct restaurants, The Grill and The Pool. The third restaurant in the building is housed in the former Brasserie s space and is now known as The Lobster Club all are operated by the Major Food Group.

Despite laments for the past, Rosen s new restaurants prove that location, contemporary interior design and an excellent menu is the key to winning stomachs and hearts on Wall Street and, perhaps, letting go of the past.

Here s a look at NYC s trendy new restaurants to dine alongside the rich and powerful and the landlords who made it possible:

1. The Grill

(The Grill/Yelp)

99 E 52nd St
Landlord: RFR Realty
Type of food: Steakhouse

2. The Pool

(Frank A./Yelp)

99 E 52nd St
Landlord: RFR Realty
Type of food:Seafood

3. 4 Charles Prime Rib

(4 Charles Prime Rib/Yelp)

4 Charles St
Landlord: Sara Gelbard
Type of food: Steakhouse

4. Le Coucou

(Rachel L./Yelp)

138 Lafayette St
Landlord: RFR Realty
Type of food: French

5. Loring Place

(Vilson F./Yelp)

21 W 8th St
Landlord: Tz上海千花网论坛 上海千花网ong Yih Jean
Type of food: American



372 Lafayette St
Landlord: Noam Shemel
Type of food: Mexican

7. Empellón Midtown

(Go B./Yelp)

510 Madison Ave
Landlord: Boston properties
Type of food: Mexican

8. The Lobster Club

(Mi爱上海同城论坛 爱上海同城ke C./Yelp)

98 East 53rd st
Landlord: RFR Realty
Type of food: Japanese

9. Nur

(Ken S./Yelp)

34 East 20th Street
Landlord: Thomas Pollack
Type of food: Middle Eastern

10. COTE

(Linlin J./Yelp)

16 West 22nd St
Landlord: Meysar Realty Corp
Type of food: Korean Steakhouse

11. Emily West Village

(Mike C./Yelp)

35 Downing Street
Landlord: Cornerstone Management
Type of food: Pizza, burgers

Tags: Aby Rosen, NYC Restaurants, RFR Realty, seagram building
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RIU Plaza Hotel

Riu Hotels CEO surrenders in Miami-Dade on charges of unlawful compensation Allegations include promising discounted stays for passing building code inspections and permits

RIU Plaza Hotel  (Credit:

Riu Hotels Resorts CEO Luis Riu Guell surrendered in Miami-Dade on Monday, as he faces charges of illegally compensating Miami Beach s former top building official.

Allegations against Guell included giving city official Mariano Fernandez discounted stays at some of the company’s luxury resorts, according to the Miami Herald. Fernandez recently surrendered to authorities for the same charges. He was fired late last year.

The Miami-Dade State Attorney’s office claims 阿爱上海同城 阿拉爱上海同城Guell worked with Fernandez to illegally he爱上海 爱上海同城手机版lp ho爱上海 爱上海同城手机版tel executives pass building code inspections and get permits for the large-scale renovation of the company s South Beach RIU Plaza Hotel, at 3101 Collins Avenue. Guell also allegedly provided the entire Miami Beach building department with discounted 新爱上海同城对对碰论坛 上海同城对对碰交友社区rates for retreats to Mexico and the Dominican Republic.

The Spanish hotel company’s regional vice president, Alejandro Sanche上海贵族宝贝交流区 上海贵族宝贝论坛z del Arco, also surrendered, according to the Herald. Guell co-owns RIU Hotel Resorts with his sister. The company oversees more than 100 hotels in 19 countries, including the resorts in Mexico, the Dominican Republic and South Beach. [Miami Herald] – Amanda Rabines

Tags: Hotels, Politics, South Beach SoftBank in talks with investors to add $15B to Vision FundZOM Living buys land, scores financing for Luma at Miami WorldcenterSouth Florida construction starts fall in MarchSoftBank is struggling to find investors for its next $100B fund: repo…
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Long Island home prices up despite sluggish sales

March home prices have climbed high阿爱上海同城 阿拉爱上海同城er across Long Island even while sales have cooled, the Long Island Business Journal reported. In Suffolk County, the average price rose to $365,500 — about six percent higher than March 2017. Nassau saw a sim上海夜网论坛 上海夜网ilar hop to $510,000 — about five percent higher than that same time last year. But the number of houses sold dropped to a total of only 2,692 f上海千花社区 上海千花网交友or both counties combined — that’s about five percent lower than the previous March. Brokers attributed the slowdown to the parade of winter storms that hit the island. [LIBN]

Tags: long island
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800 Fifth Avenue

Socialite couple skipped out on pricey pad at Spitzer s 800 Fifth Alexandra Fairweather and Eric Goodman owe tens of thousands in rent, according to a lawsuit

800 Fifth Avenue and Eliot Spitzer (Credit: CityRealty and Getty Images)

A socialite power-couple allegedly owes tens of thousands of dollars on a pricey Fifth Aven上海千花网 爱上海同城对对碰ue rental, according to a new lawsuit.

Alexandra Fairweather and Eric Goodman, co-founders of the networking app Ivy Untapped and co-publishers of the luxury magazine Fairweather, moved into a上海千花网交友 上海千花网论坛 $11,650-per-month rental at Eliot Spitzer s 800 Fifth Avenue in June 2015, the Ne上海贵族宝贝论坛 上海贵族宝贝w York Post reported.

Their lease expired in May 2017, but the lawsuit alleges that the couple skipped o上海贵族宝贝 上海千花网龙凤论坛ut about a year before the lease was up and owes $92,005.15, after taking into account their $23,329.86 security deposit.

The couple did not respond to the Post s request for comment.

Spitzer used to live in the Upper East Side building developed by his father, the late Bernard Spitzer, in the 1970s. His old apartment hit the market late last year asking $20,500 per month. [NYP] Rich Bockmann

Tags: Pricey Rentals, Residential Real Estate, Spitzer Enterprises
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