Gulaylar plans to convert 685 Fifth s offices into ritzy hotel LVMH, AccorHotels and Oetker in talks to operate Midtown building’s upper floors

The Gulaylar Group plans to convert the office component of General Growth Properties and Thor Equities’ 685 Fifth Avenue into a luxury hotel, sources told The Real Deal. International hospitality chains LVMH s Cheval Blanc, AccorHotels and the Oetker Collection are among five hotel operators currently vying to lend their brand to the property’s upper floors, sources said.

The U.S. real estate development arm of Turkish jewelry company entered contract in March to acquire the 90,000-square-foot office portion of the 20-story, 115,000-square-foot building for $160 million, after developer Michael Shvo backed out, as TRD reported last month. Plans call for an extra five floors for the hotel, bringing the buildi爱上海龙凤419桑拿 上海龙凤论坛sh1fng’s total height to 292 feet.

Details of the hotel’s layout vary based on which operator strikes a deal, but sources said it will hold as many as 90阿爱上海同城 阿拉爱上海同城 rooms. Renovations would involve the addition of terraces and larger windows. Some of the hotel operators are also negotiating for an ownership stake, sources said.

Gucci, the last remaining office tenant, is leaving in August for its new digs at 195 Broadway in the Financial District. The luxury brand sold the building to GGP and Joseph Sitt’s Thor for $460 million in 2014, property records show.

GGP and Thor will continue to own the three-floor retail space at the base – soon to be home to Coach’s new 23,400-square-foot global flagship store known as the “Coach House.”

Mehmet Gulay, president of Gulaylar affiliate City’s Property Development New York, said he wants to bring a “European elegance” to the Fifth Avenue hotel circuit. Elsewhere on Fifth Avenue, an Aman hotel is slated to open at the Crown Building.

Gulay declined to comment on negotiations w上海千花网 爱上海同城对对碰ith a prospective operator.

Since breaking into the New York City real estate game in 2013, Istanbul-based Gulaylar has sought to deploy about $1 billion for real estate. The company’s first purchase there was the three-floor, 12,000-square-foot retail condominium unit at Extell Development’s International Gem Tower at 50 West 47th Street. Gulaylar developed the condo into the IGT Jewelry上海同城对对碰交友社区 上海夜网论坛 Mall, which opened the following year.

The deal would offer the international hotel chains the opp爱上海同城对对碰 爱上海同城论坛ortunity to expand their footprint in New York City. German-based hotel operator Oetker’s plans to run the 170-key New York Masterpiece hotel at the Sony Building recently fell through after the Chetrit Group and Clipper Equity opted to sell the office tower instead of convert it. The hotel would have marked Oetker’s New York City debut.

Other front-runners AccorHotels and LVMH Moet Hennessy Louis Vuitton hail from Paris. AccorHotels, which operates the Sofitel New York and Novotel New York Times Square in Midtown, bought short-term vacation rental provider onefinestay in April for $169 mi[……]

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Former Hakkasan nightclub chairman arr爱上海同城论坛 爱上海同城ested in 1MDB scandal Khadem Al Qubaisi was arrested in Abu Dhabi in connected with $470M in embezzled funds

Khadem Al Qubaisi and Walker Tower penthouse

Abu Dhabi officials have arrested a key figure in the alleged scheme to siphon $3.5 billion from a Malaysian development爱上海 爱上海同城手机版 investment fund.

Khadem Al Qubaisi, the former chairman of Hakkasan nightclub, was arrested in connection with Abu Dhabi authorities investigation into the scandal involving the 1Malaysia Development Bhd., or 1MDB, the Wall Street Journal reported. He was not yet charged. This spring, Qubaisi s assets were frozen and he was told he could not leave the United Arab Emirates.

Prosecutors believe Qubaisi received $470 million in embezzled funds from 1MDB.

Last month, the Justice Department sought to seize more than $1 billion in assets purchased with funds from 1MDB, including about $100 million worth of real estate that Qubaisi allegedly bought with embezzled funds, including a $51 million penthouse at Walker Tower and two Los Angeles mansions worth $46 million combined.

Now investigators are looking for connections between the 1MDB funds and Hakassan, and they re investigating whether Qubaisi he used 1MDB funds to purchase a 482-foot mega yacht, the Topaz, which is reportedly the fifth-largest in the world.

Hakkasan Ltd., is based in London and is controlled by a member of the Abu Dhabi royal family, Sheikh Mansour Bin Zayed Al Nahyan, deputy prime minister of U.A.E. Qubaisi was chairman of Hakkasan and a member of its board until his resignation May 9. Prosecutors have not alleged wrongdoing by the company or its employees.

Instead, the U.S. government is probing Qubaisi s role in arranging financing for Hakkasan around 2012, the time of the 1MDB fraud. Hakkasan reported hundreds of millions of dollars of shareholders loans between 2012 and 2016. In 2015, Hakkasan reduced the loans by issuing a non-share equity instrument to an undisclosed third party.

Hakkasan, which conducted its own review, said it received capital from a legitimate fund in the Middle East not connected爱上海同城对对碰 爱上海同城论坛 to 1MDB. [WSJ] E.B. Solomont

Tags: Money Launde上海千花网 爱上海同城对对碰ring, taek jho low, 爱上海同城对对碰 爱上海同城论坛walker tower
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WATCH: Common s Brad Hargreaves on why co-living is more than dorms for adults The firm founder says it can be “a long term way to live”

During a panel discus上海千花网龙凤论坛 上海千花社区sion in February on the city’s multifamily market, Ofer Yadeni said what the rest of the industry m上海夜网论坛 上海夜网ay be thinking about co-living.

“If you are a 35-year-old and you live in [WeLive or Common], you are a loser, the Stonehenge Partners CEO said. I’m sorry, but if you live with 10 people and you share breakfast or lunch… where do you go with your girlfriend?”

As the founder of Common, Brad Hargreaves could have taken offense. But when he sat down with The Real Deal s Konrad Putzier, Hargreaves laughed off the remark, joking that doors have been shut in his face plenty of times by landlords and developers.

But we re generally pretty friendly people, Ha上海同城对对碰交友社区 上海夜网论坛rgreaves said. So most people would at least listen to us before they told us we re idiots.

It looks like co-living isn t disappearing any time soon, as rising rents are pushing a larger cross section of New Yorkers into shared living arrangements. Pioneer firms like Ollie, Founder House and WeLive weathered the early years, and big players like Boston Properties, Vornado Realty Trust and Rudin Management have either partnered with or invested in these companies.

Hargreaves discussed with Putzier the viability of the business, how Common managed to get some major developer上海千花网论坛 上海千花网s in the mix, and why he thinks co-living is more than just dorms for adults.

Watch the video above to see the conversation in full.

Produced by Alistair Gardiner and Kerry Barger. Interview conducted by Konrad Putzier.

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

Tags: Co-living, The Real Deal Studio
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Realogy shrugs off competition from a small startup called Redfin Company generated $1.8B in Q2 revenue, up 8%

From left: Pam Liebman, Richard Smith, Glenn Kelman and Spencer Rascoff

Shares of Redfin have nearly doubled since the online brokerage s IPO last week and it s made no bones about gunning for traditional brokerages. But guess who s not sweating it: Realogy.

CEO Richard Smith dismissed the online brokerage — which has a market cap of $2.16 billion, compared to Realogy s $4.7 billion — as a small startup during a second-quarter earnings call on Thursday.

Certainly, there s no pressure. We ve been in the business a long time, Smith said. There s a wealth of opportunity for new and innovative ideas. We can all argue about whether they re sustainable or not.

Smith said Realogy s focus on agent productivity and technology — not to mention an aggressive recruitment d新爱上海同城对对碰论坛 上海同城对对碰交友社区rive — puts it in a position to capitalize on the market in ways small startups just can t capitalize.

Smith — who vowed to turn Realogy into a recruiting machine earlier this year to better compete with rivals — said the company would continue throwing its weight around on the recruitment front, as well.

We re not slowing down at all, he said Thursday. We re using our size and scale, which nobody else in our business has, to substantially capitalize on that opportuni上海龙凤论坛sh1f 上海龙凤论坛ty.

Realogy stock closed at $34 per share on Thursday, compared to Redfin s $27.20-per-share price — a jump from just $15 per share on July 28.

Smith didn t just take on Redfin, which is now worth twice as much as Blue Apron but faces outstanding questions as to whether it really is a tech company. The Realogy head also weighed in on a dispute between StreetEasy and residential firms in New York, including Corcoran Group and Citi Habitats, over who controls sales and rental listings. Corcoran and Citi Habitats said they stopped feeding rental listings to the Zillow-owned portal after it started charging agents $3 per day to advertise on its site.

Zillow is an important media上海同城对对碰交友社区 上海夜网论坛 channel for us and I don t expect that to change, Smith said. At the end of the day, i上海贵族宝贝 上海千花网龙凤论坛t s an agent expense.

During the second quarter, Realogy generated $1.8 billion during the second quarter, an 8 percent jump from the prior year. Net income rose 18 percent to $109 million during the same time.

At NRT — which owns Corcoran, Citi Habitats and Sotheby’s International Realty — revenue jumped 10 percent to $1.4 billion du爱上海同城手机版 新爱上海同城对对碰论坛ring the quarter. Sales were up 12 percent thanks to growth in the high-end market and Realogy s target agent recruitment and retention program.

On the high end of the market, sales above $2.5 million rose 29 percent during the quarter, Realogy said.

In New York, some recent hires include Vickey Barron, who joined Corcoran from Douglas Elliman last month. Jay Glazer, a top-producing broker who s represented Gwyneth Paltrow and Chris Martin, joined Corcoran after he was fired from Compass la[……]

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Built in 上海夜网论坛 上海夜网2009, a six-bedroom, nine-bathroom mansion on Dune阿拉爱上海同城 爱上海龙凤419桑拿 Road in Quogu上海夜网 阿爱上海同城e is on the market for $20.9 million. The house has 10,200 square feet of living space, including a movie 上海贵族宝贝论坛 上海贵族宝贝theater, a sauna and a game 上海同城对对碰交友社区 上海夜网论坛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]

Tags: Hamptons
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Ground Zero Flag building sells for $23M Landlord John Casalinuovo sold 116 Mott Street

116 Mott Street and the Ground Ze爱上海 爱上海同城手机版ro Flag (Credit: Groud Zero Volunteers Flag)

Landlord John Casalinuovo sold 116 Mott Street for $22.6 million, possi上海千花社区 上海千花网交友bly spelling the end of a patriotic traditi爱上海同城对对碰 爱上海同城论坛on in the Lower East Side.

The property, at the corner of Hester Street, is a six-story building with 30 apartments, according to city data.上海贵族宝贝论坛 上海贵族宝贝 Over the years, the structure has become a neighborhood attraction. The property is home to the Ground Zero Flag, a 60-foot long American flag that commemorates the 9/11 terrorist attacks.

The flag, which has been put on display every September for the past 17 years, is a replica of the one hung outside the Broo上海贵族宝贝交流区 上海贵族宝贝论坛ks Brothers store during 9/11. The store, at the base of 1 Church Street, became a temporary morgue after the attacks.

The buyers of 116 Mott Street are Chinese investors Lee Pan Realty and MJ Group Holdings, LLC, an entity managed by Jie Wang. The partners are funding the acquisition with an $11.3 million loan from Signature Bank, according to property records filed with the city on Tuesday.

Lee Pan also owns 126 Hester Street, a six-story building three blocks away.

Casalinuovo did not immediately return requests for comment.

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Expedia acquires two home rental startups in fight with Airbnb The firm acquired Pillow and ApartmentJet for an undisclosed amount

Expedia CEO Mark Okerstrom (Credit: Expedia Group and iStock)

Online travel爱上海同城对对碰 爱上海同城论坛 booking firm Expedia is increasing its bet on the short-term home rental industry, acquiring startups Pillow and ApartmentJe阿爱上海同城 阿拉爱上海同城t this week.

Expedia already operates HomeAway, and the latest acquisitions represent a double-barreled attempt at stealing away some of rival Airbnb s market share. In a filing with the Securities and Exchange Commission, Expedia said that its latest acquisitions will contribute to HomeAway’s ability to add an even broader selection of accommodati爱上海同城论坛 爱上海同城ons to its marketplace. Financia爱上海同城对对碰 爱上海同城论坛l terms of the deal were not disclosed.

The two startups enable property owners to monitor short-term rentals in their buildings. Pillow, which is based in San Francisco, helps tenants to rent their apartments without violating the terms of their leases. The company completed a $13.5 million funding round last year. Its backers include Mayfield, Gary Vaynerchuck, Sterling.VC and Peak Capital Partners. Meanwhile, ApartmentJet, which is based in Chicago, performs background checks on renters上海贵族宝贝论坛 上海贵族宝贝 and provides insurance coverage. The company previously had a partnership with Airbnb. It raised $1.2 million in a recent funding round.

Expedia bought Homeaway for $3.9 billion in 2015 and quickly upgraded the company s technology and expanded its offerings from vacation rentals to homes in cities. HomeAway, which raised $505 million before going public in 2011, now operates in 190 countries. It has about 1.7 million listings in total, according to Expedia s second quarter report.

Tags: airbnb, Commercial Real Estate, short term rentals
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As outer borough areas like Williamsburg and LIC top out, investors turn to other corners of the city to chase returns

(Illustration by Jaye Kang)

Once upon a time, developers who were looking to make smart investment plays would throw up a building in Williamsburg, Long Island City or Bushwick and watch the buyers and renters flood in. But those neighborhoods have now largely topped out, sending investors on the hunt for the next corner of New York City that is ripe for opportunity.

This month, in an effort to suss out where real estate investors are making their next round of early bets, The Real Deal pored through building permits, demolition numbers and investment sales activity for more than 200 New York neighborhoods for the nearly 10-year stretch between 2008 and 2017. Then we zeroed in on outer borough areas with upticks in activity in the last year or two.

Unlike back in 2014, when developers were going gangbusters — pouring hundreds of millions of dollars into real estate — today’s investment dollars are largely down. Indeed, residential permit applications fell roughly 73 percent between 2014 and October 2017, plummeting to roughly 18,000 from nearly 66,000.

And while the household-name neighborhoods of the last peak are still seeing activity, it’s a fraction of what it was a few years ago.

Long Island City, for example, saw a 95 percent drop in residential units applied for from 2014 (when there were 7,459) to 2017 (when there were only 335 through October). Williamsburg saw a 90 percent drop in the same category during that same time window — developers in the neighborhood filed for 403 units in 2017 versus 4,352 in 2014. And Bushwick logged a 73 percent decline, falling to 546 in 2017 from 1,998 units in 2014.

“There’s just so much going on there,” said Aaron Jungreis, president of Rosewood Realty Group, referring to neighborhoods like Williamsburg and Long Island City. “There’s so much product that’s saturated [the market].”

In many ways, today’s real estate investments plays are not as clear-cut as they were when the market was firing on all cylinders. For starters, investment dollars are spread out among more neighborhoods and are harder to track because the numbers are not as large.

But with all that in mind, TRD identified a handful of under-the-radar neighborhoods (some with very little name recognition, others with more), that are bucking the trend and seeing an uptick in activity. Those neighborhoods — East New York in Brooklyn, Melrose/Concourse and Longwood/Morrisania in the Bronx and Rego Park and Far Rockaway in Queens — are all at different stages of investment maturity. Some are seeing an influx of affordable housing development. Others are squarely in the market-rate game. 

Jungreis said investors in East New York would likely have to start off by buying land rather than buildings.

“It’s hard to build scale there,” he said, noting that it’s still difficult to obtain large property portfolios in the neighborhood. “Anyone who’s[……]

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Terra Glamping plans 上海千花网论坛 上海千花网to bring its first luxury camping site to Cedar Point County Park in East Hampton by Memorial Day, Newsday reported. The so-called event rental company, which is based in Brooklyn, has run similar seasonal hotels in th上海龙凤论坛 新上海贵族宝贝论坛e Catskills and the Rockaways.上海同城对对碰交友社区 上海夜网论坛 Terra Glamping’s E阿拉爱上海同城 爱上海龙凤419桑拿ast End site will have 30 safari-style tents looking out over Gardiners Bay to Shelter Island and Sag Harbor. Each tent has a queen-size, memory-foam mattress and down bedding along with a six-foot-wide wooden platform at its entrance, as noted by Forbes and other outlets in stories about the “glamping” phenomenon. Amenities includ上海龙凤论坛 新上海贵族宝贝论坛e lounge tents holding sofas, books and board games; a dining tent; bathrooms; a grilling area; a fire pit; and hammocks. Stays at Terra Glamping’s Hamptons locale begin on May 24 and are available through the end of October. [Newsday]

Tags: Hamptons
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PlayStation Hong Kong published the list that PS Plus can avoid game Feburary now, included those who compare an accident ” honorable battle fetch ” , ” the first season adds up to killer collect ” and ” the hand of the destiny ” and ” every day play controller ” 4 game. Free time all is came on Feburary 7 on March 6.
” honorable battle fetch ” it is the game of a movement that Yo green jade makes what issue, issued on Feburary 14, 2017. Game logs onto PC/PS4/XBOX1 platform. The 4 large a group of people of same interest in game are Viking, knight, cavalier and Wu Lin respectively (China) , the player will depend on their different characteristic conquer adversary. ” the first season adds up to killer collect ” in ” killer 2 ” in undertake amuse oneself has Chinese to support. ” the hand of the destiny ” ” the hand of the destiny (Hand Of Fate) ” be swim according to a desk above Kickstart adapted play, game is developed by Defiant Development atelier. The player can be on card of a piece of initiative card begin game, if be story mode to be able to be installed,defend juncture to get, the amount blocking a card of each underground layer is finite, at the same time card card content is random and build place, install have the card card that leads to below one. Every rounds of exploration needs the player to shift blocks a card one piece to photograph adjacent and break up to carry out content blocking a card, can use up at the same time at 1 o’clock food. ” every day play controller ” additional, harbor takes a member to still photograph of theme of member of much happier cat gives. [……]

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