220 CPS officially has a $250M mansion in the sky: PHOTOS Vornado combined four units into massive 23K sf quadplex: AG filing
It has been whispered about for months, but now it s official: Vornado Realty Trust is offering up a palatial four-floor apartment at 2爱上海同城对对碰 20 Central Park South that is priced at a record-smashing $250 million.
The massive condominium will encompass floors 50 through 53 of the Robert A.M. Stern-designed limestone tower, and it will span some 23,000 square feet, according to an amended offering plan filed with the New York Attorney General that was reviewed by The Real Deal. The asking price works out to nearly $11,000 per square foot.
New York s crown for priciest apartment sale currently belongs to Extell Development s One57, where a penthouse sold for $100.5 million in January 2015. If sold at full ask, the 220 CPS pad would blow that out of the water, and also surpass London s One Hyde Park, where a pad traded for $237 million in 2014.
According to the AG filing, the new quadplex is a combination of an 11,000-square-foot duplex on the 50th and 51st floors that was asking $150 million, plus three other smaller (but by no means small) apartments. Units 52A, 52B and 53B were each asking between $26.3 million and $43 million.
Floor plans for the mega unit corroborate reports in recent months that more than one buyer was looking to combine multiple units at 220 CPS into one giant apartment.
Multiple news outlets reported that hedge fund mogul Ken Griffin[……]
Japan s Toyoko Inn files plans for first US hotel in LIC 50-story tower on Jackson Avenue is slated to span 261K sf
Toyoko Inn (credit: Toyoko Inn) and 24-09 Jackson Avenue in Long Island City (credit: Google Maps)
Japan’s Toyoko Inn is moving ahead with plans新上海贵族宝贝论坛 for a massive hotel in Long Island City its first in the U.S. after initially toying上海千花网 with the idea in 2010.
The hotel chain filed plans Tuesday to build a 50-story, 261,000-square-foot hotel at 24-09 Jackson Avenue, according to a permit application.
The proposed building will hold 1,260 hotel rooms. Hotel Architect DPC is the architect of record, according to the filing.
The development site is bound by 23rd s上海夜网 treet and 45th Avenue and is made up of six separate parcels of land. The company paid a total of $18 million for it in 2007. In 2010, the company announced it was planning to open a 640-room hotel in Queens, which has yet to come to fruition.
Toyoko Inn is an economy hotel chain, with more than 200 operations in Japan, Korea an上海龙凤论坛sh1f d Cambodia. It also has hotels scheduled to open in Germany and the Philippines. According to the company’s website, there are no other Toyoko Inns slated to open in the U.S.
Earlier this year, Flushing-based developer Chris Jiashu上海千花网龙凤论坛 Xu filed plans for a 79-story residential tower in Long Island City.
Neither a representative for Toyoko Inn or Hotel Architect DCP were immediately available for comment.
Tags: long island city
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City’s hospitals spend billions amid construction surge Health care construction spending to increase to $8B through 2018
Richard Anderson and construction site at 1283 York Avenue
The city’s health care sector is seeing a surge in construction spending as hospitals spend billions updating outdated facilities and adding preventative health services, a new study finds.
Hospitals in the five boroughs spent more than $6 billion on construction between 2013 and 2015, and are expected to dole out another $8.2 billion through 2018, according to a new study and survey from the New York Building Congress.
Industry consolidation is one of the factors pushing the spending increase, as big hospital systems acquire other organizations including doctors’ offices and smaller health-care facilities, the Wall Street Journal reported.
Smaller facilities are also under development in the city, as primary and outpatient-care services expand bo上海贵族宝贝交流区 th on and off big hospital campuses.
Construction costs in the sector are among the most expensive. It can cost as much as $1,700 per square foot to build the highly specialized facilities, the Building Congress’ report found.
NewYork-Presbyterian, which is finishing up interior work for a new 750,000-square-foot women and 上海千花网交友 children’s hospital on the Upper East Side, spent $500 million to $600 million between 2014 and 2015.
“A lot of hospitals in New York have been around for decades, and they really receive a lot of wear and tear, and we have to[……]
Airbnb sues the city of Miami, Related Group shuts down its Auberge project, and more… South Florida briefs
1440 Biscayne Boulevard
Airbnb is catching heat in South Florida
Airbnb teamed up with five Miami homeowners to sue the city for allegedly enforcing bans on short-term rentals and targeting the company’s hosts.
In the lawsuit, the short-term rental site claims that Miami government officials, under pressure from the hotel industry, ignored a 2011 state law that prohibits cities and counties from banning or unduly regulating vacation rentals.
The litigation comes on the heels of a new county law — which commissioners approved on April 4 — that requires Air上海千花网 bnb users in Miami-Dade County to pay three taxes totaling 6 percent on all rentals in the area. However, the company will not be required to provide the names and addresses of hosts and guests. Miami Beach is exempt from the rule, and Airbnb has to negotiate a separate deal with the city.
According to a memo written by Miami-Dade Mayor Carlos Gimenez, tourism taxes collected by Airbnb could generate up to $6 million in the 上海千花网论坛 first year of the agreement. Gimenez also said the county would soon begin working on legislation to reg上海千花网龙凤论坛 ulate homes and apartments rented through Airbnb and similar applications.
Real estate investor Frank McCourt sweeps up Palm Beach home for $77M
A trust tied to billionaire real estate investor Frank McCourt paid $77 million for an oceanfront estate in Palm Beach,[……]
Peebles and Elad settle their sp上海千花网 at over
Clock Tower project in Tribeca Partners to continue joint development
Don Peebles, Isaac Tshuva and 346 Broadway
The Peeble爱上海同城对对碰 s Corporation and Elad Group settled a legal dispute that threatened to derail their $400 million-plus Clock Tower condominium conversion in Tribeca, the companies announced Wednesday.
Peebles will keep its minority stake, while Elad “will continue managing the development,” a spokesperson said, declining to comment further.
Peebles sued Elad in January for $125 million, alleging that the Israeli development firm cheated it out of its right to sell its sta上海贵族宝贝交流区 ke. Elad countersued in March, alleging Peebles refused to okay an offering plan in an attempt to strong-arm its partner.
The two firms bought the 400,000-square-foot landmarked former court building at 346 Broadway from the city for $160 million in 2013. Elad took a 65 percent stake and Peebles上海夜网论坛 owned the rest. They planned to turn the property into 151 condos, but the project soon ran into trouble.
In April 2016, a judge ruled that the deve新爱上海同城对对碰论坛 lopers could not turn the building’s clock into an electric machine, ending plans to turn the building’s top floors into apartments. Peebles then announced it planned to exercise a so-called put option, which would force Elad to buy out its partner. Elad blocked the move, according to Peebles. Lawsuits ensued.
The legal drama morphed into a threat to the project: Loan agreements require the[……]
SKF planni上海夜网 ng 88-unit上海千花网龙凤论坛 resi buil上海贵族宝贝交流区 ding in
West Bronx Eight-story property would replace two-family home at 246 Echo Place
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The fifth most expensive home, a ninebedroom at 60-62 Oneida Drive in Greenwich, sold for $19.3 million.
Manicured lawns, historic architecture and luxury amenities, not to mention sweeping views, are the hallmarks of what’s come to be known as the Gold Coast of Connecticut’s Fairfield County. And although sales on the high end have slowed, there are still buyers for these oh-so-New England estates — if the price is right.
In many cases, “right” means reduced. The dip in deals isn’t necessarily because the demand isn’t there, but more because the pricing was wrong to begin with. “Activity isn’t improving because demand is increasing — the demand was always there. It’s just that the pricing didn’t reflect today’s market,” said Jonathan Miller, CEO of the appraisal firm Miller Samuel.
Last year, there were just three sales above $10 million in Fairfield County. But sellers are starting to see the error of their ways — no doubt on the advice of their brokers — and doing a better job of matching asking prices to market realities. Since September, there have been four sales over $20 million in the area, giving brokers some hope for the future.
The housing market on Connecticut’s Gold Coast — home to billionaires from the Rockefellers to the Trumps — has struggled somewhat since the financial crisis. Coming out of the recession, new urbanism boomed and the suburbs suffered as “walkability” and “penthouse” became essentials for buyers. Things have only started to turn around fairly rece[……]
Here s how much Blackstone s heir apparent Jonathan Gray made last year Pay gaps between top execs and the rest of th新上海贵族宝贝论坛 e staff will be an item to上海贵族宝贝论坛 watch as Gray takes over
Jonathan Gray.爱上海同城 (Credit from back: Pixabay, University of Miami)
Jonathan Gray s take-home compensation package was one of Blackstone s biggest at $275 million, but Gray still pocketed far less than the group s CEO Stephen Schwarzman.
As the leader of the group, which manages funds worth about $434 billion, Schwarzman s compensation was about $800 million, according to The Financial Times.
Compensation is one of the key issues insiders are watching, the Times reports, now that Gray, the former head of the group s real estate division, has been tapped to be the group s president and COO, a step many see as affirmation that he will succeed Schwarzman. Staff上海千花社区 ers wonder whether huge differences between top executives s pay and everyone else will persist under Gray.
For a point of comparison, Schwarzman s long-time rival BlackRock s Larry Fink was compensated $25 million in 2016 while that year the Blackstone CEO took home $425 million. [FT] Eri爱上海龙凤419桑拿 n Hudson
Tags: blackstone group, jonathan gray, Real Estate Finance
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Durst s LIC Clock resi tower gets new look New上海夜网论坛 renderings show glassy, concave building
From left: Rendering of Queens Plaza Park, the Long Island City Clock Tower and Douglas Durst (Credit: The Durst Organization, Google Maps and Getty Images)
The Durst Organization s Queens Plaza Park project — slated to be the borough s tallest tower — just got a curvy new look.
The latest renderings for the project at 29-37 41st Avenue show a glassy, concave facade, New York YIMBY reported. The tower will rise 710 feet and feature 958 apartments, of which 300 will be set aside for lower-income tenants. The 978,000-square-foot building is ne上海夜网论坛 xt to the landmarked Long Island City Clock Tower, which is爱上海同城 being repurposed as office and retail space.
Handel Architects is designing the tower, and Selldorf Architec上海龙凤论坛sh1f ts is handling the interiors.
Durst purchased the property in 2016 for roughly $175 million from Kevin Maloney’s Property Markets Group. The following year, Brad Zackson, a protégé of Fred Trump and former business partner Paul Manafort, lobbed a lawsuit against PMG, alleging that its failure to develop the Clock Tower site cost him a share of agreed-upon profits.
The planned tower won t likely hold the title of tallest Queens building for上海千花网交友 long. United Construction Development Group is planning a tower nearby, at 23-15 44th Drive, that is expected to rise 752 feet.
Tags: Architecture and Design, Residential Real Estate
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RXR launches $500M fund targeting Trump tax plan s opportunity zones S爱上海同城手机版 ome of the company’s suburban pipeline would qualify for reduced tax
A rendering of Downtown New Rochelle and Scott Rechler (Credit: RXR Realty and Getty Images)
Scott Rechler s RXR Realty has a half-billion plan to profit off the Trump tax cuts.
The real estate developer is planning a fund set on investing in opportunity zones, a new feature of the tax code passed by Congress late last year that allows investors to defer or avoid capital gains taxes when they上海千花网交友 invest in designated under-invested areas.
Bloomberg reported RXR plans to raise the $500 million fund primarily through high net-worth individuals. According to an investor presentation cited by Bloomberg, RXR already has a few development projects in suburban locations like New Rochell上海贵族宝贝论坛 e and Glen Cove that would be eligible for the tax benefit.
There are 8,700 eligible opportunity zones which were nominated by governors in all 50 states, Washington D.C. and overseas territories. The new tax benefit does not require housing built to be affordable to low-income residents.
While some have the cheered on the zones as way to bring more development to underserved communities, Bloomberg notes that others have questioned whether the new tax rules simply上海夜网论坛 give developers more ways to dodge taxes for projects they would have 上海贵族宝贝论坛 built anyway. [Bloomberg] — Will Parker
Tags: Opportunity Zones, Politics, RXR Realty
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