Madison Realty Capital

Madison Realty Capital debt fund raises $695M Lending fund exceeds $600M goal, will originate mortgages loans and mezz debt

Madison Realty Capital closed off its latest debt fund after raising $695 million – “substantially exceeding” an initial goal of $600 million, the real estate investmen上海龙凤论坛 新上海贵族宝贝论坛t and lending firm said Tuesday.

The fund, Madison Realty Capital Debt Fund III LP, is the firm’s third institutional debt vehicle and raised money from “a diverse group of investors” including public and corporate pension funds, foundations and endowments, and asset managers.

Madison closed the $695 million fund after “surpassing our initial [$600 million] target by a considerable margin,” company managing pr爱上海同城论坛 爱上海同城incipal Adam Tantleff said in a statement.

The debt fund originates commercial mortga阿拉爱上海同城 爱上海龙凤419桑拿ge loans, mezzanine loans and preferred equity interests while also acquiring “non-performing mortgages,” Madison said, and has “more than $2.5 billion of transaction capabilities.”

Madison s first debt fund, launched in 2005, raised more than $300 million, and was followed by the Sullivan Debt Fund in 2012, which raised more than $350 million.

The firm’s total ass新上海贵族宝贝论坛 上海贵族宝贝交流区ets “now approach $3 billion,” Tantleff added, with Madison looking to “find and e上海千花社区 上海千花网交友xploit” investment opportunities “in the underserved middle markets across asset classes.”

Madison recently entered contract on a pair of vacant warehouses, near the Industry City office complex in Sunset Park, for $37 million.[……]

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Amy Schumer

Amy Schumer scopes out $15M mansion on UWS She’s trying to sell her co-op in the neighborhood

352 Riverside Drive (inset: Amy Schumer) (credit: Universal Pictures)

The girl with the lower back tattoo is scoping out a $15 million mansion on the Upper West Side.

Amy Schumer recently toured 352 Riverside Drive, a nine-bedroom home that overlooks the Hudson River and has eight fireplaces, the New York Post reported. The Beaux Arts mansion was built in 1900 and originally owned by Adolphe Openhym, a wealthy silk merchant. Schumer would only be the fifth owner if she buys the place.

The comedian is currently trying to sell her one-bedroom penthouse at 129 West 80th Street for $1.6 million — down from her earlier ask of $1.8 million. She bought the co-op in 2014 for $1.7 million.

Paula Del Nunzio and Shirley Mueller of Brown Harris Steven上海同城对对碰交友社区 上海夜网论坛s are handling the listing for the Riverside Drive property.

In her new memoir, The Girl with the Lower Back Tattoo, the Train Wreck star discusses her newfound fame and her status as New Money.

I try 阿拉爱上海同城 爱上海龙凤419桑拿to remember where I came from, she writes. I remember when I went to a P爱上海龙凤419桑拿 上海龙凤论坛sh1fenny Arcade coin counting 上海夜网 阿爱上海同城machine at TD Bank so I could take my boyfriend out to dinner at TGI Fridays for his birthday.  [NYP] — Kathryn Brenzel

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Another controversial wall: Mayor, City Council clash over barrier between Greenpoint park and mixed-use project Episode between City Planning and administration is the latest point of tension over land-use i爱上海同城 爱上海ssues

Marisa Lago and a rendering of 3-15 Greenpoint (Credit: Kutnicki Bernstein Architects)

Mayor Bill de Blasio s administration and the Ci上海贵族宝贝 上海千花网龙凤论坛ty Council are locking horns again, this time over a controversial wall proposed as a barrier between a small park and a mixed-use project in Greenpoint.

City Planning chair Marisa Lago wrote a letter rebuking the City Council for demanding that a six-to-10-foot high concrete wall be built as a buffer between a 77-unit project developed by BNS Real Estate at 3-15 Greenpoint Avenue and Transmitter Park. In her letter, Lago said the wall would detract from the openness and safety of the park, Politico reported. She noted, however, that the wall does abide by land use rules and wouldn t require further public review.

Council members countered, however, that the wall was necessary to p爱上海同城 爱上海lacate some residents who already feel like the 2005 rezoning of the area triggered too much development.

We re going to have to agree to disagree with City Planning, said Land Use committee chair David Greenfield. It is well within the prerogative of the Council to make these kinds of changes; it is something that is necessary in order to get many parties that have interest in these projects to agreement and if the City Planning Commission[……]

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Distressed Properties NYC

Investors are coming for your distressed RE Some firms are already building a war chest in anticipation of a CRE slowdown

From left: Michael Shah, Josh Zegen, Steve Witkoff, and Douglas Durst

The trend has already been playing out in New York for some time, where some of the city s most prominent developers have stepped in to grab properties 爱上海同城 爱上海from developers who bit off more than they could chew and couldn t land construction financing.

Late last year, the Durst Organization took over the Clock Tower site in Long Island City from Property Markets Group and the Hakim Organization, paying $175 million. Durst also worked out a deal to take over a distressed site from Ian Bruce Eichner in Harlem for just over $90 million.

“We cannot compete with condo builders on cost when acquiring land conventionally,” the firm’s CEO Douglas Durst told The Real Deal in January. “Acquiring distressed sites allows us to build rental and make the kinds of long-term investments that have served us well for more than 100 years.”

Other investors like Delshah Capital, Madison Realty Capital and a partnership between Steve Witkoff 上海夜网 阿爱上海同城and Michael Asher have set up funds to focus on acquiring distressed properties.

Analysts aren’t predicting a downturn of the same magnitude as the financial crisis, but some think a correction爱上海同城手机版 新爱上海同城对对碰论坛 to the the commercial property market is inevitable, according to the Wall Street Journal. The rate of owners behind on loan payments went up this year, and Moody’s delin[……]

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Brooklyn Hotel Market

One night in Brooklyn: Borough’s hotel room rates see significant rise Prices increased by 4.1 percent year-over-year, new report says

Brooklyn s Wythe Hotel (Credit: Wythe Hotel)

Even people just staying in Brooklyn for a few nights on vacation can’t escape the borough’s pricey real estate.

New research from the hotel and analytics firm STR has found that room rates in the borough have gone up by 4.1 percent year-over-yea上海千花社区 上海千花网交友r to $182.13, according to the Commercial Observer. Occupancy rates rose as well to 81.5 percent, while the number of hotels went up from 61 to 71.

In Manhattan, however, room rates we上海贵族宝贝 上海千花网龙凤论坛nt down by 1.6 percent year-over-year, falling to $269.45. They have gone down continually since hitting $292.46 in 2014.

Possible factors上海千花网 爱上海同城对对碰 behind the price jump in Brooklyn include its evolution as a destination of its own, its proximity to Manhattan and its new product. Reasons behind the decline in Manhattan could include too much supply, a focus on hitting 95 percent occupancy rates and a room rate that is already sky high.

Room rates went up in Queens and the Bronx as well, rising by 5.1 percent and 4.7 percent, respectively.

“Brooklyn is super hot,” STR sen上海龙凤论坛sh1f 上海龙凤论坛ior vice president Jan Freitag told the Commercial Observer. “Developers like it. Travelers like it. It has a great reputation, and it’s上海千花网交友 上海千花网论坛 very close to Manhattan.” [CO] – Eddie Small

Tags: Commercial Real Estate, Hotel Market
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WeWork Hong Kong

WeWork inks first deal with publicly traded Hong Kong landlord Co-working giant raised $500M last year for South Korea/Asia expansion

Adam Neumann and Cityplaza 3 in Hong Kong (Credit: Swire Properties)

WeWork struck its first deal with a major publicly listed developer in Hong Kong.

The co-working company signed an agreement to lease four floors with roughly 55,000 square feet at Swire Properties’ 24-story Cityplaza 3 tower in Taikoo Shing, Bloomberg reported.

The class-A office tower is eight subway stops away from the Central business district. The rent was not disclosed, but Swire said WeWork will pay market rate.

WeWork already operates two facilities in Hong Kong. But those are outside the central business district and leased from smaller landlords in Wan Chai and Causeway Bay. The company plans to open in a former hotel in the Lan Kwai Fong entertainment district.

Hong Kong has been slower than other financial centers to grab ahold of the co-working trend en masse, partly because landlords have not felt the pressure with occupancy rates at nearly 100 percent.

Office space in Hong Kong’s Centr上海千花网 爱上海同城对对碰al district costs an average of $323 per square foot – 66 percent more than 爱上海同城 爱上海Midtown Manhattan.

But Don Taylor, Swire’s director of office leasing, said major companies are now looking for more options.

“Corporations are saying to us, ‘do you have flex space?’” he said. Swire operates its own coworking space called Blueprint, but only has room for roughly 200 employees.

WeWork la[……]

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WeWork

Adam Neumann and Bjarke Ingels (Credit: Alexei Hay via WeWork)

UPDATED, May 8, 3:4上海贵族宝贝论坛 上海贵族宝贝8 p.m.: WeWork hired Danish architect Bjarke Ingels as “chief architect,” as the co-working company ramps up its development business.

Ingels, who designed the Durst Organization’s rental apartment building VIA 57 West, among other New York projects, will continue to run his architecture firm BIG alongside his new job. At WeWork, the architect will be charged with designing the company阿爱上海同城 阿拉爱上海同城’s new Midtown headquarters in the Lord Taylor building at 424 Fifth Avenue. He is already working on the design of WeWork’s first WeGrow grade school.

WeWork co-founder Adam Neumann told Fast Company that the company will build more ground-up developments, designed by Ingels, this year. It plans to start working on so-called campuses basically small neighborhoods managed by WeWork that include offices上海夜网论坛 上海夜网, apartments and a school in 2019.

“If I were to just hire his firm, then there’s a client-service provider relationship,” Neumann said. “In my opinion that’s a limiting relationship. It’s what we’ve observed in the real estate world. If we can streamline these decisions and make a little bit of f上海千花网论坛 上海千花网rictionless design, we can unleash creativity.”

WeWork’s real estate investment vehicle, which the company launched in partnership with private equity firm Rhone Group, bought the Lord Taylor Building for $850 million from Hudson’s Bay Co. last year. In April, another WeWork venture paid $826 million[……]

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One57

Yet anot上海千花网龙凤论坛 上海千花社区her One57 seller takes a loss The unit sold for $6M less than the seller paid in 2015

One57 at 157 West 57th Street and a cartoon of a seller losing their money (Credit: Getty Images and iStock)

An apartment at One57 just sold at a $6 million loss.

Unit 77 sold for $42 million, according to records from the city s Department of Finance. The condominium was listed last year for $49 million, with the price later cut to $44 million. In 2015, an undisclosed European buyer bought the apartment for $47.8 million.
Douglas Elliman and Compass had a co-exclusive on the listing.

Unit 77

The buyer is listed in property records as Pilchuck Corp., with attorney Navid Aminzadeh as the signatory. Attorney James C. Kennedy i上海千花网龙凤论坛 上海千花社区s the signatory for the seller.

The apartment spans roughly 上海贵族宝贝论坛 上海贵族宝贝6,200 square feet and includes private elevator access. The unit also has a home automation system, to control audio/visual, lighting and motorized shades. One57’s amenities include a full catering kitchen and access to all services at the Park Hyatt Hotel.

Other One57 sellers this year have also taken losses. In March, one seller lost roughly $6 million on a unit that sold for $21.5 million. In May, Canadian billionaire Lawrence Stroll took a lo爱上海 爱上海同城手机版ss on the apartm爱上海同城对对碰 爱上海同城论坛ent he bought in 2014. His sale closed at $54 million, less than the $55.6 million he paid for it.

Meanwhile, Extell Development resorted to discounting sponsor units at the supertall — amid the luxury market slowd[……]

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