One57 Foreclosure

Does a Middle Eastern businesswoman own the One57 unit facing foreclosure? Sheri Izadpanah reportedly bought the $21.4M condo in 2015

One57 at 157 West 57th Street (Credit: Getty Images)

International businesswoman Sheri Izadpanah may be the owner of the上海同城对对碰交友社区 上海夜网论坛 luxury condominium at One57 that s become the first pad on Billionaires Row 新爱上海同城对对碰论坛 上海同城对对碰交友社区to face foreclosure.

Izadpanah, who snagged the apartment two years ago, operates a high-end lifestyle concierge company in Dubai called Louis Fourteen, the New York Post reported. She is also the associate editor of a Dubai fashion magazine, Mojeh. The magazine was founded by Iranian socialite Mojeh Izadpanah, who may be a relative, according to the Post.

The June 14 foreclosure auction is a rarity in the 爱上海同城 爱上海world of uber-luxury pads and at One57, which is home to the city s most expensive apartment, the $100.5 million penthouse.

According to the Post, Izadpanah may have purchased unit 56C through an LLC called Central Park Immobilier, which paid $21.4 million in 2015, property records 上海千花社区 上海千花网交友show. There s a lien on the property for $20.9 million plus interest and costs. Larry Tetelman, an attorney for Central Park Immobilier, declined to comment.

The four-bedroom pad, which measures 3,466 square feet, has been on the market for more than a year with an asking price of $22.5 million. Platinum Properties Khashy Eyn is marketing the pad with Cash Bernard. [NY上海龙凤论坛sh1f 上海龙凤论坛P] E.B. Solomont

(To view residential sales transactions at One57, click here)

Tags: Billionaires Row, foreclosures, one57, Residential Real Estate
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Equifax

The catastrophic theft of 143 million consumers’ personal data from national credit bureau Equifax could cause financial grief for years for homebuyers and mortgage applicants.

The odds are that some of your sensitive information was stolen — possibly your address, Social Security number, driver’s license, credit card numbers — and could now be up for grabs to the highest bidders on a Dark Web site. Equifax and the other two national bureaus, Experian and TransUnion,上海千花网龙凤论坛 上海千花社区 keep files on approximately 220 million individuals, so roughly two-thirds of consumers are potentially at risk from the breach. Ironically, the so-called “credit invisibles” — the millions of Americans with little or no information in the bureaus’ files — may be the least affected by Equifax’s security lapse.

Homebuyers and mortgage applicants, on the other hand, tend to have significant information on file at the bureaus and could run into complications soon or down the road.

Take this scenario: Say your Equifax file was looted but you’ve done little or nothing to detect fraudulent activity on one or more of your existing credit accounts. You sign a contract to buy a house and apply for a mortgage. The lender pulls your credit and confronts you with the shocking news: Your FICO credit score 上海夜网论坛 上海夜网is too low for you to qualify for the loan because you’ve been running up too much debt on one or more accounts. Your “utilization ratio” on 上海千花网龙凤论坛 上海千花社区your available credit is上海贵族宝贝 上海千花网龙凤论坛 too high and that has 上海贵族宝贝 上海千花网龙凤论坛depressed your score. Or there’s a newly established account on your files that has put you deep in debt, even though you had nothing to do with it.

Turns out financial thieves have been racking up thousands of dollars in debts at your expense and now — smack in the middle of a major lifetime investment — you’re stuck with having to get the file corrected, which takes time and can be a pain. In the meantime, what happens to your purchase contract? Will the sellers bear with you, essentially putting off the transaction indefinitely, and possibly blowing up their own plans to move into another house they’re under contract to close on a specific date? It could all get really messy.

Another scenario: Say your lender already has approved you for a mortgage or a home equity loan. Before the scheduled closing, the loan officer does what has become standard practice in the mortgage industry in recent years — runs another credit check to make sure no new debts have been added since your application. But in the meantime, identity theft criminals have created a new account or run up charges on one or more of your credit cards, knocking your debt-to-income ratio out of sight.

At the very least, whatever rate locks you had could be blown as you scramble to get your files corrected. Or your entire loan transaction could be jeopardized if the process takes too long.

Terry W. Clemans, executive director of the National Consumer Reporting Association, many of whose members provide the merged cr[……]

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Bedford

Legal Aid sues city to block Bedford-Union Armory project NYC uses flawed method to evaluate tenant displacement: organization

The Legal Aid rally against the Bedford-Union Armory (Credit: Spencer Gallop/The Legal Aid Society)

Legal Aid Society’s lawsuit opposing the contentious Bedford-Union Armory plan in Crown Heights aims to change the way the city evaluates tenant displacement.

The新爱上海同城对对碰论坛 上海同城对对碰交友社区 organization filed its litigation against the city of New York on Wednesday, claiming that the city should not be allowed to move forward with the armory because officials did not properly determine how many residents it could price out of the neighborhood.

The lawsuit argues that the city’s overall method of evaluating tenant displacement is flawed, as it assumes the only vulnerable residents are those living in unregulated apartments.

“Real-world experience shows us that the introduction of above-market units to a neighborhood puts regulated上海贵族宝贝 上海千花网龙凤论坛 and unregulated tenants alike at risk of displacement,” the suit reads.

The lawsuit cites vacancy bonuses and tenant harassme阿爱上海同城 阿拉爱上海同城nt as factors that make all tenants vulnerable and essentially invalidate the city’s decision-making p上海贵族宝贝论坛 上海贵族宝贝rocess.

“The city’s methodology not only puts Crown Heights tenants at risk but others barely making rent in every borough,” Judith Goldiner, attorney-in-charge of Legal Aid’s civil law reform unit, said in a statement. “The current proposal sets a dangerous precedent, and it will worsen displacement if left unchecked.”

Crown Heights tenants Lyris Ming and Faith Wilder, along with the organization Tenants and Neighbors, are listed as petitioners in the suit, which Legal Aid unveiled Wednesday at an event on the steps of City Hall. The City Council intends to vote on the armory plan on Nov. 30, and it is expected to pass.

The Bedford-Union Armory is a mixed-use project from developer BFC Partners that would include 250 affordable apartments with rents between $521 and $1,166, as well as a recreation center. Local Council member Laurie Cumbo recently came out in favor of the plan, but it still faces stiff opposition from activists.

The city will review the complaint and respond accordingly, according to the Law Department.

Tags: Bedford-Union Armory, Development, legal aid society
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The Wing

Is this women-only co-working club violating the city s human rights law? Commission is investigating the Wing

From left: The Wing Flatiron, SoHo and co-founders Audrey Gelman and Lauren Kassan (Credit: The Wing)

Officials are investigating whether or not a women-only co-working club, the Wing, has violated the city s Human Rights Law.

The New York City Commission on Human Rights has opened a commission-initiated investigation, into whether the Wing has violated the law, Jezebel reported. The city bars busine上海贵族宝贝论坛 上海贵族宝贝sses that furnish public accommodation, includi上海贵族宝贝交流区 上海贵族宝贝论坛ng most private clubs from discriminating against customers based on gender.

“All that’s happened is that the Wing and the commission have agreed, mutually, to sit down and have a conversation,” said Karen Dunn of Boies Schiller Flexner, who is representing the Wing.

The probe is a setback for the company, which has enjoyed positive media coverage and investment interest in recent months.上海龙凤论坛 新上海贵族宝贝论坛 In November, the company raised $32 million in Series B funding, the bulk of which came from co-wor新上海贵族宝贝论坛 上海贵族宝贝交流区king competitor, WeWork. The infusion brought total investment in the Wing to more than $42 million. The company has three locations in New York.

Melissa Murray, a professor of law at University of California at Berkeley who is teaching at New York Uni上海千花社区 上海千花网交友versity, criticized the investigation.

“I think it’s patently absurd for New York’s human rights commission to be focusing on the Wing when we’ve had, over the last six months, numerous complaints about workplaces being absolutely hostile to women in terms of pervasive and endemic sexual harassment,” she told Jezebel. “Leaving aside the fact that so many workplaces seem to be rife with incidents of sexual harassment, now, after #MeToo, I think there are a lot of men in positions of authority who are going to be really skeptical and afraid to mentor women and that might make a space like this even more necessary.  [Jezebel] — Kathryn Brenzel

Tags: Commercial Real Estate, wework
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Brownstone Brooklyn Sales

Brooklyn s toniest neighborhoods上海千花网 爱上海同城对对碰 posted big declines in home prices in Q1 A weekly feature brining you the industry’s latest intel

Homes in Bay Ridge, Br上海贵族宝贝论坛 上海贵族宝贝ooklyn (Credit: Wikimedia Commons)

Residential

Sales | Ideal Properties

The median price of a home in Brownstone Brooklyn (Boerum Hill, Brooklyn Heights, Carroll Gardens, Clinton Hill, Cobble Hill, etc.) and North Brooklyn (Williamsburg, the Navy Yard and Greenpoint), dropped 11.4 percent year-on-year to $1.02 million in the first quarter. The decline was partly due to a weakening condominium market. During the period, the average sales price for the segment stood at $1.446 million, which amounts to a 7.1 percent drop compared to the same time last year. Read the report here.

Sales | CORE

The average asking pr爱上海同城手机版 新爱上海同城对对碰论坛ice to closing price discount in Manhattan’s luxury and new development market stood at ten percent during the first quarter. The figur上海千花社区 上海千花网交友e represents the highest in two years. In spite of the bargains, the pace of closings was sluggish. For the quarter, the Manhattan market averaged 181 closings per week, down from the 235 closings during the same time last year.

Sales | Platinum Properties

The number of homes sold in the Financial District dropped 52 percent year-on-year in the first quarter to just 50 units. The decline was attributed to uncertainty surrounding the new tax law阿爱上海同城 阿拉爱上海同城, which also dragged down sales in the previous quarter. In spite of the slowdown in sales, the average price of homes in the neighborhood rose by 10 percent year-on-year to $1.26M. Read the report here.

Sales | Olshan

The Manhattan luxury market was undeterred by the volatility of the financial markets. The segment registered 29 contracts at above $4 million between April 2 and April 8, highlighted by the one of the most expensive residential deals of the year. The top deal for the week was for the combination pads of 71A and 71B at 432 Park Avenue, which went into contract with the last asking price of $68.5 million. Read the report here.

Commercial

Enhancing the Value of Hospital Real Estate | CBRE

Hospitals and health systems control $1 trillion of owned real estate across the US. Out of that total, 42 percent are for inpatient facilities while 27 percent are for outpatient facilities. Large players own most of the hospital real estate in the country. The top 50 ranking of healthcare real estate owners include 34 health systems that collectively own $227 billion in real estate assets.

Tags: Commercial Real Estate, nyc market reports, Residential Real Estate
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Empire State Realty Trust

Infrastructure firm expands to more than 100K sf at Empire State Building HNTB Corporation took another floor at the 102-story tower

The Empire State Building at 350 5th Avenue and Thomas Durels (Credit: Getty Images)

Infrastructure consulting firm HNTB Corporation is expanding at the Empire State Building.

The company signed a lease to take an additional 26,800 square feet on the 62nd floor of the 102-story tower, according to landlord Empire State Realty Realty Trust. The transaction expands HNTB s footprint in the building to 105,100 square feet. In 2015, the company moved into the property after sign上海贵族宝贝交流区 上海贵族宝贝论坛ing a 78,400-square-foot deal for floors 56 to 58.

The transaction adds to a string of expansions in the skyscraper over the past few months. In July, social networking site LinkedIn took an additional 30,200 square feet on the 27th floor, bringing its footprint in the tower to 313,000 square feet. ESRT also announced a 5,300 square feet expansion for software vendor Workday, Inc., which increased its space in the property to 21,400 square feet. The Workday transaction represents the 145th lease expansion 上海夜网 阿爱上海同城in the property since 2013, according to ESRT Executive Vice President Thomas Durels.

The Empire State Building, wh上海贵族宝贝交流区 上海贵族宝贝论坛ich attracts over four million visitors per year, opened in 上海夜网论坛 上海夜网1931. Other tenants in the building include advertising company JCDecaux, construction firm Skanska and beauty products company Coty. The building is 94.6 percent leased, according to ESRT s latest quarterly report. During the second quarter, the building generated $153.6 million in revenue, up 5.3 percent from the sa阿爱上海同城 阿拉爱上海同城me time last year.

Colliers International s Sven Sykes represented HNTB. Cushman Wakefield s Paige Engeldrum represented Workday. ESRT s Ryan Kass and Shanae Ursini, along with JLL s Paul Glickman, Jonathan Fanuzzi and Harley Dalton represented the landlord.

Tags: Empire State Building, Empire State Realty Trust
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Miami Condo Oversupply

(Over)supply and demand With a market overstocked with apartments, can Miami’s condo investors keep paying the rent?

(Illustration by Maciej Frolow)

Tour the Panorama Tower overlooking Biscayne Bay, with its “porte cochere,” poolside cafe, wine tasting rooms, pet spa and home theaters, and you might think that you’re sampling Miami’s latest glitzy condominium offering.

Rising nearly 900 feet, Florida East Coast Realty’s project is the tallest building in the state. But unlike many of the other towers that dot Brickell, the Hollo family’s development firm decided to build rentals. It even tapped Fortune Development Sales, a top condo sales and marketing firm, for the leasing assignment, and targeted trendy and hip Miamians — “Brickellistas.”

Banking on the city’s population growth, its hunger for big corporate tenants and homeownership’s diminishing prominence in the American Dream, FECR and other developers have bet that Miami, like New York, will become a city of renters. They’re building top-shelf product and wooing the prosperous with a playbook they’ve adapted from their condo-building counterparts. But their approach could directly threaten condo investors, who are increasingly looking to generate income by putting their units on the rental market. In Miami-Dade County, nearly 2,200 leases have been signed on the so-called “shadow rental market” so far this year, data from Integra Realty Resources show, up from fewer than 100 shadow rentals in 2014.

In the face of increased competition from rental developers with newer product, a central tenet of buying a unit for investment — renting it out — is being challenged. And while large rental landlords ar新上海贵族宝贝论坛 上海贵族宝贝交流区e able to adjust prices in the event of oversupply or a downturn, individual condo owners, dealing with a myriad of fees and taxes, have less wiggle room on pricing, meaning they could be shut out.

“Owning a condo and renting it,” said Manny de Zárraga, the Miami-based co-head of HFF’s National Investment Advisory Group, “is not a great business.”

Apartment therapy

So far, developers’ big bet on luxury multifamily projects seems to be paying off. Panorama is leasing out at rents that range from $2,500 a month for a one-bedroom to over $6,700 for a three-bedroom. More than half its 821 units are leased out, according to Jerome Hollo, president of FECR.

Comparable properties have also done well. Recently built Class A apartments in Miami-Dade saw net operating income grow 74 percent between 2015 and 2017, according to The Real Deal’s analysis of county figures.

That the sector is posting such numbers despite a large supply bump says a lot. Since 2014, more than 20,000 Class A apartment units have come to market in Miami, according to a TRD analysis of data from Integra, which creates residential reports for the Miami Downtown Development Authority. Yet asking rents have only climbed.

“When we went through the last real estate crash, the sales prices of residences went down,” said Jack McCabe, CEO o[……]

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Commercial Property Appraisals

Inflated commercial valuations are increasingly distorting markets and hurting investors, as appraisers are under pressure to come up with favorable numbers

(Illustration by Brian Stauffer)

Starwood Capital Group made a big bet on the U.S. retail market in November 2013. Barry Sternlicht’s private equity firm bought a 90 percent stake 上海夜网 阿爱上海同城in seven malls from Westfield Group for $1.6 billion through an affiliated company.

Located in towns like Toledo, Ohio, and Olympia, Washington, the malls were filled with national brands and boasted a上海同城对对碰交友社区 上海夜网论坛n average occupancy rate of 96 percent — the kind of properties considered a very safe bet at the time.

But the retail market was rapidly changing as e-commerce continued to push hundreds of brick-and-mortar stores out of business, and Class B malls in midsized cities increasingly found themselves in hot water. At the malls Starwood had bought from Westfield, net operating income fell more than 8 percent over the next four years, regulatory filings show.

Then in 2018, a $760 million securitized loan backed by five of the seven malls came due. Starwood had to find a new source of financing or risk losing the properties, so it decided to sell bonds in Israel.

To get a cheap interest rate, though, it needed to convince investors that the malls were lucrative and the risk of default was minuscule. The company tapped appraisal firm NPV Advisors to assess the value of the properties, and NPV conveniently found that the seven malls had barely seen a loss over the past five years. Their combined value of $1.74 billion — down from $1.78 billion in 2014 — implied they were low-risk investments, per the appraiser.

So Starwood sold $244 million in bonds to more than 60 investors on the Tel Aviv Stock Exchange last March. But many would soon regret their decision. The malls’ combined income fell by another 4.8 percent between the third quarters of 2017 and 2018. And by mid-December, the price of the bonds had fallen by 42 percent, the Wall Street Journal reported. Representatives for Starwood and NPV declined to comment. 

“Israelis were suckered into investing in those projects without understanding how they work,” a bank executive in Israel, who has helped other property owners raise money in Tel Aviv, said on condition of anonymity.

And Starwood isn’t the only company that has been able to raise debt thanks, in part, to a favorable appraisal. Kushner Companies’ retail condo at 229 West 43rd Street had an initial appraisal of $470 million. Just five months later, however, S P valued it at $230 million — less than the amount of its loan. And the Trump Organization’s office building at 40 Wall Street was appraised by Cushman Wakefield at a value of $540 million in 2015, but was later pegged at just $260 million by S P.

An analysis of large commercial mortgage-backed securities deals by The Real Deal found that ratings agencies routinely shave more than 20 percent off bank appraisals in the lead-up to bond offerings. In more[……]

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Related Group

Miami s condo king now wants to build apartments in this Opportunity Zone Jorge Perez said he is also looking at using the federal tax program for an Allapattah warehouse

Jorge Perez

South Florida’s condo king is so enamored with the Opportun阿爱上海同城 阿拉爱上海同城ity Zone program that he is looking to use it to build market-rate apartments in West Palm Beach.

Related Group’s Chairman and CEO Jorge Perez said he plans to use the Opportunity Zones tax break for a waterfront parcel in the city, according to Bloomberg. Perez said market-rate apartments makes more sense now that it is in an Opportunity Zone.

The Related project was not specifically named in the Bloomberg article, but the property fits the description of the site where Perez previously爱上海龙凤419桑拿 上海龙凤论坛sh1f planned to build the Marina Village project.

Related planned to build two 24-story buildings with about 400 units at 4400 North Flagler Drive. Related bought the site in 2005 for $9爱上海同城 爱上海.4 million, records show.

Perez also said he could use the tax program in Miami’s Allapattah neighborhood, where he bought a warehouse to store his private art collection, according to Bloomberg.

Perez is one of the many developers looking to take advantage of the federal Opportunity Zones program. Passed as part of President Trump’s 2017 tax plan, the Opportunity Zones program allows investors and developers the ability to defer and potentially forgo paying capital gains taxes by investing in a designated Opportunity Zone. The program has received criticism that it will only benefit wealthy developers like Related rather than help distressed communities.

Many developers are waiting to deploy capital and start building in these Opportunity Zones until more regulations and rules come out from the Internal Revenue Service and the U.S. Treasury. [Bloomberg] — Keith上海千花社区 上海千花网交友 Larsen

Tags: Commercial Real Estate, jorge perez, Opportunity Zones, Real Estate Finance, related group, west palm beach Cracking the bro code: The Alexanders are basking in success–but is 阿拉爱上海同城 爱上海龙凤419桑拿i…CIM Group scores $71M loan to build Wynwood SquareEx-president of Peru tied to corruption scandal dies from self-inflict…Bank OZK continued aggressive condo lending in Q1
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Steam client end will check great mind newlier to discover type of Steam China starter

Steam community announced recently, steam client end will undertake Beta test is updated, newer content include to support Ipv6 join to download a server, for the desktop client end increases ” exit compulsively ” pushbutton. Steam updates announcement: Click those who entered newer announcement to show the user is expected for quite a long time to alter, and solid outfit is carried in Steam client, include the Steam game library after redo, before new design was applied, the technology that the sky uses chats in Steam. SteamDB official is pushed express, this means Steam client to carry new design to be able to be based on webpage technology to undertake. SteamDB author Pavel Djundik states he suspects the client carries UI to be able to be based on webpage technology design all the time, can use embedded Chrome greatly at the same time. Steam government affirmed this nowadays. Pavel Djundik analysed a few results that he reachs through data mining, the client that he represents to the client end after updating is edition of a webpage actually is carried. He still discovered in data mining the name is ” Steam China ” starter type, to new join ” Steamhdl ” meaning, pavel Djundik also did not figure out. [……]

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