Thor Equities

Thor s top multifamily acquisition execs leaving for Silverpeak Alan Klein, Jonathan Fishman joined from Stonehenge in 2013 to form resi arm

From left: Joseph Sitt, Jonathan Fishman and Alan Klein

Joseph Sitt’s Thor Equities is losing its top residential acquisition executives to Silverpeak Real Estate Partners, sources told The Real Deal.

Alan Klein and Jonathan Fishman, who jointly ran the development firm’s residential arm, are expected to leave Thor sometime this month.

Over the past two years, Klein and Fishman led more than $290 million in multifamily acquisitions, including a $112 million purchase last year of a block of sponsor units at the Apthorp on the Upper West Side in partnership wi上海千花网交友 上海千花网论坛th Michael Fascitelli’s Imperial Companies.

Two existing executives will replace them Marc Effren will lead residential acquisitions while Jim Bush will head up operations, a spokespe阿拉爱上海同城 爱上海龙凤419桑拿rson for Thor confirmed. Effren will report to managing director Cory Elbaum and Bush will report to COO Melissa Gliatta.

Klein and Fishman, who joined Thor from Ofer Yardeni’s Stonehenge Partners in 2013, were hired to launch the residential division at Thor and specialized in one-off purchases of Upper Manhattan rental buildings.

In a statement, a Thor spokesperson said, “Since accelerating our residential acquisitions pace, Thor Equities has acqu阿拉爱上海同城 爱上海龙凤419桑拿ired close to a dozen multifamily buildings including prime properties in Harlem, Morningside Heights and the Upper West Side, with several more buildings currently in the pipeline. Alan and Jonathan were active in helping our executive team acquire and market these assets, and we wish them luck in their future endeavors.”

Klein and Fishman declined to comment, while a Silverpeak spokesperson could not be reached.

Klein and Fishman’s roles at Silverpeak were not immediately clear.

The Midtown-based investment firm, led by Mark Walsh and Brett Bossung, has more than $10 billion in real estate assets under manag上海千花网交友 上海千花网论坛ement 上海千花网论坛 上海千花网in the U.S. and has been ramping up its commercial real estate lending operation. Silverpeak and partners bought the Garland Center, a 733,000-square-foot office complex, in Los Angeles in June for $210 million.

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Bronx Condos

Rare阿爱上海同城 阿拉爱上海同城 new condo project coming to the Bronx s City Island Sea Breeze Estates will bring 16 units to Marine Street

City Island (Credit: Terryballard)

Another new residential project is coming to the Bronx — but this time, it’s condominiums.

Developer Alexander Goren, a partner at the real estate firm Goren Brothers, has filed plans for a 16-unit condo project on City Island at 166-175 Marine Street, according to state records. The project, which has yet to be reviewed, would als爱上海同城论坛 爱上海同城o contain 90 parking spots.

Goren did not respond to a request for comment.

Although the con阿拉爱上海同城 爱上海龙凤419桑拿do market has taken off in Brooklyn and Queens, it has yet to do so in the Bronx. However, condos have established a fairly small foothold in Mott Haven, an上海贵族宝贝 上海千花网龙凤论坛d the 43-unit condo project On The Sound recently arrived in City Is爱上海龙凤419桑拿 上海龙凤论坛sh1fland as the neighborhood’s first new large-scale residential development in roughly 15 years.

Tags: Residential Real Estate
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US Office Market

Net office leasing falls to lowest level since 2012: report New York’s vacancy rate, however, was about half上海千花网 爱上海同城对对碰 the national average


From left: Lower Manhattan and Dayton, Ohio

U.S. office leasing fell to the lowest level since 2012 and rents barely grew last year, adding to concerns over the market’s stability.

Net office absorption across the country fell to 21 million square feet in 2017, according to a report by research firm Reis, down from 29 million square feet in 2016.

T爱上海同城对对碰 爱上海同城论坛he good news is that developers still aren’t building many new office towers nationwide, which should help keep the market stable, the Wall Stre上海夜网 阿爱上海同城et Journal 上海千花网 爱上海同城对对碰reported. New construction added a mere 37.6 million square feet of new office supply in 2017, barely up from the 36.6 million added in 2016.

The average effective office rent, including concessions, grew by 1.8 percent in 2017, compared to 4 percent in 2015 and 12 percent in the year prior to the 2008 financial 爱上海同城论坛 爱上海同城crisis.

New York City’s office market had a vacancy rate of 8.7 percent, according to Reis, the lowest in the country and almost half the national average of 16.3 percent. [WSJ] Konrad Putzier

Tags: Commercial Real Estate, Office Leasing
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Related Companies

Related says it was duped into paying union coffee boys $42 an hour Lawsuit comes as tension between developer and union上海贵族宝贝论坛 上海贵族宝贝s mounts

Steve Ross and 50 Hudson Yards

Buying coffee in the city can be expensive, but Related Compa上海千花网论坛 上海千花网nies says it was tricked into paying union workers $42 per hour to fetch cups o joe for worke上海龙凤论坛 新上海贵族宝贝论坛rs at Hudson Yards.

Related claims in a lawsuit that the Building and Construction Trades Council of Greater New York inflated construction costs by more than $100 million at the megaproject, the New York Post reported. The bills were bumped up, in part, by having two higher-ranking union members of the Concrete Workers District Council serve as coffee boys, roles that are usually filled by the junior-most members, according to a lawsuit filed in state Supreme Court. One of the coffee boys was “the 55-year-old brother of a high-ranking union official, according to the lawsuit.

Though the coffee boys were paid $42.48 an hour plus $27.39 worth of benefits, the workers had to pay for the coffee themselves (so the wages didn t even cover the coffee), according t上海龙凤论坛sh1f 上海龙凤论坛o the Post.

The lawsuit, which is filed against the BCTC, accuses president Gary LaBarbera of “condoning, if not actively participating in, various corrupt practices” at Hudson Yards and encouraging some unions to halt work at the site.

Various unions have held protests across the street from 50 Hudson Yards every week to condemn Related s use of open shop labor on the remainder of the development. The BCTC called for solidarity among the unions, asking that the groups withdraw from working on Hudson Yards unless Related switched course and hired all union labor. The District Council of Carpenters has continued to work on 50 Hudson Yards.

Rela上海同城对对碰交友社区 上海夜网论坛ted is seeking $75 million in damages for the claim that the BCTC has encouraged unions to leave the project and at least $200,000 in damages from LaBarbera for allegedly defaming the company. [NYP] — Kathryn Brenzel 

Tags: Development, Hudson Yards, labor unions, Related Companies
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Fifth Wall Ventures

Fifth Wall raising another $200M for retail tech startups The LA-based VC firm that invests in RE tech has already pooled $60M

Brad Greiwe and Brendan Wallace of Fifth Wall (Credit: Twitter)

Real estate tech startups may have a busy summer ahead if they are looking to seize more venture capital money.

Fifth Wall Ventures, the Los Angeles-based venture capital firm that has pooled money for real estate tech firms Industrious and Airbnb rival AJJK, has already raised $60 million from two unnamed investors, according to an SEC filing issued this month.

The fund, aptly named Fifth Wall Ventures Retail Fund, L.P., could suggest where the money is headed this year: retail real estate tech. The firm has previously invested in retail startups, such as Appear Here, an online marketplace for retail space.

Co-founder Brendan Wallace attended the International Council of Shopping Centers RECon Convention in Las Vegas this week and sat on a panel that discussed investing in retail and real estate technolo爱上海同城对对碰 爱上海同城论坛gy.

A Fifth Wall spokesperson declined to comment about the new fund.

Wallace and Brad Greiwe started the firm in 2016 after stints 上海千花网论坛 上海千花网at Blackstone Group. Greiwe co-founded Blackstone s Invitation Homes, a single family rental housing investment firm that went public last year. Wallace earned his stripes as a real estate analyst at Goldman Sachs before joining Blackstone s real estate division.

The firm last year raised $212 million from 66 investors, including CBRE, Prologis, Hines, Lennar, Host Hotels Resorts, Equity Residen上海贵族宝贝论坛 上海贵族宝贝tial and Macerich.

In February, Industrious, another flexible workspace provider taking on WeWork, announced that Fifth Wall had contributed to a Series C funding round along with Riverwood Capital. The company planned to use the extra funding to open up to 60 new locations.

Wallace last year told the The Real Deal that the firm gauges what technology products its real estate investo爱上海同城手机版 新爱上海同城对对碰论坛rs would use, and then find startups that will provide that need to its investors. Therefore it offers not only funding to startups, but also customers in the form of its own investors.

For example,  homebuyers who purchase a home built by Lennar, an investor in Fifth Wall and one of the largest homebuilders in the U.S., can trade-up and buy a larger Lennar-built home through Opendoor, a Fifth Wall-backed startup that will buy houses in cash and flip them.

Tags: Real Estate Finance, startups, Tech
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Suit claims Eastchester building’s super and landlord discriminated against black renters

Suit claims Eastchester bu上海贵族宝贝交流区 上海贵族宝贝论坛ilding’s super and landlord discriminated against black renters

An Eastchester building’s landlord and superintendent tried to keep black tenants from renting out units by giving them false information, a new lawsuit char上海贵族宝贝 上海千花网龙凤论坛ges. The Fair Housing Justice Center in New York City and three black people who posed as prospective tenants filed the suit after they and other “testers” went to the building at 9 New Street over the course of three months, LoHud reported. According to the suit, the building’s superintendent encouraged the white testers by giving them his phone number and rental applications and “encourag[ing] them to return the paperwork to him,” but told black testers that “there was a waiting list for units, that they had to get an application from a broker, and, in s上海贵族宝贝论坛 上海贵族宝贝ome cases, didn’t give his phone number,” the outlet reported. T爱上海同城 爱上海he center’s executive director Fred Freiberg said that building’s practices “are, sadly, not that uncommon.” The building’s ow爱上海龙凤419桑拿 上海龙凤论坛sh1fner, New Property Associates, has an ownership stake in “hundreds of rental units” in Westchester County and Long Island, according to the suit. [LoHud]

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A Valley home rented by Frank Sinatra, Marilyn Monroe, seeks $13M In recent years, home has been a popular filming location for “Mad Men” and “Dreamgirls.”

From left: Frank Siantra and Marylin Monroe

UPDATED Dec. 14, at 8:34 a.m.: Frank Sinatra must have sung about “Love and Marriage” in this Chatsworth pad.

A property once rented by the Sultan of Swoon — and where Marilyn Monroe was rumored to have carried on her affair with John F. Kennedy — is being shopped around for $12.5 million, according to a listing from the Agency.

Located above the Chatsworth Reservoir, the Mid-Century Modern style home features seven bedrooms and nine bathrooms. Amenities include four fireplaces, a guest house, pool ca爱上海同城 爱上海bana and sweeping views of the San Fernando Valley.

Marketing materials also tout the possibility of building another structure on the 7-acre lot. The agriculture zoning also allows for a vineyard on the site.

Dora Hutchinson, heiress to the Chase Manhattan Bank fortune, commissioned the late architect William Pereira to design the home in 1949. The socialite also hosted lavish parties at the site, attracting celebrities like Lucille Ball and Judy Garland.

Property records link the home to an individual named Richard Wolfen, president of Rock Asset Management, a Los Angeles-based real estate asset management firm.

Sinatra rented the home上海同城对对碰交友社区 上海夜网论坛 for nearly a decade, starting in the early 1950s. He then sublet the guest house t爱上海同城 爱上海o Marilyn Monroe. Rumor has it that the property also served as the meeting spot for President Kennedy’s affair with Monroe, Forbes reported.

In recent years, the home has served as a fil阿爱上海同城 阿拉爱上海同城ming location for films and TV shows, including Dreamgirls and Mad Men, with production companies paying as much as $25,000 a day to use the property, according to Mansion Global.

The爱上海同城论坛 爱上海同城 property has been on and off the market for several years. It most recently listed at $7.5 million in 2015.

Craig Knizek and Barrie Livingstone at the Agency have the listing.

Tags: Celebrity Real Estate, Re, San Fernando Valley
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Amazon Long Island City

Inside the retail giant’s abrupt LIC exit, which has put an end to the short-lived froth in the market and spurred debate about NYC’s hopes of luri爱上海同城论坛 爱上海同城ng in the next mega-tenant

From left: Savanna’s Chris Schlank, Sen. Michael Gianaris, Jeff Bezos, Gov. Andrew Cuomo, U.S. Rep. Alexandria Ocasio-Cortez and Mayor Bill de Blasio (Photo Illustration by Lincoln Agnew)

It’s no secret that the real estate industry was salivating over Amazon’s arrival in Long Island City — and was giddy about the potential ripple effect expected for the entire New York market.

But the retail giant’s decision to ditch its plans for a second company headquarters in LIC had a more apocalyptic effect on some than on others.

Not only had Amazon tapped TF Cornerstone to develop part of its new HQ2 on a site just south of the Queensboro Bridge; more significantly, it also signed on for 1 million square feet of office space at One Court Square, a 1.4-million-square-foot office tower owned by real estate private equity firm Savanna. That move set off a chain of events that has now left Savanna in the lurch as a deadline on its $315 million loan looms.

Amazon’s about-face — prompted by political blowblack from some elected officials and other opponents — also put a halt to the condo-buying frenzy, the development rush and the hopes that LIC would become the next big tech hub, a sort of East Coast Silicon Valley.

The company had committed to creating 25,000 jobs over the next decade, and the overall economic bump was pegged by Gov. Andrew Cuomo’s administration at $27 billion over the next 25 years.

The deep-sixing of the deal has drawn condemnation from all corners of the industry, as The Real Deal has been reporting. One developer even referred to the elected officials who sank the deal as financial “terrorists.”

Related: The people’s champ — and the industry’s adversary

“There is nothing we can equate this to in the history of the state,” Howard Zemsky, head of Empire State Development, the state’s economic development agency, said days before Amazon fled, according to published reports. “It’s the largest economic development prize we’ve ever had.”

Real estate brokers爱上海龙凤419桑拿 上海龙凤论坛sh1f and developers had been benefiting from that dangling prize since November, when Amazon announced that Long Island City (and Crystal City, Virginia) had won its much-hyped national competition to land HQ2, which could have eventually encompassed 8 million square feet.

The Long Island City condo market, which had been suffering from an oversupply of inventory, suddenly became frothy, with lines for open houses stretching down the block and developers eyeing more deals. Office leasing brokers expected Amazon to be a magnet for other tech companies.

All of that activity vanished when Amazon, which is owned by billionaire Jeff Bezos, pulled the plug.

Developers are now back to worrying about how to unload units, office space is likely to stay empty for longer, and investors have already pulled back on new land trad[……]

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Warren Buffett

Warren Buffet s HomeServices to open in Du爱上海同城对对碰 爱上海同城论坛bai amid international push Berkshire Hathaway is opening an office in the United Arab Emirates city

Berkshire Hathaway CEO Warren Buffett and Dubai (Credit: Wikipedia and Unsplash)

Warren Buffett’s Berkshire Hathaway HomeServices, now the largest residential brokerage in the United States, is opening its doors in the Middle East.

The brokerage will open an office in Dubai under the flag Berkshire Hathaway HomeServices Gulf Properties, according to Bloomberg. The new location will be led by CEO Phil Sheridan and Chairman Ihsan Husein Al Marzouqi, and have a 上海贵族宝贝 上海千花网龙凤论坛team of 30 advisers and support staff.

HomeServices has been acquiring other brokerages across the U.S. in a bid for market share, and overtook Realogy s NRT as the largest resident上海龙凤论坛sh1f 上海龙凤论坛ial brokerage in the country in a Real Trends ranking from last month.

While growing at home, Buffett s brokerage has simultaneously been expanding internationally. The brokerage teamed up with one of its two franchisees in Europe, London-based Kay Co., to expand into Milan, Dubai and Vienna. It s also said to be in talks with partners in Paris and Madrid, and considering options in Hong Kong, Mexico上海同城对对碰交友社区 上海夜网论坛 City and Tokyo.

Although the market has predicted a rebound for Dubai’s property market, it has been going through a slump since October 2014. Prices could fall by as much as 10 percent this year, according to S P Global Ratings.

HomeServices hopes to open a second office in Abu Dhabi within a year. [Bloomberg] –爱上海 爱上海同城手机版 Eddie Small

Tags: berkshire hathaway, Dubai, Residential Real Estate, Warren Buffett
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