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Brooklyn Queens Streetcar

Brooklyn-Queens streetcar could raise values of adjacent properties by 3.5%: study City’s assessment of real-estate backed study shows property tax windfall of up to $3B

Owners of property along the path of the planned Brooklyn-Queens street car could see a major boost to their bottom line. A city analysis of a real estate study claims the streetcar could directly result in a 5 percent increase in d爱上海同城论坛 爱上海同城evelopment along its tracks, and new projects from Sunset Park to Astoria could see a 3.5 percent increase in value.

Over a 40-year period, the new streetcar could fill the city’s coffers with as much as $3 billion in new property tax revenues, the analysis states.

The city published what it calls a “rapid assessment” of the 2015 feasibility study of a 16-mile route with 30 stops that was commissioned by the Friends of the BQX, a group that includes Doug Steiner, Helena Durst, Jed Walentas and investor Fred Wilson of Union Square Ventures.

Though the original study estimated the total project to cost $1.7 billion and annual operating costs to hit $26 million, the city’s new a爱上海同城论坛 爱上海同城ssessment pushes those numbers up to $2.5 billion and $31.5 million, respectively.

“The streetcar line would serve 45,000-50,000 daily riders resulting in over $26 million in annual fare revenues,” the city’s study read. “The $2.5 billion cost was determined to be reasonably covered through value creation and capture.”

Mayor Bill de Blasio unveiled his proposal to build the streetcar at his State of the City address in February, projecting an estimated 15.8 million straphangers would traverse its route each year by 2035.

As for growth in the corridor, the city s newest study projects Brooklyn’s population “to increase rapidly” at 2.25 percent, while Queens will experience a more modest growth of 1.8 percent.

And when it comes to the streetcar’s impact o阿拉爱上海同城 爱上海龙凤419桑拿n development, the city calculates a “transit premium” of 2 percent to 3.5 percent in value for new projects, and a five percent increase in square footage after the final plans are announced. Property taxes, as a result, could increase from 爱上海同城论坛 爱上海同城$2.4 billion to $3 billion over a 40-year period.

The administration上海贵族宝贝 上海千花网龙凤论坛 is considering the possibility of building the line in phases, and has set out a timeline that starts this year with neighborhood outreach sessions. Construction is slated to kick off in 2019, with operations starting by 2024.

Tags: bill de blasio, doug steiner, jed walentas, Streetcar
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Moynihan Train Hall

WATCH: Here s what the Moynihan Train Hall will look like Gov. Andrew Cuomo unveiled n上海夜网 阿爱上海同城ew looks for the $1.6B redevelopment

Penn Sta上海千花网交友 上海千花网论坛tion is the train version of LaGuardia, Gov. Andrew Cuomo said during a press conference on Tuesday, b新爱上海同城对对碰论坛 上海同城对对碰交友社区efore referring to the Manhattan transit hub as decrepit a上海千花社区 上海千花网交友nd an affront to passengers.

Cuomo went on to unveil plans for the new Moynihan Train Hall, which will be redeveloped from the existing James A. Farley Post Office. It was announced that Related Companies, Vornado Realty Trust and Skanska won the bid for the project. The redevelopment will cost an estimated $1.6 billion, and is expected to be completed in 2020.

In all, the new station will feature 112,000 square feet of retail, 588,000 square feet of office space and a 225,000-square-foot train hall. It ll play a key part in the governor s $100 billion investment into the state s infrastructure over the next five years.

One of the station s more striking elements will be 上海千花网论坛 上海千花网its enormous skylight which, according to Cuomo, will be made from  roughly one acre of glass.

For a complete rundown of the renderings and more details about the project, watch the video above.

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

Tags: Andrew Cuomo, Moynihan Station, Related Companies, skanska usa, Vornado Realty Trust
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Credit Score

When will Fannie, Freddie switch to new credit-scoring model? 1.1M home loan applicants were turned down in 2015 due to more stringent criteria

Albany Houses and a good FICO credit score

You probably know that your credit score is a crucial factor in your ability to qualify for a mortgage. You might also know that your score can vary depending on the type of scoring model your lender uses. If it s an old, outdated version you might get a lower score. If it s a newer, more advanced model, you ve got a better shot at being scored more fairly.

Which brings up an end-of-the-year controversy: The two behemoths of the mortgage business Fannie Mae and Freddie Mac continue to use a credit scoring model that even its dev爱上海龙凤419桑拿 上海龙凤论坛sh1feloper, FICO, says is not as predictive as its much newer models. Worse yet, Fannie and Freddie require that all lenders who want to submit loan applications to them must also use the same, outdated technology.

The net result, say critics from the lending industry, consumer groups, civil rights organizations and a bipartisan coalition of legislators in Congress, is that many applicants don t get the credit scores they deserve. Many other consumers the estimates range above 30 million aren t even scoreable using the models currently employed at Fannie and Freddie. Disproportionately, critics say, these are people who don t make heavy use of the credit system or who are young and don t have much information on file with the national credit bureaus. Large numbers of them might qualify for a mortgage, say scoring experts, if they were simply given a fair shot.

Acknowledging the problem, Fannie s and Freddie s government regulator, the Federal Housing Finance Agency, directed the companies two years ago to begin examining how to improve their scoring systems. For 2016, the FHFA told them to conclude [their] assessment, and as appropriate, plan for implementation of a better approach.

Since it s now December and there have been no announcements about possible reforms, I thought it appropriate to ask this question: When are Fannie and Freddie rolling out their new and improved scoring models and what will they look like? The question is especially timely given the release in late November of a new study from the Urban Institute documenting how recent credit standards in the mortgage arena have impacted millions of would-be borrowers.

Researchers found that roughly 1.1 million home loan applicants were turned down last year because the standards used to evaluate 阿爱上海同城 阿拉爱上海同城them have been much more stringent than they were in the pre-housing boom era, when defaults were爱上海 爱上海同城手机版 relatively low. Between 2009 and 2015, lenders would have issued 6.3 million additional mortgages, researchers calculated, if lending standards had been more reasonable, as they were back in 2001.

A major culprit: a big shift toward the credit score elite when it comes to mortgage approvals. From 2001 through 2015, the share of borrowers approved for mortgages with FICO scores a[……]

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Extell Development

WATCH: NYC real estate s week in numbers A 30% drop in net effective retail rents, 3 workers injured at Madison’s Noho condo and more

A $2 million condominium on Roosevelt Island, 87,000 applicants affordable apartments at 325 Kent and Blackstone Group s $160 billion in real estate assets. In r上海贵族宝贝论坛 上海贵族宝贝eal estate, it s all about the numbers.

This past week, The Real Deal reported on Extell Development 上海夜网 阿爱上海同城s latest assemblage, where investment sales stand in March and what the上海千花网龙凤论坛 上海千花社区 Jared Kushner-backed real estate investment platform Cadre is looking to raise in venture funding.

To see some of the biggest news of the past week in 10 numbers, watch the video above.

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

Tags: blackstone group, Domino Sugar factory, extell development
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Simon Property Group

Why outlet malls could soon be popping up in NYC Simon Property Group will pay $945K to NYS, stop anticompetitive practices: AG

David Simon and Woodbury Common Premium Outlets (Credit: Premium Outlets)

The outlet malls are coming! The outlet malls are coming!

A settlement reached today between New York State and Simon Property Group will allow outlet malls to open in Brooklyn, the Bronx, Queens and Staten Island, according to New York State Attorney General Eric Schneiderman’s office.

The settlement requires Simon to change contractual restrictions that have stopped retailers at its Woodbury Common shopping center in Central Valley, New York from opening outlet stores in New York City, according to Schneiderman. It also requires the company to pay New York State $945,000.

“No business should be allowed to stifle an entire industry at the expense of consumers—but for years, that s exactly what Simon Property Group did to New Yorkers,” Schneiderman said in a statement. “Simon s anticompetitive conduct blocked competition and drove up prices for New York consumers. That ends today.”

There are hundreds of stores at the Woodbury Common center, including Vitamin World, Ralph Lauren and Godiva Chocolatier. The state’s investigation found that several of these stores wanted to open additional outlets in New York City but were not allowed to because of restrictions in their Woodbury Common leases typically stating they could not open a second store within 60 air miles of Woodbury. This crea上海同城对对碰交友社区 上海夜网论坛ted a zone of 11,000 square miles where Simon faced virtually no competition from other outlet centers, according to the att上海夜网 阿爱上海同城orney general’s office.

The state’s investigation also found that, despite dire statements about retail’s present and future, multiple developers have wanted to open outlet centers in New York City but could not do so thanks to these Woodbury Common restrictions.

Under the settlement, Simon will remove said restrictions from its existing leases and stop using them for the next 10 years. The company has also agreed to an independent monitor who will oversee their compliance with the settlement.

Simon release阿拉爱上海同城 爱上海龙凤419桑拿d a statement slamming the Attorney General’s investigation as “meritless” and an “unnecessary distraction.” The company also claims it never tried to limit爱上海同城论坛 爱上海同城 competition and granted exceptions to restrictions in its leases on a regular basis.

“While we do not agree with the suggested findings, the settlement has favorable terms for Woodbury Common and will permit Woodbury Common to focus on providing tenants and shoppers the type of premium experience they seek,” the statement reads.

Tags: Commercial Real Estate, eric schneiderman, simon property group
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TRData

500-512 Seventh Avenue (Credit: Moinian Group)

The Real Deal s comprehensive New York City real estate database, TRData, is now updating its Deal Sheet on a weekly basis. The Deal Sheet contains over 40,000 completed deals that encompass retail and office leasing, commercial building sales and financing transactions. If you re looking for the right broker, neighborhood or just want to track trends, we ve made it easy for you to sort through the transactions.

To view the largest deals in the database from the last month, you ll first need to select the type of deal you re interested in learning more about. Selecting Office Leasing from Filter by Type re新爱上海同城对对碰论坛 上海同城对对碰交友社区sults in over 130 pages of office leases going back 10 years. To narrow these results, select a date range in Filter by Date. Choosing office leasing deals between Nov. 20, 2017 and Dec. 20, 2017 results in 82 transactions. These deals can be sorted by selecting the arrows next to each heading. Based on square feet leased, the largest 上海贵族宝贝 上海千花网龙凤论坛of these deals is WeWork s 250,000-square-foot lease at 500-512 Seventh Avenue, which is owned by the Moinian Group, the Chetrit Group and Edward J. Minskoff Equities.

In addition to the Deal Sheet database on TRData, you can sign up for a weekly email blast that contains the top office and retail leases from the previous week. Click here to sign up for our leasing e-blasts. Stay tuned for more information on our Department of 爱上海龙凤419桑拿 上海龙凤论坛sh1fBuildings filing 上海千花网论坛 上海千花网and permit issued email blasts.

If you’d like to see your own completed deals appear on The Real Deal, submit those here or email them to [email protected].
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Opendoor

Home flipper Opendoor’s first acquisition is a discount brokerage The startup has raised $645 million in equity financing

From left: Opendoor CEO Eric Wu and Open Listings CEO Judd Schoenholtz (Credit: Twitter, LinkedIn, and iStock)

For its first acquisition, Opendoor is scooping up a discount brokerage.

The startup is buying Open Listings, a firm that offers homebuyers a 50 percent rebate on a buyer’s agent commission, Inman reported. The privately held companies did not disclose the price of the deal.

The purchase means that Opendoor will both employ buyer’s agents and also work with agents from other brokerages. Combined, the company wants to “make it as easy to buy, sell or trade-in a home as it is to hail a ride, book a flight, or shop online,” Opendoor said in 阿拉爱上海同城 爱上海龙凤419桑拿a statement announcing the deal.

San Francisco-based Opendoor has raised $645 million in equity financing and $1.5 billion in debt, the report said. The company will be in 18 markets by the end of the year — including Sacramento, Las Vegas, Denver and Atlanta. It will also have two in Florida: Jacksonville and Tampa.

In each of its markets, sellers can receive an almost instant cash offer on their home. And more sellers are taking adv上海夜网论坛 上海夜网antage of that: Opendoor bought more than 1,000 homes in August, up from 400 a year ago, according to Inman.

Earlier this year, Opendoor expanded its home trade-up program, extending it to all developers. The startup had previously partnered with Lennar Corp. for the program — and added homebuilders including Taylor Morrison and Meritage Homes, before letter any builder in its markets participate.

Nationwide,爱上海同城手机版 新爱上海同城对对碰论坛 Opendoor has competition from new “iBuyers,” or companies that let investors buy and sell homes online. In April, Zillow said it would start buying and selling homes, most recently bringing that program to Atlanta. And Redfin has also hopped on the bandwagon. [Inman] — Meenal Vamburkar

Tags: Home Flippers, Residential Real Estate, startups
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Green Street Building

LA will be home to the largest U.S. building occupied exclusively by cannabis tenants The Green Street Bu阿爱上海同城 阿拉爱上海同城ilding opens in a month’s time and houses 67k sf for cannabis industry tenants e上海千花社区 上海千花网交友xclusively

From left: architect Matthew Rosenberg of M-Rad; developer Sean Beddoe, president of Bow West Capital (Credit: M-Rad, LinkedIn)

When selling and smoking marijauana was illegal, having a dealer in the neighborhood didn’t boost property valu上海同城对对碰交友社区 上海夜网论坛es, but that could change now that marijuana is legal in California.

In Downtown Los Angeles, Bow West Capital will open its Green Street Building development in a month s time, according to Forbes. Located in the Jewelry District, the project will be occupied exclusively by businesses in the cannabis industry. The Santa Monica-based dev上海龙凤论坛sh1f 上海龙凤论坛elopers are hoping the building will help transform the neighborhood.

The seven-story, 67,000-square-foot building at 718 S. Hill Street is named after the Green Street Agency, a branding company and the building’s anchor tenant. There’s also a Vincente Sederberg LLC, nicknamed The Marijuana Law Firm. Around a dozen cannabis startups are occupying space in the building’s co-working floors. The cannabis-dedicated complex will be the largest of its kind in the country.

Matthew Rosenberg, CEO and founder of the architecture firm that designed the building, M-Rad, said that bringing in “some of the biggest players in the industry… will bring in high-level clientele and investors who may feel encouraged to invest in the development of the area.”

Cannabis industry tenants have pushed up property values in other parts of L.A. County, partly because of the low supply of landlords willing to take on tenants and the high demand among tenants for space. In Lynwood, rents jumped from the low $100s to more than $300 per square foot.

L.A.-area businesspeople have jumped at the opportunity to get in on the growing cannabis industry. At least two local real estate funds — Pelorus Equity Group and Inception Company’s REIT — have cropped up that cater specifically to cannabis companies. [Forbes] – Dennis Lynch

Tags: cannabis, Commercial Real Estate, Downtown Los Angeles, marijuana 上海贵族宝贝交流区 上海贵族宝贝论坛
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