Staging Apartments NYC

(Credit: Getty Images)

When Corcoran’s Victoria Reichelt picked up a two-bedroom co-op listing on the Lower East Side last year, its décor  comprised a single chair and a few ugly bookcases. After the unit, at 212 East Broadway, sat on the market for months, Reichelt followed standard procedure, trimming $50,000 from the asking price. But she also persuaded the buyer to spend $5,000 staging the apartment — something she wouldn’t normally consider for an apartment asking just over $1 million.

“On the Lower East Side, no one does staging,” said Reichelt, who sold the property last month for $1.1 million, slightly below the original ask but $170,000 more than what a similar unit in the building fetched.

Once seen as the bright spot in Manhattan’s slowing residential market, lower-end apartment sales have gone from quicksilver to sluggish in the last six months. As of March 26, homes in the borough priced between $1 million and $2 million were spending an average of 82 days on the market — up 32 percent from last year, according to data from UrbanDigs.com. Those asking between $600,000 and $1 million spent an average of 70 days on the market, a 32 percent jump from 2016.

As a result, staging, which has long played a major role in the high-end new-development world, is increasingly being used for lower-end properties.

Victoria Reichelt and Tamara Hubinsky

Brokers told The Real Deal that even spending a small amount on staging can move difficult-to-sell pads and, in many cases, help dodge a price reduction.

“You have to compete with the fresh look of new development that [buyers] are seeing —even if they can’t afford it, that’s what people expect,” said Brown Harris Stevens’ Leslie O’Shea, who credits staging for the contract recently signed on one of her listings, a $1.4 million co-op at 160 East 38th Street. “I was always hesitant to ask sellers to put money in, but I wish I started doing it years ago.”

Persuading sellers, however, can be tough. “At a certain price point, because there is an initial investment required, it scares off m爱上海龙凤419桑拿 上海龙凤论坛sh1fany sellers,” said Tamara Hubinsky, the interior designer who staged the co-op at 212 East Broadway. Hubinsky said she’s seen a jump in inquiries for staging cheaper apartments, with brokers trying to capture the attention of aesthetics-conscious buyers.

Certainly, it can reap financial rewards: CORE’s Tony Sargent said that at one of his listings, a one-bedroom asking $840,000 at 201 East 17th Street, he persuaded the sellers to repaint, replace floors and rent furniture. The apartment received 10 offers, according to Sargent, and is now under contract for more than the asking price.

While brokers closing above ask, or sidestepping a price cut, is ideal, the main objective is more modest: moving the property.

BHS’ O’Shea said that the $50,000 the上海同城对对碰交友社区 上海夜网论坛 seller at 160 East 38th Street spent on staging paid off because it drew people to that apartment instead of the other listings in the building — of which there w[……]

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111 East 59th Street

Princeton snags $195M refi package for Plaza District building Owners paid $170M for 111 East 59th Street in 2015

Rendering of new 60th Street entrance (credit: Princeton International Properties)

Princeton International Properties and its partners just landed a $195 million financing package for a Plaza District office building.

LoanCore Capital Credit REIT, an affiliate of Jefferies LoanCore, provided the financing for 111 East 59th Street, a 14-story, 200,000-square-foot building, documents filed with the city s Department of Finance show. The financing includes a $50 million mortgage, which will be added to a previous $103 million loan. A new $8.6 million loan was consolidated with a previous $16.8 million阿爱上海同城 阿拉爱上海同城 loan, and a third $爱上海同城对对碰 爱上海同城论坛7 million loan was consolidated with a previous $9.4 million loan.

Princeton, along with its partners Dune Real Estate Partners and Empire Capital Holdings, purchased the building for $170 million in上海贵族宝贝交流区 上海贵族宝贝论坛 2015 for Lighthouse International, a blindness-advocacy group. The owners are in the process of converting the bulk of the building into a medical facility and setting aside commercial space on the first two floors, New York YIMBY reported in May.

Representatives for Princeton were not immediately available to provide additional information. The company s website indicates that the property is undergoing $20 million in capital i爱上海同城对对碰 爱上海同城论坛mprovements.

Tags: Commercial Real Estate
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Climate Change South Florida

WATCH: Experts talk climate change and its impact on the real estate i爱上海 爱上海同城手机版ndustry Panelists discussed changing city codes, raising streets, building resilient structions

Is South Florida drowning?

Francis Suarez, Patrick Murphy, Kobi Karp and Bruce Mowry discussed what rising sea levels mean for the real estate industry in South Florida at The Real Deal’s Fourth Annual Miami Real Estate Showcase Forum in October.

The group, moderated by TRD’s Editorial Director of Digital Hiten Samtani, spoke candidly about encouraging resilient buildings, changing city codes, engaging politicians and more to co上海千花网交友 上海千花网论坛mbat climate change.

If sea level rise continues at its current pace, what does that mean for underground parking garag阿拉爱上海同城 爱上海龙凤419桑拿es, streets and for real estate investment? Murphy, a former U.S. congressman, asked. “What can I sell that for if there’s no place to park my car, [if I]爱上海同城手机版 新爱上海同城对对碰论坛 can’t get to the streets? If that starts to happen, we have a big problem here in South Florida,” he said.

Check out the full video above. – Katherine Kallergis

Produced by Jhila Farzaneh.

Tags: climate change, Commercial Real Estate, Politics, Residential Real Estate, sea level rise, The Real Deal South Florida Real Estate Showcase Forum, TRD Video SmarterAgent sues HomeAway over patent infringementFrankfurt office complex hits the market amid bullish Brexit speculati…This beach clu上海千花网龙凤论坛 上海千花社区b owner is taking a stand against influencersGoogle still searching for first retail store location after eyeing Ch…
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Apple picking a new campus somewhere in the US and expanding data centers

Apple, too, is in searc爱上海同城对对碰 爱上海同城论坛h of a new corporate上海千花网 爱上海同城对对碰 campus in the U.S. The Cupertino, California-based company did not announce the size or prefer上海千花网交友 上海千花网论坛red location上海夜网论坛 上海夜网 of its new campus, but said it will initia上海夜网 阿爱上海同城lly house customer support staff at the new location. Apple also plans to make investments in expanding its domestic data centers. [Reuters]

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Crown Building

Crown Building penthouse in contract for whopping $180M: sources Unit is trading for north of $14,000 per foot

The Crown Building and Vladislav Doronin

UPDATED, MARCH 15, 4:30 p.m.: An unknown buyer has entered contract to buy the five-story penthouse at the Crown Building for $180 million, The Real Deal has learned. If a deal is finalized at that price, it would surpass the priciest closed home deal in New York City — a $100.5 million penthouse sold in 2014 — by roughly $80 million.

At $14,358 per foot, the price would also set a new record on a per foot basis, even when held up against the city s most ambitious luxury developments. A source familiar with the project confirmed the unit was in contract, but declined to comment further.

Sitting atop 730 Fifth Avenue, the 12,536-square-foot residence is one of 26 condominium units being developed by Russian billionaire Vladislav Doronin at 730 Fifth Avenue, whi上海贵族宝贝论坛 上海贵族宝贝ch will include 20 private residences and six staff suites. Doronin is also bringing an 83-key Aman-branded hotel to the building. He purchased the fourth through 24th floors of the building with Michael Shvo for $475 million.

Representatives for OKO Group, Doronin s development company, could not be reached. A recent amendment to the offering plan, viewed by TRD, lists the unit priced at $180 million. The price for the condos were not included in the original offering plan, an increasingly common tactic among developers of top-shelf product who now tend to list prices for individual units once they are spoken for.

Last year, Doronin touted the project s lack of competition. This is a unique product, he told Bloomberg in October. I don t see any competition, because for the moment, we don t have any similar上海千花社区 上海千花网交友 buildings.

According to the amended o上海千花网龙凤论坛 上海千花社区ffering plan, a 1,150-square-foot one-bedroom is asking $5.9 million, or over $5,100 a foot. A three-bedroom with 4,384 square feet新爱上海同城对对碰论坛 上海同城对对碰交友社区 is priced at $26.6 million, or just over $6,000 a foot, and a 6,287-square-foot four-bedroom will ask $58.3 mi上海龙凤论坛 新上海贵族宝贝论坛llion, or over $9,200 a foot.

The penthouse features a piano lounge and gallery, game room, two kitchens, a wraparound terrace and two swimming pools, floor plans show.

The price would eclipse the record set at Extell Development s One57, where a penthouse closed in 2014 for $100.5 million. Last month, Michael Dell was revealed as the mystery buyer. Dell paid $9,198 per foot.

There are, however, units said to be in contract around the city that could surpass the $180 million price at the Crown. At Vornado Realty Trust s 220 Central Park South, for example, hedge funder Ken Griffin is reportedly the buyer of a $200 million-plus penthouse there, and there has also been talk of a big-ticket Qatari buyer. A 23,000-square-foot penthouse at 220 CPS is priced at $11,000 per foot.

In September, Alchemy Properties listed the unfinished penthouse at the Woolworth Building for $110 million, or $11,328 per foot. And Zeckendorf Development is[……]

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Rick Chandler

DOB won t collect personal info on undocumented construction workers City will instead use ID numbers to track training

The Departm爱上海同城论坛 爱上海同城ent of Buildings will not collect personal information from undocumented construction workers despite a new law that will require officia上海贵族宝贝论坛 上海贵族宝贝ls to keep track of safety training completed by laborers.

The City Council approved a construction safety bill in September, which requires workers to complete at least 40 hours of safety training by 2020. DOB Commissioner Rick Chandler said on Wednesday that the city will use ID numbers rather than personal information to keep track of workers who have gone through the necessary training, Crain s reported.

“How can you ensure privacy and at the same time get the department the information it needs to act on enforcing the law with the goal of safety—not the goal of turning people in?” Chandler said during an event held by Crain s.

The city has taken other steps in response to President Trump s pledge to ramp up deportation efforts. Before the inauguration, the de Blasio administratio上海千花网交友 上海千花网论坛n moved to destroy information on undocumented New Yorkers from the municipal identification program. Two Republican Assembly members from Staten Island sued to block the administration, but a judge ruled against them in April 2017. [Crain s] — Kathryn Brenzel 

Tags: constructi爱上海 爱上海同城手机版on workers, Politics
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New York Rental Market

Why NYC penthouses are becoming less and less exclusive Top floors of new buildings are increasingly being used for shared amenities

(Credit: iStock)

Exclusive penthouses just aren’t what they used to be.

Although the top floors of high-rise buildings have typically been reserved for their largest and priciest apartments, at several new buildings, the space is instead being used for shared amenities like restaurants, lounges and pools, according to the New York Times.

Developers are betting that the switch will add value for the whole building despite lowering the value of the individual penthouse space. The shared amenities could also spark a new revenue stream through membership fees.

Sales and rental markets have both been in decline recently, which has helped spark the shift. Sales volume in Manhattan dropped to the lowest level since 2009 during the second quarter, with the median sales price fa上海千花网论坛 上海千花网lling to $1.1 million, a 7.5 percent decrease year over year.

Developments opting for the shared space strategy include JDS Development Group s American Cooper Buildings in Murray Hill, 125 Greenwic爱上海龙凤419桑拿 上海龙凤论坛sh1fh in Lower Manhattan and the Hub in Downtown Brooklyn.

However, Hub developer Doug Steiner told the Times he was not sure if using the top of t爱上海同城对对碰 爱上海同城论坛he building as a lounge instead of two apartments was a good idea, saying he was unsure whether they got more for it.

“We didn’t want anybody to have something we did have,” he said, but “in the same circumstances, I上海千花社区 上海千花网交友 wouldn’t do it again.” [NYT] – Eddie Small

Tags: Commercial Real Estate, penthouses, Residential上海龙凤论坛 新上海贵族宝贝论坛 Real Estate
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Stribling Holiday Party

PHOTOS: Here’s a look inside Stribling’s 2018 holiday party Guests headed to the Doubles Club

Stribling Associates again headed to the Doubles Club for its annual holiday party this year.

Guests entered through a door in the lobby of the Sherry-Netherland, down a path of red, fabric-lined stairs — to find a festive venue complete with miniature Christmas tree上海夜网 阿爱上海同城s and an array of small ornaments hung from the ceiling. Partygoers at the Fifth Avenue fête chatted with agents and brokerage e上海千花网龙凤论坛 上海千花社区xecutives while treated to an open bar and passed hors d’oeuvres.

Stribling’s president Elizabeth Ann Stribling-Kivlan made her way through the crowd, encouraging guests to mingle and making introductions. Her mother Elizabeth, who founded the firm in the 1980s, was also at the party. Other guests included Kristen Hurd, who joined the firm in June to work on implementing new technology and expand into new markets. Steven Rutter, director of Strib上海龙凤论坛 新上海贵族宝贝论坛ling Marketing Associates, and Gina Castellano, sales manager for the Brooklyn office, also made an appearance.

Some of Stribling’s notable listings i新爱上海同城对对碰论坛 上海同城对对碰交友社区nclude the Upper East Side bui爱上海同城对对碰 爱上海同城论坛lding that was once slated to be a megamansion for rapper and producer Diddy. Agents including Alexa Lambert and Timothy Desmond listed the Park Avenue property for $29 million in November. The brokerage also had the listing for late celebrity chef Anthony Bourdain’s UES home.

Check out the slideshow above for a look at the firm’s 2018 holiday party.

All photos by Erin Hudson

Tags: Elizabeth Ann Stribling-Kivlan, holiday parties, Stribling Associates
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Opportunity Zones

(Photo illustration by Wally Konefal)

Amid the seemingly incessant buzz in the real estate world about Opportunity Zones, real estate markets around New York City are starting to embrace the investments-for-tax-incentives program born out of the Tax Cuts and Jobs Act of 2017.

Across Long Island, northern New Jersey, southern Connecticut and Westchester County, developers are trying to woo money managers whose deep-pocketed clients could use the federal program to reduce their taxes on capital gains, which they can park in downtrodden or undeveloped neighborhoo上海贵族宝贝 上海千花网龙凤论坛ds.

While OZs have been slow to roll out, some shovels are hitting the ground, especially in New Jersey, whose U.S. Senator Cory Booker helped draft the legislation that led to the program’s creation. New York and Connecticut, however, have seen far less OZ activity, said brokers, investors and landlords. The program’s complicated reporting requirements have been so hard to decipher that many investors are waiting to get more clarity on the rules before investing. And the government appears ready to offer more of those details.

In March, barring any further government shutdowns, the U.S. Department of the Treasury is set to provide guidance on some OZ rules. The move could help private equity firms raise more OZ-focused funds and help developers shop around long-planned projects.

“I’m being pitched — and people are raising funds,” said Kathy Anderson, a founding partner of Tinton Falls, New Jersey-based mortgage lender Progress Capital Advisors. “It’s definitely happening.”

OZs provide tax deferments for those who pour money into projects in neighborhoods selected by individual states for development. The Internal Revenue Service will run the program, which has been heralded as a means to revitalize such areas. But not everyone is all in on OZs.

Critics claim the program, which relies on decade-old U.S. Census Bureau data, is being applied to areas that have been heavily gentrified in recent years, such as downtown Stamford, Connecticut. OZ opponents also argue that it’s a failure of public policy, since tax breaks would be given to developers for projects that will likely move forward anyway, while those who could actually benefit from such financial assistance get priced out of their homes due to gentrification.

From the perspective of investors, the financial gains from OZ projects in neighborhoods that have already turned around could be limited. But spruced-up downtowns are also less perilous real estate investment targets than undeveloped areas, which some analysts expect could appeal to risk-averse investors. Most of the Opportunity Zone funds that have been announced — including those from leading asset managers and development firms seeking to raise billions of dollars — appear to be most interested in New York City and other urban areas. Nonetheless, there is interest in secondary markets.

SkyBridge Capital, the hedge fund of short-lived former White House spokesman Anthony Scaramucc[……]

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New Development NYC

Juggling act: Brokers face higher expectations as new dev market sp上海千花网龙凤论坛 上海千花社区utters “It’s not just about negotiating a fee. It’s about really fundamentally making sure our interests are aligned.”

With more competition among agents and firms vying for deals, developers have upped expectations (Credit: iStock)

When Douglaston Development began vetting teams to market the company’s Fort Greene condominium project, the developer opted to stay local. Very local. To sell 75 Greene Avenue — which includes 22 units and four townhouses — Douglaston wanted brokers already well-versed in the neighborhood who could help shape a project that largely catered to young families in the area.

The firm interviewed four of five teams and settled on MNS, said Ben Levine, Douglaston’s executive vice president of finance and acquisitions. It helped that the developer had previously worked with MNS, but the firm also sought out its neighborhood expertise.

“We dug deep with them,” he said. “We wanted to be confident that they understand the buyer but also things like the finishes and how to navigate the limited scope of amenities for a small-scale project.”

As the new development sales slump lingers on and sales cycles get longer, 阿爱上海同城 阿拉爱上海同城the developers are facing more pressure from their lenders and investors to sell condo product. With more competition among agents and firms vying for deals, developers have upped expectations, seeking full-service consulting teams that go far beyond the final sales process.

“It’s not just about negotiating a fee,” Levine said. “It’s about really about fundamentally making sure our interests are aligned.”

The added caution isn’t unfounded: Sales in Manhattan have been steadily declining. In the first quarter this year, number of sales closed in Manhattan dipped 2.7 percent versus a year earlier while the median sales price fell 0.2 percent, according to Douglas Elliman. Among new development properties, sales volume tumbled 39.4 percent even as the median price ticked up 3.4 percent. The combination of slowing sales and rising inventory has cooled the pace of the market, which has been characterized by more incentives and price cuts.

The slowdown has presented an opportunity for full-service specialists.

While brokerages like the Corcoran Group and Compass also consult with developers, the Marketing Directors works exclusively with new development projects. That singular focus — unlike brokerages that also work on resales and older rental buildings — is what the firm views as its competitive edge. “Anyone who comes in the door thinks we are the developer, not a third party,” said Jacqueline Urgo, the firm s vice president.

“Developers today are more risk averse than they’ve ever been, she added. They’re looking for an insurance policy; that’s how developers think of us.”

As development cycles have gotten longer, it’s more important to make sure a client is a good fit, said Ryan Schleis, vice president of research and analytics at Corcoran Sunshine[……]

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