City Planning approves Water Street retail proposal Plan would turn privately owned public arcades “into an active, lively corridor,” Weisbrod says
Landlords of 17 Properties On Water Street in the Financial District are jumping for joy. A plan that would allow them to turn 380,000 square feet 爱上海同城 of publicly-owned arcades into income-generating retail space has passed the City Planning Commission, and now heads to the City Council for final approval.
The arcades, which were built between the 1960s and the 1980s上海同城对对碰交友社区 with the goal of providing Financial District pedestrians with open-air, covered walkways, “turned out to be a failure,” City Planning chairman Carl Weisbrod said. “This effort is to reclaim and make this into an active, lively corridor.”
The public arcades along Water Street were part of a deal with developers that allowed them to construct more office space than爱上海龙凤419桑拿 normally allowed under zoning rules, according to the New York Times.
But while the spaces were meant to function as vistas for pedestrians and office workers, they’re often sparsely populated and more often used as outdoor smoking areas, the Times reported.
Weisbrod said the city’s proposal is about “爱上海同城手机版 retaining” the Water Street area “as a low-cost office district that will keep businesses in the city and in Lower Manhattan.”
City Planning modified the plan to allow the local community board 45 days to review retail conversion plans for the spaces, with City Council approval the n[……]
Clinton Hill church plans 16-story resi building next door The 119K sf property on Classon Avenue will have 142 units, community space
St. Mary’s Episcopal Church at 230 Classon Avenue in Clinton Hill
St. Mary’s Episcopal Church is planning a 16-story apartment building in Clinton Hill, according to permit application filed Friday with the city s Department of Buildings.
The 119,300-square-foot property at 230 Classon Avenue will hold 142 apartments and about 25,200 square feet of community space to be used by the historic church, the filing shows. A three-story, 4,800-square-foot rectory currently sits on the site, which is next door to the church itself. The church owns a 99-y上海千花网 ear ground lease.
Father Gerald Keucher told The Real Deal that the ch新爱上海同城对对碰论坛 urch is developing the property in partnership with a developer he declined to identify.
This is the mome爱上海龙凤419桑拿 nt in Brooklyn to capitalize and to use real estate if you have it, Keucher said. The area is very different from what it was 30 years ago.
The building will also feature a coffee bar, privy and lobby for the church, as well as parking for 93 cars. There will also be a meeting room, treasury office, priest office, function space, a terrace and a library.
A representative for DXA Studio declined to comment.
Stop, hammer time: Douglaston s Jeff Levine on construction safety and keeping things in-house Levine Builders chairman talks constructi上海千花网龙凤论坛 on safety, affordable housing and SNL
Jeff Levine and rendering of the Level
The renovation of 90 West Street, a landmarked building severely damaged in the Sept. 11 attacks, marked a turning point for Levine Builders.
It’s one of Jeff Levine’s most treasured projects, and it’s also the last job that his construction outfit completed for another company. Since then, the company’s worked exclusively for Douglaston Development, the firm founded by Levine in 1991. Since its founding, the company has completed 38 projects and has another five under construction, including its third waterfront tower in Williamsburg, the Level, and a mixed-income apartment complex in Mott Haven called Cros上海夜网论坛 sroads Plaza. The company is also in contract to buy 150,000 square feet of air rights from the Hudson River Park Trust to build a 1.1 million-square-foot, mixed-use development south of Hudson Yards.
Levine, 64, serves as chairman of both Douglaston and Levine, as well as a property management company, Clinton Management. Though formally trained as an architect, he founded the construction management firm in 1979, first working out of a two-bedroom apartment he shared with his brother. Levine Builders headquarters in Douglaston, Queens, still uses the phone number from that makeshift office.
The oldest of four children, Levine spent is childhood in E[……]
National Cheat Sheet: Kushner-founded RE startup Cadre signs with Goldman Sachs, why Newmark s IPO fails to impress more
Clockwise from top left: The revised plan for the Obama Presidential Center in Chicago, Jared Kushner, Lloyd Blankfein and Ryan Williams partner for Cadre, the proposed Expo rental building in Minneapolis, and Howard Lutnick and Barry Gosin of Newmark.
Kushner-founded real estate startup inks deal with Goldman Sachs
Cadre, the real estate startup co-founded by Jared and Joshua Kushner, has struck a deal with Goldman Sachs that will allow the bank s clients to invest in commercial properties using Cadre s platform, Reuters reported. The Kushners firm, headed by CEO and fellow co-founder Ryan Williams, buys into properties then lets its members purchase small stakes in them and claims to have already closed more than $1 billion in property deals. Goldman Sachs has reportedly committed $250 million in investment to Cadre. [TRD]
Why stock market is unimpressed by Newmark s IPO
Commercial real estate firm Newmark Knight Frank went public in December, but it has received a decidedly rough welcome on the stock market. Owned by Howard Lutnick s BGC Partners, Newmark intended on selling 30 million shares on the NASDAQ exchange but only sold 20 million. The expected share price was between阿拉爱上海同城 $19 and $22, but ended up at $14 when the IPO launched on December 14. Some investors had trouble comparing Newmark to competitors such as CBRE or JLL because it didn t use the[……]
The world s largest voluntary demolition will be done in pieces. Here s how 270 Park will disappear TRD talked to experts in demolition and interior construction to break down the process
270 Park Avenue and Jamie Dimon and Rampage (Photo illustration by Lexi Pilgrim for The Real Deal)
From the outside, the demolition of 270 Park Avenue will look like a painfully tame round of Jenga. Inside, crews will meticulously tear apart 60 years worth of history.
JPMorgan Chase plans to knock down its Midtown East headquarters to make way for a new, 70-story office tower that will span an impressive 2.5 million square feet. The new building will be the first to take advantage of the district s rezoning, which was approved in August and will allow for roughly 1 million more square feet than the current structure. The destruction of the current 52-story building is believed to be the world s largest voluntary demolition — a feat made more impressive by the fact that it ll take place in the heart of one of the densest office markets in the world.
270 Park Avenue
The Real Deal spoke to a number of experts in demolition and interior construction to break down how JPMorgan will systematically remove a notable building from the congested skyline.
As a rule, crowded urban areas don t typically allow the use of explosives or wrecking balls to demolish a building. Recent implosions took place in roomier locales: The remaining parts of the old Kosciuszko Bridge were cleared away in a controlled explosi[……]
Investors are NOT into Zillow s plan to s上海贵族宝贝 tart flipping houses The real estate listings company’s shares plummeted after the announcement
(Credit: Elvert Barnes, Pixabay)
After Zillow Group announced i爱上海同城 t was going to get into flipping houses, its shares plummeted 11 percent a record one-day drop the company hasn t logged in three years.
The Financial Times reported shares fell by 11.1 percent following the Friday announcement that the real estate listings compa上海千花网论坛 ny would begin an Instant Offers business where it would acquire homes to be sold within 90 days, as The Real Deal reported. Zillow plans on rolling out the new service in Las Vegas and Phoenix.
Investors selling off shares brought the company s gain for the year down to 20 percent; Zillow market value is just under $7 billion. [F上海千花社区 T] Erin Hudson
Tags: Real Estate Finance, Residential Real Estate, zillow
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Aetna consolidating NYC offices in Soho Insurer signed on for 100K sf at One Soho Square after backing out of megadeal in Meatpacking
161 Sixth Avenue and Aetna CEO Mark Bertolini (Credit: One Soho Square and Getty Images)
UPDATED, Aug. 9, 3:05 p.m.: Aetna, which earlier this year pulled an about-face on plans to move employees from Connecticut to the Meatpacking District, will be consolidating some of its existing New York City offices in Soho.
Th上海同城对对碰交友社区 e insurance company signed a lease for a little more than 100,000 square feet at Stellar Management’s One Soho Square, sources told The Real Deal.
Aetna signed a lease for the top four floors at 161 Sixth Avenue, the eastern portion of Stellar’s redevelopment project, according to sources. The company will be relocating and consolidating space it leases in Midtown at SL Green Realty s 100 Park Avenue and Empire State Realty Trust s 1333 Broadway.
We are combining multiple existing locations into one updated space in New York City, and as a result have signed a lease at One Soho Square, an Aetna spokesperson told TRD. This will not impact employee headcount in the area; in fact, we expect job growth in the businesses that will be located in the new sp上海龙凤论坛sh1f ace, which we expect to occupy in the first quarter of 2019.
Representatives for Stellar did not immediately respond to a request for comment.
Aetna last year signed a lease for the full 145,000-square-foot office portion of Aurora Capital Associates and Vornado Realty[……]
The Natural History Museum’s $400M expansion has hit another hurdle The project is on pause while awaiting a ruling from Appellate court
Community United to Protect Theodore Roosevelt park Chairman William Raudenbush and a rendering of The Gilder Center (Credit: MNN NYC via YouTube and AMNH)
The nearly $400 million expansion of the American Museum of Natural History has been put on hold.
Neighborhood group Community United to Protect Theodore Roosevelt Park lo爱上海同城 st its case last week in state Supreme Court — but the museum can’t move forward with the project while the ruling is being contested at the 爱上海同城 state’s Appellate Division, Crain’s New York reported.
The group sued to block the expansion in March. The plans for the Gilder Center include a five-story building spanning a 230,000-s上海夜网 quare-foot space along Columb阿爱上海同城 us Avenue. That would require the museum to take about a quarter-acre of Theodore Roosevelt Park.
William Raudenbush, the group s chairman, said the museum should have to go through the city s land-use review process for the green space. Meanwhile, the museum said a 140-year-ol上海千花网龙凤论坛 d lease between it and the city, which owns the land under the museum and the park, provides a legal basis for the expansion.
The court sided with the museum but allowed a temporary restraining order, granted in October. It will stay in effect until the Appellate court decides whether to overturn the decision — which could delay the project by months. [Crain’s] — Meenal[……]
New CEO Ryan Schneider starts off with a C-suite shakeup, but can he jump-start the residential behemoth’s stalled revenue growth?
Ryan Schneider (Photo by Jhila Farzaneh)
In 1996, when Richard Smith took the helm of Realogy, the housing bubble was in its infancy; there was no such thing as Zillow; and the concept of a startup brokerage with unicorn status was both inconceivable and 17 years off.
Having weathered all of the above — and then some — the veteran chief executive passed the baton on Jan. 1 to Ryan Schneider, a banking executive who’s vowed to accelerate the company’s turnaround.
For Realogy — a $5.8 billion goliath in the residential brokerage space — the handoff comes at a critical time, as industry stalwarts face unprecedented competition from new players. That’s impacted many of the company’s brands, including the Corcoran Group (which closed the highest dollar volume of Manhattan sell-side deals in 2017), Coldwell Banker, Sotheby’s Internatio上海千花网论坛 nal Realty and Citi Habitats.
New York-based Compass, for example, which raised $450 million from Softbank in December, has vowed to be in 20 major U.S. cities by 2020. Meanwhile, the Seattle-based Redfin, a low-cost tech brokerage, went public in a closely watched IPO last summer.
With such well-funded competitors nipping at Realogy’s heels, Schneider has zeroed in on harnessi爱上海龙凤419桑拿 ng technology and data to boost agent productivity.
“We are going to be relentlessly focused on agents,” he said late last month at[……]