Times Square

King sized: Hershey to open bigger store at 20 Times Square The new location will be triple the size of its current space

From left: current Hershey Times Square location at 48th Street and Broadway and rendering of 20 Times Square (rendering by ArX Solutions)

Hershey Company is upgrading from its fun-sized Times Square location.

The candy giant plans to open a new flagship store at the base of the 20 Times Square development, a spot that will triple its current 2,200阿爱上海同城 阿拉爱上海同城-square-foot presence at Times Square, the Wall Street Journal reported. The new location will be a block away from the company s rival, Mars Inc. s M M World.

The Times Square project is being developed by the Witkoff Group , 上海千花社区 上海千花网交友Howard Lorber’s Vector Group, Ian Schrager, Winthrop Realty Trust and Maefield Development. The project上海龙凤论坛sh1f 上海龙凤论坛, which includes a 452-key Marriott Edition hotel, will feature 76,000 square feet of retail space and an 18,000 square foot LED sign. The 39-story buildi上海夜网 阿爱上海同城ng is expected to be completed in 2017.

Other tenants include the National Football League, which plans to open a 40,000-square-foot permanent exhibit in the space, which would include a 350-seat theater. Cirque du Soleil is also taking space at the new building.

Asking rents in Times Square fell from $2,508 in the second quarter of 2015 to $2,109 in the second quarter of this year, according to data from Cushman Wakefield. Brokers, however, told the Journal that retail rates in Times Square are quickly rising and prices are stabilizing.

Construction on the Hershey space will begin next year, during which time the old location will remain open. Avison Young represented 上海夜网 阿爱上海同城Hershey in the deal and a CBRE team represented the landlord. [WSJ] — Kathryn Brenzel

Tags: 20 times square, Time Square
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Supermarket Tribeca

Kanye pop-up shop allegedly causes chaos in Tribeca But it seems like Yeezy got a pretty sweet lease

Kanye West performing on the Yeezus Tour in 2013 and the Supermarket in Tribeca (photo credit: Peter Hutchins via Wiki Commons)

On上海贵族宝贝交流区 上海贵族宝贝论坛 Friday, mobs of shoppers swarmed a Tribeca pop-up shop, desperate to get their hands on some rare Kanye West merchandise.新爱上海同城对对碰论坛 上海同城对对碰交友社区 Many told the New York P阿拉爱上海同城 爱上海龙凤419桑拿ost the long lines weren’t worth it, but for West himself, it was a pretty sweet deal.

West opened 21 temporary stores this weekend in various cities, including New York, Toronto, Boston, San Francisco and Sydney. In New York, the rapper opened a shop outside the makeshift supermarket space at 393 Broadway Near Wa新爱上海同城对对碰论坛 上海同城对对碰交友社区lker Street. Huge lines soon formed with some fans (and resellers) waiting up to 11 hours to get in.

But according to the Post, Kayne paid just $170,000 for the space for three days. The incredibly expensive merchandise was basically cleaned out on the first day, so we are betting Kayne just made a killing.

It was a similar scene in March, when West opened a pop-up阿爱上海同城 阿拉爱上海同城 shop in Soho. That time, West generated $2 million basically overnight. [NYP] –Christopher Cameron

Tags: tribeca
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Xinyuan Real Estate

Big Chinese investors rethink some US real estate bets China to issue new controls over foreign investment

Clockwise: The GM Building, rendering of Xinyuan Real Estate s Flushing development, John Liang, Zhang Xin 爱上海同城对对碰 爱上海同城论坛and David LaRue

Chinese developers who’ve made large bets in U.S. real estate are reassessing their strategies as the market tops out in some sectors.

This comes as the Chinese State Council is set to issue new rules to curb capital flight, according to the Wall Street Journal. They are expected to announce stricter control上海贵族宝贝交流区 上海贵族宝贝论坛s over foreign investments exceeding $10 billion, and more than $1 billion for state-owned firms. This is in response to上海贵族宝贝论坛 上海贵族宝贝 economic uncertainty and a weakening currency in China.

In the U.S., developers are getting wary. “I see a danger in the real estate market in the U.S.,” John Liang, Xinyuan Real Estate’s managing director of U.S. operations, told the Wall Street Journal. “With its seven- to eight-year cycle, you get a sense now that it’s peaking.”

Zhang Xin, chief executive of Soho China, whose family has a stake in the General Motors Building, also expressed concern. “The prices are very high right now,” she told the Journal. “I would be very cautious if I were to make a large investment in New York’s real estate today.”

Some projects involving Chinese investors are already facing headwinds. A 15-building Brooklyn project developed by the Chinese 爱上海同城对对碰 爱上海同城论坛state-owned Greenland Holding Group and Forest City Ratner is facing delays because of “unprecedented concentrations of new rental supply in Downtown Brooklyn,” Forest City CEO David LaRue told the newspaper.

Other projects are stalled due to conflicts and legal complications, such as the Rivington House project. Shenzhen-based China Vanke teamed up with New York developers Slate Property Group and Adam America Real Estate to build luxury condos at the former nonprofit nursing home, but the project has been met with fierce protest and is under investigation by federal prosecutors and the state attorney general.

The U.S. real estate market has seen a tremendous influx of Chinese capital, particularly in the last five years. It is unlikely to come to a full stop, but the wave may have crested. [WSJ] Chava Gourarie 

Tags: Chinese Developers, forest city ratner, Greenland Group, Xinyuan Real Estate
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HNA Group

HNA Group s management style is causing real problems in the US New owner of 245 Park Ave. accused of micromanaging, mishandling acquisitions

From left: Jason Chen and Adam Tan

The board and former CEO of a bankrupt travel company petitioned a California court to investigate Chinese conglomerate HNA Group, which invested $27.5 million in the U.S.-based firm but then allegedly engaged in “self-dealing, corruption, wrongdoing and bad faith.”

The petition highlights the challenges HNA faces as it embarks on an incredible overseas spending spree but in some cases i上海千花社区 上海千花网交友nsists on micromanaging its assets, the Wall Street Journal reported. HNA recently paid $2.21 billion for office tower 245 Park Avenue.

“It’s stretching their management bandwidth,” Edward Tse of consulting firm Gao Feng Advisory told the Journal. “They are dabbling in financials and logistics. It’s getting farther from what they are familiar with.”

HNA first became involved in the travel firm, Travana, in 2015 and in May 2017 it agreed to buy a 90 percent stake. But shortly after, HNA’s CEO Adam Tan fired Travana’s CEO Jason Chen and called for a阿拉爱上海同城 爱上海龙凤419桑拿 restructuring of the f上海夜网论坛 上海夜网irm, which faced allegations of stealing a competitor’s technology. The company’s board later filed for bankruptcy. Chen accuses HNA of sabotaging Travana.

In another incident, HNA bought the California golf course Nicklaus Club in 2015 and insisted上海夜网论坛 上海夜网 on approving all expenses. But it took seven months to approve fixing a well, causing the grass to dry up and members to leave, according to a former employee. HNA also failed to pay dues to the local homeowners’ association.

In March, The Real Deal took a closer look at HNA, which controls assets north of $100 billion and is now Deutsche Bank s largest shareholder. HNA also has stakes in 850 Third Avenue, the Cassa Hotel and 1180 Avenue of the Americas. It s trying to sell its 90 percent stake in 1180 Avenue of the Americas, which it bought in 2011 for $265 million.

Chinese regulators are reportedly looking into the high d上海千花网 爱上海同城对对碰ebt levels of HNA, which tallied $104 billion at the close of 2016, the Journal reported. [WSJ] Konrad Putzier

Tags: HNA Property Group
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Ten

Auction giant Ten-X to sell to private equity firm for more than $1B The company was formerly Auction.com

Executive Chairman for Ten-X Jeffrey Frieden

Private equity firm Thomas H. Lee Partners is purchasing the online real estate marketplace Ten-X for more than $1 billion.

The company, formerly Auction.com, brokers both commerci阿拉爱上海同城 爱上海龙凤419桑拿al and residential sales on its platform, the Orange County Business Journal reported. It has sold more than $50 billion worth of properties since it was founded a decade ago, according to the爱上海同城论坛 爱上海同城 publication.

Ten-X described the sale as a “majority recapitalization.” The senior management and prior investors will keep minority stakes in Ten-X. The sale is expected to close in the third quarter. Auction.com sold a 50 p上海千花社区 上海千花网交友ercent stake to Connecticut-based Stone Point Capital, according to the publication. CapitalG injected $50 million into the company in 2014. Another investor is said to be Barry Sternlicht s Starwood Capital Group, though the size of its stake is unclear.

Last year, the company launched a traditional sales platform, Ten X-Commercial.

Ten-X faces a heap of competition from well-capitalized rivals. Redfin, another real estate tech company, made a strong debut on the Nasdaq stock exchange last week, and now has a market cap of over $2.4 billion. And Seattle-based Zillow Group, which owns Trulia and 爱上海同城 爱上海StreetEasy, has a market cap north of $8 billion. [Orange County Business Journa爱上海同城手机版 新爱上海同城对对碰论坛l] Miriam Hall

Tags: real estate auction, Tech
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San Francisco Housing Market

What makes San Fran s hottest neighborhood so popular Weather and views h上海龙凤论坛sh1f 上海龙凤论坛ave something to do with it

(Pixabay, front; Graham and Sheila/Wikimedia Commons, back)

Pacific Heights is the neighborhood everyone wants to move into and home prices reflect the demand.

Homes in the area start at about $3.5 million compared to the median home sales price of about $1.4 million for 爱上海同城论坛 爱上海同城the entire city, according to Mansion Global. The average price per square foot is about $3,000 in Pacific Heights.

Turnover is slow and many of the traditional single-family Victorian houses haven t gone through major renovations, so, whe上海贵族宝贝交流区 上海贵族宝贝论坛n an upda爱上海同城对对碰 爱上海同城论坛ted home hits the market, buyers go crazy.

“View houses that are state-of-the-art and in move-i上海贵族宝贝 上海千花网龙凤论坛n condition are priceless,” said Pacific Union International agent Val Steele to Mansion Global.

What makes the neighborhood so populate is its location within San Francisco; it has the best views, the best weather, according to Sotheby’s International Realty agent Janet Schindler.

“This will always be a blue-chip neighborhood, she said.

[Mansion Global] E.K. Hudson

Tags: Residential Real Estate, San Francisco
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Most Expensive Homes

Broker Kurt Rappaport s record-breaking sale of his own man新爱上海同城对对碰论坛 上海同城对对碰交友社区sion closes Rappaport beat his own sales record with the off-market deal to a Canadian billionaire developer

Kurt Rappaport in 2012; Malibu in background. (Credit from back: Pixabay; Barrett90035)

Westside Estate Agency co-founder and CEO Kurt Rappaport has sold his 7-bedroom Malibu mansion to Canadian billionaire Daryl Katz for $120 million.

The sale, which closed Friday according to 上海龙凤论坛sh1f 上海龙凤论坛the New York Post, had been rumored to be on the rocks in December, though neither Rappaport nor Katz would comment at the time on the nature o上海贵族宝贝 上海千花网龙凤论坛f the alleged snafu, as The Real Deal reported.

The off-the-market deal means Rappaport has broken his own record for selling the priciest home in Los Angeles — the previous record-holder was his $85 million sale of David Geffen’s Malibu estate, which he brokered last May.

The sale of his 15,000-square-foot home included everything inside the home, which is reported to include artwork by Damien Hirst, Ed Ruscha and Sterling Ruby. The house, which was rented out for $750,000 per month, contains爱上海同城论坛 爱上海同城 a private screening room, home gym and the longest pool in the state at 168 feet.

Katz, the buyer, is estimated to be worth just over $3 billion and owns the NHL franchise the Edmonton Oilers. His wealth comes from managing pharmacy chains including Rexall, however now his company, Katz Group, has turned to real estate. The Katz Group is leading a more than $2 billion redevelopment project in Edmonton known as the ICE District and built a new arena for the Oilers in the city, according to Forbes. [NYP] Erin Hudson

Tags: mansions, Most expe爱上海同城手机版 新爱上海同城对对碰论坛nsive real estate cities, Residential Real Estate
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CBRE

Westchester Fairfield Cheat Sheet: 爱上海 爱上海同城手机版Trumbull draws in new dev, theater-to-apartment conversion kicks off … more

Clockwise from top left: YoungCraft breaks ground on mixed-use development in New Rochelle, luxury rental building opens in White Plains after zoning change, Westchester leasing ‘moderately’ improves, and Cos Cob real estate agency sells TD Bank property in Darien for $6.9M.

Fairfield commercial leasing activity shows vote of confidence,’ Westchester activity ‘moderately’ improves
Fairf阿拉爱上海同城 爱上海龙凤419桑拿ield County’s leasing activity showed a “vote of confidence” for the area, according to a new report. Leasing in the county “reached its highest point since the end of 2016 — hitting 980,000 square feet of leasing activity,” according to CBRE’s third quarter Westchester/Fairfield County office market reports. Leasing isn’t doing poorly in Westchester County either, where activity “moderately improved from last quarter,” the report says. Westchester County also experienced “the hi上海夜网论坛 上海夜网ghest volume of new leasing since [the second quarter of 2017]. One factor that helped improve conditions was the former IBM campus in Somers being pulled off the market amid plans to turn it into a STEM-centric high school. “Removing the IBM campus from the market had a huge impact on the county’s availability rate and its absorption — Westchester County’s accumulated negative absorption was erased when this property was pulled from the market,” CBRE’s William V. Cuddy Jr. said. [CBRE Fairfield, Westchester]

YoungCraft breaks ground on mixed-use development in New Rochelle
Developer YoungCraft broke ground on an approximately 160,000-square-foot mixed-use project in New Rochelle, the developer announced. The development, dubbed the Rockwell, will be “the most significant new project on the North Avenue corridor in generations,” New Rochelle Mayor Noam Bramson said. The project will include 114 apartments, a rooftop terrace, a community lounge, 22,000 square feet of retail space on the ground floor and 207 parking spaces, according to the developer. The project — which is named for Norman Rockwell, a onetime New Rochelle resident — is slated to wrap up in the summer of 2020. [New Rochelle NY]

Cos Cob real estate agency sells TD Bank property in Darien for $6.9M
Cos Cob-based Chimblo Family Real Estate sold a 4,380-square-foot property in Darien for $6.9 million, the Fairfield County Business Journal reported. TD Bank has been leasing the property, and has approximately seven years left on its lease, the outlet reported. The deal was done through a 1031 exchange. The  property on Boston Post Road is near a Costco, a DoubleTree hotel and a Chipotle. [FBJ]

Trumbull is the place to be as development in the town stays strong上海贵族宝贝 上海千花网龙凤论坛
Development is on the rise in Trumbull, the Fairfield County Business Journal reported. Two new housing developments — one on Reservoir Avenue and one on Oakview Drive — recently secured approval from the town’s Planning and Zoning Commission and s[……]

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City Vacant Property

City Council seeks to ramp up oversight of vacant property Landlords could face new fines on a weekly basis

A vacant lot (Credit: iStock)

Six proposed bills seek to ramp up oversight of vacant property in the city, including one that would charge landlords weekly fines.

O上海贵族宝贝 上海千花网龙凤论坛ne of the proposed City Council measures would require landlords to annually register their land — once it s sat vacant for a year — with the city. Those who fail to do so face fines of up to $500 per week, Curbed reported.

“Vacant properties are troublesome for our communities they bring 上海千花网 爱上海同城对对碰down property values and they attract crime or create health hazards,” said Council me上海贵族宝贝交流区 上海贵族宝贝论坛mber Robert Cornegy, Jr., chair of the council’s committee on housing and buildings. “They’re properties that can be used for housing for low-上海千花网 爱上海同城对对碰income families, as community gardens, or as playgrounds.”

This isn t the first time that the city has targeted vacant properties. In November 2017, the de Blasio administration released an update to its affordable housing program that included a proposal to reclassify residential-zoned vacant land to increase tax bills for such properties and to “incen爱上海龙凤419桑拿 上海龙凤论坛sh1ftivize owners to make their sites productive.”

A representative for the Department of Housing and Preservation noted that relying on landlords to self-report may lead to unreliable data. [Curbed] — Kathryn Brenzel

Tags: Commercial Real Estate, new york city council, NYC Landlords
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421a

For developers who love the old 421a, stalled construction sites are ripe for the picking TRD analysis found 30 properties with permits but little-to-no progress

Clockwise from left: Forest City Ratner CEOMaryAnne Gilmartin, Trinity Place Holdings CEO Matt Messinger, 56 East 21st Street, 241 West 28th Street, 77 Commercial Street, and 13 Patchen Avenue (Credit: Google Maps)

Four years ago, New York developers were on the verge of losing a privileg新上海贵族宝贝论坛 上海贵族宝贝交流区e they had come to expect as a right: getting a steep discount on property taxes. The stat爱上海 爱上海同城手机版e’s “421a” tax exemption, which allowed condominium and rental builders to pay minuscule taxes for two decades as long as they invested in some affordable housing, was set to expire, and Gov. Andrew Cuomo and the state legislature did not provide a tremendous amount of confidence that it would be renewed.

So developers rushed—some of them prematurely—to get construction permits on land they owned, so the properties would qualify for 421a, should they decide to build on it. On just one day in June 2015, more than 1,600 units were permitted for construction in Brooklyn.

While many developers who obtained permits during this time eventually moved forward and completed construction, others did not, and those stalled development sites are now investment targets.

“I m literally looking at projects that are six months from a [temporary certificate of occupancy], to sort of capitalize on a wave of guys who went out and said ‘421a is going away,’” said Matthew Messinger, CEO of Trinity Place Holdings, noting that some projects are struggling to finance the remainder of construction.

To identify the potential investments Messinger and others might be considering, The Real Deal analyzed permit filings between January and June of 2015 for projects with 10 units or more. We found at least 30 that are either incomplete or even have no considerable construction progress since that time.

Despite that, most of these projects still probably qualify for the pre-June 2015 version of 421a, which allows condominiums and typically requires fewer affordable housing units than the new iteration of 421a. As long as they began some construction work before July 2015, such as installing elements of the foundation and footings, the owners can still apply for 421a as it existed in that time, real estate lawyers told TRD.

“All you had to do was commence construction. There was no deadline to actually file an application,” said Jason Hershkowitz, a real estate estate attorney at the Seiden Schein firm.

Alvin Schein, of the same firm, said many older sites also qualify for the now expired tax certificate program, in which developers bought tax credits from affordable housing developers instead of building any affordable housing themselves. The dwindling number of projects eligible for the certificate program has driven down the price of outstanding certificates, Schein said.

Some developers have run into financial trouble since receiving their[……]

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