9月 15, 2021

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Sales at Forest City-Greenland’s 550 Vanderbilt slow down

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Sales at Forest City-Greenland s 550 Vanderbilt slow down
Cleveland-based REIT had a turbulent 2016
New York /
Sales at Forest City Ratner and Greenland Group’s Prospect Heights condominium development 550 Vanderbilt have slowed considerably in recent months, which developers attributed to a weakening condo market.
The joint-venture partners have sold 167 units as of late January, Forest City executives said during an earnings call Monday morning meaning they sold 27 units in the seven months between June and January. They had sold 140 units during the first 12 months of sales, between June 2015 and June 2016.
“Pricing is within our our pro-forma range, although the pace is modestly slower than initially anticipated,” said Robert O’Brien, CFO of Forest City Realty Trust, the parent company of Forest City Ratner . According to O Brien, 110 apartments in the 278-unit building remain available.
Despite Forest City s assessment, appraiser Jonathan Miller of Miller Samuel told The Real Deal that the Brooklyn condo market doesn t seem to be slowing down. In fact I ve had a number of people tell me that because of all the emphasis on rentals there is a shortage of condos. Slowing sales at 550 Vanderbilt could boil down to high asking prices, he speculated.
StreetEasy data shows that sales have remained brisk in recent months at competing condos the Oost[……]

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Trucking exec sues for missing breakfast bar and private elevator at 56 Leonard

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Trucking exec sues for missing breakfast bar and private elevator at 56 Leonard
Ronald Dana bought $29M penthouse in 2017
New York /

A New Jersey trucking mogul has sued the developers of 56 Leonard, alleging he did not get the private elevator access and breakfast bar he was promised in his $29 million penthouse.
Ronald Dana — founder of the Dana Companies — said Alexico Group and Hines failed to deliver on specific features that sold him on the Tribeca condominium, including soaring 14-foot ceilings, a private elevator, a breakfast bar and an integrated curtain system for the apartment’s floor-to-ceiling windows.
In addition, the sponsors attempted to “conceal defects” in the unit — namely poorly-installed wood flooring, which began to crack and warp months after Dana took possession of the pad last year, the complaint said. In the suit, Dana also claimed Corcoran Sunshine Marketing Group “knowingly and purposefully” lied about the state of the apartment during the marketing process.
The March 9 suit was filed by Dana’s Lower Manhattan Inner City Real Estate Associates, LLC, which closed on the 56th-floor pad in April 2017, public records show. The full-floor penthouse — measuring 5,858 square feet — has four bedrooms, a conservatory and 360-degree views, per the listing. It has two balconies, and custom interiors by Herzog de Meuron feature[……]

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Fortis wants $79M sellout for 25 BK condos

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Fortis wants $79M sellout for 25 BK condos
Project is just one of a handful of condominiums the developer is bringing to the Cobble Hill LICH site
New York /
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Developers, brokerages look to lure artsy set during Art Basel

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Developers, brokerages look to lure artsy set during Art Basel
Real estate and art will merge amid performances, installations, events
Miami /
Spectrum Miami and Red Dot Art Fair 2016 (Credit: Cervera Real Estate)
Musical and dance performances, lavish parties, art-studded soirees and public installations aren t only for the art-world set during Art Basel.
During Art Week and Art Basel, developers and brokerage firms will capitalize on the well-heeled crowd descending on Miami to boost the visibility of their luxury projects. Condos are hosting parties and exhibits, brokerages are sponsoring art fairs, districts are becoming public art sites and even restaurants are getting in on the action with events geared to art lovers.
Hakanaï by Adrien M Claire B
Canvas’ developer NR Investments is hosting three days of dance, digital art and musical performances, Hakanaï by Adrien M Claire B, on the patio of the under-construction 513-unit condo building at 90 Northeast 17th Street in Miami’s Arts Entertainment District. The performances run from Wednesday through Friday.
Property Markets Group and JDS Development Group are hosting a private event with artist Antuan at the recently completed Echo Brickell, at 1451 Brickell Avenue. The Cuban artist is unveiling his “Art from Another Dimension” collection at the luxury condo tower on Tuesday. A handful of[……]

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These were the top outer-borough real estate loans in December

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These were the top outer-borough real estate loans in December
The top spot went to a $217M loan for Empire Stores
New York /
Clockwise from top left: Empire Stores, Industry City, Dime Savings Bank and the Williamsburg Hotel 
The biggest outer-borough loan of December took place right along Brooklyn’s waterfront on the aptly named Water Street.
The $217 million loan from M T Bank and the Brooklyn Bridge Park Development Corporation to Midtown Equities for its Empire Stores project took the No. 1 spot on December’s list of loans in the outer borough, followed closely by Bank of China’s $196 million loan for Industry City. Other large loans for December included $150 million for the Dime in South Williamsburg and $92 million for the Parkline in Prospect-Lefferts Gardens.
Brooklyn’s presence on the list was extremely dominant, nabbing eight of the top 10 spots, while Queens and the Bronx each only had one loan apiece, and Staten Island had zero. The full list of top 10 loans for December is as follows:
1. Empire State of Mind — $217 million
M T Bank and the Brooklyn Bridge Park Development Corporation loaned Midtown Equities, Rockwood Capital and HK Organization $217 million for Empire Stores at 55 Water Street, taking the top spot for biggest outer borough loans in December. The loan consolidates and replaces $117 million in prior financing from[……]

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Miami real estate loves Bitcoin – will Bitcoin love it back?

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Miami real estate loves Bitcoin – will Bitcoin love it back?
Developers and brokers are embracing the cryptocurrency – but have they factored in its volatility?
Miami /
(Photo illustration by Jhila Farzaneh for The Real Deal. Credit: Getty Images)
A condo for sale in Miami hit the market earlier this month accepting only Bitcoin, grabbing headlines as one of the only U.S. real estate listings to limit itself to the cryptocurrency.
The one-bedroom pad at 480 Northeast 30th Street listed on Dec. 8 for 33 Bitcoin, or about $550,000 at the time, according to the listing agent. But as of Tuesday, 33 Bitcoin is now equal to about $603,000. In dollar terms, that’s a jump in the asking price of about 10 percent in less than two weeks.
As Bitcoin mania mints a new crop of millionaires, many who struck it rich betting on the cryptocurrency are looking for ways to diversify their wealth. Real estate agents and sellers are hoping to lure them by touting their Bitcoin-friendly listings.
“A lot of folks who have been speculating on Bitcoin are trying to find a place to put this wealth,” said Andrew Hinkes, a Miami-based attorney. Foreign investors sitting on “mountains of capital” could also turn to Miami real estate as a safe haven for their cryptocurrency fortunes, he said.
But the 480 Northeast 30th Street example illustrates just how tricky things can ge[……]

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Broadway producers list UES manse for $44M

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Broadway producers list UES manse for $44M
11 East 82nd Street last sold for $24.5M in 2009
New York /

UPDATED, Nov. 16, 6:20 p.m.: Broadway producers Janet and Howard Kagan have listed their Upper East Side townhouse for $44 million.
Built in 1895, the 25-foot mansion at 11 East 82nd Street spans 12,729 square feet and is asking $3,456 per foot.
11 East 82nd Street
The Kagans, who head Maxolev Productions, produced Tuck Everlasting and Pippin, which won a Tony Award in 2013. They bought the house for $24.5 million in 2009 from investor Keith Gollust. The couple also owned a penthouse at 975 Park Avenue, which they sold for $20.3 million in 2014.
Years before the Kagans bought 11 East 82nd, a company affiliated with financier Ron Perelman paid $10 million for the property. Two years later, the entity sold it to entertainment executive Scott Sassa for $8.9 million. Sassa then sold the mansion Gollust, who is chairman of Synta Pharmaceuticals, though it s unclear how much he paid.
11 East 82nd Street
The limestone-and-brick house, located just off Fifth Avenue, was recently renovated and features a wine cellar and gym. It also has five working fireplaces and outdoor terraces. The Corcoran Group s Elizabeth Sahlman has the listing.
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Kim and Kanye sell Bel Air home for big profit

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Kim and Kanye sell Bel Air home for big profit
The new owner is a Ukrainian entrepreneur and philanthropist
Los Angeles /
And the Kardashian real estate saga continues.
Reality star-turned-makeup guru Kim Kardashian and musician Kanye West sold their Bel Air Crest residence for $17.8 million to Ukrainian entrepreneur and philanthropist Marina Acton, the Wall Street Journal reported.
Spanning 9,000 square feet, the minimalist estate has six bedrooms, eight bathrooms, a swimming pool and a cabana. The couple renovated the home upon buying and installed new glass windows, some of which reach over 30 feet high.
The property last traded hands for $9 million in 2013, public records show.
Josh and Matt Altman of Douglas Elliman brokered the deal. Sandy Papale of Douglas Elliman and Joel Goodrich of Coldwell Banker Previews International also represented Acton.
Just a year after acquiring this residence, Kimye also snagged a Hidden Hills mansion once owned by Lisa Marie Presley for $20 million. Kardashian West also just recently purchased a condo in the Avanti community in Calabasas for $1.6 million. Kanye, on the other hand, has been more in a selling mood. He recently sold his Hollywood Hills home used in the “Heartless” music video for just under $3 million. [WSJ] Natalie Hoberman
Related Articles arrow_forward_ios Taylor Swift archenemy Scooter B[……]

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Eliot Spitzer’s UES bachelor pad hits the rental market

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Eliot Spitzer’s UES bachelor pad hits the rental market
Luxury apartment overlooks Central Park at 800 Fifth Ave
New York /
800 Fifth Avenue and Eliot Spitzer (Credit: CityRealty and Getty Images)
Former New York Gov. Eliot Spitzer’s apartment on the Upper East Side has hit the market for $20,500 a month.
The three-bedroom unit at 800 Fifth Avenue just recently became available, according to the New York Post. It is ready for a December move-in, and amenities include a concierge, a parking garage and a gym, according to its listing on StreetEasy.
Once owned by Standard Oil treasurer Jabez Bostwick, and later, by a Rockefeller – the mansion at 800 Fifth Ave. sat vacant for more than 50 years until Spitzer s father Bernard demolished it and built a luxury rental tower at the address in the late 1970s.
An analysis by The Real Deal in June 2016 found that the building s 208 apartments leased for an average of $10,500 a month. The building, still owned by Spitzer Enterprises, also holds a few medical suites. There are four other apartments in the building currently on the rental market for over $10,000, according to StreetEasy.
Spitzer is currently building a $700 million, 857-unit rental complex along the Williamsburg waterfront. The first building is slated to launch next year, with Dave Maundrell of Citi Habitats leading the marketing effort.  [N[……]

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Philly is a real estate bargain no more

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(Credit: vic15/Flickr, back; Tom Woodward/Flickr, front)
The city long regarded as a trove of cheap housing at least compared to New York is in the middle of an affordability crisis.
Home prices in parts of Philly have jumped more than 50 percent since 2014, according to Zillow and the increases come as the city is simultaneously home to the largest proportion of residents below the poverty line, as compared to America s 10 top biggest cities. According to the Wall Street Journal, local government is responding with a new law that would force residential developers to offer 10 percent of new units for below-market rate rents.
Developers could also choose to pay into a city-managed fund to repair homes in lieu of selling or renting 10 percent of its units at lower rates. In exchange, for the concessions, under the law developers would be able to build more units than they would otherwise be permitted under the city s existing zoning.
According to Alterra Property Group s Leo Addimando, the law, if passed, would certainly slow down residential development.
[WSJ] Erin Hudson
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Why this free house is too good to be true

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(U.S. Air Force photo/Alan Boedeker; Pixabay)
A couple in Iowa is selling their house for nothing so long as you can drive off with it.
The deal is that Linda and Roger Dolecheck will let you buy their house for free so long as you physically move the 2 and a half story structure off their property, the New York Post reports.
The century-old, four-bedroom is valued about about $52,000 but, after trying to sell the house six times since 2013, they ve lowered the price to nothing as, they hope, an incentive to get it sold.
The listing is posted on Craigslist and, though they ve gotten some interested buyers, the $0 price tag is not incentive enough.
“[There was] always interest in it — people would come,” said Dolecheck to the Post. “But moving a house takes a lot of time and money.”
The Dolechecks built a new home about 100 yards away from the house they re selling in 2010 but just couldn t bear the idea of tearing down the house they raised their children in.
[NYP] Erin Hudson
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National Cheat Sheet: Malls put on a show for holiday shoppers, NAR lobbies for protections in tax reform bill & more

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National Cheat Sheet: Malls put on a show for holiday shoppers, NAR lobbies for protections in tax reform bill more
Clockwise from top left: Holiday show at the mall, National Association of Realtors president Elizabeth Mendenhall, Brazilian developer Galwan s Miami hotel tower, and Jay Newman of Athens Group and One Beverly Hills.
Trying to lure back holiday shoppers, malls put on a show
From temporary ice rinks to Santa parades to baking classes, shopping malls are getting creative in their efforts to lure customers back to brick-and-mortar stores this holiday. Malls typically spend $150,000 to $500,000 on holiday decorations, Greg Maloney, chief executive officer of JLL’s retail business in The Americas Told The Wall Street Journal. And retailers are looking to spruce up their stores ahead of the shopping season: work orders for fresh paint, new lighting and other fixes were up 8 percent to 10 percent compared to 2016 according to Bill Hayden, CEO of facilities management company FacilitySource. This year, 164 million people nationwide plan to shop over the Thanksgiving weekend, compared to up from 154.4 million at the same time last year, according to the National Retail Federation. [TRD]
Realtor lobby fights to protect homeownership incentives in GOP tax plan
The National Association of Realtors, with allies like the National Home Builders Assoc[……]

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Breaking up is hard to do: Compass and Tessler split at 172 Madison

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Breaking up is hard to do: Compass and Tessler split at 172 Madison
Brokerage said it resigned “at the request of our team”
New York /
From left: 172 Madison Avenue Yitzchak Tessler, Ori Alon and Robert Reffkin
Compass and Yitzchak Tessler severed ties at the developer’s $300 million condominium development in Midtown. The breakup comes roughly a year after the brokerage came on to breathe new life into the project.
Compass’ new development team walked away from the assignment at Tessler Development’s 33-story, 72-unit tower at 172 Madison Avenue, a Compass spokesperson told The Real Deal.
“At Compass, we put our people first. At the request of our team, we made the unusual decision to resign the project,” said a company spokesperson, who declined to comment further.
Tessler and his representatives did not respond to requests for comment, but sources told TRD the fission was a result of the developer’s expectations for pricing on the project and what the Compass brokers believed the market would deliver.
“I think there was a difference of opinion on the marketing,” said one source who is not involved in the project. “Compass probably wanted to reduce pricing to increase the velocity of sales, and Tessler said he’s not going to do it.”
This is not the first shakeup at the project.
A Compass team headed by Billy Goldstein, a managing director o[……]

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Can a German city take London’s place? Frankfurt’s new ‘Mayfair’

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Can a German city take London s place? Frankfurt s new Mayfair
German sellers are holding off to see if the market will heat up
New York Weekend Edition /
(Pixabay)
Germany s financial capital has been looking to eclipse London since Brexit and now Frankfurt s residential market is making a similar bid to unseat the UK center.
The German city s Westend neighborhood is hoping to become the next Mayfair, a wealthy area in London, according to Mansion Global.
Homeowners in Westend are putting off selling to wait and see whether the market heats up as expectations that an increase in buyers from Brexit are coming. But they haven t arrived quite yet.
“My company’s commercial team is seeing increase in requests for office space but not much increased activity in residential sales because of Brexit,” said Engels Volker s Amin Aschdjai-Benissi to Mansion Global.
That said, however, home prices have risen by 10 percent in the past year with the average property selling at about $8,250 per square meter, though high-end homes can go for up to almost $18,000 per square meter.
“It’s not going to be an instant thing,” Aschdjai-Benissi said. “My guess is that high-ranking employees will rent first and if things work they might buy a base here in future.”
[Mansion Global] Erin Hudson
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Corcoran lands “Million Dollar Listing” star Steve Gold from Town

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Corcoran lands Million Dollar Listing star Steve Gold from Town
Steve Gold also interviewed at Elliman and Compass: sources
New York /
285 West 110th Street, Steve Gold and Pam Liebman
Town Residential s Steve Gold is heading to the Corcoran Group following last week s closure of Town s brokerage business.
Gold — a co-star on Bravo TV s Million Dollar Listing New York — was one of Town s most sought-after free agents with nearly $87 million worth of listings as of April 20, including $20.8 million worth of in-contract deals, according to On-Line Residential. In February, Gold took over sales for Circa, a 38-unit condominium at 285 West 110th Street, which had 21 units remaining to be sold.
Sources said Gold, a former model, also considered Compass and Douglas Elliman, where MDLNY co-star Fredrik Eklund is an agent. In hiring Gold, Corcoran appears to be waiving a policy that precludes agents from appearing on reality television.
Having Steve and his team join Corcoran is a wonderful turn of events, Corcoran CEO Pam Liebman said in a statement, adding that Gold would bring his seven-person team to the firm. Gold said over the past five years, Town helped him grow his business and find a niche in the luxury market. At Town, he sold more than $500 million worth of real estate.
After Town s collapse on April 19, rival brokerages have courted more[……]

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The first rule of working with a billionaire buyer is: You do not talk about the billionaire buyer

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The first rule of working with a billionaire buyer is: You do not talk about the billionaire buyer
A look at how Michael Dell kept his record-setting One57 condo buy quiet
New York /
Michael Dell and One57
Michael Dell may have bought his $100.5 million penthouse at One57 years ago, but a strategy that included multiple nondisclosure agreements and pass-through entities allowed him to keep his identity a secret until last week.
Dell — who was represented by the Corcoran Group’s Leighton Candler in the sale — relied on a close network of agents, architects and others to keep his record-setting purchase a secret, a sign of how much value the country’s top earners have started to place on privacy when it comes to their real estate dealings, according to the Wall Street Journal.
“People don’t want people knowing what they spend,” Douglas Elliman broker Frances Katzen told the Wall Street Journal. “You almost have to channel the purchase through three different subsidiaries to hide the buyer, and most prefer to have some kind of gag order in place with the people they’re working with.”
The chief executive of Dell bought his condominium through the limited liability company, P89-90, and his attorney Andrea Riina signed every document related to the sale. He also does not seem to have taken out a mortgage on the building, further limiting the number of[……]

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Premier Agent prices skyrocket, but brokers pay up

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Premier Agent prices skyrocket, but brokers pay up
On the UWS, cost per lead rose to $197 from $72 over nine months
New York /
(Illustration by Lexi Pilgrim for The Real Deal)
The city’s residential brokers slammed Premier Agent when it debuted in March.  But now, they’re fighting each other for a seat at the table.
Thanks to auction-based pricing, the cost to participate in StreetEasy’s agent advertising program — where agents purchase buyer leads in specific ZIP codes — has shot up over the past few months.
On the Upper West Side, for example, the price per lead skyrocketed 183 percent to $196.88 in October, compared to just $72.07 in May, according to data obtained by The Real Deal. On the Upper East Side, the cost per lead climbed to $166.84 from $107.08 over the same time period.
StreetEasy’s parent company, Zillow Group, acknowledged the price jumps last week, when it reported revenue from Premier Agent rose to $197.1 million during the third quarter, up 24 percent year over year — in part because of New York agents’ participation.
“We were dramatically undermonetized in New York relative to the size of our leads, the size of our audience,” CEO Spencer Rascoff said during an earnings call on Nov. 7. “So there was a bit of a gold rush in New York where agents and teams were buying impressions at a very low price and leads at a very low pri[……]

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Brooklyn’s toniest neighborhoods posted big declines in home prices in Q1

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Brooklyn s toniest neighborhoods posted big declines in home prices in Q1
A weekly feature brining you the industry’s latest intel
New York /
Homes in Bay Ridge, Brooklyn (Credit: Wikimedia Commons)
Residential
Sales | Ideal Properties
The median price of a home in Brownstone Brooklyn (Boerum Hill, Brooklyn Heights, Carroll Gardens, Clinton Hill, Cobble Hill, etc.) and North Brooklyn (Williamsburg, the Navy Yard and Greenpoint), dropped 11.4 percent year-on-year to $1.02 million in the first quarter. The decline was partly due to a weakening condominium market. During the period, the average sales price for the segment stood at $1.446 million, which amounts to a 7.1 percent drop compared to the same time last year. Read the report here.
Sales | CORE
The average asking price to closing price discount in Manhattan’s luxury and new development market stood at ten percent during the first quarter. The figure represents the highest in two years. In spite of the bargains, the pace of closings was sluggish. For the quarter, the Manhattan market averaged 181 closings per week, down from the 235 closings during the same time last year.
Sales | Platinum Properties
The number of homes sold in the Financial District dropped 52 percent year-on-year in the first quarter to just 50 units. The decline was attributed to uncertainty surrounding the new tax law[……]

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Manhattan’s “super prime” luxury condo developments, ranked

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Manhattan s super prime luxury condo developments, ranked
Knight Frank report identified those with the highest average price-per-foot
New York /
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Take 3: Ben Shaoul launches sales at rebranded LES condo

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Take 3: Ben Shaoul launches sales at rebranded LES condo
Now dubbed Liberty Toye, units start at $675K
New York /
Renderings of Liberty Toye and Ben Shaoul
Developer Ben Shaoul has a new name for the East Village nursing home turned raucous rental building that’s now on its third life as a punk-inspired condominium.
Shaoul’s Magnum Real Estate Group is calling the project Liberty Toye, and the firm put 14 units on the market today with brokerage Town Residential. Availabilities include a mix of studios, and one- and two-bedroom units with a blended average price of $1,600 per square foot.
The building, located at 62 Avenue B, has garnered its share of headlines over the past few years. Magnum bought the property for $25.5 million from Cabrini Center for Nursing and Rehabilitation in 2011 and converted it to rentals in 2013.
But residents of the building — then called Bloom 62 — partied a little too hard on the rooftop, leaving beer bottles, graffiti and broken furniture after a particularly rowdy night. Magnum shut the rooftop indefinitely to stop the “excessive” partying it said had “left the amenity space looted.”
Rendering of the garden at Liberty Toye
In early 2015, Shaoul looked to sell the property for $80 million, but ultimately decided to convert it to condos.
The latest iteration of the building includes 81 condos with stained hardwo[……]

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