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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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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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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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