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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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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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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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Spotlight on: The no-drama broker behind One57’s $100M condo sale

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Spotlight on: The no-drama broker behind One57 s $100M condo sale
The Corcoran agent has a fat Rolodex and history of shattering records
New York /
Leighton Candler and One57 (Credit: Getty Images)
In 2008, the New York Observer crowned Leighton Candler as the city s “new co-op queen,” after she racked up a series of eight-figure deals on the Upper East Side’s Gold Coast. But the Corcoran Group agent is now in line for an even grander title after selling the city s priciest condominium for $100.5 million.
The buyer, Dell Technologies founder Michael Dell, inked a contract for the Billionaires Row condominium back in 2012 and the sale closed two years later. Dell’s identity — and Candler’s role — was revealed on Thursday by the Wall Street Journal.
Although she s flown under the radar these past few years, Candler’s record-setting One57 deal puts her in an exclusive club. She joins other record-setting brokers like Corcoran s Carrie Chiang, who represented David Wildenstein in the $79.5 million sale of the Upper East Side commercial townhouse last year; Sotheby s International s Serena Boardman, who brought a $77.5 million buyer in 2015 to Woody Johnson s co-op apartment, where she had a co-exclusive with Brown Harris Stevens John Burger; Brown Harris Stevens Paula Del Nunzio, who listed the Harkness mansion when it sold in 2006 for $53 million; a[……]

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Banks are bullish on Singapore’s resi market

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(Credit from back: Someformofhuman/Wikimedia Commons; Pixabay)
Since 2013, Singapore s residential market has seen price declines, but after marginal increases in the last two quarters of 2017, the market is officially forecasting double-digit growth.
“For 2018, we expect prices in the private residential market to rise 12 to 15 per cent year on year,” said Savills Singapore s Alan Cheong to the Financial Times.
He s not alone: Credit Suisse estimates prices will rise up to 10 percent while OCBC Investment Research predicts growth by 8 percent, which makes Singapore their best bet for Asean residential markets.
Not withstanding market crashes in 1997 and 2008, the city s resi market had seen four decades worth of growth before government intervention finally cooled the market, after 10 different attempts, in 2013 with a stamp duty tax and tougher borrowing rules.
Recent easing of the government-imposed rules are prompting more sales now, according to Cheong, and increased development will push more buyers towards new buildings or renovated units, which, Morgan Stanley believes, will take care of the surplus of existing units in a city with a resi vacancy rate of 8 percent. [FT] Erin Hudson
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