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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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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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LCOR eyes $400M sellout for condo conversion of 25 Broad

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LCOR eyes $400M sellout for condo conversion of 25 Broad
Pricing would range from $800 to $2,000 psf
New York /
25 Broad Street
LCOR is planning a nearly $400 million sellout for its condominium conversion of the 308-unit rental building at 25 Broad Street in the Financial District.
The development firm, which is majority owned by the California State Teachers Retirement System, filed an offering plan with the New York state Attorney General’s office indicating a $395 million projected sellout for the project.
David Sigman
LCOR principal David Sigman told The Real Deal that pricing is forecasted to range from about $800 per square foot at the base of the building to $2,000 per square foot for the top floors.
“We’re really just trying to decide if this is the best route to go,” he said. “We’ll start reaching out to see what kind of interest there is from current tenants and see where the condo market goes over time.”
LCOR filed a “test the market” application with the AG’s office in November to gauge interest for a potential offering. The average condo price in Manhattan during the first quarter was $2.68 million, according to Douglas Elliman. That checked in at $1,989 per square foot.
The developer bought the 21-story building at a foreclosure auction in 2012 from Kent Swig, who had previously worked on converting the former office building t[……]

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Gimbel townhouse listed for $18M

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An Upper East Side townhouse that was once home to department store heir Louis Gimbel Jr. and his wife Elinor hit the market today asking $18.45 million.
Built in 1899, the 36-foot wide house at 163 East 78th Street has a gated garden entry, seven bedrooms and several fireplaces. It spans 6,517 square feet plus 2,200 square feet of outdoor space, including front and rear gardens and a parlor-level terrace. A living room has six window bays and two fireplaces; a third-floor master suite features a marble bath and fireplace. Brown Harris Stevens’ Paula Del Nunzio has the listing, which is priced at $2,996 per foot.
The typical mansion in Manhattan is 20 feet wide. When you re getting into 36 or 40 feet, you re really pushing into another stratosphere, said Del Nunzio. She pointed out that the house has big, square rooms courtesy of extra-wide floorplates. The roof of the property could be landscaped into an additional terrace, she said.
Curbed was the first to spot the listing.
The seller is Thomas Hexner, CEO of Value Trust Capital, who bought the house in 1997 for an unknown sum, according to property records. Before him, investment banker Samuel Wasserman and his wife Sandra purchased the house from Elinor Gimbel in 1984.
Elinor Gimbel — whose father Samuel Steiner was a major hops distributor — was a champion of women’s rights during World War[……]

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