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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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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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In resi development, “Other People’s Money” no longer cuts it

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In resi development, Other People s Money no longer cuts it
There’s enough skin in the game where it would be painful for the developer to walk:” Peebles
New York /
For years, one of real estate’s dirty little secrets was how little equity some developers put in their own real projects. The mantra was Other People s Money, which allowed sponsors to recover from failures with only superficial wounds.
No longer. Now, there’s enough skin in the game where it would be painful for the developer to walk,” said Don Peebles, CEO of the Peebles Corporation.
“Capital is plentiful, but it’s not dumb,” added Billy Macklowe, speaking at Haute Residence s luxury real estate summit at the Core club Friday. “Most capital allocators want to see sponsor equity.”
Senior lenders are willing to contribute between 40 and 60 percent of the capital stack, down from as high as 90 percent pre-2008.
Mitchell Moinian of the Moinian Group said his firm puts up at least 50 percent of a project’s equity. And there are advantages to that approach, with sponsors having greater control over their projects, he said.
“The more you’ve seen the rodeo, the less you’re willing to expose yourself to highly-leveraged debt,” said Continuum Company s Bruce Eichner, who s on the third or fourth of his proverbial nine lives in this business.
Peebles said he typically puts up about 20 perce[……]

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Brown Harris Stevens launches global broker network

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Brown Harris Stevens launches global broker network
30 firms are promoting each others’ listings
New York /
Bess Freedman and Hall Willkie
After Brown Harris Stevens was unceremoniously dumped by Christie s last year, the luxury brokerage found itself without an international partner for the first time in 30 years. So co-president Hall Willkie cracked open his Rolodex.
Six months later, he s rounded up 30 brokerages around the globe that have agreed to promote each others listings online — without the fees or marketing costs associated with other affiliation agreements. The initiative went live in late December.
The unique part is that for each listing, the contact is the listing broker themselves, said Willkie, adding that there are no meetings, no dues and no referral fees — just exposure to buyers and sellers. It s a service we provide to our partners and they to us.
So far, the group of 30 firms includes BHS, Hilton Hyland Real Estate in Beverly Hills, Daniel Féau in Paris and London s Strutt Parker, among others. Willkie estimates the group will include 45 by the end of the year.
Over the past decade, nearly every residential firm in New York has buddied up with an international player — such as Leslie J. Garfield and London-based Beauchamp Estates; Stribling Associates and Savills; Douglas Elliman and Knight Frank; and Corcoran Group an[……]

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Top 10 most bedbug-infested cities

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