James Capalino

Powerful lobbyist made $250K pushing for deed changes James Capalino lobbied on behalf of Fosun’s 28 Liberty Street, others

From left: 28 Liberty Street and James Capalino

Well-connected lobbyist James Capali爱上海 爱上海同城手机版no made more than $250,000 in the past two years pushing for deed changes at three New York properties, according to a report. That’s on top of his involvement in Rivington House, where a deed change allowed the building’s conversion into luxury condos and recently triggered an Attorney General investigation into the de Blasio administration.

According to DNAinfo, Fosun International paid Capalino $120,000 since January 2015 to help secure a deed change for the l爱上海同城 爱上海andmarked skyscraper 28 Liberty Street, b爱上海同城对对碰 爱上海同城论坛ut ditched his services because of his involvement in the Rivin爱上海同城对对碰 爱上海同城论坛gton House scandal. Fosun is seeking a deed change to alter the public plaza and build ground-level retail space. The planned modifications won landmarks approval in August, but the deed change has yet to win approval from the department of citywide administrative services新爱上海同城对对碰论坛 上海同城对对碰交友社区 (DCAS).

Capalino also lobbied City Hall to extend an expired deadline for construction to begin at two industrial buildings at 32-22 College Point Boulevard and 125-12 31st Avenue in Queens, on behalf of developer Miriam Chan. And he tried in vain to lift deed restrictions on a transitional shelter at 347 East 10th Street in Manhattan, DNAinfo reports. [DNAinfo] – Konrad Putzier

Tags: 28 liberty street, lobbying, Rivington House
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432 Park Avenue

Scram, peasants: 432 Park residents to get private chef Michelin-starred restaurateur Shaun Hergat is taking an entire floor

Shaun Hergatt and 432 Park Avenue

Residents at Macklowe Properties and CIM Group s 432 Park Avenue won t have to go far for a f阿爱上海同城 阿拉爱上海同城ancy meal. In fact, they don t necessarily ever have to leave home.

The building will have its own private Michelin-starred chef, according to New York Magazine s Gr爱上海同城对对碰 爱上海同城论坛ub Street. Shaun Hergatt, who ran the now-closed Midtown restaurant Juni, will take the entire 12th floor in the skinny supertall. The restaurant will only be open to residents of the 96-story tower, whose known residents include Qatari diplomat Nassi Abdulaziz Al-Nasser and Douglas Elliman  CEO Howard Lorber. According to the New York Times, Bentel Bentel is designing the restaurant, which does not yet have a name.

Residents-only dining and drinkin新爱上海同城对对碰论坛 上海同城对对碰交友社区g seems to be a mounting trend in Manhattan luxury real estate. WeLive, an apartment tower in Fin爱上海同城手机版 新爱上海同城对对碰论坛ancial District has a speakeasy style bar that is only open to its residents. At 111 Murray Street in Tribeca, residents of the luxury condominium will be served complimentary breakfasts at the building s exclusive coffee bar.

With sky-high prices, it s perhaps no surprise that properties like 432 Park are upping their amenities game. In May, a mystery buyer picked up a penthouse in the building whose asking price was $76.5 million. [NYT and  Grub Street] — Kathryn Brenzel

Tags: 432 park avenue, macklowe properties
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Means Testing Rent Regulation

The Long View: The fix that could create thousands of affordable housing units overnight Why means-testing for regulated units is a good idea

UPDATED, 1:53 p.m., Dec. 21: Bruce Colley, the playboy owner of former Chelsea bar Man Ray, is a multimillionaire. He’s played polo with Prince Harry. He is or at least was family friends with Gov. Andrew Cuomo. His father is one of the biggest McDonald’s franchisees in the country. And he lived in a rent-stabilized apartment near Central Park between 2008 and 2012.

A case like Colley’s may be rare, but it is symptomatic of a broader problem: New York is wasting affordable apartments on people who don’t need them. 

There are 168,000 New Yorkers  who live in rent regulated apartments and make more than $100,000 per year (including 66,000 who make more than $150,000), according to 2014 census data. At the same time, there are 176,000 New Yorkers who make less than $25,000 per year but pay market-rent, according to the census figures. In other words: for every upper-middle-class person that can use the money it saves on rent to fly to take a winter trip, there is one low-income New Yorker that is perpetually in fear of being displaced by unaffordable rents.

The case for means testing

Means testing involves determining whether a person is financially eligible to receive government assistance. In the past, there was a compelling reason why it wasn’t implemented when it came to housing. Taken together, rent-control laws of the 1940s and rent-stabilization laws in the late 1960s and early 1970s applied to the vast majority of rental apartments in the city, regardless of a tenant’s income.But over the years, vacancy and luxury deregulation have shrunk the pool of rent-stabilized, rent-controlled apartments and apartments in other regulation programs to the point where they now, according to 2014 census figures, make up around 1.3 million of the city’s roughly 2.1 million occupied rental units. At the same time, gentrification and population growth have pushed up market rents and swelled the city’s homeless shelters.

It is strange, then to argue as some tenant advocates still do that there 爱上海同城手机版 新爱上海同城对对碰论坛is no problem with a lawyer who makes $180,000 a year living in a rent-stabilized apa上海贵族宝贝论坛 上海贵族宝贝rtment. Rent-regulated units are now a scarce and valuable resource, and like all scarce and valuable resources, they should be put to best use.

Rent regulation has become a de-facto public subsidy, one that is contribu上海龙凤论坛 新上海贵族宝贝论坛ted to by all those market-rate tenants whose rent is higher because regulated units keep a lid on market-rate supply. If we are talking about a public subsidy, there’s nothing wrong with attaching conditions to it.

In its Mandatory Inclusionary Housing plan, the city has already embraced the principle that rent-regulated units should go to those who need them. The plan requires developers in rezoned neighborhoods to set aside affordable units for households in specified income brackets if they want to build tall.[……]

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Boris Kuzinez

Broker claims Boris Kuzinez cut him out of Fifth Ave. supertall deal Eran Elhanani is suing the Israeli developer, who he says neglected to pay commission on air rights sales then fired him

From left: Boris Kuzinez, Eran Elhanani and a rendering of 262 Fifth Avenue

Moscow s Golden Mile developer Boris Kuzinez finally received his official welcome to New York City real estate: his Manhattan broker just sued him in New York State Supreme Court.

Elhanani Group s Eran Elhanani claims he brokered Kuzinez s purchase of Two Fifth Avenue development sites and two air rights deals but was never paid for the two air rights transactions. For all of the deals, Elhanani agreed to a modest 1 percent commission rate instead of 3 percent, according to the suit. In exchange for the low cut, Elhanani says Kuzinez promised to make him the exclusive broker for the supertall luxury condominium the developer has planned for 262 Fifth Avenue. Elhanani was made director of residential sales in marketing, the suit claims.

Kuzinez, however, fired Elhanani in June 2016, but did so without paying him the remaining commission on the air rights purchases, according to court papers. Elhanani is demanding undiscounted commissions on the more than $55 million in deals he said he negotiated for Kuzinez and seeks additional damages from the court based on other unpaid work.

The suit mentions a few additional services for which Elhanani says he was never paid. Those include consulting services, such as arranging meetings with new development marketing firms and meeting with potential finance partner Goldman Sachs.

It also includes a bit about how 262 Fifth Avenue was Elhanani s idea to begin with, a suggestion made to Kuzinez when he complained he w上海千花网 爱上海同城对对碰as having a hard time finding a penthouse worth living in.

Given Kuzinez s development background and dissatisfaction with the market, the complaint reads, Elhanani ultimately suggested that Kuzinez instead purchase real estate in Manhattan and develop it into a boutique luxury residential building. This would permit Kuzinez t上海龙凤论坛sh1f 上海龙凤论坛o build a luxury residence exactly to his liking.

Rob Glunt of law firm Mandel Bhandari, who is representing Elhanani, said his client is disappointed that it’s come to this but he’s very proud of the work that he did and he deserves what he was promised for it.

Kuzinez did not immediately respond to a request for comment.

Kuzinez, a Latvian-born Israeli national, first filed building plans for the 39-unit co上海千花社区 上海千花网交友ndo tower in 2016, after spending more than $100 mi上海龙凤论坛sh1f 上海龙凤论坛llion in development site and air rights deals between 254 and 264 Fifth Avenue in NoMad. He is still on the hunt for the constru上海千花网龙凤论坛 上海千花社区ction loan needed to pull off the project, which renderings released in May revealed will reach heights of more than 1,000 feet, making for the tallest building between Midtown and Downtown.

In May, The Real Deal took a look at Kuzinez s past as Moscow s foremost luxury real estate developer, whose[……]

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Miami Real Estate

Thursday is The Real Deal s Miami real estate event! There’s still time to get your tickets!

We re less than 24 hours away from The Real Deal s Miami Real Estate Showcase and Forum – and there s still time to join the thousands of attendees who have already secured their tickets!

Click here to purchase tickets

Last fall we had a blockbuster showcase, with panels and more exhibitors than ever. This year, we expect an equally full house for a packed day of programming:

11:30 a.m.: Moishe Mana one-on-one
11:50 a.m.: Sizing up the development cycle: Moving product and launching new projects in a post-market boom
1:00 p.m.: Finding the buyers: The art of pricing properties and sourcing leads amid a shifting resi上海夜网论坛 上海夜网dential landscape
2:15 p.m.: Is South Florida drowning?: What rising sea levels mean for the real estate industry
3:30 p.m.: Commercial s hot pockets: From broker poaching to an evolving tenant mix, what s making headlines in the Miami market

Confirmed panelists include Mana, Edgardo Defortuna (Fortune International), Ron Shuffield (EWM Realty International), Kobi Karp (KKAID), Alicia Cervera (Cervera Real Estate), Andres Asion (Miami Real Estate Group), Avra Jain (Vagabond Group), Art Falcone (Paramount Miami Worldcente上海千花社区 上海千花网交友r), David Martin (Terra Group), Jonathon Yormak (East End Capital), Jay Parker (Douglas Elliman), Tere Blanca (Blanca), Lyle Chariff 上海夜网论坛 上海夜网(Chariff), Nancy Klock Corey (Coldwell Banker), Bruce Mowry (City of Miami Beach), and Francis Suarez (Miami City Commissioner).

All attendees will receive a copy of the now quarterly South Florida Magazine. Check out the latest edition of the South Florida Market Report here.

For sponsorship opportunities, email [email protected].

Amid lagging sales, Compass hired for Amrit 阿拉爱上海同城 爱上海龙凤419桑拿condo project on Singer Is…Strong spring real estate season shaping up — but who’s got the advant…Major expansion of Diplomat Hotel in Hollywood gets initial OKPalm Beach mansion that once asked $85M is under contract
The Real Deal s Miami real estate event!’ displayText=’Tweet’ st_url=’https://therealdeal.com/miami/2017/10/25/thursday-is-the-real-deals-miami-real-estate-event/’>
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Jerome Powell

As new Fed chair Jerome Powell takes over from Janet Yellen this month, should the industry worry about rising interest rates?

Jerome Powell and Janet Yellen

Federal Reserve chairs have the power to put financial markets in a frenzy with a few seemingly harmless phrases. In June 2013, then-Fed Chair Ben Bernanke stepped to the microphone for a regular press conference and suggested the central bank might start winding down its bond-buying program — first enacted in the wake of the 2008 financial crisis — if the economy continued to improve.

Immediately after he spoke, the Dow Jones Industrial Average fell by more than 100 points. A day later residential mortgage rates rose to 4.25 percent, up from 4.12 percent at the time of the conference and 3.5 percent that May. And in CMBS land, spreads on investment-grade triple-B bonds surged by 158 basis points between May and June.

The so-called taper tantrum of mid-2013 eventually subsided, but the real estate industry suffered from aftershock. It was, after all, a timely reminder of how much impact a sudden hike in interest rates can have.

Four and a half years later, fear of another unexpected move by the Fed is palpable. And this time the stakes are even higher. After nine years of growth, the robust real estate cycle in the country’s top markets seems to be well beyond its peak, and a sudden rise in interest rates could accelerate a downturn.

Amid all that uncertainty, a new Fed chair is set to take over in early February.

For the first time in history, the president of the United States didn’t ask a sitting Fed chair to renew his or her term. With Janet Yellen out the door, Jerome Powell, a current Fed governor and former investment banker, is set to take the helm of the powerful institution this month.

But should th上海贵族宝贝 上海千花网龙凤论坛e real estate industry be worried about a change in monetary policy?

“I think that people are frightened of the unknown,” said Douglas Elliman broker Frances Katzen, who added that she’s noticed more homeowners trying to refinance or lock in fixed-rate mortgages in anticipation of rate hikes.

That’s compounded by fears in the residential market over the GOP tax overhaul — which makes it harder to deduct property taxes and mortgage interest from federal income taxes.

“The psychology right now is to hold on and white-knuckle,” Katzen said.

Rate aid

Talk to any real estate insider about the state of the market, and the conversation will inevitably turn to interest rates. Low rates mean cheaper debt, which makes it easier for investors to buy commercial and residential properties. They also make other investments like bonds less appealing, enticing more people to invest in buildings.

Over the past nine years, 30-year mortgage rates have hovered at historical lows below 5 and even 4 percent and were a key reason New York City’s real estate industry recovered so well from the 2008 crisis. But while rising long-term rates can be bad news for the industry, they don’t have to be.

“The question is: How[……]

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NY Property Taxes

Nine out of上海贵族宝贝交流区 上海贵族宝贝论坛 10 counties with nation s highest property taxes surround NYC Westchester County topped the list with an average bill of $17,179

Westchester County and Uncle Sam (Credit: Wikipedia Commons)

High property taxes are virtually inescapable for people living within commuting distance of New York—and the new tax law will make th上海贵族宝贝论坛 上海贵族宝贝is burden even worse.

Nine of the 10 counties in 上海贵族宝贝论坛 上海贵族宝贝the U.S. with the highest average property tax bills from 2017 were in the New York City suburbs, with Westchester topping the list at $17,179, according to Bloomberg. The sole exception was Marin County in California, where the average bill was $11,295.

New York’s Rockland County took the number two spot, while Nassau County landed at number five. Connecticut’s Fairfield County was number eight, and the rest of the spots all went to counties in New Jersey: Essex, Bergen, Union, Morris and Passaic.

Several of the counties had average property taxes well over the new deduction limit of $10,000 for state and local taxes. The new tax law limits the mortgage-interest deduction as well at new loans of $750,000.

In the latest budget, New York state legislators created two loopholes designed to allow taxpayers to convert property tax payments into charitable donations and then writing them off, effectively reducing the burden. It s unclear if the Internal Revenue Service will permit the practice. [Bloomberg] – Eddie Small

Tags: Politics, Residential Real Est上海千花网论坛 上海千花网ate, taxes, Westchester Fairfield
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Verco Properties breaks ground on luxury apartment project in Harrison

A Mamaroneck-based developer is building 36 luxury apartments around a now-shuttered movie theater, the Westchester County Business Journal reported. Verco Properties broke ground on a develop上海贵族宝贝 上海千花网龙凤论坛ment called the Harrison Playhouse Lofts, which will rise around a “1上海千花网 爱上海同城对对碰920s-era theater [in Harrison] that played its last picture more than a decade ago,” ac阿拉爱上海同城 爱上海龙凤419桑拿cording to 爱上海同城对对碰 爱上海同城论坛the outlet. Verco Properties partner John Verni said 爱上海同城 爱上海the project will revitalize the town’s downtown area. “For too long Harrison has had a downtown that did not match the vibrancy of this great town,” he said at the project’s groundbreaking. “Today, that is going to change.” Verco plans to refurbish the retail spaces at the site and install a coffee shop. The developer shelled out around $2.5 million for the former theater in 2006. [WBJ]

Tags: Westchester Fairfield
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Minrav Development

Minrav plans boutique resi building at former Turtle Bay Music School si上海贵族宝贝交流区 上海贵族宝贝论坛te Israeli firm planning 20K sf building with 15 units

244 East 52nd Street and Minrav Development s Yehuda Mor (orange) and Lior Carucci (pink) (Credit: Google Maps and Minrav Development)

Minrav Development has filed plans to build a residential property at the longtime home of the Turtle Bay Music School.

The Israel-based firm is looking to construct a seven-story building at 244 East 52nd Street, which is located between Second and Third Ave上海同城对对碰交友社区 上海夜网论坛nue. Plans call for a 20,000-square-foot property with 15 units. If approved as proposed, the building would be 75 feet tall and have 50 feet of frontage. Planned amenities for the property include a laundry room, a tenant storage room, an exercise room and a yoga room.

According to Minrav Managing Director Yehuda Mor, his firm not yet decided on whether the units will be rentals or condominiums. The apartments average 1,337 square feet and the top floor has been earmarked for a full-floor unit with a private terrace. He expects the project to be finished by 2020.

New projects there are limited, Mor上海龙凤论坛 新上海贵族宝贝论坛 said. This is a small project so we don t think we ll have a problem with demand.

Minrav acquired the property from Turtle Bay Music School for $11 million last June. The school occupied the location for 83 years. It has since moved to The Corinthian at 345 East 37th Street.

Minrav, which is headed by Mor and Lior Carucci, is currently building a 21-unit condo project at 427 East 90th Street in Yorkville, which has a $57 million projected sellout. It also acquired 368 Third Avenue last May. The company plans to bu爱上海同城手机版 新爱上海同城对对碰论坛ild a 34-story, 103-unit residential building on the site.

Tags: Commercial Real Estate, Development
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