Mayor Bill de Blasio

De Blasio s affordable housing plan faces pushback from political allies Council members have stalled several projects despite prior support for MIH

Mayor Bill de Blasio (inset from top: David Greenfield and Jimmy Van Bramer)

Mayor Bill de Blasio is no stranger to criticism of his housing plan. But his hard-won Mandatory Inclusionary Housing policy is now facing pushback from an unexpected source: political allies who previously backed the administration s efforts to create more affordable housing.

Although the City Council approved Mandatory Inclusionary Housing in March, individual projects are now stalling, Politico report阿爱上海同城 阿拉爱上海同城ed. These include a 209-unit complex in Sunnyside, a rent-regulated and luxury condominium project at the for爱上海同城 爱上海mer Long Island College Hospital in Cobble Hill and a proposed rezoning in Flushing.

I think th上海千花网交友 上海千花网论坛at there is a bit of a steamroller approach here that is not productive and does not make for good relationships, said Councilman Jimmy Van Bramer, who opposes the Sunnyside development because of the proposed hei上海龙凤论坛 新上海贵族宝贝论坛ght and loss爱上海 爱上海同城手机版 of parking spaces. There needs to be more appreciation for intense community opposition. This week, Van Bramer issued a statement urging colleagues to follow him in voting against the project.

Some say de Blasio s goal of creating or preserving 200,000 affordable units has made him deaf to local concerns. Because they believe in this affordable housing mission so much, they are willing to push things through that they clearly know are going to create political problems or community issues, one council member told Politico.

But Councilman David Greenfield, who chairs the council s land use committee, also noted increased scrutiny of land use. The city is running out of space and people realize these decisions are going to have a lasting impact on them and their neighborhoods. … Literally every inch matters, he said.

De Blasio spokesman Austin Finan echoed that sentiment, but added that the administration had hundreds of units of permanently affordable apartments in the pipeline that have garnered strong support.  [Politico] E.B. Solomont

Tags: bill de blasio, inclusionary housing
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Vornado Realty Trust

Keeping your enemies close: Vornado mulls selling DC spinoff to rival Deal with JBG Companies could be worth as much as $6B

Steven Roth

Vornado Realty Trust is mulling selling a spinoff of its Washington, D.C., business to rival JBG Companies in a deal that could be worth up to $6 billion.

The Washington portfo上海龙凤论坛sh1f 上海龙凤论坛lio consists of more than 16 million square feet of office space, which would be spun off into its own company and then acquired by JBG, Bloomberg reported. The deal — if it goes through — could be worth $4 billion to $6 billion. No final decisions have yet been made.

Vornado , led by Steven Roth, has rallied of late to consolidate its assets and focus its energies on its core market, New York City. The REIT sold its last Los Angeles property — a 43,000-square-foot Class A office property — earlier this month.

Vornado has been considering selling its Washington office since at least early last year. In an April investor letter,  Roth wrote that the REIT has considered “options with respect to our Washington business, such as inviting in a new investor(s) or even separating the business in a spin or in a spin-merge.”

Meanwhile, JBG, which is based in Maryland, ended a merger agreement with New York REIT in August that would have created a publicl上海同城对对碰交友社区 上海夜网论坛y traded company with holdings in New York and Washington.上海龙凤论坛sh1f 上海龙凤论坛 Some shareholders opposed that deal. [Bloomberg] — Kathryn Brenzel爱上海同城手机版 新爱上海同城对对碰论坛

Tags: JBG Companies, Steven Roth, Vornado Realty Trust
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Shahab Karmely Dan Loeb

Greystar plans Fort Lauderdale rental tower, Shahab Karmely’s secret financial partner revealed, and more… South Florida briefs

790 East Broward Boulevard

Shahab Karmely’s secret backer? Hedge funder Dan Loeb

Shahab Karmely’s KAR Properties arrived on the South Florida scene with a series of big, all-cash purchases, spending more than $112 million buying up parcels along the Miami River and in Hallandale Beach and Wynwood. The acquisitions led many to ask: How exactly was Karmely pulling it off? Karmely refused to name his financial partner, whom he nonetheless boasted was “affiliated with one of the most significant hedge funds in the world.” A fair description. That backer, The Real Deal has learned, is Daniel Loeb, the billionaire investor who runs one of the world’s most prominent activist hedge funds, Third Point LLC. Loeb, whose net worth Forbes pegs at $2.9 billion, has $15 billion in assets under management, accord上海贵族宝贝论坛 上海贵族宝贝ing to the publication. Karmely declined to comment on the partner’s identity, and a representative for Loeb did not respond to requests for comment.
KAR’s current projects include One River Point, a 60-story luxury condo on the Miami River designed by architect Rafael Viñoly. It is also seeking approval for a yacht club and restaurant near One River Point, and planning an oceanfront爱上海同城对对碰 爱上海同城论坛 development in Hallandale. Karmely said he continues “to be aggressive in the market” and is in the process of negotiating for another downtown Miami property.

Jeff Greene

Jeff Greene drops $25M on bulk condo purchase

Billionaire Jeff Greene has closed on a bulk $24.7 million purchase at the Whitney condo building in West Palm Beach. Greene bought 139 units, including 10 commercial condos, at the eight-story, 210-unit condo at 410 Evernia Street, financing the deal with a $17 million mortgage from Bank of America. Greene told The Real Deal the purchase includes about 20 penthouses that were never finished. He plans to spend up to $40,000 per penthouse, which comes out to about $800,000. The seller is USO Norge Whitney LLC, led by Paul Elliott of New York. Greene is also securing approvals for a 12-story, 348-unit micro apartment building on the southeast corner of Banyan Boulevard and Rosemary Avenue. The investor and developer owns more than 75 acres of land in West Palm Beach and has plans to build several new high-rises, thousands of residential units, a hotel, a 30-story office building and a raft of retail space.

Greystar plans Fort Lauderdale rental tower

Greystar paid $19.5 million for an office building in downtown Fort Lauderdale and has plans to develop a high-rise rental tower on the site. The 1.92-acre property, at 790 East Broward Boulevard, encompasses three parcels, including a nearly 26,000-square-foot building, parking lot and five-lane drive-through teller. The seller, Fort Lauderdale-based Stiles Corp., was represented by Cus爱上海龙凤419桑拿 上海龙凤论坛sh1fhman Wakefield’s Robert Given and Zachary Sackley. Given said that Greystone’s in[……]

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The Real Deal South Florida

Coming soon: TRD Miami s fall issue! TRD’s newest print edition will hit newsstands in September

The Real Deal South Florida is pleased to announce the publication of our爱上海龙凤419桑拿 上海龙凤论坛sh1f fall issue, which is set to hit newsstands this September!

The fall issue is packed with the most important industry news and insider information, including a ranking of the top brokerages in the tri-county region. We survey the top architecture 阿拉爱上海同城 爱上海龙凤419桑拿firms this cycle, and look at the trends taking over environmentally-conscious building. Rental brokers give us their take on the e上海龙凤论坛 新上海贵族宝贝论坛volving multifamily market, while we check in with what s happening with the area s retail brokers. We also look into how developers secure financing for projects in today s lending environment.

Subscribe to receive your copy of The Real Deal South Florida, which will be sent out this September. Click here to read the summer issue.

Email [email protected] to learn more about advertisi上海千花网龙凤论坛 上海千花社区ng opportunities.

Tags: South Florida Real Estate
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21 Clark Street

Florida firm pays $200M for Jehovah s Witnesses building, plans luxury units for seniors Kayne Anderson to spend $100M renovating 21 Clark Street

21 Clark Street (Credit: Google M上海贵族宝贝 上海千花网龙凤论坛aps)

UPDATED, Nov. 1, 6:49 p.上海千花网 爱上海同城对对碰m.: The Jehovah’s Witnesses continued their Brooklyn selling spree, offloading a Brooklyn Heights apartment building to private equity firm Kayne Anderson Real Estate Advisors for $200 million.

The buyer plans to spend another $100 million to renovate the property at 21 Clark Street and convert it into a luxury senior home, the Wall Street Journal reported. The developer hopes to cash in on growing demand for assisted living as baby boomers age.

“We’re on the cusp of seeing a golden moment for demand,” Green Street Advisors anal上海贵族宝贝交流区 上海贵族宝贝论坛yst Michael Knott told the Wall Street Journal. “But we think it’s a product type where new supply will crop up to meet burgeoning demand.” Venture Capital Properties Ali Reslan represented the buyer.

上海千花网 爱上海同城对对碰Developers in the city are betting big on a wave of demand coming from seniors who want luxury homes and don t mind the five-figure rents. Welltower and Hines, for example, are constructing a senior living facility at 139 East 56th Street with apartments that rent for up to $20,000.

Florida-based Kayne Anderson has $6 billion in assets under management and owns student and senior housing as well as medical office buildings.

The Witnesses have been selling their 36 Brooklyn buildings over the past couple of years as they relocate to Warwick, New York. In August, the religious organization sold 97 Columbia Heights for $58 million.[WSJ] Konrad Putzier

Tags: Commercial Real Est上海千花网 爱上海同城对对碰ate, jehovah’s witnesses
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Inglewood Fraud Allegations

Madison Square Garden Co. is accusing the mayor of Inglewood of outrageous, fraudulent conduct” The owner of The Forum is suing and holding the mayor personally liable for damages

(Credit from left: Ritapepaj/Wikimedia Commons, Wikimedia Commons)

The former home of the 新爱上海同城对对碰论坛 上海同城对对碰交友社区Lakers is taking issue with the Clippers trying to m上海龙凤论坛 新上海贵族宝贝论坛ove in nearby.

The owner of The For爱上海龙凤419桑拿 上海龙凤论坛sh1fum, Madison Square Garden Co., is accusing the city of Inglewood and mayor, James T. Butts Jr., of fraudulent behavior saying he convinced them to forgo buying a $6.9 million, 15-acre tract of land that executives later learned he was in talks to sell to the Clippers for a new stadium, according to the Daily Breeze.

MSG said it didn t pursue buying the land because company representatives believed the mayor was developing a technology park. The Forum s termination agreement with the city specified that whatever development did go forward on the site, it would not be in competition with The Forum s multi-purpose venue. MSG says a Clippers stadium would compete with them for concert events.

The Forum owner s lawsuit is now seeking to hold Butts personally liable for damages a move that a judge upheld despite Butts attempt to deny the motion, arguing the dealings over the land was part of his job as a public employee.

The allegations against Mayor Butts do not involve conduct which contributed to a policy decision, but instead, involve fraudulent representations上海千花网论坛 上海千花网 made in attempting to carry out the policy decisions that had already been made,” the judge s上海同城对对碰交友社区 上海夜网论坛 ruling says.

Butts lawyer Skip Miller plans to appeal the ruling and is confident the ruling will be overturned. “The mayor was merely doing his job as mayor, negotiating and signing a contract; and for that, mayors are immune from suit under California statutory and case law,” he told the outlet. [Daily Breeze] Erin Hudson

Tags: Commercial Real Estate, Inglewood, LA Clippers, lawsuits
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Nicholas Schorsch

Schorsch REIT sued for providing misleading information to shareholders American Finance Trust has lost $1B in market value since its July IPO

Nick Schorsch

Shareholders of Nicholas Schorsch-controlled REIT American Finance Trust are suing over an IPO that wiped $1 billion off the company s market value.

The REIT, which started trading on the Nasdaq on July 19, opened at $13.15 per share and closed at $15 per share. On Oct. 14, the company s stock price closed at $14 per share, 40 percent lower than its net asset value of $23.56 per share.

The plaintiffs, led by a certain Terry Hibbard, gained shares in American Finance Trust after it merged with another Schorsch REIT, American Realty Capital Retail Centers of America. To gain shareholder approval for the merger, the suit alleged that American Finance Trust released a registration statement that contained materially incomplete and misleading information. According to the lawsuit, the documents did n上海夜网论坛 上海夜网ot outline the possible negative impacts of the merger on the financial performance of the REIT. The plaintiffs alleged that American Finance Trust violated a Securities and Exchange Commission directive by not disclosing that it failed to publicly list its stocks in 2015 and 2016. The suit also claimed that the company listed its stocks in the Nasdaq to avoid the New York Stock Exchange s corporate governance standards.

The merger gained shareholder approval in February 2017. Analysts criticized the deal, with one investment bank making a connection the anniversary of the 1929 St. Valentine s Day Massacre. The 2017 St. Valentine s Day Massacre of the RCA shareholders is one for the ages in terms of assaults on the sensibilities of investors, investment banking firm Robert A. Stanger Co. stated in a report.

Schorsch, who was personally named in the lawsuit, owns a 56 percent stake in AR Global, American Finance Trust s sponsor. His wife also owns a 7.4 percent stake in the firm, court documents state. The lawsuit brought up Schorsch s previous legal troubles with American Realty Capital Properties, from which he resigned as CEO after an account上海千花网龙凤论坛 上海千花社区ing scandal. The complaint contained quotes from former American Realty Capital executive Lisa McAlister, who said during cou上海贵族宝贝 上海千花网龙凤论坛rt proceedings that Schorsch is very demanding and an overall bully.

The shareholders are seeking a court order to rescind the sale of American Finance Trust stocks. They are also seeking damages to cover stockholder losses. American Finance Trust did not immediately respond to requests for comment.

The case adds to the extensive legal hi上海贵族宝贝 上海千花网龙凤论坛story involving Schorsch firms. Earlier this month, VEREIT, which was previously American Realty Capital, paid $85 million to settle class-action lawsuits in relation to the accounting scandal. The payout adds to the firm s previous $90 million settlement to Vanguard.

Tags: American Realty Capital, New York REIT, nicholas schorsch, Real Estate Lawsuits, REITS, VEREIT
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Mandarin Oriental

Kazakh billionaire and Extell backer unloads Mandarin Oriental condos for $20M [Updated] Nurzhan Subkhanberdin bought the units for about $16M

Nurzhan Subkhanberdin and 80 Columbus Circle

Nurzhan Subkhanberdin has parted with his pair of condos on top of the Time Warner Center.

The banking billionaire closed on the sale of two units at the Residences at Mandarin Oriental last week, according to a source and a document obtained by The Real Deal. On the same day, the StreetEasy listing for both properties became unavailable.

Subkhanberdin acquired the unit on top of the Time Warner Ce爱上海同城手机版 新爱上海同城对对碰论坛nter back in 2004 for $8.65 million, and, about a decade later in 2014, he bought a second adjacent unit for $7.25 million. The sale of the first unit closed for $13新爱上海同城对对碰论坛 上海同城对对碰交友社区.15 million on Jan. 17. The second closed the same day for about $7 mi上海夜网 阿爱上海同城llion.

The two condos, both located on a penthouse floor, span a combined 4,743 square feet that could easily be combine to create a grand home, as the listing said.

Sotheby s International Realty agents Brenda Powers and Elizabeth Sample handled the listing: Sample declined to comment; Powers did not respond to requests for comment.

After sinking nearly $16 million into the two condos, Subkhanberdin originally listed both units together in 2015 asking $33.99 million. H阿爱上海同城 阿拉爱上海同城is price had dropped to $23.49 million this past October. The listing entered into contract in late November, according to StreetEasy.

Subkhanberdin is one of the founders of Kazakhstan’s largest private bank, Kazkommertsbank. As TRD previously reported, the bank has a track record of backing many investments by Meridian Capital Limited, which is in turn linked to a number of Kazakhstan’s ultra-wealthy. In 2006, Subk上海贵族宝贝交流区 上海贵族宝贝论坛hanberdin owned a 25 percent stake in the investment firm, according to a report authored by the Organized Crime and Corruption Reporting Project. Meridian has a long-standing relationship with Gary Barnett s Extell Development, investing more than $200 million into Extell s real estate projects in New York.

Editor s note: We updated this story after the second unit s closing hit records. Our original story only had one unit closing for about $13 million. 

Tags: brenda powers, elizabeth sample, Residential Real Estate, Sotheby’s International Realty, Stribling Associates, Time Warner Center
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