Inside the push to reinvigorate Warburg Fred and Clelia Peters roll out new international partnerships, offices and branding
A year ago, Frederick Peters and his 阿拉爱上海同城 daughter Clelia were butting heads over the future of their family brokerage, Warburg Realty. The argument got heated and Frederick, the quintessential Upper East Sider and proper to a fault, did the unthinkable. He hung up on his daughter.
Clelia came on board as a part-time consultant two years ago, and her proposed reforms hadn’t always thrilled Frederick. A growth-obsessed Boston Consulting Group alum, she wanted to hire more agents and revamp management, which meant bringing the ax down on several veteran staffers. Fre爱上海同城 derick wasn’t opposed to change, but Clelia, in his view, was moving uncomfortably上海千花网交友 fast, and he felt responsible for the management team he’d had in place for years.
After 24 hours of silence between them, the pair had to attend an industry event together. As they walked to the venue together, they began to hash out their differences. She began to cry. And then, so did he.
“We both got very emotional,” he told The Real Deal. “I had this moment of revelation that I had to stop being so anxious about things changing and letting go of some of my power. The only way this was going to work was if I really, in my heart, acknowledged the enormous contribution that she was able to make and then let her make it.”
“It was me embracing the fact that we were going to be partners,” he added.
Obama hopes to change America through upzoning Administration calls on local governments to increase development
Midtown East and Barack Obama
It s not every day that real estate developers find themselves in agreement with the Obama administration. On Mond爱上海龙凤419桑拿 ay, the White House released a toolkit of economic facts and talking points encouraging local and county governments to overh上海贵族宝贝 aul their zoning laws and housing policies. The takeaway? The president wants more development and higher densities to combat a nationwide housing shortage that s dragging down the economy.
The report calls out local resistance to development and suggests ways for city and county governments to combat community opposition and NIMBYism.
“Over the past three decades, local barriers to housing development have intensified,” the report notes, particularly in areas of high job growth like New York City, San Francisco and Los Angeles. “The intensity and impact of such barriers are most evident in the vibrant job-generating regions where fervent demand far outstrips supply.”
The inability for workers to find housing in areas where the jobs are is exacerbating income inequality and stifling economic growth, the report says. According to one estimate, barriers to development in major cities cost the U.S. economy about $1.95 trillion a year, Polit上海贵族宝贝交流区 ico reports.
The toolkit prescribes more density, faster上海千花网 permitting, and fewer restrictions for developers in regards to parking and acces[……]
Kushner family s Beijing gaffe exposes EB-5 s fault lines Company’s “incredibly stupid” behavior puts cash-for-green card program back in spotlight
Nicole Kushner Meyer, sister of Jared Kushner, and her husband Joseph Meyer at Kushner Companies EB-5 pitch in Shanghai (credit: Getty Images)
Jared Kushner s role in the White House has made his family s EB-5 project in Jersey City notorious worldwide. But EB-5 insiders say any shady behavior by Kushner Companies is par for the course in a program that is opaque by design.
EB-5 capital has been dubbed the “crack cocaine” of real estate financing, with U.S. developers seeing it as a cheap alternative to traditional bank financing and a part of the capital stack that grows in importance as funds from banks dry up. Critics say developers abuse the program by using it to build luxury residences in prime neighborhoods rather than stimulating low-employment areas, which was what the program was designed to do.
But critics say the Kushner family may have pushed the limits further still by touting its connections to the Trump administration while soliciting EB-5 money for One Journal Square, a $400 million, two-tower project in Jersey City. Pitching the project to Chinese investors over the weekend at a Ritz-Carlton hotel in Beijing, Kushner’s sister Nicole Kushner Meyer referenced her brother’s role in the White House. The pitch event also included a presentation that displayed a photo of President Trump, though a spokesperson for Kushner[……]
Television City and CBS Chairman Les Moonves
This building has enough concrete in it to build 28 miles of four-lane highway, Edward R. Murrow proclaimed in a 1953 CBS special about Television City, the network s mammoth complex in Los Angeles Fairfax District.
Over the next six decades, TV City would became an iconic venue that hosted shows such as The Price is Right, All in the Family, and Dancing with the Stars.
But its status as a center of entertainment and culture may be in flux. CBS Corporation has been in discussions with brokerages to shop the complex at 7800 Beverly Boulevard, The Real Deal has learned.
After interviewing more than five firms for the roughly 25-acre property on Beverly Boulevard and Fairfax Avenue which has about 1 million square feet of studio and office space, including eight stages CBS recently narrowed the search down to two, sources said.
The network hasn t indicated if it intends to vacat阿爱上海同城 e the property entirely, sources said. The nature of what will be marketed a full sale, a sale-leaseback or a ground lease remains unclear.
Representatives for CBS did not return multiple requests for comment.
CBS subleases much of the space at TV City to ot上海贵族宝贝 her production outfits, sources said. The network may be looking to consolidate its own operations at its Studio City campus at 4024 Radford Avenue, they said.
Though the discussions are in a preliminary stage, interested buyers are said to be circling. At least two major developers looked to talk wi[……]
WeWork is gearing up for a big push into retail: sources $20B co-working giant putting the infrastructure in place
WeWork s Adam Neumann (Photo illustration by Lexi Pilgrim for The Real Deal)
WeWork is quietly setting the stage for the launch of a brick-and-mortar retail platform as it continues to branch out into new business lines ahead of an expected public offering.
Several sources told The Real Deal that work on retail concepts gained momentum over the past six months and is shaping up to be a priority for the firm. What WeWork’s retail business could look like is still unclear, but sources said extending the firm’s co-working model furnished spaces on short-term leases to retailers is a possibility. The firm is also considering the addition of WeWork-managed retail spaces in its buildings as a potential amenity for its office tenants, the sources said.
WeWork declined to comment.
In October, WeWork and its private equity partner Rhone Group announced the $850 million acquisition of the Lord Taylor building in Midtown from retail giant Hudson’s Bay Company. As part of the deal, Rhone and WeWork’s joint real estate investment vehicle is investing $500 million in preferred shares in HBC. According to the Wall Street Journal, WeWork Property Advisors’ Eric Gross is getting a seat on HBC’s board.
“Retail is changing and the role that real estate has to play in the way that we shop today must change with it,” WeWork’s co-founder Adam Neumann said in a statement at the time. “The o[……]
There are four 上海龙凤论坛 times a新上海贵族宝贝论坛 s many homes worth 上海贵族宝贝论坛 $1 million today as there were in 2002, according to new data from real estate site Trulia. Across the top 100 U.S. metropolitan areas, roughly 4.3 percent of h阿爱上海同城 omes are now million dollar properties, Trulia found. But a million dollars doesn’t denote “luxu爱上海龙凤419桑拿 ry” like it had before: in many places — New York and San Francisco among them — seven figure home values are closer to the middle of the market than the high end. [CBS News]
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China’s housing market loses steam Growth in home-sales value slowed in first two months of 2018
China’s housing market is still growing, but the pace slowed down noticeably in the first two months of the year.
The value of all home sales in January and February rose 上海夜网论坛 by 16 percent to $168 billion, according to Bloomberg. In December爱上海龙凤419桑拿 , the pace of growth had been 21 percent. The numbers don’t include government-subsidized housing.
Meanwhile, sales of development sites fell for上海贵族宝贝 the first time in 新上海贵族宝贝论坛 a year.
The slowdown comes as Beijing is working on a potential countrywide property tax designed to keep a lid on home prices. [Bloomberg] Konrad Putzier
Tags: china, Residential Real Estate, taxes
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In second blaze this year, a fire at Trump Tower kills resident Auth上海千花网 orities say the tower doesn’t have fire sprinklers; residents say there was no evacuation plan.
Trump Tower in Midtown Manhattan in 200上海贵族宝贝论坛 9. (Credit: Bin im Garten)
A fire on the 50th story of Trump Tower New York in Midtown Manhattan killed resident Todd Brassner on Saturday night.
Authorities first responded to the fire in Brassner s apartment at about 5:30 p.m. on Saturday evening where the severity of the blaze required more than 200 firefighters to attend to the scene. Four firefighters were injured and Brassner, 67, was pronounced dead in hospital, according to the New York Times.
“The apartment was virtually entirely on fire,” said Daniel Nigro, commissioner of the New York City Fire Department, to the New York Post.
Fire in Trump Tower worsening pic.twitter.com/6T1VsOCsuP
— Peter Thomas Roth (@PeterThomasRoth) April 7, 2018
President Donald Trump and his family resided full-time in a triplex in the 68-story tower before they moved to Washington, D.C. and the President stays at the property when in New York no members of the Trump family were in the building on Saturday. The Trump Organization, which owns the 263-unit condo and office building at 721-725 Fifth Avenue, houses their headquarters on the 26th floor. The company developed and opened the building in 1983.
President Trump responded to news of the fire on Twitter:
Fire at Trump Tower is out. Very confined (well built building). Fir[……]
Here’s how much NY AG candidates are hauling in from real estate donors Sean Patrick Maloney has raised the most; Tish James’ contributors include broker for “Worst Landlord” Ved Parkash
From left: Sean Patrick Maloney, Leecia Eve, Letitia James, and Zephyr Teachout (Credit: Getty Images and Pixabay)
The New York State Democratic primary is a little less than two we上海千花网龙凤论坛 eks away, and so far New York real estate donors have taken particular interest in two of the four attorney general candidates.
Public Advocate Letitia James and Democratic Congressman Sean Patrick Maloney have combined raised more than $700,000 from New York City real estate interests in their bids to become the next AG. Maloney has raised the most from this crew, with at least $433,000 in real estate contributions from 30 donors through the end of August, according to an analysis by The Real Deal. More than a third of that came from the Durst Organization, as has been previously reported. His other donors include Millennium Partners’ Mario Palumbo ($21,100), retail giant David Simon and his wife Jacqueline ($42,200) and Gov. Andrew Cuomo donor and RXR Realty CEO Scott Rechler ($20,000).
James, meanwhile, has raised just over $280,000 from about 80 real estate donors, making her the most prolific receiver of real estate money by number of contributors. Those donors include Harlem-based brokerage the Migdol Organization ($20,000), Slate Property Group ($10,000) and Aaron Jungreis ($5,000), the latter of who[……]
Greenpoint is ge上海千花社区 tting another waterfront resi building Project at 53 Huron Street would stand 14 stories tall
A rendering of 53 Huron Street in Brooklyn (Credit: Tan Architect via Yimby)
Quadrum Globa上海夜网 l plans to add a 173-unit residential building to the Brooklyn waterfront.
The 14-story building would be located in Greenpoint at 53 Huron Street, also known as 161 West Street, according to plans pre-filed with the Department of Buildings on Monday. The project would span 178,000 square feet.
Quadrum Global, 上海同城对对碰交友社区 a private equity firm based in London, bought the si新上海贵族宝贝论坛 te in 2014 for $45.5 million from a group of owners led b新爱上海同城对对碰论坛 y Brooklyn-based investor Miriam Chan. Chan’s group had purchased the site in 2004 for $13 million.
Bridgewater Capital Partners, a Queens-based company, sued Quadrum Global over the development in 2016, claiming it had been cut out of plans to construct the project as a joint venture. However, the case was dismissed the following year.
Morris Adjmi Architects is designing the residential project, and Ryan Serhant of Nestseekers International will handle sales. Pricing has not been set yet.
Other buildings planned for Greenpoint include a seven-story boutique office building at 12 Franklin Street from Simon Baron Development and a pair of adjacent six-story apartment buildings at 22 and 26 Clay Street from All Year Management.
Tags: Development, greenpoint, Multifamily Market
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