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Kushner Companies

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 said the picture was displayed by event s organizers, not Kushner Companies. Former White House ethics czar Richard Painter called the attempts to cash in on the Trump-Kushner connection “incredibly stupid and highly inappropriate.”

Rendering of One Journal Square

During the Beijing pitch, Kushner Companies did not disclose major obstacles at the project, which, according to Bloomberg, included the loss of its anchor tenant WeWork and the potential loss of $30.4 million in city bonds and a 30-year tax abatement issues that 上海同城对对碰交友社区 上海夜网论坛could potentially put investors’ money at risk. And the project cost, according to the pitch deck, was nearly $1 billion, Bloomberg reported, more than twice the projected cost that Kushner Companies pitched to the New Jersey Economic Development Authority in November 2015. The number of planned units in the pitch deck is also nearly double the 744 originally d爱上海同城 爱上海escribed.

A Kushner Companies spokesperson declined to comment for this story, though the company did issue an earlier statement in which it apologized if Nicole’s mention of the connection to Jared was interpreted as an attempt to lure investors. But industry insiders said the gaffe has put renewed scrutiny on a program that some politicians and activists have described as a v阿拉爱上海同城 爱上海龙凤419桑拿ehicle for dirty money to enter the U.S, one that is susceptible to fraud and corruption by developers. The EB-5 program was extended through September, as part of an appropriations bill President Trump s[……]

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Television City

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 阿拉爱上海同城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 上海千花网龙凤论坛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 with CBS once chatter about the broker interviews began to spread, sources said.

TV City does not appear to be entitled for new development. The campus, designed by architect Gin Wong at Pereira Luckman, was built in 1952 on the forme爱上海同城手机版 新爱上海同城对对碰论坛r site of Gilmore Stadium. CBS acquired the lan爱上海同城 爱上海d from the A.F. Gilmore Company for $1.2 million in 1949.

Tags: Commercial Real Estate
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WeWork Retail

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 opport爱上海同城手机版 新爱上海同城对对碰论坛unity to develop this partnership with HBC to explore this trend was too good to pass up.”

Other signs point to WeWork’s growing interest in retail. Unnamed WeWork principals invested in retail technology startup Outernets, which produces intelligent advertising screens for storefronts, according to Outernets co-founder Omer Golan. Golan said he has been working with WeWork on retail concepts, but was instructed not to share any details.

Over the summer, several employees of the online electronics retailer Sharkk became employees at WeWork, according to their Linkedin profiles, and its founder, Dov Brafman, is now listed on LinkedIn as WeWork’s director of retail (In response to a query from TRD, WeWork said his title on LinkedIn was being changed). In an interview he gave to the K-Factor podcast earlier this month, the show describes him as an entrepreneur who sold his startup to WeWork.

Dov Brafman s LinkedIn page on Nov. 21 (Click to enlarge)

The retail push comes as WeWork increasingly branches out into new business lines. The company opened its first Rise by We gym in Manhattan in October and acquired the coding school Flatiron School. It has also announced plans for an elementary school.

WeWork has plenty of money to fund its new ventures. In August, the company announced a $4.4 billion investment from Japanese conglomerate Softbank, reportedly at a $20 billion上海千花网交友 上海千花网论坛 valuation, although much of that money is earmarked for the firm’s expansion into East Asia. [……]

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“Million dollar listing” doesn’t mean what it used to

There are four 上海龙凤论坛 新上海贵族宝贝论坛times a新上海贵族宝贝论坛 上海贵族宝贝交流区s many homes worth 上海贵族宝贝论坛 上海贵族宝贝$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 阿拉爱上海同城omes are now million dollar properties, Trulia found. But a million dollars doesn’t denote “luxu爱上海龙凤419桑拿 上海龙凤论坛sh1fry” 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 Housing Market

China’s housing market loses steam Growth in home-sales value slowed in first two months of 2018

Beijing, China

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 上海夜网by 16 percent to $168 billion, according to Bloomberg. In December爱上海龙凤419桑拿 上海龙凤论坛sh1f, 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 上海千花网龙凤论坛 the first time in 新上海贵族宝贝论坛 上海贵族宝贝交流区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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Trump Tower Fire

In second blaze this year, a fire at Trump Tower kills resident Auth上海千花网 爱上海同城对对碰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 上海贵族宝贝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.

上海千花网论坛 上海千花网

“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). Firemen (and women) did a great job. THANK YOU!

— Donald J. Trump (@realDonaldTrump) April 7, 2018

Daniel Nigro, commissioner of the New York City Fire Department, told reporters that the blaze was “a very difficult fire, as you can imagine. The apartment is quite large,” according to the Financial Times.

Nigro also said the upper floors of the building do not have fire sprinklers and that additional fire protection is required for the building when the President is staying in his unit. (New codes that require sprinklers do not retroactively apply to older buildings like Trump Tower unless they undergo a major renovation, according to the Associated Press.)

Nigro said that despite a “considerable amount of smoke” spreading throughout the building, the structure had stood up quite well.” Residents i阿拉爱上海同城 爱上海龙凤419桑拿n their units on other floors at the time of the fire, however, hold a different view; multi上海贵族宝贝交流区 上海贵族宝贝论坛ple residents said there was no official evacuation notice.

The New York Times reported that resident Dennis Shields only knew to leave the building because he received a text from Trump’s lawyer, Michael Cohen, who Shields says he grew up with Cohen.

That’s how I knew to get out, otherwise I’d still be in there,” Shields told the Times.

Meanwhile, another resident, Lalitha Masson, described barricading herself and her husband in their 36-floor apartment. She told a reporter from the Post: “There was no evacuation system in place.

Saturday s fire was the second incident this year. In[……]

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NY AG Real Estate Donors

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 上海千花社区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 whom is an outer boroughs ren爱上海同城论坛 爱上海同城tal building broker who has sold buildings to accused slumlord Ved Parkash. James called Parkash the city’s “Worst Landlord” multiple times in the Office of the Public Advocate’s annual ranking of bad actor property owners, although he does not appear on the current list.

A company under the name Flatiron Agency LLC gave James $15,000 and traces back to the home address of Bent Philipson, partner in the SentosaCare company of nursing homes that, according to a 2015 ProPublica report, has an extensive history of “fines, violations and complaints for deficient care” and which was last year sued in a federal court for allegedly treating hundreds of Filipino workers as indentured servants. A Suffolk County nursing home contro上海贵族宝贝论坛 上海贵族宝贝lled by the company was the subject of a 2012 investigation by then- Attorney General Eric Schneiderman.

In total, James received $40,500 in contributions from companies linked to nursing homes.

When contacted by TRD, James  campaign said that it is returning the donation from Flatiron, along with a $5,000 donation from developer Peter Procida that TRD had included in its analysis.

James’ campaign has also received $15,000 from Red Apple Group CEO John Catsimatidis, $10,000 from Omni New York managing director Eugene Schneur and $10,000 from an LLC linked to Jed Waltenas Two Trees Management. Since launching her campaign in May, James’ fundraising efforts got a boost from another politician popular with the real estate d[……]

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Quadrum Global

Greenpoint is ge上海千花社区 上海千花网交友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 阿爱上海同城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 上海夜网论坛a private equity firm based in London, bought the si新上海贵族宝贝论坛 上海贵族宝贝交流区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 上海同城对对碰交友社区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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Shit Brokers Say

WATCH: Here s the shit real estate agents really s爱上海 爱上海同城手机版ay Comedian and broker Sarah Fearon shares her take on the day to day of a real estate agent

From negotiating with buyers to tidying up their client s listings, there are a few sentiments real estate agents share across the board.

The Corcoran Group s Sarah Fearon brought together her two specialities, real estate and comedy, to encapsulate a day in the life of a real estate agent in parody form.

Aside from selling properties for her clients in Manhattan, Fearon is an actress, comedian and playwright. Her one-woman show, “2B” — which is debuting at the Players Theatre from April 25 to May 12 — is based on her experience上海龙凤论坛sh1f 上海龙凤论坛s as a real estate agent.

Watch the vide上海同城对对碰交友社区 上海夜网论坛o above, starring Fearon as h上海同城对对碰交友社区 上海夜网论坛er character Snazzy Peabody, to see what real estate agents really say.

Tags: Brokers, 新上海贵族宝贝论坛 上海贵族宝贝交流区Commercial Real Estate, NYC Brokers, Residential Real Estate, Videos
really say’ displayText=’Tweet’ st_url=’https://therealdeal.com/2019/04/12/watch-heres-the-shit-nyc-real-estate-agents-really-say/’>
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3DM Chinese is changed group manufacture ” Lu Fulan’s underground is labyrinthian the brigade with hag is round ” Chinese change edition release

On game history today: ” heart of electric saw candy ” in North America put on sale

Swim history since galactic justice emissary

2019 Chinese game grand ceremony — the social responsibility construction of game business

Incident cheap quite

On game history today: ” SD hits tornado quickly ” in Japanese put on sale

Swim history since galactic justice emissary

FPS a new force suddenly rises! DX12 is added hold below ” infinite law ” strong kill piece

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