For buyers and sellers of buildings, the world may not have come to an end — but it’s certainly shifted. Q&A: Commercial sales slower” class=”read-more-link”>[more]
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The nationwide credit crisis has reared its ugly head, but that doesn’t mean development opportunities have disappeared in New York City. This month, The Real Deal explores the outlook for new condo projects in a series of stories. A developing story
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In a recession, cash is king — at least that’s the conventional wisdom. In a difficult market, the playing field becomes more level, and asset prices — especially in real estate — drop. Those with cash are in a better competitive position than they might otherwise have been.
But New York City isn’t a recession now, so what’s the cash advantage? There are those in the New York City commercial real estate market who believe that cash isn’t so much king in the current scenario as, well, a petty player strutting on the stage for a brief interval.
So much depends on one’s view of the credit crunch. There’s a camp that thinks it’s a summer blip that has already smoothed itself out, and there’s one that sees a more fundamental change in lending standards (see Q & A: Commercial sales slower).
Buyers in the New York commercial market have always had to put up “a decent amount of cash,” said Marcus & Millichap national multi-housing group director Peter Von Der Ahe, who notes, “now they just have to put up a little more.” The cash advantage is a real phenomenon in the commercial market — encompassing the purchase of apartment buildings, hotels, and retail, industrial and office space — “but it’s not turning the industry on its ear,” Von Der Ahe said.
Robert Knakal, chairman and founding partner of Massey Knakal, said the credit crisis was a factor — a minor factor — for a four- to six-week period that ended in early October. He said that for “transactions under $100 million, financing is as plentiful right now as it was six months ago.”
In the $100 to $250 million range, Knakal said, restrictions apply, but with no significant impact.
It is in the realm of larger deals, those with a value of more than $200 or $250 million, that Knakal concedes cash is big. Financing for that level of transaction is more “rigorous and challenging,” he said, but Knakal added that bracket of transaction represents a small percentage of deals being closed in the Manhattan commercial market, “maybe 50 deals out of 6,000.”
Tighter lending
Most local market leaders agree New York City is weathering the current credit crunch better than other major U.S. cities, in part because of New York’s status as a “renters’ city.” The phenomenon of renting offers investors and lenders a high degree of security in a real estate market made precarious by foreclosures and the resulting stringent lending guidelines.
Other factors contributing to stability in the New York building sales market, said Eastern Consolidated executive director Eric Anton, are “capital infusion from other parts of the world” — particularly from investors in Europe, Asia and Latin America — and the city’s dominance in the financial services economy, with industries such as media, technology and insurance holding up well. Anton said that the Los Angeles and San Francisco markets also are doing well, with Chicago lagging behind, but not badly.
Nonetheless, Anton is among the believers in the local “cash is king” scenario. “Cash is critical,” he said, “compared to six months ago. It’s never been more true in any period since the ’90s.”
Tight restrictions on lenders are driving the situation, he said, and the advantage definitely is to “the guy who has money — he isn’t facing a big universe of competition right now.”
Not long ago, Anton said, a buyer in a $100 million commercial transaction could get a mortgage for 80, 85 or even 95 percent of the purchase price — and be required to put up only $5 million in equity. “Today,” he said, “rates are higher, lender qualifications/criteria are tougher, and a buyer might be able to borrow only 75 to 80 percent, putting up the rest of the purchase himself. So in a $100 million deal, the primary lender might put up $70 million and the mezzanine lender $15 million, leaving the buyer to provide $15 million of his own money.
“We’ll be seeing ‘a flight to quality,’” said Anton. “Banks will look to quality borrowers to do business with.”
Does this mean a shift in major players in the New York City commercial market? Certainly, “the deep-pocket guys are doing great,” said Anton. There’s “a real crisis of liquidity,” he added, as the mortgage and credit markets are still scrambling to find their footing.
There are no foreclosures on commercial buildings here yet, he said, but they could be coming, noting that banks are pulling the plug on some deals and “evaluating and dumping some situations.”
Still, he said, it won’t be the catastrophe of the early ’90s. While property prices might be depressed 5 percent right now, it is coming off record highs, backed by 60 to 90 percent increases over the past five years. Anton believes that any future price drops will be slight.
For his part, Von Der Ahe said there hasn’t been — and won’t be — a change in the big players. “Investors are used to using a high percentage of cash to purchase properties,” he said. “All we’ve seen recently is a 5 to 10 percent difference in the amount of cash a buyer has to put up. In other markets, lenders may require buyers to put up 20 percent [more].”
Anton predicted the market will take at least six months to stabilize, but there will be no significant ramifications.
“We will see the more sophisticated buyers, well-capitalized private buyers, back in the market soon. The private buyers that made their first fortunes in the early ’90s and who are comfortable buying property, and working out troubled situations with lenders, will jump in with both feet,” he said. “The REITs will be more quiet for a while, and may even sell some assets to show Wall Street their portfolio value is still at pre-credit-crunch levels.”
Hedge funds will also continue to be key equity providers for value-added real estate acquisitions and developments, Anton said.
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Chairman of Kushner Companies. Kushner founded the Florham Park, N.J.-based real estate organization in January 1985. The company’s assets include approximately 25,000 apartment units and nearly 5 million square feet of office, industrial and retail space. The company completed a $2 billion multifamily sale in New Jersey last month — the state’s largest ever multifamily real estate transaction.
Kushner was sentenced to two years in federal prison in Montgomery, Ala., after pleading guilty to 18 felony counts of filing false tax returns, making illegal campaign donations and one count of retaliating against a witness. Kushner was angry at his sister’s husband for cooperating with the federal government in its investigation of him, so he hired a prostitute to seduce his brother-in-law, videotaped the liaison and sent the tape to his sister. Kushner was released within a year, on March 31, 2006.
What is your full name?
Charles Kushner.
You don’t have a middle name?
My parents were poor immigrants when they came to this country. My mom didn’t really speak English, so when the nurse, who happened to be African-American, asked what my name was going to be, my mother answered with a Yiddish name, Chanan. I was named after her brother, who was killed in the Holocaust. The nurse said they don’t name children like that in America. The nurse named me Charles. Chanan is the Hebrew name I kept.What is your birth date?
May 16, 1954.Where did you grow up?
Elizabeth, N.J.Where do you live?
We have four residences. My wife [Seryl] and I spend a couple of nights a week at our apartment on Fifth Avenue at 67th Street and two nights a week in Livingston, N.J., where we have lived for 26 years. We spend summers on the beach in the Jersey Shore in Elberon, N.J., and we have a place in Bal Harbor, Fla., where we go occasionally in the winter.Which home do you like best?
I love the Jersey Shore. It’s the only place I can really go that I feel I have peace and serenity.
Did you start your company with the chairman title?
In ’85 I was the chairman, I was the manager, I was the dishwasher. I started the business with one secretary. [Until last month's sale of the Kushner Companies portfolio, there were approximately 800 employees.]
Then you had to step down.
Yes, when I went to jail I stepped down, until August ’06.
What’s your favorite restaurant?
We eat at a lot of fancy restaurants, but what I like the most is Kosher Delight on Broadway, where you can get a good meal for under $10 and within 10 minutes.
What was the first job you ever had?
I walked the construction sites with my father at like 10 years old, and then I assumed different responsibilities within the context of what my father’s work was [Kushner's father was an independent builder]. It ranged from being on job sites to attending business meetings.
What is your greatest professional achievement?
Building the Joseph Kushner Hebrew Academy in Livingston [a Modern Orthodox yeshiva day school].
What was the biggest obstacle on your path to success?
In the late ’80s and early ’90s, people called our industry in a recession, but in truth, it was a depression. It was a great obstacle trying to get debt or refinance debt.
What was your greatest obstacle personally?
Going to jail and having to be apart from my wife and children.
What did being in jail do to you?
It gave me an opportunity to learn a lot about myself. I learned a lot about other people. I learned a lot about different areas I’ve always had an interest to learn about, whether it be Jewish history or derivative financing.
I didn’t waste my time in jail. I was able to read the Wall Street Journal cover to cover every day.
What did you learn about other people?
That there are just so many people that are stripped of their means, that don’t have families, that don’t have ways to make a living. When they go to prison, they lose their hope of having a life.
I tried to help the young kids write their resumes. I used to give mock interviews and try to give them some direction.
It sounds like prison wasn’t so bad.
I’m an adaptable person, so living in a bunk bed was not a great sacrifice; living out of a locker was not a great sacrifice; having one pair of pants was not a sacrifice. The biggest hardship that I experienced was being separated from my wife and children and my grandchildren. They’d visit me once a week.
Was there any food you missed while you were in the joint?
Prison food is the equivalent of dog food, particularly if you’re Kosher. I think I lived most of the year eating peanut butter and sardines.
What did you take away from your prison experience? Obviously you’re not wearing one pair of pants now.
I still wear one pair of pants. As a matter of fact, when I came back from prison and I opened my closet and saw the amount of clothes I had, I said, “Seryl, I can’t deal with it.” It was never important to me, and it’s still not. I would buy any of these buildings — I paid $1.8 billion for 666 [Fifth Avenue, in 2006] — but I won’t shop in the stores there because it’s too expensive.
Did you find yourself abandoned by people you didn’t expect to do so, or find people who were able to show up for you whom you didn’t think would?
When the guards delivered mail, they made fun of me that I should have gotten my own P.O. box number because I used to get [two-thirds of the mail coming into the barracks]. I got letters from people all over, wishing me well, giving support. One liberty I had in prison is that those walls kept me in but also kept out people. I only wanted to see my family and three, four, five of my closest friends. It’s almost a liberty I don’t have now. I have to see a lot of people because I don’t want to insult them, or I don’t want to be disrespectful.
People were incredibly supportive. I always thought I knew what friendship was. It further emphasized the definition of friendship.
I don’t feel embittered by my experience.
Are you in contact with any of the inmates?
I’m not allowed to because I’m on probation until August ’08. [At that time], I know I will be.
Have you had any resolution with your sister and her husband?
I mean, it’s a family tragedy what happened. I believe that God and my parents in heaven forgive me for what I did, which was wrong. I don’t believe God and my parents will ever forgive my brother and sister for instigating a criminal investigation and being cheerleaders for the government and putting their brother in jail because of jealousy, hatred and spite. On my worst day in prison, I wouldn’t trade places with my brother and sister, and yet I know what I did was wrong.
If you had to start all over again, what would you do differently?
I don’t think I would change much. I probably would have heeded my father’s advice not to take my brother in as a business partner [his brother Murray was a passive partner in many properties that were purchased], which my father always urged me to do.
What quality do you think you could improve in yourself?
I think I could be more patient with people who can’t accomplish goals I think they can or within the time frame I think that they can.
Do you read books?
I’m always reading a book. Now I’m reading “East of Eden” by John Steinbeck, which is written beautifully.
I like your reading glasses.
They’re from Costco. My wife gets about six of them for like $20.What kind of watch are you wearing?
These are the [kind of] watches they sell in prison. The one I wore when I was in there busted, so I bought another one when I got out. It cost $30. I am also using the wallet I bought in prison. I traded cans of mackerel for it. [His initials were engraved on the wallet in prison.]
What do you read every day?
Every day I read the Wall Street Journal, the New York Times, the New York Post and the Newark Star-Ledger.
In the Post, I generally skip the tabloid stuff, and I just read the business and real estate. I’m not a Page Six reader, except to make sure nobody in my family is in there.
Do you read the New York Observer [the publication his son, Jared, owns] every week?
I read it from back to front. I don’t spend too much time on the culture. I like the politics, and I love the real estate.
Has your son ever given you bad press?
No. Not bad nor positive.
What word would you use to describe yourself?
Ambitious — I don’t know.
What’s your worst vice?
Answering my cell phone in inappropriate places, like in restaurants. I’m always getting slapped under the table by my wife for it.
What do you think of your record deal last year?
We still hold the record for the most money paid for a single asset [666 Fifth Avenue]. Every day I want to see somebody break that record. I’d rather be the guy that loses that contest, not who wins it.
Interview by Lauren Elkies
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How it feels… to be a lawyer for the tenant in an ugly landlord-tenant battle
Samuel Himmelstein, partner at Himmelstein, McConnell, Gribben, Donoghue & Joseph.
As told to Lauren Elkies
What makes my side of the business hard is that for the landlord it’s a business, but for the tenant it’s a home, and it’s generally one they have lived in for a long time. They’re tied to their home, to their neighbors and to the neighborhood, and they feel almost a sense of entitlement about staying in their apartment. That part of it can be gut-wrenching.
The longest trial I ever did was an owner-use case where the owner said he wanted to live in four apartments in an eight-unit building on 57th Street between Ninth and 10th avenues. The trial went on for more than a week, which is fairly long among these kinds of cases.
The judge found in favor of the tenants, so the landlord had to pay all of my legal fees, which amounted to around $50,000, and the tenants got to stay in their apartments.
There was nothing credible about the landlord’s case, and the court didn’t believe he actually wanted to live in the apartments. He owns about 43 buildings throughout the city and uses this as a way to evict tenants he doesn’t like.
During the trial, when I was cross-examining him, he asked why I “had it in for him.” I have managed to be victorious over him before and after, and he does not like me.
The longest and most bitter case I have worked on is the Sheffield case. The Sheffield is an 800-plus-unit rental building at 322 West 57th Street, where the vast majority of the tenants are market-rate tenants.
The sponsor, Kent Swig [president of Swig Equities], filed a plan to convert the Sheffield to condominium ownership.
We were retained by a group of twenty-some tenants when he started eviction proceedings in March 2006.
The tenants asked us to come up with a theory to retain their tenancy. We had a mammoth court battle over this. The litigation got very nasty, since there was a lot at stake for this building and the real estate industry as a whole.
The first judge’s decision said we were not protected. In the second decision, dated March 2007, the judge ruled our clients could not be evicted. [As of late October, the case was on appeal.] This was a fairly momentous decision because it offered protection from eviction to an entire new class of tenants in New York.
I happened to be in court on other cases that day, and we got word that the judge wanted to see us in his courtroom. He handed me an envelope with the decision. I went right to the last page, because it tells you if the judge gave you what you want.
I would have liked to jump about 10 feet into the air, but because I was standing next to my adversary, I just said, “We won.” I offered him my condolences, he congratulated me and then I went around the corner and pumped my fist and said, “Yes!”
[Swig responded by saying that the second decision was wrong and contradicted the law. "In effect, the decision granted a squatter or trespasser the right to continue to occupy property owned by another party without a lease," he said. "We immediately filed an appeal of this decision, and we
expect to prevail."]How it feels… to be a lawyer for the landlord in an ugly landlord-tenant battle
Jamie Heiberger-Jacobsen, president and founder of Heiberger & Associates.As told to Lauren Elkies
My role is solely that of an attorney for the owner or management company. As such, tenants oftentimes displace their feelings and anger at us because we’re the ones dealing with them in the court setting. Recently, a tenant was screaming that they didn’t owe money and grabbed the paperwork out of my attorney’s hands. The court officer escorted them out of the courthouse.
Cases with a claim of illegal activity [such as gambling, prostitution or drug dealing] are almost always started under the direction of the district attorney’s office. Because of that, these cases are surprisingly less hostile, because we aren’t the ones initiating action.
Nuisance cases, on the other hand, where the tenant is causing problems in the building — from verbal and physical abuse to graffiti to noise — those are cases where you might get hostility because often the landlord is looking to have them vacate the building.
Generally speaking, cases get resolved without the need for a trial. Most of the tenants do settle, but I’ve had some cases that drag through the court system for years.
About 10 years ago, I had a jury trial with a rent-controlled tenant who had been in court with my client for years even prior to my representing them. The trial lasted about six weeks. Since then, we are in court with the same individual about every two or three years, but the nature of the interaction has significantly mellowed out — although the tenant still gets really confrontational with us.
Oftentimes, a nonpayment case is brought against the same tenant time and time again over a long period of time, like 10 years.
It may have started as a hostile or contentious relationship, but the tenant’s anger toward “us” as advocates for the owner often dissipates.
In cases where we send out a notice to terminate tenancy on behalf of the owner, although they don’t have to send any paperwork back, sometimes tenants will send a note back berating us.
We had someone send us a box full of human hair this summer. The box was open, and you could see it was hair with white stuff in it, like dandruff. I don’t know what it meant. I just wanted it out of my office. That is one of the stranger things that has happened.
I always make it very clear when hiring a new attorney: If you want to work in this business, you really can’t take anything personally, nor can you work in this industry on the owner’s side if you’re going to feel sorry for the tenant, because then you cannot properly represent the client.
Owners have a responsibility to maintain their buildings, but if somebody owes rent, you should bring a case against them. We all have to pay bills. If I don’t pay Con Ed, I’m not going to have electricity. If I don’t pay my phone bill, I won’t have phone service.
I have never had a problem sleeping at night because of what I do; it’s a business, and I believe in my position.
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Chelsea
Carriage House Chelsea
159 West 24th Street
Broad Channel Development has converted the century-old carriage house into a 24-unit condominium. The loft, townhouse and penthouse homes range from 556 to 1,614 square feet in size. Eight indoor parking spaces are also available for purchase. Sales are expected to begin this fall, with occupancy slated for spring 2008. Citi Habitats Marketing Group is the exclusive sales and marketing agent. Contact: www.carriagehouse24.com.Harlem
The Nicholas
753 St. Nicholas Avenue
Argyle Holdings LLC is developing the six-story, 11-unit green condominium. Prices for the one- and two-bedroom homes start at $450,000. Residences will include sustainable bamboo flooring, natural cotton fiber insulation, double-glazed windows and energy-efficient lighting. Brown Harris Stevens is the exclusive sales and marketing agent. Contact: www.753stnicholas.com.Harlem
Observatory Place
2021 First Avenue
The 11-story, 38-unit condominium will have a landscaped rooftop and a fitness center. Prices range from $300,000 for a studio to $1 million for a three-bedroom apartment. The green building is being developed by a partnership of architect Gary Silver and Silverpoint Builders. Contact: www.observatoryplacenyc.com.Long Island City
Ten63
10-63 Jackson Avenue
Sales are under way at the nine-story, 41-unit condominium. The building’s amenities include an on-site garage and refrigerated storage. The building’s one-, two- and three-bedroom homes range in size from 434 to more than 2,000 square feet. Residences are priced from $300,000 for a studio, the mid-$400,000s for a one-bedroom, $600,000 for a two-bedroom and $1.2 million for a three-bedroom penthouse. The Thomas O’Hara-designed project will include 3,000 square feet of retail space. Residential occupancy is expected to begin in September 2008. Prudential Douglas Elliman is the exclusive sales and marketing agent. Contact: www.ten63jackson.com.Midtown East
313-317 East 46th Street
Castle Development recently purchased the lot from Extell Development for $40.95 million, with plans for a condominium tower that could be as large as 100,000 square feet. Three five-story walkups have been demolished at the site, and ground-breaking is slated for late this year.Midtown East
948-952 Second Avenue
A Manhattan development company purchased the 4,200-square-foot site for $30 million, with plans for a 72,000-square-foot condominium. The developer also acquired 24,700 square feet of air rights from neighboring properties, allowing the proposed project to cantilever over an existing building at 954 Second Avenue.Soho
Soho Mews
311 West Broadway
Ground has been broken at the largest open buildable site in the Soho Cast Iron Historic District, according to developer United American Land. The project comprises a nine-story building on West Broadway and an eight-story one on Wooster Street, and will include 59 two- and three-bedroom lofts and five townhouses. Homes range in size from 1,225 to 3,900 square feet, and are priced from $2.4 to $11 million. Residences are eligible for the 421-a tax abatement. Gwathmey Siegel & Associates Architects designed the mixed-use complex, which will also have 5,000 square feet of retail. Amenities include a fitness center, an attended underground parking garage and private gardens for the townhouse residents. Occupancy is slated for late 2008. The Corcoran Sunshine Marketing Group is the exclusive sales and marketing agent. Contact: www.sohomews.com.Tribeca
89 Murray Street
The rental office was scheduled to open last month for the 10-story, 85-unit building. The Sheldrake Organization and Minskoff Equities are developing the project, which was designed by Skidmore, Owings & Merrill. The studio, one-, two- and three-bedroom units range in size from 490 to 1,350 square feet. Amenities include a gym, lounge and valet parking. Retail space will house Whole Foods, Barnes and Noble, Bed Bath and Beyond and Bank of America. Citi Habitats Marketing Group is the exclusive leasing and marketing agent. Contact: www.89murray.com.Upper East Side
300 East Seventy Nine
300 East 79th Street
The Chetrit Group is developing the 18-story, 40-unit condominium. The one-, two- and three-bedroom apartments range in size from 650 to 2,500 square feet; prices start at $1.675 million. Amenities include a private entertainment room, landscaped terrace with outdoor fireplace, fitness center, children’s playroom and bicycle storage. Occupancy is slated for late this year. The Corcoran Sunshine Marketing Group is the exclusive sales and marketing agent. Contact: www.300east79.com.Williamsburg
Sevenberry
120 North 7th Street
Sales are under way at the four-story, 27-unit condominium designed by Karl Fisher Architects. One- to three-bedroom homes range in size from 695 to 2,215 square feet, with prices starting at $575,000. The building has a fitness center and lounge, and residents may purchase private garage and storage spaces. Occupancy is slated for spring 2008. The Developers Group is marketing the project. Contact: www.sevenberrycondos.com.Construction update
Chelsea
200 Eleventh Avenue
The City Council has given developer Young Woo & Associates official approval to build 12 parking spaces in the En-Suite Sky Garage system that will bring residents’ cars to private garages adjacent to their units. Selldorf Architects designed the building and the garage system, along with elevator engineer Jon Halpern of Jon B. Halpern & Associates. The apartments will be priced from around $6 million and will benefit from the 421-a tax abatement. Occupancy is expected to begin in fall 2008. Prudential Douglas Elliman’s Development Marketing Group is handling sales. Contact: www.200eleventh.com.Gramercy
One Madison Park
20-24 East 23rd Street
Construction is under way for Slazer Development’s 50-story condominium. Rockland County-based Slazer recently finished acquiring the site assemblage of 20, 22 and 24 East 23rd Street; 23 East 22nd Street; and the adjacent air rights at 18 and 26 East 23rd Street. The 23rd Street side will have ground-floor retail space, and the 22nd Street side will have a private residential entrance. The building’s six-story base will hold its amenities. Contact: www.onemadisonpark.com.Harlem
1280 Fifth Avenue
Ground has been broken for the Robert A.M. Stern-designed mixed-use tower, which will house the Museum for African Art at its base. The 80,000-square-foot building will have 102 residential units on the fourth to 19th floors. SLCE Architects is the architect of record; Brown Harris Stevens is the exclusive marketing agent.Midtown
Residences at the Jumeirah
Essex House
160 Central Park South
The 35 luxury condominiums in the newly renovated hotel are available for immediate occupancy. The one, two- and three-bedroom homes, designed by Costas Kondylis, range in size from 700 to 3,500 square feet, with prices running from $1 to $5 million. Residents will have access to the hotel’s services. Colgate Sales LLC is the exclusive sales and marketing agent. Contact: www.essexhouseresidences.com.Financing
Chelsea
Hudson Realty Capital LLC received a $9.33 million construction loan for the acquisition of a 6,300-square-foot parcel in West Chelsea and the development of a 45,000-square-foot mixed-use project at the site. The building will have 19 luxury condominiums and two ground-floor commercial units.East Williamsburg
259 Ainslie Street
Chicago-based Builders Bank provided $2.68 million in construction financing for the four-story, eight-unit condominium project.Prospect Heights
660 Dean Street
Builders Bank provided $2.25 million in financing for the rehabilitation of the three-story building and its conversion to condominiums. Amenities at the five-unit building will include private storage, garden space and a roof terrace.Williamsburg
North 11th Street and Roebling Street
Wrightwood Capital has provided $8.69 million in financing
for the construction of two adjacent luxury residential properties. Each five-story building will contain eight two-bedroom units and two three-bedroom units. Shlomo Karpen is developing the projects, which will total 21,000 square feet once completed.Sales update
Clinton Hill
FultonOnClinton
936 Fulton Street
Ore International’s 11-unit condominium conversion was more than 60 percent sold as of early September. Prices start at $390,000 for one-bedrooms and at $555,000 for two-bedrooms. Occupancy is slated to begin in December 2007. Prudential Douglas Elliman is the exclusive sales agent. Contact: www.fultononclinton.com.Midtown East
Trump World Tower
845 United Nations Plaza
Donald Trump’s 72-story tower was sold out as of the beginning of October, the New York Observer reported. The last three penthouse units sold as a single 12-bedroom duplex for $33 million.Park Slope
Suite 16
198-210 16th Street
The Karl Fischer-designed condominium has sold out its first phase of 16 units. Prices for the 16 units in phase two start at $569,000 for a two-bedroom, according to the New York Post. Aguayo & Huebener is marketing the project. Contact: www.ahrlty.com.Park Slope
Vue
162 16th Street
The 10-story, 43-unit condominium project was 30 percent sold as of mid-October. Prices for available units range from $509,000 for a 671-square foot one-bedroom to $869,000 for an 1,150-square-foot three-bedroom. Units on the third floor and above have views of Manhattan; amenities include a fitness center, private balconies, and on-site parking. Aguayo & Huebener is the marketing agent. Contact: www.ahrlty.com.Upper East Side
170 East End Avenue
Skyline Developers’ 90-unit, Peter Marino-designed condominium was sold out as of mid-October, except for one penthouse and two townhouse units. The three-bedroom, 3,000-square-foot townhouse is priced at $6.2 million. The four-bedroom, 3,800-square-foot townhouse is asking $7.2 million, and the five-bedroom, 5,000-square-foot penthouse is priced at $17.5 million. The Sunshine Group is the exclusive sales and marketing agent. Contact: www.170eea.com.Upper West Side
Sheffield 57
322 West 57th Street
Swig Equities’ 58-story, 570-unit luxury condominium was more than 40 percent sold by late September. The building is available for immediate occupancy. Amenities include a private restaurant, screening room and play room. The Hearst Corporation purchased the building’s office and retail space, as well as 372 underground parking spaces. Swig Equities is handling sales. Contact: www.sheffield57.com.West Village
Palazzo Chupi
360 West 11th Street
Sales have begun at the 17-story, 5-unit condominium, the Observer reported. Artist Julian Schnabel converted the building from a stable and painted its exterior pink. The first unit sold for $15.5 million.Big new development projects around New York City [more]
While much of Manhattan appears to be largely insulated from the subprime loan fallout, some of the city’s emergent areas may show a greater impact from the nationwide crisis. [more]
Frank Williams is the most famous New York-based architect the public has never heard of.
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While it’s quiet inside the lobby of the Lincoln Square Synagogue, step outside the round white building, and the sound of construction on the congregation’s new home a block away is deafening.
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New York is getting a permanent Shigeru Ban building — an 11-story boutique condominium named the Metal Shutter Houses.
Condo inspired by bodega shutters” class=”read-more-link”>[more]Manhattan sees biggest falloff in new units [more]
The building boom still going strong in the city could be jeopardized by rising construction costs.
On Oct. 8, the Associated General Contractors of America released a national construction costs study that predicted costs would go up dramatically over the next two years. The following week, a report issued by the New York Building Congress said that city housing construction activity is expected to level off next year — after increasing 14 percent in 2007 to $5.6 billion.
To take a look at the future of building in the city, The Real Deal spoke to NYBC president Richard Anderson in a recent Webcast interview. He discussed his group’s report and his own predictions for how construction costs will affect the city’s projects over the next few years.
Anderson, recognized nationally as an expert on public policy and construction issues, spoke about what sets the city’s construction outlook apart from that of the rest of the country’s — particularly when it comes to residential development.
THE REAL DEAL: Do you see construction costs actually going down because of a falloff in building activity? Is that on the horizon at all?
RICHARD ANDERSON: No. Costs would only go down — and they probably wouldn’t go down, they would moderate — if there was a real slackening of demand. We had that in the mid-’90s.
TRD: There’s been a decrease in home building activity in 2007, but according to the Associated General Contractors’ new report, 2007 non-residential construction was a banner year.
RA: The AGC report is a national report, and the New York Building Congress deals with the city of New York. And we have found that the market here has been strong both residentially and non-residentially, whereas nationally, the residential market has slowed down tremendously. Non-residentially, though, we’re about the same if not a little bit ahead in New York City.
TRD: Despite the fact that New York City is bucking the national trend, Ken Simonson, the AGC’s chief economist, said the end of the calm is coming soon. He’s referring to the worsening slide in home building and turmoil in the credit markets that will affect non-residential construction. Do you agree with his assessment?
RA: Two points: Residentially, we think there will be a decline in New York City eventually. It is not happening yet. Actually, New York City will have its strongest year in 40 years residentially. We should build 35,000 units in 2007 in New York City. Non-residentially, we’re not seeing any end in sight. In fact, it’s speeding up.
TRD: We’re going to go back to the report again. It showed construction costs rising at more than double the rate of increases in the consumer price index since the end of 2003. Would that explain why some projects are being cancelled, delayed or redesigned? Or are we just absorbing those costs?
RA: The highest cost factor in a project in New York City is the cost of land. And what AGC measured was the cost of labor and materials, which is significant. In the city, we’re finding [increases of] about 12 percent a year overall, and that, I think, mirrors the national picture. So far, the construction cost increase has not slowed things down. But when you factor in the cost of land and everything else — the soft costs that go into a project — these are really significant. And any project that is marginal, such as some of the residential projects on the drawing boards, will certainly be candidates for cancellation.
15 Central Park West is a West Side apartment with a lot of East Side attitude. [more]
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With the largest tracts spoken for, developers seek lesser-known sites Uptown [more]
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City proposes Harlem rezoning The city last month submitted a proposal for a rezoning of 125th Street that could convert the historic Harlem corridor into a dense hub for business, retail and the arts, the New York Sun reported. The plan, which would double the allowable building density to 29 stories, calls for more than 600,000 square feet of additional retail space and 2,300 new apartments. The targeted area would stretch from Frederick Douglass Boulevard to Second Avenue between 124th and 125th streets. Some residents, though, say the development would clash with the neighborhood’s character.
Bill would allow tenants to sue landlords A City Council bill introduced by Speaker Christine Quinn would for the first time give tenants the right to sue landlords for harassment, AM New York reported. Charges could include lack of heat and hot water, pressure to accept a buyout or frivolous litigation. Fines could range from $1,000 to $5,000. A provision limits the number of times a tenant can unsuccessfully sue a landlord. Under current law, tenants can only bring landlords to court for specific violations, not a pattern of harassment.
Schumer says 15,000 homes in New York City will face foreclosure Senator Chuck Schumer said the subprime mortgage meltdown will lead to almost 15,000 New York City homes being foreclosed on and $9.4 billion in property values being lost. Nationally, a Senate report warned that $103 billion in property values could be lost, the New York Daily News reported.
Plan calls for Greenwich Street South housing The Lower Manhattan Development Corp. chairman has called for building 3 million square feet of housing in the neighborhood near the Brooklyn-Battery Tunnel known as the Greenwich Street South corridor. The neighborhood north of Battery Park and below the World Trade Center site is “moribund and dead,” said LMDC chair Avi Schick. Part of lower Greenwich Street that is blocked by roadways leading out of the tunnel could be redeveloped. Affordable housing could make up a large portion of the plan, the Daily News reported.
Queens building violations jump Building violations in Queens increased nearly 25 percent to 570 in September compared to last year, the city’s Buildings Department reported, a result of increased inspections. The city said the increased inspections were spurred by the Building Department’s Stop Work Order Patrol, formed in November 2006. Last year, 43 people died in construction accidents in New York City, up 87 percent from 2005, according to the federal Bureau of Labor Statistics. The 43 deaths were the most in a decade.
New ferry line could come to Brooklyn The city is fielding proposals for a Manhattan-bound ferry service that will make at least three stops in Brooklyn, the Brooklyn Paper reported. In Greenpoint, ferry stations could be built at Green Street and Greenpoint Avenue, and in north Williamsburg, one could be built at Toll Brothers’ Northside Piers luxury housing development between North 4th and North 5th streets. The ferry would operate year-round, with at least one round trip every half hour during morning and evening rush hours. The city hopes the new ferry will reduce congestion on roads and subway lines.
Pols doubt plan for Indian casino in city The Shinnecock tribe’s bid for a $1.4 billion casino at the Aqueduct Race Track in Queens hinges on tribal recognition by the federal government, the Daily News reported. Proponents say the casino, which would bring slot machines, poker and blackjack tables and 1,200 hotel rooms, could generate 12,000 jobs and nearly $400 million a year for the city and state. Mayor Michael Bloomberg and New York State Assembly Speaker Sheldon Silver said they were skeptical about the plan.
Commercial and residential real estate news briefs from the most active U.S. markets
[more]Florida giant announces job cuts, land sale
Florida’s largest private landowner announced last month it would release more than 75 percent of its workforce and sell about 100,000 acres of land. St. Joe’s 800,000 acres of property, most of which is concentrated in northwest Florida, includes 10 master-planned communities, seven commerce parks, six golf courses and three marinas. The company once had plans to redevelop the region.CEO Peter Rummell denied the decision was based on the state’s worst housing slump in 16 years, which saw statewide sales plummet 41 percent in the second quarter, according to the National Association of Realtors. Florida had 26,203 foreclosures in August, the second-highest total in the country for that month.
St. Joe’s profits declined four of the past six quarters, and sales haven’t risen since the third quarter of 2005. The company’s stock fell 36 percent through October 5, closing three days later at $34.04 per share, the Miami Herald reported.
Bickering delays property-tax compromise
A property-tax plan for Florida that appeared all but ready to go last month fell apart after members of the House and Senate decided to move in two different directions. Both sides said the other’s modifications were deal-breakers, and they do not know when a new deal will be reached, the Miami Herald reported.
The Senate broke the original deal by lowering a break for low-income senior citizens that House leaders had been pushing for. The House retaliated by raising the state’s sales tax one penny to replace homestead property taxes for schools and limiting hikes to non-homestead property values.
House Democrats then made a proposal of their own that called for the senior breaks to be scrapped and for the flexibility for homeowners to transfer homestead savings to new homes. In addition, the revised plan sought an increase in homestead exemptions commensurate with the median value of homes in each county.
Miami-Dade homeowners would get exemptions of $112,000 under that provision, while Broward and Monroe County homeowners would get $106,500 and $218,400 respectively.
Legislators must reach an agreement soon in order to get a constitutional amendment on the January 29 ballot.
South Florida foreclosures skyrocket in September
Foreclosures in Palm Beach County shot up 135 percent in September to 1,196, up from 509 in September 2006. That’s a rate of one foreclosure for every 518 households, based on the latest population report from the Census Bureau.The number of foreclosures more than doubled in Martin County in the same period from 29 to 65, a 124 percent increase, or one in every 1,123 households. In St. Lucie County, foreclosures more than tripled to 415 from 124 in September 2006, which represents a rate of one in 504 households, the Palm Beach Post reported. The county is home to Port St. Lucie, the one-time fastest-growing city in the country.
But foreclosures in all three counties were down in September from the previous month. In August, Palm Beach County recorded 1,210 foreclosures, Martin County posted 79 foreclosures and St. Lucie County had 524.
Black-owned bank accused of not investing in community
The country’s largest black-owned bank is being accused of taking nearly $70 million in deposits last year at its two South Florida branches and lending that money to borrowers in other states. Miami banking analyst Ken Thomas says OneUnited took the funds out of needy communities like Liberty City and Lauderdale Lakes, and didn’t reinvest that money in the community as mandated by the federal government.OneUnited had $370 million in total deposits in 2006, according to government data, with $69 million, or about 19 percent, generated from its two Florida branches. But the Boston-based bank made no loans to Florida homeowners last year, while 11 homeowners in California and four in Boston received loans.
Kevin Cohee, chief executive of OneUnited, said the bank was practicing conservative lending in recent years to avoid a reckless market characterized by no-money-down subprime mortgages.
The Community Reinvestment Act of 1977 requires banks to address the credit needs of their communities by providing loans for housing and other purposes, especially in low- to moderate-income neighborhoods. Thomas said these are the neighborhoods OneUnited was established to serve, the Miami Herald reported.
Residents fear gridlock from mixed-use project
South Florida’s first transit-oriented mixed-use development is coming to one of the most congested intersections of Hollywood in Broward County, and residents protesting its size have not been able to slow down the project. Sheridan Stationside Village would add 1,050 residential units, a 150-room hotel and 599,000 square feet of commercial space near Interstate 95 and Sheridan Street.The County Commission approved the project earlier this summer, but nearby residents fear the resulting traffic will spill into their streets. To address this, the city may add lanes to the intersection, and developer Pinnacle Housing Group has agreed to install traffic lights, left- and right-turn lanes, and speed bumps, the Miami Herald reported.
Thanks to healthy euro, Europeans gain on Latin American purchasers [more]
In Woodhaven, Queens, new construction is a rarity.
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The night crawlers’ neighborhood has attracted plenty of new residential construction, setting the stage for a showdown between developers and the nightclub scene.
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Five words above the doorway at the Bowery Poetry Club and Caf say it all: “Everything is subject to change.”
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Wedged between Murray Hill, Gramercy Park, Union Square and the Flatiron District, Park Avenue South has long been home to a collection of nondescript office buildings, upscale restaurants, cell phone shops and carpet stores. It doesn’t even have a catchy moniker. But all that’s changing. Developers are turning the neighborhood into a more modern, residential thoroughfare by converting or tearing down some old office buildings and replacing them with splashy luxury hotels and condominiums, complete with high ceilings, floor-to-ceiling windows and the occasional light-emitting diode. “Real estate has always been valuable in the neighborhood,” said Alan Miller, a principal with Eastern Consolidated, a real estate firm. “It’s just finally coming into its own [as a place to live].”
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High-end home prices get higher In China
Despite sluggish sales in the market for newly built homes, the average price of a home is increasing in China, and high-end homes in particular are proving to be a lucrative investment for those who can afford them.Sales of new homes fell more than 40 percent by mid-year 2007 over a year earlier. However, a government survey shows that home prices on average rose 8.2 percent this August over last year.
High-end developments in Beijing have hit record levels this year. Projects that were selling for $112 per square foot a few years ago have reached prices of $230 to $370 per square foot in 2007. A booming stock market, trade surpluses and the coming 2008 Beijing Olympics are said to be contributing to the market’s performance.
The increases are happening even as international investors are being squeezed out of the market. A 2007 nationwide law aimed at calming foreign speculation limits expatriates to the purchase of one home in China, and only after they have lived there for a year.
Residents of Hong Kong and Taiwan now account for around 15 percent of luxury market purchases in Beijing, the International Herald Tribune reported.
Delhi funds public transit with commercial leases
A public transit system in Delhi is being developed by federal and city governments with 7 percent of its $1.5 billion price tag coming from commercial real estate revenues. The first phase of the Delhi Metro Rail was completed last year.The project is modeled after the Hong Kong Metro, which generates 50 percent of its budget from commercial leases.
The Delhi system is granting long-term leases on extra space at its stations for the development of retail. Some of these locations have become large-scale malls, like the Kashmere Gate station, the International Herald Tribune reported.
The Delhi Metro Rail Corp. first began offering 99-year commercial leases at stations, before opting for 30-year leases that the corporation could choose not to renew. A 30-year lease on a site of three hectares, almost 7.5 acres, could cost $7.5 million. Kiosks and outlets inside stations have 12-year licenses for around $1.50 per square foot per month.
Betting on peace, buyers look between Koreas
The demilitarized zone at the border between North and South Korea has become attractive to speculators as ties between the nations warm and economic cooperation looks more likely. Even land-mined areas in and around the zone have doubled or tripled in value in the last three years.Land in the Civilian Control Zone, 10 miles south of the demilitarized zone (DMZ), is selling for $9,300 per acre — double its price from five years ago, but still cheap by South Korean standards, the International Herald Tribune reported. The nations are still officially at war (the Korean War was never formally ended between the two countries), and construction in the Civilian Control Zone is restricted to low-lying buildings. But the land is attracting buyers who anticipate peace between the nations. Some have turned a profit on parcels by simply de-mining them and then reselling.
Land inside the 2.5-mile-wide DMZ itself, where only soldiers and residents are allowed to enter, is selling for around $1,300 per acre.
Back in September, seven agents left Mark David and Company, the residential brokerage, to join City Connections Realty, a residential and commercial brokerage. Now, two of the defectors have formed a new, commercially oriented team, called the Capari Group, within City Connections.
Mahkyle Catalano and Nikhil Patel are president and senior partner, respectively, of Capari. The team plans to focus on commercial building sales and leasing, while remaining active in residential sales and rentals.
As of the middle of last month, the Group, which claims it has fluency in 10 languages, had five agents working for them. Catalano noted it was still looking to hire “agents that fit our vision.”
Catalano was the highest-grossing producer for Mark David in 2007 as measured by rental and sales commissions.
According to City Connections founder David Schlamm, the agents who left Mark David — a group that included Crystal Davenport, Lana Dzhindzholia, Hicham Elkerdoudi, Richard Guzman and Michael Rivera — were attracted to City Connections by an ad offering a 90 percent commission payout to agents.
Schlamm called them “high-producing people who saw that they deserved more take-home income for themselves.”
Residential
Barak Realty
William Vilkelis was promoted to vice president. Maria McCallister, Francisco Menendez and Henry Huot joined the firm.Chase
Jeffrey Loyd joined as senior loan officer in the Midtown mortgage office.Prudential Douglas Elliman
Tamir Shemesh was promoted to managing director from executive vice president.Commercial
Colliers ABR
Len Eagle and Joe Yacovone joined as senior managing directors. They were previously principals and co-founders of FSI Project Management.Cresa Partners
Justin Halpern joined as an associate. He was previously a sales
associate at Aetna Inc.Cushman & Wakefield
Danielle Zimbaro was promoted to senior director from director.Eastern Consolidated
Ronald Cohen and Iris Rossano joined as directors. They were previously at Besen & Associates. Howard Kats joined as associate. He was previously a partner with Symonds Properties. Sandi Mann joined as associate. He was previously a broker with GFI Capital. Gail Lewis joined as marketing manager. She was previously a project manager for CB Richard Ellis.Jones Lang LaSalle
Hitoshi Aratani joined as senior vice president and head of Japanese business services for the firm’s New York tri-state region. He was previously a director at Cushman & Wakefield. Jean Savitsky was promoted to managing director from senior vice president.Massey Knakal
John Ciraulo was promoted to vice chairman from CEO. Christy Moyle was promoted to vice president of corporate services from vice president of administration. Wayne Naylor was promoted to vice president of sales operations from director of training. Ed Gevinski was promoted to a director of sales in the Brooklyn office covering Brownsville from assistant in the Manhattan office. Richard D’Andrea joined as an associate in the Manhattan office. Andrew Sitomer joined office as an associate in the Brooklyn office. Shirley Martire expanded her current role as executive office assistant to the CEO to serve as events manager. Shannon Krause was promoted to administrative assistant from intern.Sinvin Realty
Trisha Jerry joined as a director. She was previously at Spaceworks Real Estate Services. Joseph LaRosa joined as a director. He was previously at Coldwell Banker Commercial. Adam Gilbert joined as an associate director.SL Green
Andrew Vander Veen was promoted to senior vice president from vice president of construction. Lawrence Thompson was appointed senior vice president and director of operations. He was previously managing director of Sussex Bancorp.Swig Equities
Philip Jones was promoted to executive vice president from senior vice president.Michael Simon, president and CEO of the New York-based real estate firm Century 21 New York Metro, was able to do something that most office workers only fantasize about: He hired his former boss to work for him.
Marc Lewis (formerly of Manhattan Apartments Inc., where he held titles including president of investments) gave Simon his first job out of college at Gardener Realty. Now, some 20 years later, Simon has returned the favor in the form of a COO position at Century 21.
“When we started the initial launch of the business last year,” said Simon, who had been with Cendant a decade prior, “The Real Deal actually did a feature on how different owners manage their business, and I ended up on the cover.
“Marc saw the issue, called me up and asked, ‘Is this the same Mike Simon who worked for Gardener Realty in 1986?’ I told him it was, and he said, ‘This is your boss; we should talk.’”
Thus began the re-formation of a relationship rooted when Lewis hired Simon fresh out of college.
“I worked for Marc at Gardener Realty for two years,” explained Simon. “Being able to work with him again is a real shot in the arm for me, and the company. It’s ironic that our relationship has come full circle.”
While most employees (especially the disgruntled kind — you know who you are) would enjoy making their former bosses squirm, Simon has taken Lewis’ leadership as an example of “how to do it right.”
“Marc was the fairest guy you’d ever want to work for,” Simon recalled. “He had a fantastic demeanor and, above all, Marc was always able to retain his business relationships for a very long time. Marc never burned a bridge, and people always wanted to do business with him.”
As for those bosses who make you want to take a staple remover to your jugular? Don’t be so quick to write them off, said Simon.
“There’s always something you can learn from your boss,” he said. “You may not want to grab a beer with them after work, but that person is in the position he or she is in for a reason.
“Absorb as much as you can from them,” he added, “and always try to keep learning.”
And be nice: You never know whose r sum might land on your desk.
Swig Equities president Kent Swig added the 141-year-old building services company Helmsley-Spear to his portfolio in the beginning of last month. The company with a famous pedigree, which Swig purchased from the Schneider family for an undisclosed amount, provides building management services, investment sales consulting, and commercial and retail leasing services.
Swig is only the fourth owner of the company since it was founded by L.B. Goodale in 1866. Real estate titan Harry Helmsley owned it from 1955 until he died in 1997, and then the Schneider family won it from Harry’s widow, the late Leona Helmsley, in a legal tug-of-war.
In the future, Swig plans to expand Helmsley-Spear’s offerings to include project development, allowing its clients to access Swig Equities’ seven in-house architects, as well as Swig’s Falcon Pacific Construction LLC.
This wouldn’t be the first Helmsley-owned brokerage that Swig grabbed and reinvigorated. In 1995, Swig and a private investment company bought Brown Harris Stevens from Helmsley Equities.
As for the new company, “It is anticipated that we will at some point be acquiring properties under that name [Helmsley-Spear],” Swig said. “But we haven’t announced anything yet.”
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