Trump Jr. to launch $1 billion India fund
Donald Trump Jr. plans to launch a $1 billion fund to invest in real estate in India, Bloomberg reported. The privately held fund will draw from Indian investors. “The marketplace is beginning to understand and appreciate luxury, so there is a great opening for us there as well as in resorts,” Trump said. The Trump Organization also plans a mixed-use tower in Mumbai with an Indian partner.
Industry veterans form ID Real Estate Partners
A newly formed commercial real estate firm, ID Real Estate Partners, will focus on the acquisition and leasing of properties in Manhattan. The new venture will be led by Ira Fishman and Dana Moskowitz, both of whom will serve as executive vice presidents. Fishman, previously of Winoker Realty and a 31-year industry veteran, will direct the acquisitions department; Moskowitz, a former director of Chicago-based Bradford Allen Realty Services, will spearhead the leasing division. Clifford Moskowitz, a former associate at Winoker, will round out the firm’s management as director.
Is your rent fair? Check the Rentometer
A new Web site, Rentometer.com, allows you to compare your rent with others in your neighborhood. The Web site is part of Rentomatic, an online property management service. The Rentometer has had 2 million visitors since January. It works by aggregating listings data from landlords who are members, along with other real estate Web sites, the New York Sun reported.
PropertyShark to offer residential listings
Real estate data Web site PropertyShark.com plans to unveil a consumer residential listing Web site by Sept. 1, Crain’s reported. “We have conquered delivering difficult-to-find information to professionals,” said PropertyShark CEO Bill Staniford. “We’re ready to add another tool.” PropertyShark will have to compete with sites like StreetEasy.com and ResidentialNYC.com, both big players in PropertyShark’s biggest market, New York City. PropertyShark recently teamed up with Corcoran to provide residential market reports covering Manhattan and Brooklyn (see Web firms get into market report game).
Brokers help build affordable housing
Members of Brokers Build donned hard hats and tool belts at a Brooklyn construction site on July 30 to help Habitat for Humanity build its largest project ever. Stan Ponte, president of the previews marketing division of Coldwell Banker Hunt Kennedy, launched Brokers Build last year to raise money for affordable housing. By the end of this year, the group aims to raise $1 million for Habitat-NYC’s 41-unit affordable housing complex, which is already under construction at 1870 Eastern Parkway in Crown Heights. Brokers Build is contributing to the funding of 11 of the 41 condos.
Shvo sends interns to the moon
Michael Shvo’s interns are conceptualizing the first residential property on the moon. Eight interns have to develop a plan and marketing campaign, as well as handle the design and sales of the residences, and then present it to a panel of real estate experts. The Shvo interns are teaming up with Grey Advertising’s G2 interns to design graphics and a digital ad campaign, the New York Post reported.
Carlton, Prudential launch $500 million vulture fund
A joint venture between the Carlton Group’s investment arm, Carlton Strategic Ventures, and financial services firm Prudential plans to acquire distressed loans over the next 12 months with a total value of $500 million. The vulture fund, to be called CSV Capital, will target loans ranging from $25 to $50 million for individual properties, and up to $150 million for large portfolios. CSV Capital will focus on floating-rate loans but will also consider purchasing fixed-rate loans with a maturity rate of 10 years or less.