Month: June 2019

Jason Walker CORE

Jason Walker sues Compass over commission, defamation Broker alleges that fi上海夜网论坛 上海夜网rm is run by “serial promise-breakers and inexperienced staff”

After being unceremoniously fired from Compass last year, agent Jason Walker has filed a lawsuit against the brokerage, claiming it broke promises made to him and later spread false rumors about his personal life and ability as an agent.

In a 20-page complaint filed in New York Supreme Court Wednesday, Walker accused Compass of being run by “serial promise-breakers and inexperienced staff with outsized egos w爱上海龙凤419桑拿 上海龙凤论坛sh1fho lacked real estate knowledge.”

In the suit, Walker said he was terminated on “trumped-up grounds” in August 2015 and that Compass subsequently failed to pay him $170,000 in commissions he was owed.

“Compass has also threatened Walker by saying that if he brought this lawsuit, they would spread further rumors about him including that he is misogynistic (which is false),” the complaint states. Walker is seeking $6 million in punitive damages and lost business, as well as $340,000 in contractual damages and nearly $105,000 in commission fees once two transactions close this summer.

In a statement, a Compass spokeswoman said:  We believe the fact that Jason Walker, who was with Compass for only a matter of weeks, is now seeking more than $6 million in unsubstantiated damages, speaks for itself.

We believe that indi上海千花网交友 上海千花网论坛viduals that are not collaborative are not a good fit for Compass, she added.

Walker, who is now at COR[……]

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In London, Related is unveiling micro

In London, Related is unveiling micro-units And if the model works, they could be bringing them to NYC

Pocket Living s new project on Weedington Road in London s Kentish Town neighborhood

In New York, Related Cos. is known for mega-projects like Time Warner Center and Hudson Yards the largest development in New York City since Rockefeller Center. But across the pond, the developer is trying a very different model: micro-units.

Pocket Living is based in London but co-owned by Related. And, true to its name, the developer just delivered a collection of tiny, one-bedroom flats to the London market, according to Bloomberg.

Poc爱上海龙凤419桑拿 上海龙凤论坛sh1fket’s new London apartment are just 409 square feet – only a couple of feet larger than the minimum req上海贵族宝贝交流区 上海贵族宝贝论坛uirement for one person with no bathtub by city law. But petit size doesn’t mean low-cost in Londo阿爱上海同城 阿拉爱上海同城n’s ultra-competitive housing market. Apartments at Pocket’s new development have sold for between roughly $204,000 and $370,000.

And now that they’ve conquered the London market, Pocket and Related hope to expand into other urban markets.

“We would love to see their ideas, if not their direct product, translate into other markets, into other cities,” Ken Wong, chief operating officer in New York, told Blooberg. “新上海贵族宝贝论坛 上海贵族宝贝交流区The question of whether it fits into the building codes and whether the business can work is going to be the challenge.”

[Bloomberg] –Christopher Cameron

Tags: micro units
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Ben Carson

Ben Carson sells West Palm Beach home for $920,000 Secretary of Housing and Urban Development Ben Carson sells 7,792 sf home for $118 psf

10942 Egret Point Lane

U.S. Secretary of Housing and Urban Development and former presidential candidate Ben C上海千花网 爱上海同城对对碰arson sold his West Palm Beach home for上海同城对对碰交友社区 上海夜网论坛 $920,000 — just short of a million dollars.

Mansion Global first reported the sale of the home at 10942 Egret Point Lane. The 7,792-square-foot house sold for $118 per square foot.

Carson and his wife, Lacena Carson, bought the five-bedroom, four-and-half-bathroom home for $775,00上海千花网 爱上海同城对对碰0 in 2013 from the late John Rooney, whose family owns the Pittsburgh Steelers, property records show.

The home was listed for as high as $1.2 million in December of 2016, according to Redfin. Arthur Martens of Engel Vӧlkers, a German-based real estate brokerage firm, was the listing agent.

The house sits on a third of an acre and features marble floors, 22-foot-high ceilings, and a two-story wall of windows in the living room with a swimming pool view. Living spaces include a formal dining room, a breakfast area, a family room and a media room, according to the listing.

Carson still owns a 8,782-square-foot mansion at 12248 Tillinghast Circle, in Palm Beach Gardens, which he bought for $4.4 million, last year in June. Records show the Carsons bought the five-bedroom mansion from a mortgage company that bought the prop爱上海 爱上海同城手机版erty out of foreclosure, according to the Daily Mail. — Amanda Rabines

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Neiman Marcus

Neiman Marcus is downsizing flagship store at Hudson Yards, report claims – but retailer denies this Retailer took 250K sf to anchor Related’s complex

Rendering of Neiman Marcus flagship store at Related Companies Hudson Yards

UPDATED, 11:41 a.m., Sept. 19: Neiman Marcus is downsizing its soon-to-be flagship store in Related Companies’ massive Hudson Yards complex, according to a report in the New York Post. But repre爱上海同城 爱上海sentatives for阿爱上海同城 阿拉爱上海同城 Neiman Marcus are denying上海贵族宝贝论坛 上海贵族宝贝 the report.

The Dallas-based luxury retailer, which signed a deal to anch阿拉爱上海同城 爱上海龙凤419桑拿or Related’s 1 million-square-foot complex in 2014, could be minimizing its planned 250,000-square-foot space by somewhere between 10,000 and 70,000 square feet, according to the Post.

Neiman Marcus, which is owned by private equity firm Ares Management, has seen declining sales for seven consecutive quarters, and like most retailers, has been struggling with decreased mall traffic and competition with online retailers.

A smaller Neiman Marcus could hurt Related, which is slated to open the complex in 2019. Related says the retail portion of its complex is 70 percent leased, according to the Post.

After the story was published, a Neiman Marcus spokesperson said in a statement that the store was originally contemplated at 215,000 leasable square feet and, with construction well underway, we are now finalizing exact specifications for the sto阿拉爱上海同城 爱上海龙凤419桑拿re. We plan to make the layout of the non-selling space more efficient, while ke[……]

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Rebuilding homes damaged in California wildfires could cost $65B: report

Wildfires are devastating Napa Valley and Santa Rosa and the cost of completely rebuilding homes there will be daunting. Nearly 172,000 homes in Napa Valley and Santa Rosa are in the line of fir爱上海同城论坛 爱上海同城e in Northern California, with roughly 11,000 facing significant damage, according to a CoreLogic study rep爱上海同城 爱上海orted by the Wall Street Journal. Rebuilding the homes from scratch would cost a whopping $65 billion, according to CoreLogic. Average homes in the Napa and Santa 爱上海龙凤419桑拿 上海龙凤论坛sh1fRosa metro cost about $59爱上海龙凤419桑拿 上海龙凤论坛sh1f9,000 — far greater than the country’s average of $201,900 — according to Zillow. The fires spreading through Northern California have already claimed the lives of at least 15 individuals and destroyed much of the wine region. [WSJ]

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NYCHA Lead Paint

Bronx court tells NYCHA to pay $57M to mother of lead-poisoned child Verdict comes on the heels of revelat上海夜网 阿爱上海同城ions that the city failed to perform toxicity tests

Shola Olatoye and NYCHA s Edenwald in the Bronx

A jury in the Bronx last week awarded Fort 爱上海 爱上海同城手机版Independence public housing resident Tiesha Jones with $57 million after 爱上海同城对对碰 爱上海同城论坛finding the New York City Housing Authority failed to perform required lead paint inspections in her apartment where her 4-year-old daughter acquired dan上海夜网论坛 上海夜网gerous blood-lead levels.

In January 2010, Jones s daughter Dakota Taylor s blood returned levels of lead 9 times higher than what is deemed safe by medical professionals, exposure that can cause serious developmental delays. NYCHA records show the agency says it performed tests on the apartment in 2006 and 2008, but last year it was revealed that NYCHA and the city were aware that thousands of inspections that were reported to have been performed never actually were.

However, the $57 million verdict may not be the final word. NYCHA s attorney told the New York Daily News that the figure was totally a message and that NYCHA expects to begin settlement negotiations, presumably with a smal新爱上海同城对对碰论坛 上海同城对对碰交友社区ler dollar amount for the cash-strapped agency, soon.  [NYDN] — Will Parker

Tags: NYCHA, Politics
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Biggest Retail Leases NYC

Clockwise from left: 505 Eighth Avenue, 128 West 34th Street, and 3100 Ocean Avenue in Brooklyn.

January’s 10 biggest retail leasing deals were much smaller than December’s in terms of square footage.

The 10 biggest retail lease deals signed last month totaled 95,000 square feet, down about 84,000 square feet from last month’s total of 179,000 square feet. The largest retail lease in January was inked in deep Brooklyn. Here s the full list:

爱上海龙凤419桑拿 上海龙凤论坛sh1f

1) Net Cost Market, 3100 Ocean Avenue, Sheepshead Bay 35,000 square feet

The market inked a lease for 35,000 square feet of retail space at 3100 Ocean Avenue. Jason Gerbsman of HUDSON represented the tenant, while Jerry Welkis of Welco Realty represented the landlord, Norse Realty.

2) Tailor’s Inn, 505 Eighth Avenue, Midtown 12,700 square feet

The Irish restaurant and bar concept inked a lease for 12,700 square feet at 505 Eighth Avenue. Allen Gurevich of GFP Real Estate represented the landlord in-house.

3) Absolute New York, 128 West 34th Street, Midtown South 10,000 square feet

The cosmetics company signed a lease for 10,000 square feet of retail space at 128 West 34th Street, to be used as the company’s flagship retail location. Lee Block and Spencer Bowers of Winick Realty Group represented the tenant, while Marc Leber and Jeffrey Roseman of Newmark Knight Frank represented the landlord, Stahl Organization.

4) Chase Bank, 180 Bedford Avenue, Williamsburg 8,000 square feet

The bank inked a lease for 8,000 square feet of retail space a[……]

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Dubai and Abu Dhabi Properties

State-backed Abu Dhabi and Dubai developers launch new $8.2B joint venture The UAE’s leading emirates will develop local and foreign projects together

From left: Dubai Ruler and UAE Vice President and Prime Minister Sheikh Mohammed bin Rashid al-Maktoum, Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed al-Nahyan. (Credit from left: World Economic Forum, Imre Solt)

Two of the United Arab Emirates most prolific developers, Emaar Properties and Aldar Properties, are teaming up.

Through a recently-announced $8.2 billion joint venture the developers will spearhead two mixed-use waterfront projects one in Duba上海龙凤论坛 新上海贵族宝贝论坛i, one in A新上海贵族宝贝论坛 上海贵族宝贝交流区bu Dhabi with a combined total of almost 10,000 residential units, according to Reuters. Details of other projects were not released.

Dubai-based Emaar and Abu Dhabi-based Aldar both are linked to their respective ruling governments; the emirates of Dubai and Abu Dhabi in turn lead the federated country, which is made up of a total of seven emirates. Reuters reports prices for residential property in the UAE have fallen in recent years with上海千花网交友 上海千花网论坛 no expectation of upcoming change due to oversupply.

Emaar and Aldar are responsible for headline-grabbing developments, which respectively include th爱上海 爱上海同城手机版e world s tallest building in the world, the Burj Khalifa, and the Yas Marina Circuit, where Formula One races are held. [Reuters] Erin Hudson

上海千花网 爱上海同城对对碰Tags: abu dhabi, Commercial Real Estate, Dubai, global real estate, Residential Real Estate
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Biggest Real Estate Projects NYC

The top 10 b上海夜网 阿爱上海同城iggest real estate projects coming to NYC The largest project was from Maddd Equities at 3875 Ninth Avenue in Inwood

A rendering of 96 New Lots Avenue in Brownsville (Credit: Procida Companies)

A Manhattan project topped the list of last month’s largest real estate projects once again, and this one is about as far north in the borough as one can get.

The Inwood project from Maddd Equities and Joy Construction at 3875 Ninth Avenue topped the list for August at about 582,000 square feet. The City Council just recently voted to rezone the neighborhood, with the goal of bringing about 5,000 new units of housing to the area.

Manhattan had just two projects on the list overall. Brooklyn had the most with five, followed by Queens with two and the Bronx with one. Other notable projects included a hotel and residential development in Flushing from Chinese developer Yihai Group and a 22-story Manhattan office building上海龙凤论坛sh1f 上海龙凤论坛 from GDS Development.

The full list of August’s top 10 biggest real estate projects is below:

1) 3875 Ninth Avenue, Manhattan
The largest project filed for the city last month was up at 3875 Ninth Avenue in Inwood. The project comes from Jorge Madruga’s Maddd Equities and its frequent collaborator Joy Construction. It will span about 582,000 square feet and stand 30 stories tall with 614 residential units. The development will include阿拉爱上海同城 爱上海龙凤419桑拿 roughly 66,000 square feet of commercial space as well, and 20 percent of the residential units should be aff[……]

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Housing Market

Student debt is hurting the housing recovery: Fed study The ballooning loans kept 400,000 borrowers off the market over 9-year stretch

(Credit: iStock)

It s not the avocado toast eating into millennials down payment budgets.

A recent report from the central banking system found that the dramatic rise in student debt is at least partially responsible for the drop in homeownership levels, the Wall Street Journal reported.

Homeownership in the U.S. has fallen significantly since its pre-recession peak, with the rate among young people lagging particularly far behind.

The Fed study, which examined a period from 2005 to 2014, found that homeownership among people ages 24 to 32 fell by 9 percentage to 爱上海同城对对碰 爱上海同城论坛36 percent. The Fed attributed two of those percent上海千花网 爱上海同城对对碰age points, or a fifth of the total decline, directly to student debt. That s the equivalent of 400,000 borrowers who were unable to buy a home by 2014 because of student debt.

There are two ways ballooning student loans, which have now reached $1.5 trillion, are keeping buyers off the market. Borrowers who fell behind on their debt payments had more trouble qualifying for home mortgages, while those who did manage to meet those student loan payments were left with less disposable income to save on a downpayment.

In a separate paper published on the same day, the Fed also found that student debt is pushing mor新上海贵族宝贝论坛 上海贵族宝贝交流区e millennials from rural areas to cities, accelerating rural decline.

Nevertheless, millennials may still hav[……]

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