RAL Development Services

RAL to redevelop PC Richard site in Union Square Plans call for a tech-focused office space on city-owned land

124 East 14th Street near Union Square

UPDATED, Dec. 22, 1:47 p.m.: The city s Economic Development Corporation has selected Robert Levine s RAL Development Services, one of the companies behind a controversial residential project in Brooklyn Bridge Park, to redevelop a city-owned site in Union Square.

上海贵族宝贝论坛 上海贵族宝贝Last year, the EDC began calling for proposals to redevelop the building at 124 East 14th Street, which is home to a P.C. Richar上海龙凤论坛sh1f 上海龙凤论坛d Son store, into a tech-centric work and event space anchored by community center Civic Hall. RAL will now handle the project, sources told Politico.

The city encouraged developers to build office space at Union Square location, targeting startups and co-working spaces. The EDC said at the time that the site would eventually serve as a “new tech hub.”

In July, RAL partn新爱上海同城对对碰论坛 上海同城对对碰交友社区ered with Oliver Realty Group to close on a $110 million deal to lease land for its Brooklyn Bridge Park residential development. The companies plan to build two properties on the site: a 28-story, 160-unit condo building and a 14-story, 140-unit rental building.

The Empire State Development Corporation had briefly pulled its support for the project, citing a $10,000 donation RAL made to Mayor Bill de Blasio, but it eventually approved th爱上海同城 爱上海e project. [Politico] — Miriam Hall

Correction: An earlier version of this story stated the EDC was involved with RAL s 上海贵族宝贝论坛 上海贵族宝贝Brooklyn Bridge development. It is the state s ESD.

Tags: economic development corporation, Robert Levine, union square
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Stagg Group

Stagg Group to construct 68-unit residential building on vacant Bronx lot Developer says 70% of units at Bedford Park project will be market-rate

18上海贵族宝贝交流区 上海贵族宝贝论坛6 St. Georges Crescent (Credit: Google Maps)

The Stagg Group hopes to construct yet another development in the Bronx, filing plans on Friday to construct a mostly market-rate 11-story residential building on a vacant lot.

The project would include 68 units along with a rooftop terrace and recreation space spread across 55,576 square feet, according to filings with the city s Department of Buildings. The building would be located in Bedford Park at 186 St. Georges Crescent, right between Grand Concourse and the Mosholu Parkway Greenway.

About 70 percent of the apartments in the $9 million project would be market-rate units, with the remaining 30 percent designated as affordable units, according to Stagg Group President Mark Stagg. Construction is expected to begin in the fall.

The Stagg Group, founded in 1966, has several developments in the Bronx and Westchester. The company has recently become well-known for constructing affordable housing in the Bronx and has been one of the 上海夜网 阿爱上海同城most prolific builders in the borough in recent years.

Stagg 爱上海同城对对碰 爱上海同城论坛purchased 186 St. Georges Crescent for approximately $2.5 million in March and said he was motivated to build on the land because h阿爱上海同城 阿拉爱上海同城is company is also working to construct a much larger project at 150 爱上海同城对对碰 爱上海同城论坛Van Cortlandt Avenue East, located right next door. That 134,034-square-foot project will include 163 apartments and a 5,000-square-foot community center.

“If it made sense for anyone to develop this piece, it was me,” Stagg said.

(To view more properties owned by the Stagg Group, click here)

Tags: Development, the Bronx
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Real Estate Instagram

Double tap: Here s a look at the best shots shared on Instagram this week TRD collects the best uploads from NYC, Miami and LA

2. Up, up and away: Posted by Calibre International Realty s Marina Sirbu, this photo shows Muse Residences a 49-story condo tower in Sunny Isles Beach, Fla. twisting tow上海龙凤论坛sh1f 上海龙凤论坛ard the sky.

6. West Village-based shutterbug @maximusupinnyc caught this picture-perfect moment from Astoria, Queens. The moon is the orange wedge to the Chrysler Building s toothpick (ye爱上海同城论坛 爱上海同城s, we went there).

7. It s a bird, it s a plane okay, it s not Superman, but it is an excellent shot of a plane slicing through the阿拉爱上海同城 爱上海龙凤419桑拿 clear blue California sky, courtesy of @kingcreeze.

50/50

A post shared by MISSHATTAN (@misshattan) on Sep 24, 2017 at 11:43am PDT

9. The Real Deal South Florida s fall issue hit newsstands this week. Illustrator  @_kotynskyi_ brought to life the cover story, which examined the aftermath of Hurricane Irma on Miami real estate.

1爱上海 爱上海同城手机版0. Madison Square Park Tower cuts the setting sun like butter in this ace shot by @jakobdalin.

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Barn on Amagansett farm bought by preservation fund to be torn down

Using the Community Pre阿爱上海同城 阿拉爱上海同城servation Fund, East Hampton Town in 2014 bought 19 acres of farmland for $10.1 million to block a 79-unit luxury housing development. The town intended to lease the land at 551 Montauk Highway to a farmer, but now it is seeking bids to demolish the barn on the property and use the land for “passive recreation” like hik上海夜网 阿爱上海同城ing trails, the East Hampton Star reported. The barn “was not a well-built 上海夜网 阿爱上海同城building,” according to Council member Peter Van Scoyoc. While East Hampton Town had six agricultural-based proposals to u上海龙凤论坛 新上海贵族宝贝论坛se the property in 2014, the Town Board reversed course after members of the public called for the land to be 新爱上海同城对对碰论坛 上海同城对对碰交友社区left as an open vista. [27East]

Tags: Hamptons
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150 East 74th Street

Sephardic Academy buys UES building with help from Syrian real estate players Ben Ashkenazy, the Chera family among the financial backers

From left: 150 East 74th Street, Ben Ashkenazy and Daniel Levy

The Sephardic Academy of Manhattan bought a six-story building on the Upper East Side for $14 million to expand its program — with a helping hand from some familiar figures in New York real estate.

Daniel Levy, a partner at Ashkenazy Acquisition Corporation, is on the school’s board and was instrumental in getting the deal done, along with other members. It was a coll阿爱上海同城 阿拉爱上海同城ective effort,” Levy said, “We all阿拉爱上海同城 爱上海龙凤419桑拿 helped the school acquire the building as a future home for its elementary school.”

Ben Ashkenazy, the billionaire founder and CEO of the company, Crown Acquisitions Chera family and several other prominent real estate families from the Syrian-Jewish community contributed to the purchase.

Levy said his extended family has seven kids in the school.

The school began as an early childhood program in 2011, with plans to open an elementary school in the upcoming school year. It s headed by Rabbi Elie Abadie, the longtime Rabbi of the Edmond J. Safra Synagogue, which is frequent上海龙凤论坛 新上海贵族宝贝论坛ed by members of the Syrian-Jewish community.

Abadie was ousted last year after a conflict with Lily Safra, widow to the synagogue’s namesake, and chair of the foundation that financed it, according to the New York Post. He has since started a breakaway synagogue, Congregation Shaare Mizrah, which is located in a Third Avenue building owned by Joseph Sitt’s Thor Equities.

The school’s acquisition of the 11,850-square-foot building at 150 East 74th Street allows for the option to convert to a school or other nonprofit use, and comes with 23,000 buildable square feet.

The sellers are the Brandt family, which acquired the property in the 1980s. A team of Marcus Millichap brokers represented both the buyer and the seller. Joe Koicim, Peter Von Der Ahe, David Lloyd and Danny Handweiler had the listing.

Tags: ben a爱上海同城对对碰 爱上海同城论坛shkenazy, Commercial Real Estate
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Hong Kong Real Estate Market

Hong Kong’s real estate stocks aren’t keeping up with爱上海同城对对碰 爱上海同城论坛 housing prices Concerns over continued price growth have investors playing defense

Hong Kong, China

Hong Kong housing prices are still going through the roof, but investors’ concerns over how much room the property market has to run are keeping developers’ stock prices 上海千花网交友 上海千花网论坛lagging behind.

Home prices in the city jumped nearly 17 percent last year and have nearly tripled since 2009, the Wall Street Journal reported.

But despite strong sales, stock prices for major developers are trading at an average discount of 40 percent to their net asset value. That’s been true for much of the past decade, after stocks traded close to book value in the late 1990s, when property prices saw their last peak.

Global i爱上海同城 爱上海nvestors are showing doubts regarding pricing growth, especially as the threat looms 上海同城对对碰交友社区 上海夜网论坛of rising interest rates. And stocks have gone from being growth plays to defensive bets partly because developers’ profits are shifting away from sales to growing rental portfolios, the Journal reported. [WSJ] – Rich Bockmann

Tags: china, hong kong, International real estate, Residential Real Estate
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Cape Advisors

Cape Advisors lands $65M to finance Astoria dev site purchase Bridge loan is for 18 months with options for extension

30-77 Vernon Boulevard (Credit: Google Maps)

Cape Advisors and Wainbridge Capital secured a $65 mi爱上海同城对对碰 爱上海同城论坛llion loan to fund their 上海千花网交友 上海千花网论坛purchase of a waterfront development site in Astoria.

The bridge loan is for 18 months and includes options for extension, and it comes from Mack Real Estate Credit Strategies, according to the Commercial Observer.

The site at 30-77 Vernon Boulevard spans about 522,上海龙凤论坛 新上海贵族宝贝论坛000 square feet. Cape Advisors and Wainbridge are planning a luxury five-building residential project with 770 affordable and market-rate apartments. Amenities include lounges, a rooftop deck and a fitness center.

Mack is expected to provide construction financing for Cape Advisors and Wainbridge on the project as well.

Cape Advisors purchased the site for $85 million from Shibber Khan s Criterion Group. It spans almost a full block and is right by the Astoria ferry stop. [CO] – Eddie Small

Tags: cape advisors, Residen爱上海同城 爱上海tial Real Estate
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Mitchell Llama

State comptroller raises questions about spending at Mitchell Lama development Report says HPD needs to keep a closer eye on contracts

From left: Linden Plaza Apartments at 663 Linco上海龙凤论坛 新上海贵族宝贝论坛ln Avenue and Thomas DiNapoli (Credit: Apartments and Getty Images)

The city s Department of Housing Preservation and Development needs to keep a tighter leash on spending by Mitchell Lama developments, according to a new report by the state Comptroller s Office.

The report found that Linden Plaza, a 1,525-unit Mitchell-Lama development in Brooklyn, spent $10.7 million on 173 vendors from January 1, 2016, to August 31, 2017 — all of which wasn t monitored by HPD. That s in part because the city only requires contracts above $100,000 to be competitively bid and approved by HPD. The agency上海千花网 爱上海同城对对碰 s rules for when a contract is required al上海夜网 阿爱上海同城so aren t clear, according to the report.

In June, Linden Plaza s owner, an affiliate of the上海千花网 爱上海同城对对碰 DeMatteis Organizations, informed tenants that it planned to request a rent increase from HPD due to the vendor costs and the $23.3 million it had spent during the same timeframe on mortgage payments, insurance and utility expenses. This rent bump would follow the 10.5 percent increase applied between 2014 and 2017.

The report indicates that had HPD monitored this vendor spending, it might ve spotted cost saving opportunities — meaning that a rent increase wouldn t be needed.

HPD takes its oversight of its portfolio of Mitchell-Lama developments extremely seriously, a spokesperson for HPD told Crain s. There was no finding of overspending at Linden Plaza, and while we a上海贵族宝贝论坛 上海贵族宝贝re always working to improve our procedures, we follow the Mitchell-Lama program rules for competitive bidding and monitor expenditures at all Mitchell-Lama developments extremely closely in order to protect the health and governance of this vital source of affordable housing for New Yorkers. [Crain s] — Kathryn Brenzel

Tags: hpd, mitchell lama
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Bitcoin Real Estate

Proponents of the technology, which enables digital currencies such as Bitcoin, say it can revolutionize real estate deals— but can it overcome its shady reputation?

In September, REcoin, a startup that billed itself as the “only cryptocurrency backed by real estate,” was busted for fraud by the U.S Securities and Exchange Commission.

The Las Vegas-based startup had planned to use blockchain technology — a growing list of public records that are encrypted and linked across a network of computers — to support its currency. It launched an initial coin offering (ICO), the equivalent of an initial public offering for digital currency, or tokens, and claimed to have raised millions. But as it turned out, REcoin was duping investors. It never had “any real operations,” had made no investments and misrepresented how much money was raised, according to the SEC.

REcoin is one of many startups looking to leverage blockchain within real estate. And incidents such as this illustrate some of the potential hazards of the nascent technology. While blockchain-based applications are touted as secure, the world of ICOs is a virtual Wild West. It’s a regulatory gray zone, and anyone can launch a token sale with nothing more than a white paper. It’s the same technology that enables the use of Bitcoin — which JPMorgan Chase CEO Jamie Dimon referred to in September as “a fraud.”

“It’s creating something out of nothing that to me is worth nothing,” the banking executive said. “It will end badly.”

That’s not to say Bitcoin’s underlying technology doesn’t have its benefits. In October, JPMorgan launched a blockchain-based payment processing network, which the bank says will allow for faster and more secure transfers of money. And some property executives, including developer Ben Shaoul of Magnum Real Estate Group, believe blockchain will be a game chan上海贵族宝贝交流区 上海贵族宝贝论坛ger for NYC real estate.

Magnum’s condominium development in Alphabet City will be the first New York site to accept Bitcoin payments. “People call us and say, ‘Hey, I’d like to be able to use my Bitcoin to buy an apartment,’” Shaoul said, noting that he felt it was a no-brainer to offer the option. “When the writing is on a wall, you need to adapt and pivot.”

Eric Hedvat, also of Magnum, added that Bitcoin is more efficient than other payment methods and reduces fees and transaction time. “When you send Bitcoin, it’s peer-to-peer, so you don’t have to go through the bank process, which could take three to four days,” he explained. “With the blockchain and the trusted network, you know in an instant if it was sent.”

But Bitcoin isn’t the only way real estate players make blockchain work for them. Proponents of the technology claim it will allow for smoother cross-border transfers, reduce transaction times from weeks to hours, end data monopolies like CoStar Group and Zillow, and herald a secure globalized real estate market.

“In real estate, blockchain can help a lot in both the title business and in pretty much every a[……]

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