Midtown South Office Market

Banks are following the money to Midtown South Leasing spikes in subdistrict as financial firms look to be closer to clients

Rendering of 387 Park Avenue South (in阿爱上海同城 阿拉爱上海同城set: Jake Elghanayan) (credit: TF Cornerstone)

Financial firms have been increasingly inking office leases in Midtown South this year in order to be close to the technology tenants that dominate the trendy market.

So far this year, banking industry companies have leased 255,000 square feet in Midtown South compared to 170,750 square feet all of last year, according to Cushman Wakefield data cited by Bloomberg.

Office leasing by financial firms spiked to 23.1 percent of all deals in the submarket during the third quarter, up from 10.3 percent during the previous three months.

Firms like Silicon Valley Bank, which signed a deal for 20,000 square feet at TF Cornerstone’s  387 Park Avenue South in July, are making the move from more traditional banking areas in order to be close to those companies they do business with.

“There are synergies, both from being near clients and it’上海龙凤论坛 新上海贵族宝贝论坛s a cool neighborhood,” said TF Cornerstone senior vice president Jake Elghanayan.

Silicon Valley Bank is leaving Stawski Partners 505 Fifth Avenue as it relocates near Madison Square Park.

“We’re happy with our space in Midtown it’s on the corner of 42nd and Fifth, it overlooks the library and Bryant Park but上海龙凤论坛sh1f 上海龙凤论坛 our location is not providing our business with any particular advantages,” said Silicon Valley s New York market manager Melissa Stepanis. “We work with a vibrant group of entrepreneurs and investors involved in the technology space, and there’s just an energy that these types of clients bring, and they’re clustered in the Flatiron, Madison Square Park area.”

Before the recent spike, the financial industry took up no more than 6.7 percent of the space in Midtown South. But industry watchers don’t expect the Flatiron and Plaza districts to go all freaky Friday anytime soon.

“What you’re seeing is just a more diversified market,” said Mike Mathias, a leasing broker a Sa上海贵族宝贝 上海千花网龙凤论坛vills Studley. “The future of the world is everything is going to have a tech component. There’s a premium people are willing to pay to be there.” [Bloomberg] – Rich Bockmann

 

Tags: midtown south, office mar阿爱上海同城 阿拉爱上海同城ket
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Mo Vaughn

Omni, four other big landlords accused of tenant discrimination Human Rights Commission says property owners illegally refused to rent to Section 8 tenants

River Park Residences in the Bronx and Mo Vaughn (Credit: Reliant Realty Services and Getty Images)

Former Mets slugger Mo Vaughn is one of five landlords charged by the city’s Human Rights Commission with discriminating against tenants on federal assistance programs.

According to the commission, River Park R上海贵族宝贝 上海千花网龙凤论坛esidences in the Bronx is one of the buildings allegedly refusing to rent to tenants who use Section 8 vouchers and similar public assistance. The Mitchell Lama complex is run by Om上海贵族宝贝论坛 上海贵族宝贝ni New York, the real estate firm co-founded by Vaughn and Eugene Schneur.

The commission also charged the Parkchester South Condominiums in the Bronx, as well as real estate firms Goldfarb Properties, Martini Properties and ABECO Management. The firms jointly control 20,000 units in the city according to a statement released by the commission.

According to the commission, one prospective tenant was told that the landlord accepted everything except LINC vouchers while another was reportedly told that the landlord doesn t accept any vouchers whatsoever.

Spokespeople for River Park and Goldfarb de上海同城对对碰交友社区 上海夜网论坛nied discriminating against tenants. The firms face potential fines if the charges are substantiated.

Omni says it spent over $116 million to renovate the four-building River Park complex in 2015. The real estate firm received financing from the New York State Homes and Community Renewal agency, which provided tax-exempt bonds, tax credits and a refinancing of former debt.

In 上海夜网论坛 上海夜网2014, Schneur told The Real Deal that 上海贵族宝贝交流区 上海贵族宝贝论坛80 percent of Omni s tenants received Section 8 vouchers. [NYDN] Konrad Putzier

Tags: housing discrimination, mo vaughn
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Group Nine Media

Thrillist owner adds 60K sf to its Soho digs Group Nine Media renewed its lease at 568 Broadway

568 Broadway and Ben Lerer

Group Nine Media, which owns Thrilli上海同城对对碰交友社区 上海夜网论坛st and other media brands, just renewed its lease at 568 Broadway and added another 60,000 square feet to its office space.

The company inked a five-year renewal at the 11-story Soho buil新爱上海同城对对碰论坛 上海同城对对碰交友社区ding, the Crain s reported. Terms of the lease weren t immediately available, but asking rent was $85 per square foot.

Under its new lease agreement, the company is renewing space on parts of the fourth, fifth and sixth上海贵族宝贝交流区 上海贵族宝贝论坛 floors and is adding the entire 10th and 11th floors. The company has been a tenant in the building for more than a de上海夜网论坛 上海夜网cade.

Bonnie Shapiro, the director of commercial leasing at Allied Partners, said the building owners plan to renovate the lobby and create a private elevator for Group Nine. [Crain s]  — Kathryn Brenzel 

 

Tags: Commercial Real Estate
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HNA Group

How HNA Group fell from grace Chinese conglomerate acted more like a hedge fund during acquisition spree

HNA Group CEO Adam Tan

In its rise to become one of China’s biggest firms, HNA Group acted more like a risky hedge fund or private equity group than a traditional conglomerate looking for long term investments, according to the Wall Street Journal. And that strategy has led to heightened scrutiny from regulators and Wall Street as the company’s expansion grinds to a halt.

HNA Group CEO Adam Tan has been flying around the world to convince leaders and companies to keep working with HNA, sources told the Journal, though the company denies that banks have stopped working with the firm.

Some credit-rating agencies have expressed concerns about HNA’s impact on companies it has acquired, and there’s a fear that pull-back from conglomerates like HNA could have a broader impact on markets.

“There is the risk of financial damage, but also public embarrassment if there is a big Chinese company that could go bankrupt,” Thilo Hanemann, a director at the New York consultancy Rhodium Group, told the Journal. There’s also the “contagion risk,” he added, of troubles at Chinese companies having global ripple effects.

There are no signs that HNA’s business is in immediate danger. Revenues during the first half of the year were 272 billion yuan, an increase of 92 per上海夜网论坛 上海夜网cent from the previous six months, according to the Journal. But net income fell about 10 percent to 812.5 billion yuan during the same time, and HNA has more than $100 billion in total debt.

And HNA’s followed a risky strategy. Instead of targeting profitable companies, the company went after assets with impressive revenues that would see its rank rise among Fortune 500 companies, and looked to acquire firms whose assets it could use as collateral to back more上海贵族宝贝交流区 上海贵族宝贝论坛 purchases, people familiar with the company’s strategy said.

The strategy is risky because if the value of an asset drops, the investments and loans backed by it can fall into jeopardy.

In its $6.5 billion deal to buy a 25 percent stake in Hilton Worldwide Holdings, HNA used margin loans – borrowing against s上海夜网论坛 上海夜网tockholdings, sometimes in a target company – to make up $3 billion of the cost, the Journal reported. If the value of Hilton were to fall, banks could require HNA to come up with additional funds quickly.

HNA spent $2.21 billion to acquire o上海贵族宝贝 上海千花网龙凤论坛ffice tower 245 Park Avenue, paying over $1,200上海龙凤论坛 新上海贵族宝贝论坛 a square foot. [WSJ] – Rich Bockmann

Tags: china, Commercial Real Estate, hilton, HNA Group
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Title Insurance Rules

Title insurers are used to being real estate s schmoozers-in-chief. New rules will change th爱上海同城对对碰 爱上海同城论坛at Industry bracing for stricter regulations on meals, tickets and parties

(Credit: Getty Images)

Guess who’s coming to dinner? No one.

If you could tune out the clinking glasses and the mutual pats on the back at Cooper-Horowitz’s annual bash at Michael Jordan’s steakhouse this week, you might have witnessed an unusual sight: Title insurance players looking anxious, huddled in a corner and discussing upcoming regulations that would change their business as they know it.

New state rules which take effect Dec. 18 aim to crack down on bad actors in the title insurance industry and will put a harsh spotlight on how firms spend their marketing dollars to win business. In order to curb inducements and excessive marketing, they prohibit title companies from offering clients (or prospective clients) meals and beverages, entertainment, outings, vacations or parties. How they will actually work is anyone s guess, but what s clear for now is they ve got people spooked.

“Everyone in the industry is completely tied up in furious knots over this,” said one title executive, who spoke on condition of anonymity. “There is so much angst — and anger — over these regu上海同城对对碰交友社区 上海夜网论坛lations.” The level of detail in the regulations is unprecedented, he added. “I mean, there are virtually no entertainment expenses of any sort that are allowed.”

Title insurance is an opaque industry, even by the standards of real estate, and some players are notorious for going all-out to win business, wining and dining clients and potential clients with parties, trips, and tickets. The state has made numerous attempts over the years to curtail so-called inducements, but actual enforcement from Gov. Andrew Cuomo s office has been lax, allowing for firms to go about business as usual.

The latest effort, however, is being taken seriously. After years of being the life – and hosts – of the party, leaders in the industry are trying to keep a low profile, which means that the VIP boxes at Madison Square Garden, Yankee Stadium and the Barclays Center, though already paid for, will remain empty for the foreseeable future. In addition to the marketing ban, a provision w爱上海同城手机版 新爱上海同城对对碰论坛ill also require underwriters to comply with certain transparency requirements — or be forced to reduce their rates by 5 percent.

“To me, this is unconstitutional, said Adam Leitman Bailey, a real estate attorney who frequently works with title insurance companies. You can’t limit the ability of a business to bring in more business. Sure, there are bad apples, he said, as with any industry, but I don’t think giving out tickets is shady. Taking a client out to lunch and dinner — those are things that every business in America does. Why are they taking it away from title companies?”

To critics of the title industry, however, a crackdown on what they say is excessive marketing expenses is long overdue.

In New York State, the rates for[……]

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A $350M rental complex planned for Philadelphia’s Schmidt’s brewery site

Plans to build a 1,200-unit rental apartment in Philadelphia’s North爱上海同城 爱上海ern Liberties neighborhood will complete the redevelopment of a former Schmidt’s bre上海贵族宝贝论坛 上海贵族宝贝wery. Developer Bart Blatstein, who has built and sold two other projects at the site, is proposing a $350 million mixed-use development on the remaining 4.4-acres, which have been vacant since Blatstein began acquiring the properties in the early 2000s, the Philadelph上海千花社区 上海千花网交友ia Inquirer reported. The developer plans to break ground as early as March 2019 and expects the project to take five years to complete. [Inquirer]

Tags: National
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Mineola is one of the healthiest housing markets in the state

Mineola ranked among the ten best housing markets in 阿爱上海同城 阿拉爱上海同城New York, according to a study by SmartAsset. The firm evaluated 160 communities across the state, based on the years owners spend in their homes, their value, ease of 上海贵族宝贝 上海千花网龙凤论坛sale and cost of ownership. The study found that in Mineola, people stay in their homes for about 18 years and only 2.8 percent of owners have上海贵族宝贝论坛 上海贵族宝贝 negative equity. Only about three percent of h上海贵族宝贝 上海千花网龙凤论坛omes in the town lost value. No other Long Island markets broke the top 10. Number one on the list was Depew, New York, 10 miles east of Buffalo, Newsday reported. [Newsday]

Tags: long island
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Westfield World Trade Center

Duane Reade is suing over WTC retail space it still can t use Drug store chain claims store isn’t “tenant ready”

Westfield World Trade Center at 185 Greenwich Street (Credit: Getty Images)

More than four years after signing a lease at 上海贵族宝贝 上海千花网龙凤论坛the Westfield World Trade Center mall, Duane Reade is suing the mall’s owner for failing to hand over the store in “tenant ready condition.”

Duane Reade wants the lease to be voided and a refund on the $171,407 it already spent on the deal, according to a complaint filed in New York Supreme Court Friday. The company claims it signed its lease in May 2014 and that it was promised the space would be ready by June 15, 2015.

A spokesperson for Unibail-Rodamco-Westfield,爱上海同城手机版 新爱上海同城对对碰论坛 which operates the mall, did not immediately respond to a request for 上海贵族宝贝交流区 上海贵族宝贝论坛comment.

In July, Gap sued Westfield for alleged overcharges at two dozen malls. Earlier this year, prior to its $16 billion sale to Unibail-Rodamco, Westfield switched up the leadership of the WTC mall, which has been plagued by empty storefronts.

Tags: Commercial Real Estate, Retail Real Estate, world上海贵族宝贝交流区 上海贵族宝贝论坛 trade center
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Blue State Digital

Tech firm leases more than 20K sf in DoBro’s Pioneer building Blue State Digital is moving to neighborhood from its current office in Soho

The Pioneer Building at 41 Flatbush Avenue in Brooklyn

Tech firm Blue State Digital is leaving Soho for DoBro.

The company, which specializes in online f上海贵族宝贝交流区 上海贵族宝贝论坛undraising and social networking, has inked a 21,000-square-foot lease in the Pioneer Bui上海贵族宝贝论坛 上海贵族宝贝lding at 41 Flatbush Avenue, according to landowners Quinlan Development Group and Building and Land Technology. It will be moving there from its current New York office and global headquarters at 101 Avenue of the Americas.

The real estate investment firm Merit Hill Capital also recently inked a lease in the building for 4,200 square feet.

Quinlan and BLT would not disclose the length and asking price of the leases but said they were both long term. They were represented by Cushman Wakefield, while Blue State was represented by CBRE, and Merit Hill was represented b爱上海同城对对碰 爱上海同城论坛y TerraCRG.

Quinlan and BLT bought the Pioneer Building, a former storage facility, in 2015 for $90 million. They have since completed $30 million worth of renovat爱上海同城手机版 新爱上海同城对对碰论坛ions at the property, which stands 10 stories tall and spans 270,000 square feet.

Other companies that have上海贵族宝贝交流区 上海贵族宝贝论坛 recently leased space at the building include Gimlet Media, which took 27,000 square feet, and the flexible workspace provider Spaces, which took 31,000 square feet.

Tags: Commercial Real Estate, Downtown Brooklyn
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