China Cindat

Cindat finances hote新爱上海同城对对碰论坛 上海同城对对碰交友社区l portfolio buy with $335M in loans Chinese firm acquired majority stake in seven Manhattan hotels from Hersha Hospitality Trust

Chinese investment firm Cindat Capital Management financed its $571 million purchase of a majority stake in seven Manhattan hotels with $335 million in loans from Natixis Real Estate Capital and Oaktree Capital Management.

The financing consists of a $285 million senior loan from a syndicate of domestic and international lenders led by Midtown-based Natixis, as well as a $50 million mezzanine loan from an affiliate of Los Angeles-based Oaktree.

Cindat, a U.S. subsidiary of China Cinda Asset Management, closed Monday on its previously announced acquisition of a 70 percent stake in the seven limited service hotels from Philadelphia-based Hersha Hospitality Trust.

T阿拉爱上海同城 爱上海龙凤419桑拿he deal sees Hersha retain a 30 percent equity interest in the properties, as well as a $37 million preferred equity stake, at a 9 percent fixed coupon rate.

Cindat paid $526,000 上海贵族宝贝 上海千花网龙凤论坛per key for the properties, which hold a combined 1,087 rooms in Times Square, Chelsea, Herald Square and the Financial District operating under the Holiday Inn, Hampton Inn and Candlewood Suites brands.

“Demand for high-quality U新上海贵族宝贝论坛 上海贵族宝贝交流区.S. real estate assets is great from Chinese investors,” Cindat CEO Greg Peng said in a statement, adding that limited service hotels in Manhattan “offer steady cash flow with relatively low volatility, and hence, good risk-adjusted investment returns.”

Cindat recently acqu阿爱上海同城 阿拉爱上海同城ired a $135 million equity stake in Bizzi Partners Development’s planned luxury condominium tower at 565 Broome Street in Soho. The firm is also an investor in RFR Realty s 100 East 53rd Street.  Rey Mashayekhi

Tags: Hotel Market, oaktree capital management
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Hamptons Cheat Sheet

Hamptons C上海千花网交友 上海千花网论坛heat Sheet: Montauk lighthouse won t be lit this year, East Hampton mulls no-tree zone at airport more

Christie Brinkley, Paul Goldberger and the Montauk Point Lighthouse

Hello darkness, Montauk’s new friend

To the chagrin of holiday fanatics in the East End, the 200-year-old Montauk Point Lighthouse will not be decked out in its annual lights this year — that is, unless someone steps forward with $50,000. The seven-year tradition won’t be carried out because the nonprofit committee behind it has been bogged down by additional maintenance costs, 27East reported. “It’s with a heavy heart that the committee has made this decision, but we can’t be unprepared for future projects,” Joe Gaviola, the director of finance, told the newspaper. However, if enough funding can be raised from benefactors before Nov. 1, the tradition would be salvaged, he said. [27East]

Tree-huggers aren’t happy about The Man s requirements for the East Hampton Airport

Environmentalists are taking issue with East Hampton Town’s efforts to comply with a 2013 Federal Aviation Administration notice on trees near the runway. But before the town gets to chopping around a designated clear zone, the possible ecological impact should be evaluated, the East Hampton Environmental Coalition warned. But the extent of the proposed clearing may be excessive regardless of environmental consequences, according to East Hampton attorney David Gruber, a member of the airport management committee. The FAA’s standards are geared toward larger airports with more plane traffic, not small operations like the East H爱上海 爱上海同城手机版ampton Airport, Gruber told the East 上海龙凤论坛 新上海贵族宝贝论坛Hampton Star. Residents will get a chance to weigh in at the airport management advisory committee meeting on Oct. 28. [EHS]

Christie Brinkley re-lists Sag Harbor pad for $25M

This time around, the 5,500-square-foot home is ready for its closeup. Former supermodel Christie Brinkley just listed her harborfront home for $25 million — a hefty bump from its asking price of $15.7 million in 2010. The Colonial-style house contains five bedrooms, a great room and a formal dining room. Outside, there is a gunite pool and multiple gardens. The master bedroom suite has its own sitting room and private terrace. Douglas Elliman’s Enzo Morabito has the listing. [LLNYC]

Paul Goldberger shakes fist at McMansions on the South Fork

Not even good architecture could cure the “too-much-money syndrome” in the Hamptons, Paul Goldberger said in a recent interview with 27East. “Good architecture can’t answer the problem of where you shouldn’t be building anything at all,” said the architecture critic, who owns a Frank Hollenbeck-designed South Fork house that was later renovated by Robert A.M. Stern and Bates Masi Architects. In the interview published last week, Goldberger gives his two cents on the resurgence of modern design (“can be very grand”), the traditional Hamptons shingle style (“one of the great movements in American architecture”), the 1842 Gre[……]

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The week in real estate market reports

The week in real estate market reports A weekly feature bringing you the industry’s latest intel

(Credit: New York Building Congress)

According to the most recent market reports, median rental prices have dipped slightly in Manhattan and Brooklyn, hospitals in the city have are big spenders on construction, and national retailers are expanding their presence in the outer boroughs.

Residential

November Rental Report: Douglas Ell爱上海同城手机版 新爱上海同城对对碰论坛iman
Median rental prices declined in Manhattan, Brooklyn and Queens and landlords provided more concessions in both Manhattan and Brooklyn. Read the full report here.

November Report: City Realty
The volume of new apartment sales was down in Manhattan, as was the price with an average of $2,569 per square foot. That’s 17 percent higher than last year, but 10.7 percent lower than the prior month. Read the full report here.

Q4 Multifamily Report: Marcus Millichap
As expected, multifamily permitting is down by 50 percent relative to last year, largely due to the expiration of 421a. The price of the average single family apartment rose 13.4 percent to $1.58 million. Read the full report here.

Commercial

The role of retail in placemaking: CBRE
Retail is a big driver in trans上海千花网龙凤论坛 上海千花社区forming places into destinations, and Chelsea Market is cited as a prime example in the role retail plays in “placemaking. Read the full report here.

State of the Chains: Center for Urban Future
National retailers are flocking to the outer boroughs while pulling back slightly in Manhattan. The Bronx saw the most growth, increasing 4.2 percent to 893 stores. Read the full report here.

Inside NYC’s hospital building boom: New York Building Congress
Hospitals spent more than $6 billion on construction from 2013 through 2015 to expand and update existing facilities. Read the full report here.

Manhattan Snapshot: Colliers International
Overall, office leasing in Manhattan was down 4.2 percent in November and 16.2 percent year-over-year. The largest le上海千花网龙凤论坛 上海千花社区ase was law firm Hogan Lovells scooping up 206,720 square-feet at 390 Madison Avenue. Read the full report here.

Manhattan office market reports: CBRE
Availability is up in Midtown South, with subleasing comprising 27 percent of availability. Downtown leasing activity was slow last month as the market waits for big deals in the pipeline to close. Read the full reports for Manhattan, and for submarkets in Downtown, Midtown, and Midtown South.

Tags: Commercial Real E爱上海同城对对碰 爱上海同城论坛state, Residential Market Report
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Chinese Capital Controls

Chinese investment abroad falls by 67% amid capital controls Regulatory crackdown is impacting the NYC real estate market

Cheesegrater building in London, England. (Credit: Getty Images)

Chinese outbound investment fell by 67 percent in the first four months of 2017, according to Bloomberg the biggest decline since 2009.

The drop comes after a record year in 2016, when Chinese firms bought $246 billion worth of foreign assets. Tighter capital controls, designed to shore up China’s currency and promote investment within the country, are likely to blame. Regulators now discourage上海贵族宝贝 上海千花网龙凤论坛 splashy real estate deals abroad and investments by Chinese companies in overseas assets that aren’t strictly related to their business.

“China’s outbound M A activity will likely remain slow for the rest of this year,” Bee-chun Boo, a Beijing-based lawyer at Baker McKenzie LLP, told Bloomberg.

Fearful of Chinese buyers not following through on their promises, some sellers now demand higher deposits. 上海千花社区 上海千花网交友For example, C C Land Holdings agreed to put down a 287.5 million-pound, or $371 million, deposit when it offered 1.15 billion pounds, or $1.48 billio上海千花社区 上海千花网交友n, for the so-called Cheesegrater tower in London.

In its May issue, The Real Deal broke down how capital controls are already impacting the New York real estate market.

“There are larger deals that were effectively halted and a few deals that got killed,” “There are larger deals that were effectively halted and a few deals that got killed,” Wendy Cai-Lee, a former 爱上海同城对对碰 爱上海同城论坛executive at East West Bank, told爱上海同城对对碰 爱上海同城论坛 The Real Deal. [Bloomberg] Konrad Putzier 

Tags: chinese buyers, Foreign Investment, Real Estate Finance
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Bob Knakal

WATCH: Bob Knakal on what tax reform could mean for CRE Business interest deduction could be “round-house punch” to industry

Watch the latest video at video.foxbusiness.com

There’s no such thing as a free lunch.上海千花网 爱上海同城对对碰

Tax reform could be a boon to the commercial real estate market, but it could上海千花网 爱上海同城对对碰 also prove to be quite costly, Cushman Wakefield’s Bob Knakal told Fox Business.

“The question is, what are the trade offs that would allow those cuts to come?” he asked.

Cuts to corporate rates, Knakal said, could spur companies to hire more people, which would drive demand for office space. But he said there are three big items on the table that could negatively impact the commercial real estate industry.

The most consequential, he said, would be if tax reform got rid of real estate owners’ ability to deduct business interest on their debt.

“[It’s] really the round-house punch that could really hurt the industry,” he said. “All businesses, but especially commercial real estate, rely on debt. And if that interest is no longer deductible it could really be negative for commercial real estate.”

Eliminating the 1031 exchange would also prove costly, as 70 percent of investors who sell property in New York City end up purchasing another property within six months to defer their capital gains tax, according to Knakal.

And if depreciation schedules were changed so上海千花网 爱上海同城对对碰 that property owners could expense 100 percent of a building’s cost in the first year, it would “supercharge and overly juice the market to the point where we  may get construction of new buildings that’s unnecessary,” he said.

Knakal said the same thing happened上海龙凤论坛sh1f 上海龙凤论坛 in the early 1980s.

上海贵族宝贝 上海千花网龙凤论坛We had what we used to refer to as ‘see-through’ buildings in the 80s because people built them you could see right through them,” he explained. “There was nobody in them.” [FOX] Rich Bockmann

Tags: bob knakal, taxes
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Lack of space in city cemeteries threatens the “forever home” market

There’s another inventory squeeze going on across the nation, albeit underg上海贵族宝贝论坛 上海贵族宝贝round. Urban cemeteries are filling up and may run out of space in the future, according to Bisnow, which highlighted the difficulties of creating new space to bury the dead in urban centers as baby boomers grow old阿拉爱上海同城 爱上海龙凤419桑拿. According to the report, Arl爱上海同城 爱上海ington National Cemetery is expected to run out of room by 2041. Gene Adamo, vice presiden新上海贵族宝贝论坛 上海贵族宝贝交流区t of the historic Green-Wood Cemetery in Brooklyn, said within the next decade the cemetery may have no more single graves for sale. “上海同城对对碰交友社区 上海夜网论坛Unfortunately, a lot of cemeteries will come to that point,” Adamo told the site. The cost and availability of land in major cities plus a dose of NIMBYism are seen as preventing new cemeteries from being created. [Bisnow]

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Aby Rosen

Aby Rosen sells Tribeca dev site for $56M Neighborhood residents sought to block the developer from building condos in 2014

Aby Rosen and 67 Vestry Street (Credit: Google Maps)

Aby Rosen s RFR Realty has given up on developing condominiums at 67 Vestry Street, opting to sell the site to Elliott Aronson s Iliad Realty Group for $55.5 million, according to property records filed with the city Monday.

Aronson owns multifamily properties in Texas, but has a New York business address of 54 Thompson Street. Neither he nor Rosen were immediately reachable for comment.

In 2014, Rosen received partial demolition permits to pull down the Tribeca warehouse at 67 Vestry and make way for an 11-story condo building, but 爱上海同城手机版 新爱上海同城对对碰论坛the build上海千花网 爱上海同城对对碰ing still stands.

The approximately 61,000-square-foot 67 Vestry contains 24 apartments, 上海千花网龙凤论坛 上海千花社区14 of which are registered as rent stabilized according to the building s most recent爱上海 爱上海同城手机版 tax bill. Many of those tenants are reportedly artists.

Lynn Ellsworth, chair of the nonprofit Tribeca Trust, whose organization sued the Landmarks Preservation Commission over its decision not to include 67 Vestry and more than 200 other properties in a protected Tribeca historic district, said that unresolved litigation would not have prohibited Rosen from going through with construction plans. She said she didn t know why the project never went forward.

I don’t have any insight into billionaire real estate developers brains,” she said, adding that although Tribeca Trust s suit was recently dismissed, the group planned to appeal.

The Property Is Located Just Across The Street from 70 Vestry, the $743.3 million condo project developed by Related Companies and Pont上海千花社区 上海千花网交友e Equities.

Tags: Aby Rosen, Commercial Real Estate, RFR Realty
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London Home Prices

Foreign buyers acquired half of London s high-end homes in the late 2017 Central London homes are selling at about 10% of their asking prices

From back: Edgeware Road; Sadiq Khan, November 2016. (Credit: Danny Robinson; US Embassy London)

In central London sellers are making compromises to the tune of an average of 10 percent off their listing price and foreign buyers are snapping up the deals.

As a result, the amount of foreign buyers is at a five-year high, according to The Financial Times, and can mostly be explained by an influx of buyers from the Middle East. All told, the number of foreign buyers in the London last year accounted for about 30 percent of all buyers and about half of the deals made上海贵族宝贝 上海千花网龙凤论坛 in the上海夜网论坛 上海夜网 sales of high-end homes over the last上海千花网论坛 上海千花网 six months of 2017 had foreign buyers.

The reason for interest from abroad? Prices in the central areas of London are down 5 percent from their 2014 prices and some are down even more. The Times reported some prime central properties are down by 11 percent.

The issue of so much foreign ownership has ruffled feathers in municipal politic上海千花网交友 上海千花网论坛s with mayor Sadiq Khan saying he was going examine what actions the government could take to ensure London residents would get “first dibs” on new homes. [FT] Erin Hud上海贵族宝贝交流区 上海贵族宝贝论坛son

Tags: foreign buyers, London, Residential Real Estate
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Chinese Real Estate Investment

Chinese investment in U.S. senior housing grinds to near halt Chinese investors haven’t made purchase of $2.5M or more since early 2017

CASL Senior Apartments in Chicago (credit: Wikimedia Commons)

Chinese investment in senior housing in the United States has slowed to a trickle following a $1 billion-plus buying spree over the past few years.

Chinese investors haven t made a transaction in U.S. senior housing worth more than $2.5 million since the first quarter爱上海同城对对碰 爱上海同城论坛 of 2017, according to data from Real Capital Analytics cited in Senior Housing News.

Since the beginning of 2014, Chinese新爱上海同城对对碰论坛 上海同城对对碰交友社区 investors bought about $1.4 billion worth of senior housing properties in the U.S.

The Welltower real estate investment trust, which is building a 15-story senior housing faciltity in Midtown with Hines, sold a 75 percent stake in a portfolio of properties in late 2016 to U阿爱上海同城 阿拉爱上海同城nion Life Insurance and Cindat Capital Management for $930 million.

In the first quarter of 2017, Chinese buyers spent $629 million on U.S. senior housing, or roughly 13.4 percent of the market. But as Chinese regulators have clamped down on overseas investing, Chinese purchases in U.S. senior housing have dried up.

John Stasinos, head of Cindat s healthcare group, said there remains intense appetite among Chinese capital providers for U.S. senior housing properties. [SHN] Rich Bockmann

 

Tags: china, Commercial Real Estate, senior housing
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