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Two Trees

Yeah, brah: Two Trees puts in its claim for coolest office amenity with indoor skate park Company is looking for a creative tenant to anchor the Domino Sugar Factory d阿爱上海同城 阿拉爱上海同城evelopment

Renderings of the Domino Sugar factory campus (credit: Two Trees)

Ping pong tables and kegs? So 2013! Jed Walentas of Two Trees Management is wooing prospective tenants for the revamped Domino Sugar Refinery with the possibility of an indoor skate park (!) and customizable interiors designed by Beyer Blinder Belle.

Back in May, Walentas said he wa爱上海龙凤419桑拿 上海龙凤论坛sh1fs looking for looking for “creative” companies to anchor the 380,000-square-foot office portion of the Domino campus. “Our process is to go to 100 of those companies and try to get somebody interested,” he told the New York Post.

The development firm put together a marketing book, designed by Sagmeister Walsh, featuring interiors by the architects of Beyer Blinder Belle, which the prospective creative and innovative tenants customize to their hearts’ content, according to Curbed, which got its hands on the book.

Rendering ofhe Domino Sugar Factory office space (credit: Two Trees)

The interiors can include floor-to-ceiling windows with Manhattan views, open floor plans, and incorporate elements from the building’s previous life, such as exposed brick walls with half-rounded windows, industrial beams, and original ceilings. There’s also the possibility of an indoor skate park, surrounded by floating yellow-windowed pods, the renderings show.

The red-brick facade of the Domino Sugar Refinery however is uncustomizable, because the exterior of the factory is landmarked, a fact that is undoubtedly a selling-point to creative companies considering an office in Williamsburg.

According to Two Trees’ glossy book, the outdoors will include four terraces totaling 3上海千花网龙凤论坛 上海千花社区4,000 square feet, an open plaza at the front of the building, and access to an enormous waterfront park and new ferry landing.

The office building is one part of the 3 million-square-foot Domino Sug爱上海 爱上海同城手机版ar Plant complex being redeveloped by Two Trees. When complete, the mixed-use five-building campus will include about 2,300 apartments and about 500,000 square feet of commercial space.  [Curbed] Chava Gour上海贵族宝贝交流区 上海贵族宝贝论坛arie

Tags: Domino Sugar factory, Two Trees Management
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RFR Realty

RFR lands $245M in financing for 285 Madison Goldman Sachs, Aareal Capital provided the loan package

285 Madison Avenue and Aby Rosen

Aby Rosen s RFR Realty has landed $245 million in l爱上海 爱上海同城手机版oans for a Midtown office building it took over earlier this year.

Goldman Sachs and Aareal Capital Corporation provided a $200 million mortgage loan to replace previous outstanding loans of $148.3 million at 285 Madison Avenue, records filed with the city on Wednesday show. The lenders also supplied $45 million in construction loans to replace previous funding.

RFR上海千花网论坛 上海千花网 paid $334.1 million to buy its partners — GreenOak Real Estate, East End Capital and Downtown Properties — out of their combined 85 percent stake in the building. Two months after the deal was announced, sources told The Real Deal that Tommy Hilfiger planned to move his company headquarters to the Madison Avenue building. At last check, the company was in late-stage negotiations to take 150,000 square feet in the building. Asking rents at the property range fro上海夜网 阿爱上海同城m the $60s to $80上海夜网 阿爱上海同城s per square foot.

In May, GE Capital and Misys inked leases at the building. GE took 43,000 square feet, and Misys agreed to lease 23,000 square feet.

Tags: 285 madison avenue, Aby Rosen, RFR Realty
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NYC Building Renovations

A building boom, on the inside Construction applications for building renovations and alterations are…through the roof

(Credit: Getty Images)

You see the cranes, but you probably don t see the guys doing the drywall.

Money spent doing construction work on existing buildings rose for the third consecutive year in 2016, according to an analysis of Dodge Data Analytics numbers by the New York Building Congress.

Total spending hit $9.3 billion across 5,641 construction projects, according to the reported costs on permits issued by New York City s Department of Buildings. The split between Manhattan and the out新爱上海同城对对碰论坛 上海同城对对碰交友社区er boroughs on the permit activity was 70-30, Politico reported.

The repo上海千花网 爱上海同城对对碰rt noted that 46 percent of the construction activity came from commercial property owners, with office buildings accounting for approximately one-third of all interior work permits over the last six years. Institutional work, such as for schools and hospitals, was the second most prominent in the data.

It wasn t long ago that more modest annual sums of $5.5 billion for alteration construction were the no上海贵族宝贝 上海千花网龙凤论坛rm — that was the average between 2011 and 2013. But for 2014 through 2016, the average ballooned to $9 billion in projected spending.

Interior construction work is the unsung hero of the current building boom, New York Building Congress president Carlo Scissura said in a statement. While all eyes are understandably focused on the brand new office and residential towers that are piercing the New York City skyline, an extraordinary amount of important construction work is occurring, largely under the radar, throughout the five boroughs.

Scissura attributed the spending increases to heightened market competition and a need to comply with new environmental standards among other factors.
The Real Deal recently ranked the architecture firms with the most renovation work on interiors in New York. [Politico] — Will Parker

(To view a selection of largest permits issued in Manhattan, click here)

Tags: Architecture and Design, Commercial Real Estate, construction permits, N上海夜网论坛 上海夜网ew York Building Congress, renovations
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Retail Vacancy Rates

US retail vacancies stay flat in Q3 amid rampant store closures Those rates at shopping centers rose in 34 of 77 metro areas

Fifth Avenue retail (Credit: Getty Images)

Maybe retail isn’t screwed after all, or at least not getting much worse.

A n爱上海同城对对碰 爱上海同城论坛ew report from the real estate research firm Reis Inc. shows that the overall retail vacancy rate between the second and third quarter stayed flat at 10 percent, while asking rents went up by 0.4 percent, according to the Wall Street Journal. Additionally, while shopping center vacancy rates went up in 34 of 77 metro areas during the third quarter, this was a better showing than the second quarter, when vacancy rates went up in 39 areas.

Vacancies did rise slightly in regional malls, going up from 8.1 percent in the second quarter to 8.3 percent in the t上海龙凤论坛sh1f 上海龙凤论坛hird quarter, but remained lower than 2011’s record vacancy rate of 9.4 percent.

Retail has faced many well-publicized problems over the years, but expanding restaurants, grocery stores and fitness centers a上海千花网龙凤论坛 上海千花社区re helping the industry deal with issues like an oversupply of stores and the emergence of上海千花网 爱上海同城对对碰 e-commerce. Discount stores like Dollar General and Dollar Tree also plan to open about 2,000 new stores this year. [WSJ] – Eddie Small

Tags: Commercial爱上海同城对对碰 爱上海同城论坛 Real Estate, NYC Retail Market
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Greenpoint Landing

Brookfield, Park Tower land $137M in financing for Greenpoint Landing tower Bank of Nova Scotia finances 373-unit resi building

37 Blue Slip (credit: CityRealty)

Brookfield Property Partners locked down $137 million in financing from the Bank of Nova Scotia for one of the apartment towers it’s deve上海千花社区 上海千花网交友l爱上海龙凤419桑拿 上海龙凤论坛sh1foping at the massive Greenpoint Landing project in Brooklyn with the Park Tower Group.

The Canadian lender provided the financing for 37 Commercial Street (a爱上海同城对对碰 爱上海同城论坛lso known as 37 Blue Slip), where the developers are building a 30-story, 373-unit residential tower spanning nearly 300,000 square feet, property re爱上海龙凤419桑拿 上海龙凤论坛sh1fcords filed with the city Wednesday show.

The Bank of Nova Scotia also assumed a $32.88 million piece of the $75 million the Industrial and Commercial Bank of China provided the developers when Brookfield partnered with Park Tower on the site in 2015. The tower, the first market-rate building in the 11-building complex, topped out last month.

A representative for Brookfield was not immediately available for comment.

Greenpoint Landing Associates bought the site at the mouth of Newtown Creek separating Greenpoint from Long Island City in 2005 for $44 million, property records show.

The Greenpoint Landing megaproject covers 22 acres and, when complete, will have 5,500 residential units spread across 11 buildings. L+M Development Partners is developing the megaproject s three上海千花网交友 上海千花网论坛 affordable housing buildings, located at 5 Blue Slip, 21 Commercial Street and 33 Eagle Street.

Tags: Brookfield Property Partners, Commercial Real Estate, greenpoint landing
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Kushner Companies

SEC investigating Kushner Companies use of the EB-5 program The embattled One Journal Square project is back in the spotlight

Jared Kushner with the U.S. Securities and Exchange Commission h爱上海同城论坛 爱上海同城eadquarters in the background. (Credit: DoD Photo by Navy Petty Officer 2nd Class Dominique A. Pineiro, left; AgnosticPreachersKid/Wikimedia Commons)

The global kerfuffle sparked last year when Kushner Companies principal Nicole Kushner Meyer mentioned her brother Jared during a pitch to investors appears to have triggered an investigation from 上海龙凤论坛 新上海贵族宝贝论坛the Securities and Exchange Commission.

The Wall Street Journal reports Kushner Companies received a subpoena in May 2017 asking for information on how the company uses the EB-5 program, the so-called crack cocaine of real estate financing, which gives green cards to foreign investors who commit a minimum of $500,000 to American businesses.

Though the spec上海千花网龙凤论坛 上海千花社区ifics of the SEC s subpoena are still unknown, it was issued the same month as a different subpoena, filed by federal prosecutors from the U.S. attorney’s office in Brooklyn, asking the company for information related to projects using funding generated from the EB-5 program. According to the Journal, the two offices are collaborating.

The nature of the federal prosecutors subpoena includes email correspondence for One Journal Square, the embattled $1 billion pair of towers Meyer was fundraising for in Shanghai when her infamous misstep last spring occurred.

Meyer s pitch was part of a marketing campaign in Beijing and Shanghai with the goal of raising $150 million from Chinese investors who make up the majority of EB-5 visa recipients for the company s One Journal Square project in New Jersey. In addition to Meyer s controversial presentation, the campaign s local organizer, QWOS Group, also known as Qiaowai, came under fire for allegedly misrepresenting the program and the group s ties to the Trump administration.

In response to confirmation of the probe, Kushner Companies recycled a previous statement to the press, originally issued to the Journal in 阿拉爱上海同城 爱上海龙凤419桑拿response to the subpoena from the Brooklyn 阿爱上海同城 阿拉爱上海同城office, denying wrong-doing and cooperation with the legal requests.

Jared Kushner was in charge of Kushner Companies until last year when he was named White House Advisor and subsequently resigned, selling most but not all of his stakes in the business.

[WSJ] Erin Hudson

Tags: Jared Kushner, one journal square, Politics
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Manhattan Office Leasing 2018

Manhattan office leasing down 18% in February: Colliers Leasing activity is off by nearly 22% through the first two months of 2018

Adam Neumann with 18 West 18th Street and 4 Times Square with Adena Friedman and the Nasdaq trading floor (Credit: Flickr and Nasdaq)

Manhattan office leasing continued its slow start to the year, with demand in February down more than 18 percent from a year earlier. Two months into 2018, leasing activity is trending downward at a time when the pipeline is flush with new supply.

The market recorded 2.57 million square feet worth of new leases and renewals in February, according to Colli爱上海 爱上海同城手机版ers International. That was down 18.3 percent from February last year, and continued the year-over-year decline recorded in January.

For the first two上海千花社区 上海千花网交友 months of 2018, leasing activity stood at 5.54 million square feet, down 21.6 percent from the same time period last year.

February activity slowed, in part, because there were fewer bigger deals than there were a year earlier.

The lack of any such large leases impacted last month’s numbers, said Franklin Wallach, managing director of Colliers’ research group. “Comparatively, in February 2017, three leases closed over a quarter of a million square feet.

February 2017’s banner deals include the Royal Bank of Canada’s renewal for more than 400,000 square feet at Brookfield Place and Spotify’s nearly 380,000-square-foot lease at 4 World Trade Center. Kramer Levin Naftalis Frankel renewed 265,00新爱上海同城对对碰论坛 上海同城对对碰交友社区0 square feet at 1177 Sixth Avenue and Tommy Hilfiger inked a deal for more than 200,000 square feet at 285 Madison Avenue.

But this February there were fewer larger deals. The largest was WeWork’s 167,000-square-foot lease at 18 West 18th Street.

Manhattan’s availability rate in February ticked up to 10.4 percent – its highest point since November 2016. Absorption was negative 1.21 million square feet. Manhattan’s average asking rent dropped .7 percent to $74.19 per square foot.

Craig Caggiano, executive director for Colliers tri-state region, did note that the brokerage is tracking several deals over 250,000 square feet anticipated to close in the coming 上海千花网论坛 上海千花网months.

“Additionally, JP Morgan Chase’s deal at 390 Madison will be reflected in March’s leasing a上海同城对对碰交友社区 上海夜网论坛ctivity,” he said.

Tags: Colliers International, Commercial Real Estate, Manhattan Office Market
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German Tech Startup Hubs

Hamburg and Berlin compete for claim to be Germany s tech hub, startup haven The city perhaps best known as The Beatle’s training stage is trying on a new look for size.

From left: Hamburg, Berlin. (Credit: Pixabay)

As European cities try to attract an expected post-Brexit wave of companies moving out of London, Hamburg is looking better and better.

With major tech companies like Google and Facebook already setting up shop in the G爱上海同城论坛 爱上海同城erman city, Hamburg s mix of industry as a port city and financial center gives it a broad appeal, acc上海同城对对碰交友社区 上海夜网论坛ording to the Financial Times. Among other companies based in the city are Siemens and Airbus.

上海贵族宝贝 上海千花网龙凤论坛

Last year, Hamburg-based startups raised €230 million in funding, as compared to €128 million in 2016, and, according to a recent study, the city now officially has more entrepreneurs per capita than Berlin. [FT] Erin Hudson

Tags: brexit, Commercial Real Estate, office market
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Boaz Gilad

Brooklyn’s most active developer takes tumble in Israel Brookland’s bonds dove 15 percent in two days, then slightly recovered

Boaz Gilad and 447-449 Decatur Street in Brooklyn (Credit: Boaz Gilad photographed by Axel Dupeux and Brookland Capital)

Boaz Gilad’s Brookland Capital had a rough week in Tel Av爱上海同城对对碰 爱上海同城论坛iv.

Over the course of two days, the company’s bonds on the Tel Aviv Stock Exchange lost 15 爱上海同城 爱上海percent of their value, tanking into junk-bond territory. The price fell on Monday, nosedived on Tuesday, before recovering and ending the week with a loss of 8.6 percent.

It s the cost of being a public company and has nothing to do with the strength of our company, Gilad told The Real Deal in an email.

Brookland is the most active de爱上海同城论坛 爱上海同城veloper in Brooklyn at the moment, according to an analysis by TRD, with 37 projects throughout the borough in various stages of development.

During an investor meeting on Wednesday, Gilad said the company had “no idea what caused this crazy change.”

Though it wasn’t immediately clear what had triggered the selloff, a report from consulting firm Giza Singer Even that circulated among financial firms may have been the cause.

According to the Giza report, Brookland owes a total of $45 million in bond payments between now and 2021, but is expecting $44 million in p上海千花网论坛 上海千花网rofit.

“In our opinion, if there’s no improvement in the rate [of development] and/or sale prices, the expected profits from existing projects won’t be sufficien上海夜网 阿爱上海同城t to repay its full liabilities,” the report said. Part of the criticism was that much of Brookland’s expected profits are based on promote agreements, which only kick in if and when profits are high enough.

Gilad explained on the call that the $44 million calculation is incorrect. “They completely forgot to count the collateral on the bonds, and the company’s capital,” he said. “They ignored a very, very significant part.”

Another explanation is that there was some speculation on the bond, since the fall began with one large transaction. “We suspect someone speculated on our bonds, and used the last report to short,” Gilad said in the email to TRD.

Brookland’s bond had been trending downwards since last month, when Israeli rating agency Maalot downgraded the bond one notch from BBB+ to BBB stable because of low leverage. In an investor call, Gilad explained that 2017 was a slow year as most of the projects are due for completion in 2018.

In addition, the bonds of American real estate companies have begun to lose their luster. Since the beginning of the year, the Tel Bond Global, which tracks over 20 foreign companies on the Tel Aviv Stock Exchange, fell by 4 percent.

Tags: Brookland Capital, Real Estate Finance
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Recreational marijuana

California cannabis retail stuck in the weeds First-year sales far below original projections

(Credit: iStock)

It turns out not all Californians are high on the idea of cannabis shops opening in their neighborhood.

After voters approved Proposition 64, proponents projected thousands of storefronts and farms would be licensed, and that cannabis would eventually rival California’s $7-billion wine industry. But the Los Angeles Times reported that first year sales show the market hasn’t performed as well as retailers had hoped. Prop 64 legalized recreational use of pot for adults, and established sales and cultivation taxes.

Officials estimated there would be 6,000 licensed shops in the first few years. But the state has issued licenses for just 547 so far, and officials expect only $471 million in tax revenue – far less than the $630 million projected by Governor Jerry Brown. The state also issued 2,160 cultivation lic新上海贵族宝贝论坛 上海贵族宝贝交流区enses after hoping to see at least 5,000 commercial growers阿拉爱上海同城 爱上海龙凤419桑拿 licensed this year.

Only a few cities like Wes新上海贵族宝贝论坛 上海贵族宝贝交流区t Hollywood are approving dozens of licenses. Business owners say they’ve been bogged down by regulations, high taxes, mounting court cha上海同城对对碰交友社区 上海夜网论坛llenges, and cities choosing to ban cannabis shops. Of L.A. County’s 88 cities, 82 prohibit retail sale of marijuana, along with more than 80 percent of all cities throughout California.

Legislators hope to ease the tax burden this year. They expect many municipal leaders are waiting to see how the market plays out in places like Los Angeles, which has been a boon for landlords.

And more is on the way. For example, Santa Monica-based development firm Bow West Capital will open its Green Street Building, which will be occupied exclusively by businesses in the cannabis industry – the largest such building in the country. [LAT] — Gregory Cornfield

Tags: cannabis retail, Commercial Real Estate, marijuana real estate
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