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Jared Kushner

Kushner holds increasing sway over Trump campaig上海贵族宝贝论坛 上海贵族宝贝n: report Son-in-law and C上海贵族宝贝交流区 上海贵族宝贝论坛EO of Kushner Cos. weighed in on running mates, influences policy

On Tuesday night, Donald Trump gave a speech aimed at reassuring Republicans in the wake of his recent personal attacks on a federal judge. Its content aside, the speech was notable in two ways. In a break from Trump’s improvisational style, he read it off two teleprompters. And it was written in part by his son-in-law, Jared Kushner.

Kushner has taken a bigger role in Trump’s presidential campaign than previously known, according to a report by the Associated Press. The developer and CEO of Kushner Companies, who is married to Trump’s daughter Ivanka, helped select potential running mates and influenced the campaign’s policy, fundraising efforts and data strategy. He even joined an hour-long meting between Trump and House speaker Paul Ryan last month. He also report上海千花网交友 上海千花网论坛edly contacted Henry Kissinger to discuss Trump’s foreign policy.

Predictably, some Trump campaign staffers are unhappy about the developer’s influence, arguing that he lacks the necessary political experience, according to AP. In one instance, a staffer h上海贵族宝贝交流区 上海贵族宝贝论坛ad what he thought was a private phone call with Trump when he suddenly heard Kushner’s voice in the background. Turned out he was on speakerphone, and Kushner was listening in.

The Real Deal reported in March that Kushner s role in the Trump campaign appears to clash with his own and his family s past as supporters of the Democratic party.

Asher Abehsera of development firm LIVWRK, who partnered with Kushner on the Du上海千花社区 上海千花网交友mbo Heights development, said Kushner’s role in the campaign hasn’t had a major impact on his real estate work.  You wouldn t know anything about it even if you interact with him multiple times a day, he told AP. [AP] – Konrad Putzier

Tags: Donald Trump, Jared Kushner
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Treetop Development

Safer bet: Investors turn to residential rental properties Low vacancy rates make for attractive, safe investments

121-129 East 144th Street in Mott Haven (inset: Adam Mermelstein)

Residential rental properties are increasing爱上海同城手机版 新爱上海同城对对碰论坛ly becoming one of the more stable investments in New York City thanks to low vacancy rates and population growth.

Over the past several years, the price of rentals per square foot have risen in just about all the boroughs, the Wall Street Journal reported. The average price in the Bronx rose 51 percent from the second quarter of 2013 to $160 per square foot in the same quarter of this year, according to Cushman Wakefield . During that same time period, prices rose 77 percent in Brooklyn from $209 to $369.

Investors like New 上海龙凤论坛 新上海贵族宝贝论坛Jersey-based Treetop Development are turning to market-rate and affordable apartment buildings, once considered a risky investment. Aspen Companies, an affiliate of Treetop, paid $26.4 million for two Morris Heights properties in July. Earlier this year, Treetop bought two development sites at 121-129 East 144th Street in Mott

The properties Treetop now targets offer limited cash flow but appreciate in value, Treetop principal Adam Mermelstein said to the Journal. The ROI comes during a refinancing or sale, while Aspen s affordable properties ar新爱上海同城对对碰论坛 上海同城对对碰交友社区e lower-priced but bring steadier earnings.

“One of the more tangible trends is the shift of folks getting out of their comfort zone as to what they would normally buy, whether it’s buying the same type [of investment property] in a different geographic location新爱上海同城对对碰论坛 上海同城对对碰交友社区 or a different product type all together,” Bob Knakal, chairman of New York investment sales at Cushman Wakefield, told the newspaper. [WSJ] — Kathryn Brenzel 

Tags: Rental Market, treetop development
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JPMorgan Construction Lending

What bubble? JPMorgan’s CMBS desk doubles down on construction lending Expansion comes as bank’s commercial division grows caut上海千花网论坛 上海千花网ious

From top: Renderings of American Dream and the Manhattan Hotel at Times Square (Credit: Triple Five and Manhattan Hotel at Times Square Hotel)

JPMorgan’s CMBS trading desk quietly emerged as a major construction lender in G爱上海 爱上海同城手机版reater New York, taking a lead爱上海同城 爱上海ing role in at least $2.7 billion in loans in recent years.

The incr上海龙凤论坛 新上海贵族宝贝论坛eased lending activity by the bond group comes as the bank’s commercial banking unit, which usually issues construction loans, is growing more cautious on riskier real estate financing.

JPMorgan’s investment bank is the lead lender on a $1.5 billion construction financing for the American Dream mall in New Jersey, Bloomberg reports. It also issued a $500 million loan in partnership with Oaktree Capital to HFZ Capital to fund the condo conversion of four rental properties. JPMorgan s CMBS desk also lent $505 million for the Times Square Hotel project.

“They are very careful and conservative in the risks that they are willing to take,” said Peter Sotoloff, of Mack Real Estate Credit, which provided the mezzanine financing for the Times Square Hotel, told Bloomberg.

CMBS lenders don’t normally issue construction loans because they are hard to package into bonds. That helps explain why JPMorgan’s real estate bond trading desk isn’t actually turning its construction loans into bonds, but rather keeps 10 to 40 percent of their value on its books and sells off the rest directly to investors.

“Non-CMBS loans make up a small fraction of our business, but if a阿拉爱上海同城 爱上海龙凤419桑拿n opportunity comes along where we can help finance a project for a client in a smart and thoughtful way, we’re going to do it,” a JPMorgan spokesperson told Bloomberg.

The investment bank’s new focus on construction lending comes as commercial banks increasingly pull out of the market amid fears of oversupply, particularly in the hotel and condo markets. [Bloomberg] Konrad Putzier

Tags: american dream, cmbs, JPMorgan Chase
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One Journal Square

Kushner to lose $6.5M Jersey City tax break following WeWork departure Co-working company ditched One Journal Square

Laurent Morali and rendering of One Journal Square

Kushner Companies is about to lose a $6.5 million tax break for its Jersey City development One Journal Square after WeWork ditched the project.

The co-working company had originally signed 上海千花网交友 上海千花网论坛on as an anchor tenant and 50-50 partner for the tower but later changed its mind and subsequent上海龙凤论坛sh1f 上海龙凤论坛ly missed a deadline to renew its tax credit, WNYC reported. “By not submitting the required documents or requesting an extension by the deadline, the company did not meet the terms of its approval,” a New Jersey Economic Development Authority spokesperson told the r爱上海同城手机版 新爱上海同城对对碰论坛adio station.

It’s far from certain whether a potential replacement anchor tenant would get the tax break, which is tied to job creation.

Jersey City’s mayor Steven Fulop earlier said he plans to block another, 30-year tax abatement for the project.

Last month, Kushner executive and Jared s sister Nicole Kushner Meyer flew to China to raise funds for the project from EB-5 investors, which turned into a public relations nightmare for the company because a presentation reporte阿拉爱上海同城 爱上海龙凤419桑拿dly showed a photo of President Trump and noted Jared s White House ties.

“We re fully confident that we will receive all approvals required to build One Journal Square in a neighborhood sorely in need of a revitalizing project like ours, providing nearly 4,000 union construction jobs, a memorial plaza and $180 million in tax revenue for Jersey City over the next 30 years, a Kushner spokesperson told WNYC. [WNYC] Konrad Putzier 

Tags: Development, kushner companies, one journal square, Real Estate Finance, wework
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Norwalk looks to lure millennials with trendy NYC

Real estate agents are looking to ent爱上海龙凤419桑拿 上海龙凤论坛sh1fice young professionals with New York City-inspired exposed brick and high ceilings in the SoNo lofts in Norwalk. Over a half-dozen lofts on the town’s main drag at the 83 Washington Street have hit the market, aski上海贵族宝贝 上海千花网龙凤论坛ng as much as $300,000. A one-bed unit with 909 square feet of space is asking $229,000. The lofts offer updated kitchens and short walks from re爱上海同城对对碰 爱上海同城论坛staurants, retail and the train station.  [The Hour]

Tags: W爱上海同城对对碰 爱上海同城论坛estchester Fairfield
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Keith Rubenstein

Police: Wannabe squatter tried to break into Keit新上海贵族宝贝论坛 上海贵族宝贝交流区h Rubenstein’s mansion Suspected burglar allegedly 新上海贵族宝贝论坛 上海贵族宝贝交流区hired a locksmith to help him squat in Rubenstein’s townhouse
We are having som新上海贵族宝贝论坛 上海贵族宝贝交流区e technical difficulties. 阿拉爱上海同城 爱上海龙凤419桑拿Try again later.

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Fannie Mae

Fannie Mae hopes to shed mor上海夜网论坛 上海夜网e than $1 billion of delinquent loans Sale includes three large loan pools and two Community Impact Pools

Single family homes

Fannie Mae is planning to sell off more上海千花网交友 上海千花网论坛 than $1 billion worth of loans that are not performing.

The sale includes three larger pools of loans and two Community Impact Pools, which are generally smaller, focused on geography and geared toward smaller investors, according to HousingWire.

The three larger pools include about 5,900 loans worth roughly $1 billion,爱上海同城 爱上海 and the Community Impact Pools include about 190 loans worth roughly $36 million.

Fannie Mae has said the terms of the sale will require buyers to pursue strategies for loss mitigation, and in the case of foreclosures, the loan owners have to market the properties to nonprofits and owner-occupants before investors.

Bids on the Community Impact Pools are due on March 20, and bids on the larger pools are due on March 6.

Hedge funds in Fannie and Freddie Mac are awaiting Congress decision on a draft bill that would put the mortgage c爱上海 爱上海同城手机版ompanies into receivership and force them t爱上海同城对对碰 爱上海同城论坛o sell their assets, which has led to questions as to how the firms shareholders would get compensated. [HousingWire] – Eddie Small

Tags: fannie mae, Residential Real Estate
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Brett Jordan

Broker who married wealthy mogul at center of dispute over hubby s will Brett Jordan wed Edward Bazinet months before his death in “secret” ceremony, court papers claim

Brett Jordan

A residential broker who married an older, wealthy knickknack mogul just 10 months before he died is at the center of a battle over a $32 million inheritance.

Brett Jordan, whose Linkedin page shows he works at Bond New York, married Christmas-ceramics millionaire Edward Bazinet in a secret civil ceremony in November 2017, the New York Post reported. That was just 10 months before Bazinet passed away due to a protracted illness.

But Bazinet s family claims Jordan targeted his older beau, and afterward the mogul became increasingly isolated from the family and then suddenly transformed his decades-old estate plan to shift the large part of his fortune to Jordan, Bazinet s sister claimed in court papers.

Jordan 上海千花网交友 上海千花网论坛claims he met Bazinet on the street one day in 2014 and the two connected over their shared interests in art and Broadway.

He became the broker for Bazinet s $24 million, 19-room penthouse at 60 Warren Street, which had been damaged on 9/11. Jordan then collected commissions on a quick succession of high-priced real estate deals including Bazinet s purchase of a $15 million condo at 100 Barclay Street.

Bazinet initially left Jordan $500,000 in his will, but then later expanded his share to include money, art and property, according爱上海同城手机版 新爱上海同城对对碰论坛 to the post.

The ailing mogul s sister moved him from New York in the middle of the night to a hospital in Minneapolis, where on his deathbed he allegedly signed papers revoking the changes to his will.

Jordan moved Bazinet back to New York just a month before his death, according to court papers.
I cared for him because he was my husband and I loved him, Jordan asserted 上海同城对对碰交友社区 上海夜网论坛in court papers. [NYP] Rich Bockmann

 

Tags: 100 Barclay Street, Resident新上海贵族宝贝论坛 上海贵族宝贝交流区ial Rea爱上海 爱上海同城手机版l Estate
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Larry Silverstein

How Larry Silverstein hustled to rebuild the World Trade Center “Power at Ground Zero” details dynamics of WTC redevelopment

In July 2001, Larry Silverstein posed with a giant set of ceremonial keys to the World Trade Center — an iconic commercial complex that he’d long coveted and which hadn t seemed within the reach of his small, family-run development firm. Just two months later, he was instead picking up the pieces at a site devastated by the worst terrorist attack in the nation’s history.

Silverstein moved quickly on what he saw as his “right and obligation” to rebuild all 16 acres of the World Trade Center site, a stance that often put him at odds with the various public agencies and officials involved with the redevelopment efforts. Lynne Sagalyn’s new book, “Power at Ground Zero,” recounts how plans for the site took shape –a winding road plagued by distrust between the redevelopment’s players and competing ambitions.

Sagalyn, who formerly headed Columbia University’s real estate program, paints Silverstein as an old-school developer, whose public persona oscillated dramatically during the decade-plus of rebuilding. In her telling, Silverstein was someone who sincerely wanted to rebuild Ground Zero as a lifelong New Yorker, a patriarch whose own employees died in the attacks. At the same time, she portrays him as a shrewd, opportunity-seeking businessman who maintained a “laser focus on the bottom line” during the entire rebuilding process.

“That sincere intent … did not change the developer’s deeply preconditioned approach to evaluating the risks of rebuilding from a business-as-usual perspective,” Sagalyn writes. “His interest was hard-wired to making money.”

Following the Sept. 11 attacks, Silverstein was singularly focused on rebuilding the full 10 million square feet of office space on the site, even as the city pushed to scale down the commercial portion of project. Mayor Michael Bloomberg and Deputy Mayor Daniel Doctoroff wanted 7 percent — or 700,000 square feet of space — to be set aside as residential in Towers 3 and 4 in order to speed up the construction timeline. The city also wanted to relieve Silverstein of his rebuilding responsibilities, often expressing doubt about his financial ability to follow through on the project.

The Port Authority of New York and New Jersey initially wanted Silverstein to go ahead with One World Trade Center and relinquish development rights to towers 2, 3 and 4, the most valuable of the properties from a real estate perspective. When Anthony Coscia, New Jersey s appointed chair, told the developer in 2005 that they wanted to divide up the redevelopment work, Silverstein reportedly told him, “You’re a very nice young man and you probably have good thing in your future, but you’re very naïve. Have a nice day.”

Ultimately, Silverstein would keep the rights to 2, 3 and 4, and the Durst Organization would go on to develop the so-called Freedom Tower at 1 WTC. It s been a struggle for Silverstein: In June 2[……]

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NYC Luxury Listings

Sales slump: nearly 85% of luxury listings trade at a discount The median price cut in Q3 was $500K

Aalto57 at 1065 2nd Avenue

The downturn hasn爱上海同城手机版 新爱上海同城对对碰论坛’t been kind to the luxury market. And there’s new data to put it into perspective: 84 percent of high-end homes have sold at a discount.

The sales number account for the first three quarters of the year, the New York Times reported citing data from StreetEasy. The figure is up from 65 percent during the boom in 2015. The median price cut was unchanged at $500,000.

The trend is part of a broader sales slowdown. In the third quarter, residential sales in Manhattan fell 11.3 percent over the same period last year. That was the fourth consecutive quarter of declines. At the sa上海贵族宝贝论坛 上海贵族宝贝me time, the median sales price slid 4.5 percent to $1.1 million.

In light of the shift, brokers and developers have been offering more concessions and have had to get creativ爱上海同城 爱上海e, the report said. At Aalto57, a luxury rental tower in Sutton Place, residents can attend a yoga class in a luxury three-bedroom apartment. The class was hosted by startup hOM, which holds pop-up fitness classes in unoccupied office and apartment spaces. The apartment was listed in November for $12,589 a month, and is offering two months of free rent.

Meanwhile, the Durst Organization started handling requests from movie and TV producers to film in its buildings about five years ago, the report said. The company said it has brought in “well north of seven figures a year” through the deals. A representative for Durst stressed it s just another revenue stream for the company.

The varied approaches are all a boost to business in what’s been a buye阿爱上海同城 阿拉爱上海同城r’s market — marked by price cuts, discounts and more days on market.

“It’s very hard to tell an owner who wants $8.5 million that it’s worth $6 million,” said Douglas Elliman’s Frances Katzen. “They don’t want to hear it, and they usually end up firing the agent.” [NYT] — Meenal Vamburkar

Tags: Residential Real Estate
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