Maine Weekenders

Is Maine the new Montauk? New hotels, buses and flights are上海夜网 阿爱上海同城 steering New Yorkers to Maine

The Portland waterfront

Fed up with the DJs and the party people, dedicated weekenders are heading to Maine.

Demand for weekened accommodation in Maine’s coastal towns has led to the debuts of at least a dozen hotels in the past two years alone, according to Bloomberg.

Those mourning the loss of Montauk’s sleepy inns and old fashioned attitude are now getting their fix in New England.

“People joke that there’s an underground railway from Brooklyn to Portland,” Dawn Hagin, the chief inspiration officer of Lark Hotels, a boutique hotelier that owns and operates the year-old Whitehall in Camden, told Bloomberg.

New flights on nearly every major carrier have made Maine as convenient as the Hamptons. And a new “first class” bus line run by Concord Coach Lines with service from New York爱上海同城论坛 爱上海同城 acts as an alternative to the Hampton Jitney.

“The Hamptons are packed, the Jersey Shore is packed, the Cape is packed,” Chebeague’s Prentice, a onetime N上海千花网龙凤论坛 上海千花社区ew Yorker, told Bloomberg. “So people are migrating up.” [Bloomberg] –Christopher Cameron

Tags: montauk
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NYC Affordable Housing

City says it has financed near新爱上海同城对对碰论坛 上海同城对对碰交友社区ly 53K affordable housing units But expiration of 上海龙凤论坛 新上海贵族宝贝论坛421a threatens further progress

Stuyvesant Town-Peter Cooper Village and Alicia Glen

The city has financed the creation and preservation of nearly 53,000 units of low- to moderate-income housing since Mayor Bill de Blasio took office, officials announced on Monday.

The numbers put the mayor on track to meet his goal of creating 80,000 new affor上海贵族宝贝 上海千花网龙凤论坛dable housing units and preserving 120,000 by 2024, but the expiration of the 421a tax abatement program threatens to put a damper on his progress, Politico reported.

Developers and city officials have bemoaned the tax break s absence, with some even saying that Mandatory Inclusionary Housing isn t effective without it.

Of the units financed, 17上海贵族宝贝交流区 上海贵族宝贝论坛,341 will be new construction, while the remaining 35,595 units existing apartments that were preserved. The numbers were helped by the preservation of 5,000 units at Stuyvesant Town, purchased by Blackstone Group and Ivanhoe Cambridge for $5.3 billion, as well as the flood of new building permits that were filed just before 421a lapsed in January.

It s not clear how many of the 爱上海龙凤419桑拿 上海龙凤论坛sh1fnew units were created through 421a, but permit activity has already slowed since the program expired. In March, one-third of the 13,929 units financed at the time received the subsidy. [Politico] — Kathryn Brenzel

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Mezzanine Lending Real Estate

“It’s like 上海千花网 爱上海同城对对碰jungle animals surrounding a dead animal”: Inside the world of mezz debt The more lenders that get into the mix, the more complicated it gets

Previous rendering 上海夜网 阿爱上海同城of 3 Sutton Place

A mezzanine lender can be a developer’s knight in shining armor, pumping additional money into a project when the senior loan won’t quite cover costs, and when a developer is unable or unwilling to put in more equity.

But the mezz lender can also be a Trojan Horse, with the power to initiate foreclosure proceedings and take over the project if a borrower defaults. It’s one of the reasons that more and more deep-p上海千花网 爱上海同城对对碰ocketed developers are getting into the mezzanine lending game: If the borrower is in good standing, they make a decent payday from the yields. But if the borrower can’t keep up, the lender gets control of a valuable property on the cheap.

“I will almost guarantee you any developer that is making mezz loans is eyeing that [property],” Mark Fogel, CEO of Acres Capital, a bridge and mezzanine lender, told Commercial Observer.

But for a senior lender, having a mezzanine lender with development experience in the mix can be a good thing.

“We are brought deals from mezzanine investors, who say ‘look, we think this deal will be fine, we know the market, we know the asset, and if anyth上海千花网龙凤论坛 上海千花社区ing goes wrong, we’上海夜网 阿爱上海同城re the owners, ” Citigroup Global Markets’ Marcus Giancaterino said in September. “They may actually be our customer, and the borrower will not.”

But mezz lending isn’t for amateurs. It can create hairy situations in which the mezz lender is bleeding money while a property dispute is being worked out. At Two Herald Square, for example, the Paramount Group, which holds the mezz debt on the leasehold, is paying up to $100,000 a day while the family-run firm Sitt Asset Management, which owns the building, dukes it out in court, according to CO.

The more mezz lenders in the mix, the more complicated things get. “There’s a lot of strategizing as to how to move forward with these things,” real estate attorney Stuart Saft told CO. “It’s like jungle animals surrounding a dead animal.” [CO] Hiten Samtani

Tags: Development, lending, Real Estate Finance
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Airbnb Apartments

First Airbnb-branded apartments coming to the US Miami-based Newgard will open the Airbnb rental building next year

Photo illustration (Credit: Airbnb, Getty)

If you can’t beat them, join them?

Miami-based Newgard Development Group is partnering with Airbnb on the first Airbnb-branded apartment building in the U.S., according to Bloomberg. The move comes as the short-term rental giant tries to woo developers and property managers to allow Airbnb rentals.

The 324-unit building, which will be built just outside of Orlando in Kissimmee, will feature hotel-like amenities and encourage tenants to sublease their spaces online, Bloomberg reported. Niido Powered by Airbnb, slated to open in the first quarter of next year, will also have keyless entry and on-demand concierge services via an app. Tenants will be allowed to rent their units on Airbnb for up to 180 nights a year.

The partnership plans on bringing the concept to other cities in the Sou爱上海同城 爱上海th上海千花网论坛 上海千花网eastern U.S., and plans to announce a Miami buildi上海千花网论坛 上海千花网ng early next year, according to a spokesperson. Niido is currently working on development and acquisition opportunities in Miami-Dade.

Airbnb’s critics, who include landlords and hoteliers, say the platform increases housing costs and breaks zoning rules. By partnering with a developer, it hopes to legitimize the site among landlords and developers. “We’re trying to make sure that home-sharing is not done in the shadows,” JaJa Jackson, a director of global partnerships at Airbnb, told Bloomberg.

San Francisco-based Airbnb launched a profit-sharing agreement last year to provide property management companies a share of the hosts’ revenue.

Newgard, led by president and CEO Harvey Hernandez, has targeted users of the sharing economy before. The developer delivered the parking space-less Centro, a condo building in downtown Miami, last year. [Bloomberg] – Katherine Kallergis

Tags: Airbnb, Residential Real Estate, short term rentals One of Karl Lagerfeld’s final works, a luxury apartment tower, is risi…Comerica Bank turned “blind eye” to Woodbridge’s $1B Ponzi scheme: law…Judge rules Beckham group can knock down Fort Lauderdale stadiumSoftBank’s hard drive: A by-上海贵族宝贝 上海千花网龙凤论坛the-numbers look at Masayoshi Son’s invest…
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Retail complex in Westport sold for $28M

CapFor Westport, managed by Forstone Capital in Darien, 上海夜网 阿爱上海同城sold the three-building retail complex on the Post Road in Westport for $28 million. The buyer is AP 1365 Post Road East Westport, an LLC b新上海贵族宝贝论坛 上海贵族宝贝交流区ased in Charlotte, North Carolina. Anchored by a Balducci’s Food Lover’s Market, the property has 50,795 square feet of space. CBRE represented both the buyer and seller. [FBJ]

Tags: Westchester F上海千花网交友 上海千花网论坛airfield
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Walmart International Operations

Walmart in talks to sell majority stake in its largest overseas market T上海龙凤论坛 新上海贵族宝贝论坛he U.S. retailer seems ready to exit its largest上海千花网 爱上海同城对对碰 international market with sale of grocery chain

(Credit from front: Pixabay, The Conmunity Pop Culture Geek)

Walmart seems to be ready to downsize its U.K. operations.

The retailer is reportedly selling its majority stake in the grocery chain, Asda Group, to rival grocer J Sainsbury and take a 40 percent stake in the new entity, according to the Wall Street Journal.

Asda has about 600 stores throughout the U.K. and was acquired by Walmart in 1999. It represents the retailer s largest foreign market by revenue, according t上海贵族宝贝交流区 上海贵族宝贝论坛o the Journal.

The sale is viewed as a move to counter fierce local competition from Walmart s side, while Sainsbury has been working to 上海夜网论坛 上海夜网build out its footprint to compete with Amazon, as the Journal reports. Sainsbury says it will announce more det上海龙凤论坛 新上海贵族宝贝论坛ails about the talks with Walmart on Monday. [WSJ] Erin Hudson

Tags: big box retail, Commercial Real Estate, Retail Real Estate, walmart
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Industrial Real Estate

Nationwide demand for warehouse and distribution space at 18-year high: report Surging e-commerce sales have fueled the strong industrial real estate market nationwide

(Credit: iStock)

The growth of e-commerce has been a boon for industrial landlords and investors across the U.S., fueling demand for warehouse and logistics space that has reached an 18-year high.

The third-quarter industrial availability rate — which measures properties that are vacant or about to be — stood at 7.1 percent, according to a new CBRE tally, the Wall Street Journal reported. That marks 33 straight quarters of falling vacancy rates.

The last time the vacancy rate was lower was at the start of the new century, when it reached 6.6 percent.

Even as nearly 50 million square feet of inventory was delivered across the country fr上海龙凤论坛 新上海贵族宝贝论坛om July through September, the shrinking availability rate shows distribution and e-commerce fulfillment operations are occupying space as quickly as it is being built, C爱上海龙凤419桑拿 上海龙凤论坛sh1fBRE said.

“The underlying story is a really strong consumer economy,” Richard Barkham, global chief economist at the f爱上海 爱上海同城手机版irm, told the Journal. “But we’ve also got this big structural shift, which is the growth of e-commerce.”

The impending holiday season has led companies to push more goods through distribution networks, adding to the need for places to store and transfer cargo. Importers rushing to beat U.S爱上海龙凤419桑拿 上海龙凤论坛sh1f. tariffs has contributed to the surge in recent months, with the National Retail Federation reporting soaring import volumes in the past three months.

An earlier report from CBRE showed the Inland Empire area around Los Angeles and the Chicago region were among the go-to places for industrial and logistics lease signings. Southern California tallied 11.6 million square feet of deals signed, followed by Atlanta at 7 million square feet, Chicago at 6.8 million square feet, Pennsylvania’s Interstate 78/I-81 corridor at 6.8 million square feet and Dallas-Fort Worth at 5.2 million square feet.

In New York, the price per square foot for industrial properties rose as much as 81 percent in some parts of the city this year.

And in Chicago, the demand for industrial properties has approached record levels. Thr爱上海同城对对碰 爱上海同城论坛ough September, the local industrial market saw $2.8 billion in investment sales, which is $447 million ahead of the total at the end of September 2017, according to a Newmark Knight Frank study. [WSJ] — John O’Brien

Tags: CBRE, Commercial Real Estate, industrial real estate, warehouse

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150 W 82nd St

GreenOak, Slate secure financing for $90M UWS condo conversion Apollo provided the $50M loan for the project at 150 West 82nd Street

From left: GreenOak Real Estate s Kevin Robinson, Apollo Global Management’s Leon Black, and Slate Property Group’s David Schwartz with 150 West 82nd 爱上海 爱上海同城手机版Street (Credit: GreenOak, Harvard, and CityRealty)

GreenOak Real Estate and Slate Property Group got a nearly $50 million construction loan for the Upper West Side rental building they are converting into condominiums.

Apollo Global Management provided the $48.7新爱上海同城对对碰论坛 上海同城对对碰交友社区 million loan for the project at 150 West 82nd Street, brokers at JLL who secured the financing for the borrowers told The Real Deal.

JLL’s Aaron Appel, Keith Kurland, Adam and Jonathan Schwartz, Michael Diaz and Patrick Heitmann arranged the financing.

The new loan refinances existing debt on the property and provides GreenOak 上海龙凤论坛sh1f 上海龙凤论坛and Slate with capital for the condo conversion.

Ares Commercial Real Estate, the mortgage arm of private-equity firm Ares Management, had lent $27 million against the property to Joe Sitt爱上海同城手机版 新爱上海同城对对碰论坛’s Thor Equities in 2014 when he purchased the building with GreenOak for $41.5 million.

GreenOak later bought out Thor’s stake in the building — along with properties at 120 and 125 Riverside Drive — in a deal valuing the trio at $190 million.

At 150 West 82nd Street, GreenOak and Slate plan to sell 40 apartments at the 58-unit rental building between Columbus and Amsterdam avenues for a total sellout of $89.96 million.

The developers are waiting for approval from the state attorney general’s office after filing their offering plan in early October.

Apollo, meanwhile, recently lent $300 million to Normandy Real Estate Partners and Columbia Property Trust for their office development in Greenwich Village at 799 Broadway, and participated wi上海千花网龙凤论坛 上海千花社区th Blackstone Group on a $650 million loan to Normandy and L L Holding Company for their redevelopment of the Terminal Stores warehouse in West Chelsea.

Tags: Apollo global management, condo conversions, GreenOak, Real Estate Finance, Slate Property Group, upper west side
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