June 2019

Ed Reale Compass

Compass’ Ed Reale defects to Sotheby’s Former BHS manager joined startup firm 7 months ago

Ed Reale, who spent five years at Brown Harris Stevens before jumping to Compass in October to lead its nascent Hamptons operation, is on the move again, this time to Sotheby s International Realty.

The sales manager and real estate attorney will lead Sotheby s offi新爱上海同城对对碰论坛 上海同城对对碰交友社区ces in Southampton and Bridgehampton, according to a statement from Sotheby s.

It s something of a homecoming for Reale, who managed the Southampton office prior to joining BHS in 2010.

In an email to Compass staffers, Reale said he was leaving for personal re上海千花网交友 上海千花网论坛asons.

Reale s departure from Compass appears to be far less acrimonious than his exit from BHS, where he was sued for allegedly violating a noncompete agreement. Compass was also named in the suit, and BHS said the venture-backed startup was no innocent bystander in its aggressive courting of Reale. That lawsuit is ongoing.

Compass, which was valued at $800 million at the time of its $50 million Series C round in September, opened its fourth Hamptons office in January but has tangled with BHS and爱上海同城对对碰 爱上海同城论坛 other brokerages in the course of its rapid expansion.

In December, Hamptons boutique firm Saunders Associates sued former agent – and 爱上海 爱上海同城手机版onetime Compass recruit Meg Salem, accusing her of stealing more than 11,000 listings from the firm. Compass ultimately fired Salem in the wake of the suit, which remains ongoing.

In a statement, Compass CE爱上海同城 爱上海O Rober[……]

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Shahab Karmely

WATCH: Shahab Karmely on his $100M in SoFla purchases He is developing one of the Miami River’s most ambitious condo projects

Shahab Karmely is developing arguably one of the Miami River s most ambitious condo projects, a pair of 60-story luxury residential towers connected at the top by a ritzy Sky Club. But the New York developer didn t get here all on his own: he took his cues from Swire Properties.

Karmely stopped to catch up with The Real Deal Managing Web Editor Hiten Samtani at TRD s Miami Showcase and Forum, and explained how he ended up in Miami after spending years living abroad, and why he chose the ri新上海贵族宝贝论坛 上海贵族宝贝交流区ver instead of the beach for his project.

It was 2013 when Karmely, who had read about Swire s flagship Brickell City Centre project starting construction, decided to check out the real estate scene in Miami. He brought his wife and children down for a weekend stay at the Mandarin Oriential on Brickell Key, but the family vacation ended once he saw the new developments sprouting up in the ci上海夜网论坛 上海夜网ty. Karmely said he sent his wife and kids home, and started ringing up local brokers to scope out development sites.

He s since bought more than $100 million worth of properties in South Florida and said he plans on launching a new multifamily project within the next six months.

Despite assembling land on the river three years ago, his October 2015 launch of One River Point makes it a relative latecomer in Miami s winding down development boom. Even so, the developer[……]

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860 Washington

Alibaba now has more than 30K sf at 860 Washington The e-commerce giant will be the bout上海龙凤论坛sh1f 上海龙凤论坛ique building’s biggest tenant

From left: 860 Washington Street and Jack Ma

Alibaba, a $200 billion company known as China s Amazon, is taking more than 30,000 square feet at a boutique office building in the Meatpacking District.

The expansion makes Alibaba the largest tenant at 860 Washington Street, a 10-story, 114,000-square-foot building owned by the Romanoff Equities and Property Group Partners, Crain s reported. The e-commerce giant decided爱上海同城 爱上海 to lease the seventh, eighth and ninth floors — after only committing to the seventh floor earlier this year. Alibaba s founder, Jack Ma, is also expected t上海千花网论坛 上海千花网o have an office in the company s new space. Asking rents in the building run as high as $160 per square foot, though the terms of Alibaba s lease were not immediately available.

In September, Tesla agreed to take roughly 7,800 square feet of the building s ground floor, where the car company plans to open a showroom and service center. Most of the building is leased up, except a small portion of the ground floor and the 9,000-square-foot second floor. [Crain s] — Kathryn Brenzel 

Tags: 860 washington street 爱上海同城手机版 新爱上海同城对对碰论坛
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Gary LaBarbera Building Trades

Cuomo nominates union boss LaBarbera to Port Authority board Governor looking to fill agency’s board with allies: Politico

Gary LaBarbera and Andrew Cuomo上海夜网论坛 上海夜网

Gov. Andrew 上海龙凤论坛 新上海贵族宝贝论坛Cuomo nominated labor union leader/Cuomo superfan Gary LaBarbera to fill one of the open vacancies on the board of the Port Authority of New York and New Jersey.

Cuomo has in the past shown favor to LaBarbera and the construction workers he represents, such as including a minimum wage requirement in the renewal of 421a.

Last week, at the ceremonial signing of 421a, LaBarbera called Cuomo the greatest governor in state history and curren上海千花社区 上海千花网交友tly serving across the United States.

A 上海贵族宝贝论坛 上海贵族宝贝spokesperson for LaBarbera, head of the Building and Construction Trades Council of New York, said 爱上海同城手机版 新爱上海同城对对碰论坛he is awaiting confirmation from the State Senate, Politico reported.

Cuomo has a unique opportunity to reshape the board at the Port Authority, and many observers believe he will look to fill it with loyal appointees who will show him some favor. There are two existing vacancies and three appointees on the way out.

Cuomo is also considering former mayoral candidate and Doe Fund co-founder George McDonald, according to Politico, and wants to appoint his secretary of state, Rossana Rosado.

RXR Realty’s Scott Rechler, a previous Cuomo appointee who left the Port Authority last year, has lamented the agency’s political nature. [Politico] – Rich Bockmann

Tags: Andrew Cuomo, building and construction trades councils,[……]

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Real Estate Social Media

Scoring the social media accounts of the biggest homesellers Residential real estate’s brokerages have wildly varying approaches to their feeds, but it’s largely the individual broker accounts that garner the “likes”

Click to enlarge

爱上海 爱上海同城手机版

Which brokerage is winning at social media? While the accounts for national firms like Coldwell Banker and Douglas Elliman send out a blitz of general real estate information including everything from market analysis, news stories and luxury listings to decorating tips, in South Florida, star brokers use their own feeds to keep potential clients engaged. Here’s how the top five firms in TRD’s ranking of residential brokerages in Miami-Dade county fared in a very informal rating of their performance on 爱上海龙凤419桑拿 上海龙凤论坛sh1fsocial media.

Coldwell Banker: A+

As a national brokerage, Coldwell Banker’s brand recognition is hard to beat, with 89,600 followers on Twitter, 208,209 on Facebook and 54.3K followers on Instagram. The firm s Facebook page for the state of Florida has 7,308 followers. The Coldwell Banker Twitter account for Florida has 5,861 followers. 

But it’s the company’s TV personalities and top sellers who dominate the social feeds. The Jills have 6,000 Twitter followers, over 5,000 likes on their Facebook page and an impressive 35.8K Instagram followers.

Agent Danny Hertzberg, son of the Jills’ Jill Hertzberg, has led the team’s foray into social media marketing.

“At first I think there was a general conception amongst older people in the busine[……]

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Westchester Market Report

Limited inventory in the under $1 million range continues to mean fast sales and bidding wars as buyers expand into the upper reaches of the county

A two-bedroom apartment at Hudson House was listed for $699,000 and closed for $762,000 in cash.

If New York City has become too pricey, putting the idea of city living out of reach, first-time buyers these days can no longer count on going to Westchester to find that dream home.

An increasing inventory crunch continues to pressure the housing market, leading to the fewest number of properties for sale in decades. And that reduced supply is especially pronounced in the starter-home submarket, or those homes priced for about $1 million or less.

Though buyers from Brooklyn and Queens were expected to keep streaming north, certain fundamentals of the Westchester market — notably, a lack of willing sellers — means the product shortfall could linger for years, stymieing that flow. “It’s like a bottleneck, which is a struggle,” said Zef Camaj, an associate broker at Houlihan Lawrence, echoing other agents across the county.

Overall, inventory in the third quarter of 2017 stood at 4,203, which includes houses, condos and co-ops, according to market research from Douglas Elliman. That represents about a 5 percent tumble from the second quarter, when 4,431 properties were for sale.

And single-family houses are selling faster: Those priced at under $1 million spent an average of 75 days on the market through Dec. 6 of 2017, according to Camaj[……]

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Long Island Real Estate

Long Island Cheat Sheet: Douglas Elliman ranks as top resi brokerage in LI, three Smithtown sites move toward redevelopment more

Clockwise from top left: Construction jobs on Long Island are down slightly, home prices in Nassau and Suffolk Counties rose, Suffolk County Executive Steve Bellone wants to develop a new suburbia, and apartments are planned at the now demolished Nassau-Suffolk Lumber and Supply Corp. in Smithtown.

Douglas Elliman leads all residential brokerages on Long Island
With $4.24 billion in sales in 2017, Douglas Elliman remains the largest residential brokerage on Long Island, even as cutthroat competition for top agents brings new challengers to the market. Daniel Gale Sotheby’s International Realty and its $2.54 billion in sales placed second on The Real Deal 上海同城对对碰交友社区 上海夜网论坛s annual ranking, which used MLS data to rank firms in Nassau and Suffolk counties — e上海贵族宝贝交流区 上海贵族宝贝论坛xcluding the Hamptons and North Fork. The top two firms closed nearly 25 percent of all sin上海夜网 阿爱上海同城gle family home sales last year. [TRD]

Development plans considered at three Smithtown sites
Smithtown could soon see two new car dealerships and a 62-unit residential project, Town Supervisor Edward Wehrheim told Newsday. Although no plans have been submitted yet, Italian car company Maserati is considering moving onto a 6-acre site on Smithtown s Car Row on Route 25. Used-car retailer CarMax is planning to demolish the Smithtown Concrete Products plant and build a $20-million-dollar dealership. A mult[……]

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Tishman Speyer

Tishman Speyer picks up Pfizer as anchor tenant for Spiral, lands mammoth construction loan It’s one of the largest construction financing deals in city history

Rob Speyer and and rendering of The Spiral (Credit Getty Images and Credit: BIG/Tishman Speyer)

Tishman Speyer has officially landed its anchor tenant for its $3.7 billion Hudson Yards office tower, and it comes with one of the largest construction financing deals in history.

The developer announced Tuesday morning that the pharmaceutical company Pfizer inked a 20-year-lease for 800,000 square feet at the Spiral, which will allow construction at 66 Hudson Boulevard to begin in June. Pfizer will occupy floors 7 through 21 in the 2.8-million-square-foot tower.

     Related: David Werner buying Pfizer’s Midtown HQ for $360M

In conjunction with the Pfizer lease, Tishman Speyer said it locked down a $1.8 billion construction loan from private equity shop Blackstone, in what is one of the lar上海夜网论坛 上海夜网gest if not the largest construction financing deals ever done in Manhattan.

In addition to the $1.8 billion mortgage from Blackstone, Tishman Speyer said it would put $1.9 billion in equity into the development. The developer was rumored to be in search of a construction loan of approximately上海龙凤论坛 新上海贵族宝贝论坛 $1.5 billion.

Reached for comment, company CEO Rob Speyer told The Real Deal that the $1.8 billion loan comes entirely from Blackstone, with no other lenders contributing to the total. The deal took less than 60 days to put together, he sa[……]

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Young Long Islanders face steeper home prices with lower wages

It’s much harder for young Long Island adults to strike out on their own than it was for their parents, Newsday reported. Wages have dropped by 22 percent while home prices have climbed 150 percent, according to a study from 爱上海同城 爱上海the Long Island Association. In 2016, Long Islanders between 25 and 34 earned an average of $40,000 a year.爱上海同城手机版 新爱上海同城对对碰论坛 In 1970, numbers adjusted for inflation show the median salary was $51,458. At that same t上海夜网 阿爱上海同城ime, the median home price was under $180,000, but that上海千花网 爱上海同城对对碰’s since leaped up to $450,000 in 2017. Those numbers ha爱上海龙凤419桑拿 上海龙凤论坛sh1fve kept Long Islanders at home with their parents, with only about 36.5 percent of them either renting or buying their own home. That’s down from 86 percent in 1970. “We need to make sure that we are not putting any roadblocks in the way of millennials who are trying to get their own place,” said Kevin Law of the Long Island Association. [Newsday]

Tags: long island
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Residential Real Estate

Did the buyer of a record-setting home at 443 Greenwich just pick up another pricey Tribeca pad? Anonymous buyer pays $41M for 70 Vestry penthouse

70 Vestry Street

Someone appears to be collecting $40 million condominiums in Tribeca.

An unlisted, ube上海夜网 阿爱上海同城r-luxury penthouse at the Robert A.M. Stern-designed 70 Vestry condo tower just sold for $40.7 million to an anonymous buyer.

The purchaser is listed as “DB Property Holdings Limited” according to records filed with New York City’s Department of Finance Friday.

There is no floorplan available for the unit, listed as “PH上海同城对对碰交友社区 上海夜网论坛N,” but the building boasts views of Hudson River Park, custom interiors by designer Daniel Romualdez, an automated garage, a “wellness center” featuring a 82-foot swimming pool and even a spa for dogs.

The爱上海同城 爱上海 same anonymous buyer who snapped up this 70 Vestry penthouse appears to have been behind the $44 million purchase of a penthouse at 443 Greenwich in 2017爱上海同城论坛 爱上海同城, according to city records. At the time, it was the most expensive property ever sold in Tribeca. That record is now held by the penthouse at the Getty on West 24th Street, which closed for $59 million in May, 2018.

In December 2018, the first penthouse sold at 70 Vestry failed to break the record for Downtown Manhattan s priciest home sale when it closed for $55 million, down from an asking price of $65 million. It was bought by Italian telecom entrepreneur Silvio Scaglia. That apartment, which was also never listed, had five bedrooms a[……]

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