421A

REBNY, Building Trades reach deal on 421a New agreement on key tax abatement will require hourly pay of $60 (incl. benefits) for large construction projects in Manhattan

From left: John Banks and Gary LaBarbera

The Real Estate Board of New York and the Building and Construction Trades Council of Greater New York have reached an agreement to revive the 421a tax exemption in New York City, ending a 10-month stalemate that put a damper on the city s investment sales market and stalled several major projects.

The new agreement will require developers to pay construction workers an average of $60 an hour (including wages and benefits) for Manhattan projects w新上海贵族宝贝论坛 上海贵族宝贝交流区ith over 300 units that benefit from the tax cut. In Queens and Brooklyn, the average hourly rate, including wages and benefits, will be $45.

The new deal will also extend the maximum amount of time developers can pay zero in property tax with 421a from 21 years to 35 years. In return, affordable apartments developed with rent restrictions must stay affordable for 40 years, up from 35 years. The agreement needs to be approved by the state Senate and Assembly.

While I would prefer even more affordability in the 421-a program, this agreement marks a major step forward for New Yorkers, Gov. Andrew Cuomo said in a statement. In August, he had suggested that the plan should require developers to set aside 25 to 30 percent of a project’s units for affordable housing.

Gary LaBarbera, president of the Building Trades, said his g[……]

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Novelist Michael Idov says goodbye to Washington Heights home

Novelist Michael Idov says good上海千花网论坛 上海千花网bye to Washington Heights home The Berlin-based writer i上海龙凤论坛sh1f 上海龙凤论坛s listing his pied-à-terre for $1.3 million
We are having some t新上海贵族宝贝论坛 上海贵族宝贝交流区echni上海千花社区 上海千花网交友cal difficul上海贵族宝贝 上海千花网龙凤论坛ties. Try again later.

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Peter Ward

One day an adversary and the next an ally, Peter Ward aims to tighten his grip on hotel development in the city

Peter Ward (in brown jacket) and Mayor Bill de Blasio (center) with Steve Witkoff and executives from Maefield Development (left); and Michael Asher and Howard Lorber (right) at the groundbreaking for the Times Square Edition hotel.

In New York, politics doesn’t just make for strange bedfellows. For the real pros, the rapid shift in partners can put an average hot-sheets motel to shame. Just ask Peter Ward, president of the powerful New York Hotel and Motel Trades Council.

After teaming up with hotel owners and state lawmakers last year to hand home-sharing behemoth Airbnb a major setback in New York, he has hooked up with Mayor Bill de Blasio in an effort that some industry players adamantly oppose. Ward and the mayor are working to expand a policy that would require developers to get special permits to build hotels in manufacturing zones, as well as in Midtown East — where City Hall is pushing for a huge rezoning. Tellingly, the first attempt at that died in the waning days of the Bloomberg administration after Ward opposed it for its failure to include the special permit provision.

Observers say wider use of such permits could effectively hand Ward, via his well-oiled network of political connections, far greater control of when and where hotels get built across large swaths of the city.

Despite such fears, HTC’s backing for the permits has drawn little open oppositi[……]

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Alfred Molina

Actor Alfred Molina sells long爱上海同城手机版 新爱上海同城对对碰论坛time Hollywood Sunset Square home Molina stars on FX series “Feud”

Alfred上海千花网交友 上海千花网论坛 Molina with h上海贵族宝贝交流区 上海贵族宝贝论坛is home in Hollywood s Sunset Square

“Feud” actor Alfred Molina sold his 4,420-square-foot home at North Orange Grove in Hollywood’s Sunset Square for $2.8 million, the Los Angeles Times reported. It first hit the mark爱上海龙凤419桑拿 上海龙凤论坛sh1fet for $2.95 million this summer.

The home includes five bedrooms, five bathrooms, a library, sun room, den and office. A stone patio, garden and guest house complete the exterior.

Molina purchased the two-story Traditional in 1995 for $565,000, property records show.

Jackie Fiske of Compass was the listing agent. David Fowler of Re/Max Estate Properties represented the buyer.

Besides from “Feud,” the British actor has held roles in “Law and Order: L.A.,” “Raiders of the Lost Ark,” “Spider-Man 2” and “The Da Vi上海夜网 阿爱上海同城nci Code.” He recently dropped $2.75 million for a 2,800-square-foot 1950s home in La Cañada Flintridge. [LAT] Natalie Hoberman

Tags: Celebrity Real Estate, Re
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James Nelson

Cushman Wakefield s James Nelson heading to Avison Young Broker’s deals included the $238M sale of a Hudson Yards development site

James Nelson (Credit:Larry Ford)

Avison Young has poached broker James Nelson from Cushman Wakefield.

Nelson is a vice chairman at Cushman’s ca上海贵族宝贝交流区 上海贵族宝贝论坛pital markets group and handles investment sales with a team of 11 people. He has brokered deals including the $238 million sale of a Hudson Yards investment site to Tishman Speyer in 2014 and the $80 million sale of Dime Community Bancshares’ Williamsburg portfolio in 2016.

He previously worked as a上海千花网龙凤论坛 上海千花社区 partner at Massey Knakal and went to Cushman after their $100 million purchase of the company at上海龙凤论坛sh1f 上海龙凤论坛 the end of 2014. He recently received a portion of the $25 million Cushman owed the partners at Massey Knakal in the purchase.

Avison Young had long be上海贵族宝贝交流区 上海贵族宝贝论坛en targeting Nelson, the Commercial Observer reported. He had been seen上海龙凤论坛 新上海贵族宝贝论坛 around their office at 1166 Avenue of the Americas, and Avison Young president Mitti Liebersohn told a leasing broker team in December that the company was close to getting him.

Avison Young is headquartered in Toronto and opened in New York City in 2011, where it focuses on office leasing. The company recently brokered the $59 million sale of multiple sites along Gold Street in Dumbo and a 13-year lease for the Christine Valmy International School at Manhattan’s famed Paramount Building. [CO] – Eddie Small

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Silverstein Properties

Silverstein plans Israel debut with $200M bond offering Funds would be used to refinance Midtown West dev site

(Credit: Silverstein Properties)

Larry Silverstein is the latest New York developer to head to the land of milk, honey and cheap financing.

Silverstein Properties plans to debut on the Israeli market with a $200 million corporate bond offering, backed by a portfolio of eight Manhattan properties, including 7 World Trade Center and Silver Towers. The proceeds will go towards refinancing Silverstein’s planned 57-story tower at 520 West 41st Street, according to documents filed on the Tel Aviv Stock Exchange.

Silverstein issued a prospectus with TASE ​earlier this month, and is currently on a road show in Israel to sell the deal to investors.

The portfolio backing the issuing entity includes eight properties valued at $5.2 billion, with Silverstein’s interest totaling $2.2 billion, according to the prospectus. The properties collectively span 9 million square feet, and includes one development site and seven residential and commercial properties.

The most valuable of the properties is 7 World Trade Center, a 52-story office tower valu上海龙凤论坛 新上海贵族宝贝论坛ed at $1.2 billion. The first of the World Trade Center buildings to be completed, it is 95 percent occupied, with a loan-to-value ratio of 40 percent and a net operating income of $60.2 million, according to TASE documents. The portfolio includes two上海贵族宝贝论坛 上海贵族宝贝 additional downtown buildings, the 665,000-square-foot office tower at 120 Wall[……]

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Babylon to subsidize the cost of updating the facades on commercial properties in Copiague

Babylon to subsidize the cost of updating 新爱上海同城对对碰论坛 上海同城对对碰交友社区the facades on commercial properties in Copiague

The town of Babylon has s爱上海同城对对碰 爱上海同城论坛et up a grant program that will cover the costs Copiague business owners incur while upgrading their storefronts to standards set by the town last year. Developers helped fund the program in exchange for zoning exemptions for their other projects around town. The program, the Downtown Copiague Facade Improvement Program, is the latest stage in a larger effort to revitalize the town’s modest commercial corridor and make it more pedestrian friendly. The money will be put toward updates of facades according to standards developed by firm In.Site:Architecture. Businesses have to apply, and if selected will get 上海千花网龙凤论坛 上海千花社区reimbursements for 75 per爱上海龙凤419桑拿 上海龙凤论坛sh1fcent of the costs of the improvements, up to $25,000. [Newsday]

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Equity Residential

Equity Residential to part with 800 Sixth
for $240M Greystar is in contract for the 266-unit rental building

800 Sixth Avenue and Sam Zell (Credit: Google Maps a爱上海龙凤419桑拿 上海龙凤论坛sh1fnd Getty Images)

Equity Residential has finally gone into contract to阿爱上海同城 阿拉爱上海同城 sell 800 Sixth Avenue for $240 million.

Greystar, the country s largest manager of apartments with over 150,000 units, has agreed to buy the 266-unit, 36-story residential rental building, according to the New York Post.

Equity, founded by Sam Zell, sought to limit its exposure to Manhattan s West Side amid a soft rental market. It also listed 505 West 54th Street in Hell’s Kitchen, and sold 101 West End Avenue to PGGM and the Dermot Company for $416 million.

Equity Residential s former CEO, David Neithercut, previously said in July that the company had been looking to offload its apartment buildings on the West Side of Manhattan, where an oversupply of 上海龙凤论坛 新上海贵族宝贝论坛rental apartments had pushed down pricing.

Equity purchased the Sixth Av爱上海 爱上海同城手机版enue building from original developer Adelco in 2013, as part of a $16 billion joint venture with Avalon上海千花网龙凤论坛 上海千花社区Bay of the Archstone-Smith portfolio from Lehman Brothers. The building has 62 rent-stabilized apartments.

A Cushman Wakefield team of Doug Harmon, Adam Spies and Marcella Fasulo, which had previously sold the building on behalf of Adelco to Equity Residential, negotiated this sale. [NYP] — David Jeans 

Tags: Commercial Real Estate, Equity Residential, Residential Real Estate
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