Convene

Brookfield-backed meeting-space startup Convene raises $20M NYC-based company looks to expand footprint and range of services

Meet上海贵族宝贝 上海千花网龙凤论坛ing-space startup Convene is looking to take a page out of WeWork’s playbook, backed by a freshly raised $20 million in venture funding and Brookfield Property Partners global heft.

Founded in 2009 as a provider of flexible conference and meeting spaces, the firm is now branching out into a broader range of services geared toward office tenants, its founder Ryan Simonetti told The Real Deal. For example, the firm has begun offering room-service catering, concierge services and fitness classes. In a sense, Convene plans to become to large, corporate office tenants what WeWork is to entrepreneurs and small firms: an all-around office service provider.

On Thursday, the firm announced it had raised $20 million in a Series B extension round headed by Brookfield, bringing its total venture funding to $51.2 million.

“Our strategic investment in Convene will facilitate the swift and widespread rollout of their service platform within our premier office portfolio,” Brookfield chair Ric Clark said in a statement.

Convene plans to use a chunk of the money to expand from 10 to 20 locations. In Manhattan, the firm has leased space at several Class A office buildings – including TIAA-CREF’s 780 Third Avenue and the Durst Organization’s 114 West 47th Street – where it runs meeting and conference centers. On top of this core business, it plans to partner with more office landlords to bring a broader range of services to their buildings. For example, the company runs a fitness studio at 780 Third Avenue. Tenants in the building can also request fitness classes in their own offices.

“What (office landlords) are seeing and hearing from their tenants is about the need to start to think about delivering a different level of service in an office building,” Simonetti said.

His pitch is that large companies com新爱上海同城对对碰论坛 上海同城对对碰交友社区peting with Silicon Valley giants like Facebook or Google for top employees are increasingly looking to add amenities to their offices, and that they are more likely to sign leases with landlords that offer those.

“If you think of a full-service hotel with amenities on the lower floors, and replace the hotel rooms with offices, that’s what we’re doing,” Simonetti said.

The Real Deal reporte上海千花网论坛 上海千花网d in December that the rise of WeWork, which offers its tenants social events, food and drink, cleaning service上海同城对对碰交友社区 上海夜网论坛s and yoga classes, among other things, 上海千花网论坛 上海千花网has pushed some traditional office landlords to consider expanding their services.

Tags: Brookfield Properties
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Hamptons Cheat Sheet

Hamptons Cheat Sheet: Big firms team up on new MLS, Erin Brockovich contaminant found in Suffolk water more

Julia Roberts as Erin Brockovich, Inspector Gadget and the Laffalot property at 11 Ochre Lane

Five brokerage giants te阿拉爱上海同城 爱上海龙凤419桑拿am up on new East End listing platform

Think fast, OREX — there’s a new contender in town. The five biggest brokerages in the South Fork — Saunders Associates, the Corcoran Group, Douglas Elliman, Brown 爱上海同城对对碰 爱上海同城论坛Harris Stevens and Sotheby’s International Realty — are teaming up on a new listing exchange they say will boast richer data at lower prices than the current local go-to, Open RealNet Exchange, or OREX. Dubbed the East End Listing Exchange, the new platform will charge a four-tiered fee that starts at $25,000 for a company of 10 or fewer agents and caps at $55,000 for companies with more than 100, according to 27East. Each agent must also pay an annual fee of $800. [27E]

Southampton goes full “Inspector Gadget” with new e-documents system

Welcome to the modern world, Southampton: The town now has two electronic stations to access property records such as rental permits and site plan approvals, which locals can access without having to file a Freedom of Information Law request. Dubbed “eDocs,” the 上海夜网 阿爱上海同城system allows users to look up property information using an address or cl上海龙凤论坛sh1f 上海龙凤论坛icking on a map, Michael Baldwin, the manager of the town s Geographic Information Systems Department, told 27East. 

“Time will tell in terms of the public’s use of this, but I think it’s our responsibility to try to make information as accessible as possible to people and I think this does it—it’s free and easy,” Southampton Town Supervisor Jay Schneiderman said at a work session Thursday, according to the website.  [27E]

New proposal for Greystone’s Sag Harbor condo project includes a waterfront park

Rendering of condos at 2 West Water Street (Credit: Robert A.M. Stern Architects via East Hampton Star)

All hands seem to be on deck for Sag Harbor’s plans to build a park south of the North Haven Bridge. The desired site of the park is owned by Manhattan-based Greystone Development, which is planning a 11-condo complex on the adjacent West Water Street property. Greystone was initially reluctant to sell the village the land in question, but in the latest meeting with the Sag Harbor planning board, its design firm Robert A.M. Stern Architects unveiled drawings that depict the park, East Hampton Star reported. RAMSA s Gary Brewer told the board that the condo buildings would complement the prospective park. Although size and details of the park remain uncertain, the sale is well into negotiations. [EHS]

Historical art上海千花网龙凤论坛 上海千花社区ist residence will likely be demolished

Tough luck for William Merritt Chase. One of the remaining structures that comprised his Shinnecock School of Art in the late 19th century, the Laffalot property at 11 Ochre Lane was in talks to be salvaged after its sale in 2013. The new owner, which tax records indicate is form[……]

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CIM Group

Manhattan s New Skyline (*© CIM Group) How an LA firm became the go-to investor for New York’s condo developers

From left: Shaul Kuba, 432 Park Ave, Richard Ressler 11 Madison Ave, One Madison and Avis Shemesh (Illustration by Lexi Pilgrim for The Real Deal, Click to enlarge)

The meaning of the three letters in CIM Group s name is one of real estate’s best-kept secrets. But it might as well stand for Condos In Manhattan.

Towering over Midtown at 432 Park Avenue is the tallest apartment building in the Western hemisphere. On the Upper East Side stands a condo conversion at 737 Park Avenue. Further east at 305 East 51st Street, the Halcyon rises over Turtle Bay. Bookending Madison Square Park is the slender One Madison. And further south, across from the World Trade Center, is 100 Barclay Street. All these projects are either backed or co-developed by CIM.

It’s rare for a firm to have a hand in that many Manhattan condo projects. For private fund managers that invest billions on behalf of pension funds, insurance firms and endowments, it’s unheard of. CIM’s peers like the Blackstone Group and Beacon Capital Partners tend to buy trophy properties or entire portfolios and flip them a few years later for a profit a practice that requires plenty of capital, patience and financial engineering, but little actual hard-hat work. CIM, though, seems to relish the risk of construction. 

“They have a developer s DNA, and work very well through complicated situations,” said Jared Kushner , whose Kushner Companies has partnered with CIM on office deals, including the Watchtower building in Brooklyn. “They understand the bricks and make quick decisions.”

For CIM, backing condo developers has paid off handsomely. But it also carries great risk. And a recent slowdown in the high-end market begs the question: can the firm s run in New York continue?

The Ground-Up Game

CIM only got into the New York real estate game in 2009. Financial markets were reeling from the crash, and the Los Angeles-based firm sensed an opportunity. Its principals scoped out troubled properties, going hunting for any major developer who was in trouble, according to one broker familiar with the firm who spoke on condition of anonymity. They found plenty.

Harry Macklowe had bought the historic Drake Hotel for $440 million in 2006 and razed it with plans to build a luxury condo tower on the site. But after he defaulted on a loan during the crisis, his lender, Deutsche Bank, came calling. Reluctant to surrender the site, Macklowe found a messiah in CIM, which bought $510 million in defaulted debt at a discount in late 2009 and took over an equity stake in the project, becoming co-developer.

Savills Studley’s Woody Heller, who brokered the 432 Park deal for CIM, said the firm was initially looking to buy three rental properties from Macklowe. But it took a gamble on the developer.

“In late 2009 and early 2010 when the world felt like it was coming to an end, they were prepared to put up a lot of money all c[……]

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NextGeneration NYCHA

City calls for developers to build affordable housing on four NYCHA sites Agency on Thursday released a request for proposals to build up to 850 units

From left: Morrisania Air Rights, Sumner Houses and Shola Olatoye

The city is looking for developers to build affordable units on four separate sites, as part of a plan to create 10,000 units ov阿爱上海同城 阿拉爱上海同城er the next decade for people on limited incomes.

It’s part of NextGeneration NYCHA, which is a plan to build new developments on housing authority-owned property, the Wall Street Journal reported. Many of the buildings were built decades ago, and have room for additional development, according to the newspaper. The authority released a request for proposals yesterday, seeking developers to build up to 850 units.

Among The Four 新上海贵族宝贝论坛 上海贵族宝贝交流区Sites Is Haborview Terrace, an apartment building at West 55th Street off 10th Avenue. Its parking lot would be replaced with a new building with 200 to 250 units and a community facility. The other sites include Sumner Houses in Bedford-Stuyvesant and two locations in the Bronx Twin Parks West and Morrisania Air Rights.

Last month, the city tapped Fetner Properties to build a new 47-story apartment building on the Holmes Towers’ playground site in Yorkville. Wyckoff 上海千花网 爱上海同城对对碰Gardens in Brooklyn is also in the “pre development” phase.

[WSJ] Miriam Hall

Tag上海千花网 爱上海同城对对碰s: affordable ho上海龙凤论坛sh1f 上海龙凤论坛using, NYCHA, Residential Real Estate
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St. John’s Terminal

Brookfield in talks to join St. John s Terminal project: sources Westbrook, Atlas began seeking $100M-plus investment for 1.7M sf redevelopment last fall

Renderings of St. John’s Terminal and Brookfield s Ric Clark

Brookfield Property Partners is in talks to become a partner in one of the larges爱上海同城对对碰 爱上海同城论坛t redevelopment projects underway in New York City.

The Toronto-based office giant is negotiating to acquire a stake in the St. John’s Terminal site, which Westbrook Partners and Atlas Capital Partners are planning to transform into a five-tower, 1.7 million-square-foot mixed-use complex, sources told The Real Deal.

The three-block-long site – which consists of north, south and center sections – would hold 1,586 rental apartments, offices, a hotel and at least 400,000 square feet of retail space adjacent to Hudson River Park s Pier 40.

The size of Brookfield’s proposed investment was not immediately clear, though Westbrook and Atlas have been seeking a partner since last fall to bring at least $100 million in equity to the table.  The developers had hired Cushman Wakefield’s Adam Spies, then of Eastdil Secured, to the market the property for a recapitalization.

Sources said the developers are interested in bringing on a lead investment partner on the south site, where an office building or a hotel is being considered.

Westbrook bought out Eugene Grant’s majority interest in the property for $250 million in 2013, and then in 2015 bought Fortress Investment Group’s stake for $200 million. Atlas Capital Group is a m阿爱上海同城 阿拉爱上海同城inority partner.

The City Council approved the redevelopment in December, after two years of negotiations between the developers, the Hudson River Park Trust and local politicians. Thirty percent of apartments in the complex would be rent-regulated. The city allowed the developers to skip the mandatory inclusionary housing requirement as a result of its $100 million investment in Hudson River Park. That investment bought the firms 200,000 square feet of deve爱上海 爱上海同城手机版lopment rights.

The city prohibited the trust from transferring additional development rights to other sites in the Hudson Square neighborhood, which benefited from the approval of the newly created 10-block South Village Historic District at the time of the December vote.

In April, the de爱上海同城手机版 新爱上海同城对对碰论坛velopers secured a $300 million in refinancing from Morgan Stanley, replacing a loan for the same amount, records show. At the same time, they closed on the $100 million purchase of development rights from the trust.

The former freight station’s Main Address Is 550 Washington Street,With The Full Property Running Along Washington Street between West Houston and Spring streets.

Representatives for Brookfield and Hudson River Park Trust declined to comment, and Westbrook, Atlas and Cushman could not be reached.

Brookfield is currently busy with its own megaproject, the seven-acre Manhattan West, on the Far West Side and was the seller in the year’s priciest New York City building transaction so f[……]

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NYC Market Reports

Retail rents fall in most Manhattan corridors A weekly feature bringing you the industry’s latest intel

Manhattan retail asking rents in Q3 2017 were down.

According to this week’s market reports, the New York metro area has the highest number of zombie foreclosures in the nation, and over 60 percent of Manhattan retail leases in the third quarter were for short-term deals.

Residential

Luxury sales | Olshan Realty
Twenty-two residential contracts were signed last week at $4 million and above, the second consecutive week to hit above 20 after a long dry spell. Read the full report here.

Zombie foreclosures | ATTOM Data
The New York metro area had more zo上海千花网龙凤论坛 上海千花社区mbie foreclosures vacant homes in foreclosure than any state in the third quarter. It s also the metro area with the most bank-owned vacant homes. Read the full report here.

Commercial

Office leasing | CBRE
Midtown has its best quarter for office leasing since 2015, with 4.8 mi上海千花网交友 上海千花网论坛llion square feet leased in the third quarter. In Midtown South, 1.1 million square feet were leased, and D新爱上海同城对对碰论坛 上海同城对对碰交友社区owntown had 1.4 million, a 69 percent increase year-over-year. Read the full report for Midtown, Midtown South and Downtown here.

Retail market | CBRE
Rents declined in 12 of 16 retail Manhattan corridors in the third quarter of 2017. Of the 506,000 square feet leased in the quarter, 60 percent was for short-term deals, at three years or less. R爱上海同城论坛 爱上海同城ead the full report here.

Office leasing | Colliers
Office rents declined in Manhattan in the third quarter, dropping to $72.87 per square foot from $73.85 last year. Rent declined or stayed flat in all submarkets except downtown which ended the quarter at $63.19, down from last quarter, but up from $58.83 last year. Read the full reports for Manhattan, Midtown, Midtown South and Downtown here.

Office sales | CommercialCafe
Manhattan office sales volume fell below $1 billion in the third quarter for the first time 阿爱上海同城 阿拉爱上海同城in five years, and average rents fell 20 percent year-over-year to $851 per square foot. Read the full report here.

Tags: nyc market reports
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Cushman Wakefield NYC

Cushman expands its Sixth Avenue HQ Deal quells rumors that the brokerage would consolidate office爱上海同城手机版 新爱上海同城对对碰论坛s

John Santora and 1290 Sixth Avenue (Credit: Cushman Wakefield and Vornado)

Cushman Wakefield inked a deal to expand its offices on Sixth Avenue, quashing specula上海贵族宝贝论坛 上海贵族宝贝tion that the brokerage was looking to consolidate offices – at least for now.

The firm, which has gone through several mergers and acquisitions in recent years, took about 15,000 square feet at 1290 Sixth Avenue, Crain’s reported. That brings its total square footage in the 43-story, 2.1 million-square-foot tower to slightly more than 200,000 square feet.

The space will provide room for Cushman to relocate employees from other locations in Midtown, and the company will use the deal as an excuse to redo conference rooms, common space and the reception area in the space it’s leased for nearly a decade.

It s a chance to create collaboration and bring people together, said John Santora, president of Cushman’s tristate region. We had been looking at all our options recently, but we still have some room to run on the lease here and we love the building and the landlord. This works for us, so we re going to do a refresh of the space and settle in and do our thing.

The lease runs through 2025, and Santora said Cushman will consider moving once the expiration approaches.

As the expiration comes closer, everything is on the table, he said.

The 1290 Sixth expansion will make room for Cushman to bring over most of the brokers from Massey Knakal – including Bob Knakal and Paul Massey – currently located at 275 Madison Avenue. Cushman acquired Massey Knakal in early 2015 for $100 million.

Cushman will relocate staff and vacate roughly 43,000 square feet from 277 Park Avenue that came under the firm’s umbrella when it was acquired by DTZ for $2 bil爱上海同城手机版 新爱上海同城对对碰论坛lion in 2015.

Rents at 1290 Sixth, owned by Vornado Realty Trust, are in the high $80s per square foot. A Vornado leasing team including Glen Weiss, Eddie Riguardi and Josh Glick negotiated the expansion.上海千花网交友 上海千花网论坛

Cushman was rumored earlier this year to be eyeing an initial public offering, but that effort appears to have stalled. [Crain’s] – Rich Bockmann

Tags: 1290 sixth avenue, Commercial Real Estate, Cushman Wakefield, Office Leasing
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Onyx Equities

Onyx Equities sued for blocking Touro College sublease at former TCI College campus Suit argues Onyx is blocking deal so th爱上海同城论坛 爱上海同城at different tenants can move in

320 West 31st Street and Onyx s John Saraceno

Onyx Equities is preventing a college from subleasing space in Chelsea to keep the building open for its preferred tenant, according to a lawsuit filed against the company.

The lawsuit, filed by the Charand Real Estate Associates entity Overtime Properties LLC against Onyx-affiliated 320 West 31st Associates LLC, centers on the building at 320 West 31st Street, the former home of TCI College Campus. Charand has owned the property for decades and leased it to TCI College in 1997, but the school stopped paying rent in March, after which Charand began eviction proceedings, the suit says.

TCI officially closed its doors in September, and Onyx went into contract to pick up the leasehold at the four-story, 116,000-square-foot building later that month for about $60 million. Because TCI was no longer a tenant, Charand agreed to lease the building back from Onyx for a current rate of $300,000 per month, according to the lawsuit.

In the fall, Charand started negotiating a five-year sublease for the building with Touro College, which is currently based at 27-33 West 23rd Street under a lease that expires at the end of June, the suit says. The school would 上海夜网 阿爱上海同城have paid about $380,000 per month for the space under the five-year lease, court documents show.

Onyx began receiving information about Touro’s sublease in September, but the company repeatedly said the financial information from the college was insufficient for them to determine their viability as a tenant and refused to let them sublease the building, according to the suit.

The lawsuit maintains that Onyx failing to agree to the sublease is “unreasonable” and claims that the co上海千花网龙凤论坛 上海千花社区mpany has “ulterior motives” for not approving the deal, namely a desire to rent the building to ADAPT Community Network and the Young Adult Institute instead on what they deemed more favorable爱上海同城论坛 爱上海同城 financial terms.

The organizations—both nonprofits that work with disabled people—have shown interest in the building since August, and Onyx has been actively negotiating with them over the past few months, “despite knowing that Touro College meets the Master Lease’s requirement of creditworthiness,” according to the suit.

Charand is now suing Onyx for breach of contract and seeking damages of at least $900,000 for Onyx’s breach of the master lease and at least $700,000 for the work Charand has already done to prepare the building for Touro College, the suit says.

Onyx did not respond to a request for comment.

“Our client has an absolute right to sublease,” said Tab Rosenfeld, an attorney representing Charand’s Overtime Partners in the case, “and Onyx is not honoring that.”

Tags:上海贵族宝贝交流区 上海贵族宝贝论坛 Commercial Real Estate, Real Estate Lawsuits, Subleasing, touro college
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Mortgage Foreclosures

Long Island law firm accused of intentionally overbilling Fannie Mae The alleged scheme by Rosicki, Rosicki and Associates has been running since 2009, according to authorities.

(Credit: 401(K) 2012)

Authorities are accusing law firm Rosicki, Rosicki and Associates and its affiliates of falsely inflating their bills for services related to mortgage foreclosures on loans owned by Fannie Mae.

The firm is alleged to have overbilled Fannie Mae by up to 750 percent — millions of dollars — since May 2009, when authorities say the scheme began, according to Long Island Business News.

“As alleged in the complaint, for years the Rosicki law firm exploited its relationship with Fannie Mae, a government-sponsor上海夜网 阿爱上海同城ed entity, for its own financial gain by knowingly causing Fannie Mae to pay artificially inflated costs for foreclosure-related services,” Manhattan U.S. Attorney Geo上海同城对对碰交友社区 上海夜网论坛ffrey Berman said in a statement to t新上海贵族宝贝论坛 上海贵族宝贝交流区he paper.

The complaint includes affiliated company Enterprise Process Service and title firm P新爱上海同城对对碰论坛 上海同城对对碰交友社区aramount Land. The Rosicki firm, which bills itself as the leading mortgage banking law firm in New York, denies wrongdoing.

“The charges leveled against the firm are based on questionable legal theories, have no merit and will be vigorously challenged in court,” a firm spokesperson said.

One of the firm s partners — Tom Rosicki, who founded the office with his wife, Cynthia — was a FBI agent for seven years in the 1980s focused on organized crime and, in 1989, then-New York mayor Ed Koch appointed him Deputy Commissioner of the New York City Taxi Limousine Commission. [LIBN] Erin Hudson

Tags: law firms, Mortgages, real e上海夜网 阿爱上海同城state crimes, Residential Real Estate
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NIMBYism

Who are NIMBYs anyway? Here s what the studies say Here’s who’s most likely to show up at community mee爱上海同城手机版 新爱上海同城对对碰论坛tings on new re上海贵族宝贝交流区 上海贵族宝贝论坛si development

(Credit: Lian Chang, Pixabay)

White, older men who own homes will make up the majority of the audience at any public meeting on housing or zoning. Of that group, more than 60 percent already have their positions set before the meeting even begins and they are against any proposal being discussed because, as they will explain, of traffic concerns.

Those are the findings of a study condu阿拉爱上海同城 爱上海龙凤419桑拿cted by researchers in the Boston area that tracked participants in nearly 3,000 public meetings on housing a上海贵族宝贝 上海千花网龙凤论坛nd zoning proposals between 2015 and 2017, as reported by City Lab.

The average participant lived in their area for about 17 years and would mention their professional background—often in fields like law, architecture or engineering, and present themselves as informed partie爱上海同城对对碰 爱上海同城论坛s. The highest ranking concerns besides traffic included environment, flooding and safety.

Almost 60 percent of the participants weren t affiliated with a specific party, but for the 40 percent who were, Democrats made up the majority of the crowd while registered Republicans were the smallest group at just over 10 percent. Democrats were more likely to support new development than Republicans, however.

Researchers concluded that “the incentives to show up and oppose new housing are far stronger” than those for supporting it.

In a second study, reported by Next City, that examined racial disparities among the participants of public meetings, researchers found that about 80 percent of participants were white. They noted that “these racial disparities are far worse than they are in other forms of political participation.” [City Lab]—Erin Hudson

Tags: Development, Residential Real Estate
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