Related Companies

Related thinking small in London Hudson Yards developer experimenting with micro-apartments

Floorplan of a Pocket home (credit: Pocket) (click to enlarge)

The Related Companies is best known in New York City for grand-scale developments like Hudson Yards, but the developer might have decidedly more minimalist plans for its upcoming projects.

The developer is experimenting with micro units in London which have sold between $204,000 and $373,000 and is exploring whether the mini model could work stateside. In February, the Stephen Ross-led development firm spe上海贵族宝贝论坛 上海贵族宝贝nt $15.5 million to acquire a 50 percent stake in Pocket, a London-based developer that specializes in building 409-square-foot micro homes in the United Kingdom. Pocket has already built 276 apartments, with another 326 under construction and 600 more in the pipeline.

“We would love to see their ideas, if not their direct product, translate into other markets, into other cities,” Ken Wong, Related’s COO and head of international development, told Bloomberg. “The question of wh上海千花网 爱上海同城对对碰ether it fits into the buildings and whether the business can work… is going to be the challenge.”

Like New York City, London is dealing with an ongoing housing affordability crisis. Just this week the British government hailed Pocket’s apartments as a possible answer to a tighten上海千花网龙凤论坛 上海千花社区ing housing market. The Labour party has set a goal for 1 million new homes to be built in the U.K by 2020. Prospective buyers of the micro units must[……]

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NYC Affordable Housing

Mayor appears on pace to meet 10-year affordable housing goal Deputy Mayor Alicia Glen says 2016 was “best year in housing” ever

From left: Bill de Blasio, Andrew Cuomo and Alicia Glen

Despite ongoing political and community opposition that has derailed several major projects, Bill de Blasio s administration says it is on pace to meet its affordable housing goals for the city.

The mayor s signature housing policy outlines a 10-year goal to build 80,000 new apartments and preserve another 120,000 units for affordable housing. The mayor’s team closed爱上海同城 爱上海 financing on just over 55,400 apartments for low-and-middle-income tenants by Sept. 30, according to the most recent data from the city’s housing agency. If the adminis上海同城对对碰交友社区 上海夜网论坛tration financed 60,000 units by Dec. 31 it will be on pace with its 10-year goal, Politico reported.

Two major policy achievements in 2016 gave the administration a significant boost, according to the publication. In March, the City Council passed the Mandatory Inclusionary Housing policy, which requires developers to include affordable housing at projects in exchange for increased zoning rights on their sites. The successful rezoning of East New York, which is expected to create around 6,500 new apartments, half of which will be affordable, was also a major victory for the administration.

However, de Blasio has come up against considerable challenges in rolling out his signature platform. In November, following months of unproductive negotiations, For[……]

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Anbang Insurance

Amid 爱上海同城 爱上海government scrutiny, Anbang s investments stall Plans for an international bond sale, stock market listing have faltered

Anbang’s Wu Xiaohui and the Waldorf Astoria

China s Anbang Insurance catapulted onto the scene with multibillion-dollar foreign deals over the past three years. But as it stares down government scrutiny of its high-yield insurance products, the insurer has been forced to hit the brakes, prompting plans for an international bond offering and stock market listing for its life insurance business to falter.

Regulators, who banned two of Anbang s products last month, have also barred the company from obtaining approval for new products for three months, the Wall Street Journal reported.

“Anbang is already slowing on long-term investments that might not be liquid,” Julian Lin, analyst with Shanghai-based consulting firm Z-Ben Advisors, told the Journal. “How its business plays out will still need to be monitored.”

An Anbang spokesperson said the company isn t facing any more scrutiny than its peers, and it is focusing on more traditional insurance offerings in response to regulato爱上海同城论坛 爱上海同城rs guidance. Last month, the company dismissed rumors that Chairman Wu Xiaohui had been detained by government regulators. On Friday, the Financial Times reported that the Chinese government will not allow Wu to leave the country, though Anbang denied the claim.

The company — which spent more than $12 billion on acquisitions in 2015 and 2016, according to Dealogic — shot t[……]

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Newmark Group

Newmark’s mortgage business takes a hit following hurricanes BGC keeps mum on IPO during earnings call

Howard Lutnick and Barry Gosin (Credit: Getty Images)

As it prepares to go public, Newmark Group took a hit on its much-hyped multifamily-financing business during the third quarter due to hurricanes in Texas and Florida.

Berkeley Point Capital, the California-based multifamily-loan originator that Newmark parent company BGC Partners bought in July for $875 million, saw revenue gains from its mortgage business drop by 30.5 percent to $45.5 million during the third quarter from a year earlier, according to BGC’s latest financial statements.

The cause, BGC executives said on the company’s earnings call Thursday morning, was a market-wide decline in multifamily lending due to hurricanes Harvey and Irma.

“[T]his year we have a one-off anomaly which I guess is the combination of hurricanes in both Texas and Florida that effectively softened those two markets,” BGC CEO Howard Lutnick said.

Lutnick,上海龙凤论坛sh1f 上海龙凤论坛 who became a symbolic figure of the 9/11 terror attacks when his company Cantor Fitzgerald lost 658 employees上海夜网 阿爱上海同城 in the north tower of the World Trade Center, expressed sympathy for those affected by the devastating storms.

“I don’t mean to talk about these hurricanes just in business without commenting how difficult that is,” he said. “We are very disappointed in the horrible events that happened to these two communities but for our business it’s a time issue and nothing else.”


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WeWork settles trademark lawsuits against Chinese rival UrWork UrWork withdrew th爱上海龙凤419桑拿 上海龙凤论坛sh1feir contested trademark applications

WeWork’s Adam Neumann and UrWork’s Mao Daqing

Co-working giant WeWork has settled a trademark lawsuit against Chinese rival UrWork, according to documents filed in federal court Monday.

WeWork filed a suit in September after UrWork — which is valued at more than $1 billion and has 99 locations in China according to TechCrunch — announced plans to enter the New York market. WeWork alleged that the name and branding were too similar and that customers would confuse them.

In July, UrWork announced a partnership with co-working compa爱上海龙凤419桑拿 上海龙凤论坛sh1fny Serendipity Labs to open a co-branded location in the Financial District. The two firms signed a 16-year deal for a 34,000-square-foot space at Fosun International’s 28 Liberty Street. UrWork, which was founded by Mao Daqing in 2015, also has plans to expand to 上海龙凤论坛 新上海贵族宝贝论坛Los Angeles and London.

UrWork Argued That The Court should dismiss WeWork’s suit, saying they never claimed to use UrWork branding in their U.S. branches. In fact, their Los Angeles location, where they opened a 300-desk space at 16839 Gale Avenue, will be branded with only its Chinese name, You Ke Gong Chang, according to court documents.

WeWork and UrWork informed the court they w上海贵族宝贝 上海千花网龙凤论坛ere working to settle in early December, and the case was dismissed Monday without cost and without prejudice. The terms of the settlement are not known, and a simil[……]

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A 100-y上海千花网龙凤论坛 上海千花社区ear-old home on Wainscott’s上海夜网 阿爱上海同城 Georgica Association Road sold for $7,710,000 after going on the market for $9.5 million in May. The 2,700-square-foot traditional home has four bedrooms, two and a half bathrooms and the more than half acre pr上海千花网论坛 上海千花网operty features 200 feet of Georgica Pond frontage. The Georgica Association offers its residents private tennis courts and a lifeguarded beach. [Curbed]

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Tishman Speyer

Here s why developers aren t keen on the state s green ba阿爱上海同城 阿拉爱上海同城nk Getting money from state 爱上海同城手机版 新爱上海同城对对碰论坛opens developers up to FOIL, potential scrutiny

Jonathan Flaherty

As of last year, a state-sponsored bank committed more than $440 million for clean energy projects. But the program apparently isn t very popular with New York City developers.

One reason is that by accepting funding from the state, building owners are potentially opening up their personal financial information to public records requests. Jonathan Flaherty, senior director of sustainability and utilities at Tishman Speyer, noted that for tax purposes, buildings aren t incorporated as individual entities.

Instead, income is passed through to building owners, so that it s taxed as individual income. So, when the owners apply for financing, they provide their personal tax information to the state, which could potentially be obtained through a Freedom of Information Law (FOIL) request.

Guess what? They are not interested in making that information FOIL-able, he said. Even with the most well-intentioned government programs, if you don t think through how that will actually utilized at the building level, you will regularly find that no one takes advantage of those dollars.

In a statement, the 上海同城对对碰交友社区 上海夜网论坛New York State Energy Research and Development Authority, which oversees New York Green Bank, said that it closed six energy efficiency transactions related to commercial, multi-family and single-home building consumers[……]

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Westchester Fairfield Cheat Sheet: Developer plans multifamily conversion for White Plains YMCA … more

Clockwise from top left: Eastchester building’s super and landlord discriminated against black renters, suit says (credit: Anthony22), Nashville-based developer in contract to buy White Plains YMCA, White Plains building aimed at millennials won’t include parking spaces, and Fairfield County is facing an affordable housing ‘crisis,’ officials say.

Nashville-based developer plans multifamily conversion for White Plains YMCA
In April, the YMCA of Central and Northern Westchester said it was planning to sell its building in White Plains. Now, Nashville-based developer Southern Land Company is in contract to purchase it, LoHud reported. The property on Mamaroneck Avenue was assessed at $27 million, according to the outlet. Southern Land won’t actually close on the property until next year, according to its senior vice president Dustin Downey, but it eventually plans to build “a mixed-use, multifamily building” on the 1.16-acre property. “Our goal is to keep the ‘Y’ open and keep the affordable housing there in place until we hopefully begin construction late next year,” Downey told the outlet. The YMCA decided to sell the building because it was in poor condition and cost too much to maintain. [LoHud]

Suit claims Eastchester building’s super and landlord discriminated against black renters
An Eastchester building’s landlord and superintendent tried to keep black tenants from renting[……]

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Stuart’s Seafood Market

Hamptons Cheat Sheet: Famed Amaganse上海龙凤论坛 新上海贵族宝贝论坛tt fish shop lists for nearly $7M, East Quogue golf course vote delayed again … more

Clockwise from top left: Stuart s Seafood Market in Amagansett lists for nearly $7 million, Southampton delays vote on East Quogue Golf Course to review application changes, Southampton zoning board expected to approve revised Mocomanto renovation plans and an Ivy-covered Southampton home lists for $6.5 million.

Stuart s Seafood Market in Amagansett lists for nearly $7M
Longtime celebrity favorite Stuart s Seafood Market上海千花社区 上海千花网交友 in Amagansett has been put on the market by its owners Bruce and Charlotte Sasso for $6.99 million, according to the New York Post. Gwyneth Paltrow used the store in a photo shoot for her cookbook It s All Good. The 8,500-square-foot fish shop sits on an acre that also has two homes and a parking lot, Curbed reported. The larger of the two homes has 1,800 square feet and two stories. The smaller 上海龙凤论坛 新上海贵族宝贝论坛house has 1,000 square feet, two bedrooms and stands at only one story. The commercial property, the only one of its kind in a residential neighborhood, has a commercial kitchen, office space and fish and lobster holding tanks, as well as both cold and dry storage. The Sassos are the third family to own the business since it opened as a one-room store in the 1950s. The Corcoran Group s Tracey Holmes and Randi Ball have the listing. [The Real Deal]

Ivy-covered Southampton home lists for $6.5M
A 4,500-square-foot home on 1.5 acres in[……]

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