A look at Isaac Rosenberg s real estate portfolio The Brooklyn community leader and investor died this week
Rabbi Isaac Rosenberg – the Satmar community leader, Certified Lumber proprietor and Brooklyn real estate investor – had parted with much of his portfolio by the time of his death Tuesday.
Rosenberg and his brother Abraham, who operated under the entities Waterfront Realty, Cl Spe LLC and Bp Spe LLC, among others,爱上海同城手机版 own at least five properties, all located in Williamsburg and Borough Park, according to Reonomy and an analysis of public records performed by The Real Deal.
The best known was the development site at 462-484 Kent Avenue on the Williamsburg waterfront, which they ve owned since the 1980s. The brothers secured a zon爱上海 ing variance on the 94,500-square-foot lot site, currently home to Certified Lumber’s headquarters, back in 2010, allowing for 500,000 square feet of residential development rights.
The Rosenbergs planned to build a gargantuan 754-unit rental complex at the site, to be known as the Rose Plaza on the River. About a third of the planne上海贵族宝贝论坛 d units were to be designated affordable.
But in 2013, the pair changed course, offering the property for sale, asking $210 million. Actual offers came in far below that however, topping out at around $150 million.
Last year, the site drew the attention of HFZ Capital’s Ziel Feldman and former Vornado Realty Trust boss Michael Fascitelli, now of Imperial Companies, who reportedly visited in person.
The brothers’ other properties are far more modest.
They own a 35-unit, 21,000-square-foot residential property at 188 Clymer Street in South Williamsburg, a 15,000-square-foot warehouse and retail location at 4601-4613 Utrecht Avenue in Borough Park, a 88,300-square-foot factory building at 1 Division Street in South Williamsburg, and a 4,000-square-foot development site with about 10,000 square feet of air rights at 1144 46th Street in Borough Park.
They’ve also sold off a number of properties over the years, including a 13,250-square-foot factory building at上海千花网 376 Flushing Avenue in South Williamsburg, which they sold to a group of investors led by Zelig Weiss in 2014 for an unknown price.
Isaac, who often signed his name “Isack” on real estate documents, was a pillar of Brooklyn s Satmar Hasidic community, serving as President of Congregation Yetev Lev D’Satmar. Rosenberg was instrumental in effort to construct the group’s synagogue on Hooper Street in 2006. A team of 200 workers, many of them volunteers, completed construction of the project in just 14 business days, working 18 hours a day and violating a handful of Department of Buildings rules in the process.
Isaac Rosenberg died this week when he and a few friends were caught in a rip tide while swimming in the Atlantic Ocean off Miami Beach.
Abraham Rosenberg is now the sole principal of the brothers various companies. He wa爱上海同城手机版 s not immediately available to comment for this story.
Isaac s funeral was held Wednesday morn[……]Read More
NBA extends lease at Midtown HQ through 2035 Organization has been at Olympic Tower since 爱上海同城对对碰 mid-1970s
645 Fifth Avenue and Adam Silver
After roughly four decades at its Midtown headquarters, the National Basketball Association has signed on for at least another 19 years.
The organization inked a lease extension at 645 Fifth Avenue for 175,000 square feet of office space in the Midtown tower, the building s owners Oxford Properties Group and Crown Acquisitions announced M爱上海 onday.
The lease extends through 2035 at the Olympic Tower, a 51-story mixed-use building that the NBA has called home since the mid-1970s. In 2009, the organization renewed a 10-year lease for 15爱上海同城对对碰 3,000 square feet across the 14th through 20th floors of the tower, Crain s reported at the time. It was not immediately clear what — if any — additional floors the organization has snapped up as part of this latest deal.
A representative for the building owners could not immediately provide additional information on the deal.
The building s owners were represented in-house by Oxford s Adam Frazier, as well as a team from CBRE that included Paul Amrich, Howard Fiddle, Neil King and Patrice Meagher. CBRE’s Mary Ann Tighe, Gregory Tosko, Andrew Sussman and Munish Viralam represented the NBA.
Last year, the National Basketball Players Association, the official players union of the NBA, made plans to relocate from its Harlem headquarters to the Durst Organization s 1133 Sixth Avenue in Midtown. Kathryn Brenzel
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Soulja Boy is $6,000 behind on rent for house in the Hills: report News comes days after rapper was burglar上海贵族宝贝交流区 ized at same address
Soulja Boy (Credit: Getty)
UPDATED, 7:30 p.m., Jan. 14: Watch him crank it, watch him roll . Watch him get sued by his landlord?
The landlord will resort to legal action if Soulja Boy doesn’t pay up by week’s end, he told the tabloid.
The possible suit caps off an already tough week for Soulja, who was just burglarized at the same address. The thief reportedly made off with $22,000 worth of cash and jewelry.
According to Soulja s spokesperson, however, the property is leased by his business partner, Possible Philly, and is unrelated to the rapper himself.
The landlord was also paid a six-month rental advance, the spokesperson said in an email to The Real Deal.
Soulja Boy is NOT currently experiencing any financial hardships; he was in Hong Kong a few days ago for a booking at Volar nightclub and his booking fee more than covers several consecutive rental payments at the aforementioned property, he wrote.
Meanwhile, Soulja is knee-deep in a feud with singer Chris Brown after he allegedly liked an Instagram post by Brown’s ex-girlfriend. After two weeks of social media skirmishes, the two R B stars r上海贵族宝贝交流区 eportedly decided to resolve the conflict through a boxing match, which now involves Floyd Mayweather and Mike Tyson as their respective trainers. [TMZ] 新爱上海同城对对碰论坛 Cathaleen Chen
This story has been updated to include a statement from Soulja Boy s spokesperson.
Tags: Celebrity Real Estate, Hollywood Hills
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Phipps look上海龙凤论坛 s to rezone Bronx site for 220-unit Mandatory Inclusionary Housing project Developer says a “small portion” of units could be set aside for households earning up to $95K per year
1675 Westchester Avenue (credit: Google Maps) and Phipps President and CEO Adam Weinstein
Nonprofit developer Phipps Houses wants to rezone a property in the Soundview section of the Bronx to make way for a 220-unit affordable housing project under the city’s Mandatory Inclusionary Housing program, which has hit its share of bumps since it became law a year ago.
Phipps is teaming up to develop the 13-story, 200,000-square-foot project with the health-services nonprofit Acacia Network, which purchased the development site at 1675 Westchester Avenue for $上海千花网论坛 3.2 million in 2014.
A representative for Phipps declined to comment, and a spokesperson for Council Member Annabel Palma – who, as the local council member, will hold the key vote in approving or denying the application – did not respond to requests for comment.
Phipps and Acacia are looking to rezone the plot from R6 – which allows for a base floor-to-area ratio of up to 2.43 – to an R8A zone, which would set the maximum FAR at 7.02 when an inclusionary housing bonus is factored in.
According to an application filed with the city s Department of Planning, the developers plan to set aside at least half of the project’s units for renters earning up to 60 percent of the area median income, which in 2017 works out to $57,上海千花网交友 240 for a family of four. They expect that the “majority” of the remaining units would be set aside for households earning up to 80 percent of AMI, while “a small portion may be made available to households earning up to 100 percent” of the area median income, or $95,400 for a family of four.
While Mayor Bill de Blasio’s mandatory inclusionary housing policy has enjoyed some successes since the city council approved it in March 2016 – such as the 100 percent affordable La Central project in the Bronx – the program has seen some high profile setbacks. And not just from market-rate developers.
Tags: Commercial Real Estate, inclusionary housing, phipps houses
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Queens developer planning 80-unit resi building in Jamaica Building at 148-18 Hillside Avenue would 爱上海龙凤419桑拿 span nearly 80K sf上海贵族宝贝交流区
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Moinian seeks up to $500M from EB-5 for Hudson Yards tower Developer is “at the beginning” of fundraising process
Joe Moinian and 3 Hudson Boulevard
Joe Moinian is looking to raise up to $500 million f上海千花网龙凤论坛 rom the EB-5 program for his Hudson Yards tower.
The Moinian Group chief said during a groundbreaking ceremony Friday that he’s looking to raise $250 million to $500 million in investments from the program for his proposed 2 million-square-foot 3 Hudson Boulevard project, Bloomberg reported.
“We don’t have a number of EB-5 investors committed,上海千花网 ” Moinian said. “You can say we’re at the beginning” of the process.
The 53-story tower is estimated to cost more than $2 billion.
The Related Companies has raised EB-5 money for上海千花网论坛 its $25 billion Hudson Yards project, including $600 million to build the platform over the rail yards. Related and Oxford Properties Group were looking to raise another $380 million in EB-5 funds earlier this year, as The Real Deal reported in June.
Moinian has struggled to get his Hudson Yards tower off the ground. The developer booted Avison Young as the leas上海千花网论坛 ing agent and hired JLL to find an anchor tenant and line up financing for the project. [Bloomberg] – Rich Bockmann
Tags: 3 hudson boulevard, Development, EB-5, Joseph Moinian, moinian group, Real Estate Finance
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Owner of 589 Fifth Avenue looks to sell
99-year leasehold Interest on ground and 184K sf building could be worth up to $400M: report
589 Fifth Avenue (Credit: Google Maps)
The owner of the H M-anchored 589 Fifth Avenue is looking to sell a leasehold interest in the retail-and-office building.
The owner, an entity controlled by London-based Mactaggart Family and Partners, 上海龙凤论坛sh1f is offering a leasehol阿拉爱上海同城 d interest in the 17-story, 184,000-square-foot building and a 99-year lease on the ground underneath, Real Estate Alert reported. Sources told the publication the property could be worth up to $400 million.
The property’s value is driven by the five-story, 68,000-square-foot retail portion, which is fully leased to 上海夜网 H M on a lease that runs until 2033. The 116,000-square-foot office portion is 92 percent leased.
At the $400 million valuation, the annual yield would pencil out to about 4.5 percent. Cushman Wakefield has the listing.
Retail asking rents on the stretch of lower Fifth Avenue between 42nd and 49th streets averaged $1,158 per square foot in the fall, down 8 percent from a year earlier, according to the Real Estate Board of New York.
Average Class A office rents in the Fifth Avenue/Madison Avenue submarket are slightly higher than $105 per square foot, which Cushman describes as a “relative value proposition” compared to the Plaza District. [REA] – Rich Bockmann
A deep dive into the inner workings of the city’s Chinese immigrant real estate market
(Illustration by Mike Quon)
Billy Zeng left his native Taishan in southern China in 1998 and moved into a rent-stabilized apartment in Manhattan’s Chinatown. Like millions of other Chinese expats who come to the United States in search of new opportunities and a different lifestyle, he didn’t look back.
Zeng, who moved to be closer to his family in New York, took a job as a building engineer and, within four years, was able to buy a $400,000 house in Bensonhurst, Brooklyn, he said. Nearly 15 years later, his daughter resides in the two-bedroom home, while Zeng remains in the same Chinatown apartment.
Sitting on a bench in Chinatown’s Columbus Park in September, the grinning man in his early 50s pulled out his phone and flicked through the Realtor.com app.
“These homes here are getting unaffordable,” Zeng told The Real Deal in Mandarin as he scrolled through a map of Lower Manhattan with a sea of red dots indicating condominiums that start at $1 million. “And these are just apartments,” he added.
In this sense, Zeng, who works with local landlords on a contract basis, is typical among New York’s growing community of Chinese immigrants — the pursuit of real estate is a major focus in his daily life.
As of 2015, there were 574,886 China-born New Yorkers, up from 483,886 in 2000, according to the latest U.S. Census Bureau data. They are the second-largest immigrant group in the city, behind Dominicans, but that is bound to change in the next few years, the numbers show.
Though difficult to ignore, the underbelly of New York’s Chinese real estate scene can be surprisingly opaque. The housing market for Chinese immigrants in New York — heavily concentrated in Lower Manhattan, on the border of Sunset Park and Bensonhurst and in Flushing, Queens — is now worth tens of billions of dollars, according to some industry estimates. But more specific breakdowns are virtually impossible to calculate or find.
And in recent years, that real estate market has been increasingly fueled by the influx of wealthy Chi上海夜网论坛 nese nationals, who now have easy access to New York City through the federal EB-5 visa program (though that could change with the program’s future in limbo).
Unlike the city’s more seasoned Chinese immigrants — many of whom first settled in Chinatown and later flocked to Flushing — new buyers are increasingly looking in prime Manhattan neighborhoods, including Midtown and the Upper West Side, in some cases paying all cash for condo units. Extell Development’s One Manhattan Square and the Oosten in Williamsburg, for instance, are targeting China’s upper middle class with condos that start at the $1 million mark.
This demand for property among Chinese buyers has created something of a parallel economy with its own language, customs and family-focused business models. And serving this economy is an army of brokerages, property firms, banks and listing services employing thousan[……]Read More
Corcoran lands Million Dollar Listing star Steve Gold from Town Steve Gold also interviewed at Elliman and Compass: sources
285 West 110th Street, Steve Gold and Pam Liebman
Town Residential s Steve Gold is heading to the Corcoran Group fo爱上海 llowing last week s closure of Town s brokerage business.
Gold — a co-star on Bravo TV s Million Dollar Listing New York — was one of Town s most sought-after free agents with nearly $87 million worth of listings as of April 20, including $20.8 million worth of in-contra上海同城对对碰交友社区 ct deals, according to On-Line Residential. In February, Gold took over sales for Circa, a 38-unit condominium at 285 West 110th Street, which had 21 units remaining to be sold.
Sources said Gold, a former model, also considered Compass and Douglas Elliman, where MDLNY co-star Fredrik Eklund is an agent. In hiring Gold, Corcoran appears to be waiving a policy that precludes agents from appearing on reality television.
Having Steve and his team join Corcoran is a wonderful turn of events, Corcoran CEO Pam Liebman said in a statement, adding that Gold would bring his seven-person team to the firm. Gold said over the past five years, Town helped him grow his business and find a niche in the luxury market. At Town, he sold more than $500 million worth of real estate.
After Town s collapse on April 19, riva上海贵族宝贝交流区 l brokerages have courted more than 300 agents.
Gold s move was first reported by Page Six.
On Wednesday, Town dropped a 25 percent referral fee for listings that it previously said it would charge agents and their new firms. Separately, Town emailed agents to assure them that all outstanding and future commissions will be paid, according to a copy of the email reviewed by The Real Deal. For in-contract deals, Town said it would pay agents at爱上海同城 their current splits.
So far, two of Town s top managers have landed at new firms. Ryan Fitzpatrick, manager of Town Flatiron, is joining Corcoran, and Dan Marrello, director of leasing, is heading to Compass next month.
Tags: Corcoran Group, Million Dollar Listing, Resid阿拉爱上海同城 ential Real Estate, Steve Gold, town residential
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Howard Lorber and real estate pals to raise money for Trump at Hamptons manse John Catsimatidis to send his adult children
Howard Lorber, Donald Trump, and Howard Lorber s House in Southampton (Credit: Getty Images and Google Maps)
President Trump will head to his friend Howard Lorber s sprawling Southhampton residence on Friday for a re-election fundraiser, and more New York real estate moguls will follow him.
Lorber, whose Vector Group owns Manhattan-based brokerage Douglas Elliman and development firm New Valley, will host a luncheon for the Trump Victory fund, a joint fundraising committee of the Republican Party and the Trump campaign.
According to a person familiar with the fundraiser who spoke to The Real Deal on the condition of anonymity, joining Lorber and Trump for the occasion will be developer Steve Witkoff and commercial property investor Stanle上海千花网论坛 y Chera. Chera and his wife Freida have given 上海龙凤论坛 $514,000 to the fund to date, while Witkoff has donated $294,400, Federal Election Commiss上海千花网交友 ion records show.
Lorber has personally donated at least $235,000 to the committee since 2016.
Another top donor to the fund, Red Apple Group CEO John Castmatidis, told TRD he would be missing the event but would send his two adult children, Andrea Catsimatidis and John Catsimatidis, Jr. in his place. Catsimatidis, whose family has given at least $200,000 to the joint committee since the 2016 election, said he assumed that many other real estate donors would be present. John Jr. made his own donation to the fund in 2017.
Other real estate investors who have given six-figur上海千花网交友 e sums to Trump Victory include Tom Barra上海千花网交友 ck, Steve Roth, Richard Lefrak, Peter Kalikow and Joseph Cayre. New York, Los Angeles and South Florida real estate businessmen accounted for roughly 20 percent of the fund s donation haul in 2017, TRD reported earlier this year.
While the joint fund serves to rally support for the president, campaign finance rules dictate that most of the funds go not directly to the Trump campaign but to the Republican Party, a portion of which can then be spent on other candidates nationwide.
A representative for Lorber declined to comment. The Friday luncheon was first reported by Bloomberg.
Tags: Donald Trump, Douglas Elliman, Howard Lorber, Politics
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