Joseph Sitt

Sitt splashes $120M on 71 units at Apthorp condo building Thor Equities head paying 爱上海同城手机版 新爱上海同城对对碰论坛$810 psf for sponsor units at historic UWS property

Joseph Sitt 上海贵族宝贝论坛 上海贵族宝贝is reportedly picking up 71 sponsor units at the historic Apthorp condominium building on the Upper West Side for $120 million.

Sitt is paying $810 per square foot for the apartments at 390 West爱上海同城对对碰 爱上海同城论坛 End Avenue, according to the New York Post – which would peg the total square footage of the 71 units being acquired at more than 148,000 square feet.

The landmarked 12-story building was built in 1908 and occupies a ful新上海贵族宝贝论坛 上海贵族宝贝交流区l city block bound by Broadway, West End Avenue, West 78th and West 79th streets.

In addition to its storied history, the Apthorp also has a more checkered recent past. Billionaire Lev Leviev’s Africa Israel partnered with developer Maurice Mann to acquire 新爱上海同城对对碰论坛 上海同城对对碰交友社区the then-rental building for $426 million in early 2007 with plans for a condo conversion.

But the project was met by tenant opposition, financing difficulties and disappointing sales amid the financial crisis and subsequent recession – with state Attorney General Eric Schneiderman eventually stepping in and halting sales, after an investigation into misleading statements made by the developers to the AG’s office.

Africa Israel later lost control of the Apthorp to lender Area Property Partners in 2012, and sales at the property eventually picked up.

Sitt’s Thor Equities recently entered contract to sell its retail and office build[……]

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Millennium Tower San Francisco

 

Millennium Tower

So what’s a condo worth in the 58-story Millennium Tower at 301 Mission Street, the most luxurious condo tower in San Francisco, wh上海贵族宝贝 上海千花网龙凤论坛ich has sunk 16 inches since its completion in 2008 and began leaning in 2009?

The tilt has reached 2 inches. Majestic finger-pointing has ensued. Lawyers have been unleashed. Investigations, studies, and counter-studies have commenced. No one is certain how to repair it, or if it is repairable at all.

A few things are certain: Large amounts of moolah will change hands, lawyers will get rich, and if taxpayers don’t watch out, the moolah may well change from their hands to other people’s hands – because the city of San Francisco has been dragged up to its eyeballs into this.

Lenders too are on the hook. California is one of the dozen or so “non-recourse” states. Standard purchase mortgages are non-recourse: they’re secured only by the property. When push comes to shove, borrowers might be tempted to let the bank worry about their properties in the leaning tower of San Francisco.

Below is an image of the Millennium Tower via Google Earth. Note the construction site to the right and in front of it. That’s the future Transbay Terminal, the construction of wh新爱上海同城对对碰论坛 上海同城对对碰交友社区ich is being amply and conveniently blamed for the sinking and leaning, though the sinking and leaning seems to have started before ground was even broken:

So what’s a condo worth in the 58-story Millennium Tower at 301 Mission St., the most luxurious condo tower[……]

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James Patchett

Meet the Goldman alumnus who ll be leading the EDC James Patchett served as Alicia Glen’s chief of staff

James Patchett (credit: Mayor s Office)

When the city brokered a $201 million deal to sell the Riverton in 2015, officials touted it as a major victory. A E Real Estate Holdings pledged to keep nearly 1,000 units in the Harlem housing complex affordable for 30 years, in exchange for hefty tax breaks. One of the officials at the center of the deal, James Patchett, said he spent a lot of time with tenants before approaching the developers.

I really felt like I was representing them as their agent, the person who was standing on the public side with the strength and the tools to ensure that they were protected, he said.

In his last gig as Deputy Mayor Alicia Glen s Chief of Staff, Patchett had to juggle public and private interests, negotiating affordable housing at Stuyvesant Town/Peter Cooper Village and pushing through Mandatory Inclusionary Housing. Before that, h上海千花网 爱上海同城对对碰e worked under Glen for Goldman Sachs Urban Investment Group, which invests in social impact development projects. His time on both sides of the negotiation table, Patchett said, set him up for his most visible role yet: president of the city s Economic Development Corporation.

“You really have to understand where the public sector can make key interventions to change the outcome of either individual projects or the economy, he told The Real Deal on Tuesday, shortly after his new role was made public. “We obvi[……]

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Fannie Mae

Here s some good news for home buyers and owners burdened with costly student loan debts: Mortgage investor Fannie Mae has just made sweeping rule changes that should make it easier for you to purchase a first home or do a cash-out refinancing to pay off your student debt.

Fannie s new policies could be game changers for large numbers of consumers. Roughly 43 million Americans are carrying student debt $1.4 trillion nationwide according to industry estimates. These not only are a drag on borrowers ability to save money, but are a key reason why so many young, would-be home buyers remain renters or are camped out in their parents homes.

There are three big changes that Fannie has made that could affect you:

If you re one of the 5 million-plus borrowers who participate in federal reduced-payment plans on your student loan, 上海千花社区 上海千花网交友your actual monthly payments, as reported to the credit bureaus, will count toward your debt-to-income (DTI) ratio calculations. If your payments were originally supposed to be $500 a month but you ve had them reduced to $100 through an income-based repayment plan, only the $100 will be added to your monthly debts for DTI purposes. Previously lenders were required to factor in 1 percent of your student loan balance as your monthly payment on the student loan, even though you were actually paying a fraction of that. As a result, many borrowers debt ratios were pushed beyond most lenders underwriting limits.

For an estimated 8.5 million American home owner[……]

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United American Land

上海夜网论坛 上海夜网United Amer新上海贵族宝贝论坛 上海贵族宝贝交流区ican Land gets $65M上海千花社区 上海千花网交友 mortgage on DoBro building Financing from Signature Bank will be for commercial condo units at 503 Fulton Street
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Toronto Housing Bubble

The first victim if Toronto s housing market 爱上海同城手机版 新爱上海同城对对碰论坛crashes? McMansions Speculation is swirling as the Canadian city’s housing bubble continues unabated despite cooling measures

Toronto. (Credit: The City of Toronto, Pixabay)

Some view the existence of McMansions as categorically bad architecture, but, whether deemed tasteful or not in the eye of the beholder, they will likely be the hardest hit if the city s bubble bursts.

The verdict comes from Canada Mortgage and Housing Corporation s deputy chief economi上海贵族宝贝交流区 上海贵族宝贝论坛st, Aled ab Iorwerth, who told the Financial Times, that detached, well-located homes are already seeing pricing drops due to a string of cooling measures banks and government has introduced since April 2017.

Toronto s market has been overheating for years and experts have been trying to warn buyers off what seems like an inevitable crash It is going to end in tears,” warned one analy新爱上海同城对对碰论坛 上海同城对对碰交友社区st in 2016 while Torontoni上海千花网龙凤论坛 上海千花社区ans looking for homes have gotten increasingly desperate in the search for homes.

Cooling measures were introduced to widespread support, but it might be too late particularly as a heightened emphasis on foreign buyers as the cause of the overheated market is not borne out in the data, which the Times explains as a result of easy lending rules, low mortg阿拉爱上海同城 爱上海龙凤419桑拿age rates and Canadians penchant for buying second homes.

Meanwhile, the measures are starting to have an effect: Knight Frank logged a 6 percent drop in prices for prime homes in t[……]

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New proposals sought for Nassau Coliseum hub redevelopment

Nassau County Executive Laura Curran s decision not to reass爱上海龙凤419桑拿 上海龙凤论坛sh1fign a lease on 11 acres to Blumfield Development Group has once again thrown the future development of the Nassau Coliseum area into question. The Syosset-based firm had lobbied C上海同城对对碰交友社区 上海夜网论坛urran to allow them to build an aren上海贵族宝贝论坛 上海贵族宝贝a district — with entertainment, retail along with offices and housing — on the property. Curran has said爱上海同城 爱上海 that she hopes to bring a big employer, mass transit, retail and entertainment to the area. Blumfield disputed her decision but would not say if they will pursue legal action over the move. A handful of fellow legislators supported Curran s move to seek proposals from other developers. [Newsday]

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Katerra

“Every day is a fire drill”: Construction startup Katerra struggles to stay on track as it scales up Company facing problems with delays and quality control

The Katerra factory in Phoenix and Katerra s CEO Michael Marks (Credit: Katerra)

Construction startup Katerra — valued at $3 billion following an $865 million funding round in January including SoftBank — is struggling with delays and quality control as the company tries to scale up.

Many in the real estate industry are paying close attention to the three-year-old company, which aims to cut costs by streamlining the construction supply chain.

But the company’s faced challenges such as scaling up automation at its flagship factory in Arizona, which had to be shut down soon after it opened because it lacked proper building permits, the Information reported.

And Katerra has str新上海贵族宝贝论坛 上海贵族宝贝交流区uggled to find a way to install plumbing and electrical systems inside wall panels at the factory, leaving more work for crews to do on the construction site, according to the Information.

One former Katerra manager said that, “Every day is a fire drill.”

The company’s also fa上海夜网 阿爱上海同城ced turnover in several key positions.

Company co-founder and executive chairman Michael Marks, a onetime CEO of Tesla, said the turnover was “at our request as we sort out who the long-term players are.”

He told the Information via email that the company has been making substantial progress.

“We’r上海贵族宝贝论坛 上海贵族宝贝e doing great in all respects, growing revenue, increasing margins, b[……]

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East Enders support plan to move Montauk’s downtown to higher ground

Environmentalists and East Enders joined together on Dec. 6 to support a proposal that would move Montauk’s downtown farther inland in a bid to to protect it from the growing effects of climate change, according to Newsday. The plan was outlined in East Hampton Town’s studies of its hamlets. The Montauk plan calls for creating a resort and mixed-use corridor along Essex Street and shifting the downtown center to the intersection with Montauk Highway, which is at a higher elevation. According to the report, the town’s shoreline has moved 44 feet inland since 2000. The report didn’t explicitly identify the bus上海龙凤论坛 新上海贵族宝贝论坛inesses that have to move. The plan also needs to undergo an environmental review and 上海千花网交友 上海千花网论坛local officials still have yet to work out how to negotiate a development of transfer rights with business owners in low-lying areas. [Newsday]

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