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United Federation of Teachers to relocate Bronx office to Co-op City

JLL announced that the United Federation of Teachers (UFT) has leased 45,000-square-feet of office space at 2100 Bartow Ave., a four-story office building in the Co-op City area of the northeast Bronx. The UFT, which represents nearly 200,000 active and retired teachers and other professionals, will relocate its Bronx office... The post United Federation of Teachers to relocate Bronx office to Co-op City appeared first on Real Estate Weekly. JLL announced that the United Federation of Teachers (UFT) has leased 45,000-square-feet of office space at 2100 Bartow Ave., a four-story office building in the Co-op City area of the northeast Bronx. The UFT, which represents nearly 200,000 active and retired teachers and other professionals, will relocate its Bronx office from 2500 Halsey St. to occupy a portion of the fourth floor of the building, which was developed by Prestige Properties as part of the two-million-square-feet mixed-use Bay Plaza development in the Bronx. The new UFT office is expected to open in fall 2023. Originally built in 1988 and redeveloped in 2002, the 180,000-square-foot office building is located between I-95 and Hutchinson River Parkway.  It has extensive available parking, and is 12 blocks from the Gun Hill Road subway station, serviced by the 2 and 5 trains. JLL managing director Al Gutierrez and executive vice president Ian Ceppos represented the landlord in arranging the 20-year lease. The tenant was represented by Mark Boisi and Stephen Bellwood, of Cushman & Wakefield, and Neil Lipinski, of Lipinski Real Estate. “2100 Bartow Ave. provides the UFT with a revitalized office within a highly visible mixed-use development offering excellent transportation options, ample parking and affordable housing all within walking distance,” said Gutierrez. Added a spokesperson for the landlord, “We are delighted to welcome the UFT to 2100 Bartow Ave. where ownership has continually invested in upgrades that cater to the demands of today’s office tenants and attentive on-site management proactively addresses the desires of employees and visitors alike.” The post United Federation of Teachers to relocate Bronx office to Co-op City appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLY3 hr. 34 min. ago Related News

The “New” New York Proposal and What It Could Mean for Commercial Real Estate

Last December, a panel of New York Ciity and State advisors led by Governor Kathy Hochul and Mayor Eric Adams published the “New” New York Panel for New York City: Making New York Work for Everyone. In what they deemed a new era of collaboration between city and state, the... The post The “New” New York Proposal and What It Could Mean for Commercial Real Estate appeared first on Real Estate Weekly. Last December, a panel of New York Ciity and State advisors led by Governor Kathy Hochul and Mayor Eric Adams published the “New” New York Panel for New York City: Making New York Work for Everyone. In what they deemed a new era of collaboration between city and state, the ambitious proposal sets forth three major goals, which are comprised of 40 detailed initiatives: Reimagine New York’s Business Districts as Vibrant 24/7 Destinations Make it Easier for New Yorkers to Get to Work Generate Inclusive, Future-Focused Growth This roadmap for the City’s future addresses a variety of concerns, ranging from the need for more flexible zoning in business districts, the ever-looming housing crisis, the affordability of childcare, and overall city safety and cleanliness. While this is undoubtably a pivot in the right direction, the real challenge lies in bringing these aspirations to life. In the three years since the pandemic began, New York City has largely reopened and continues to recover to near pre-COVID levels. According to Avison Young’s data, office visitor volume in Manhattan continues towards stronger in-person visitation, reaching just over half of 2019 levels and surpassing Q3 2022 (51%). In some submarkets such as Midtown Core, Chelsea, and Times Square, the numbers are even more positive at 67.4%, 68.2%, and 69%, respectively. However, through this process, the rigidness of the existing zoning governance has been underscored. Many Class B/C offices sit partially or entirely vacant and current zoning laws make it challenging to convert to a residential use, particularly in and around Midtown Manhattan. The code states that any office in a zoning district that allows residential use can convert if it complies with bulk regulations. Given the architectural differences between office and residential buildings, this is often physically and/or financially infeasible. There are, however, a set of more flexible standards (light, air, yards) for conversion that a building may use if it meets certain criteria: Located in a district that allows residential use Located south of 59th Street, parts of inner Brooklyn and Queens, Downtown Jamaica, St. George or Coney Island special districts or in a special mixed-use district Building built before 1961, before January 1977 in Financial District (FiDi), Jamaica, Coney Island or St. George or before January 1997 in special MX districts. The 1961 cutoff has severely hampered office to residential conversions in Midtown which is why the majority of office-to-residential conversions have occurred in lower Manhattan where the cutoff of 1977 is more lenient. One of the initiatives brought forth in the Plan proposes extending this threshold to December 1990, a change that would unlock approximately 120 million-square-feet (sf) of potential office space conversions in Manhattan. There is also discussion around re-evaluating high-density Midtown zones that do not allow new residential use such as areas between West 23rd Street and West 41st Street that are currently zoned as manufacturing districts. While these proposals are great in theory, some form of tax relief should be introduced in order to make conversion projects pencil. High construction costs, coupled with the increased tax rate associated with residential and the inability to pass-through real estate taxes to tenants, puts a great deal of burden on a landlord, not to mention the fact that there will likely not be affordable requirements attached to any zoning changes. Additionally, the New York City Council and Planning Departments are severely understaffed, impacting the timeline for any zoning text updated. Environmental reviews are also required to make amendments, and these processes are also long and costly. Another initiative of particular interest for those in the commercial real estate industry is around reducing the barriers of housing growth to address the current housing crisis faced by the City. A recent Commercial Observer article states: “as the population is expected to hit 9 million by 2030, something that has not escaped the attention of city officials since a similar New York University study came out in 2016. AKRF, an environmental, planning and engineering consulting firm, and REBNY released their own study this week, however, that highlights the progress — or lack thereof — the city has made in meeting this need. Projects currently in the pipeline only meet about 14 percent of this demand.” To remedy this, the Plan establishes a “moonshot” goal of adding 500,000 units to the supply over the next decade. This would require regulatory and legislative changes as the New York State Multiple Dwelling Law currently establishes a state-level FAR cap of 12.00x. If this cap were removed, city officials would be able to cherry-pick areas in which an increase in density would result in buildings that seamlessly fit in with the neighborhood fabric. In Midtown, for example, many commercial developments far exceed 12.00x FAR, so larger housing projects would integrate quite nicely. Lifting the FAR cap would also target office conversions in under-utilized buildings, especially ones where larger floorplates without access to windows limits conversion potential. In many cases, these buildings are “overbuilt” for residential floor area, so developers are limited in terms of what they can do because if they were to entirely tear the buildings down, the residential projects replacing them would be much smaller. On the other hand, trying to force a square peg into a round hole and retrofitting an office building to meet residential use requirements can be extremely costly and complicated (cutting out interior light-wells, etc.). If the New York City and State can come together to lift this cap and amend the Multiple Dwelling Law for the betterment of the city, it would undoubtably result in an influx of new construction and conversion projects. However, New York City is facing an affordability crisis, and any changes to the zoning or legislature pertaining to housing creation/conversions is destined to include affordable requirements. With the 421a- program now expired, new tax benefits to facilitate multifamily development must be introduced. In the 1decade leading up to 2020, 90% of rental units built in the City relied on some form of tax relief, and the 421-a program was used in 68% of multifamily units constructed between 2010-2020. These statistics demonstrate the power of this essential resource and its impact on the development pipeline. Governor Hochul’s initial replacement program proposal, 485-w, didn’t make it through the last budget. This program would have required deeper affordability tranches than the 421a, making it unlikely for any projects in Manhattan or prime neighborhoods in the boroughs to pencil, and even so, the plan failed to gain support and was rejected when it was brought to a vote. Clearly, it remains to be seen if the ultra-left-leaning anti-real estate force in the New York government will be able to pass any meaningful tax program. As the conclusion of the “New” New York Plan clearly states, the successful implementation of all or parts of this plan will require “an effective and motivated government with appropriate and clear accountability and organizational structures in place.” There is an opportunity for real change to occur, but it cannot happen without a long-term partnership between City and State and a true alignment of goals. If government officials can set aside their political differences to focus on making New York the best place to live and work, there is an exciting future ahead and the positive impact on commercial real estate could be huge. The post The “New” New York Proposal and What It Could Mean for Commercial Real Estate appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLY3 hr. 34 min. ago Related News

Berkshire Hathaway HomeServices FNR Hosting Mega Open House Weekend

Berkshire Hathaway HomeServices Florida Network Realty has announced it will host its popular Mega Open House Weekend on Saturday and Sunday, February 11-12, 2023. The Mega Open House Weekend features open house viewings of the company’s listings of available homes. These listings encompass homes in a wide range of prices, styles and neighborhoods in Northeast… The post Berkshire Hathaway HomeServices FNR Hosting Mega Open House Weekend appeared first on RISMedia......»»

Category: realestateSource: RISMEDIA7 hr. 50 min. ago Related News

Mortgage Mix: Downward Trend in Rates Persists Amid Market Flux

Editor’s Note: The Mortgage Mix is RISMedia’s weekly highlight reel of need-to-know mortgage-industry happenings. Watch for it each Friday afternoon. How low will it go? That’s likely on the minds of many as the 30-year fixed-rate mortgage averaged 6.09% this week, down from last week’s rate of 6.13%, according to the latest Primary Mortgage Market… The post Mortgage Mix: Downward Trend in Rates Persists Amid Market Flux appeared first on RISMedia......»»

Category: realestateSource: RISMEDIA7 hr. 50 min. ago Related News

Planning for a Successful Exit From Your Brokerage

I am often asked, “When is the best time to sell my real estate brokerage firm?” The easy answer is, “When you do not need to,” but the better answer is, “When you are ready, and it is a planned event.” The ideal time to sell your company is when your firm is positioned correctly… The post Planning for a Successful Exit From Your Brokerage appeared first on RISMedia......»»

Category: realestateSource: RISMEDIA7 hr. 50 min. ago Related News

10 Cities That Promote a Minimalist Lifestyle

Minimalism, a trend that’s gained traction in recent years, has many benefits from both a wellbeing perspective and an environmental standpoint. But aside from the personal choice of whether this is the lifestyle for you, where you live can make it easier or downright difficult to stick to your decision to go small. RentCafe’s latest… The post 10 Cities That Promote a Minimalist Lifestyle appeared first on RISMedia......»»

Category: realestateSource: RISMEDIA7 hr. 50 min. ago Related News

Jobs Report Shows Increase of 517,000 in January; Unemployment Decreases to 3.4%

The U.S. added 517,000 jobs in January, and the unemployment rate saw a minor decrease to 3.4%, according to the latest Employment Situation Summary from the U.S. Bureau of Labor Statistics. The analysis found that along with the unemployment rate, the number of unemployed persons, at 5.7 million, changed little in January. The unemployment rate… The post Jobs Report Shows Increase of 517,000 in January; Unemployment Decreases to 3.4% appeared first on RISMedia......»»

Category: realestateSource: RISMEDIA7 hr. 50 min. ago Related News

ERA Key’s Flannery Nominated for National Jim Jackson Award

ERA Key Realty Services of Northbridge, Massachusetts has announced that Donna Flannery, a long-time agent in the Spencer, Massachusetts office, has been nominated for the prestigious Jim Jackson Memorial Service Award for Customer Satisfaction. The award recognizes the top agent, team or company in all of ERA Real Estate for providing the best customer service.… The post ERA Key’s Flannery Nominated for National Jim Jackson Award appeared first on RISMedia......»»

Category: realestateSource: RISMEDIA22 hr. 34 min. ago Related News

What Is a Seller’s Agent in Real Estate?

Selling a home isn’t something most people are experts at, so when it’s time for you to move, hiring a real estate agent is a step most sellers find necessary. A listing or seller’s agent will represent your interests when looking for a buyer. Though you don’t have to work with a listing agent if… The post What Is a Seller’s Agent in Real Estate? appeared first on RISMedia......»»

Category: realestateSource: RISMEDIA22 hr. 34 min. ago Related News

2022 Experienced a Surge in Consumer Demand for New Ways to Buy and Sell

Even while the overall housing market faced uphill challenges in 2022, more Americans are seeking alternative ways to buy and sell real estate as innovative solutions increase nationwide availability, according to a new report from zavvie. zavvie’s new “Modern Marketplace Report: 2022 Year in Review” tracks a range of innovative buying and selling solutions and… The post 2022 Experienced a Surge in Consumer Demand for New Ways to Buy and Sell appeared first on RISMedia......»»

Category: realestateSource: RISMEDIA22 hr. 34 min. ago Related News

Women in Real Estate: Helping Military Families Thrive, One Move at a Time

Above: Tonya Towles In real estate, personal connections are everything. In Tonya Towles’ case, those connections have built up an army of like-minded individuals who are passionate about helping military families thrive. A homelessness survivor, military spouse and mother, Towles is the founder of The PCS Pro Team within Keller Williams’ Expansion Network. On a… The post Women in Real Estate: Helping Military Families Thrive, One Move at a Time appeared first on RISMedia......»»

Category: realestateSource: RISMEDIA22 hr. 34 min. ago Related News

CRD Connect: Strategies for Growing Your Business in 2023

Now that the first rush of goal setting for the new year is over, it’s time to get down to business. The business of growing your business, that is. Many agents start by setting a goal for the number of transactions they want to close in the coming year. But identifying that number doesn’t do… The post CRD Connect: Strategies for Growing Your Business in 2023 appeared first on RISMedia......»»

Category: realestateSource: RISMEDIA22 hr. 34 min. ago Related News

Back to Basics: What Tasks Did Agents Ease Up On During the Good Times?

During the last couple years, real estate was often easy. There really isn’t another way to put it. A huge influx of qualified, motivated buyers with extra pandemic savings or stimulus funds, along with eager sellers looking to cash in on runaway home price appreciation—all greased by sub-3% mortgage rates—meant that even inexperienced agents, or… The post Back to Basics: What Tasks Did Agents Ease Up On During the Good Times? appeared first on RISMedia......»»

Category: realestateSource: RISMEDIA22 hr. 34 min. ago Related News

Newmark Negotiates 864,000-Square-Foot Industrial Lease Renewal in Perris, California

Newmark announces the 864,000-square-foot industrial lease renewal with NFI Industries, a supply chain solutions provider, at Perris Distribution Center in Perris, California. Newmark Executive Managing Directors Mark Kegans, SIOR and Ron Washle, SIOR andManaging Director Dean Washle represented the landlord, Ares Management, formerly known as Black Creek Group. “Our team... The post Newmark Negotiates 864,000-Square-Foot Industrial Lease Renewal in Perris, California appeared first on Real Estate Weekly. Newmark announces the 864,000-square-foot industrial lease renewal with NFI Industries, a supply chain solutions provider, at Perris Distribution Center in Perris, California. Newmark Executive Managing Directors Mark Kegans, SIOR and Ron Washle, SIOR andManaging Director Dean Washle represented the landlord, Ares Management, formerly known as Black Creek Group. “Our team was pleased to represent Ares Management in such this substantial lease renewal,” said Kegans. “Perris Distribution Center is in a prime location for logistics and distribution, as evidenced by the location’s top-tier tenant roster.” Located at 657 Nance Street in Perris, Perris Distribution Center is a two-story cross-dock facility expandable to ±1,137,000 square feet. Building features include approximately 7,000 square feet of office space, minimum 36’ warehouse clearance height, ESFR sprinkler system, LED warehouse lighting, 112 dock-high loading doors and concrete truck courts. The ±43-acre parcel offers 298 auto parking spaces and 224 trailer parking spaces, including an auxiliary parcel to accommodate up to 154 trailer parking spaces or approximately 530 auto parking spaces. Perris Distribution Center is proximate to Freeway 215, with on and off-ramps at Harley Knox Boulevard to the north and Ramona Expressway to the south. Neighboring industrial tenants include The Home Depot, General Mills, Ross, iHerb, Amazon and Wayfair, to name a few. The national industrial market has remained resilient despite recent economic and geopolitical headwinds, according to Newmark Research. For the fifth consecutive quarter, national industrial absorption topped 100 million square feet. The persistent imbalance between demand and new deliveries has pushed vacancy down to 3.7%, likely a cyclical low. Demand remains strong for industrial space with absorption continuing to outpace deliveries. The post Newmark Negotiates 864,000-Square-Foot Industrial Lease Renewal in Perris, California appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLYFeb 2nd, 2023Related News

Enterprise and Wells Fargo Foundation Announce $20M Housing Affordability Breakthrough Challenge 

The Wells Fargo Foundation is expanding its commitment to housing affordability through another $20 million competition with Enterprise Community Partners (Enterprise) to find housing solutions. The second Housing Affordability Breakthrough Challenge will once again focus on three categories: Financing, Construction, and Access and Resident Support. Innovators are invited to compete for grants of up... The post Enterprise and Wells Fargo Foundation Announce $20M Housing Affordability Breakthrough Challenge  appeared first on Real Estate Weekly. The Wells Fargo Foundation is expanding its commitment to housing affordability through another $20 million competition with Enterprise Community Partners (Enterprise) to find housing solutions. The second Housing Affordability Breakthrough Challenge will once again focus on three categories: Financing, Construction, and Access and Resident Support. Innovators are invited to compete for grants of up to $3 million and two years of technical assistance to transform ideas into solutions that can be replicated in the real world. Applications will open on Jan. 31, 2023, and submissions will be accepted until March 3, 2023.  Recent research shows that millions of U.S. households are unable to find an affordable home, and nearly 7 million homes are needed for renters with extremely low incomes to attain housing stability in urban, suburban, and rural areas alike.   “We cannot address the serious housing affordability gap in this country without improving access and creating cost savings that will help boost supply. The Housing Affordability Breakthrough Challenge has proven that investing in pathbreaking innovations at the local level is a powerful way to build more equity and affordability in our communities nationwide,” said Jacqueline Waggoner, president of Enterprise’s Solutions Division. “We are proud to join Wells Fargo once again as we focus on uplifting and strengthening the most promising ideas to meet the urgent need for more affordable homes and better serve individuals and families across the country.”   “Wells Fargo created the Housing Affordability Breakthrough Challenge to engage entrepreneurs and social innovators and advance ideas that can improve housing opportunities for millions,” said Otis Rolley, president of the Wells Fargo Foundation and head of Philanthropy and Community Impact. “We urgently need to reimagine access to quality affordable places to live in the U.S., which is so tightly linked to economic stability, physical and mental health, and ultimately generational wealth. This $20 million in funding effectively doubles our commitment to find creative solutions to this pressing problem.”  The 2023 Housing Affordability Breakthrough Challenge will consider Native, rural, suburban, Tribal, and urban solutions which have the potential to transform current practices and processes and lay the groundwork for increased housing affordability, access, and stability. Interested organizations can learn more about the competition and how to apply on Enterprise’s website. Additional resources will be available to help organizations prepare their applications, including an informational web session on Feb. 2, 2023.  A variety of entities are eligible to submit an application, including nonprofits, Tribal organizations, and mission-driven for-profit entities in 38 markets where Wells Fargo and Enterprise can provide additional infrastructure to support implementation and help scale the winning innovations: Alabama, Alaska, Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Idaho, Illinois, Iowa, Kansas, Maryland, Massachusetts, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Jersey, New Mexico, New York, North Carolina, North Dakota, Oregon, Pennsylvania, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, Washington, Washington D.C., Wisconsin, and Wyoming.  Through a three-round competition, winning innovations will be selected by a panel of judges including leaders from Enterprise, Wells Fargo, and nationally recognized community development and housing experts. The winners are expected to be announced in fall 2023, with the opportunity to take part in a multi-year initiative to share ideas and cultivate their innovations into solutions that can be applied in communities across the U.S.  History of the Housing Affordability Breakthrough Challenge  Launched in 2020, the inaugural Housing Affordability Breakthrough Challenge attracted 800+ applications and ultimately awarded six organizations with $2.5 million in grants each to implement their wide-ranging solutions in housing construction, finance, and resident support and services. Currently, a free exhibition featuring those awardees, “A Better Way Home,” is on display at the National Building Museum in Washington, D.C., until May 8, 2023.  One of the 2020 Breakthrough Challenge winners is cdcb | come dream. come build. in Brownsville, Texas, which together with buildingcommunityWORKSHOP created a modular housing innovation called MiCASiTA — a more sustainable rural homeownership idea that allows families to grow the size of their home as their finances and dreams evolve.  “The Housing Affordability Breakthrough Challenge gave us the time and resources to get to work,” said cdcb Executive Director Nick Mitchell-Bennett. “And with that support, we now actually have a sustainable modular housing product that can be replicated and scaled.”       The post Enterprise and Wells Fargo Foundation Announce $20M Housing Affordability Breakthrough Challenge  appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLYFeb 2nd, 2023Related News

Hudson Valley iCampus Closes $40 Million in Major Leases, Expects Continued Growth in 2023 

Hudson Valley iCampus, New York’s premier research and innovation hub in the Hudson Valley, is proud to announce that they have closed lease and renewal deals totaling 337,589 square feet on campus, with a value of more than $40 million. The transactions took place between August 2021 and December 2022.  ... The post Hudson Valley iCampus Closes $40 Million in Major Leases, Expects Continued Growth in 2023  appeared first on Real Estate Weekly. Hudson Valley iCampus, New York’s premier research and innovation hub in the Hudson Valley, is proud to announce that they have closed lease and renewal deals totaling 337,589 square feet on campus, with a value of more than $40 million. The transactions took place between August 2021 and December 2022.   “We are very pleased with how swiftly our rebranding program and outreach to the community has positively impacted our leasing efforts,” said Jamie Schwartz, President of Hudson Valley iCampus. “Additionally, the strong onsite management team we have built enables us to provide our tenants with best-in-class management, which continues well after a lease is signed.”    Improvements can be seen throughout the 207-acre campus — from signage and infrastructure to roadways and security.  “The campus is quickly becoming the premier address in the New York tri-state region. We’re excited to take this momentum into 2023 and build upon our success in creating a community where innovation, ingenuity and industry can thrive,” said Schwartz.          Some of the key transactions were:   Pfizer, Inc. (NYSE: PFE), an American multinational pharmaceutical and biotechnology corporation, leased a total of 86,243 square feet of office and laboratory space in multiple buildings at the campus. Pfizer also owns approximately 30 adjacent acres housing additional laboratory and office space. Cushman & Wakefield represented Pfizer.  Momentive Performance Materials, Inc. leased 66,430 square feet in a previously vacant building at the campus. Momentive is a global high-performance silicones and specialties company that is relocating from Tarrytown, N.Y. to open a Global Innovation Center to support its growing performance additives business. Andrew Tarvin of Tarvin Commercial Real Estate Services represented Momentive. John Cunningham of JLL represented the landlord.   Urban Electric Power, Inc., a company that is revolutionizing the traditional alkaline battery (e.g., double A) by transforming it into a powerful rechargeable battery, renewed its lease for 36,048 rentable square feet of manufacturing space.         Auro Vaccines, LLC, renewed its 17,500 square feet of laboratory space. Auro Vaccine is a clinical-stage vaccine development company pioneering a major evolutionary step in the design and development of preventive and therapeutic vaccines for infectious diseases. Andrew Tarvin of Tarvin Commercial Real Estate Services represented Auro Vaccines.     Olaplex, Inc. (Nasdaq: OLPX), expanded its footprint and renewed its 4,537 square feet of laboratory and office space. Olaplex is an innovative, science-enabled, technology-driven beauty company. Rob Lella of Colliers represented the landlord.     The post Hudson Valley iCampus Closes $40 Million in Major Leases, Expects Continued Growth in 2023  appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLYFeb 2nd, 2023Related News

The Ritz-Carlton Residences, Estero Bay Announces Expanded Global Sales Reach

 Capitalizing on growing demand throughout the U.S. to own a branded residence in Southwest Florida, The Ritz-Carlton Residences, Estero Bay has now united a powerhouse sales team beyond any other luxury development in the region. London Bay Development Group – the visionary behind the property — announced today the appointment of luxury real estate... The post The Ritz-Carlton Residences, Estero Bay Announces Expanded Global Sales Reach appeared first on Real Estate Weekly.  Capitalizing on growing demand throughout the U.S. to own a branded residence in Southwest Florida, The Ritz-Carlton Residences, Estero Bay has now united a powerhouse sales team beyond any other luxury development in the region. London Bay Development Group – the visionary behind the property — announced today the appointment of luxury real estate veteran George Mato as the new sales director and a partnership with Douglas Elliman Development Marketing (DEDM), to lead sales for the two-tower architectural masterpiece. “There is incredible appetite for Southwest Florida living from all across the U.S. and world in recent years that now reaches far beyond historical trends. The enhanced sales team of The Ritz-Carlton Residences, Estero Bay is a response to this tremendous desire to plant roots in the region,” said Mark Wilson, CEO of London Bay Development Group. “Douglas Elliman has a notable track record and carries cachet that aligns with our brand, which is highly complementary to George’s wealth of knowledge.” As the new sales director, Mato brings more than 30 years of experience to The Ritz-Carlton Residences, Estero Bay. He has spearheaded iconic developments to unprecedented success, including multiple within The Ritz-Carlton brand, and has generated over $8 billion in sales revenue over the course of his career. Prior to joining London Bay Development Group, he served as vice president of sales at Miromar Lakes Beach & Golf Club. To broaden The Ritz-Carlton Residences, Estero Bay’s market footprint, Mato will lead the property’s sales in partnership with Douglas Elliman’s famed Eklund | Gomes Team, which is helmed by Bravo TV’s “Million Dollar Listing” stars Fredrik Eklund and John Gomes. Representing a new development portfolio exceeding $87 billion, DEDM catapults The Ritz-Carlton Residences, Estero Bay onto a global stage through its worldwide network and strategic international alliances. The Ritz-Carlton Residences, Estero Bay present a rare opportunity to live in harmony with nature, beside the unrivaled beauty of Florida’s first aquatic preserve. Spanning 30 acres, two towers will rise 22 stories along nearly a mile of waterfront. Residences are priced from $2.8 million and feature two, three and four bedrooms ranging from 2,628 to 3,885 square feet. Encompassing 224 condominiums, unobstructed sunset and coastal views are enhanced by outdoor livability, with balconies spanning up to 2,200 square feet. Adding to the allure is a backdrop of 500 acres of surrounding natural habitat. “Southwest Florida is a burgeoning market for luxury buyers, and this development is truly a singular offering that unites elegance and hospitality of the Ritz-Carlton brand with exceptional design by Arquitectonica and Meyer Davis, all in an unmatched waterfront setting,” said Jay Parker, CEO of Douglas Elliman Florida, which opened an office on the state’s southwest coast in 2021. “London Bay is highly regarded as a luxury residential market-maker and we are thrilled to be part of this transformative project.” Totaling more than $4 billion in transactions across 13 markets last year, the Eklund | Gomes Team has consistently led Douglas Elliman in sales volume and gross commission income. With more than 80 new developments sold, the team has established itself as an esteemed partner in bringing exceptional residential projects to the market. The Ritz-Carlton Residences, Estero Bay will infuse unsurpassed hospitality into five acres of combined indoor and outdoor amenities – the most of any living opportunity in the marketplace. Inspiring a sense of community is the hallmark of The Ritz-Carlton’s personalized and high-touch concierge service, which will be experienced through the property’s residential team at The Experience Studio, Estero Bay. Rich amenities include a Wellness Center with fitness, yoga and Pilates, and steam and sauna, and a spa. Owners will enjoy three pools, with attendants and personal towel service, and floating-like pavilions at an expansive lagoon water feature. Bocce courts, multiple fire pits, and barbeque stations promote connections with the outdoors and friends.  Centrally located between the two towers is The Oasis, an 8,000-square-foot space that caters to leisure and memorable activities. Residents can gather at the Sunset Lounge as an evening ritual, host in the private dining room, or catch a game in the Sports & News Café. A Wine & Whiskey Room will be equipped with temperature-controlled storage, and interactive moments will be found in the card room or demonstration and catering kitchen.  The Ritz-Carlton Residences, Estero Bay are part of the new Saltleaf coastal village underway, which will introduce direct water access with the 72-slip Saltleaf Marina next door along with a five-star restaurant. The Saltleaf Golf Preserve is also within the community, with London Bay Development delivering a brand new 18-hole championship course in late 2023, as well as a nine-hole short course thereafter.  A short drive away is the friendly town of Bonita Springs, home to dining, boutiques, and galleries, and Barefoot Beach, named one of the top 10 beaches in the U.S. Getting to The Ritz-Carlton Residences, Estero Bay is easy, only 20 minutes from Southwest Florida International Airport. For more information, visit the sales gallery at 5000 Coconut Point, Bonita Springs, or www.TheResidencesEsteroBay.com. The post The Ritz-Carlton Residences, Estero Bay Announces Expanded Global Sales Reach appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLYFeb 2nd, 2023Related News

Western Specialty Contractors Restoring Façade of Fernandina Beach’s Historic Peck Center

Western Specialty Contractors – Orlando Branch is nearing completion on a year-long project to restore the façade of historic Peck Center in Fernandina Beach, FL. The scope of work, which includes masonry restoration, structural repairs and waterproofing, is expected to be completed by the end of February 2023. Peck Center was originally opened by Professor Moses H. Payne in... The post Western Specialty Contractors Restoring Façade of Fernandina Beach’s Historic Peck Center appeared first on Real Estate Weekly. Western Specialty Contractors – Orlando Branch is nearing completion on a year-long project to restore the façade of historic Peck Center in Fernandina Beach, FL. The scope of work, which includes masonry restoration, structural repairs and waterproofing, is expected to be completed by the end of February 2023. Peck Center was originally opened by Professor Moses H. Payne in 1885 as a four-room school building for African Americans, named Colored School No. 1. When he passed away in 1888, Professor Peck was promoted to Assistant Principal and worked to develop the  high school’s curriculum, with the first senior class graduating from the school in 1891. Today, Peck Center, which includes an auditorium and gymnasium, is used for different community events, classes and recreational activities. It is also home to several City of  Fernandina  Beach offices and not-for-profit organizations. The City of Fernandina Beach contracted with Western to repair and tuckpoint the building’s entire masonry brick and stone exterior, taking care to restore the façade to its original condition. The scope of work includes the following: Removal and replacement of all mortar joints, approximately 75,000 lineal feet. Cleaning of the brick masonry façade, with a mild mortar detergent. Installation of new hot dipped galvanized window lintels/shelf angles. Treatment of existing corroded lintels/shelf angles with new dual component epoxy primer and urethane topcoat. Replacement of damaged/cracked bricks to match the existing color and texture. Removal and replacement of all failed/deteriorated window perimeter sealants. Removal and replacement of all failed/deteriorated vertical control joint sealants. Demolition and replacement of all damaged/cracked horizontal accent stone to match the existing coquina rock finish. The $1.2 million façade restoration project started in January 2022. Walker Consultants is the engineer of record for this project. Clickhere to learn more about Western’s façade restoration services. The post Western Specialty Contractors Restoring Façade of Fernandina Beach’s Historic Peck Center appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLYFeb 2nd, 2023Related News

Good+Foundation Expands Offices at 307 West 36th St. 

GFP Real Estate, LLC is pleased to announce that Good+Foundation, a nonprofit founded by Jessica Seinfeld in 2001 that “works to dismantle multi-generational poverty by pairing tangible goods with innovative services for low-income fathers, mothers and caregivers, creating an upward trajectory for the whole family,” has signed a five-year lease for... The post Good+Foundation Expands Offices at 307 West 36th St.  appeared first on Real Estate Weekly. GFP Real Estate, LLC is pleased to announce that Good+Foundation, a nonprofit founded by Jessica Seinfeld in 2001 that “works to dismantle multi-generational poverty by pairing tangible goods with innovative services for low-income fathers, mothers and caregivers, creating an upward trajectory for the whole family,” has signed a five-year lease for 10,250 square feet at 307 W. 36th St. in Manhattan’s Garment District.  With warehouses in New York City and Los Angeles, Good+Foundation’s principal goal is to “incentivize parental enrollment and participation in programs like counseling, health services, employment assistance, financial literacy, co-parenting classes and more.”  A tenant of 307 W. 36th St. since 2008, the nonprofit extended its existing 6,500-square-foot lease on the 8th floor and added an additional 3,750 square feet of space on the 17th floor.   “There has been a growing demand for our work as families living on low incomes were hit hard by both the pandemic and inflation,” said Katherine Snider, Chief Executive Officer of Good+Foundation. “The increased space will allow us to hire additional staff, and welcome more corporate volunteer groups, to help process and sort donations of cribs, clothing, diapers, and more. We are grateful to GFP Real Estate and Barbara Yagoda for working with us to support this much-needed scale up of our work.” Barbara Yagoda, Senior Managing Director of GFP Real Estate, represented the landlord and the tenant in the transaction. Built in 1926 and known initially as Garment Wear Arcade, 307 West 36th Street is an 18-story, 220,000-square-foot classic pre-war high-rise building designed by Emery Roth.  Renovated in 2012, the building features a white-marble lobby with entrances on both 36th and 37th Streets, respectively. The building has become home to a wide range of tenants, from notable fashion brands Penn & Fletcher and Lingua Franca to civic design firm Urbahn Architects, as well as many non-profits such as Good+Foundation and the Neighborhood Housing Services of New York City.  The post Good+Foundation Expands Offices at 307 West 36th St.  appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLYFeb 2nd, 2023Related News

Major retailers and owners show confidence in the Westchester Retail Market as both pricing and leasing activity increase

RM Friedland announced six new retail leases, totaling 30,382 square feet in the month of December with leases to experiential, national, and well-known regional tenants in some of Westchester County’s best centers including: Cortlandt Crossing in Mohegan Lake and TheWaterfront in Port Chester. This punctuates a year ripe with retail... The post Major retailers and owners show confidence in the Westchester Retail Market as both pricing and leasing activity increase appeared first on Real Estate Weekly. RM Friedland announced six new retail leases, totaling 30,382 square feet in the month of December with leases to experiential, national, and well-known regional tenants in some of Westchester County’s best centers including: Cortlandt Crossing in Mohegan Lake and TheWaterfront in Port Chester. This punctuates a year ripe with retail leasing activity with tenants of all types. This activity included transactions with tenants such as: DeCicco& Sons, Jersey Mike’s, Air Riderz, Parsons Xtreme Golf and My Salon Suite to name just a few. Senior Vice President, David Scotto, who has been a broker with RM Friedland for over16 years represented the owner/landlords in each of these transactions. “We have seen an increase in retail leasing activity across Westchester County,” said Scotto. “Tenants that had been dormant during covid such as boutique fitness and other experiential retailers are back in the market in full force.” This sentiment is echoed in the statistical numbers for the fourth quarter. According to the RM Friedland Q4, 2022 Retail Leasing Report, the average availability rate for retail space in Westchester was at 6.17%, which is down slightly quarter over quarter and back to a healthy level after a brief surge post pandemic. The average asking price is $37.01which is up both quarter-over-quarter and year-over-year. This is a sign that owners are optimistic about the activity that they are seeing in the market. “All signs point to a positive year for brick-and-mortar retail in Westchester County. An equilibrium between online and in-person shopping seems to have been reached. We are enthusiastic about the year ahead.” said Sarah Jones-Maturo, president of RM Friedland. For a copy of the RM Friedland Q4 Westchester and Bronx Retail and Office Leasing MarketReports, please contact RM Friedland at 914-968-8500 or email info@rmfriedland.com The post Major retailers and owners show confidence in the Westchester Retail Market as both pricing and leasing activity increase appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLYFeb 2nd, 2023Related News