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Q3 2022 – Remain Active When Others Are Greedy…And Active When Others Are Fearful…

By Brandon Polakoff It feels like yesterday that COVID-19 struck our nation, sending the real estate markets into a frenzy. What would the next week, 6 months, year, or even multiple years look like? While very few investors decided to double down, most remained on the sidelines because they were... The post Q3 2022 – Remain Active When Others Are Greedy…And Active When Others Are Fearful… appeared first on Real Estate Weekly. By Brandon Polakoff It feels like yesterday that COVID-19 struck our nation, sending the real estate markets into a frenzy. What would the next week, 6 months, year, or even multiple years look like? While very few investors decided to double down, most remained on the sidelines because they were certain more cracks would lead to better opportunities. Of note, these “better” opportunities never came to fruition. We hit a perceived bottom, and the investment sales market effectively came to a halt. By last summer, effectively a year after the initial COVID-19 scare, we battled back with rallying cries of “don’t bet against NYC!” ringing across the market (most coming from buyers who sat on their hands for 12 months). As buyer sentiment grew strong, investors started competing in masses, pushing pricing and sales velocity back to normalized levels. As conveyed in Avison Young’s Fourth Quarter 2021 Property Sales Report, for the first time in two years, the Manhattan investment sales market recorded quarterly sales activity at pre-pandemic levels. More specifically, in the fourth quarter of 2021, Manhattan had 100 transactions for just over $6.2 billion in total dollar volume. This represented increases over the trailing 4-quarter average of 117% and 307%, respectively. Furthermore, this was the highest quarterly dollar volume since Q3 2018 and largest for total transaction count since Q4 2018. Well, here we go again…thanks inflation! The inflation rate is currently ~8.3%, running around its highest level in 40+ years. To reduce inflation down to a benchmark target rate of 2%, the Federal Reserve is committed to fighting back with endless “jumbo” fed rate hikes. While different from the “fed” rate, which is the cost banks charge each other to borrow money, real estate investors are experiencing a trickle-down effect in the way of higher “mortgage” rates. This higher cost of borrowing is diminishing cash flow after debt service as well as predictions about exit cap rates (which I would argue becomes an overly inflated assumption tied to negative sentiment). And herein lies the opportunity. While Warren Buffet is a brilliant investor, far above any level of sophistication I will achieve in my lifetime, I happen to find his famous quote “befearful when others are greedy, and greedy when others are fearful” to be misleading. In fact, Warren Buffet is a longtime advocate of dollar-cost averaging in volatile markets marked by price discovery. “The concept of dollar-cost averaging is simple: Pick some stocks, figure out how much you can afford to invest, and then commit to buying shares at preset intervals. The idea behind dollar-cost averaging is that while you might overpay for shares some weeks, you’ll also underpay other weeks. All told, things should all work out in your favor so that you’re ultimately paying a lower price per share all in.” (Maurie Backman, USA Today) I fully recognize that the stock market is different than the real estate market, but I do believe there are basic investment principles that apply to both. It is incredibly difficult to time the bottom of the market. Things can flip almost immediately, and then you’re too late. The cracks are here, but they won’t necessarily last as long as you think. Just like we saw in the summer of 2021 as we started emerging from COVID-19, things turn as soon as sentiment improves. Rent rolls were still very low (with extensive vacancy) when contracts began to get signed in rapid clips. However, assumptions about the future were optimistic again, pushing pricing levels higher and higher. Over the next 3-6 months (at least) I expect sales volume to dip to very low levels. The reason being investors are both greedy and fearful. A good opportunity needs to be great (typically in the form of an expected call back from a seller that never surfaces…deeper pain is coming…). This is a flawed strategy. I have seen it time and time again. These investors do not buy anything until the market recovers and it is too late. Why not undercut the greedy and fearful, and smile when they eventually buy a similar asset at a much higher basis due to an improved exit assumption? Sure, your cash flows will be negatively impacted today by higher interest rates and the hold period may be longer. However, when the market turns, which it will, your ultimate profit (via sale) should far exceed the diminished monthly income. Some examples include a property we sold to a buyer in May of 2020 in Greenwich Village. Prior to Covid-19, we had contracts out in the mid $30M range. In the blink of an eye, buyers smelled blood in the water and began offering $15-20M. There was a single buyer that recognized an opportunity and moved lighting speed to simultaneously sign a contract and close all cash at $22M. While money was spent to renovate the asset, the current value has eclipsed $50M. Buyers who backed off now wish they could go back in time. The same could be said about a client that purchased an almost entirely vacant portfolio in Hell’s Kitchen for $26M in May 2020. Zero renovations were completed across the portfolioafter the acquisition. After selling one of the four assets for $16.3M after the market quickly improved, their basis in the three remaining assets dropped to ~$10M. The current value for these properties exceeds $20M, in a high interest rate environment. Once again, an investor saw a good opportunity and acted on this intuition. While it is easy to look back on these acquisitions and forget the boldness required, when everything transpired it felt like the world was going to end. Of course, today, buyers tell me why this time is different, and the better opportunities will come. Everyone has very short memories when fear strikes. With that being said, it certainly goes both ways. Over the last 5-6 months a lot of my clients have chased the market down. When very strong offers came in, greed took over and we did not issue contracts (…things will get better). Months later we are scratching and clawing to bring those offers back to the table. However, blood is already in the water and the ship has sailed. My advice? If you are 100% selling, do not ask a price that is far too difficult to achieve. Do not expect to hang around and pick off a unicorn over time. As mentioned above, most buyers are on the sideline waiting for the great opportunity that never surfaces. Be quick to catch the attention of buyers that are smart enough to acton the very good opportunities, create real competition to maintain leverage, and strike. If you are not 100% selling, now is probably not the best time to list or quietly shop your property. You only have one chance to make a first impression, and word travels quickly. Additionally, it is imperative that investment sales brokers become extremely educated and not promise owners they can achieve pricing that is not achievable. You are hurting the client by delivering a stale product, not to mention elongating the price discovery process across the market. Another thing for sellers to consider is that they do not need to hit a home run on every sale. The best strategy may be redeploying capital into properties with more long-term upside versus trying to time the market with your current, maxed out investment (whether repositioned or idle without the wherewithal to execute a business plan). If someone is paying you a price that is above market, but not where you penciled your exit, that does not mean you cannot take advantage of an even better 1031 opportunity in a down market. It’s very important to weigh the trade, and not just the sale price. The post Q3 2022 – Remain Active When Others Are Greedy…And Active When Others Are Fearful… appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLY1 hr. 53 min. ago Related News

Mortgage Mix: As Rates Go Up, Offers Retracted

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. Mortgage rates keep going up. Per Mortgage News Daily, the 30-year fixed mortgage rate currently sits at 6.82%, while the 15-year fixed mortgage rate stands at 6.09%. The 6.82% rate is the highest 30-year fixed… The post Mortgage Mix: As Rates Go Up, Offers Retracted appeared first on RISMedia......»»

Category: realestateSource: RISMEDIA5 hr. 10 min. ago Related News

Leading By Example: Tips and Techniques

Robert J. Bailey Broker/Owner Bailey Properties, Inc., a member of Leading Real Estate Companies of the World® Aptos, California | www.BaileyProperties.com Region served: Santa Cruz, Monterey and Santa Clara Counties Years in real estate: 48 Number of offices: Three, plus two property management offices Number of agents: 100 Best recruiting technique: Lead by example. Establish… The post Leading By Example: Tips and Techniques appeared first on RISMedia......»»

Category: realestateSource: RISMEDIA5 hr. 10 min. ago Related News

The Glengarry Guide: Is Coffee Truly for Closers Only?

Above: From left, Alec Baldwin, Ed Harris, Kevin Spacey, Al Pacino and Jack Lemmon It was originally just another snarky line in a movie jam-packed with them. But somehow it became an American catchphrase, and a quasi-truism, so to speak, in the real estate industry. “Coffee’s for closers only!” barks Alec Baldwin in his all-time… The post The Glengarry Guide: Is Coffee Truly for Closers Only? appeared first on RISMedia......»»

Category: realestateSource: RISMEDIA5 hr. 10 min. ago Related News

NAR Names Revive the Winner of 2022 Pitch Battle Competition at iOi Summit

The National Association of REALTORS® announced Revive as the winner of the fourth annual “Pitch Battle” competition at the 2022 Innovation, Opportunity & Investment (iOi) Summit. NAR’s strategic investment arm, Second Century Ventures, hosted this year’s Pitch Battle in Los Angeles, California. The competition provided an opportunity for 12 finalists to showcase innovative new tools… The post NAR Names Revive the Winner of 2022 Pitch Battle Competition at iOi Summit appeared first on RISMedia......»»

Category: realestateSource: RISMEDIA5 hr. 53 min. ago Related News

October is Cybersecurity Awareness Month: Is Your Firm Cybersecure?

October is Cybersecurity Awareness Month. A collaboration between government and private industry, this month is dedicated to raising awareness about data security and empowering businesses and individuals to protect themselves from cybercrime. Cybersecurity Awareness Month represents an excellent opportunity for all real estate agents to make sure they are aware of cyber risks and take… The post October is Cybersecurity Awareness Month: Is Your Firm Cybersecure? appeared first on RISMedia......»»

Category: realestateSource: RISMEDIA5 hr. 53 min. ago Related News

Mortgage Mix: As Rates Go Up, Offers Retract

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. Mortgage rates keep going up. Per Mortgage News Daily, the 30-year fixed mortgage rate currently sits at 6.82%, while the 15-year fixed mortgage rate stands at 6.09%. The 6.82% rate is the highest 30-year fixed… The post Mortgage Mix: As Rates Go Up, Offers Retract appeared first on RISMedia......»»

Category: realestateSource: RISMEDIA5 hr. 53 min. ago Related News

Leading by Example

Robert J. Bailey Broker/Owner Bailey Properties, Inc., a member of Leading Real Estate Companies of the World® Aptos, California | www.BaileyProperties.com Region served: Santa Cruz, Monterey and Santa Clara Counties Years in real estate: 48 Number of offices: Three, plus two property management offices Number of agents: 100 Best recruiting technique: Lead by example. Establish… The post Leading by Example appeared first on RISMedia......»»

Category: realestateSource: RISMEDIA5 hr. 53 min. ago Related News

More Data Shows Core Inflation Resisting Fed Hikes

With the Federal Reserve showing no signs of letting up in its ongoing crusade of interest rate hikes, the latest data on inflation is offering no suggestion of immediate relief, with personal consumption expenditure (PCE) inflation—the Fed’s preferred measurement—actually ticking up. Stocks opened mostly flat on Friday as the PCE report showed its index of… The post More Data Shows Core Inflation Resisting Fed Hikes appeared first on RISMedia......»»

Category: realestateSource: RISMEDIA5 hr. 53 min. ago Related News

Private Estate Sale in Sisters, Oregon Sets 15-Year County High

RE/MAX Key Properties has announced the historic sale of a luxury 6-bedroom estate set on 80 acres in Sisters, Oregon for $6.8 million represented by Karen Malanga, Kristin Marshall and Jonny Malanga of NestBend Real Estate. The sale is the highest residential real estate sale recorded in Deschutes County in the last 15 years that… The post Private Estate Sale in Sisters, Oregon Sets 15-Year County High appeared first on RISMedia......»»

Category: realestateSource: RISMEDIA18 hr. 37 min. ago Related News

Harry Norman, REALTORS® Announces ‘Cares’ Initiative

Harry Norman, REALTORS®, a luxury real estate firm in Atlanta, announced that its 2022 Harry Norman Cares initiative will benefit Ronald McDonald House Charities of Atlanta (ARMHC). Through October 25 community members are invited to drop off needed items for various Care Kits at different Harry Norman office locations throughout Atlanta and Northeast Georgia. “We… The post Harry Norman, REALTORS® Announces ‘Cares’ Initiative appeared first on RISMedia......»»

Category: realestateSource: RISMEDIA18 hr. 37 min. ago Related News

Reasons for Using Price Per Square Foot to Value a Home

For understandable reasons, buyers and sellers don’t usually agree on how much a house is worth. Buyers want to get better value for their money, and sellers want the best price for their property. This can lead to offers and counteroffers, going backward and forward between the buyer and the seller. While both parties believe… The post Reasons for Using Price Per Square Foot to Value a Home appeared first on RISMedia......»»

Category: realestateSource: RISMEDIA18 hr. 37 min. ago Related News

Enriching your MLS With the Best-Fit Property Data Partner

Changing vendors of a core technology service is not a process that MLSs and associations undertake lightly. This is especially true when that service is a tool that your members use heavily, like a public property records/tax system. There are disruptions to your members’ business to consider, along with the significant effort and manpower required… The post Enriching your MLS With the Best-Fit Property Data Partner appeared first on RISMedia......»»

Category: realestateSource: RISMEDIA18 hr. 37 min. ago Related News

VIDEO: 5 Ways to Create a Safety Culture in Your Real Estate Business

To close out REALTOR® Safety Month, Tracey Hawkins “Tracey the Safety Lady” created a video exclusively for RISMedia in which she shares a 5-point plan to create a culture of safety in the workplace. “Safety culture starts at the top,” Hawkins says. “The real estate industry has work to do to be safer.” Here are… The post VIDEO: 5 Ways to Create a Safety Culture in Your Real Estate Business appeared first on RISMedia......»»

Category: realestateSource: RISMEDIA18 hr. 37 min. ago Related News

Tristan Harper of Douglas Elliman Closes a $50 Million Sale of 854 Fifth Avenue Mansion in New York City

Douglas Elliman Realty, one of the largest independent residential real estate brokerages in the United States, is pleased to announce that Tristan Harper, Associate Broker and one of its consistently top producing agents, has sold and closed a 20,000SF historic mansion located at 854 Fifth Avenue in Manhattan, NY, in... The post Tristan Harper of Douglas Elliman Closes a $50 Million Sale of 854 Fifth Avenue Mansion in New York City appeared first on Real Estate Weekly. Douglas Elliman Realty, one of the largest independent residential real estate brokerages in the United States, is pleased to announce that Tristan Harper, Associate Broker and one of its consistently top producing agents, has sold and closed a 20,000SF historic mansion located at 854 Fifth Avenue in Manhattan, NY, in an all cash, off-the-market transaction, for a full asking price of $50 Million, net to seller.  Additionally, the purchaser paid all closing cost, some of which are typically paid by the seller (transfer taxes, broker fees etc.) which added over 11% to the out-of-pocket expense for the buyer.   The Seller — Successor States to Former Socialist Federal Republic of Yugoslavia (namely: Bosnia and Herzegovina, Croatia, North Macedonia, Serbia and Slovenia) and the Purchaser – a Limited Liability Company with an address in New York City, signed the contract on 3/9/22 and finalized the closing on 9/27/22.  “The sale of 854 Fifth Avenue, for the first time in over 75 years, opens the next chapter in the glorious history of this property, which was once owned by the granddaughter of scion Cornelius Vanderbilt, and later by the communist leader Josip Broz Tito of Yugoslavia.  The new owner of the trophy building has just purchased a significant piece of New York City’s history,” says Tristan Harper. 854 Fifth Avenue is a 30.5-foot-wide limestone mansion designed in 1903 by architects Warren and Wetmore of Manhattan’s Grand Central Station fame. In1969, it was designated an Individual Landmark of New York City, for its “impressive purity of style which was executed with such finesse and authority.” A Beaux Arts-style residence features 32 oversized rooms and 12 bathrooms spread on nine levels directly opposite Central Park.  Spectacular views from 10 rooms facing the Park include some of Midtown and West Side’s most iconic buildings, both old and new. Most of the home’s original details remain intact to this day, including two stunning 18th Century French tapestries presiding over the grand winding staircase, 17 fireplaces, hand-carved balustrades made of single pieces of rare Italian marble, gold-leafed boiserie, hand-painted ceilings reminiscent of the Old Europe, paneling from an antique French Chateau retrofitted to this space, and two elevators. There is also an ornate skylight over a two-story high main hall with ceilings 34 feet tall.  The house was built for R. Livingston Beekman who soon after became the Governor of Rhode Island and sold the building to George Grant. The next owners became Henry White and his heiress-wife Emily Thorn Vanderbilt Sloane White, the granddaughter of scion Cornelius Vanderbilt. In 1946, Josip Broz Tito, the late head of Yugoslavia purchased the house for his country’s Permanent Mission to the United Nations.  In 1961, Tito and the presidents of Egypt, Ghana, India and Indonesia drafted a plan for the creation of the Non-Aligned Movement in one of the main rooms of the mansion. The Movement will grow to become an alliance of almost one third of the world’s nations, during the Cold War. After Yugoslavia disintegrated in the civil war of the 1990s, the property was “inherited” by the governments of the five Successor States.  Following an UN-sponsored treaty, signed in the early 2000s, the property first hit the market in 2017.  Two initial offers were not agreed upon due to the complexity of negotiations and internal procedural technicalities among the owners. In December of 2018, an electric fire almost destroyed the residence and the property was withdrawn from the market.  It remained unavailable for showings thru Covid-19 pandemic and beyond. Current purchaser’s full price offer was presented sight-unseen, in 2021.  The contract was signed almost nine months later and the closing, which took place in three parts, was finalized on 9/27/2022. “This was a challenging and truly one-of-a-kind deal which necessitated my multiple trips to the Balkan countries to meet with high government officials, including one of their presidents.  The deal would have never happened without the commitment and determination of everyone involved,” remarks Tristan Harper. The post Tristan Harper of Douglas Elliman Closes a $50 Million Sale of 854 Fifth Avenue Mansion in New York City appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLYSep 29th, 2022Related News

Standard Communities Leads Public-Private Partnership in Ground UpDevelopment of Senior Affordable Community in San Ramon, CA

Standard Communities, a major national affordable housing developer and investor, has led a public-private partnership in the ground up development of a $55 million senior 100% affordable housing community in San Ramon, CA. Aspen Wood will provide 123 units of affordable housing for seniors with incomes between 30% and 60%... The post Standard Communities Leads Public-Private Partnership in Ground UpDevelopment of Senior Affordable Community in San Ramon, CA appeared first on Real Estate Weekly. Standard Communities, a major national affordable housing developer and investor, has led a public-private partnership in the ground up development of a $55 million senior 100% affordable housing community in San Ramon, CA. Aspen Wood will provide 123 units of affordable housing for seniors with incomes between 30% and 60% of the Area Median Income. “Standard has long been focused on the need for quality affordable housing for seniorpopulations,” said Jeffrey Jaeger, Co-Founder and Principal of Standard Communities. “Theability to produce this kind of affordable housing today relies on Standard’s coreattributes—quality, speed and flexibility—as well as using innovative financing methods and public-private partnerships in the most effective ways possible to make the greatest impact.” Aspen Wood will be built on a currently vacant site of 1.4 acres at 9000 Alcosta Blvd. in SanRamon, about 30 miles southeast of Oakland. Amenities at the 130,000 square foot community will include a community room, recreation deck/courtyard, fitness center, business center and pet spa. “This is the first affordable development in San Ramon in more than 20 years. The site wasoriginally intended for a luxury development, but we worked closely with the City to turn the site into affordable housing for seniors,” said Sean Carpenter, Director of Development at Standard Communities. “With the cost of living rising across the region and nation, adding more affordable housing in Contra Costa County and the City of San Ramon—one of the wealthiest communities in the Bay Area—is more important than ever,” added Carpenter. The seller of the parcel is Black Mountain Development. The General Contractor is Deacon and the design team is led by LCA Architects. Financing for Aspen Wood was provided by the City of San Ramon, the California MunicipalFinance Authority (CMFA), the California Debt Limit Allocation Committee (CDLAC), theCalifornia Tax Credit Allocation Committee (CTCAC) with Low Income Housing Tax Credits(LIHTC) arranged in partnership with Boston Financial and Candeur Group. Construction and long-term financing were provided by East West Bank, which has invested and financed more than $1 billion to build, preserve, or rehabilitate over 15,000 affordable units since 1996. This public-private partnership also includes the nonprofit Housing on Merit. “For decades, East West Bank has collaborated with public and private sector partners to bridge the affordable housing gap in the communities we serve,” said Robert Lo, Executive Vice President and Head of Commercial Real Estate Banking at East West Bank. “It is why we’re so proud to be a part of one of the few LIHTC projects in the City of San Ramon. This project is yet another proof point of what we can accomplish when we work together on a shared goal.” Based in Los Angeles and New York, Standard Communities has a national portfolio of over14,100 apartment units and has completed more than $3.8 billion of affordable housingacquisitions and rehabilitations nationwide. Standard Communities strives to cultivate long-term public and private partnerships to produce and preserve high-quality, affordable, andenvironmentally sustainable housing. The post Standard Communities Leads Public-Private Partnership in Ground UpDevelopment of Senior Affordable Community in San Ramon, CA appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLYSep 29th, 2022Related News

Northern New Jersey self-storage asset refinanced with $12M loan

JLL Capital Markets announced today that it has arranged a $12 million refinancing for 10 Van Buren Avenue, an 830-unit, climate-controlled, self-storage facility in the Northern New Jersey community of Westwood.  JLL worked exclusively on behalf of the borrower, Maxim Realty Trust, to place the 10-year, fixed-rate loan with Lakeland Bank. The self-storage... The post Northern New Jersey self-storage asset refinanced with $12M loan appeared first on Real Estate Weekly. JLL Capital Markets announced today that it has arranged a $12 million refinancing for 10 Van Buren Avenue, an 830-unit, climate-controlled, self-storage facility in the Northern New Jersey community of Westwood.  JLL worked exclusively on behalf of the borrower, Maxim Realty Trust, to place the 10-year, fixed-rate loan with Lakeland Bank. The self-storage facility was constructed in 2017 and features 783 climate-controlled units and 47 drive-up units. The 113,800-square-foot facility is 100% leased and managed by Extra Space Self Storage.  The asset is located just off Old Hook Rd., a four-lane, well-traveled throughfare densely populated with residential and commercial uses, including Hackensack Meridian Health Pascack Valley Medical Center less than a quarter mile away. The JLL Capital Markets Debt Placement team representing the borrower was led by Senior Managing Director Gregory Nalbandian. The Maxim Realty Trust team was led by Gerry A Puccio, CEO and developer of 10 Van Buren Avenue. “Lakeland Bank, recognizing the strength of the asset and the sponsor, provided a competitive 10-year, fixed-rate permanent mortgage to take out the initial construction loan as the property reached stabilization,” stated Nalbandian. JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries. The post Northern New Jersey self-storage asset refinanced with $12M loan appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLYSep 29th, 2022Related News

Kriss Capital Delivers $100 Million Loan for El-Ad’s Alina Condos in Boca Raton

Kriss Capital provided a $100 million construction loan to finance the second phase of El-Ad National Properties’ luxury 300+unit Alina Residences condominium project in Boca Raton.  The pair of condo buildings, already under construction, comprise the final portion of the project, which spans nine acres between Southeast Mizner Boulevard and The... The post Kriss Capital Delivers $100 Million Loan for El-Ad’s Alina Condos in Boca Raton appeared first on Real Estate Weekly. Kriss Capital provided a $100 million construction loan to finance the second phase of El-Ad National Properties’ luxury 300+unit Alina Residences condominium project in Boca Raton.  The pair of condo buildings, already under construction, comprise the final portion of the project, which spans nine acres between Southeast Mizner Boulevard and The Boca Raton Golf Club.  The first phase, a nine-story 121-unit building at 200 Southeast Mizner Boulevard known as Alina 200, was finished last year and has reached a $300 million sellout, according to an August news release from El-Ad.  Noam Ziv’s El-Ad National, a division of Isaac Tshuva’s New York-based Elad Group, is now focused on the buildings at 210 and 220 Southeast Mizner Boulevard, which will combine for 182 condos. Completion is expected by late 2024, according to El-Ad.  The Alina 210 building will offer 30 condos with prices starting at $4 million. Each will have three or four bedrooms with a den, ranging in size from 3,300 to 5,400 square feet. Alina 220 will offer one- to four-bedroom condos with dens, ranging from 1,400 square feet to 5,400 square feet. Prices in that building start at $2 million and go up to $8 million.  Together, the two buildings are roughly 50 percent sold, El-Ad said last month.  The completed Alina 200 consists of 102 fully finished units, 12 penthouses and seven villas. Architect Peter Stromberg of West Palm Beach-based Garcia Stromberg/GS4 Studios designed the project with an emphasis on health and wellness amenities. The modern design breaks from the Spanish-Mediterranean architecture typical to Boca Raton. Alina Phase II had achieved over $250 million of pre-sales prior to the start of construction. “Just like the condo buyers who saw how beautiful Alina I turned out, Kriss Capital was able to recognize the brand value Elad has created in this superb location,” said Kriss Capital’s founder Jody Kriss. We’re also very pleased Elad had the confidence to transact with us yet again and happy we could execute in a challenging market.” The post Kriss Capital Delivers $100 Million Loan for El-Ad’s Alina Condos in Boca Raton appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLYSep 29th, 2022Related News

Lingua Franca Signs 3,437-SF Lease at 307 West 36th Street

GFP Real Estate, LLC is pleased to announce that New York City-based Lingua Franca NYC Inc., creator of sustainably sourced, fair-trade luxury hand-embroidered cashmere sweaters, clothing and accessories, has signed a short-term lease for 3,437 square feet on the fifth floor of 307 W. 36th Street in Manhattan’s Garment District. Lingua Franca creates pieces... The post Lingua Franca Signs 3,437-SF Lease at 307 West 36th Street appeared first on Real Estate Weekly. GFP Real Estate, LLC is pleased to announce that New York City-based Lingua Franca NYC Inc., creator of sustainably sourced, fair-trade luxury hand-embroidered cashmere sweaters, clothing and accessories, has signed a short-term lease for 3,437 square feet on the fifth floor of 307 W. 36th Street in Manhattan’s Garment District. Lingua Franca creates pieces that are meant to spark conversation.  Its well-known embroidery esthetic and playful use of familiar sayings has gained a loyal following since the brand’s inception in 2016.  The company’s “love of traditional craft, irreverent point of view, and commitment to sustainable and ethical production,” all inform its evolving line of hand-embroidered cashmere goods (all hand-stitched by women in NYC) that are ethically sourced ready to wear.   Barbara Yagoda, Senior Managing Director of GFP Real Estate, represented the landlord in this lease transaction; Jamie Jacobs of Newmark and Richard Sexton of Office Concierge represented the tenant.  GFP will white-box the space and polish the concrete floors for the tenant, install a new HVAC system and furnish and install new lighting.  The space was previously occupied by Paper Outlet, Inc., a New York City-based wholesale paper distributor. “Lingua Franca is a wonderful example of a business that has thrived through the pandemic, creating an entirely new trend in the luxury sector with its creative, hand-stitched cashmere sweaters and accessories,” said Yagoda.  “After experiencing such incredible success, the company needed additional office space to accommodate its growing team—and wanted an inspirational, loft-like space for its headquarters anchored in the Garment District.” Lingua Franca has been featured in the likes of Vogue, T Magazine, W magazine, Glamour, ELLE, Allure and Fast Company, among others.  The company has three retail locations—two in New York City and one in Palm Beach—as well as its Lingua Franca Café, a vintage food truck in Rock Center serving coffee and pastries.  The company also creates handmade paper flowers, pet garments and custom charm necklaces—and offers DIY workshops and home embroidery kits for clients to create their own masterpieces at home. 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 brand Rebecca Taylor 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 Lingua Franca Signs 3,437-SF Lease at 307 West 36th Street appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLYSep 29th, 2022Related News

CBRE Arranges $29.13 Million Sale of 192-Unit Garden Style Apartment Community in Dover, NH to Brady Sullivan Properties

CBRE announced today that it has arranged the $29.13 million sale of White Cliffs at Dover, a 192-unit garden style apartment community located at 510 Marthas Way in Dover, NH.  CBRE Capital Markets’ multi-housing experts Simon Butler, Biria St. John and John McLaughlin exclusively represented the seller and procured the... The post CBRE Arranges $29.13 Million Sale of 192-Unit Garden Style Apartment Community in Dover, NH to Brady Sullivan Properties appeared first on Real Estate Weekly. CBRE announced today that it has arranged the $29.13 million sale of White Cliffs at Dover, a 192-unit garden style apartment community located at 510 Marthas Way in Dover, NH.  CBRE Capital Markets’ multi-housing experts Simon Butler, Biria St. John and John McLaughlin exclusively represented the seller and procured the buyer, an affiliate of Brady Sullivan Properties.  White Cliffs at Dover was built between 1983 and 1985 and is comprised of eight, 24-unit, three-story garden-style buildings. The prior ownership had acquired the property in the early 1990’s and made some improvements, including newer roofs and windows. Most of the kitchens and baths are original with select replacements and upgrades as needed. In addition, one building was offline due to significant damage from a recent fire. Brady Sullivan plans to make significant improvements to the property including bringing the fire-damaged building back online and upgrading apartments as the apartments turn over.“We are pleased to have represented our client in the sale of White Cliffs at Dover. New Hampshire has been the top performing rental market in New England over the past four years and MSM was able to capitalize on that performance,” stated St. John. “Additionally, the White Cliffs at Dover offers Brady Sullivan Properties the ability to execute their value-add strategy and make much needed improvements to the property. This will also grow their New Hampshire footprint and expand into the Seacoast market.” The post CBRE Arranges $29.13 Million Sale of 192-Unit Garden Style Apartment Community in Dover, NH to Brady Sullivan Properties appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLYSep 29th, 2022Related News