David Durst

David Durst dies at 90 Artistically-inclined real estate scion built eight skyscrapers over a 30-year career

David Durst, developer, artist and youngest son of family patriarch Joseph Durst, died Friday in R新爱上海同城对对碰论坛 上海同城对对碰交友社区ye, N.Y. He was 90.

Durst spent 30 years at the Durst Organization, along with his brothers Seymour and Royal. David focused on construction and engineering at the firm, and was one of the first developers to commission a sculpture at one of his office towe爱上海龙凤419桑拿 上海龙凤论坛sh1frs, “Windward,” in front of 655 Third Avenue, created by Jan Peter Stern.

He oversaw the development of eight skyscrapers in th新爱上海同城对对碰论坛 上海同城对对碰交友社区e city, from the 30-story 655 Third Avenue in 1958 to the 26-story building at 114 West 48th Street, completed in 1989, which he built along with his son Jody, the Durst Organi上海同城对对碰交友社区 上海夜网论坛zation’s爱上海同城 爱上海 current president, the New York Times reported.

Durst was also an artist in his own right, creating large, whimsical wood and steel sculptures he exhibited at the Gallery in Hastings-on-Hudson and at the Katonah Gallery.

He’s survived by his second wife Carola, his daughters, Laurel Strong and Robin Durst, his sons Josh, Kristoffer and Jody, and his nine grandchildren. [NYT] – Ariel Stulberg

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Kathe Chase

From the September issue: In 2014, the leasing activity of TAMI (technology, advertising, media and information) tenants surpassed for the first time Manhattan’s traditionally dominant category — that of finance, insurance and real estate firms — 31.4 percent to 28.8 percent. In commercial districts like Midtown South, where start-ups initially flocked in search of value, overall average asking rents rose to $69 per square foot from $47 per square foot — a 45 percent hike — between 2009 and 2016. While many start-ups are willing to stretch their budgets to capitalize on Midtown South’s cachet, others are now looking further afield. It’s not only about money: As companies mature, they may find that the charming industrial buildings that housed them during their early days don’t have the infrastructure and size to support their growing workforces. Pre-built, move-in-ready space is in demand, and there’s a lot available, as firms that warehoused space in the hopes of growing into it dial back their expectations. Some companies, like Mediamath, a digital ad buying firm, are decamping to the Financial District, convinced that their culture can still thrive in a traditional office building. “You’d be surprised what interior designers can do in glass-and-steel office buildings, like the Empire State Building, 4 World Trade Cen上海千花网论坛 上海千花网ter Or Brookfield Place,” said Eric Thomas of tenant brokerage Cresa New York .

For our first web installment on the next wave of tech districts and the[……]

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NYC Homelessness

City s爱上海同城对对碰 爱上海同城论坛pent more than $600 per night housing homeless people at Times Square hotel Homeless Services has paid $72.9 million for 425,000 hotel room bookings since November 2015

Times Square

For City Hall, fighting homelessness comes with a heavy price tag: the de Blasio administration in one instance paid more than $600 per night to put homeless families up in Times Square hotels.

The rates are the exception. On average, the city’s Department of Homeless Services pays $194 per room and night. But that number is up from $163 a year ago. Meanwhile, the number of hotel rooms the department books for homeless families jumped from 324 to 2,069, according to a new report by New York爱上海同城论坛 爱上海同城 City Comptroller Scott Stringer.

The report notes that the city has paid $72.9 million for 425,000 hotel room bookings since November 2015, highlighting how the de Blasio administration struggles to battle a homelessness epidemic amid ballooning a爱上海龙凤419桑拿 上海龙凤论坛sh1fpartment rents and a lack of homeless shelters.

“These costs are absolutely alarming,” Stringer told the New York Daily News. He urged City Hall to come up with “a comprehensive, transparent road map to solve this extraordinary crisis.”

The Homeless Services department told the Daily News that it paid the $629 per room rate for 15 rooms for two nights because the UN General Assembly was in town, driving up hotel prices.

Housing homeless people in so-called cluster site apartments is typically a lot cheaper, but living conditions can be squal[……]

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Donald Trump Immigration

Will Trump s immigration policies wreck the construction industry? Executive orders have stirred fears over safety and exploitation

(Credit: Getty Images)

In February, President Donald Trump — in the words of his press secretary — took “the shackles off” the U.S. Immigration an上海龙凤论坛 新上海贵族宝贝论坛d Customs Enforcement (ICE). A few weeks earlier, the president signed a pair of executive orders aimed at ramping up immigration enforcement and cracking down on so-called sanctuary cities.

For industries traditionally populated by immigrants, like construction, the policies could have significant implications. The uncertainty surrounding how these orders will play out nationally and even in cities like New York and Los Angeles —where the elected officials have emphatically spoken out against such enforcement — has some workers and advocates co阿爱上海同城 阿拉爱上海同城ncerned about the industry’s future. At the minimum, the policies have put workers on edge and potentially invite abuse in an industry already plagued by safety issues and allegations of exploitation.

“Everything I ve heard from the Trump administration, seems to create an enormous amount of disruption and panic,” said David Kallick, director of the Immigration Research Initiative at the Fiscal Policy Institute. “It seems like we re in for a series of high-profile raids on workplaces to try to find undocumented immigrants.”

By the numbers

It’s impossible to definitively quantify the number of undocumented construction workers in the U.S., but the data av[……]

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Cadre Real Estate

Kushner-backed Cadre wants to raise $65M at $800M valuation Investment platform has already raised around $68M and secured Soros credit line

From left: Cadre co-founders Jared Kushner, Ryan Williams and Joshua Kushner

The Jared Kushner-backed real estate investment platform Cadre is looking to raise $65 million in venture funding.

The funds, if 上海贵族宝贝交流区 上海贵族宝贝论坛raised, would give Cadre a valuation of more than $800 million, the Information rep上海千花社区 上海千花网交友orted.

The startup, founded in 2015 by Blackstone上海夜网论坛 上海夜网 Group alum Ryan Wi上海龙凤论坛sh1f 上海龙凤论坛lliams and Joshua and Jared Kushner, has already raised around $68 million from investors including Alibaba’s Jack Ma, former Vornado Realty Trust exec Michael Fascitelli and Island Capital Group’s Andrew Farkas.

Cadre also landed a $250 million credit line from George Soros’ family office, as The Real Deal first reported in January.

Cadre acts as a real estate crowdfunding platform for high-net-worth individuals. The company will invest in commercial real estate deals using the credit line, and then make them available to investors online through its members-only platform. The company has been coy about disclosing what and how many deals it participated in.

Jared Kushner played a key role in growing the company, but omitted his stake in govern上海龙凤论坛sh1f 上海龙凤论坛ment disclosure forms when he joined his father-in-law President Trump s administration, according to a recent report in the Wall Street Journal. [The Information] Konrad Putzier

Tags: Real Estate Finance, Te[……]

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NYC Worst Landlords

Banks say they were totally blindsided by Public Advocate’s “worst landlords list Lenders take issue with the way Tish James’ office handled this year’s edition

From left: Signature’s John Tamberlane, Customer Bank’s Dick Ehst, and Public Advocate Letitia James (Credit: YouTube and Getty Images)

For years, multifamily landlords have griped at the New York City Public Advocate s “worst landlords” list, decrying that the office unfairly tars them based on an inelegant tally of building violations.

Now, their lenders are joining the chorus, speaking out after Public Advocate Letitia James singled them out as being complicit in their clients alleged misdeeds, but offering little warning or information about the loans that landed them on the controversial list.

“It was really odd the way it was handled,” said Dick Ehst, president of the Pennsylvania-based Customers Bank, which ranked third on the list published earlier this month of the top 10 banks that lent to the flagged landlords. “We were notified that the list was coming and two hours later we started to get inquiries from the press. We didn’t actually end up getting the list until a week later.”

Representatives from Customers said the bank is still wor上海千花网龙凤论坛 上海千花社区king with the James’ office to clear up inaccuracies with th爱上海同城对对碰 爱上海同城论坛e information they received, such as erroneous names listed for borrowers.

A spokesperson for the public advocate’s office, however, told The Real Deal that the office identified only a few, immaterial i[……]

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Leeshan Birney Obituary

New Jersey real estate entrepreneur, Leeshan Birney, dies at 78 Birney made her first investment in 1981

Stone Mountain Properties, founded by Leeshan Birney, owns real es爱上海同城论坛 爱上海同城tate in New Jersey and Texas. (Credit: left photo, Houston by Pixabay; right photo, Hoboken by D. Ramey Logan/Wikimedia Commons)

Leeshan Birney made her first real estate investment in 1981 and her company s empire, which will now be run by her son and husband, spans 2,5爱上海同城 爱上海00 apartments and about 1 million squar上海夜网 阿爱上海同城e feet of commercial and office space.

St上海千花网论坛 上海千花网one Mountain Properties owns real estate in New Jersey and Texas the result of buying during a downturn, particularly in Houston, according to the Wall Street Journal. The Jersey properties among her first purchases were close to Birney s everyday life; she bought one 133-unit apartment building bec上海贵族宝贝 上海千花网龙凤论坛ause it was close to her daughter s school.

As a Taiwan-born American, Birney became a leader in the Asian-American business community with her involvement in organizations, such as the International Leadership Foundation, throughout her career. She succumbed to cancer at the end of October.

[WSJ] E.K. Hudson

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Brookfield Property Partners

Brookfield moves forward with plans for
2 Manhattan West Office tower slated to rise 59 stories, span 1.7M sf

Rendering of Two Manhattan West (Credit: Brookfield via Curbed)

Brookfield Property Partners officially filed plans for its latest addition to Manhattan West: a 59-story office tower at 401 West 31st爱上海同城对对碰 爱上海同城论坛 Street. Two Manhattan West will rise 849 feet high and span just under 1.75 million square feet, Curbed reported. Renderings of the tower show its design to be very similar to One Manhattan West, a 62-story office building whose construction is well underway. Both are designed by Skidmore, Owings Merrill, according to documents filed with the city s Department of Buildings.

Re上海千花网交友 上海千花网论坛ndering of Two Manhattan West (Credit: Brookfield via Curbed)

The new office tower is expected to be completed b新爱上海同城对对碰论坛 上海同城对对碰交友社区y 2022. The project is one of the last planned for Manha上海千花网龙凤论坛 上海千花社区ttan West, a five-building complex will include a hotel and a 13-story boutique office building known as the Lofts. Brookfield already completed the $350 million redevelopment of 5 Manhattan West, a 16-story office building, and construction of the residential rental building, the Eugene.[Curbed] — Kathryn Brenzel  

Tags: Brookfield Property Partners, Development, manhattan west
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NYC Cluster Sites

Private landlords better sell their cluster sites : mayor City Hall willing to use eminent domain for owners who resist

3001 Briggs Avenue in the Bronx and commissioner of the NYC Dept. of Homeless Services Steven Banks

Mayor Bill de Blasio wants to finance nonprofits that would buy private apartments set aside for homeless New Yorkers under the city’s controversial cluster-site program and convert them into affordable housing. And he’s willing to use eminent domain against property owners who do not cooperate.

The mayor on Tuesday plans to announce the initiative, which is designed to help address the festering homelessness problem while also fulfilling his pledge to create and preserve more affordable housing, the New York Times reported.

The city is targeting buildings where more than 50 percent of the units are occupied by h上海贵族宝贝交流区 上海贵族宝贝论坛omeless people, which works out to roughly 800 apartments across 25 to 30 buildings in the Bronx. The plan could place roughly 3,000 people into permanent housing.

The total cost of the proposal was not immediately clear.

De Blasio said in a statement that City Hall has to “think creatively and be bold.”

“We’re fast-tracking the transition from shelter to higher-quality, permanently affordable housing for New Yorkers caught in the grips of our city’s affordability crisis,” the mayor said.

The cluster-爱上海 爱上海同城手机版site program began in 2000 under Mayor Rudolph Giuliani, and has expanded with the city’s homeless population. But over the past 17 years, landlord[……]

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Hong Kong Housing Prices

HK s first property launch of 2018 sets records to officials disappointment The unintended consequence of HK government’s efforts was increased buyers’ confidence

(Credit: Pixabay; Wikimedia Commons)

Hong Kong s first property launch of the year went off swimmingly for everyone but city authorities.

The launch of Sun Hung Kai Properties St. Barths complex sold all 118 units amid tough competition over each apartment up to 18 bidders were entered for some properties with final sales being about 17 percent higher than second market prices, reported the South上海千花网交友 上海千花网论坛 China Morning Post. The launch sale set a new price record for the area.

The news wasn t welcomed by city authorities who have been trying to dampen Hong Kong s housing market with a series of regulations the most recent 爱上海同城 爱上海of whic上海同城对对碰交友社区 上海夜网论坛h appears to have done the opposite, as has happened before.

Passed earlier in the week, a new stamp duty bill extended the period of tax exemptions for owners who wanted to sell their homes, which Centaline Property Agency’s vice chairman said added fuel to Sun Hung Kai Properties explosive sale.

“Today’s sale, mainly comprising property in the m上海千花社区 上海千花网交友id-range of the price scale, attracted those who wanted to upgrade their flats,” said the chairman, Louis Chan Wing-kit to the Post. “So the government’s move increased the confidence among buyers, encouraging them to buy first and sell later.”

Prices in the city have been rising for over a year as developers try to keep pace with[……]

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