Moujan Vahdat

Billionaire cuts $10M deal to build new residential building on Harlem church site The sale needs court approval

58 West 135th Street

After struggling to keep up with mounting expenses, a Harlem church is seeking to sell its property to billionaire Moujan Vahdat in a 阿拉爱上海同城 爱上海龙凤419桑拿deal valued at $10.2 million.

Vahdat, who heads Elmo Realty and Empire Development Fund, plans to take over and demolish the Metropolitan African Methodist Episcopal Church at 58 West 135th Street to make way for a new 30,000-square-foot residential building, court documents indicate. The ground floor and cellar of the building — totaling 11,000 square feet— will be a new church space, while the remaining space will be dedicated to rentals or condos. About 1,100 square feet on the 上海千花网 爱上海同城对对碰first floor will be set aside as an apartment for the pastor.

The Harlem church, a two-story building originally built as a theater in 1915, has required a number of repairs over the years. The church decided to cut a deal with Vahdat because it couldn t keep up with the cost of maintaining the building, according to courtDocuments Filed With The State Supreme Court on Friday.

In addition to building a new space for the church, Vahdat agreed to pay off the remaining $400,000 on the church s mortgage, as well as $4,000 per mo新上海贵族宝贝论坛 上海贵族宝贝交流区nth for 20 years once construction is complete. Vahdat will also pay up to $5,000 per month to help the church pay for a temporary location during construction, which is expected to take roughly 2.5 years.

The church filed a petition in court on Friday seeking approval of the sale, as is required by religious corporations under state law.

The application doesn t specify whether the remaining residential portion of the project will be condos or rentals, nor if they will all be market rate. The church states in court documents that Vahdat s proposal was selected, in part, because it contained the possibility for affordable housing units — though they are not required. In the proposed sale agreement, Vahdat indicates that he may include affordable units if the project receives 421a and isn t required to pay prevailing wages to construction workers.

The new version of the tax exemption, Affordable New York, requires certain average wages for projects t上海千花社区 上海千花网交友hat are larger than 300 units and south of 96th Street in Manhattan — meaning the project w上海贵族宝贝 上海千花网龙凤论坛ouldn t be subject to the wage requirements. Still, it s not clear if Vahdat will opt to include any affordable units.

A call to Elmo Realty was not immediately returned. An attorney for the church, Matthew Maline, declined to comment.

Vahdat has purchased at least six other buildings in Manhattan and the Bronx over the years, including an eight-unit, low-income residential building at 3047 Hull Avenue and a five-story rental building at 1870 Pelham Parkway South.

Tags: Commercial Real Estate, NYC Churches
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Jay Neveloff

The high-profile real estate attorney on growing up with his wife, shooting guns and his bond with the Trump family

Jay Neveloff (credit: Studio Scrivo)

Jay A. Neveloff is a partner at Kramer Levin Naftalis Frankel, where he chairs the real estate practice. A transactional lawyer with a catalog of marquee deals over three decades, his longtime clients include Donald Trump and the Trump Organization, which he advised on deals at the Plaza Hotel, GM Building, Trump Tower and other projects. Since 1974, Neveloff has been involved in more than $100 billion worth of deals. He currently represents CIM Group at 432 Park Avenue and is advising China’s Anbang Insurance Group, which paid nearly $2 billion for the Waldorf Astoria in 2015 and plans to convert part of the hotel into luxury residences. Neveloff is a graduate of Brooklyn College and NYU School of Law.

DOB: October 11, 1950
Hometown: Bensonhurst
Lives in: Westchester
Family: Married with two adult sons (ages 36 and 38)

Where did you grow up? Brooklyn. My parents were divorced, and I grew up as an only child with a mother who worked at night as a photographer in a nightclub. So I had the ability to wow my dates.

What were you like as a kid? I was always pretty out there and hard to manage. I got into a lot of trouble — not bad trouble, but I questioned authority a lot. I had this view that in order to be respe上海贵族宝贝交流区 上海贵族宝贝论坛cted, you had to earn the respect. My wife, Arlene, and I grew up together, and I think the principal of our elementary school [P.S. 177] was upset when we got engaged.

How did you and your wife meet? I met her on Kol Nidre night [Yom Kippur] in synagogue, and one of my classmates who was with my wife-to-be just pointed me out and said, “That’s who you are going to marry.” It turned out to be true.

Are you particularly religious? No, three days a year I’m religious.

You just turned 67. How did you celebrate? By working and having dinner with my family. I find my attitude toward life and the world in my 60s is infinitely more secure and more comforting than it was in my 40s. It’s a tremendous asset.

You have two adult sons. What were you like as a dad when they were young? I struggled to be around. We raised our children in the suburbs, and I remember taking the train or a car to watch a soccer or basketball game and then going back into the city. There were a lot of things that had to get done, and I was less a master of my own time.

Both of your sons ended up in real estate. Was that your doing? Our house was real estate-centric. My closest friends were my clients. Both boys were on more construction hoist阿拉爱上海同城 爱上海龙凤419桑拿s than you could imagine, but they didn’t want to do what I did. They had seen how hard I was working. But they both ultimately came to the dark side.

What are the most complex deals you’ve worked on? They’re becoming more and more complex as we go along. When I worked on Trump Tower, that was state of the art. The Time Warner Center was, at the time, the grandfather of mixed-use pro[……]

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NYC Air Rights

Here s how much office developers paid to acquire air rights last year More dev rights went to office properties last year than 上海贵族宝贝 上海千花网龙凤论坛for resi condos

New York City Skyline

Move over, condos: 爱上海同城手机版 新爱上海同城对对碰论坛developers are gobbling up the city s air rights for office projects.

A new report from Tenantwise has found that people are buying more air rights for offices than for residential cond上海同城对对碰交友社区 上海夜网论坛ominiums for the first time in years, according to the New York Post. In 2017, the average pricing for office air 上海贵族宝贝 上海千花网龙凤论坛rights reached $315 per square foot, which was its highest in history.

JPMorgan Chase, for instance, is paying in the $300s for development rights at its Midtown expansion at 270 Park Avenue. Air rights for office developments were cheaper in Hudson Yards last year, however, going for an average of $235 per square foot.

The City Planning Commission unanimousl上海千花网龙凤论坛 上海千花社区y approved selling development rights to West Chelsea property owners for $625 per square foot in February, and The Real Deal estimated in August that selling 3.6 million square feet of air rights could deliver landlords in Midtown East just under $900 million over the next two decades. [NYP] – Eddie Small

Tags: Air Rights, Commercial Real Estate, condo market, office market
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432 Park Avenue

Leaving so soon? Resales abound at 432 Park Resale listings outnumber sponsor units on StreetEasy

432 Park Avenue (Illustration by Lexi Pilgrim for The Real Deal)

Less than a month after the first buyer at 432 Park Avenue closed on an $18.1 million pad in 2015, the unit hit the rental market for $60,000 a month. It reappeared this past January as one of the tower’s first resale listings — priced at $17.499 million, or a roughly $618,000 loss.

In the last six months, 13 resales at Macklowe Properties and CIM Group s supertall have 新爱上海同城对对碰论坛 上海同城对对碰交友社区quietly hit the market, nearly triple the number of sponsor units available, according to listing data from StreetEasy.

Brokers said that although the luxury market has cooled — meaning sellers may not get top dollar — rising inventory on Billionaires Row and lingering uncertainty about the market has made some skittish investors eager to cash out before competition heats up.

“If you look at that particular subset of uber-luxury real estate near the park, you have an onslaught of new development inventory that is coming down the pike,” said Douglas Elliman’s Michael Graves. “If you are an owner seeking to move that asset, now is going to be your best moment to do it.”

As of mid-March, 432 Park had 10 resale listings on the market — more than any other new development condo building, according to CityRealty. (The Baccarat Hotel Residences was a close second with nine resales, followed by 10 Madison Square West with eight.)

Current resale listings at 432 Park range in price from $5.95 million for a one-bedroom to $68.5 million for a combination of two units on the 71st floor. On average, the resales are priced 22 percent higher than the first sale price.

“Everyone’s got their own story,” said Brown Harris Stevens’ Elese Reid, who is marketing the 71st-floor combi上海夜网论坛 上海夜网nation. Her client paid $59.8 million total for the two units in 2016, records show.

The first batch of resales at any new development can be a boon for early buyers if they can capitalize on momentum at the building.

Some early buyers at 15 Central Park West doubled their investments. One57’s first resale handed the seller (who paid $30.55 million in 2014) a nearly $4 million profit.

Walker Tower’s first resale generated a $3 million profit for the seller, Burt Freiman, who paid $5 million in 2013 and reportedly never set foot in the building. He re-sold the pad for $7.775 million.

But new development sales — particularly sales of ultra-luxury pads — have dipped since 2015 amid a flo上海千花网论坛 上海千花网od of competing inventory. The median price during the fourth quarter was $2.7 million, down 7 percent year-over-year, according to Miller Samuel. The number of sales during the quarter was 387, down nearly 30 percent from 2015. And some resales at competing buildings like One57 have traded at a loss since the market began to slow.

432 Park’s first resale — a three-bedroom on the 48th floor — fe上海夜网 阿爱上海同城tched $8.18 million in December, 12.46 percent more than the seller paid[……]

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The Wu

Th爱上海同城 爱上海e Wu-Tang Clan (Credit: Getty)

First, t上海千花社区 上海千花网交友he Wu-Tang Clan dubbed Staten Island Shaolin, now a chunk of it will be named in the hip-hop group s honor.

The intersection of Vanderbilt Avenue and Targee Street 新爱上海同城对对碰论坛 上海同城对对碰交友社区will be co-named The Wu-Tang Clan District, pending Mayor Bill de Blasio s support, thanks to a City Council vote that approved renaming streets in honor of the hip-hop group and two other musici上海贵族宝贝论坛 上海贵族宝贝ans Notorious B.I.G. (Christopher Wallace) and Woody Guthrie, according to the Gothamist.

The block where Biggie Smalls grew up in Bed-S新爱上海同城对对碰论坛 上海同城对对碰交友社区tuy will be co-named Christopher Wallace Way, and the Coney Island avenue where Guthrie lived in the 1940s will now be known as Woody Guthrie Way.

LeRoy McCarthy advocated for the Smalls and Wu-Tang co-naming for a long time. After the city s final vote of 2018 approved the co-naming, he told the publication, I m happy that NYC officials are finally giving the city s indigenous Hip Hop music the respect and recognition that it deserves Hip Hop Don’t Stop.” [Gothamist] Erin Hudson

Tags: Commercial Real Estate, new york city council
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The Real Deal

Follow The Real Deal s Deal Sh爱上海 爱上海同城手机版eet
on Instagram! @trddeals is sharing incite into the world of NYC commercial and residential deals

The Real Deal s Deal Sheet is on Instagram! Our latest social media channel features snaps of爱上海同城论坛 爱上海同城 retail and office leases, fin新上海贵族宝贝论坛 上海贵族宝贝交流区ancing acquisitions and commercial and residential sales around the city, giving you an insider’s look at what’s happening around the industry.

Have something to sh上海龙凤论坛 新上海贵族宝贝论坛are with us? Send your deals to [email protected] or tag your deals with #TRDDealSheet and you could be featured on our Instagram feed.

Click here to follow @trddeals on Instagram. Happy sharing!

Tags: Commercial Real Estate, I上海同城对对碰交友社区 上海夜网论坛nstagram, Residential Real Estate
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Top Construction Firms

As 上海同城对对碰交友社区 上海夜网论坛costs continue to rise, qualified staffers become harder to find and legal issues abound, the city’s top general contractors are coping with new challenges

(Illustration by Andrew Colin Beck)

Two blocks north of the portion of Hudson Yards that opened in mid-March on Manhattan’s Far West Side, another massive project is getting started. Foundation work on the Spiral, Tishman Speyer’s 65-story office tower designed by the Bjarke Ingels Group, began just last year.

And Turner Construction, one of the city’s largest general contractors, has been tapped to manage the $3.7 billion construction project, which last year secured $1.8 billion in financing from a unit of the Blackstone Group.

The 2.9 million-square-foot development, due for completion in 2022, has locked in Pfizer as its anchor tenant, and investment manager AllianceBernstein inked a 189,000-square-foot lease at the office tower last month.

Turner had a busy past year, kicking off work on major expansions for Columbia University and Coney Island Hospital in addition to the Spiral. That diverse portfolio of new projects launched Turner into the top spot in The Real Deal’s ranking of the city’s general contractors for ground-up projects at 3.1 million square feet, up from eighth place a year ago.

But the subsidiary of German construction giant Hochtief is also dealing with several legal and compliance issues — two of its former executives were charged with fraud in December — matters that have become distressingly common in the city’s $60 billion construction industry. (Turner told TRD that prosecutors thanked the company for assisting their investigation.)

Turner and many of its competitors in the New York market are also coping with new industry pressures, from a shortage of qualified labor to foggy economic and geopolitical forecasts. Those economic pressures are forcing many general contractors to make some tough choices and explore innovative alternatives.

Against that backdrop, TRD set out this month to determine which companies grabbed the most work for new builds and renovations within the past year by reviewing hundreds of permit applications filed with the city’s Department of Buildings between April 1, 2018, and March 31, 2019.

Collectively, the top 20 ground-up builders received permits for 11 million square feet of work in the past year, down from 16.3 million in our May 2018 analysis. The top 20 firms for interior work filed plans for $3.12 billion worth of projects, a slight drop from the $3.75 billion that TRD calculated a year ago.

With the luxury residential construction boom now in the rearview mirror, other sectors — such as public investment — are emerging to pick up the slack. General contracting firms claim there is still plenty of work to go around and that they have enough staff to manage all available projects. And despite industry talk of a downturn, construction spending in the city has continued to hit new heights, according to industry sources.

“For 2018, 2[……]

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