Nicola Bulgari accuses Barbizon Hotel board of abuse for making him wait on condo renovation City has a moratorium on major renovations
Nicola Bulgari (credit: Getty) and The Barbizon at 140 East 63rd Street
Billionaire jeweler Nicola Bulgari wants his luxury duplex right now, but the me上海千花网 an condo board says he has to wait.
Bulgari is suing the Barbizon Hotel for abuse because he has to wait to combine his penthouse with another unit, the New York Post reported. The building at 140 East 63rd Street is undergoing a condo conversion, but the city prevents any major renovations — like combining two units to form a duplex — until all the units are converted.
This doesn t sit well with Bulgari. He claims that he only bought the second apartment in the building be爱上海同城论坛 cause the board promised him that he could easily combine the unit with his penthouse.
“The second apartment is essentially rendered useless to [Bulgari] if it cannot be combined with the first apartment,” the mogul s lawyers claim in the lawsuit. “Preventing a 75-year-old man from years of the full use of his residence阿拉爱上海同城 is irreparable and this court has the power to stop this abuse.”
Property records show that Bulgari bought the penthouse for $12.8 million and the un新爱上海同城对对碰论坛 it below it for $7.5 million.
The developer, Barbizo上海千花网论坛 ne Hotel Associates L.P., asserts that progress at the building has been held up by an unsold unit and Second Avenue subway work. The condo conversion of the 23-story hotel be[……]
Delta seeking $3.6B 上海千花社区 for its portion of LaGuardia revamp Port Authority also approved airline’s lease through 2050
Rendering of the LaGuardia Airport Redevelopment, Terminal B
The Port Authority of New York and New Jersey on Thursday approved spending $600 million on the redevelopment of Delta s terminals at LaGuardia airport, leaving the airline to pay the remaining $3.6 billion for the project.
The bistate agency also approved new terms for Delta s ground lease at the airport, which runs through 2050 and includes an up to $36.6 million tax abatement, the Commercial Observer reported. However, the proj上海贵族宝贝交流区 ect still needs to be certified by the Federal Aviation Administration before moving forward. To pay its share for the project, Delta will likely issue the debt through bonds.
Renderings of the LaGuardia Airport Redevelopment, Terminal B
Delta s overhaul of Terminal C and D are just a portion of what s planned for the airport. LaGuardia Gateway Partners broke ground on the redevelopment of Terminal B in June, which is expected to cost $4 billion. Last year, LGP issued $2.5 billion in tax-exempt bonds for its portion of the redevelopment. Delta s new terminals, which will connect to Terminal B, will consist of 37 gates and 30 percent more concession space than the existing structures.
Port Authorit爱上海同城论坛 y commissioners have argued if the redevelopment of the airport will cost $4 billion上海千花社区 or $5.3 billion.
Earlier this week, Gov. Andrew Cuomo also announced the p[……]
This week in real estate market reports A weekly feature bringing you the industry’s latest intel
According to the most recent market reports, Brooklyn home prices jumped 16.4 percent in the first quarter of 2017, and 60 percent of multifamily buildings in Manhattan traded for under $10 million in 2016.
Manhattan and Brooklyn home sales | Douglas Elliman
In the first quarter of 2017, the median price for condominiums and co-op units in上海夜网 Manhattan dropped 3.3 percent year over year. In Brooklyn, the median price for condos, co-ops and townhouses increased 16.4 percent during the same period. Read the full reports for Manhattan and Brooklyn.
Brooklyn residential sales | Ideal Properties Group
Residential condos dominated the western swath of Brooklyn in the first quarter of 2017. The median price for a condo increased 29 percent year over year to $1.3 million, while the median price for co-ops and townhouses both dropped 8 percent. Read the full report here.
Manhattan, Brooklyn and Queens rental report | Douglas Elliman
Average rents in Manhattan and Brooklyn increased 3 percent and 2.6 respectively in the first quarter of 2017, compared to the same period last year. Average rents in Queens stayed flat. Read the full report here.
Manhattan, Brooklyn and Queens rental report | MNS
In March, average rents in Manhattan and Bro上海龙凤论坛sh1f oklyn increased by .5 percent to $3,940 and $2,760 respectively, relative to the previous month. Average rents in Queens stayed[……]
ESPN personality Stephen A. Smith and Pier 17
On Monday night, South Street Seaport’s Pier 17 mysteriously glowed in red. The explanation came a little later: sports network ESPN, whose color is red, inked a 19,000-square-foot office lease at the Howard Hughes 上海千花网龙凤论坛 Corp.’s development.
ESPN will operate three recording studios two television and one radio on the third floor, the N爱上海龙凤419桑拿 ew York Post reported. The Disney-ow上海贵族宝贝论坛 ned network has Manhattan offices but its shows broadcast from上海千花社区 a Hartford suburb.
Pier 17 includes 150,000 square feet of office space, marketed by CBRE. The building is set to open in mid-2018.
Texas-based Howard Hughes is also relocating the landmarked tin building across the street and convert上海夜网论坛 ing it into a food hall. It took over the site, which it leases from the city, in 2010. [NYP] Konrad Putzier
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Tenant improvement allowances at Manhattan’s trophy office towers nearly 3x pre-recession levels While concessions climb, asking rents remain below 2008 peak
Midtown East (credit: Wikimedia Commons)
Asking rents for Midtown trophy office towers still haven’t climbed back to their pre-recession peak, but tenant-improvement work letters landlords dangle to get deals done are nearly triple what阿爱上海同城 they were in 2008.
Midtown asking rents for prime Manhattan towers are $107 per square foot, still shy of the $111-per-square-foot peak hit in 2008, according to JLL figures reported by the Wall Street Journal.
Tenant-improvement allowances, on the other hand, were $87.27 per square foot in the third quarter for Midto爱上海 wn trophy buildings, nearly three times the $30 per square foot from 2008, according to JLL.
Demand for pre-built workspace for tenants doing deals i上海同城对对碰交友社区 n the range of 2,000 to 10,000 square feet is helping to drive tenant-allowance increases, according to JLL’s Cynthia Wasserberger.
“To attract tenants and remove the hurdle to relocating, which is the capital cost to build out space, landlords are continuing to build out space,” she said. ”When one does it, it becomes the rising tide until now it becomes the norm.”
The increase in concessions in the top of the market is indicative of a broader rise across all buildings. Manhatt爱上海同城对对碰 an landlords spent $173 a square foot on free rent and tenant allowances in the first quarter of the year, up nearly 14 percent[……]
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Southampton’s new affordable housing development Tuckahoe Woods has its first possible owners, after the town held a lottery drawing last week. Of the 252 people who applied, James White of Southampton and Jen Tabares of Hampton Bays will each have the chance to buy a newly built home for $332,400 — far less than t上海千花网交友 he $1 million estimated market value. The lottery winners will need to prove they meet maximu上海贵族宝贝 m income lev上海同城对对碰交友社区 els set by the Department of Housing and Urban Developmen爱上海同城对对碰 t before they are allowed to purchase the homes. [Southampton Press]
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First phase of Renaissance Downtowns’ Huntington Station revitalization completed
Plainview-based d爱上海龙凤419桑拿 evelo爱上海同城手机版 per Renaissance D爱上海同城对对碰 owntown上海千花网 s, as the master developer of Huntington Station’s revitalization plan, partnered with Blue Gold Homes to complete the first phase of the project. The developers and town officials gathered last Monday to celebrate the completion of the mixed-use building featuring 16 residential rental units and 6,500 square feet of retail space, Long Island Business News reported. Another 66 residential units and more retail space are in the works for the上海贵族宝贝 master plan. [LIBN]
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International firm to merge with Midtown construction consultant Lehrer New division will oversee operations in NYC, Miami and elsewhere
From left: 220 Central Park South, Peter Lehrer, Finlay Cumming, and 15 Central Park West (Credit: CityRealty and Lehrer LLC)
An international construction company is merging with Midtown-based Lehrer, a construction and design firm that’s advised on major New York City projects including 上海贵族宝贝交流区 220 Central Park South and new Whitney Museum.
As part of the deal, Lehrer will operate as a division of Cumming — dubbed Lehrer Cumming. The new branch, which will have roughly 80 employees, will focus on project management and related services, the companies confirmed on Tuesday. The division is currently looking for new office space in Manhattan and will oversee Cumming s current operations in New York City, Boston, Miami and Washington D.C.
The merger marks a new chapter for industry veteran Peter Lehrer. Prior to founding his eponymous consultancy in 1996, Lehrer ran a major construction management firm, Lehrer McGovern. In 1988, that company merged with Bovis, which was acquired by Lendlease in 1999.
In addition to 220 CPS and LaGuardia, Lehrer s advisory firm has worked on 15 Central Park West and the redevelopment of LaGuardia Airport. Lehrer said his years running a construction management firm has given him an edge in the consulting business.
Many people who are in the consulting business have never had experience building, he said. We work[……]
The higher your credit score, the lower the interest rate quote you ll get on your mortgage, right?
As a general proposition, sure. But how much of a rate benefit are you really likely to get with your super-high 800-plus FICO score compared with someone with a much lower score?
You might be surprised. A new statistical review, conducted for this column by mortgage network Lending Tree based on more than 1 million actual loan offers during 2018 suggests that, depending on market conditions, a good 700 FICO score could get you nearly as attractive a rate deal as someone with an 800-plus score.
Lending Tree is an online platform that allows shoppers to obtain competing offers from multiple lenders, based on credit profiles, income, down payment and other factors. Roughly 500 mortgage companies and banks participate in the network. FICO scores assess applicant risk and run from 300 to 850. High scores predict minimal risk of default; low scores, substantial risk.
According to FICO s own regular national surveys of rates posted by lenders, a 上海千花网交友 high score is a key to a better rate quote. As of last week, a score of 760 and above on a $300,000 fixed-rate 30-year loan would get an average quote of 4.14 percent. The same loan for a borrower with a subprime score of 620 would get上海千花网交友 a 5.73 percent average quote, a significant 1.6 percentage-point differential.
Lending Tree researchers examined a huge number of actual offers made to homebuyers 2018 s entire volume[……]