LaGuardia Airport Redevelopment

Delta seeking $3.6B 上海千花社区 上海千花网交友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 上海贵族宝贝论坛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 爱上海同城y commissioners have argued if the redevelopment of the airport will cost $4 billion上海千花社区 上海千花网交友 or $5.3 billion.

Earlier this week, Gov. Andrew Cuomo also announced the planned $10 billion redevelopment o爱上海同城手机版 新爱上海同城对对碰论坛f John F. Kennedy International Airport. [CO] — Kathryn Brenzel 

Tags: Andrew Cuomo, delta, LaGuardia
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NYC Market Reports

This week in real estate market reports A weekly feature bringing you the industry’s latest intel

Credit: MNS

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.

Residential

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 阿爱上海同城 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 上海龙凤论坛oklyn increased by .5 percent to $3,940 and $2,760 respectively, relative to the previous month. Average rents in Queens stayed flat at $2,140. Read the full reports f爱上海 爱上海同城手机版or Manhattan, Brooklyn and Queens here.

Luxury Sales | Olshan Realty
Th上海千花网 爱上海同城对对碰e total dollar volume for the 23 luxury contracts signed last week was a fairly low $155 million. The median asking price was $6 million. Read the full report here.

Commercial

View from the Street | Eastern Consolidated
Manhattan investment sales in 2016 saw significant international contribution; 60 percent of all multifamily buildings trade for less than $10 million, and a 35 percent decrease in dollar volume between the first and second halves of the year. For a neighborhood breakdown, read the full report here.

Office sales | CommercialCafe
Office sales had a slow first quarter, with dollar vol上海千花网 爱上海同城对对碰ume tanking 63 percent to $2.07 billion compared to the first quarter of 2016. Average price per square foot dropping 23 percent to $741 year-over year. Read the full report here.

Office market | ABS Partners Real Estate
Since 2009, the office market in Midtown South has increased in value by 100 percent, while the office markets in Downtown Brooklyn and Long Island City increased 46 percent and 58 percent respectively. Read the full report here.

Tags: nyc market reports
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South Street Seaport

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 上海千花社区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 上海龙凤论坛sh1few York Post reported. The Disney-ow上海贵族宝贝论坛 上海贵族宝贝ned network has Manhattan offices but its shows broadcast from上海千花社区 上海千花网交友 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 上海夜网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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Manhattan Office Concessions

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 阿拉爱上海同城 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 爱上海同城手机版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 上海夜网论坛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 爱上海同城论坛an landlords spent $173 a square foot on free rent and tenant allowances in the first quarter of the year, up nearly 14 percent from $151.93 a square foot in 2015, according to Savills Studley. [WSJ] – Rich Bockmann

Tags: Commercial Real Estate, concessions, cynthia wasserberger, JLL, Manhattan Office Market
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Southampton draws first two names in affordable housing lottery

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 上海千花网论坛he $1 million estimated market value. The lottery winners will need to prove they meet maximu上海贵族宝贝 上海千花网龙凤论坛m income lev上海同城对对碰交友社区 上海夜网论坛els set by the Department of Housing and Urban Developmen爱上海同城对对碰 爱上海同城论坛t before they are allowed to purchase the homes. [Southampton Press]

Tags: Hamptons
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First phase of Renaissance Downtowns’ Huntington Station revitalization completed

First phase of Renaissance Downtowns’ Huntington Station revitalization completed

Plainview-based d爱上海龙凤419桑拿 上海龙凤论坛sh1fevelo爱上海同城手机版 新爱上海同城对对碰论坛per Renaissance D爱上海同城对对碰 爱上海同城论坛owntown上海千花网 爱上海同城对对碰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 上海千花网龙凤论坛 master plan. [LIBN]

Tags: long island
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Lehrer

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 上海贵族宝贝论坛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 hard at what we do, and 爱上海同城手机版 新爱上海同城对对碰论坛we believe we are making a difference.

Lehrer will serve as CEO of Lehrer Cumming, while Finlay Cumming, founder and CEO of Cumming, will oversee the entire company.

Lehrer said the merger sprung, in part, from the longtime friendship between two friendly Scottish gentlemen, Finlay and Lehrer COO G新上海贵族宝贝论坛 上海贵族宝贝交流区avin Middleton. Middleton will serve as executive vice president of Lehrer Cumming. Cumming s Derek Hutchison will also serve as executive vice president of the new division.

Cumming was founded in 1996 and focuses on project and cost manageme上海龙凤论坛 新上海贵族宝贝论坛nt. The firm has 27 domestic offices — including Los Angeles, Miami, Chicago and New York — and four international of上海贵族宝贝交流区 上海贵族宝贝论坛fices.

Tags: Commercial Real Estate, construction
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FICO Score

(Credit: iStock)

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 上海千花网论坛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 上海千花网论坛 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 conducted over the platform, batched by FICO scores and down-payment levels. What emerged is intriguing. Though scores and down payments are indeed crucial risk components that factor into a lender s offer, market conditions and competition also can affect the size of rate benefits to lower-FICO borrowers compared with high-FICO borrowers. In actual application situations, lenders who want to increase their loan business to homebuyers may dig deeper into the credit pool and offer relatively more attractive rate deals to people whose scores are not pristine.

For example, borrowers making 5 percent down payments with subpar scores in the 670-679 range received offers on Lending Tree averaging 5.2 percent last year. Yet borrowers with super scores well above 800 making the same 5 percent down payment got offers averaging 4.78 percent, a differential of just 0.42 percentage points. Similar patterns of small spreads were found in rate quotes between high scorers and low scorers at down-payment levels of 20 and 25 percent.

Lending Tree s chief economist, Tendayi Kapfidze, told me this was likely the result of a challenging market for lenders in 2018 as demand for refinancings withered and home purchase applications became a prime focus. More intensive competition for that business opened the doors for lower rate quotes to borrowers whose credit profiles would normally have been charged more, he said.

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RedfinNow

Redfin and Zillow expand their home buying and selling services to Texas RedfinNow has been launched in Dallas and Zillow Offers in Houston

Redfin and Zillow launched their direct-to-consumer home buy上海贵族宝贝论坛 上海贵族宝贝ing and selling programs in Texas.

On Monday, the two Seattle-based companies separately announced the introduction of Zillow Offers in Houston and RedfinNow in Dallas.

Through Zillow Offers, Zillow buys homes directly from sellers and re-lists them for sale after minor renovation work. Zillow already had launched the program in Atlanta, Charlotte, Denver, Las Vegas, Phoenix and Raleigh.

Zillow, which works with local brokerages to buy and sell homes, is working in Houston with Mark Dimas Properties.

The launch of RedfinNow in Dallas is the first expansion of the program beyond California, where it is now available in Los Angeles, San Diego, Orange County and Inland Empire.

Consumers pay a 7 percent fee service for using the RedfinNow service. Consumers who choose to sell homes through a Redfin agent, instead of selling directly to Redfin, pay a 1 percent listing fee and usually another 2.5 percent to 3 percent to cover the commission of the buyer’s agent.

Redfin also is expanding its brokerage operations, mortgage services and title services to Dallas to serve home buyers and sellers.

Redin and Zillow have competition in the Lone Star State. Home buying and selling platforms Opendoor and Offer上海贵族宝贝交流区 上海贵族宝贝论坛pad both operate in Houston and Dallas. Knock also operates in Dallas, where Zillow Offers is expected to launch later this year. [Inman] – Mike Seemuth

Tags: dallas, Houston, RedfinNow, Residential Real Estate, Zillow Off爱上海同城论坛 爱上海同城ers Redfin: Open houses can help homes sell for more — depending on the ma…Cofe Properties sells warehouse portfolio near MIA for $25MThe Weekly Dish: Sugarcane chef op上海千花网 爱上海同城对对碰ening downtown Miami concept & moreSpec home developer buys waterfront Hillsboro Beach lot
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