Month: June 2019

Smart Home Security

Luxury homeowners increasingly vulnerable to hackers With more homes adopting smart technology, criminals are getting wise

LinkedIn, big banks, even presidential candidates, they’ve all been hacked. So do you really think you smart home is secure? Online security experts say that homes with thermostats, security cameras, lights and appliances that are connected to the Internet are vulnerable to hackers.

Roughly 45 percent of survey respondents told Coldwell Banker that they own smart-home technology or plan to invest in it this year. And the number go上海千花社区 上海千花网交友es up among luxury homeowners who are typically early adopters of the expensive technology, according to the Wall Street Journal.

But luxury homeowners are also prime targets for cyber crime and the range of risks is vast. Hackers are capable of ever阿拉爱上海同城 爱上海龙凤419桑拿ything from messing with the air conditioning to disabling cameras ahead of a break-in.

The Journal recommends a few basic steps to protect your home, including “changing the password on your device from the default, protecting your WiFi network with a password and ensuring that your wireless router uses some form of encryption.”

And of course, if you’ve given your上海千花网论坛 上海千花网 password to an old cook, dog walker or au p爱上海同城论坛 爱上海同城air, be sure to update your password. [WSJ] –Christopher Cameron

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Fortis Property Group

Fortis scraps affordable housing plans for LICH The developer will move forward with its as-of-right project

Jonathan Landau and Long Island College Hospital

After several months of uncertainty and failed negotiations with the city, it looks like Fortis Property Group s Long Island College Hospital development won t include affordable housing after all.

The company s president, Joel Kestenbaum, told Politico that Fortis has decided to move forward with an as-of right redevelopment at the Cobble Hill site, saying that the option was more profitable than one that would have included affordable housing units. He hasn t provided specific plans, but previously revealed plans for an as-of-right development including 528,935 square feet of market-rate apartments. The affordable option included 900,000 square f上海千花网交友 上海千花网论坛eet of luxury housing and 225,000 square feet of affordable housing.

The decision is a blow to Mayor Bill de Blasio, who supported the affordable housing version after vehemently opposing the hospital s closure. The affordable housing option would ha爱上海 爱上海同城手机版ve required a rezoning, which was opposed by Councilman Brad Lander and other community officials.

During a recent interview wit上海夜网论坛 上海夜网h The Real Deal, Fortis CEO Jonathan Landau said the project was financially feasible without the upzoning but said the company was a few months off from making a final determination. Fortis purchased the hospital in 2015 for $上海贵族宝贝 上海千花网龙凤论坛240 million. [Politico] — Kathryn Brenzel 

Tags: affordable[……]

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This $16.5B neighborhood is one of the biggest developments in London’s history

A rendering of the renovated Battersea Power Station, set to open in 2021, in London.

London s Battersea Power Station has been part of the city fabric for nearly a century. The iconic brick building — which sits in the center of London — was featured in The Beatles 1965 film Help!,  on the cover of Pink Floyd s 1977 album Animals, and in the 2010 film The King s Speech.

It was formerly a coal-fired power station, supplying much of London s electricity until the 1980s. Since then, it has sat mostly abandoned.

Now the two million-square-foot building is undergoing a major renovation as part of the Battersea Power Station development. The estimated $9.9 billion project will construct apartments, hotels, roof gardens, parks, and other 爱上海同城对对碰 爱上海同城论坛offices over the next decade.

A rendering of the renovated Battersea Power Station, set to open in 2021, in London.

The project  is just one part of an estimated $16.5 billion megadevelopment in the surrounding Nine Elms district, one of the most expensive developments in the city s history. The neighborhood has existed since the mid-19th century, but over the next few years, it will be revamped to include new residential and commercial complexes.

The power station s $1.26 billion restoration, set to be completed in 2021 by Malaysian architecture firm WilkinsonEyre, will feature offices, event space, retailers, apartments, villas, and penthouses.

As the anchor tenant, Apple will move its London headquarters to the building, taking up 40% of its [……]

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Preservationists push to landmark NYPL’s Rose Main Reading Room

The New York Public Library’s Rose Main Reading Room

After a one-foot wide slab of plaster fell from the ceiling, officials wer阿拉爱上海同城 爱上海龙凤419桑拿e forced to close the New York Public Library’s Rose Main Reading Room. It s since reopened, but now preservationists are calling for landmark status before the next inc爱上海同城论坛 爱上海同城ident.

Currently, there are just 119 interior landmarks in New York City, but state senators Brad Hoylman and Liz Kreuger would like to change that, according to DNAinfo.

The senators asked the Landmarks Preservation Commission to consider the New York Public Library’s newly renovated Rose Main Reading Room and Bill Blass Catalog Room 上海千花网交友 上海千花网论坛for designation. The two rooms recently reopened after closing for a two-year restoration.

“We must now recognize the Rose Main Reading Room and the Bill Blass Public Catalog Room as the historic interior spaces that our city has come to treasure in our beloved library,” th爱上海龙凤419桑拿 上海龙凤论坛sh1fey wrote in a letter to the LPC.

And while some building owners shudder at landmark status, the NYPL tells DNAinfo that it is open to the idea.

“These spaces have always been treated with the dignity, respect and care that they deserve, and in that spirit, we look forward to the public landmarking process and continuing conversations with the Landmarks Preservation Commission,” the library said in a statement. [DNAinfo] Christopher Cameron

Tags: new york public library
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Bhatia 318 East 15th St

Sherwood and 阿拉爱上海同城 爱上海龙凤419桑拿Bhatia nab $92M refi for
New School dorm Wells Fargo provided the financing for East Village property

318 East 15th Street

A dormitory at the New School just scored a roughly $92 million loan from Wells Fargo.

Bhatia Development Organization and Sherwood Equities received the 10-year loan to refinance the property at 318 East 15th Street, Located Across From Stuyvesant Park Near Second Avenue, Commercial Observer reported.

The interest-only, fixed-rate loan includes a new gap mortgage of roughly $5 million and replaces a $94 million Wells Fargo loan made in 2014, according to public records spotte上海贵族宝贝 上海千花网龙凤论坛d by the publication. Bhatia and Sherwood still owed $87 million at the time of the refinancing and declined to reveal the rate on the new deal. However, Comm阿爱上海同城 阿拉爱上海同城ercial Observer reported that it is less than 4 percent.

“I’ve been in business for 40 years. There are very few times you can get an opportunity to lock in a rate at under 4 percent,” Arun Bhatia, the president of Bhatia, said.

Refinancing the loan and placing it in a commercial mortgage-backed securities pool will give Bhatia and Sherwood more flexibility to make upgrades to the proper阿拉爱上海同城 爱上海龙凤419桑拿ty, while lowering their interest rate. [CO] – Christopher Cameron

Tags: Real Estate Finance, sherwood equities, the new school, wells fargo
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Miami Beach Property

Want Miami Beach oceanfront pro上海贵族宝贝 上海千花网龙凤论坛perty? Here s how to make it happen I上海贵族宝贝 上海千花网龙凤论坛t won’t be quick or cheap, but you probably already knew that


The key for developers looking for property along Miami Beach s crowded beachfront is to look for older buildings that can be recycled, instead of land to construct new projects.

“Any condo can be recycled in Florida,” said s Peter Zalewski to Mansion Global.

The problem is recycling is a slow, costly process. Buying an older building means cutting deals with unit owners before any significant transformation can occur and the disparities in cost post-renovation are stark: an average unit listing price is about $770 per square foot for an older unit, while a new unit will list for up to $3,000.

But, even if you build, will buyers come? It s a real question in Miami Beach s saturated market where, since 2011, more than 40 renovations projects either stall上海夜网论坛 上海夜网ed, revised their plans o爱上海同城论坛 爱上海同城r were cancelled.

[Mansion Global] E.K. Huds爱上海同城 爱上海on

Tags: Development, Real Estate Finance, South Florida Real Estate
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Moinian Group

Moinian Group tries to raise $350M in EB-5 funding for 3 Hudson Boulevard Developer still seeking construction loan for 2M sf tower

Joe Moinian and a rendering of 3 Hudson Boulevard (Credit: FXFOWLE)

Moinian Group hopes to raise between $250 million and $350 million in EB-5 funding for 3 Hudson Boulevard.

G爱上海同城手机版 新爱上海同城对对碰论坛eorge Washington Immigration Group, an EB-5 regional center, was tapped to arra上海千花网龙凤论坛 上海千花社区nge the financing, Commercial Observer reported. The regional center structures investments as limited partnerships, the CO reported.

Moinian, led by Joseph Moinian, broke ground on the 53-story, 2-million-square-foot office tower near Hudson Yards last year, but funding remains an open question. The developer has yet to land a construction loan and is looking for a debt and equity package of up to $3 billion to pay for the tower. Mo爱上海同城对对碰 爱上海同城论坛inian in November tapped JLL to lock down the financing, with a 上海夜网论坛 上海夜网capital stack featuring $1.8 billion in debt and $1.2 billion in equity.

Bloomberg first reported in November that Moinian considered raising up to $500 million in EB-5 capital.

The Real Deal broke down the tower’s funding challenge in its January issue.

Beyond the finan阿拉爱上海同城 爱上海龙凤419桑拿cing quest in Hudson Yards, Moinian has beefed up its lending operation in recent months, with four new financing deals in New York and Miami worth $216 million. [CO] Konrad Putzier

Tags: 3 hudson boulevard, moinian group, Real Estate Finance
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Google Chelsea Market

Cash money: Google s $2.4B megadeal is debt-free: sources The 75 Ninth Ave. acquisition closed Tuesday

The Chelsea Market and Sundar Pichai (Credit: Getty Images)

Sitting atop a mountain of cash, Goog阿爱上海同城 阿拉爱上海同城le can see its new home.

The tech giant’s $2.4 billion purchase of the Chelsea Market building, which closed Tuesday, was an all-cash transaction, sources told The Real Deal.

The company, which has a market cap of $800 billion, did not opt to assume existing debt from a group led by German lender Landesbank, which had provided financing to the 1.2 million-square-foot office-and-retail property’s seller Jamestown, sources said.

The move was especially remarkable given the deal for 75 Ninth Avenue is the largest investment-sales trade of the year so far, as well as the second-priciest sale of a building in New York history. Even last year’s top deal, HNA Group’s $2.21 billion purchase of 245 Park Avenue, included a $1.75 billion loan from a JPMorgan Chase-led consortium. (That 上海贵族宝贝论坛 上海贵族宝贝deal had 79.2 percent leverage.)

The deal is Google’s second major New York purchase after 111 Eighth Avenue, which it bought for $1.77 billion in 2010. To close that deal, Google secured a $467.9 million acquisition loan from Bank of America, equating to 26.4 percent leverage.

The country’s largest tech firms notoriously hoard billions in cash. A Moody’s report last year showed Google stashed away $86.3 billion overseas, where it isn’t subject to domestic taxes.

Jamestown president Michael Phillips,[……]

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Southampton Village officials to review ethics complaint in 125

Southampton Village officials to review ethics complaint in 125-year-old Victorian expansion plan

Southampton Village officials will examine complaints about whether the town’s historical consultant overstepped his bounds in advising another consultant hired by the owner of the Mocomanto. The owner of 472 First Neck Lane, Ken Fox, wants 爱上海同城手机版 新爱上海同城对对碰论坛to add one two-story extension and an上海贵族宝贝 上海千花网龙凤论坛other one-story extension to the 125-year-old Victorian, nearly doubling its size, but has to go through the town’s 爱上海同城论坛 爱上海同城architectural review board first. Neighbors have opposed the project and forwarded the board emails between Fox’s consultant and the one hired by the town, which they say show impropriety. The board is expected to decide the project’s fate at an April 23 meeting. [27East]

Tags: Hamptons
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Connecticut dispensary

Westchester Fairfield Cheat Sheet: Why Westchester homes are getting battered by “dramatic price reductions” … more

Clockwise from top left: Dramatic price reductions plague Westchester homeowners hoping to sell (credit: Daniel Case, Pixabay), Norwalk commission approves medical marijuana dispensary, Yonkers diner could become a hotel (credit: Anthony22), and Stamford board votes to reverse fitness center zoning decision (credit: John).

Why Westchester homes are getting battered by “dramatic price reductions”
An increasing number of Westchester residents are trying to sell their homes to avoid hig上海千花网 爱上海同城对对碰h property taxes, and at the same time, the market is seeing significant price chops, particularly on homes priced between $1.5 and $3 million, Bloomberg reported. Inventory at the end of June was up 5 percent from last year and the first half of the year saw price dips in areas like Scarsdale and Mamaroneck. Many sellers are determined to sell because of the GOP’s new tax law, which caps state and local property tax deductions at $10,000. Compass broker Angela Retelny told the outlet that some buyers are refusing to snap up pricey houses on which they’ll have to pay extremely high taxes — and the market is seeing “dramatic price reductions every single day — every hour, pretty much,” she said. [TRD]

Medical marijuana dispensary application gets the okay from Norwalk commission
Norwalk is one step closer to getting a medical marijuana dispensary, the Fairfield County Business Journ[……]

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