Victor Jung

CEO, V Global Holdings

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London no longer calling: home prices fall post-Brexit – Victor Jung

March 2, 2017 by Victor Jung

Political uncertainty, new tax cool demand

March 02, 2017 10:30AM – THE REALDEAL.com

Homes in the Royal Borough of Kensington and Chelsea

London home prices are falling in the wake of Britain’s vote to leave the European Union and a new tax on property sales.

The share of sellers who slashed asking priced rose in 31 of the city’s 33 boroughs between July and January, according to data by listings site Zoopla. In the luxury enclave of Kensington and Chelsea, the average price cut in January was 8.2 percent.

“Over the past two years some agents have been overvaluing to win business from sellers, but given the state of the market post-Brexit, buyers are now very astute and won’t over pay, and reductions are taking place,” Capital Estate Agents Joe Mourat told Bloomberg. “The British public are responsive to negative news, and we definitely saw a downturn in activity after the vote.”

Speaking at the Knight Frank wealth conference on Thursday, Liam Bailey, head of residential research at the brokerage, said London prices are down 6 percent.

London’s residential real estate market has long competed with New York for wealthy overseas investors. Uncertainty over Britain’s political future appears to have cooled demand for luxury apartments in its capital, but New York is dealing with its own uncertainty in the wake of Donald Trump’s Muslim travel ban.

In its March issue, The Real Deal broke down how anti-immigration policies are threatening New York real estate’s status as a safe haven for foreign capital.  [Bloomberg] — Konrad Putzier

Tags: brexit, london home prices, residential real estate

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Filed Under: Economy, Financial, New Developments, Real Estate, Victor Jung Tagged With: brexit, Knight Frank, london home prices, Real Estate, residential real estate, Victor Jung

Here’s what $1M worth of prime real estate looks like in the world’s top cities: Knight Frank

March 4, 2016 by Victor Jung

In Hong Kong, it buys you a guest bath, but in New York …

March 03, 2016 12:32PM
By Hiten Samtani 

What does $1M get you in prime real estate across the globe?

What does $1M get you in prime real estate across the globe? (Click to see full-size image)

What does $1 million get you in luxury real estate? New Yorkers know that the answer, at least in prime Manhattan, is “not a hell of a lot.” But since many luxury apartment buyers are choosing between New York and a host of other alpha cities, the folks at Knight Frank thought it would be interesting to compare different cities across the globe and see what part of a home one could afford with a $1 million budget.

Here's what you could buy with $1M in terms of prime real estate across the globe (Source: Knight Frank/The Wealth Report 2016)

Here’s what you could buy with $1M in terms of prime real estate across the globe (Source: Knight Frank/The Wealth Report 2016)

In Manhattan, your money would get you a charming 290-square-foot study. Faced with that budget in Miami, however, you’d be able to get yourself a nice, ocean-facing 829-square-foot terrace. In the City of Angels, you’d be able to secure a 700-square-foot master bedroom.

Outside the U.S., the numbers get even more interesting. Along with its incredible historical heritage and cosmopolitan scene, buyers in Istanbul could afford a palatial, 1,011-square-foot dining room. In Hong Kong, you’d get a humble guest bath, whereas London would allow you a fine master bath.

The most uppity of them all? In Monaco, the world’s foremost playground of the super-rich, $1 million would get you a 183-square-foot dressing room.

(Source note from Knight Frank/The Wealth Report 2016: Price ranges for Hong Kong, Beijing and Shanghai are for properties considered “Super-Prime.” Prices used in the calculation for Sydney and Hong Kong are based on apartments only and for New York, Los Angeles and Miami based on condos only. All currency calculations are based on the prevailing rate as of Dec. 31, 2015.)

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Filed Under: Capital Markets, Economy, Financial, Real Estate, Victor Jung Tagged With: Real Estate, The Real Deal, Victor Jung

Take a look inside this UES townhouse asking $85M: VIDEO

March 4, 2016 by Victor Jung

Developer Keith Rubenstein’s lavish home has Hermès leather walls and more

March 04, 2016 05:15PM
By Alistair Gardiner

3 (1)

Is any home worth $85 million? That’s debatable, but this townhouse at 8 East 62nd Street, which is listed for that amount, certainly features every lavish detail you can possibly imagine (Hermès leather walls anyone?) –plus a whole lot more. Watch our video for an inside look at the fourth most expensive listing in the city.

 

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Filed Under: Victor Jung Tagged With: Keith Rubenstein, Luxury Listings, Michael Shah, New Developments, Real Estate, The Real Deal, Victor Jung

Stream of Foreign Wealth Flows to Elite New York Real Estate – Victor Jung

January 16, 2016 by Victor Jung

On the 74th floor of the Time Warner Center, Condominium 74B was purchased in 2010 for $15.65 million by a secretive entity called 25CC ST74B L.L.C. It traces to the family of Vitaly Malkin, a former Russian senator and banker who was barred from entering Canada because of suspected connections to organized crime.

Last fall, another shell company bought a condo down the hall for $21.4 million from a Greek businessman named Dimitrios Contominas, who was arrested a year ago as part of a corruption sweep in Greece.

A few floors down are three condos owned by another shell company, Columbus Skyline L.L.C., which belongs to the family of a Chinese businessman and contractor named Wang Wenliang. His construction company was found housing workers in New Jersey in hazardous, unsanitary conditions.

Behind the dark glass towers of the Time Warner Center looming over Central Park, a majority of owners have taken steps to keep their identities hidden, registering condos in trusts, limited liability companies or other entities that shield their names. By piercing the secrecy of more than 200 shell companies, The New York Times documented a decade of ownership in this iconic Manhattan way station for global money transforming the city’s real estate market.

Many of the owners represent a cross-section of American wealth: chief executives and celebrities, doctors and lawyers, technology entrepreneurs and Wall Street traders.

But The Times also found a growing proportion of wealthy foreigners, at least 16 of whom have been the subject of government inquiries around the world, either personally or as heads of companies. The cases range from housing and environmental violations to financial fraud. Four owners have been arrested, and another four have been the subject of fines or penalties for illegal activities.

The foreign owners have included government officials and close associates of officials from Russia, Colombia, Malaysia, China, Kazakhstan andMexico.

FORMER RUSSIAN SENATOR
VITALY MALKIN
Official who battled the Canadian authorities over entering their country.  See others »

They have been able to make these multimillion-dollar purchases with few questions asked because of United States laws that foster the movement of largely untraceable money through shell companies.

Vast sums are flowing unchecked around the world as never before — whether motivated by corruption, tax avoidance or investment strategy, and enabled by an ever-more-borderless economy and a proliferation of ways to move and hide assets.

Alighting in places like London, Singapore and other financial centers, this flood of capital has created colonies of the foreign super-rich, with the attendant resentments and controversies about class inequality made tangible in the glass and steel towers reordering urban landscapes.

Where it made landfall in New York, in the wake of the Sept. 11 attacks, was the Time Warner Center. More than a decade on, even as a row of sky-piercing palaces rises on the southern rim of Central Park, the Time Warner Center remains the New York archetype of the global phenomenon, reflecting intertwined trends — the increasing sums of foreign money in high-end real estate and the growing use of shell companies.

About $8 billion is spent each year for New York City residences that cost more than $5 million each, more than triple the amount of a decade ago, according to the website PropertyShark. Just over half of those sales last year were to shell companies.

Article republished from NY Times – Feb 7, 2015 – Louise Story and Stephanie Saul.

Original NY Times Article

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Filed Under: Victor Jung Tagged With: Delshah, Michael Shah, New Developments, Real Estate, The Real Deal, Victor Jung

SVHO and Bizzi Partners at 125 Greenwich Street to house 275 Units – Victor Jung

January 16, 2016 by Victor Jung

Michael Shvo and a rendering of 125 Greenwich Street (Credit: ArX Solutions)

Michael Shvo and a rendering of 125 Greenwich Street (Credit: ArX Solutions)

Michael Shvo, Howard Lorber’s New Valley and Bizzi & Partners’ soaring condominium at 125 Greenwich Street will house 275 units – nearly 150 more than early renderings for the Financial District tower indicated.

The Rafael Vinoly-designed tower will rise 91 stories with 275 condos spread over 306,312 square feet, according to an offering plan filed with the Attorney General’s office and reviewed by The Real Deal. Prices were not disclosed, but units will range in size from a 403-square-foot studio to a three-bedroom pad measuring 3,625 square feet. The top two floors will have two units each.

Unit 87A

Unit 87A at 125 Greenwich Street

Projected operating expenses for the condo tower will top $4 million, according to the offering plan.

Early renderings circulated in the fall of 2014 indicated it would have 128 units, with 10 full-floor penthouses. A 10,600-square-foot duplex was to occupy the top floor. The developer said plans were subject to change.

Unit 87B

Unit 87B at 125 Greenwich Street

According to published reports, the building is expected to rise more than 1,000 feet, down from 1,356 feet as was initially reported. Plans filed with the Department of Buildings, however, describe an 876-foot tower.

Shvo partnered with a group of investors, including Bizzi and New Valley, to arrange $240 million of equity and debt for the acquisition and development of the site in 2014.

"D" line on floors 23-32

“D” line on floors 23-32 at 125 Greenwich Street

The developers paid $185 million for the site, where Fisher Brothers and the Witkoff Group had planned a 956-foot-tall rental tower. Shvo and Bizzi are currently looking to raise $175 million for the project through the EB-5 program, which gives foreign investors a U.S. green card in exchange for a $500,000 investment.

In addition to 125 Greenwich, Shvo and Bizzi, along with partner Halpern Real Estate Ventures, are also planning a Renzo Piano-designed, 242,000-square-foot condominium building at 100 Varick Street. The building will house 115 condo units.

– See more at: http://therealdeal.com/2016/01/15/shvo-and-bizzis-125-greenwich-to-house-275-condos/utm_source=internal&utm_medium=popular_widget&utm_campaign=posts_popular#sthash.n2eDbwG4.dpuf

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Filed Under: Capital Markets, Delshah, Economy, Financial, Michael Shah, Real Estate, Victor Jung Tagged With: Michael Shah, Real Estate, The Real Deal, Victor Jung

Bluelight Special: Price cuts, broker incentives increase – Victor Jung

January 16, 2016 by Victor Jung

20% of Manhattan listings saw prices slashed between Sept.-Dec. 2015

January 15, 2016 03:05PM – The Real Deal excerpt

From left: 110 Central Park South, 252 East 57th Street and 15 West 20th Street

From left: 110 Central Park South, 252 East 57th Street and 15 West 20th Street

Forget bidding wars and packed open houses. These days, bargain hunters have the upper hand as overpriced Manhattan properties experience rampant price chops.

Roughly 20 percent of Manhattan listings saw prices slashed during the last four months of 2015, according to data from startup brokerage Compass and cited by the New York Times. That’s compared with 10 percent of pads that had discounts during the same time in 2014.

“I have seen more broker incentives and price reductions in the last few months than I’ve seen in the last three years combined,” Compass’ Leonard Steinberg told the Times.

And the price cuts are hefty.

The seller of a sprawling five-bedroom at 110 Central Park South knocked $7 million of the asking price, which is now $17.7995 million, and the seller of a penthouse at 15 West 20th Street took $1 million off the price, now $7 million.

Brokers said part of the problem is record-setting condo deals in 2014 and 2015 prompted some sellers of resale units to overprice their homes.

But the influx of luxury condos is increasing competition for high-end buyers. There were more than 3,500 new development units for sale during the third quarter of 2015, up from more than 2,400 units during the same time in 2014, according to Corcoran Sunshine Marketing Group.

While most developers haven’t yet turned to discounts at new condos, some are offering incentives to brokers. At the Oosten, a 216-unit condo in Williamsburg, developer XIN Development Group International is now offering brokers a $5,000 American Express gift cards for delivering signed contracts for any of the project’s 78 unsold units, which range from $1.4 million to $6.42 million.

Last year, O’Connor Capital Partners started offering brokers at 200 East 62nd Street bonuses ranging from $10,000 to $30,000. And World Wide Group and Rose Associates’ 252 East 57 Street is offering a one percent commission within 60 days of a signed contract, rather than paying the broker commission when the condos close.

“We’re doing this to try to raise awareness among brokers who have not been to the building,” according to Steven Rutter, the director of Stribling Marketing Associates, which is leading sales. Nine five-bedrooms condos listed for $10 million and up have had price cuts.

Although real estate execs said price cuts are a function of overpricing, the sale of apartments over $10 million dropped 12 percent in 2015 compared with 2014, according to CityRealty.

“We’re seeing an incredible dichotomy in the market, where certain projects are selling better and quicker and for higher prices than ever seen in history, and there are projects where very little is happening,” said Shaun Osher, CEO of brokerage firm CORE, who evoked a “tale of two markets” in his description. [NYT] – E.B. Solomont

– See more at: http://therealdeal.com/2016/01/15/bluelight-special-price-cuts-broker-incentives-increase/#sthash.8F9YPtRz.dpuf

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Filed Under: Capital Markets, Economy, Financial, Real Estate, Victor Jung Tagged With: Delshah, Michael Shah, Real Estate, The Real Deal, Victor Jung

Delshah Raises over $102MM from two bond issuances in Tel Aviv

January 14, 2016 by Victor Jung

NEW YORK, Jan. 13, 2016 /PRNewswire-iReach/ — Delshah Capital Limited, a full-service commercial real estate investment and property management company, today announced the successful public tender of over $102 million of corporate bonds (400 mm NiS), which will be traded on the Tel-Aviv Stock Exchange.

Delshah Capital Limited, A full service commercial real estate and property management company.

The offering was oversubscribed by more than 50% and included some of Israel’s most prominent institutional investors such as Harel Insurance, Migdalia Insurance, Meitav Pension, IBI mutual funds, Union Bank, Excellence and Menora mutual funds as well a number of major hedge funds.

The offering was supported by Delshah’s existing portfolio,with a gross asset value of over $500 million USD with a leverage rate of below of 40%, pre offering. The assets are all located in New York City, and contain prominent locations in NYC’s meatpacking district, Soho, the West Village and Herald Square. The proceeds will be used partially for investments into the existing portfolio and to fund Delshah’s pipeline of value add New York real estate investments.

“We are thrilled with the incredibly successful bond offering which came as a result of the hard work put in by our deal team” noted Michael Shah, Principal of Delshah Capital. “Our investment and asset management expertise, as well as our portfolio of cash flowing assets backed by credit tenants in prime NYC locations, was very well received by the market. It was clear during the road show that investors were getting the story behind the Company and its strategy. The Company intends to put in place a comprehensive investor relations program to keep our new investors informed about the Company’s progress. This offering puts in place a company structure which will allow Delshah to continue to take advantage of attractive investment opportunities for many years to come.”

“This successful offering is a major step for Delshah,” said Jeff Bogino, Managing Partner of Delshah Capital. “Through the public bond tender we have not only further institutionalized our platform, but have expanded our stable of capital partners to include the largest and most prominent Israeli institutional investors. We look forward to expanding those relationships over the coming years.”

Delshah was advised on the offering by the Israeli advisory firm InFin, led by Yehonatan Cohen and Yossi Levi, and the bonds were distributed by Clal Finance Underwriting. “The investors were attracted to four main themes in the Delshah offering: 1) Delshah’s consolidated 100% ownership of all of the subsidiaries, 2) the asset locations in premiere NYC neighborhoods, 3) the low existing leverage and 4) stable cash flow and in house management. Infin was able to communicate these themes to the Israeli marketplace for the Company and secure very attractive rates.” said Yehonatan Cohen. Infin also was the lead advisor for the Related Companies Israeli issuance, and is building a roster of sophisticated US real estate companies for cross border capital advisory. Delshah was represented by Goldfarb Seligman & Co in Israel, and by Kasowitz Benson Torres & Friedman LLP in the U.S., and auditing services were provided by Deloitte Israel.

About Delshah Capital: Delshah Capital is a full-service, vertically integrated commercial real estate investment firm specializing in acquiring, developing and managing multi-family, retail and office properties throughout New York City. Founded in 2006 by Michael Shah, Delshah is comprised of over 40 professionals within its commercial real estate investment and property management groups. The firm utilizes a fundamental, value-driven approach to its investments and has expertise in identifying, financing, structuring and managing real estate investments on behalf of institutional clients and for its principal account. Delshah owns a portfolio of more than 2 million square feet valued in excess of $500 million. For more information, please visit www.delshah.com.

News distributed by PR Newswire iReach: https://ireach.prnewswire.com

Photo – http://photos.prnewswire.com/prnh/20160112/321682

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In 2015, Shattering Records in New York City Real Estate – Update Victor Jung

January 3, 2016 by Victor Jung

In 2015, Shattering Records in New York City Real Estate
By VIVIAN MARINO DEC. 24, 2015 From New York Times

In the realm of New York City real estate, what goes up just keeps going up, and up.

This past year prices again punctured records, with the official closing of a $100.47 million penthouse at the pinnacle of Extell Development’s One57, the vitreous Midtown skyscraper and popular abode for billionaires worldwide seeking to park their cash.

Other sales in the Central Park-facing condominium, at 157 West 57th Street, flirted with the nine-digit mark. And across Manhattan, records were set for co-ops and extravagant prices paid for other condos and townhouses. Brooklyn, which is becoming ever more desirable (and dear) as a home address, also posted a record for the most expensive sale for a single residence, in Cobble Hill.

“We shattered just about every record that pre-existed,” said Shaun Osher, the chief executive of the brokerage firm Core. “It was the year of the big sale.”

A penthouse on the top two floors of the blue-glass condominium at 157 West 57th Street recently sold to an unidentified buyer for a record price.Big Ticket: $100.4 Million Sale at One57JAN. 23, 2015

The limestone 834 Fifth Avenue is considered a Candela masterpiece.Big Ticket: $77,500,000, a Record for Co-opsAPRIL 3, 2015

Big Ticket: $15.5 Million, a Record for Brooklyn Real EstateJUNE 19, 2015

A penthouse in the south tower of Time Warner Center has been sold.Big Ticket: $50,917,500 Penthouse Sets a Time Warner RecordJULY 31, 2015

Paul McCartney performing in London this month.Big Ticket: Paul McCartney’s $15.5 Million Central Park ViewMAY 29, 2015

Big Ticket: Penthouse Owned by Joan Rivers Sold for $28 MillionJULY 17, 2015

But the record books are almost certain to be rewritten in the months ahead as new “billionaire bunkers” are added to the city’s ever-evolving skyline, like 220 Central Park South, 432 and 520 Park, and 56 Leonard, to name just a few.

Sarah Jessica Parker and Matthew Broderick sold their brick townhouse, second from left, at 20 East 10th Street in Greenwich Village for $18.25 million. They took a bit of a bath, having paid nearly $19 million for it in 2011. Credit From left: Chang W. Lee/The New York Times; Amy Lombard for The New York Times.
The current record price will be surpassed — make that doubled — when another megadeal is filed with the city in the next couple of years. The hedge fund manager Kenneth C. Griffin, whose net worth totals $7 billion by Forbes’s estimate, entered into a contract in late summer to buy a triplex at 220 Central Park South for around $200 million, according to sources familiar with the sale who, like others in this article, requested anonymity so as not to jeopardize a current or future deal. This purchase would not only be the city’s largest sale of a single residence, but also the country’s, usurping the $147 million sale of an 18-acre East Hampton, N.Y., estate in 2014, according to Jonathan J. Miller, who runs the Miller Samuel appraisal firm. He wonders, though, how long this upward trajectory will endure: “Developers and those observing the market are asking how many $10 million-and-up buyers are really out there.”

So far, roughly half the 118 or so apartments are under contract at 220 Central Park South, the 65-story limestone-clad building designed by Robert A.M. Stern Architects and at the ninth floor of construction, according to Steven Roth, the chief executive of Vornado Realty Trust, the developer. Fourteen of those units went for $50 million or more, he said in a recent earnings conference call.

Real estate brokers and market observers say that at least for the next few years, more of these astronomical sale prices will surface as signed contracts in the city’s nascent developments finally close. (Most of the units at 56 Leonard, for instance, are spoken for, said Kelly Kennedy Mack, the president of the Corcoran Sunshine Marketing Group, adding that full-floor units are listed for above $20 million, and the most expensive penthouse is around $50 million.) There are unsold units, too, at completed developments like One57 and those nearing completion, like the Greenwich Lane in Greenwich Village. And then there are the resales.
“With the inventory out there, the extraordinary amount of wealth, and the continued demand for New York real estate, we will continue to see robust sales in the superluxury market,” said Pamela Liebman, the chief executive of the Corcoran Group. Corcoran Sunshine Marketing is handling sales for 220 Central Park South.

Daniel Levy, the chief executive of CityRealty, which tracks condo and co-op sales, shares this opinion: “There seems to be plenty of demand for all these buildings,” he said. “Next year the story will be 432 Park and 56 Leonard; the following years will be 220 Central Park South and 520 Park.”

For 2015, the story, of course, was the Christian de Portzamparc-designed One57, where eight of the 20 biggest big-ticket sales took place — that is, those that were signed, sealed and officially recorded with the city.

All the year’s top 20 sales were for more than $30 million, and the top 10 for above $45 million. They included three co-ops, two townhouses, one condop and several other luxury condos, among them, two units at 15 Central Park West, which was designed by Robert A. M. Stern Architects and where another apartment had held the record until this year for the city’s most expensive residence, at $88 million. That was the full-floor penthouse the Russian billionaire Dmitry Rybolovlev bought in 2012, through a trust benefiting his daughter, from Sanford I. Weill, the former Citigroup chairman.

One57

The city’s record $100.47 million sale (and the seventh priciest in the nation, according to Mr. Miller) was for the 89th and 90th floors of the brash blue tower, a.k.a. unit No. 90, a 10,923-square-foot aerie with a reception gallery and grand salon. Extell initially marketed the duplex for $98.5 million, then raised the price to $115 million, according to the state attorney general’s office. Only a handful of people know the identity of its new owner, who, like most others buying these ultraluxury digs, hid under the mantle of a limited liability company. The buyer actually made the purchase in late December 2014, but it didn’t pop up in city records until mid-January.

Joan Rivers’s ornate escape from hilarity at 1 East 62nd Street changed hands for serious money, $28 million. The 11-room triplex, with four bedrooms, four and a half baths and five wood-burning fireplaces, encompasses around 5,100 square feet. Credit From left: Fred R. Conrad/The New York Times; Ruth Fremson/The New York Times.

While that deal was covert, the buyer of the city’s second most expensive residence (and No. 12 nationally), at $91.54 million, was more forthcoming. The hedge fund mogul William A. Ackman revealed his purchase of a six-bedroom on the 75th and 76th floors months before it officially closed in April. The apartment, known as the Winter Garden, is distinctive for, among other things, its 2,500-square-foot curved-glass atrium that opens to the sky.
In February, Guoqing Chen, a founder along with his brother, Chen Feng, of Hainan Airlines, part of the HNA Group, one of China’s largest private airline companies, paid $47.37 million for an apartment taking up the entire 86th floor. Two months later, at nearly the identical price, another full-floor apartment, on the 88th floor, was bought through a limited liability company associated with HNA’s New York subsidiary. Could this one be for Chen Feng?

Many of the buyers in the building are foreigners, particularly from China. “They are really looking to park money here because of the uncertainties of their governments,” Dorothy Herman, the chief executive of Douglas Elliman Real Estate said of this building and others like it.

Among the other big closed sales at One57: Unit No. 85 for $55.56 million and No. 77, $47.78 million.

Other Condos

Most of the top sales this year happened in condominiums, and several involved recognizable names.

The Related Companies’ Time Warner Center, one of the priciest buildings of the early 2000s and a favorite of Russian buyers, registered a record of its own. In late July, the Russian financier Andrey Vavilov sold his penthouse on the full 78th floor of the south tower, at 25 Columbus Circle, for $50.92 million. Mr. Vavilov served as deputy finance minister during the presidency of Boris N. Yeltsin and made a fortune when his oil company was taken over by a state-controlled enterprise in 2003. According to Mr. Levy of CityRealty, the sale of his six-bedroom apartment surpassed the building’s previous highest price, $37.5 million in 2009 — for the same unit.

Nearby, at Zeckendorf Development’s 202-unit 15 Central Park West, apartments sold for $45 million and $35 million, both around the same time in the fall. Then there was the $33 million sale in January of a penthouse at 1 Central Park West, a.k.a. the Trump International Hotel and Tower.

Speaking of Trump, the real estate developer and presidential hopeful Donald J. Trump sold one of his two investment penthouses at Trump Park Avenue, at 502 Park Avenue, last summer for $21.38 million to a founder of the supermarket chain Fresh Market, Ray D. Berry.

Paul McCartney and his wife, Nancy Shevell, bought a duplex in glass-faced 1045 Fifth Avenue for $15.5 million. Credit From left: Linda Jaquez for The New York Times; Evan Agostini/Invision, via Associated Press

In other celebrity sales, the palatial triplex where the comic Joan Rivers lived for more than a quarter of a century until her death last year at age 81, was sold by her estate in July for $28 million. The buyer of the apartment, at 1 East 62nd Street, was said to be Middle Eastern royalty.

Also, Jon Bon Jovi, the rock star, sold his penthouse at the New Museum Building, at 158 Mercer Street, a.k.a. 583 Broadway, for $34 million.
And Stephen Griggs, whose family business had owned the British footwear company behind the Dr. Martens brand of boots, paid $17.26 million for an apartment at 35XV, Alchemy Properties’ glass-and-stone high-rise at 35 West 15th Street.

The Carlton House condop at 21 East 61st Street, meanwhile, had a $52 million penthouse sale.

Co-ops
Two of the year’s top five sales were co-op apartments, including one that shattered the city’s record for co-ops: the $77.5 million purchase of a duplex on the 11th and 12th floors of 834 Fifth Avenue, designed by Rosario Candela.

The unit was sold in early spring by Woody Johnson, the owner of the New York Jets, to the Ukrainian-born billionaire Leonard Blavatnik. The previous co-op record was set in 2014, when the hedge fund manager Israel Englander paid $71.28 million for a duplex at another Candela building, 740 Park Avenue.

The same week the new record-holder surfaced in late March so, too, did the official closing of the year’s second most expensive co-op at $67.5 million: a full-floor apartment on the 18th floor of the Sherry-Netherland, at 781 Fifth Avenue. The seller was Gilbert Haroche, a founder of Liberty Travel. And in early May, a triplex at 775 Park Avenue sold for $35.14 million; the buyers were Elizabeth Right, the daughter of Stephen A. Schwarzman, a founder of the Blackstone Group, and her husband, Andrew Right.

There were other boldface deals in co-ops. This past spring, Paul McCartney and his wife, Nancy Shevell, bought a duplex at 1045 Fifth Avenue for $15.5 million.

220 Central Park South, with cranes, is under construction. A triplex at the fast-selling building reportedly is in contract for $200 million. Credit Edward Caruso for The New York Times
Just down the street and a few months later, Jeff T. Blau, the chief executive of the Related Companies, sold his apartment at 1040 Fifth Avenue, yet another Candela building, for $30 million. And across the park, the architect Cesar Pelli, known for the design of some of the world’s tallest buildings, bought a lower-floor apartment at the San Remo, at 145 Central Park West, for $17.5 million.

Two other big sales took place on Central Park West. T-Mobile’s chief executive, John J. Legere, paid $18 million in October for a duplex penthouse once occupied by William Randolph Hearst, at 91 Central Park West. And the estate of Lauren Bacall sold for $21 million the apartment at the Dakota, at 1 West 72nd Street, that the legendary actress called home for more than half a century until her death last year at age 89. Ronald N. Beck, a hedge fund manager, and his wife, Cynthia Lewis Beck, were the buyers.

Townhouses

The year’s most expensive townhouse, at 125-127 East 70th Street, sold for $37 million. (The record is still the 2006 sale of the Harkness Mansion at 4 East 75th Street, for $53 million.)

 

But most of the buzz seemed to center over the $18.25 million sale of a townhouse owned by Sarah Jessica Parker and Matthew Broderick. The famous couple took a loss on the 25-foot-wide Greek Revival-style townhouse, at 20 East 10th Street in Greenwich Village, for which they paid nearly $19 million in 2011, and likely spent more on upgrades. A nearby house that they were once reportedly in contract to buy, at 16 East 10th Street, sold for a tidy profit, at $32 million. The developer David Amirian, and his business partner, Warren Hammerschlag, an orthopedic surgeon, had paid $11.2 million in 2012 for the house, which had been owned by Pen and Brush, a nonprofit group for female artists and writers.

Mr. Levy noted that some buyers see townhouses as relative bargains. “Generally speaking, we’re seeing price per foot substantially less than in new buildings, so certain people see them as a value proposition given the size,” he said.

In another notable sale, a Facebook founder (no, not that one) was the likely buyer of a $22.3 million four-story Greenwich Village townhouse with a separate rear studio, at 157 West 12th Street. Chris Hughes, one of the five founders and a roommate at Harvard of Mark Zuckerberg, the Facebook chief executive, bought the property, according to a source familiar with the private transaction who requested anonymity. The seller was Michael P. Stewart, a money manager.

Brooklyn

The borough broke a record for its most expensive residence with the $15.5 million sale of a nearly 27-foot-wide, three-story brick townhouse in a historic district of Cobble Hill. The photographer Jay Maisel bought the house, at 177 Pacific Street, after selling his previous home and studio — the gritty six-story former Germania Bank building at 190 Bowery in Manhattan — to Aby J. Rosen’s RFR Holding for $55 million.

Mr. Osher of Core predicted more record closing sales in Brooklyn’s townhouse market in 2016. “We’ll see a $20 million-plus sale,” he said. “Once the townhouse buyer realizes they can’t get what they want in Manhattan, they’ll be looking in Brooklyn.”

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Filed Under: Capital Markets, Economy, Financial, Real Estate, Victor Jung Tagged With: New Developments, Real Estate, Victor Jung

2015 Year End Summary of NYC’s Residential Real Estate Market by Victor Jung

December 25, 2015 by Victor Jung

res-market-intro“Price is what you pay. Value is what you get.” Warren Buffet’s wise words handily sum up a dominant theme in New York’s residential market these days — which is to say, despite all the talk of glitzy new condos and penthouses with astronomical prices, developers, buyers and brokers are increasingly chasing value.

The phenomenon is playing out across all price points, and it applies to first-time homebuyers on the lowest end of the price spectrum to foreign investors seeking a “safe haven” for their money at the high end.

This month, The Real Deal dissected the market under $10 million, zeroing in on three key price brackets: $1 million to $3 million, $3 million to $5 million and $5 million to $10 million. What we found was that each of those markets is behaving very differently in this transitioning market.

Not surprisingly, properties between $1 million and $3 million are flying off the shelves. As prices rise across the board, this category is absorbing a growing number of buyers who are finding themselves priced out of more expensive apartments. And the majority of buyers in this range know that they need to act fast because there is a line of competing buyers who will grab the property if they don’t.

However, higher up on the ladder — in both the $3-million-to-$5-million range and the $5-million-to-$10-million market — sales have slowed as buyers wade through more choices than they’ve had in years and sellers overreach with asking prices.

“It’s just a tale of two markets,” said Noah Rosenblatt, founder of real estate analytics firm Urban Digs.

Compass agent James Cox put it this way: “We have more listings and more buyers than we did this time last year, but they’re looking for bargains and sellers are holding out for something better.”

No one is immune from price sensitivity, either.

“Even at $10 million, people are very aware of value and they will not overpay,” said Jeffrey Stockwell of Stribling & Associates. “Look, we live in uncertain times and people want to make smart decisions.”

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Filed Under: Bronx, Brooklyn, Capital Markets, Delshah, Economy, Financial, New Developments, Real Estate, Victor Jung Tagged With: Delshah, Michael Shah, New Developments, Real Estate, Victor Jung

Bronx Getting Hotter With Recent Related Cos Transaction – Victor Jung

December 25, 2015 by Victor Jung

Stephen Ross

Related Cos., in partnership with New York City pension funds, is ramping up its multifamily moves, with the $112.5 million purchase of a 20-building Bronx portfolio – the largest package to change hands in the borough this year, sources told The Real Deal.

The portfolio contains 737 apartments spread throughout the North, West and South Bronx. In a statement, a spokesperson for Related confirmed the portfolio buy and said the firm’s Related Fund Management arm and the pension funds plan to preserve the units in a long-term hold as workforce housing.

The buildings are largely low-rise walkups with rent-stabilized units. They are in a mix of working-class and middle-class neighborhoods such as Soundview, Wakefield, High Bridge and Fordham.

A group of private Brooklyn Heights-based investors known as Eastern Capital Partners acquired the properties in several transactions over the past five years, records show.

Jungreis Doshi

Addresses include 4002-4004 Carpenter Avenue, 1085-1095 Colgate Avenue, 2608 Creston Avenue and 1065 Jerome Avenue, among others.

Rosewood Realty Group’s Aaron Jungreis and Besen & Associates’ Amit Doshi and Ron Cohen each brokered portions of the deal. Jungreis, Doshi and Cohen declined to comment.

Last year, Related and the city pension funds to acquire 35 rental buildings from Stanley Wasserman’s SW Management for $270 million. Over the summer, the development giant behind the Hudson Yards megaproject scooped up a 10-building, Brooklyn-and-Queens package from Silvershore Properties and three formerly distressed buildings in Marine Park.

The Bronx is undergoing something of a residential renaissance, with more than 11.5 million square feet of residential real estate under development borough-wide, according to a TRD analysis in September.

Two of the other large Bronx portfolios of the year include A&E Real Estate’s purchase of a 441-unit complex in Riverdale for $89 million and an Asden Properties-led group’s acquisition of 612 apartments for $90 million.

– See more at: http://therealdeal.com/blog/2015/12/24/related-makes-biggest-bronx-portfolio-deal-of-the-year/#sthash.conMXSoD.dpuf

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Filed Under: Bronx, Capital Markets, Delshah, Economy, Financial, New Developments, Real Estate, Related Cos, Stephen Ross, Victor Jung Tagged With: Delshah, hudson yards, New Developments, Real Estate, related companies, stephen ross, Victor Jung

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