Coworking Companies NYC

A cottage industry of niche office share providers is vying for a slice of the WeWork-dominated market

One of the co-working areas at Con Artist Collaborative (Photo: Michael Hicks for The Real Deal)

At first glance, the Center for Social Innovation looks like your typical co-working or start-up office in the city. Inside the 27,000-square-foot former warehouse space at 601 West 26th Street in West Chelsea, there are rows of professionals sitting at long communal work tables and hunched over laptops, potluck lunch meetings, glassed-in offices occupied by 爱上海龙凤419桑拿 上海龙凤论坛sh1fsmaller firms and, of course, high-design touches in the form of Herman Miller chairs.

But as its name suggests, CSI is focused on like-minded tenants drawn from the realms of philanthropy and social entrepreneurship. Founded in 2003, the Toronto-based nonprofit caters exclusively to organizations and individuals such as web designers, bookkeepers and lawyers whose work involves a social mission. Here in New York, the tenants include the consulting arm for GOOD Magazine, a publication about philanthropy, and the LGBT Bar Association. The space, which opened in 2013, has been operating at full capacity since 2014. Tenants apply for memberships starting at $125 a month for a part-time “hot desk,” with fees running up to $1,200 a month for a private enclosed office. The organization fundraises to pay for gaps in overhead costs.

William Elder, an executive vice president and managing director at RXR Realty , CSI’s landlord, said it was in part attracted to the organization for its lineup of cultural programs and symposiums that other tenants in the building — including Martha Stewart Living Omnimedia, architecture firm Diller Scofidio + Renfro, and Tommy Hilfiger USA — can attend. “It creates a great social experience for the entire building,” he said.

Both parties declined to say how much CSI’s rent is, but David Gise, CSI’s director of operations, hinted that the terms were very favorable for the nonprofit. “We have an extremely close relationship with our landlord,” he said.

Call it a “do-gooder” version of WeWork.

Today, New York City boasts 180 co-working locations totaling 6 million square feet, according to Newmark Grubb Knight Frank. Another 400,000 square feet are in the pipeline. But inspired in part by WeWork’s $16 billion valuation, entrepreneurs are now seeking ways to offer twists on the generalist model by supporting specific professions and interests. In an industry where WeWork occupies 2.7 million square feet, followed by Regus with 1.5 million square feet, most of these niche players are minnows. Although there are no official statistics on niche oo-working providers, Glenn Brill, managing director of real estate solutions at FTI Consulting, estimated that they make up roughly one quarter of the industry.

In many ways, niche spaces are a logical outgrowth of the co-working explosion. Dominic McMullan, a WeWork spokesman, said that the company has anecdotally found that cert[……]

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185 Bowery NYC

CitizenM developing pre-fab hotel on the Bowery 300-room building arrived from Poland in 210 pieces

Construction at 185 Bowery and a rendering of citizenM s hotel (credit: the Rinaldi Group)

Hotel developer and operator citizenM is planning the 20-story, 300-room project at 185 Bowery. A Dutch company constructed the building in Poland and shipped it to New York in 210 pieces. 

CitizenM, which has nine hotels operating and 14 in development, has used modular construction to buil上海千花社区 上海千花网交友d the majority of its properties in Europe, w上海贵族宝贝论坛 上海贵族宝贝here the technique is widespread, the Wall Street Journal reported.

While the method isn’t always less e阿拉爱上海同城 爱上海龙凤419桑拿xpensive than traditional construction, it does allow for quicker assembly. CitizenM’s hotel, co-owned by Brack Capital Real Estate , is expected to take three to four months to finish, compared to six to nine months using traditiona爱上海同城手机版 新爱上海同城对对碰论坛l methods.

It will also cut down about 1,200 truck deliveries to爱上海同城论坛 爱上海同城 the site.

“That is the beauty of modular construction,” said Anthony Rinaldi, CEO of the Rinaldi Group, which is the construction manager of the hotel project. “It really minimizes disruption to the neighborhood, to the community, to the traffic flow.”

New York’s fledgling modular industry is hoping the project will be a boon, illustrating the time-saving benefits.

“So much centers on how quickly you get the hotel full,” said Roger Krulak, chief executive of Brooklyn-based Full Stack Modular.

In October, Full Stack bought Forest City Ratner’s modular-building business, ending the developer’s brief and largely unsuccessful foray into the world or prefabricated construction. [WSJ] – Rich Bockmann

Tags: citizenm, modular construction
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Christie’s International Real Estate

Can Christie’s master the art of brokerage? Skeptics question whether auction powerhouse can compete in crowded market

Can Christie s leverage its auction house cachet to build a brokerage brand in NYC?

When the heads of 140 Christie’s-affiliated brokerages conver上海千花网交友 上海千花网论坛ged in April on London’s Savoy Hotel for the auction house’s annual real estate networking event, the message from its top brass was clear: Despite messy splits with some longtime partners, Christie’s had no plans to get into the brokerage game.

Christie’s presence in New York’s property market for the last 30 years had been through an affiliation with Brown Harris Stevens, the brokerage that most evokes old-money New York. But less than three months later, Christie’s abruptly terminated that relationship and decided to go it alone here, despite assurances that it 上海贵族宝贝 上海千花网龙凤论坛wouldn’t go head-to-head against the firm. They have now broken that promise, BHS president Hall Willkie told The Real Deal.

Through its affiliates, Christie’s sold $115 billion worth of real estate globally last year. But skeptics think it’ll be hard-pressed to replicate that success on its own in New York, given the intense competition among the city’s top firms and a tricky time in the luxury property market.

Further, the path from buying art to buying real estate — which has always been somewhat murky — has thrust the auction house model into the spotlight, and not in a good way.

“It’s a huge investment and challenge to open a brokerage firm,” Willkie said. “Christie’s is a great international marketing company,” he added, “but it has absolutely no experience in brokerage.”

Finder’s fee

Former affiliates said Christie’s move into brokerage coincides with recent efforts to make more money from firms that license its name, in some cases increasing fees fivefold. That prompted firms to evaluate whether the association was worth all that money. Since last year, nine firms have dropped their affiliation with the a爱上海同城手机版 新爱上海同城对对碰论坛uction house. The three largest — San Francisco’s Pacific Union, Westchester’s Houlihan Lawrence and Colorado’s Howard Hanna — collectively sold more than $33 billion worth of real estate last year, according to published reports.

“The reality is, they’re not delivering enough value to justify the rates,” said Chris Meyers, president of Houlihan Lawrence, which was bought by Warren Buffet’s HomeServices of America in January.

Dan Conn, CEO of Christie’s International Real Estate, defended the fee hikes, saying they were largely focused on longtime affiliates paying below-market rates. “Our objective is to get to a point of fairness with every one of our affiliates,” he said. “Yes, we’ve lost some larger affiliates, but there’s an economic decision that we’ve made that we should have a fairer fee structure.”

But Meyers said Christie’s accounted for just two or three sales a year — out of about 9,000. “I think Christie’s has overestimated the value that they bring to the brokerage affiliates,” he said, and a[……]

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1 Wall Street

Revealed: Inside Macklowe s 1 Wall Street New floor plans show the 566-unit resi conversion will have a 13K sf penthouse

One Wall Street and Harry Macklowe

Harry Macklowe isn t going for ultra-luxury at his office-to-residential conversion at 1 Wall Street. But that doesn t mean the developer isn t planning at least one over-the-top aerie.

A penthouse measuring 12,965 square feet will sit atop the 51-story Art Deco tower, where Macklowe is developing a total of 566 units, according to floor plans filed with the New York state Attorney General s office. Spread over three floors — plus a 381-square-foot terrace at the top of the building — the mansion in the sky will have four bedrooms and four baths, plus a library, dining room, chef s kitchen and a full-floor living room and lounge. Since the building s floor plates get narrower at the top, each floor will be roughly 4,000 square feet.

Although the offering plan did not include prices, Macklowe has said condos on the lower floors wil新上海贵族宝贝论坛 上海贵族宝贝交流区l ask between $2,000 to $2,500 per square foot, while units in the top third of the building would ask between $2,800 and $3,000 per foot.

Assuming he sticks to that pricing and doesn t tack on a premium for the penthouse, the top unit could ask north of $38 million — a relative bargain.

Floorplan for the 52nd floor at One Wall Street (Click to enlarge)

At Silverstein Properties 30 Park Place, activist investor Jesse Cohn paid $30 million, or $5,000 per foot, for a 6,000 square foot duplex in May. And last year, at Macklowe s own 432 Park, Saudi retail magnate Fawaz Al Hokair reportedly bought the top penthouse — measuring 8,255 square feet — for nearly $88 million, or $10,600 per foot. Vornado s 220 Central Park South has an 8,000-square-foot penthouse currently asking $100 million, or $12,500 per foot.

In addition to the penthouse, 1 Wall Street has moderate units comprised of studios and one- and two-bedroom apartments. The building itself has two towers, the 51-story landmarked tower and a 30-story South tower. According to the plans, units will be designed with one of two finishes, modern or mid-century. CORE is marketing the prop上海龙凤论坛 新上海贵族宝贝论坛erty.

Initially, the conversion was supposed to be 65 percent rental apartments. But in March, Macklowe scrapped those plans amid a weakening rental market, and decided to go all condo. Amid a soft ultra-luxury market, he also said prices at 1 Wall Street would be far less than, say, 432 Park Avenue.

We know that the demand for $10,000- or $12,000-a-foot units is very slow, he told Bloomberg at the time. We also know that there’s a great need for housing in the $2,500- to $3,000-a-foot range.”

The building will have a total of 678,000 square fe爱上海 爱上海同城手机版et of residential space plus an 166,000-square-foot commercial unit. Residential amenities spread across four floors will include a playroom, dog spa, 75-foot pool, golf simulator, library, private dining rooms and ind上海千花网交友 上海千花网论坛oor and outdoor lounges plus common terrace, according to th[……]

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Due by 2077: Port Chester Housing Authority has 60 years to pay $260K in taxes

The village of Port Chester Housing approved a deal with the Port Chester Authority to pay $260,000 in back taxes, which will阿拉爱上海同城 爱上海龙凤419桑拿 see the housing authority settle its bill in 60 years. The federally subsidized agency will pay $20,575 up front and 720 monthly installments of $338 after that. In 2014, Port Chester set up a public-private tax partnership with water company SUEZ to pay for court-mandated sewer repairs, which was supposed to push the tax burden on business and government agencies. The Housing Authority, however, hasn’t paid its sewer rental taxes since th上海千花网交友 上海千花网论坛en爱上海同城论坛 爱上海同城. [Lohud]

爱上海 爱上海同城手机版Tags: Westchester Fairfield
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David Lee Jamison

Jamison s David Lee threatened to use assault weapon over Koreatown project dispute: report Developer apologizes for remarks made in meeting with City Council prez; LAPD is investigating

3700 Wilshire Boulevard and Dr. David Lee

Jamison Services founder Dr. David Lee allegedly threatened to use an AR-15 assault weapon to keep prote爱上海同城论坛 爱上海同城stors off the site of his latest Koreatown project, according t阿爱上海同城 阿拉爱上海同城o a new report in CityWatch.

The LAPD is now investigating the incident, which took place late last month. In a statement to The Real Deal Tuesday, Lee said the following: “For 30 years in the Korean community in Los Angeles, I have prided myself on my ability to enjoy a congenial relationship with everyone. Unfortunately, last week comments by me were misunderstood by valued friends and to those individuals I sincerely apologize.”

On Feb. 23, Lee, along with Jamison president Garrett Lee and attorney Allen Park, met with City Council President Herb Wesson and key aides at Wesson s district office. Also in attendance were Anne Kim and Annette Van Duren from Save Liberty Park, a community advocacy group that has campaigned against the project, and Marcello Vavala from the Los Angeles Conservancy.

The group discussed Jamison s site at 3700 Wilshire Boulevard, where the developer wants to build a 36-story mixed-use tower with over 500 rental units. Save Liberty Park has been pushing the city to designate Liberty Park, a park fronting Wilshire Boulevard, as a Historic-Cultural Monument. If it receives that status, Jamison would be prevented from demolishing the park pending a review by the Cultural Heritage Commission.

During the meeting, Lee allegedly told the Save Liberty Park members that if the group didn t let him build, he would use his AR-15 rifle to shoot people who step on his land. That s according to a recap of the meeting Van Duren provided to CityWatch, a community-focused website新上海贵族宝贝论坛 上海贵族宝贝交流区 and newsletter based in L.A. Lee s alleged comments came just days after the school massacre in Parkland, Florida, where a 19-year-old male killed 17 people, the majority of them teenage students, with an AR-15 style semi-automatic rifle.

The LAPD was asked to look into the matter on Feb. 27, sources confirmed. Representatives for the police department didn t respond to TRD s requests for comment.

If the City Council s Planning and Land Use Management (PLUM) committee votes to grant the HCM designation for Liberty Park, t爱上海同城 爱上海he matter will proceed to a full Council vote. Sources said PLUM did vote for the HCM designation Tuesday, but this co爱上海同城手机版 新爱上海同城对对碰论坛uld not be confirmed by press time.

Jamison is one of Koreatown s biggest landlords, where it has pioneered adaptive reuse, converting several commercial buildings into multifamily properties. Citywide, its portfolio spans about 18 million square feet, and is valued at about $5 billion, according to Real Capital Analytics.

Tags: Development, Jamison
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521 Fifth Avenue

SL Green’s partners in 521 Fifth are shopping their stake Sources said the 500K sf office tower is worth $450M

521 Fifth Avenue, Jeff Jacobson and J爱上海同城对对碰 爱上海同城论坛ean Claude Basto

A joint venture between LaSalle Investment Management and Quantum Global Real Estate has put its stake in a nearly 500,000-square-foot Fifth Avenue office tower on the market, as part of a push to sell $1.8 billion in global real estate.

The partnership, known as Plaza Global Real Estate Partners, holds a 49.5 percent stake in 521 Fifth Avenue, which it co-owns with SL Green Realty. The 38-story, 495,600-square-foot property, located at the corne爱上海同城对对碰 爱上海同城论坛r of East 43rd Street, is valued at $450 million, according to sources familiar with the building.

The building is part of the “Compass portfolio,” a four-building, 1.3 million-square-foot package that is all available for sale. The other office properties are 23 Savile Row in London, Tour Blanche in Paris, and Atrium in Munich.

CoStar first reported on the larger portfolio.

As the firms’ sales efforts launch globally, the plans may hit a snag. Angola’s $5 billion sovereign wealth fund said Friday it is removing Swiss-based Quantum Global as its asset manager amid concerns over investment strategy, Reuters reported. Quantum invests on behalf of th爱上海同城对对碰 爱上海同城论坛e Angolan Central Bank.

SL Green sold the stake in 521 Fifth Avenue to Plaza Global for $72 million in 2012.

The building is 94 percent leased, with tenants such as the commercial brokerage RKF, broker-dealer KGS-Alpha Capital Markets and China Trust Bank.

A JLL team led by Anthony Ledesma, M上海贵族宝贝交流区 上海贵族宝贝论坛o Beler, Glenn Tolchin and Yoav Oelsner is marketing the New York property stake. The team is also brokering Savanna’s $640 million purchase of 5 Bryant Park. (Chicago-based asset manager LaSalle Investment Management is an independent subsidiary of JLL.)

The brokers declined to comment, as did the sellers.

Elsewhere on Fifth Avenue, SL Green is showing 609 Fifth Avenue to prospective buyers and Vornado Realty Trust made a “handshake” deal to sell its 49.5 percent stake in 666 Fifth Avenue to partner Kushner Companies.

Tags: 521 fifth avenue, Real Estate Investment, sl green
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HKS Capital

HKS hires former Eastern principal to launch new i-sales division Firm is also rebranding as HKS Real Estate Advisors

Peter Carillo (Credit: Getty Images and iStock)

UPDATED, Sept. 27, 2018, 10:45 a.m.: HKS Capital Partners is joining the onslaught of companies that are launching investment sales divisions.

The capital advisory firm has hired former Eastern Consolidated principal Peter Carillo to build its new business line.

The firm — which was founded by Jerry Swartz, Ayush Kapahi, and John Harrington in 2011— is rebranding as HKS Real Estate Advisors to reflect its expansion into investment sales.

“Ayush and I talked for years about working together – merging his depth of experience in the commercial finance market and mine in the investment sales arena,” Carillo said in a statement.

Carillo started at Easte上海贵族宝贝 上海千花网龙凤论坛rn Consolidated in 2002 and closed two of the company’s largest transactions during his time there. These included the $225 million sale of a 48-building portfolio in East Harlem with 1,141 apartments and 58 retail units from the Kessner family to the United Kingdom-based institutional investor Dawnay Day and a 15-building, 1434-unit portfolio in Brooklyn and Staten Island that Coney Realty Group and Malek Management purchased from Urban American Management.

Eastern Consolidated announced in June that it was shutting down, putting its roughly 100 brokers on the market. Since then, multip新上海贵族宝贝论坛 上海贵族宝贝交流区le brokerages have announced that they will launch investment sales divisions.

Lee Associates NYC launched an investment sales division this summer and just hired Ben Tapper of Eastern Consolidated for the team.  Additionally, mortgage brokerage Cooper-Horowitz tapped former Winick Realty Group directors Elana Tsyganko and Max Kostikov to launch its investment sales platform earlier in September, and Co爱上海同城 爱上海mpass just launched a commercial division in August.

A lot of them are being spawned, obvio上海龙凤论坛 新上海贵族宝贝论坛usly, by Eastern closing its doors, said Joel Herskowitz, COO of Lee Associates. That s probably the common denominator with a lot of them. Not with ours but with a lot of them.

Tim King, a managing partner at CPEX Real Estate, said the recent bout of brokerages launching investment sales divisions was due to an effort to develop multiple revenue streams.

“People are looking to diversify, and it’s not like a doughnut shop starting to sell hamburgers tomorrow,” he said. “There’s a lot of synergy — or people think there is — between debt and sales.”

Clarification: This story has been updated to爱上海同城 爱上海 clarify that Benn Tapper was hired to work on Lee Associate s i-sales team, not to oversee it.

Tags: Commercial Real Estate, Eastern Consolidated, HKS Capital Partners, Investment Sales
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Michael Cohen

Michael Cohen says so The attorney has made a career out of battling for Donald Trump. What will his next act look like?

Michael Cohen inside Trump Tower (Credit: Getty Images)

Gene “The Taxi King” Freidman’s bromance with Michael Cohen began in small claims court in the 1990s. The two men, sparring over a stolen client, had more in common than they knew: They owned rival taxi businesses, but were also both lawyers and came to court prepared to fight.

What played out in front of the judge was a legal dance better suited to a more intricate case than a $5,000 claim.

The judge said, It doesn t even matter who wins. That was the most incredible bit of lawyering I’ve seen in small claims court,’ Freidman recounted, roughly 20 years later. The two men became close friends, and Cohen helped name Freidman’s oldest son, Dylan.

Michael D. Cohen has made a career out of brawling, most notoriously for his longtime boss Donald Trump. As special counsel and executive vice president of the Trump Organization, he’s repeatedly gone to bat for Trump against rivals, critics and the press, earning a reputation as the mogul’s “pit bull” and his “Karl Rove.”

Now, Cohen is taking on a new role as President Trump’s personal attorney. He won’t represent Trump in matters involving the White House, but rather cases involving the president as an individual, such as a defamation lawsuit filed just two days before the inauguration by a former contestant of “The Apprentice.”

The parameters of Cohen’s new role aren’t yet finalized, and he wouldn’t reveal where he will exactly work — just that he’ll be wherever the new president wants him.

“If (Trump) wants me to sit in the Oval Office, I’ll be at the Oval Office,” he said. “If he wants me in New York, I’ll be in New York.”

It’s common for presidents to hire personal attorneys to handle their own affairs, but Cohen will likely be busier than those who’ve held a similar position, due to Trump’s myriad business ties and the litigation that has already sprung up since he’s taken office.

“This is going to be a lot more complex,” said Richard Painter, who served as President George W. Bush’s ethics lawyer from 2005 to 2007 and filed a lawsuit against Trump in late January for not divesting from the Trump Organization or placing his assets in a blind trust. He s going to be running to this personal attorney for all his business affairs, and then see what he s going to want to share with the White House.”

The Donald and I

Cohen’s loyalty to Trump springs from a few things. For one, he’s been on the Trump Organization’s payroll for more than a decade, so defending his boss is partly an act of self-preservation. But his dedication is also tied up in his reverence for the man who hired him, whose buildings he invested in, and whose presence in the global spotlight for more than 30 years has elevated his own perch.

“To those of us who are close to Mr. Trump, he is more than our boss,” Cohen told the Jewish Chronicle last year. “He is our patriarch.”[……]

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