New Construction Permits NYC

City sees record year for inclusionary housing units, residential permit approvals Death of 421-a could put a damper on both

Before it was mandatory, New York City s inclusionary housing program created and preserved a record number of affordable housing units, according to a new report.

Developers last year committed to creating, preserving or rehabilitating more than 3,000 affordable units — three times the number seen in 2014, according to New York University Furman Center s annual citywide housing report. The 3,000-plus units created in 2016 is also twice as many units created in any year since the program s creation in 1987.

In March, the City Council approved Mayor Bill de Blasio s mandatory inclusionary housing program, which requires developers who have received a residential rezoning to include a certain number of affordable units in their projects. It also mandates affordable housing construction in districts that have been rezoned, such as East New York.

In January, the mayor announced that the city through a slew of programs financed 7,179 new afforda上海千花网龙凤论坛 上海千花社区ble apartments and preserved another 13,862 in 2015. Though the mayor touted the passage of MIH as a victory for his housing goal – to create and preserve 200,000 affordable units over the next decade — the program was larg上海千花网龙凤论坛 上海千花社区ely overshadowed by the expiration of 421a. Developers and city officials have said that the absence of the property tax abatement will discourage the creation of rentals and affor[……]

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Vikram Chatwal

Vikram Chatwal sued over alleged dog-torching inci爱上海 爱上海同城手机版dent Dog walker says the encounter has left her with nightmares

Vikram Chatwal (credit: Getty Images)

A Soho dog walker is suing Vikram Chatwal, saying the hotelier s alleged attempt to set ablaze two Jack Russell terriers in her care has deeply traumatized her.

Vikram Chatwal was arrested earlier this month in regards to the incident. Isabell Suquilanda says she was walking the dogs, both of which belong爱上海 爱上海同城手机版 to British gallerist Sean Kelly, on Wooster Street in early October. In court papers she alleges that Chatwal “suddenly sprang out of the front door of his residence and without the slightest provocation attacked the two dogs,” the New York Post reported. She is suing for unspecified damages.

The dogs received minor injuries. Suquilanda was physically unhurt but her attorney, Scott Harnas, says her “entire world view” has been al新上海贵族宝贝论坛 上海贵族宝贝交流区tered.

“She’s very anxious. Anyone she sees on the subway is a potential assailant,” he said, according to the Post.

Chatwal founded the Dream Hotel. He has been charged with criminal mischief, 上海千花社区 上海千花网交友arson and torturing animals. He is due back in court in December. [NYP] Miriam Hall  

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New Homes Sales

Newly built US home sales spiked in November Sales rose 5.2% to a four-month high: Commerce Department

Sales of new homes across the U.S. spiked last month, as buyers rushed to sign contracts amid rising interest rates.

Purchases of newly constructed single-family homes increased 5.2 percent between October and November to a four-month high of a 592,000 annualized pace, U.S. Commerce Department dat新爱上海同城对对碰论坛 上海同城对对碰交友社区a cited by Bloomberg showed Friday. The increase included the largest gain in the Midwest market since October 2012 and the fastest pace of demand on the West上海同城对对碰交友社区 上海夜网论坛 Coast in almost nine years, according to the publication.

The median sales price of a new house fell 3.7 percent to $305,400 year-over-year. There were 250,000 new houses on the market at the end of November, the highest number since September 2009.

However, the data on new-home sales can be imprecise, the Wall Street Journal noted. The 5.2 percent sales increase came with a margin of上海贵族宝贝交流区 上海贵族宝贝论坛 error of 14.1 percentage points, the paper 上海同城对对碰交友社区 上海夜网论坛reported.

Last week, the Federal Reserve increased its benchmark lending rate for the first time in 2016. It also indicated it will raise short-term interest in 2017. As a result, U.S mortgage rates reached a two-year high Thursday, according to Freddie Mac.

The increase in mortgage rates 爱上海 爱上海同城手机版could dampen home buying activity in 2018, according to the Journal. [Bloomberg] and [WSJ] Miriam Hall

Tags: home sales, interest rates, Mortgages
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Toll Brothers City Living

Absent NYC land deals, Toll looks to LA National homebuilder’s been heavily scouting sites out west

121 East 22nd Street and Doug Yearley

For the better part of three years, national homebuilder Toll Brothers has been window-shopping around New York City but hasn t yet opened up the checkbook.

With another quarter in the books and no new land buys, the Pennsylvania-based firm faced questions Tuesday about its strategy going forward, particularly after CEO Doug Yearley described growing opportunities in Los Angeles, where he visited three potential development sites there over the past month.

“We’ve always wanted City Living to get to the West Coast,” Yearley said during an earnings call Thursday, referring to Toll Brothers urban development division, which until has operated largely in the New York metro area.

Yearley dismissed the suggestion that Toll Brothers was retreating from New York in any way, and said it’s no secret that the company’s “been hunting for years” for land in Los Angeles. The firm also paid $81 million last year for a 34-acre site in the San Francisco Bay area that comes with approvals for about 1,000 residential units.

“We continue to look hard in New York City [but] land prices have been too high. It’s a risky business, as we’ve talked about, which means you need a significantly higher gross margin and we will not change the underwriting,” he ad爱上海同城手机版 新爱上海同城对对碰论坛ded. “At the moment, the opportunities have come elsewhere but I’m sure they’ll be back to New York.”

For[……]

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Stephen Meister

The scrappy NYC real estate litigator is handling some of the most contentious cases in the industry — with a dogged aggressiveness and far-right political leanings

Stephen Meister

Over his 25-year career in New York real estate litigation, Stephen Meister has represented the likes of Harry Macklowe, Donald Trump, Joseph Moinian, Larry Gluck and other heavy Manhattan real estate hitters. But they have usually dialed him up when debt has piled on, a partner has gotten combative or they need to navigate their way out of a contract.

“I just have to be comfortable that I have the facts right,” said Meister. “I either have the law on my side or some reasonable extension of the law.”

Lately, this scrappy Manhattan attorney — who, depending on who you ask, is best known for wild Hail Marys or righteous campaigns of monetary justice — has been popping up even more than usual with clients in less-than-enviable situations rushing to retain him.

And the cases he’s handling are among the juiciest and most contentious in the city.

He is currently representing the Connecticut company AmBase Corporation, which is facing foreclosure at 111 West 57th Street, a planned luxury supertall. He’s also got Ralph Sitt — the investor feuding with family members over control of 2 Herald Square — who has been accused by his one of his brothers and a group of investors of forging documents to make it seem like he was the sole owner of the building. And he was recently working for Joseph Beninati, whose upstar[……]

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Million Dollar Listing

There comes a time when every reality television star masters the game. The show becomes less about expressing one’s true colors — for better or worse — and more about actively cultivating an image.

“Million Dollar Listing Los Angeles” isn’t immune to this inevitable shift, so it was refreshing to see our band of brokers revert to raw versions of themselves.

In order words, thank goodness for a little bit of drama!

This week, the stars of “MDLLA” converge on a rooftop party hosted by James Harris and David Parnes, whose sky-high soiree is designed to promote their $65,000 rental at Ten Thousand. A bounty of bubbly and 360-degree views of Downtown Los Angeles create the perfect setting for a standoff between two men who share the same name.

Here’s what happened…

Broker-brothers Josh and Matt Altman have been summoned back t上海夜网 阿爱上海同城o Bradbury Estates, where an exorbitant manse awaits them. The pair takes to the air, as they’ve decided a helicopter is the most appropriate way to travel to this particular listing appointment. Bliss Canyon does not disappoint, with its 350,000-gallon infinity pool, indoor gun range and way too many rooms to count.

“This isn’t a mansion,” Josh says. “This isn’t even a megamansion. This is the White House!”

Trump not included.

The listing, once priced at $80 million, turns out to be an absolute steal, as the investment company that scooped up the property is looking to offload it for $30 million. While this is good news for potential buyers, it does create a h[……]

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Top Long Island Developers

TRD ’s ranking of builders with the most construction underway finds them focused on delivering denser housing stock, while rising material costs and an ever-onerous approvals process hamper progress

AvalonBay Communities recently completed the 191-unit rental property Avalon Great Neck, which is located on the 5-acre former site of Commander Oil.

UPDATED April 3, 11:32 a.m.: In recent years, Long Islanders have been in the process of rethinking the notion of suburbia, shifting from a vision of green lawns, white picket fences and quiet streets lined with single-family homes to a more modern image of bustling residential communities built around vital town centers. The denser living that was said to be Long Island’s future is now its present, as the youngest and oldest families increasingly look for a new way of life that may not include a mortgage.

Multifamily housing projects are by far the most popular type of endeavor on the Island, according to The Real Deal’s analysis of data compiled by CoStar. These new builds make up about 81 percent of the total square footage under construction by Long Island’s top 10 developers in the fourth quarter of 2017, the data showed.

The added availability of high-quality rentals appeals to many would-be buyers, and developers are racing to bring more units to the market to meet demand.

“There’s more need than we can supply of that product,” said Steven Dubb, principal at the Beechwood Organization, which came in third in TRD’s ranking of to[……]

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Heidi Klum

H阿爱上海同城 阿拉爱上海同城eidi Klum buys no-frills Soho loft for $5M Penthouse at 515 Broadway is a fixer-upper

Heidi Klum and 515 Broadway (Credit: Wikipedia Commons)

Five million dollars will get you 4,772 s阿爱上海同城 阿拉爱上海同城quare feet in Soho, but not in the best of shape it appears.

Model Heidi Klum paid that much for a fixer-upper of a loft at 515 Broadway, the Ne爱上海 爱上海同城手机版w York Post reported. The raw space sits at the top of a turn-of-the-century Queen Anne building and offers views of both the World Trade Center and the distinctive, Jenga-阿拉爱上海同城 爱上海龙凤419桑拿like 56 Leonard Street. And like so many other Soho lofts now owned by the rich and famous, the home was formerly occupied by an artist

In 2015, Klum appeared in the tabloids for scouting out much more gratuito爱上海龙凤419桑拿 上海龙凤论坛sh1fus real estate, after having a look at Tavern Island, an $11 million private oasis on the Connecticut coast. She also checked out the 158 Mercer Street penthouse of Jon Bon Jovi, which eventually sold for $34 million. [NYP] — Will Parker

Tags: celebrity real estate, Residential Real Estate
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Affordable Housing Development

The biggest threat to affordable housing right now? Climbing interest rates. Rising construction costs also pose problem

(Credit: Raphaël Biscaldi via Unsplash and iStock)

Rising interest rates are putting a damper on efforts to build affordable housing 爱上海 爱上海同城手机版across the U.S.
According to developers, rates offered by national lenders have steadily increased in the past two years. B上海龙凤论坛sh1f 上海龙凤论坛ridge Housing, one of the l上海千花网交友 上海千花网论坛argest affordable housi爱上海龙凤419桑拿 上海龙凤论坛sh1fng developers on the west coast, told the Wall Street Journal that rates for both short- and long-term debt have been on the incline.

“It makes the difference between feasibility and infeasibility,” Cynthia Parker, president and chief executive of Bridge Housing, told the Journal. “Developers have to pull things out of units, and it may take a bit longer because you have to assemble other funding sources. By the time you get those, you might have to rebid out the project and it might be more expensive.”

The number of multifamily housing bonds, which are commonly used to fund affordable housing projects, has also declined 29 percent year-over-year, according to data compiled by Thomas Reuters. The number of affordable housing units built in 2018 is expected to reach 97,000, according to Novogradac. That s up from last year s 91,434 units, but is a down from levels seen in 2015 and 2016. Over the next 10 years, the number of affordable housing units built is expected to drop by 230,000, due to the devaluation of low-income housin[……]

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