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Newsmaker Spotlight: Kevin Levent on New Tools and Inspiring Agent Buy-In

Kevin Levent is the president and CEO of Better Homes and Gardens Real Estate (BHGRE) Metro Brokers, where he leads daily business operations and growth for the Georgia-based company. Leveraging more than 24 years of real estate experience, he’s helped launch new tech-enabled tools to help BHGRE and its 2,500-plus agents remain productive during the […] The post Newsmaker Spotlight: Kevin Levent on New Tools and Inspiring Agent Buy-In appeared first on RISMedia. Kevin Levent is the president and CEO of Better Homes and Gardens Real Estate (BHGRE) Metro Brokers, where he leads daily business operations and growth for the Georgia-based company. Leveraging more than 24 years of real estate experience, he’s helped launch new tech-enabled tools to help BHGRE and its 2,500-plus agents remain productive during the COVID-19 pandemic. Here, Levent discusses what it means to be an RISMedia Real Estate Newsmaker—individuals recognized for their positive contributions to the real estate industry—and ways to promote agent adoption of new tools and technology they’ve launched in the past year. Jordan Grice: You were named a Luminary for our 2021 Newsmakers class; what were some of the more invaluable products you launched in the past year? Kevin Levent: I would say some of the things that we did this past year focused on helping our agents reconnect, do business in the new world and meet their customers where they are. We introduced something called Showing Room, which allows agents to go into our system and coordinate with other agents to show a house or group of houses for them. Any agent can grab that task, so if the initial listing agent is busy, they can get assistance from another agent. We have a set compensation that the company pays the agent that shows the home, and then we bill the agent they were showing on behalf of. JG: What has the reception been like, as well as the results of Showing Room? KL: Agents are relieved that we came up with a system and procedure that they can log on to and post what they need to be done so others can help pick up the task. That keeps them doing what they do best—being out in the field—rather than putting off a customer that they can’t show a house to or trying to figure out how to compensate someone. We’ve shown hundreds of houses in the 90 days that we launched that. JG: Agent adoption can present challenges to some firms looking to increase their tech offerings. How has BHGRE addressed these hurdles? KL: We take a very hands-on and regimented approach when we launch something, and we want our folks to use it. For example, we were an early adopter of Dotloop, and as soon as we incorporated it, I made it mandatory. If they didn’t use it, we wouldn’t recognize it as a transaction. If you don’t put your closing in Dotloop, it is as if it never happened. Without that adoption, it costs more to run a brokerage, and everyone suffers as a result. Our folks adopt very well at a high rate because we generally only recognize one type of technology for a certain type of application. JG: What advice would you give to agents and brokers on embracing tech without losing the human side of the real estate business? KL: Only use tech to solve a problem. Never use tech to avoid the customer. This is still a human business, and you can’t do it without people. Folks won’t do business with someone they don’t know, like and trust. The minute you take your eyes off of that, the customer will become someone else’s. When the agent value proposition declines, customers will find a new agent they feel more comfortable with, so tech is only to solve a problem, not to cut down the amount of time you have with the customer. JG: What trends are you keeping an eye on in the Georgia housing market as we look toward the fourth quarter of 2021? KL: Right now, we are looking at the trend of iBuyers and cash buyers. We are watching them very closely and watching their ability to maybe change the way people buy and sell real estate, but I can tell you that when we finish our assessments, we will be in front of that too. JG: What are you most looking forward to as we head toward the end of 2021? KL: A more normalized marketplace. That’s all I want. The best marketplace is one where there is an equilibrium between the motivations of a buyer and a seller. That brings about more stability. Jordan Grice is RISMedia’s associate content editor. Email him your real estate news to jgrice@rismedia.com. The post Newsmaker Spotlight: Kevin Levent on New Tools and Inspiring Agent Buy-In appeared first on RISMedia......»»

Category: realestateSource: RISMEDIASep 25th, 2021Related News

Gyms finding their way back to New York after COVID pause

Newmark Retail announced it has recently completed over 17,000 s/f of boutique fitness transactions in New York City since May 2021.  The most recent transaction was at 281 Broadway in Tribeca, where self-defense education company The Krav Maga Institute (KMI) leased approximately 5,000 s/f for a ten-year term. Andrew Stern, and Ravi Idnani represented KMI in the transaction.  KMI is the largest self-defense... The post Gyms finding their way back to New York after COVID pause appeared first on Real Estate Weekly. Newmark Retail announced it has recently completed over 17,000 s/f of boutique fitness transactions in New York City since May 2021.  The most recent transaction was at 281 Broadway in Tribeca, where self-defense education company The Krav Maga Institute (KMI) leased approximately 5,000 s/f for a ten-year term. Andrew Stern, and Ravi Idnani represented KMI in the transaction.  KMI is the largest self-defense education organization in the U.S., and its New York City chapter is the only fully-certified Krav Maga school in the city. Its new 5,000 s/f space was formerly occupied by a Crossfit gym. Andrew Stern and Ravi Idnani are currently working with KMI to further its growth and are circling a new KMI location in the Columbus Circle neighborhood.  RAVI IDNANI “With retail leasing ramping back up post-pandemic, we have seen increasing demand from boutique fitness tenants,” said Idnani. “As residents have returned to group fitness, smaller, boutique retail spaces that offer a unique, intimate experience have been particularly in demand, as evidenced by the slate of transactions our team has recently completed.”   In addition to the KMI deal, the Newmark team was also involved in several additional boutique fitness transactions:  ·       A franchisee of Sweat440 signed a lease for approximately 4,200 s/f at 80 John Street in the Financial District. The boutique fitness company offers 40-minute, high-intensity interval and cross-training classes that begin every 10 minutes. Idnani and Aric Trakhtenberg represented the asset owner, Klosed Properties, in the transaction.  ·       One of New York City’s preeminent Pilates studios, Erika Bloom Pilates, signed a lease for 2,574 s/f at 104 Franklin Street. Ownership was represented by Stern and Idnani while Michelle Ball of Rudd Realty represented the tenant who plans to occupy the second floor.  ·       Well-known karate studio Karate-Do Ken Wa Kan relocated within the West Village submarket to a new 2,500 s/f location on the second floor at 34 West 15th  Street. Stern and Idnani represented the tenant in the deal.  ·       High-end boutique fitness studio Joseph Charles Fitness signed a lease for approximately 2,000 s/f at 44 Trinity Place in the Financial District. Stern and Idnani represented the tenant.  ·       Personal training studio Aesthetic Lab signed a lease for approximately 1,200 s/f on the second floor at 132 West Houston Street. Stern, Idnani and Joshua Strauss represented the ownership in the transaction.  According to Newmark Research, the Manhattan retail market is beginning to show signs of recovery, with availability dropping in half of the covered prime trade areas between the first and second quarters of 2021. However, asking rents have seen an average decline of 16.5% from pre-pandemic levels, providing attractive opportunities for retail tenants.  The post Gyms finding their way back to New York after COVID pause appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLYSep 24th, 2021Related News

MBA: Impact of Climate Change on Housing

The Mortgage Bankers Association’s (MBA) Research Institute for Housing America (RIHA) recently released a report—”The Impact of Climate Change on Housing and Housing Finance“—which shows that climate change will be adding stress to “the complex system of allocating risks across housing and housing finance stakeholders. Key findings: – Climate change will place increasing stress on […] The post MBA: Impact of Climate Change on Housing appeared first on RISMedia. The Mortgage Bankers Association’s (MBA) Research Institute for Housing America (RIHA) recently released a report—”The Impact of Climate Change on Housing and Housing Finance“—which shows that climate change will be adding stress to “the complex system of allocating risks across housing and housing finance stakeholders. Key findings: – Climate change will place increasing stress on housing and housing finance’s sophisticated system of distributing risk across multiple stakeholders—including consumers, landlords, home builders, appraisers, originators, servicers, insurance companies, government agencies and the GSEs, and mortgage investors. – The Financial Stability Board’s (FSB) Task Force on Climate-Related Financial Disclosures (TCFD) recommends that firms divide climate-related risks into physical risks—adverse weather events and natural disasters, for example—and transition risks that firms face in a lower-carbon economy. Transition risks include policy and legal, technology, market and reputation risks. – Climate change may alter the nature of flood risk and exacerbate the current challenges of the National Flood Insurance Program (NFIP). – Along with increased flood risk and residential property damage, climate change may increase mortgage default and prepayment risks, trigger adverse selection in the types of loans that are sold to the GSEs, increase the volatility of house prices, and even produce significant climate migration. – In addition to climate mitigation efforts to limit global warming, adaptation strategies are needed to make housing and housing finance more resilient. – These strategies include incorporating building modifications into new construction (easier) and existing buildings (more difficult and more expensive) and increasing the resiliency of communities through infrastructure improvements and standards. – Housing finance is likely to face increasing stress as the consequences of global warming mount and influence the behavior of portfolio lenders, the GSEs, the federal government’s FHA/VA programs and mortgage investors. – The costs of mitigation and adaptation strategies pose significant challenges to their adoption. – Firms in housing and housing finance face increased pressure to quantify the expected costs of future climate events, their climate change mitigation activities, and the burden of future regulations and laws. – The report identifies three obstacles to quantifying the risk of climate-induced mortgage defaults: the choice of climate scenario, the lack of a recognized measure of climate risk, and the lack of a sufficient historical record of available climate risk metrics. “The mortgage industry will not be spared by the growing impact climate change is having on the environment, governments and individuals. The physical destruction caused by flooding and other extreme weather events will continue to influence the behavior of portfolio lenders, the GSEs, the federal government’s FHA/VA programs and mortgage investors,” said Sean Becketti, author of the report and an industry veteran with over four decades of mortgage finance experience, in a statement. “Climate mitigation efforts are necessary to slow the adverse effects of global warming, and better and more standardized predictors of environmental risks are needed to make housing and housing finance more resilient.” Added Becketti, “Projecting future climate change and its impacts remains challenging primarily because the outcome depends crucially on the actions chosen by governments, industries and households. Given the uncertainty over those actions, the future path of climate change could continue to get much worse.” “RIHA’s study underscores the need for the mortgage industry to better address the growing impacts of climate change and prepare for increased reporting to regulators and investors on the quantitative estimates of climate-related risks,” said Edward Seiler, executive director, Research Institute for Housing America, and MBA’s associate vice president, Housing Economics, in a statement. Source: MBA The post MBA: Impact of Climate Change on Housing appeared first on RISMedia......»»

Category: realestateSource: RISMEDIASep 24th, 2021Related News

New-Home Sales Bump Up Monthly but Still Lag Behind Last Year’s Levels

New-home sales increased for the second consecutive month, up 1.5% to a pace of 740,000. Year-over-year, sales are down for the third month in a row. Market breakdown: New-Home Sales: 740,000 For-Sale Inventory: 378,000 Months’ Supply:  6.1 months Median Price: $390,900 What the industry is saying: “Sales of new homes registered below year-ago levels, for […] The post New-Home Sales Bump Up Monthly but Still Lag Behind Last Year’s Levels appeared first on RISMedia. New-home sales increased for the second consecutive month, up 1.5% to a pace of 740,000. Year-over-year, sales are down for the third month in a row. Market breakdown: New-Home Sales: 740,000 For-Sale Inventory: 378,000 Months’ Supply:  6.1 months Median Price: $390,900 What the industry is saying: “Sales of new homes registered below year-ago levels, for the third time in a row, but notched a second consecutive monthly gain, rising 1.5% to a pace of 740,000. Factors that are favorable for housing—a large number of young households near peak home-buying age, greater flexibility to work remotely that’s expanded the areas homebuyers are willing to consider and still low mortgage rates—have kept the recent new home sales pace above annual totals for each year from 2008 to 2019 and also contributed to the uptick this month. “Nevertheless, the pace remains below highs seen earlier this year. Buyers show signs of having moved past a ‘land-a-home-at-all-costs’ mentality as rising home prices mean purchasing a home—whether new or existing—requires a larger share of the typical American’s paycheck. In fact, the median new single-family home sales price was $390,900 in August, up 20% from a year ago. Consumers this summer were recalibrating priorities, balancing the resumption of travel, vacations and dining out with big-ticket budget items like home-buying or renting—and doing so in the face of rising costs on just about everything. Additionally, many items remain unexpectedly hard to come by, including, in some cases, new homes. “Months supply of new homes is higher than that of existing homes, (6.1 vs. 2.6 months) suggesting that there are an ample number of new homes for sale, but this comes with a big caveat. Many for-sale new homes are either under construction or not-yet-started—more than 90% in August. In other words, they’re not quite move-in ready, a less than ideal choice for buyers eager to get settled, especially when difficult-to-predict supply chain challenges make it harder to target new home completion dates. While the existing-home market may be a better choice for buyers with strict timelines for moving, those who can afford to wait may find relatively more options and somewhat less competition among yet-to-be-started new homes.” — Danielle Hale, Chief Economist, realtor.com® “New-home sales increased for the second month in a row in August, mirroring gains seen in starts, which also increased this month. Robust demand continues to fuel strong sales, and interest rates have remained low, helping to counteract high sales pricing. August has historically been a slower month for sales than July, and this increase is encouraging and may indicate that the positive momentum that began in July may continue through fall. “Builders still have a robust backlog to get through and the uptick this summer is a promising start to what may be a longer-term trend as supply chain issues begin to resolve. RCLCO expects home sales to remain strong overall because demographic factors continue to be favorable for the housing market as millennials hit peak family-formation years. Lingering effects of the pandemic have increased demand for larger living spaces and access to the outdoors, and the additional flexibility to work remotely or to return to a hybrid work schedule has expanded the area where households are seeking to purchase a home as commute time becomes less of an issue.” — Kelly Mangold, Principal, RCLCO Real Estate Consulting The post New-Home Sales Bump Up Monthly but Still Lag Behind Last Year’s Levels appeared first on RISMedia......»»

Category: realestateSource: RISMEDIASep 24th, 2021Related News

Post-Pandemic Luxury Trends Beginning to Emerge

A new report from Berkshire Hathaway HomeServices is shedding some light on what the post-pandemic luxury real estate market might look like as the travel restrictions and financial upheavals of the pandemic begin to settle and wealthy homebuyers begin assessing their preferences and needs in a changing world. Of particular interest is a continued demand […] The post Post-Pandemic Luxury Trends Beginning to Emerge appeared first on RISMedia. A new report from Berkshire Hathaway HomeServices is shedding some light on what the post-pandemic luxury real estate market might look like as the travel restrictions and financial upheavals of the pandemic begin to settle and wealthy homebuyers begin assessing their preferences and needs in a changing world. Of particular interest is a continued demand for vacation homes—where people are likely to spend significantly more time than they did previously—as well as a likely renewed interest in large metros like New York City and Dubai. The report also examined geographic and demographic trends, honing in on what it referred to as the “millennial migration” of younger homebuyers flooding into non-traditional markets—places like Aspen, Colorado and Santa Barbara, California—driven by a desire for more space and flexible remote work schedules. “What is interesting to me is that millennials are largely skipping the entry level home purchase and moving directly to a move-up home, or in many cases an aspirational home,” Christy Budnick, CEO of HSF Affiliates, LLC, tells RISMedia. “Since many millennials are purchasing their first home in their mid to late 30s, we are seeing an unusual percentage purchasing in the million dollars-plus range.” Millennials also prefer less flashy, less opulent designs for their luxury homes, the report said, and value technology and smart-home amenities much more than previous generations. Following the broader market, luxury buyers have also flocked to lesser-known cities in the Midwest especially, driving up prices and leaving scarce inventory. Empty lots or tear-down homes in Coeur d’Alene are going for around $700,000, while prime locations along one of the area’s beautiful lakes are easily surpassing $2 million, according to the report. The median price for a luxury sector home in Austin blew past $2.75 million, the report said, and has seen a 66% increase in total sales in that sector. Other hot cities in non-traditional luxury markets the report identified include Crested Butte, Colorado; Bozeman, Montana, and Jackson Hole, Wyoming. “With the ability for many to work from home or a mix of in-office/at-home work, homebuyers will continue to prioritize lifestyle and the ability to spend more time enjoying life in their second or vacation homes,” Budnick says . Florida is another destination for younger luxury buyers, according to the report, as people flee high taxes in Atlantic states. The overall median home price in Miami rose almost 30%, and the threshold to be considered a luxury property nearly doubled from around $1 million to more than $2 million. Florida is also the epicenter of the “half-and-half” trend, where homeowners are looking for an equal amount of two good things as they split time between two places, according to the report. Sparked by a pandemic restlessness that saw frustrated, unfulfilled city-dwellers seeking gratification when their traditional at-home indulgences were restricted, these people are likely to continue slipping in and out of new homes—which are designed to comply with their every need—year-round. “Because of the pandemic, buyers are no longer using their vacation homes just for vacation. Instead, they are spending much more time working remotely and splitting their time between primary and secondary homes,” Budnick says. Privacy and flexibility characterize this new practice, which is also popular along the Jersey Shore and California coastline. Having two spaces where they will spend roughly equal amounts of time—with both used almost interchangeably for pleasure as well as work—is the definition of the “half-and-half.” Vaccinations and a loosening of previously tight restrictions have done nothing to quell people’s enjoyment, or desire to at least try out this new experience, according to the report. International vacation homes are another trend on the uptick in a post-pandemic world, as luxury buyers cast their eyes overseas as they look to snatch up more space for leisure. Those buyers have piled into more rural areas, again with an emphasis on space and privacy, though also an eye on how governments handled the pandemic. The report cited Dubai and Canada as two destinations that have seen an increased interest at least partially due to their success at staying open and safe during the pandemic, according to the report. Canada in particular was rated highly for its “risk readiness” and “health management,” and buyers were also drawn to country-cottage style properties that can provide flexibility with home offices or so-called “granny suites.” “Many luxury buyers did seek to attain a new nationality during the early days of the pandemic, particularly those in hard hit areas as well as those looking for more space, but also excellent health care,” Budnick says. “This is one of the reasons that Canada has fared so well, offering homes with wide open space outside of the city but access to an outstanding health care system in the event it is needed.” A handful of swanky Toronto suburbs saw median home prices soar more than 50% year-over-year, according to the report, and Dubai’s most expensive properties spiked 230% in the first quarter of 2021. Jesse Williams is RISMedia’s associate online editor. Email him your real estate news ideas to jwilliams@rismedia.com. The post Post-Pandemic Luxury Trends Beginning to Emerge appeared first on RISMedia......»»

Category: realestateSource: RISMEDIASep 24th, 2021Related News

Recent Stock Market Volatility Dangerous for Real Estate? Experts Unconvinced

Real estate experts believe recent stock market volatility isn’t concerning as long as it’s temporary, despite a rocky start to the week for trading, as well as global events worrying investors. According to Ruben Gonzalez, chief economist for Keller Williams, recent declines in the market are mainly due to fears on Wall Street that the […] The post Recent Stock Market Volatility Dangerous for Real Estate? Experts Unconvinced appeared first on RISMedia. Real estate experts believe recent stock market volatility isn’t concerning as long as it’s temporary, despite a rocky start to the week for trading, as well as global events worrying investors. According to Ruben Gonzalez, chief economist for Keller Williams, recent declines in the market are mainly due to fears on Wall Street that the Chinese property market could disrupt global financial markets. Those concerns prompted a stock market selloff that dealt a sizable blow to major U.S. stock indexes. On Monday, Sept. 20, the S&P 500 posted its worst daily performance since May, falling 1.7%, while the Dow Jones Industrial Average had its biggest single-day drop since mid-July with a 1.8% decline. The effects have proven to be short-lived as indexes rebounded days later with ongoing signs of recovery, despite overseas issues. As of Sept. 24, The Dow and the S&P 500 concluded the week on Wall Street in better shape overall. The Dow added 0.1% and the S&P 500 rose 0.15% at the close of trading on Friday. “We don’t view short-term stock market volatility as a huge factor impacting real estate markets,” says Gonzalez. “However, as smaller investors look to park capital gains in a more stable environment, we could certainly see some of that money migrating into residential real estate.” Watching the Volatility A short period of shaky stock activity may not hurt the housing market. However, sustained volatility could pose a problem, particularly for homebuyers, according to Anthony Lamacchia, CEO of Lamacchia Realty. “As long as it’s not ongoing, it’s nothing and won’t do anything to housing, but when it appears to be continuous, that’s when you see people pull back. “Lamacchia says, noting the 2020 COVID-induced recession as an example of the adverse impacts to market activity. “People didn’t just pull back because they were stuck in their houses,” Lamacchia continues. “They also pulled back because their 401Ks were crashing to the ground. If [the volatility] continues, you’ll see buyers get a little more hesitant.” Lamacchia isn’t convinced that will happen, and neither is Rick Sharga, executive vice president at RealtyTrac, an ATTOM company. Sharga shared similar sentiments as Lamacchia, adding that a period of short-term volatility in the market could push more people to move their money into real estate. “A period with a risk of a market downturn [could push] people to go to a safer haven, and that very often leads to more investment in real estate,” Sharga says. “You could have just the opposite of the effect. If we were to see a continued selloff in the marketplace, that does have a psychological impact on the market to where people get a little more conservative with their money.” Fed Eases Nerves Improvements in stock market activity are also tied to the recent Federal Reserve policy update, according to George Ratiu, manager of economic research at realtor.com®. “There is always a maxim that holds for stock market activity which is stock markets abhor uncertainty,” Ratiu says, also noting ongoing issues with the Delta variant and slowing momentum domestically as factors in investors’ skittish behavior in recent days. Ratiu thinks the uncertainty has cleared after the Fed announced plans to keep interest rates near zero and maintain the current pace of asset purchases. The Fed also indicated that rate hikes could happen sooner than they projected in June. Experts at the Mortgage Bankers Association (MBA) say they aren’t surprised at the Fed’s plans to remove accommodation, in a statement following the FOMC’s Sept. 22 meeting. “The job market has improved, inflation is running hot and supply chain constraints are persisting,” says Mike Fratantoni, SVP and chief economist at MBA. “The biggest news out of this meeting was the change in FOMC projections, with most members now seeing a first interest rate hike in 2022, which is faster than many market participants had previously anticipated.” Fratantoni also notes that a pending taper and change to the monetary policy outlook will likely contribute to a modest increase in mortgage rates over the medium term. Cautiously Watching Despite optimism over recent market rebounds, there is a chance that volatility could continue, according to DataCore Partners LLC Chief Economist Donald Klepper-Smith, who suggests that the stock market is in “nosebleed territory.” “This is an overextended market, and I don’t think it’s sustainable in the long run,” Klepper-Smith says. “Right now, the stock market is being propped up behind the scenes by the Federal Reserve, and the question is can they do this indefinitely?” Klepper-Smith doesn’t think so, stating that at some point, “we are going to have to live within our means.” “I think the stock market is usually a leading economic indicator of future activity, and my sense here is we are going to be watching a consolidation over the near term, so we’ll keep our eyes on it,” Klepper-Smith says. Jordan Grice is RISMedia’s associate content editor. Email him your real estate news to jgrice@rismedia.com. The post Recent Stock Market Volatility Dangerous for Real Estate? Experts Unconvinced appeared first on RISMedia......»»

Category: realestateSource: RISMEDIASep 24th, 2021Related News

Headliners Week of 9/19 – 9/25

Headliners Week of 9/19 – 9/25.....»»

Category: realestateSource: RISMEDIASep 24th, 2021Related News

C&W moves Long Island team to next gen’ digs

Cushman & Wakefield announced today that the real estate services firm has signed a long-term lease at 175 Broadhollow Road for its new Long Island office. The firm will occupy 12,000 s/f on the second floor of the premier, Class A office building, which is also known as Fairfield Corporate... The post C&W moves Long Island team to next gen’ digs appeared first on Real Estate Weekly. Cushman & Wakefield announced today that the real estate services firm has signed a long-term lease at 175 Broadhollow Road for its new Long Island office. The firm will occupy 12,000 s/f on the second floor of the premier, Class A office building, which is also known as Fairfield Corporate Park. Cushman & Wakefield’s Joseph Caridi, Executive Managing Director and Managing Principal of Long Island and Connecticut, represented the firm in the transaction. The landlord, Fairfield Properties, handled the transaction directly. “Fairfield Corporate Park is a premier office building with fantastic amenities and strong curb appeal in a location that is ideal for our team,” Caridi said. “Market conditions on Long Island have remained vibrant and our team has been steadily growing. We have invested in this space to create an environment that is great not only to work in, but to also entertain our employees, clients and guests. We are excited to call this state-of-the-art space our new home.” 175 Broadhollow Road recently underwent a capital improvement program that included renovations to the lobby, café, fitness center, game room, lounges and restrooms. Renovations to the exterior included façade updates, the addition of granite and glass curtain wall entrances, professionally designed landscaping, granite walkways, numerous seating areas and a half-mile park-like walking trail. “We are really pleased for our team to move into our new workplace at 175 Broadhollow Road,” added Toby Dodd, President, NY Tri-State. “As an industry leader, we have been at the forefront of the evolving workplace ecosystem and how it meets modern business needs. Our new workplace is focused on providing a unique and technology-enabled experience for our clients and talent to support our business strategy.” The firm has invested in the space to create an office geared towards the next generation with amenities including a shuffleboard table and putting green, as well as hoteling workstations with lockers for clients and guests. Built in 1984, the Class A office building spans 180,000 square feet across three stories. The building’s amenities include a 6,000-square-foot fitness center with a gym, yoga studio, functional training room and spa-like locker rooms exclusive to tenants, as well as a 5,000-square-foot café with a game room and an outdoor plaza. The post C&W moves Long Island team to next gen’ digs appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLYSep 24th, 2021Related News

Ivy Realty, Waterfall sell another slice of NJ tech campus

Newmark announced the sale of 40 & 45 Technology Drive in Warren, NJ, on behalf of the joint venture partnership between Ivy Realty and Waterfall Asset Management. Executive Managing Director Kevin Welsh, Managing Director Brian Schulz, and Associate Jason Emrani of Newmark’s Capital Markets group, along with support from Executive Managing Director Steven Schultz and Managing... The post Ivy Realty, Waterfall sell another slice of NJ tech campus appeared first on Real Estate Weekly. Newmark announced the sale of 40 & 45 Technology Drive in Warren, NJ, on behalf of the joint venture partnership between Ivy Realty and Waterfall Asset Management. Executive Managing Director Kevin Welsh, Managing Director Brian Schulz, and Associate Jason Emrani of Newmark’s Capital Markets group, along with support from Executive Managing Director Steven Schultz and Managing Director Dan Reider, represented the seller. The team was also responsible for procuring the purchaser, a private investor. The portfolio comprises two multi-purpose HQ buildings totaling 140,000 s/f that are 81 percent leased for R&D, technology, product development, distribution, assembly and office uses. They are located within Warren Innovation Center, one of New Jersey’s Science, Technology, Engineering, and Mathematics clusters. The JV spent around $2.4M on capital improvements to the common areas, and building infrastructure Kevin Welsh commented, “We are extremely pleased to have represented Ivy Realty and Waterfall Asset Management on the sale of 40 & 45 Technology Drive. This sale signified the culmination of a highly successful repositioning of the campus, which included the rebranding to Warren Innovation Center and implementing an extensive capital improvement program. The successful repositioning was further illustrated by signing a long-term lease for 67,000 SF with Huber + Suhner Astrolab Inc for its US HQ at 40 Technology Drive. This marks the third sale that Newmark has completed at Warren Innovation Center for the joint venture over the last 15 months, including 7 Powder Horn Drive and 30 Technology Road. These sales totaled more than $57 million. The post Ivy Realty, Waterfall sell another slice of NJ tech campus appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLYSep 24th, 2021Related News

Churchill looks to offload Seaport apartment building for $26M

Churchill Real Estate has tapped a team from Cushman & Wakefield to sell its 23 Peck apartment building in the South Street Seaport District. Maurice Suede and Daniel Soyak are leading marketing efforts for the property, also known as 257 Water Street. A corner mixed-use building, it consists of two... The post Churchill looks to offload Seaport apartment building for $26M appeared first on Real Estate Weekly. Churchill Real Estate has tapped a team from Cushman & Wakefield to sell its 23 Peck apartment building in the South Street Seaport District. Maurice Suede and Daniel Soyak are leading marketing efforts for the property, also known as 257 Water Street. A corner mixed-use building, it consists of two conjoined buildings that total 27,522 s/f with 20 free market residential units and two commercial units. One of the commercial spaces is occupied by MarkJoseph Steakhouse, while the other is currently vacant. The property sits in a C6-2 zone and features more than 7,000 s/f of unused air rights, allowing for a maximum of 35,313 s/f to be developed. Zoning allows for residential, commercial and facility use. The property includes approved plans for a redevelopment to add additional floors, reconfigure unit layouts and add several outdoor amenity spaces. “257 Water Street is a great opportunity for an investor to acquire a property with stable and current cash flow today and the ability to improve rents by renovating some of the units,” said Suede. “The building features more than 7,000 square feet of air rights that could be used to add an additional floor to the building. The rental market in New York City has continued to improve with median rents recently exceeding pre-pandemic levels.” Churchill Real Estate has been focused on its core lending business after securing $2 billion in investment capital from institutional foreign investors this summer. It’s putting the money to work in it “residential transition lending (RTL) portfolio” often called flip loans by investors who use the money to buy a property, renovate it and then try to quickly resell at a profit. Based in New York City and Charlotte, N.C., Churchill currently has more than $1.3 billion in assets under management. 23 Peck has been listed at $25.75 million. The company bought it for $24.5 million two years ago. The post Churchill looks to offload Seaport apartment building for $26M appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLYSep 24th, 2021Related News

Real estate industry most tolerant of drunk or high employees, survey reveals

A new survey has found that the real estate industry is most tolerant of employees reporting for the job drunk of high. DrugAbuse.com, an education and recovery resource of American Addiction Centers, Inc., commissioned the survey as COVID-driven remote working drove many to drink and drugs. One in three employers... The post Real estate industry most tolerant of drunk or high employees, survey reveals appeared first on Real Estate Weekly. A new survey has found that the real estate industry is most tolerant of employees reporting for the job drunk of high. DrugAbuse.com, an education and recovery resource of American Addiction Centers, Inc., commissioned the survey as COVID-driven remote working drove many to drink and drugs. One in three employers said virtual working has made it nearly impossible to tell whether an employee is intoxicated. Although it’s not a crime in itself to be drunk, doing so in a professional workplace environment may be rendered as a ‘gross misconduct’ and could lead to immediate dismissal without the option to collect unemployment, according to DrugAbuse.com Most private companies are not mandated by law to have drug-free workplace policies, however, there are exceptions to this. Workers in safety and security-sensitive industries, as well as federal employees are required to maintain sobriety in the workplace under the Drug-Free Workplace Act of 1988. DrugAbuse.com conducted a survey of 3,700 employers across the country, asking them to rank their tolerance of intoxication in the workplace from 1 to 10 (1 being the most tolerant and 10 being the least). The survey revealed that overall, employers in real estate were found to be the most tolerant at 2/10. Comparatively, those in public service, charity, and healthcare industries were least tolerant, ranking an average of 4/10, certainly due to the nature of these fields requiring regular interactions with customers, volunteers and patients respectively. When compared by state, employers in Alabama, Arkansas, Maryland, Missouri, New Jersey and Virginia were found to be the least tolerant of employee intoxication with an average tolerance ranking of 6/10. Those in Connecticut, Maine and Nebraska don’t feel remotely the same, ranking their higher tolerance of workplace intoxication a 3/10. Over the holiday season, sometimes employers are slightly more lenient when it comes to managing businesses. In fact, 1 in 5 employers say they’d be more tolerant of an employee being intoxicated at work if it was during the holidays. And while this may be a concern for employers, five of employees believed it’s acceptable to be drunk or high while on the job, during work hours! ’. The post Real estate industry most tolerant of drunk or high employees, survey reveals appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLYSep 24th, 2021Related News

Mayor charges up plan to build offshore wind farms in New York waterways

Mayor Bill de Blasio and New York City Economic Development Corporation (NYCEDC) have announced a 15-year, $191 million Offshore Wind Vision (OSW) plan to make New York City a leading destination for the offshore wind industry. The plan also ensures the city meets nation-leading climate goals of 100-percent clean electricity... The post Mayor charges up plan to build offshore wind farms in New York waterways appeared first on Real Estate Weekly. Mayor Bill de Blasio and New York City Economic Development Corporation (NYCEDC) have announced a 15-year, $191 million Offshore Wind Vision (OSW) plan to make New York City a leading destination for the offshore wind industry. The plan also ensures the city meets nation-leading climate goals of 100-percent clean electricity by 2040 and carbon neutrality by 2050.  The move to wind investment will put New York City on path to create over 13,000 jobs and generate $1.3 billion in average annual investment, according to the EDC. It will also reduce  CO2 emissions by 34.5 million tons – the equivalent of removing nearly 500,000 cars from roadways for 15 years “The Climate Crisis is real. New York City will serve as the model for taking climate action and growing the Offshore Wind Industry with a real long-term vision plan focused on equity,” said Mayor de Blasio. “We have the opportunity now to deliver on promises and set the City on a path towards a sustainable future.”  Map of the five offshore wind projects in active development in New York New York already has five offshore wind projects in active development – the largest offshore wind pipeline in the nation totaling more than 4,300 megawatts and representing nearly 50 percent of the capacity needed to meet New York’s nation-leading offshore wind goal of 9,000 megawatts by 2035. In Sunset Park, Brooklyn, NYCEDC and its partners have collaborated to activate the South Brooklyn Marine Terminal (SBMT) into a OSW port, to be operated by Equinor, a global developer of offshore wind power operating the Empire Wind Project. This ensures that a sizeable piece of the burgeoning industry will land in New York City by the mid-2020s. Brooklyn Marine Terminal The plan announced this week cements the focus on three core areas: sites and infrastructure, business and workforce, and research and innovation.  New York needs to build the infrastructure that will support the construction and operation of offshore wind farms and the plan outlines how the city will expand its manufacturing sector to build, stage, and install wind turbines, and ensure they can be serviced and powered locally. NYCEDC will also be working with the offshore wind industry and partners to launch an accelerator that will allow New York-based startups to build out the next generation of technologies to support advancement in the field.  “This forward-looking plan to grow the Offshore Wind Industry sets New York City up to reduce emissions while creating good green jobs,” said United States Senate Majority Leader, Charles E. Schumer. “The Mayor has long understood the way transforming our energy system will drive our economy to new heights. I am thankful to him for continuing to provide bold leadership on this vital issue.” To help ensure progress is made, NYCEDC will establish an Offshore Wind Industry Advisory Council led by co-chairs Elizabeth Yeampierre, Executive Director of UPROSE, and KC Sahl, Northeast Energy Market Leader at VHB, a civil engineering firm active in the offshore wind industry. The council will be made up of additional community, business and nonprofit leaders with relevant expertise and experience. “For decades, offshore wind developers, supply chain manufacturers, consultants, and environmental justice organizations have dedicated themselves to a clean energy future, while creating economic opportunities for all communities. The New York City Offshore Wind Advisory Council will work to align these efforts to best serve the future of New York City,” said Sahl. In July, New Jersey cleared the way for hundreds of wind turbines off the state’s coast in coming years. Two wind farm projects have already been approved, potentially giving New Jersey the second-most offshore wind power of any state, behind only New York. The post Mayor charges up plan to build offshore wind farms in New York waterways appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLYSep 24th, 2021Related News

L+M partners with Domain, Vorea on $88M LIC development site

L+M Development Partners has partnered with The Domain Companies and The Vorea Group to acquire a 76,000 s/f  development site in Long Island City for $88.5 million. JLL Capital Markets brokered the sale and arranged equity capitalization for the JV. The real estate service firm announced it worked on behalf... The post L+M partners with Domain, Vorea on $88M LIC development site appeared first on Real Estate Weekly. L+M Development Partners has partnered with The Domain Companies and The Vorea Group to acquire a 76,000 s/f  development site in Long Island City for $88.5 million. JLL Capital Markets brokered the sale and arranged equity capitalization for the JV. The real estate service firm announced it worked on behalf of the seller, a private property owner, and with Bridge Investment Group, which provided the LP equity for the acquisition and development of the project. Situated within an Opportunity Zone at 2-33 50th Avenue on the west side of 5th Street between 49th and 50th avenues, the site allows a total buildable area of 444,000 s/f.  The site enables the developer to create a ground-up, mixed-use residential project in Hunter’s Point. The JLL Capital Markets investment sales advisory team that represented the seller was led by NY Investment Sales Chairman Bob Knakal; Vice Chairmen Stephen Palmese and Brendan Maddigan and Managing Director Jonathan Hageman. A JLL Capital Markets Equity Advisory team working on behalf of the developers included Senior Managing Directors Christopher Peck and Andrew Scandalios, Managing Directors Rob Hinckley and Jeff Julien and Director Nicco Lupo. “The site presented Long Island City’s best rental residential development opportunity in a neighborhood ready to transcend its existing rental product,” said Knakal. “A rental property is positioned to achieve record pricing for the borough, as the site benefits from proximity to mass transit and other neighborhood amenities.” “The development team’s creativity, shared vision and swift execution was crucial to the capitalization,” Lupo added. “This development will deliver a transformative project of scale in the heart of one of New York’s most excited neighborhoods, Hunter’s Point.” The post L+M partners with Domain, Vorea on $88M LIC development site appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLYSep 24th, 2021Related News

Thoughts on Leadership: A Rescue to Remember

Keynote speaker Jessica Buchanan, a former humanitarian worker turned bestselling author, shared her story during a recent BHHS conference. Of course, the networking and seeing people in person was fantastic (the Global Conference and Meeting team does an incredible job each year), but Jessica’s talk had everyone in the room glued to their seats. It […] The post Thoughts on Leadership: A Rescue to Remember appeared first on RISMedia. Keynote speaker Jessica Buchanan, a former humanitarian worker turned bestselling author, shared her story during a recent BHHS conference. Of course, the networking and seeing people in person was fantastic (the Global Conference and Meeting team does an incredible job each year), but Jessica’s talk had everyone in the room glued to their seats. It was extraordinary. The standing ovation she received at the end of her speech was undeniably deserved. Blinded by the hot Somali sun, warmed by the head scarf wrapped around her forehead, Jessica remembers every detail of being in the Land Cruiser. It was October 2011, and she was in Somali teaching, helping children learn how to avoid land mines. It was a day like any other, until it wasn’t. Suddenly, mud splashes up on the windshield of the car. Jessica hears the harsh crack of an AK47 and the gun is then put to her head, the same one warmed by her head scarf. She doesn’t know who he is or what he wants. She doesn’t know why he’s now driving the car or where he’s going. She just doesn’t know. Her head slams against the car window. Jessica knows that no matter what happens next, her life will never be the same again. She also knows this is bad, so bad there’s no frame of reference for how bad it could be. Jessica became a Somali hostage that night, forced to sleep out in the open, given one can of tuna to eat each day. She spent hours under bushes and shrubs in a remote part of the Somali desert, attempting to shield herself from the scorching sun. She is no longer Jessica Buchanan, the 32-year-old humanitarian worker, the wife, the daughter. She is a hostage of Somali bandits, kept alive just enough for the negotiations to continue that put a $45 million ransom on her life. Her job now? To survive. Miraculously, instead of crumbling like some might in such dire circumstances, Jessica took this horror as an opportunity to reflect, to discover, to change. “Change is the author of our stories,” she said. “If you think about it, no great story has ever come about without change.” Sometimes, that change is welcomed, even initiated by our actions. Sometimes, that change chooses us. Jessica also learned that change isn’t simply one chapter in the story of life. Change wants to become the entire book. It tries to rewrite your existence, but the way to fight against change is by taking command of how that story is told. There are studies that show we become more resilient when we identify choice and autonomy during times of change. This means if we can find free will, no matter how slight, we can combat the ill effects of change. In the desert, Jessica thought about how people travel around the world to “get away,” to “find themselves,” and how they might pay thousands of dollars for flights, hotels or stays in remote huts. This was her chance to find herself, and the solitude of the desert landscape presented a unique opportunity for her to focus on controlling the change around her. From this small thought, she identified a little bit of good amid the bad. She hurt a little less, she forgave a little more. She started planning and dreaming, and she dreamed about a time when her mom, who had passed away a year ago, took her to the movies. She imagined how the popcorn tasted, how sweet the soda was, how her mom’s teeth looked when she smiled. Jessica started to set goals. The goals put her in charge. It’s day 93. She’s been in the desert for more than three months, so sick with a kidney infection she can barely stand. She’s hallucinating from the pain. On this night, the moon doesn’t appear in the sky. The stars are especially bright. She had formed a habit of looking to the stars and praying to them, although she was really praying to her mom for help. On night 93, she did the same. She asked her mom to help her. Jessica’s sleep was restless. She heard a rustling sound nearby. Moments later, the night exploded into bursts of gunfire. Jessica tucked herself into her blanket, trying to be as small as possible, trying to disappear. She was terrified. She hears a voice, bright and clear, and words spoken with an American accent: her name. “Jessica, Jessica. We’re the American military. You’re safe now. We’re gonna take you home.” What Jessica didn’t know when she was planning and dreaming and contemplating the life-altering effects of change is that the American government, and even President Obama, knew where she was and had been designing an escape. The men who rescued her were from SEAL Team Six, and they risked their lives to save her own. So, what’s the message? When you aren’t changing, you aren’t living, says Jessica. Every element of nature, of our existence, of anything that ever happens shows that change is essential to life. It took Jessica 93 harrowing days in the desert to trust change would lead her to a higher purpose, and 93 days to tell change that in this story, she decides how it ends. This article is adapted from Blefari’s weekly, company-wide “Thoughts on Leadership” column from HomeServices of America. The post Thoughts on Leadership: A Rescue to Remember appeared first on RISMedia......»»

Category: realestateSource: RISMEDIASep 24th, 2021Related News

FHFA Highlights Importance of Data Disaggregation During Hispanic Heritage Month

As we observe National Hispanic Heritage Month—a celebration of Americans with ancestors in Spain, Mexico, the Caribbean and Central and South America—we want to highlight how FHFA approaches race and ethnicity subgroup data. Latino Americans have historically faced barriers to homeownership, a problem that persists today for some Latino communities. Early land laws and other […] The post FHFA Highlights Importance of Data Disaggregation During Hispanic Heritage Month appeared first on RISMedia. As we observe National Hispanic Heritage Month—a celebration of Americans with ancestors in Spain, Mexico, the Caribbean and Central and South America—we want to highlight how FHFA approaches race and ethnicity subgroup data. Latino Americans have historically faced barriers to homeownership, a problem that persists today for some Latino communities. Early land laws and other policies promoted segregation by race and ethnicity, enacted barriers to homeownership, and perpetuated the wealth gap. Other obstacles Latinos face in the path towards homeownership include a lack of funds for a mortgage deposit. Lower down payments can result in higher interest rates and overall higher mortgage costs, which leaves less money for daily living expenses and savings for the future. Latinos who struggle with Limited English Proficiency (LEP) can also experience challenges to homeownership. Lenders are not required to provide oral translators for LEP individuals. And often, LEP borrowers will use their English-proficient child, who may not be familiar with mortgage lending terms, as a translator. As a result, this can leave the borrower without a full understanding of mortgage terms and conditions. Purchasing a home is a high-cost financial transaction that involves a great deal of liability; therefore, it is important that LEP borrowers have the same access and understanding of the home-buying process as non-LEP borrowers. In May of 2018, FHFA, Fannie Mae and Freddie Mac launched the Mortgage Translation clearinghouse. This online resource provides a repository of translated documents and tools to help mortgage industry professionals and LEP borrowers navigate the home-buying process. The collection now includes translated documents in Spanish, traditional Chinese, Vietnamese, Korean and Tagalong. The clearinghouse also offers a list of industry resources who can provide oral interpretation services to borrowers at no-cost. Furthermore, in an effort to create consistent terminology and simplify translations for documents, FHFA, in collaboration with the Consumer Financial Protection Bureau, Fannie Mae and Freddie Mac, established standardized glossaries for each translated language. Latino American subgroups, as well as Asian American and Pacific Islander subgroups, are often aggregated during data analysis. In some cases, Asian American and Pacific Islanders, and American Indian and Alaska Natives are simply categorized as “other.”  This is often due to the small sample size. These communities are far from monolithic, representing distinct cultures, immigration patterns and American experiences. Changing borders and immigration laws and policies have drastically shaped these populations by limiting when and under what circumstances migration and naturalization occurred. Both Latino Americans and Asian Americans have historically faced barriers to homeownership, a problem that continues today for some communities. Recently, the Office of Fair Lending Oversight within the Division of Housing Mission and Goals and the Division of Research and Statistics collaborated on a data analysis designed to highlight these differences. Specifically, we disaggregated data to the furthest extent possible in order to uncover trends and potential disparities that are often hidden in aggregated numbers. To demonstrate, we conducted analysis using the 2020 Home Mortgage Disclosure Act (HMDA) data published by the Consumer Financial Protection Bureau. Our analysis includes all single-family conventional and conforming loans. Figure 1 illustrates approval rates (for mortgage loans) by race and ethnicity groups. Figure 2 presents the same information with additional subgroup context. Subgroup information provides additional context for analyzing race and ethnicity data and highlights the challenges certain Latino, Asian, and Pacific Islander groups face in accessing mortgage credit. It also underscores the diversity of the American experience. For Lat​ino communities, we note that Mexican applicants have slightly higher approval rates than Latinos as a whole, but Puerto Rican and “Other Hispanic” applicants have lower approval rates. Among Asian-Americans, the Vietnamese, Filipino and “Other Asian” communities experience lower approval rates than white applicants, despite Asians, as a whole, having similar approval rates as white applicants. Similarly, when the Pacific Islander group is disaggregated, it becomes clear that Samoan and “Other Pacific Islander” applicants have significantly lower approval rates than Native Hawaiian and Chamorro applicants. Source: FHFA The post FHFA Highlights Importance of Data Disaggregation During Hispanic Heritage Month appeared first on RISMedia......»»

Category: realestateSource: RISMEDIASep 24th, 2021Related News

Berkshire Hathaway HomeServices Expands in Pacific Northwest Region

Berkshire Hathaway HomeServices recently announced its continued growth in Washington with the addition of Gala Realty Group. The brokerage will add seven real estate professionals and one office operating as Berkshire Hathaway HomeServices Walla Walla Realty. The addition marks the brand’s continued growth in The Evergreen State and the twenty-first franchise in Washington. “When I […] The post Berkshire Hathaway HomeServices Expands in Pacific Northwest Region appeared first on RISMedia. Berkshire Hathaway HomeServices recently announced its continued growth in Washington with the addition of Gala Realty Group. The brokerage will add seven real estate professionals and one office operating as Berkshire Hathaway HomeServices Walla Walla Realty. The addition marks the brand’s continued growth in The Evergreen State and the twenty-first franchise in Washington. “When I sought out to align with a brand, I had two goals in mind: first, increase the tools and technology resources I could provide to my brokers and, second, to provide bigger and better marketing opportunities for our luxury clientele,” said Sam Galano, owner, Berkshire Hathaway HomeServices Walla Walla Realty, in a statement. With Berkshire Hathaway HomeServices, we found both—plus the sophistication, growth and diversity—that I am confident will assist our footprint tremendously.” Galano joins Berkshire Hathaway Home Services with over 20 years of real estate industry experience. “We are elated to welcome such a highly-regarded team to Berkshire Hathaway HomeServices,” said Christy Budnick, CEO, Berkshire Hathaway HomeServices, in a statement. “The team that Sam has assembled effortlessly aligns with the brand’s core values of trust, integrity, stability and longevity. We look forward to advancing their businesses and complementing their talent in our quest to help people achieve their goals faster than they would in our absence.” Gino Blefari, chairman of Berkshire Hathaway HomeServices, also welcomed the company to the network, “Sam prides himself on working with a diverse clientele that appreciates his attention to detail, accountability and negotiating skills. He brings honesty, communication, knowledge and commitment to each real estate transaction, and a desire with each client to create a trusted relationship that will last a lifetime. This alliance is a match made for success.” “With the dedicated team I have and their resilience to strive in the real estate industry and serve our clients with nothing but the best, I am excited to see our growth and progress through the next year and beyond,” added Galano. For more information, please visit www.bhhs.com/wallawallarealty The post Berkshire Hathaway HomeServices Expands in Pacific Northwest Region appeared first on RISMedia......»»

Category: realestateSource: RISMEDIASep 24th, 2021Related News

Mack-Cali selling waterfront trophy for $380M

Mack-Cali is in contract to sell a trophy office tower on the Hudson River waterfront for $380 million, according to sources close to the deal. Mark Meisner’s Nanuet-based Birch Group is the buyer of 101 Hudson Street, a 1.2 million square-foot class A office tower in Jersey City which Mack-Cali... The post Mack-Cali selling waterfront trophy for $380M appeared first on Real Estate Weekly. Mack-Cali is in contract to sell a trophy office tower on the Hudson River waterfront for $380 million, according to sources close to the deal. Mark Meisner’s Nanuet-based Birch Group is the buyer of 101 Hudson Street, a 1.2 million square-foot class A office tower in Jersey City which Mack-Cali bought for $329 million in 2004. The REIT remortgaged the tower with a 10-year, $250 million loan in 2016, money that was used repay outstanding secured and unsecured debt as the company worked to streamline its suburban office portfolio to focus on its prime waterfront assets. Last year, AIG inked a deal to take a reported 230,000 s/f of space in the building, previously known as the Goldman Sachs tower. Mack-Cali declined to comment on the sale and no word yet from the Birch Group. Cushman & Wakefield confirmed its Adam Spies, Andy Merin, David Bernhaut, Kevin Donner, Gary Gabriel and Frank DiTommaso arranged the sale, but declined further comment. The sale stands out among two years of suburban office disposition at Mack-Cali. This year alone, the company has sold $549 million of suburban office buildings and newly appointed CEO Mahbod Nia has been focused on boosting the share price and rewarding investors who’ve stuck with the firm through a takeover battle and a pandemic. During the 2Q earning call he said, “We remain highly focused on our strategic objectives of simplifying the business and streamlining the balance sheet, as illustrated by the disposal of virtually all of our remaining suburban assets during the quarter, substantially in line with our pre-pandemic valuation expectations.” A Colony Capital and Northstar (NRE) alum, Nia was credited with helping NRE get its business in order ahead of a sale to AXA Investment Managers that netted a 16 percent IRR. During a summer NAREIT meeting, Nia spoke about expanding Mack-Cali’s lucrative multifamily platform beyond its core in New Jersey. He told investors during the earning call, “That comment was more centered around concentration risk and whether to the extent that we do gravitate more toward becoming a multifamily REIT, whether we should be more concentrated in our current markets or look to new markets. “We’re at the point where we’re really evaluating potential options for us in the future, but no conclusive decisions have been made at this point.” The Waterfront office portfolio – which included 101 Hudson – was 75.4 percent leased, up from 74.2 percent as of March 31, 2021, reflecting 75,500 s/f of leases signed during the quarter, including 51,600 s/f of new leases. The office portfolio also enjoyed a 2.5 percent increase in NOI from the previous year. Analysts have given the efforts a gold star. Although BTIG’s Thomas Catherwood just lowered his share price target from $30 to $26, Mack-Cali is still considered a buy. As of September, its share price was 16.65 – way below the 56 it enjoyed in its heyday during the 2000s but a major improvement on its most recent 52-week low of 10.35. Catherwood attributed the price target change to the company’s shorter hold period for its remaining office assets. He said investors could lose sight of positive near-term potential as dispositions, incremental short-term debt, COVID-impacted apartment rental rates, and recent office lease expirations result in lower earnings. The sale of 101 Hudson is likely to help Mack-Cali pay down a $400 million loan and credit facility it arranged with JPMorgan Chase Bank in May 2021. David J. Smetana, chief financial officer, said during the earning call that the company was also looking at disposal of excess land adding, “hotels probably are not part of our long-term kind of operating core portfolio. So those in total should be able to take care of the remaining line balance.” The post Mack-Cali selling waterfront trophy for $380M appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLYSep 23rd, 2021Related News

Realogy CEO Discusses Housing With NJ Congressman

Ryan Schneider, CEO of Realogy, recently sat down with Congressman Bill Pascrell, Jr., who serves as a representative for New Jersey’s 9th congressional district and is a member of the tax-writing House Ways and Means Committee. During the company’s Owner Update, the pair discussed several critical issues, including legislation to restore the full federal state […] The post Realogy CEO Discusses Housing With NJ Congressman appeared first on RISMedia. Ryan Schneider, CEO of Realogy, recently sat down with Congressman Bill Pascrell, Jr., who serves as a representative for New Jersey’s 9th congressional district and is a member of the tax-writing House Ways and Means Committee. During the company’s Owner Update, the pair discussed several critical issues, including legislation to restore the full federal state and local tax (SALT) deduction. SALT deductions, go back 156 years according to Pascrell, Jr., he said “we need to restore the SALT deduction, which is fair, which is reasonable and keeps the American Dream going, and I’m not going to stop until we do.” Pascrell, Jr., also gave an overview of some of the relevant actions currently making their way through Congress, including a bill that focuses on infrastructure financing, green energy incentives, federal aid family medical leave and the advance child tax credit. Additionally, Congress is discussing disaster relief in New Jersey and the debt ceiling extension expiration and a final plan to resolve debt. In terms of tax provisions, Pascrell, Jr., said “Putting things on the more affluent people creates the wrong attitude about wealth and how people should spend their money. We want people to think about what the creed of America is, provide equal opportunity and we’ll have a better society and a better life.” Looking at homeownership, Pascrell, Jr., said we need to understand that shelter is just as critical as food. “People will take care of their homes better if they have a piece of the action,” he said. “When they have some feeling of ownership, they’ll take care of the place better.” For more information, please visit www.realogy.com. The post Realogy CEO Discusses Housing With NJ Congressman appeared first on RISMedia......»»

Category: realestateSource: RISMEDIASep 23rd, 2021Related News

How Houlihan Lawrence President and CEO Created a Brokerage Guided by Values

Elizabeth D. Nunan President and CEO, Houlihan Lawrence, a member of Leading Real Estate Companies of the World® Rye Brook, New York www.houlihanlawrence.com Region served: Markets North of New York City, as well as Fairfield County, Connecticut Years in real estate: 30 Number of offices: 30 Number of agents: 1,335 Lesley Grand: Why is the […] The post How Houlihan Lawrence President and CEO Created a Brokerage Guided by Values appeared first on RISMedia. Elizabeth D. Nunan President and CEO, Houlihan Lawrence, a member of Leading Real Estate Companies of the World® Rye Brook, New York www.houlihanlawrence.com Region served: Markets North of New York City, as well as Fairfield County, Connecticut Years in real estate: 30 Number of offices: 30 Number of agents: 1,335 Lesley Grand: Why is the Leading Real Estate Companies of the World® (LeadingRE) network a good fit for Houlihan Lawrence?  Elizabeth D. Nunan: We’ve been members of Leading Real Estate Companies of the World® a network of 550 firms that span over 70 countries—since the beginning. While the network is invitation only, members must follow a stringent set of criteria. For sellers, our membership in LeadingRE means that they get a steady stream of homebuyers interested in being with the brokerage. We’re also members of Luxury Portfolio International, the luxury marketing division of LeadingRE. While we handle all price points and homes that range from a one-bedroom co-op or condo to an entire estate located in the back country of Greenwich, Connecticut, it’s important to note that each exclusive property deserves the highest level of service. No matter who is buying or selling, our LeadingRE membership means that we’re able to give the ultimate in all aspects of service. LG: Please describe your management style.  EN: My role is to serve the agents and employees of our company, not the other way around. That being said, everything I do is guided by our core values: integrity, building, excellence, passion and community. I took on the role as president and CEO just as COVID hit, but my management style has been consistent throughout my career. I’d also like to add that authenticity is a guiding principle of mine. I do not ask anything of anyone that I wouldn’t do myself, and I’m not afraid to roll up my sleeves and do the work. I also like to focus on the positive and practice daily gratitude. This isn’t something I’ve always done, but it makes life easier for both me and those I work with. LG: How do you attract the best agents?  EN: While our company and office culture provide unrivaled support to all of our agents, we also have very experienced office leaders who are the best in the business. In addition, our reputation and integrity are second to none. For us, being a market leader means never standing still, so we’re constantly working to make sure we give the best tools to our agents so that they can give the best service to their buyers and sellers. Chief among them is an excellent tech suite. When I first became CEO, we went from being reliant on one vendor for all of our tech services to creating a best-in-class suite of tools. LG: What are your best strategies for agent retention?  EN: I work very hard at listening and being accessible. In fact, my agents know they can call, text or otherwise get a hold of me at all times. I want to hear from our agents and know how we can help them, so we invite them to weigh in during our monthly brain trust. Our agents inspire me every day, so the least I can do is be there for them. LG: What is the one thing you hope agents say about you?  EN: That I care. I want to make sure we are providing our agents the best tools to grow their business. When the shutdown occurred, I worried about our agents making a living because they are commission-based. As it turns out, many of our agents had their best year ever in 2020. For more information, please visit www.leadingre.com. Lesley Grand is a contributing editor to RISMedia. The post How Houlihan Lawrence President and CEO Created a Brokerage Guided by Values appeared first on RISMedia......»»

Category: realestateSource: RISMEDIASep 23rd, 2021Related News

HUD: $143M in Grants Will Support Multifamily Construction for Low-Income Seniors

The U.S. Department of Housing and Urban Development’s (HUD) Office of Multifamily Housing Programs recently announced that it has awarded $143 million in grants to non-profit organizations across the country to support the development of new affordable multifamily rental housing along with ongoing project rental assistance for very low-income seniors. The awards were made under […] The post HUD: $143M in Grants Will Support Multifamily Construction for Low-Income Seniors appeared first on RISMedia. The U.S. Department of Housing and Urban Development’s (HUD) Office of Multifamily Housing Programs recently announced that it has awarded $143 million in grants to non-profit organizations across the country to support the development of new affordable multifamily rental housing along with ongoing project rental assistance for very low-income seniors. The awards were made under HUD’s Section 202 Supportive Housing for the Elderly program and will help fund the construction and operation of 1,484 new deeply rent-assisted units for low- and very low-income seniors who will pay rent based on their income.  Several of the grantees will be creating mixed-income communities, building 701 additional affordable and market-rate units as part of these funded projects, for a total of 2,185 homes. “These awards support the Biden-Harris Administration’s commitment to increase housing stability among the nation’s most vulnerable populations, including the very low-income seniors these grants will ultimately help,” said Office of Housing Principal Deputy Assistant Secretary Lopa Kolluri in a statement. Section 202 grants provide very low-income elderly persons 62 years of age or older with the opportunity to live independently in an environment that provides support services to meet their unique needs. HUD provides these funds to non-profit organizations in two forms: – Capital Advances: This is funding that covers the cost of developing, acquiring or rehabilitating the development. Repayment is not required as long as the housing remains available for occupancy by very low-income elderly persons for at least 40 years. – Project Rental Assistance Contracts: This is renewable project-based funding which covers the difference between residents’ contributions toward rent and the cost of operating the project. Section 202 program eligibility requires residents to be very low-income or earning less than 50 percent of the area median income. However, most households in the Section 202 program earn less than 30 percent of the median for their area. See the grantees receiving funding awards here. Source: HUD The post HUD: $143M in Grants Will Support Multifamily Construction for Low-Income Seniors appeared first on RISMedia......»»

Category: realestateSource: RISMEDIASep 23rd, 2021Related News