Union Square Retail

Union Square Retail

NYX Cosmetics inks first Manhattan lease in Union Square Youth-focused chain joins MAC, Sephora, Bluemercury and Fresh in neighborhood

Beauty brand NYX Cosmetics signed a lease for a new store on Union Square West, a space formerly occupied by a Starbucks outpost, several people familiar with the transaction told The Real Deal.

The 2,800-square-foot space is on the ground floor of Brause Realty s 75,000-square-foot commercial building at 41 Union Square West, at the corner of East 17th Street. The lease was signed earlier this month.

The California-based brand, which was acquired in 2014 by Paris-based L’Oreal, has two upcoming stores in New York City one set to open later this month at Brooklyn’s Kings Plaza, and the 上海千花网交友 上海千花网论坛other sl新爱上海同城对对碰论坛 上海同城对对碰交友社区ated to open July 1 at Queens Center Mall in Elmhurst.

The youth-focused chain chos爱上海同城对对碰 爱上海同城论坛e a location close to New York University and nestled among a concentration of cosmetics stores ringing Union Square, including Fresh, Bluemercury and Sephora, each within a block of the new location. On the south side of Union Square, Estee Lauder’s MAC inked a lease at the Feil Organization s 853 Broadway two years ago.

The total asking rent was about $1.6 million per year. On a per-square-foot basis, the ask was about $600, sources said.

Newmark Grubb Knight Frank s Jeffrey Roseman, who represented Brause on the deal, said other types of retailers were eying the spot, including burger restaurant Shake Shack and coffee purveyor Nespresso.

Karen Bellantoni and Robin Sande, both of RKF, represented NYX. Bellantoni declined to comment, while NYX did not respond to a request for comment.

Tech firms have a large and growing presence in the Union Square area, and their workforce is skewed to younger people. That s in addition to students from NYU and the New School, located nearby. Those people, said David Brause, of Brause Realty, are focused on looking and feeling good. He noted the huge number of gyms, yoga studios and healthy eating options sur上海千花网交友 上海千花网论坛rounding the square.

He said a youth-focused beauty brand fits in with that trend.

“There are lots of winners and losers in retail right now, but the winners seem to be those in health, beauty and [fitness] fashion,” he said.

Tags: Newmark Grubb Knight Frank, union square
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BlackRock

上海龙凤论坛sh1f 上海龙凤论坛BlackRock targets Huds新爱上海同城对对碰论坛 上海同城对对碰交友社区on Yards for 上海夜网论坛 上海夜网new HQ Asset management giant 上海夜网论坛 上海夜网is looking for as much as 1M sf of office space

A rendering of the Spiral and 50 Hudson Yards (Inset: Larry Fink)

BlackRock has set its sights on Hudson Yards for a new headquarters as big as 1 million square feet.

The company currentl上海龙凤论坛 新上海贵族宝贝论坛y rents around 700,000 square feet in two buildings Fisher Brothers and Soho China’s 55 East 52nd Street and Rudin Management’s 40 East 52nd Street. The lease at 55 East 52nd is due to expire in 2023. In February, The Real Deal reported BlackRock had tapped a JLL team led by Peter Riguardi to find a new, larger office space.

By July, the company had shortlisted three possible new locations: The Durst Organization’s One World Trade Center, the Related Companies and Oxford Properties Group’s Hudson Yards, and Brookfield Property Partners’ Manhattan West. The company is also still holding onto the option of staying at its current location.

But, according to Crain s, BlackRock is now considering two proposed towers in the Hudson Yards neighborhood. One is 50 Hudson Yards, developed by Related and Oxford, which is located on West 33rd Street and 10th Avenue. The other is Tishman Speyer’s building, the Spiral, which is planned for one block north of 50 Hudson Yards and will span 2.85 million square feet.[Crain s] Miriam Hall

Tags: blackrock, Hudson Yards
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One Vanderbilt SL Green

SL Green floats idea to move JPMorgan to 1 Vanderbilt Complicated deal would swap space for bank’s HQ at 383 Madison and 270 Park

James Dimon, One Vanderbilt and Marc Holliday

SL Green Realty is floating a plan to move JPMorgan Chase from two buildings it owns in The Plaza 上海同城对对碰交友社区 上海夜网论坛District to the landlord’s under-construction One Vanderbilt tower.

The bank is considering SL Green’s proposal to essentially swap its headquarters at 383 Madison Avenue and 270 Park Avenue for space at the 1.7 million-square-foot building under construction overlooking Grand Central Terminal.

Decision makers at JPMorgan are open to the idea, but haven’t started negotiations with SL Green, the Wall Street Journal reported.

One of the challenges in luring the bank to the new property is that since JPMorgan owns its buildings, it’s not under any pressure to move. The bank did make it clear, however, that it would be open to relocating when it negotiated a package of tax incentives to move to the Related Companies’ Hudson Yards megaproject –阿拉爱上海同城 爱上海龙凤419桑拿 a deal that fell apart in late 2014.

During a call with investors last Monday, SL Green’s Marc Holliday said the developer was working on a deal to sell a 28 percent stake in One Vanderbilt to a foreign investo爱上海龙凤419桑拿 上海龙凤论坛sh1fr. TD Bank is anchoring the under-construction tower.

The city’s biggest office landlord pulled of a blockbuster deal with another Wall Street firm earlier this year when it sold Citigroup its headquarters at 388-390 Greenwich Street in Tribeca f上海千花网论坛 上海千花网or $2 billion. [WSJ] – Rich Bockmann

Tags: JPMorgan Chase, One Vanderbilt, sl green
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Income Averaging

WATCH: The principals of Slate discuss why they re all for income averaging Partners say it woul上海龙凤论坛sh1f 上海龙凤论坛d broaden the scope of affordability with the LIHTC

Slate Property Group founders Martin Nussbaum and David Schwartz recently visited T上海千花网论坛 上海千花网he Real Deal s offices, where they voiced support for income averaging at properties that qual上海千花网交友 上海千花网论坛ify for the Low Income Housing Tax Credit, or LIHTC.

As it stands, an individual s income at buildings that receive the tax credit cannot exceed 60 percent of the area s median inco上海千花网交友 上海千花网论坛me. The new method would allow developers and landlords to combine that figure among all tenants thus opening the door to ultra low- and middle-income earners.

So you could do some at 30 percent, some at 40 percent, some at 100 percent, Schwartz said. I think in New York we have a huge homeless crisis, so we have to hit these very low income people, and at the same time, I think the middle class has been priced out of New York.

Watch the above video for more insight, 上海夜网论坛 上海夜网and click here to see the full interview.

Tags: affordable housing, low-income housing, Rent Regulations, Slate Property Group, The Real Deal Studio
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NYC Rental Applications

Why nearly a quarter of Manhattan rental applicants get rejected The borough has the seventh highest rejection rate for would-be renters in the entire country.

Manhattan has the seventh highest rejection rate for would-be renters in the entire country. (Wikimedia Commons)

Manh阿拉爱上海同城 爱上海龙凤419桑拿attan is one of the hardest places to get an apartment no surprises there but the borough has hit a new level of unattainable with this recent statistic: Manhattan has the seventh highest rejection rate for would-be renters in the entire co上海龙凤论坛sh1f 上海龙凤论坛untry.

Though about 75 percent of applicants once they find an apartment get appro爱上海同城对对碰 爱上海同城论坛ved, almost a q上海龙凤论坛sh1f 上海龙凤论坛uarter are rejected, and about $23,000 in annual income separate them: the average renter approved in Manhattan is earning about $63,000 per year compared to the average rejected applicant earning about $40,000, according to a recent study by RENTCafé.

The study noted income wasn’t the sole factor most of the time; paying rent on time, a history of accounts in default or collection, or involvement in a case before civil courts all weighed heavily on landlords decision to accept or reject a prospective tenant.

[RENTCafé] E.K. Hudson

Tags: Manhattan Rental Market, NYC Landlords, NYC Rental Market
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WeWork

WeWork to pay $785M for Blackstone s UK office complex PE firm bo爱上海龙凤419桑拿 上海龙凤论坛sh1fught Devonshire Square in 2012

Devonshire Square, Adam Neumann and Jonathan Gray

The ink is barely dry on WeWork’s deal to buy the Lord Taylor building in Midtown, but the co-working giant is already in talks to buy its next trophy property.

WeWork agreed to buy the Blackstone Group’s London office complex Devonshire Square for around $785 million, Bloomberg reported.

The British East India Company developed the 12-building, 620,000-square-foot campus between 1768 and 1820. Blackstone bought it in 2012 for around 340 million pounds, or around $450 million, and renovated it.

WeWork plans to take over the management of the entire complex and hired Eastdil Secured to find an acquisition loan. The co-working giant leases its properties, but earlier this year it launched a real estate investment fund in partnership with private equity firm Rhone Group to buy buildings outright.

On Tuesday, news broke that WeWork and Rhone agreed to buy the Lord上海夜网论坛 上海夜网 Taylor building in Midtown for $850 million.  阿爱上海同城 阿拉爱上海同城[Bloomberg] Konrad Putzier 

Tags: blackstone group, Commercial Real Estate, London, 上海贵族宝贝交流区 上海贵族宝贝论坛wework
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Xceligent

Paydirt: RIP Xceligent, Xinyuan’s shrinkage and other industry news you need to know this week

From left: Doug Curry, total home sales, year-by-year and John Liang (click to enlarge chart)

Ex新爱上海同城对对碰论坛 上海同城对对碰交友社区it through the gift shop: “At this point all employees should pack up their personal belongings and exit the building within the next thirty minutes.”

With that, one 上海同城对对碰交友社区 上海夜网论坛of the fiercest wars in the real estate information space came to a quick and brutal end. Xceligent, which sought to challenge CoStar as commercial property data’s alpha dog, was put down by its owner, Daily Mail and General Trust. DMGT, citing Xceligent’s lukewarm debut in New York and disappointing renewal rates, had written the value of the firm down to zero last month, and I’m guessing they no longer wanted to hemorrhage money on Xceligent’s lengthy and expensive legal battle with CoStar, which alleged that its rival was engaging in “industrial scale theft.”

CoStar couldn’t resist a bit of grave-dancing. In a statement after the shutdown, it said Xceligent “failed as a result of business missteps over two decades,” adding that it stood by “ready to help Xceligent’s former customers.” And in ominous news for DMGT, it appears that CoStar will battle on: The company has indicated in court filings that its lawyers will now turn their attention to DMGT and its umbrella companies.

While the bankruptcy has stayed the case against Xceligent, CoStar will continue legal efforts to hold accountable those involved in the theft of its intellectual property,” a CoStar spokesperson said Friday. On Sunday, CoStar founder and CEO Andy Florance even gave a victory-lap interview to Bisnow, in which he touted the firm’s legal wins, provided some homespun wisdom about business ethics (“You learn at school that you don’t just take someone else’s paper and write your name on it and submit it as your work ), but declined repeatedly to comment on CoStar’s infamous mailing campaign.

Manhattan condo report card: The new development sector carried Manhattan’s luxury residential condo market to record highs for the past three years. But 2017 has been a comedown of sorts: Sales volume in the sector will fall 13 percent year-over-year to $8.1 billion, according to new year-end projections from CityRealty, largely due to fewer clos上海千花社区 上海千花网交友ings in ultra-luxury projects (2016’s numbers, for example, were bolstered by all the closings at 432 Park) Still, the overall residential market performed just about as well as last year, with CityRealty projecting a total sales volume of $25.9 billion (compared to $25.8 billion in 2016). As always, closings are more a sign of how the market was than how it is, so always keep an eye out for in-contract activity.

Xinyuan slashes XIN: Xinyuan is one of the more closely-watched Chinese companies in the New York real estate market, because it did a lot more than just write checks. It aimed to be the first true Chinese condo developer in the city, making a mark with innovativ[……]

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Waterfront mansion in Greenwich sells for $14.5M

上海贵族宝贝交流区 上海贵族宝贝论坛The mansion at 51 Glen Avon Drive sold for $14.5 million, marking another deal at the upper end of the rebounding Fairfield County luxury market. Built in 2009, the 8,916-square-foot home 上海千花网龙凤论坛 上海千花社区had been listed with David Ogilvy Associates for $15.9 million since April 2017, and the unnamed buyer was represented by Houlihan Lawrence agent Ellen Mosher. The 1.5-acre prop上海贵族宝贝 上海千花网龙凤论坛erty 阿爱上海同城 阿拉爱上海同城also features a pool house, outdoor kitchen and a dock on Cos Cob Harbor. [FBJ]

Tags: Westchester Fairfield
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Michael Lilikakis

Developer Michael Lilikakis planning resi building in Sheepshead Bay Pr上海千花网龙凤论坛 上海千花社区operty at 2633 Ocean Avenue will sta上海龙凤论坛sh1f 上海龙凤论坛nd eight stories tall and span 42K sf

2633 Ocean Avenue

Developer Michael Lil上海千花网 爱上海同城对对碰ikakis is joining the residential boom in Sheepshead Bay.

Lilikakis filed plans with the Department of Buildings on Friday for an eight-story, 60-unit building at 2633 Ocean Avenue. The project would span 42,000 square feet, split between about 38,000 square feet of residential space and 4,000 square feet of commercial space.

The site is currently a vacant lot, and Lilikakis previously filed plans for a 10,000-square-foot commercial building in 2012. The property has been in the Lilikakis family since at least 1985, property records show.

Lilkakis did not respond to a request for comment.

Sheepshead Bay has recently seen a condominium boom, with large residential projects arriving from companies including Ryback Development, Muss Develop阿拉爱上海同城 爱上海龙凤419桑拿ment and AvalonBay Communities. Bentley Zhao is also planning a 56-unit condo project wi上海夜网 阿爱上海同城th a $43 million sellout at 2128 Ocean Avenue.

Tags: Development
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U.S. Home Prices

U.S. home prices grow at slowest rate in two years: report July’s growth rate was the slowest since September 2016

Seattle. (Credit Pxhere, Flickr/Maëlick)

The rate of price growth for homes across the country cooled in July for a fifth consecutive month, according to a recen上海同城对对碰交友社区 上海夜网论坛t Redfin analysis.

The national median sales price grew at an annual rate of 5.3 percent last month (with median value logged at $307,400), as the brokerage noted in its report cited by Mansion Global. July s slowdown is notable for上海龙凤论坛sh1f 上海龙凤论坛 reaching a low not seen since September 2016.

Seattle, Por上海千花社区 上海千花网交友tland and San Jose were among housing markets wher新上海贵族宝贝论坛 上海贵族宝贝交流区e slower growth was particularly noticeable with respective rates at 8 percent, 4 percent and even 19.3 percent all of which were city lows in their own right.

After several years of shrinking inventory and unsustainable price growth, I’m enco上海千花社区 上海千花网交友uraged by these changes, said Redfin s senior economist Taylor Marr.

Nationwide, homes sold three days faster in July with a median of 35 days on the market as sales increasing 4.1 percent. Inventory dropped 5.4 percent. [Mansion Global] Erin Hudson

Tags: Home Prices, redfin, Residential Real Estate
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