Park Lane Hotel

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Scandal-plagued Jynwel Capital out of Park Lane partnership: sources Sal新上海贵族宝贝论坛 上海贵族宝贝交流区e of Jho Low-headed fund’s stake to Greenland removes potential legal headache for Witkoff and partners

Hong-Kong based investment fund Jynwel Capital, whose Malaysian CEO Jho Low is caught in a corruption scandal, is exiting its stake in The Park Lane Hotel, according to sources familiar with the deal. Greenland Group, which announced in late April that it has purchased a 41-percent stake in the project, is Jynwel s replacement. 

Steve Witkoff, who heads the partnership that owns the property, declined to comment for this article and has not confirmed Greenland’s investment. At the time of Greenland s April announcement, the company said it was buying its stake from Kuwaiti investment firm Al Waseet International, but did not disclose that it is ultimately replacing Jynwel.

When Witkoff, Harry Macklowe and Howard Lorber s New Valley bought the 47-story hotel on Central Park South for $660 million in November 2013, Jynwel came on board爱上海同城论坛 爱上海同城 as majority investor. The partners planned to replace the hotel with an 88-unit luxury condominium tower, but earlier this year Witkoff put those plans on hold, citing slowing demand for high-end condos.

Meanwhile, Jynwel became embroiled in the corruption scandal around Malaysia’s prime minister Najib Razak and the country’s sovereign wealth fund 1MDB. U.S. and Malaysian authorities are currently investigating 1MDB, alleging Razak and his associates used the fund as a personal piggy bank and siphoned off billions of dollars. According to prosecutors cited by the Wall Street Journal, Jynwel’s CEO Low – a family friend of Razak’s and an advisor to 1MDB – played a central role in the scheme and possibly enriched himself along the way.

In February, the New York Times reported on Low s ties to a shell company that paid $30.55 million for a penthouse at the Time Warner Center in 2011.  In September, the newspaper reported that investigators wer爱上海同城 爱上海e looking at U.S.新上海贵族宝贝论坛 上海贵族宝贝交流区 real estate assets tied to Low, and that these “could be seized if a case could be made that the properties had been purchased with the proceeds earned in corrupt practices.”

For Witkoff and his partners, replacing Jynwel with Greenland protects The Park Lane from such a fate.

Hong Kong-based Greenland Group, through its local subsidiary Greenland USA, is also developing the Pacific Park megaproject in Brooklyn in partnership with Forest City Ratner.

Tags: Greenland Group, Helmsley Park Lan阿拉爱上海同城 爱上海龙凤419桑拿e Hotel, Steve Witkoff
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Boston Properties

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Office supply surge slowing down rent growth: Owen Thomas Boston Properties CEO riffs on impact of Hudson Yards and World Trade Ce上海千花网龙凤论坛 上海千花社区nter

Hudson Yards an上海夜网 阿爱上海同城d Owen Thomas

A surge in new supply in Manhattan’s office market is starting to make a dent on rents, Boston Properties CEO Owen Thomas said during an earnings call Wednesday.

“We see availability in New York, it’s hard to push it below 10 percent and in an environment like that it’s hard to push rents certainly above inflation,” Thomas said, although he added that he considers the office market healthy amid broad-based job growth. “I think the mix of ind上海贵族宝贝 上海千花网龙凤论坛ustries is getting more diverse in a positive way.”

The real estate investment trust’s president Douglas Linde said that a growing number of landlords are offering tenants concessions in the form of buildouts and flexible lease start dates.

Boston Properties owns several Manhattan office towers, including the GM Building, and is currently developing an office building in the Brooklyn Navy Yard in partnership with Rudin Management and WeWork.

The company’s net income fell to $76.8 million in the third quarter, down from $181.4 million a year ago, which the company attributed in part to accelerated depreciation expenses on Its Off爱上海同城对对碰 爱上海同城论坛ice Building 601 Lexington Avenue.

On SL Green Realty’s earnings call last week, the company’s CEO Marc Holliday dismissed the suggestion that the surge in new supply through megadevelopments at Hudson Yards and the World Trade Center could push down rents, calling the projects a “good爱上海同城手机版 新爱上海同城对对碰论坛 thing” for the market.

Tags: Boston Properties, Hudson Yards, Owen Thomas
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Finnish Koti Paris

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On the centenary of F爱上海同城论坛 爱上海同城inland’s independence, Finnish design is 爱上海同城论坛 爱上海同城having a moment. Six impromptu Finnish koti (Finnish for home ) just opened at the Institut Finlandais in Paris to promote the work of Finland s designers.

The Parisian koti village is just o阿爱上海同城 阿拉爱上海同城ne example of an increasingly popular scheme to promote a particular architectural style. Small firms that struggle for recognition and/or cannot afford a showroom can build temporary rentals around the world to get their message out.

“The starting point was the Finnish home and especially our Finni上海同城对对碰交友社区 上海夜网论坛sh summer homes,” Linda Bergroth, the designer behind Koti told the Economist s 1843 design magazine.

The six cabins are based on the traditional Finnish guest cottages, with slatted spruce walls and pitched roofs. They were built by Jussi Nordberg, a boat-builder from south-west Finland, and Mattila Merz, a Finnish design company.

Similar projects have been created in Japan and London. No word on when Finnish design is set to arrive in NYC, but with everything Nordic en vogue at the moment, we are sure it is coming.

If you absolutely can t wait and you need comfy Finnish country stylings in the middle of Paris right now, you ll need to act fast. The koti are only available to rent for 100 days. [Economist] Christopher Cameron

Tags: Architecture and Design, Residential Real Estate
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Freddie Mac aims to get back in the black by selling modified loans

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Borrowers who had their mortgages modified after the 2008 housing crash have recovered enough to have their notes sold by Freddie Mac for $292 million to To上海千花社区 上海千花网交友wd Point Master Funding. The loans have an average爱上海 爱上海同城手机版 balance of $231,100 and are valued at 101 percent of the loan amount according to broker priced opinions, Housi爱上海 爱上海同城手机版ng Wire reported. This is part of Freddie Mac’s long-term strategy to lessen its riskier assets.  [Housing Wire]

We are having som上海贵族宝贝论坛 上海贵族宝贝e t上海千花网龙凤论坛 上海千花社区echnical difficulties. Try again later.

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Crown Building

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Revealed: Floor plans for Cro上海贵族宝贝交流区 上海贵族宝贝论坛wn Building s $100M penthouse Plans for the massive spread show multiple kitchens, two pools and a full-floor master suite

Vladislov Doronin and the Crown Building

What will $100 million buy you at the Crown Building? Five floors of penthouse living w上海夜网 阿爱上海同城ith a show kitchen, piano lounge, two swimming pools and a full-floor master suite, according to floor plans.

The crown of the building — which is being converted into a condominium and an Aman-branded hotel by Russian developer Vladislav Doronin — will span nearly 14,000 square feet, according to the offering plan, which was approved by the state Attorney General s office late last month.

Floor plans obtained by The Real Deal show the first floor of the massive spread will have a piano lounge and gallery, along with a wraparound terrace and outdoor pool. The dining room, family room, working kitchen and show kitchen will be located one flight up. There are four bedrooms and a game room on the third floor of the unit, and the master suite will span the entire fourth floor. The top floor of the penthouse has a pool, lounge and steam room, plans show.

(Click to expand)

This is a unique product, Doronin told Bloomberg in October. I don t see any competition, because for the moment, we don t have any similar buildings.

Although the offering plan did not include prices, a one-bedroom with 1,149 square feet will be priced at $5.9 million, or $5,134 per square foot, Bloomberg reported上海夜网 阿爱上海同城. A three-bedroom measuring 4,384 square feet will ask $26.6 million, or $6,067 per foot. And a four-bedroom with 6,287 square feet is set to ask $58.3 million, or $9,273 per foot.
Plans also indicate there will be five studio上海贵族宝贝 上海千花网龙凤论坛 apartments on the 15th floor of the buil爱上海同城手机版 新爱上海同城对对碰论坛ding. Five condos — including the penthouse — will have outdoor pools.

The 83-room hotel is expected to have a three-story spa spanning 22,000 square feet, an Aman member’s club, a jazz club, cigar bar and several eateries.

Doronin teamed up with broker-turned-developer Michael Shvo to buy the upper floors of the Crown Building for $475 million in 2015. Plans call for converting the top portion of the building into an 83-key Aman hotel and 20 luxury condos.
As of Sept. 13, Shvo was not involved in marketing the project, which is being developed by Doronin s OKO Group LLC. Shvo still has an equity stake in the project.

Tags: NYC Luxury Market, penthouses, Residential Real Estate
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Bridgeport casino plans get political as tribes want to compete with MGM

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The Mashantucket Pequot and Mohegan tribes, which operate 爱上海同城 爱上海Foxwoods and Mohegan Sun casinos, are jumping into the competition for a proposed casino in Bridgeport. It’s a move that ups their battle with MGM Resorts International, which is pushing its own $675 million gambling and entertainment plan for Bridgeport. Doubling down on Bridgeport’s future, Mohegan Sun also announced that it will schedule concerts and sporting events at Webster Bank Arena.爱上海同城手机版 新爱上海同城对对碰论坛 No casino will be bu爱上海同城 爱上海ilt in Bridgeport, however, without a state law change, meaning that all interested parties will be putting big bets on lobbying when the General Assembly convenes in 爱上海同城 爱上海February. [The Day]

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Jerry Wolokoff

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Vilified in Queens and protested in Islip, the tenacious developer of Heartland Town Square faces a fight at every turn — but the octogenarian isn’t budging

Jerry Wolkoff (Photo by Steven Sunshine)

Battle mode may come with the territory when building Long Island’s largest proj上海同城对对碰交友社区 上海夜网论坛ect since Levittown.

Jerry Wolkoff, the often prickly developer behind Islip’s Heartland Town Square megaproject, has skirmished with labor unions, tangled with school boards and combated county officials as he has worked for nearly two decades to create a mini-city on former hospital grounds.

The efforts can seem akin to pushing a large rock up a hill. Indeed, 17 years have elapsed since the $4 billion project was announced, and no new buildings have yet gone up. And a lawsuit from the local Brentwood school district filed this fall still stands in the way, even as Wolkoff recently scored a key rezoning to allow part of the project to proceed.

But feeling under siege is not a new state of affairs for Wolkoff, who in February was slapped with a hefty $6.7 million fine by a judge上海龙凤论坛sh1f 上海龙凤论坛 for prematurely destroying artful graffiti at his 5Pointz上海千花社区 上海千花网交友 rental project in Queens.

“The ruling is wrong, and I plan to appeal,” said the developer, who appears careful not to unnecessarily antagonize rivals but is also prone to tossing off phrases like “it’s insane” and “it makes no sense” about those who oppose his plans.

However, if Wolkoff, 81, who’s developing Heartland with his sons, David and Adam, wasn’t so brash, Heartland might not have made it even this far, observers said.

“It needed someone with a strong stomach, because there was going to be attacks by lots of people,” said Mitch Pally, the chief executive of the Long Island Builders Institute, a trade group. “You also have to have a lot of money to pay the consultants to get you to the finish line.”

To guarantee success for a project that promises a staggering 9,100 apartments, it’s likely helpful that Wolkoff rarely gives an inch on his positions, even if that recalcitrance can frustrate those looking for middle-ground solutions.

“If you had someone who would roll over with every request and demand over the years, Heartland probably would not be economically viable,” said Eric Alexander, the director of Vision Long Island, a planning advocacy group.

Moving in phases

Designed to ultimately contain apartments, 3 million square feet of offices and 1 million square feet of retail, plus assorted parks and possibly a hotel and aquarium, Heartland is planned to cover 452 acres at the junction of the Long Island Expressway and the Sagtikos Parkway in the Brentwood neighborhood.

Once home to Pilgrim State Hospital, the largest mental-health facility in the world when opened in the 1930s, the property was host to more than 13,000 patients at its peak. But the complex dramatically downsized over the years, and today, the hospital — known as Pilgrim Psychiatric Center — is relegated to a cluster of brick buildings on about[……]

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McGraw

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McGraw-Hill inks lease for 136K sf at 1上海千花网交友 上海千花网论坛325 Sixth Avenue Publisher will occu爱上海龙凤419桑拿 上海龙凤论坛sh1fpy fifth through ninth 新上海贵族宝贝论坛 上海贵族宝贝交流区floors and part of 12th floor
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Hudson Companies

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Hudson Companies planning 152-unit project for Cypress Hills Building at 265 Logan Street would s上海龙凤论坛sh1f 上海龙凤论坛pan about 280K sf

Hudson Companies CEO David Kramer and 265 Logan Street in Brooklyn (Credit: Google Maps)

Hudson Companies has pre-filed plans for a 152-unit mixed-use building in Cypress Hills.

The building at 265 Logan Street will stand 12 stories tall and span about 280,000 square feet, split between roughly 271,000 square feet of residential space and 9,000 square feet of commercial space, according to the Department of Buildings.

Hudson Companies declined to comment on the project.

Phipps Houses is also working on a project in Cypress Hills—a section of East New York—with a 403-unit affordable housing development at 3301 Atlantic Av上海千花网论坛 上海千花网enue.

Other East New York projects include a 240-unit affordable rental buildin爱上海同城 爱上海g from Monadnock Development as part of the large Nehem上海夜网论坛 上海夜网iah Spring Creek project and a 235-unit building from Radson Development at 2858 Linden Boulevard.

Hudson is also working on projects at 1 Clinton Street in Brooklyn Heights, where they are planning to build 134 condominiums on the former site of the Brooklyn Heig阿拉爱上海同城 爱上海龙凤419桑拿hts Library, and in the South Bronx, where they are spearheading the massive La Central project with almost 1,000 new housing units.

Tags: brooklyn, Commercial Real Estate, hudson companies
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Michael Cohen

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Michael Cohen pleads guilty to lying about a Russia Trump Tower deal The new plea centers around real estate negotiations with Moscow

Michael Cohen and Trump Tower at 725 5th Avenue (Credit: Getty Images and Wikipedia)

President Trump’s former attorney Michael Cohen has pleaded guilty to a new criminal charge.

Cohen, at a court hearing, said he made false statements to Congress about a Trump Tower deal in Moscow during the 2016 presidential campaign, the New York Times reported. The deal has been a focus of special counsel Robert Mueller’s investigation into the Trump campaign’s ties to Russia.

Cohen said he downplayed his interactions with Russia about the potential project a爱上海同城论坛 爱上海同城nd made false statements about the 新爱上海同城对对碰论坛 上海同城对对碰交友社区negotiations, according to the report. The negotiations never led to a finalized deal.

His appearance in Manhattan court on Thursday morning came as a surprise. He s slated to be sentenced in two weeks on other charges. In exchange for the new guilty plea and continued cooperation, he may爱上海龙凤419桑拿 上海龙凤论坛sh1f hope to receive a lighter sentence.

Last year, Cohen emailed Russian President Vladimir Putin’s spokesperson asking for help getting a real estate project in Moscow approved, according to a previous report. Cohen claimed that he wrote the email at the urging of Felix S阿爱上海同城 阿拉爱上海同城ater, a developer who heads the Bayrock Group which co-developed the Trump Soho. Cohen reportedly said he didn’t hear back and the project was abandoned.

Cohen previously pleaded guilty to felony counts of fraud and campaign finance violations. The charges included failing to report $4.1 million in income to the Internal Revenue Service between years 2012 and 2016, including $100,000 in brokerage commissions.

Over the summer, Cohen sold stakes in two apartment buildings in the East Village and Upper East Side totaling $12.9 million. At 133 Avenue D, Cohen sold four stakes to his joint venture partner in the building, Vintage Group, for $4 million, according to filings. He sold four stakes at 330 East 63rd Street to Vintage for $8.9 million. [NYT] — Meenal Vamburkar

Tags: Commercial Real Estate, michael cohen, trump organization
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