WeWork

Are WeWork’s vacancy levels inching up downtown? Company is offering big incentives to new members at Lower Manhattan locations

Could WeWork’s highly-touted occupancy levels be inching down in downtown?

The company has been offering a string of incentives, including 50 percent discounts for the first three months, on space to new members who sign on to four of its Lower Manhattan locations, at 25 Broadway, 85 Broad Street, 200 Broadway and 110 Wall Street, according to marketing materials seen by The Real Deal.

Other recent incentives include free upgrades to larger spaces and 25 percent discounts for the first six months.

While it wasn’t clear how long the discounts would last, the rent cuts point to higher-than-desired vacancy levels at some of the company’s locations downtown, where it s been gobbling up space at a fast clip. While 上海千花网交友 上海千花网论坛some of the offices, including the the Wall Street and Broad Street locations, have just opened in the past year, the 25 Broadway location was first leased by the company in 2013.

A spokesperson for WeWork, now valued at $16 billion after a fundraising round in March, said the discounts were a normal part of the company s business strategy.

It s a tactical sales incentive to drive sales and it worked, the spokesperson said, adding that the company was pleased with the progress it had made in leasing. The company declined to disclose those figures.

High occupancy levels have long been a key factor in WeWork’s appeal to investors. In a pitch deck revealed by Buzzfeed last year, the company boasted average occupancy levels of a whopping 99 percent. In the event of a downturn, it projected that occupancy would remain 上海贵族宝贝 上海千花网龙凤论坛as high as 85 percent, which is the same figure reported by competitor Regus in a healthy market.

For locations that have been open at least six months, the average occupancy was 98 percent as of February, according to recent figures quoted by WeWork’s President Artie Minson.

The co-working giant, which has 30 New York offices, also projected to investors average monthly revenues per member of $630, or $599 in a do上海贵族宝贝交流区 上海贵族宝贝论坛wnturn.

Critics have said that the company s balance sheet is vulnerable to fluctuations in the venture capital markets for tech. If the scrappy start-ups that lease spaces in its locations can’t pull in venture capital cash, they will no longer be able to afford WeWork’s expensive office space. WeWork has countered by saying it’s leasing space to professionals outside of the tech field and is taking on larger tenants to mitigate risk.

The company is also diversifying into residential and recently debuted its first co-living space, at 110 Wall. Beds in one-to-four bedroom apartments rent at $1,375 per month and private rooms start at $2,000 per month.

A recent uptick in the available for subleased space in San Francisco had led to some speculation that the tech bubble is already showing some signs of bursting. Among the companies 爱上海同城论坛 爱上海同城downsizing at WeWork locations is Mixpanel, a[……]

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5 Beekman

Fredrik Eklund and 5 Beekman in the Financial District

Is the爱上海同城对对碰 爱上海同城论坛 Financial District due for a new residential sales record?

The nearly $12 million penthouse at 5 Beekman Street is under contract, according to listing brokers Fredrik Eklund and John Gomes of Douglas Elliman, who said they believe the condo sale will set a new record for the neighborhood. The brokers declined to disclose the purchase price but Eklund said the price is very, very, very close to what developers GFI Development Company and GB Lodging were asking.

The 3,554 square foot penthouse has 16-foot ceilings, a fireplace, 360-degree views and spans the entire 50th floor of the 68-unit tower. It first hit the market asking $15.25 million in 2015, but was taken off the market. It was re-listed at $11.995 million, or $3,375 per square foot in June.

5 Beekman

To date, the priciest closed sale in the neighborhood was the $6.57 million penthouse at 150 Nassau Street that sold in 2007, according to Jonathan Miller of appraisal firm Miller Samuel.

Olshan Realty s Donn上海龙凤论坛sh1f 上海龙凤论坛a Olshan said she doesn t know of a closed sale in FiDi for north of $10 million. I see a lot of upside to this building and area, she said, adding that the Beekman Street condo was well designed.

GB Lodging and GFI bought 5 Beekman, a landmarked property formerly known as Temple Court, for $64 million in 2012. The site, along with 115 Nassau, has been converted into a 350,000-square-foot development that includes the Beekman Hotel and a conjoined condo tower. The Beekman Residences start on the 17 floor, with the 287-room hotel at the base of the tower.

Eklund said the hotel is set to open any day, and units are starting to close. That s helped the building s sales, he said.

The 爱上海同城 爱上海penthouse at 5 Beekman in the Financial District

We can walk people through the lobby and into the atrium and it s done, done, done. That helps a lot, Eklund said. Same with the units. You can see an actual kitchen and bathroom. You can touch and feel, and see the views新上海贵族宝贝论坛 上海贵族宝贝交流区.

In July, The Real Deal revealed how GFI boss Allen Gross resurrected Temple Court, largely through clever planning,上海龙凤论坛sh1f 上海龙凤论坛 some bad luck on the part of competitors and a few smart business deals.

Tags: 5 beekman street, Fredrik Eklund
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3 Sutton Place

Proposed downzoning could affect price at auction for Bauhouse s 3 Sutton Place Bankruptcy judge had ordered sale of site of planned 950-foot tower

Rendering of 3 Sutton Place (credit: Foster + Partners) and Joseph Beninati

Midtown East residents are accelerating their efforts to downzone and curb building heights in Midtown East, ahead of the auction for the Bauhouse Group’s 3 Sutton Place on East 58th Street.

Earlier this month, a bankruptc新爱上海同城对对碰论坛 上海同城对对碰交友社区y judge ordered the sale of the beleaguered site at 426-432 East 58th Street, where Joseph Beninati s firm has proposed to build a 950-foot tall tower to pay back loans on which he had defaulted.

The community group’s new zoning plan would curb building height in the East 50s along the East River at 260 feet, and the members are hoping to delay the Sutton Place project until their new zoning plan takes affect. That could affect the price at auction.

Ben Kallos, a Manhattan Council member who supports the proposal, which was spearheaded by Alan Kersh, a resident of the 47-story Sovereign Across The Street 阿拉爱上海同城 爱上海龙凤419桑拿from for-sale site, told the Wall Street Journal that he wants “to stop the march of 1,000-foot towers into residential neighborhoods.”

Kersh s apartment, at 425 East 58th Street, is 250 feet above ground, and his view would be blocked by Beninati’s tower.

Kallos has also helped block the demolition of the site. After an audit requested by Kallos, the DOB didn’t approve permits for work on the neighboring building, 426 East 58th Street, which is necessary for the demolition to proceed.

The sale of Sutton Place is meant to help pay back the $130 million in loans Beninati’s Bauhouse Group had taken from N. Richard Kalikow’s Gamma Real Estate to assemble the site. In January, Beninati defaulted on the mezzanine loan and subsequently filed for bank上海千花网龙凤论坛 上海千花社区ruptcy to prevent Gamma from foreclosing on the property.

Beninati has filed suit against Kalikow, alleging that he conspired to take control of the proj新爱上海同城对对碰论坛 上海同城对对碰交友社区ect, and Kalikow filed a suit against Beninati’s associates over their role in the project.

A judge is expected to rule on Beninati’s suit against Kalikow on Nov. 30. [WSJ] — Chava Gourarie 

T阿爱上海同城 阿拉爱上海同城ags: 3 Sutton Place, Bauhouse Group, Joseph Beninati
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Lynne Patton

Eric Trump s wedding planner to run HUD s New York programs Former Eric Trump Foundation VP has no housing policy experience

Lynne Patton爱上海同城手机版 新爱上海同城对对碰论坛 and President Donald Trump

President Trump picked Lynne Patton, a family friend with no housing policy experience, to head the federal Department of Housing and Urban Development’s Region II, which covers New York and New Jersey.

In her new role, Patton will oversee housing programs in New Y上海千花网 爱上海同城对对碰ork and b爱上海同城手机版 新爱上海同城对对碰论坛illions of dollars in taxpayer money, the New York Daily News reported.

Patton began working for the Trump family as an event planner in 2009 and took up a job as vice president at the Eric Trump新爱上海同城对对碰论坛 上海同城对对碰交友社区 foundation that same year. She planned Eric Trump s wedding.

Forbes recently reported that the foundation funneled around $1.2 million in charity money into Trump family businesses. The New York State Attorney General s office last week launched a probe into the charity.

Patton previously served as a key adviser to Housing Secretary Ben Carson and recently traveled to New York to inspect public housing facilities, but according to New York City Housing Authority chair Shola Olatoye she showed no interest in inspecting any新上海贵族宝贝论坛 上海贵族宝贝交流区 apartments or talking about federal housing programs.

According to the Daily News, Patton on her LinkedIn profile Patton claims to have a law degree from Quinnipiac University (though she also wrote  NA next to the program title). School officials said she attended just two semesters and did not graduate. [NYDN] Konrad Putzier

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Matt Damon Brooklyn

Matt Damon s move to Brooklyn could set a price record Condo unit at the Standish was last asking $16.6M

Matt Damon and The Standish (Credit: Creative Commons and CityRealty)

How do you like them condos?

Actor Matt Damon, who was previously spotted scoping out a $40 million mansion at 3 Pierrepont Place, is in contract to buy a Broo上海千花网龙凤论坛 上海千花社区klyn penthouse at the Standish on Columbia Heights, according to the Wall Street Journal. The pad was last asking $16.645 million, and if the deal closes at that price, it would set the record for priciest residential sale in Brooklyn, besting the 2015 $15.5 million sale of a townhouse in Cobble Hill on Pacific Street. The Real Deal first reported the unit s sale in late Au上海千花社区 上海千花网交友gust.

The bu上海千花网 爱上海同城对对碰ilding used to house the Stand爱上海同城论坛 爱上海同城ish Arms Hotel, and developers DDG and Westbrook Partners recently converted it into condominiums. Brooklyn architect Frank S. Lowe designed the building.

The c上海龙凤论坛 新上海贵族宝贝论坛ondo contains six bedrooms and is 6,218 square feet, with the asking price working out to $2,677 per square foot. The Standish has 33 units overall with a total projected sellout of $120 million. [WSJ] – Eddie Small

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Rick Gates

Colony fires Rick Gates after 爱上海同城 爱上海12-count indictment He served as a consultant to chairman Tom Barrack

From left: Thomas Barrack, Paul Manafort, Donald Trump and Rick Gates

Real estate firm Colony NorthStar Inc., led by billionaire chairman Thomas Barrack, fired Rick Gates on Monday following a 12-count indictment th上海夜网 阿爱上海同城at includes charges of money laundering, tax fraud and illegal foreign lobbying, Bloomberg reported.

Gates was hired as a consultant in March to advise on the firm’s data centers, radio towers and media, Barrack told Bloomberg. His week-to-week employment was subject to termination on 24 hours’ notice.

Barrack, who is a longtime friend and adviser of President Trump, had been working alongside Gates since the election when he hired Gates to be a part of the inauguration committee.

The businessman-turned-lobbyist was charged alongside Paul Manafort – Trump’s former campaign manager – in a 12-count indictment p上海千花网交友 上海千花网论坛rocured by Special Counsel Robert Mueller. Gates and Manafort surrendered to t上海贵族宝贝交流区 上海贵族宝贝论坛he FBI in the morning and have since been placed unde上海贵族宝贝交流区 上海贵族宝贝论坛r house arrest.

Gates, who is often referred to as Manafort’s protégé, has been accused of laundering over $3 million, among other crimes. If convicted, he could face up to 20 years in prison. [Bloomberg] – Natalie Hoberman

Tags: colony northstar, Donald Trump, Paul Manafort, tom barrack
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Dalian Wanda puts Chicago’s $900M Vista Tower on the market

Dalian Wanda group will put Chicago’s Vista Tower up for sale as the Chines阿拉爱上海同城 爱上海龙凤419桑拿e company offl上海千花网龙凤论坛 上海千花社区oads 上海同城对对碰交友社区 上海夜网论坛its last overseas pr上海千花网 爱上海同城对对碰operty developments, the Chica上海千花社区 上海千花网交友go Tribune reported. Wanda holds a 60 percent stake in the planned 98-story mixed-use tower and Magellan Development Group has started the construction, which is estimated to cost $900 million. As Chinese regulators crack down on foreign investments, Wanda’s billionaire owner Wang Jianlin is also looking to sell its $1.2 billion project in Beverly Hills. [Chicago Tribune]

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Hamptons Q1 home sales above $20M jump 300 percent from last year

The number of homes sales in the Hamptons jumped 20 percent in the first quarter of 2018, compared to the same period a year before, according to numbers from residential real estate firm Town and Country. There were also 300 percent more home sales closing at more than $20 million. East上海千花网龙凤论坛 上海千花社区 Hampton Village had a particularly strong quarter, with 100 percent more sales than durin上海龙凤论坛sh1f 上海龙凤论坛g the sam上海同城对对碰交友社区 上海夜网论坛e time in 2017 and the area also saw a median sales price increase of 154 percent, to $7.6 million. Behind the Hedges attributed the robust quarter to the new tax code and a strong stock market. [Behind the Hedges]上海龙凤论坛sh1f 上海龙凤论坛

Tags新爱上海同城对对碰论坛 上海同城对对碰交友社区: Hamptons
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Paul Manafort Real Estate

Manafort to forfeit five NY properties in exchange for keeping certain assets The former Trump campaign chairman swapped his Trump Tower condo for the contents of one of his bank accounts

Paul Manafort. (Credit: Achim Hepp, Getty)

After striking a plea deal Friday morning with special counsel R上海千花网龙凤论坛 上海千花社区obert Mueller s investigation in which he was to forfeit four properties, it seems Paul Manafort did a little negotiating.

He is now forfeiting five properties four in New York City and one home in the Hamptons in lieu of hanging onto the contents 爱上海同城 爱上海of one of his four seized bank accounts and his Arlington, Virginia home, according to NBC. Together, the properties are estimated to be worth a combined $21.7 million.

The four New York City properties include three Manhattan apartments (two of whic新上海贵族宝贝论坛 上海贵族宝贝交流区h are in Soho; the third is his Trump Tower pad on Fifth Avenue) and a brownstone in Carroll Gardens. NBC reported that Manafort traded his Trump Tower condo for the contents of one bank account and added a second Soho apartment to the mix in order to keep his Virginia property. All five homes will eventually hit the market.

Manafort retains about $6 million wort爱上海同城手机版 新爱上海同城对对碰论坛h of real estate holdings with other properties in Palm Beach and Northern Virginia. [NBC] Erin Hudson

Tags: Paul Manafort, Politics
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