US Housing Starts

US housing starts rebound in April after sluggish Q1 New housing construction up nearly 7% last month but down 2% from April 2015

Housing starts in the U.S. picked up 6.6 percent in April, in a welcom上海千花网交友 上海千花网论坛e rebound from what was a slow first quarter for new housing construction nationally.

The nearly 7 percent jump in new starts from the previous month was primarily driven by the Midwest r上海千花网龙凤论坛 上海千花社区egion and the multifamily housing sector, in particular. New building permit applications – an indicator of future cons上海同城对对碰交友社区 上海夜网论坛truction starts – were also up 3.6 percent in April.

Despite interest rates that remain at historic lows and job creation that has continued at a steady pace, newly built home sales had a sluggish first quarter and dropped for the third consecutive month in March, according to the Wall Street Journal.

And there is also concern that new applications for building permits, while on the rise, have lagged behind new housing starts as of late.

But hou上海千花网 爱上海同城对对碰sing starts continue to show strength, with single-family home construction up more than 3 percent in April from the previous month and new multifamily building starts up nearly 11 percent month-on-month.

While housing starts in April were nearly 2 percent below their April 2015 numbers and permits were down more than 5 percent year-on-year, the overall picture爱上海同城对对碰 爱上海同城论坛 over the first four months of 2016 is much rosier.

Overall starts were up more than 10 percent from the first four months of last year, with single-family starts up nearly 17 percent. New multifamily starts, meanwhile, are down more than 2.3 percent from the first four months of last year. [WSJ] – Rey Mashayekhi

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WeWork

Bowing to pressure, WeWork tells workers they can co-unionize National Labor Relations Board argued parts of the 22-page handbook were unlawful

WeWork space in Brooklyn Heights (credit: WeWork) and Adam Neumann

It doesn t always have to be a labor of love at WeWork. The co-working giant settled a dispute with the National Labor Relations Board late last week, agreeing to inform workers that they have the right to form a union and discuss wages.

The labor relations board said in August that WeWork’s policies, laid out in its 22-page employee handbook, unlawfully banned workers from discussing wages and unionizing. In one section, titled “Do the right thing,” employees were to ask themselves “how would I feel if it made headlines in news outlets,” when determining if their behavior was appropriate. The NLRB also grumbled about a section called “outside activities,” in which employees were told not爱上海同城论坛 爱上海同城 to pursue certain activities if they “create a conflict of interest that may interfere with the objective exercise of judgment in the best interest of WeWork.”

The company, founded in 2010 and valued at $16 billion in March, agreed to make the changes on Friday as part of the settlement, first initiated by the Local 153 union, Bloomberg reported. WeWork will email employees and post notices around offices explaining that federal law gives people the right to unionize. A spokesperson told Bloomberg that it didn t believe the handbook unlawfully banned legal activities, but will “make sure this language is absolutely clear.”

Although it s settled the dispute with the NLRB, WeWork has another labor beef to deal with. A former employee, Tara Zoumer, said she was fired from her上海贵族宝贝交流区 上海贵族宝贝论坛 job af上海夜网 阿爱上海同城ter she refused to sign an arbitration agreement with the firm. Zoumer unsuccessfully tried to enlist colleagues to file a class-action lawsuit for overtime pay, but a company policy that pushed disputes toward arbitration ended those efforts.

It has not been smooth sailing for the company 上海贵族宝贝交流区 上海贵族宝贝论坛lately. Earlier this year, a leaked document revealed it has downgraded profit projections by 78 percent. Company plans to expand into co-living operations have also been scaled back, amid higher-than-expected construction costs.

In July, The Real D爱上海同城对对碰 爱上海同城论坛eal took a deep dive behind the strange logic of WeWork s ginormous valuation. [Bloomberg] Miriam Hall

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New York Supreme Court rules against Sag Harbor in “Half House” dispute

It may not be as endearing as the Tanner house on “Full House,”阿拉爱上海同城 爱上海龙凤419桑拿 but one tiny “half house” on Jermain Av上海千花网交友 上海千花网论坛enue has pitted a property owner against the Sag Harbor Board of Historic Preservation Architectural Review,上海贵族宝贝论坛 上海贵族宝贝 or ARB. Julian Ellison, the owner of the 1,600-square-foot property, filed a lawsuit against the ARB after the board repeatedly denied his application to expand the home without naming specific problems with the proposed changes. And Sag Harbor s historic review board is at fault, State Supreme Court Justice Joseph Pastoressa ruled 新爱上海同城对对碰论坛 上海同城对对碰交友社区last month. He ordered the Village Board to specify reasons of its rejection, effectively annulling its denial of上海千花社区 上海千花网交友 Ellison’s application. [27East]

Tags: Hamptons
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Sunset Tower Hotel

The new Shahs of Sunset: Behind Jeff Klein s deal to bring in Len Blavatnik as partner on Sunset Tower Hotel Klein will continue to manage 81-key celeb hotspot

From left: Jeff Klein, the Sunset Tower Hotel and Len Blavatnik (Getty, JK Hotel Group)

Good news for L.A.’s glitterati. The Sunset Tower Hotel the see-and-be-seen hotspot whose Tower Bar hosts enough A-listers to keep the city s gossip rags in business  won’t be going anywhere for now.

Not only is hotelier Jeff Klein staying involved in his celebrity hotspot, he has brought on Len Blavatnik, the billionaire industrialist behind luxe hotels such as the Four Seasons Grand Hotel du Ca上海千花社区 上海千花网交友p Ferrat, as his partner爱上海同城 爱上海.

Blavatnik’s Access Industries partnered with Klein to buy out his former partner, an entity connected to Thai billionaire Thosapong Jaruthavee, for roughly $100 million in a deal that closed Tuesday, sources told The Real Deal.

Klein will continue to manage the day-to-day operations of the 81-key Art Deco hotel at 8358 Sunset Boulevard under the new partnership, he told TRD.

In March, Klein unexpectedly exercised a right of first offer (ROFO) to buy out his former partner’s 80 percent stake in the property. then immediately reached out to Jonah Sonnenborn, who leads Access’ real estate division.

“Jonah was my first call,” Klein said, adding that the two had known each other since Sonnenborn was at Dune Capital Partners.

Page Six first revealed that Blatvanik was the partner involved on Tuesday.

Access, whose portfolio includes the One Only resort in the Bahamas, had poked around the Sunset Tower when the Jaruthavee entity s 80 percent stake first hit the market, Klein said, but did not close on the deal. 新爱上海同城对对碰论坛 上海同城对对碰交友社区The hotelier held out for their bid this time around, despite the four other potential partners interested.

“Not only did I feel like I was the prettiest girl at the dance with five suitors, but I also went with my first choice, which was the best proposal not the highest offer,” he said.

Klein has long owned 20 percent of the Sunset Tower. As part of the Access deal, sources said he s increased his stake to closer to 50 percent. Klein, however, declined to comment on this.

“The actual number is irrelevant,” he said.

There is other gossip swirling around the hotel stake trade. In addition to the suitors that Klein mentioned, a Saudi investor is rumored to have made a verbal offer for $125 million. Sources said Klein’s former partner wanted to accept the offer, which came with the stipulation that the investor move into the top three floors of the hotel, removing 20 rooms from the property. Klein refused to accept the offer, angering the Jaruthavee entity, who felt it was the most profitable option for all involved, according to sources.

Klein declined to comment on the Saudi talks, as did a representative for E.R. Hollywood, the Jaruthavee-related holding company.

Klein and Blavatnik plan to renovate the guest rooms, the terrace and pool area at the property this fall, but wi[……]

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David Snider

David Snider pushed out as Compass CFO Flywheel’s Craig Anderson to join startup next week

Craig Anderson and David Snider

David Snider, Compass’ chief financial officer and one of the main architects of the brokerage s venture-capital raising machine, is leaving the firm, The Real Deal has learned.

In his place, the venture-backed startup has tapped Craig Anderson, a former COO and CFO of the cycling chain Flywheel, who will assume the post Sept. 5. Anderson will report to CEO Robert Reffkin and will facilitate the startup s hypergrowth, Compass said in a statement.

Snider, an alumnus of Bain Capital, was among the firm s earliest hires, coming on board as head of finance and operations. He later became the company’s COO and CFO, roles he held until this year when Compass hired Maëlle Gavet, a top executive from Priceline, to be COO.

With Gavet on board, Snider moved into a pure CFO role. During his tenure, Compass raised over $225 million from investors, most recently at a $1 billion valuation. Sn上海龙凤论坛sh1f 上海龙凤论坛ider was one of the key people involved in raising the rounds, according to sources familiar with the company.

Compass confirmed the CFO transition early Wednesday. Robert and the board made the decision that we need an experienced CFO who is a fit with our culture, said Julie Binder, Compass head of communications.

Anderson, who helped expand Flywheel to 40 locations, previously served as president and COO of Opt-Intelligence, an online advertising exchange. He also worked at the Blackstone Group in its restructuring and reorganization group.

In addition to Anderson, Compass has made several C-suite hires this year, including Gavet 上海贵族宝贝论坛 上海贵族宝贝and Madan Nagaldinne who will be the company s chief people officer. Binder joined the startup in January.

In a statement Snider said he was grateful to have worked with the company s founding team for four and a half years. “Compass continues to achieve unprecedented growth and its future is bright,” he said. Snider plans to return to Bain, where he will be an executive in residence working on the venture capital team in New York.

Sources said that several weeks ago, Reffkin approached Snider to inform him that Compass had st新上海贵族宝贝论坛 上海贵族宝贝交流区arted looking for his replacement. “We were all shocked,” said a source at the firm, who added that Snider was highly regarded at the brokerage and among investors. The source cited tension between Snider and other executives — specifically Gavet — in recent months. “It was noticeable,” the source said. “She has very strong ideas of what needs to be done.”

Tags: compass, Residential Real Estate, Robert Reffkin
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Greenwich Peninsula

This developer is planning to build a $9.5B city in London And they’re going ahead come what may with Brexit

(Mai-Linh Doan, back; Pixabay, front)

Knight Dragon Developments plan for its 150-acre property in East London is to spend the next 25 years building a $9.5 billion new city across f新上海贵族宝贝论坛 上海贵族宝贝交流区rom the UK capital s Can上海同城对对碰交友社区 上海夜网论坛ary Wharf.

Knight Dragon bought the large property, now known as Greenwich Peninsula, in 2013 and, four years later, the project has some condos designed by SOM near completion while work on a park and subway is underway, according to Bloomberg. The project, which is about 10 percent complete, will be built in stages with different architects commissioned to design each phase 阿拉爱上海同城 爱上海龙凤419桑拿of about 1,000 housing units and public amenities, like a movie theater.

Greenwich Peninsula is being considered a development that could drastically change London regardless of whether the city contracts or expands following Brexit at a scale of inf爱上海龙凤419桑拿 上海龙凤论坛sh1fluence no development has enjoyed since the post-World War Two era. The master planning for the site is being led by Allies Morrison.

Though the plan and land purchase were both put into motion before Brexit, Knight Dragon is no新上海贵族宝贝论坛 上海贵族宝贝交流区t changing their plans.

“Things like Brexit are unwelcome,” Knight Dragon CEO Richard Margree told Bloomberg. “But saying, ‘let s sit back and let the momentum leak out of our boots?’ That would be a tragic mistake.”

[Bloomberg] E.K. Hudson

Tags: brexit, London
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Rooftop farm would cap proposed Boston residential development

Bo上海千花网龙凤论坛 上海千花社区ston Real Estate Co上海贵族宝贝论坛 上海贵族宝贝llaborative is proposing a unique amenity fo上海夜网论坛 上海夜网r its 54-unit residential development on North Beacon Street: a rooftop farm. Designed by Francke | French Architects, the farm would support a “hyper-local” agricultural program. Plans submitted to the Boston Planning Development Agency i爱上海同城 爱上海nclude 16 condos, 38 apartments and an underground 上海夜网 阿爱上海同城parking garage. [Boston Herald]

Tags: National
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192 Lexington Avenue

Gorjian Real Estate is buying 192 Lexington for $90M-plus 17-story NoMad office property was at center of suit over guardianship

192 Lexington Avenue and Justin Gorjian (Credit: 192lex and Getty Images)

The Gould estate is in contract to sell a 17-story office building along Lexington Avenue in NoMad for north of $90 million, The Real Deal has learned.

The buyer is the Gorjian brothers’ Gorjian Real Estate Group, sources familiar with the deal said. The price per square foot would come out to about $640.

The roughly 140,000-square-foot property, located at 192-196 Lexington Avenue at the c爱上海同城论坛 爱上海同城orner of East 32nd Street, is almost fully occupied. Denise Caminite serves as the trustee of the estate of the late Amelia Gould, a landlord and art collector who owned the building for decades, court and property records show.

Jeremy Nazarian and Graham Stephen上海千花网交友 上海千花网论坛s (Credit: LinkedIn)

An HFF team led by Andrew Scandalios and Graham Stephens is representing the seller, and Jeremy Nazarian of Venture Capital Properties is representing the buyer. The brokers declined to comment, and neither the buyer nor the seller could be immediately reached.

The building was recently at the center of阿爱上海同城 阿拉爱上海同城 a lawsuit in Nassau County District Court in which Caminite was accused of moving to seal the guardianship case file while Gould, to whom she is not related, was incapacitated. Caminite was also accused in the lawsuit of “financial exploitation” and “Svengali-like manipulation,” the New York Law Journal reported. A judg ruled in September that Caminite failed to show good cause for sealing them. Gould died shortly after the ruling.

Several brokerages such as Colliers International and Cushman Wakefield appear to have handled property management on behalf of the estate for years, records show.

The building houses several law firms including Roth Roth, Goldberg Fliege上海贵族宝贝论坛 上海贵族宝贝l and Marian Polovy Law. Mattress Firm recently opened a store at the base of the building, which also has the address of 128-132 East 32nd Street. Asking rents range between the high $40s and low $50s per square foot.

Elsewhere in the area, GDS Development signed a 99-year lease for one of NoMad’s few unbuilt lots at 1241 Broadway and AJ Property Management put an office building at 231-239 West 2新爱上海同城对对碰论坛 上海同城对对碰交友社区9th Street on the market for $125 million.

Tags: Commercial Real Estate, gorjian properties
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Mike McKee

Activist Mike McKee to subpoena lawmakers, real 新上海贵族宝贝论坛 上海贵族宝贝交流区estate donors in RSA defamation suit The landlord lobbying organization sued McKee for $40M earlier this year

From left: Douglas Durst, Jeff Klein, Mike McKee, and Joe Strasburg (Credit: Getty Images, iStock, Bryan Terry via City State and Facebook)

TenantsPAC treasurer Mike McKee, who was hit with a $40 million defamation suit in June by the Rent Stabilization Association, is now planning to subpoena both state senators and real estate figures.

The tenant advocate is seeking communications to prove his assertion that the landlord lobby group RSA promised $150,000 in contributions to three state senators in 2010, the New York Daily News reported.

If McKee follows through with the plan, subpoenas would be sent to current Democratic State Senators Jeff Klein and David V阿爱上海同城 阿拉爱上海同城alesky, as well as to former senators Craig Johnson and Darrel Aubertine. Additionally, McKee plans to subpoena former head of the Real Estate Board of New York Steven Spinola, the developer Douglas Durst and lobbyist Richard Runes, who is best known for his work for developer Glenwood Management.

A spokesperson for Klein told the News that, Campaign contributions do not, and have never influenced any of Senator Klein’s policy decisions Mike McKee is an incompetent, mean-spirited hack who sets the tenants rights movement back 30 years.

McKee, however, seems to relish the opportunity.

“The landlord lobby has opened a big can of worms with this lawsuit and we’re going to empty that can,” he told the News. “We’re going to use the discovery process to rip the veil off the connection between the real estate money and Albany legislation.”

In its original lawsuit, RSA accused McKee of seeking to expose RSA to public contempt, ridicule, aversion, disgrace, hatred, distrust and contempt when McKee stated at a May City Council meeting that RSA made contribution assurances to elected officials in exchange for specific votes on rent-related matters.

A review of state election records by The Real Deal did not turn up direct contributions of $150,000 from RSA to the three senators in q上海千花网龙凤论坛 上海千花社区uestion (Aubertine, Johnson and Valesky.) At the time the 爱上海 爱上海同城手机版lawsui阿爱上海同城 阿拉爱上海同城t was filed, however, McKee insisted the quid pro quo occurred.

They bought off three Democratic Senators,” he told TRD. [NYDN] — Will Parker

Tags: Politics, Rent Regulations
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