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Home Ownership

Owning a home isn t all rainbows and butterflies: report All too often, homeowners forget that a property is an asset

A home in Salinas, California (credit: Wikipedia Commons)

From the Los Angeles website: Maybe it’s time to love your home less?

After all, it is possible, for the emotional attachment of of your house to eclipse more practical matters — your overall finances.

For instance, homeowners tend to always expect that their homes will inc上海千花网 爱上海同城对对碰rease in value, so爱上海同城论坛 爱上海同城 that they stubbornly refuse to lower their asking price and subsequently risking the possibility of not selling at all, according to a recent report in the Wall Street Journal.

A study in the Quarterly Journal of爱上海龙凤419桑拿 上海龙凤论坛sh1f Economics observed that homeowners make the mistake of latching onto the price they paid for their home without any regard for the prospect of depreciation.

Another example is the tendency to overlook factors such as commute time and proximity to social activities in favor of physical features. Many people move to bigger homes that are farther away from work, but the tradeoff may not be even.

The Journal cited a 2008上海贵族宝贝 上海千花网龙凤论坛 study in the Scandinavian Journal of Economics that found people who had longer commutes were essentially less happy that those with shorter commutes.

“If you’re moving to a place far away from your friends, but it has nicer stuff, it’s not a great deal for your happiness,” Elizabeth Dunn, a psychology professor at the University of British Columbia, told the paper.

Other mistakes that homebuyers make include forgetting to account for furniture when making the decision to purchase and not having the foresight t上海龙凤论坛 新上海贵族宝贝论坛o understand that owning a house can, in fact, be stressful. [WSJ] Cathaleen Chen

Tags: home sales, homeownership
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Yankee Stadium Financing

Yankees seeking $1.04B refi for stadium Team used public funds to construct cit爱上海龙凤419桑拿 上海龙凤论坛sh1fy-owned stadium in 2009

Yankee Stadium in the Bronx

The Yankees are looking to reload their bases.

The team is looking to refinance Yankee Stadium for $1.04 billion, according to documents filed with the New York City Industrial Development Agency, the financing arm of the New York City Economic Development Corporation.

The agency, which controls the Bronx property through a ground lease with the city and in turn leases the stadium to the Yankees, issued two rounds of tax-exempt bonds in 2006 and 2009 to fund construction of the 54,000-seat ballpark. The initial principal balance of those two issuances totaled $1.2 billion. The sports team is now asking the IDA to issue a new round of tax-exempt bonds to refinance the stadium, according to agency s upcoming meeting agenda.

The original plan to build a new home for the Bronx Bombers faced pushback on many fronts, not the least of which was controversy over a ruling by the Internal Revenue Service that allowed the sports team to use public debt to finance its stadium.

Sports stadiums were ineligible to use tax-exempt private activity bonds since 1986, when an amendment sponsored by Senator Daniel Patrick Moynihan of New York was enacted.

The city found a loophole, howeve上海同城对对碰交友社区 上海夜网论坛r, by structuring the deal in a way that had the stadium pay off the debt service through payments in lieu of real estate taxes (or PILOT payments) as opposed to rent.

The IRS has since changed its policies, and such a structure cannot be used today to finance stadiums.

A representative for the IDA wasn’t available for comment. Sources said the Yankees are probably trying to take advant阿拉爱上海同城 爱上海龙凤419桑拿age of low interest rates now that the property has become stable.

The credit rating agency Moody’s in June upgraded the stadium’s rating, based in part on its “proven resiliency through variable team performance and economic cycles” and ability to generate excess cash flows.

Moody’s had pr上海千花社区 上海千花网交友eviously downgraded the stadium’s rating back in 2013, pointin爱上海同城论坛 爱上海同城g to a three-year decline in ticket sales that resulted in a nearly 20 percent drop in revenues.

The IDA has a public hearing scheduled for Sept.15 to discuss the refinancing proposal.

Tags: Industrial Real Estate, yankees
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Stamford

The beaut爱上海同城对对碰 爱上海同城论坛y and wellness brand known for Dr. T上海千花网龙凤论坛 上海千花社区eal’s bath care, Bodycology, Calgon and other personal care products has been sold by private equity firm Yellow Wood Partners to CVC Capital Partners for $1.425 billion, according to the Stamford Advocate. Yellow Wood, which had purchased the company in a five-year partnership agreement, reported that profits from 上海千花网交友 上海千花网论坛PDC, whose world headquarters are at 6 High Ridge Park in Stamford, quadrupled over the course上海千花网论坛 上海千花网 of their ownership of the company. [Stamford Advocate]

Ta爱上海同城 爱上海gs: Westchester Fairfield
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Midtown East Rezoning

Midtown East (Credit: Getty Images)

The City Council s Land Use committee on Thursday unanimously approved the revised proposal to rezone Midtown East, complete with changes to air rights pricing and requirements for new public spaces.

The vote brings the rezoning proposal inches from the finish line after several months of crawling through the land use review process. The full council — which typically abides by the subcommittee s vote — is expected to vote Aug. 9.

Changes to the proposal — which were 上海龙凤论坛sh1f 上海龙凤论坛approved by the subcommittee on zoning and franchises earlier in the day — include decreasing the public s cut of air rights sales. For development rights transferred from landmarked buildings in the district, $61.49 per square foot or 20 percent of the sale — whichever is greater — must be set aside for the public realm improvement fund. That puts the price of these deals at roughly a minimum of $307.45 per square foot, down from the initially proposed $393 per square foot.

Council member Dan Garodnick said the higher floor price threatened to chill transactions, but that setting a minimum was an appropriate back stop to ensure the public gets a set amount per transaction.

The Real Estate Board of New York and the Archdiocese of New York a large landowner in the district were unhappy with the change, saying that the cut didn t go deep enough. REBNY had previously pushed for a floor price of $179 per square foot.

This is what we call a fair compromise, Council member David Greenf新上海贵族宝贝论坛 上海贵族宝贝交流区ield said Thursday afternoon. When everyone around the table is not happy, it means we probably got it right.

Other changes to the original proposal included excluding five blocks along Third Avenue — 46th through 51st streets — from the rezoning. Residents of Turtle Bay had pushed for the east side of the avenue to be excluded from the rezoning since much of the area is residential. While they can t build larger than what exists on their sites, owners of buildings al爱上海同城 爱上海ong this stretch of This Avenue can rebuild their properties to their existing size.

The rezoning is e上海贵族宝贝 上海千花网龙凤论坛xpected to create 6.5 million square feet of new office space in the district over the next two decades. Developers can take advantage of the rezoning — which ups the allowed floor area ratio (FAR) in the district — by either buying from a pool of 3.6 million square feet of landmarked air rights or making specific transit infrastructure improvements.

The Bloomberg administration shot down an earlier attempt to rezone Midtown East in November 2013 after it became clear that the administration didn t have the support of the City Council. At the time, Garodnick had a major hand in stopping the proposal dead in its tracks.

It delivered a lot of certainty to the real estate community, but not a lot of certainty to the public, Garodnick said.

The current proposal, he said, corrects a major flaw of its predecessor by ensuring that specific infrastructure projects are completed in exchange for[……]

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Blackstone Mortgage Trust

爱上海 爱上海同城手机版Blackstone Mortgage Trust grows port爱上海 爱上海同城手机版folio to record $11B Mortgage REIT expects tax reform boost

Stephen Plavin

Blackstone Mortgage Trust grew its loan portfolio by 16 percent to a record $11.1 billion amid strong lending in 2017.

The mortgage real estate investment trust issued $1.2 billion in new loans in the fourth quarter and $4.8 billion over the entire year up 37 percent from 2016.

The growth comes amid an increase in competition am上海千花网论坛 上海千花网ong non-bank commercial real estate lenders, particularly in New York. A number of real estate investment firms have launched mortgage platforms in recent years, with Slat阿爱上海同城 阿拉爱上海同城e Property Group being the latest addition. Blackstone Mortgage Trust’s CEO Stephen Plavin estimated that loan spreads shrank by 50 basis points over the past year.

“I wish some of the competitors would fall out of the market,” Plavin joked during the company’s earnings call Wednesday. “We haven’t seen it.”

The company’s executives sounded upbeat on the overall state of the commercial real estate market, predicting that lower corporate tax rates could boost office leasing. Tax reform also has a more immediate impact on mortgage REITs by granting shareholders a 20 percent deduction on dividends. “We’re excited to see the impact of federal tax reform on our business,” the firm’s CFO Anthony Marone said during the call.

The public REIT is one of two major commercial mortgage businesses controlled by the Blackstone Group, along with private fund manager Blackstone Real Estate Debt Strategies.

Overall, 22 percent of Blackstone Mortgage Trust s loans went to New York City pro上海龙凤论坛sh1f 上海龙凤论坛perties, executives said on the call Wednesday.

On Tuesday, Blackstone announced that it had elevated real estate head Jonathan Gray to president and COO and appointed his top deputies, Kathleen McCarthy and Ken Caplan to replace him.

Blackstone s real estate division is the private equity firm’s largest by assets and generated roughly half of its pretax profit last year.

Tags: blackstone group, Commercial Real Estate, Real Estate Finance, Reality TV
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11 Hancock Place

This developer is aiming for a $91M sellout for a Harlem condo project 11 Hancock Place will have 71 resi units, a filing shows

A rendering of 11 Hancock Pl上海千花网论坛 上海千花网ace with money (Credit: iStock and CityRealty)

Developer Chaim Nortman is seeking a $91.25 million sellout for his Harlem development at 11 Hancock Place, a filing with the New York state Attorney General’s office shows.

The condo building will have 71 residential units and include commercial space, according to the offering plan. The developer filed a “test the market” application earlier this year, allowing it to start some marketing activities before drafting a complete offering plan.

The development company and developer’s attorney couldn’t immediately be reached for comment.

Plans previously filed with the Department of Buildings show the structure will have about 74,000 square feet of r爱上海同城 爱上海esidential space and roughly 21,000 square feet of commercial. The building will include bicycle storage and pri阿爱上海同城 阿拉爱上海同城vate roof terraces.

Nortman bought the LaGree Baptist Church at 362 West 125th Street in 2016 and later demolished it. In January, he bought additional air rights and filed updated construction permits for a new 12-story building阿爱上海同城 阿拉爱上海同城, designed by Issac Stern Architects.

Prior to 11 Hancock Place, Nortman invested in rentals in Harlem. In 2016, he sold a seven-building portfolio of multifamily buildings上海千花网龙凤论坛 上海千花社区 for $37 million.

Other churches in Harlem have also sold to developers in recent years. Last year, Metropolitan African Methodist Episcopal Church sold its building at 58 West 135th Street to billionaire Moujan Vahdat for $10 million — though records show Vahdat eventually paid only $1.25 million. Morning Star Pentecostal Chapel at 308 West 133rd Street will also become a condo building after developer Levy Balkany bought the property for $4 million.

Tags: Development, Real Estate Finance
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David Beckham Miami

Beckham-led上海千花网论坛 上海千花网 group should have registered as lobbyists in MLS stadium bid: Lawsuit Miami attorney alleges the city ignored its own lobbying laws and violated the charter in leadup to November referendum

From left: Jorge Mas, Marcelo Claure, and David Beckham (Credit: Getty Images)

The city of Miami is facing another lawsuit stemming from David Beckham s bid to build a Major League Soccer stadium.

This time around, a local attorney is alleging the city broke its own lobbying laws when dealing with the group behind the star soccer player-turned investor s bid. In the November referendum, voters g爱上海同城手机版 新爱上海同城对对碰论坛ave the green light to move forward with plans for the site, at the Melreese Country Club.

David Winker charges the city failed to require Beckham, his partners and his attorneys to register as lobbyists, according to the Daily Business Review.

In July, attorney Douglas Muir alleged in a lawsuit that the city didn’t follow its competitive bidding rules for the referendum.

Beckham and his partners aren’t just planning to build a soccer stadium for their Major League Soccer team. Their $1 billion project also calls for at least 750 hotel rooms and a minimum of 1 million square feet of office, retail and commercial space.

The ballot initiative waived competitive bidding for the property, and allows the city to negotiate and execute a 99-year lease with Miami Freedom Park LLC, an entity that includes the retired soccer star, Sprint CEO Marcelo Claure, and brothers Jorge and Jose Mas, for about 73 acres of the Melreese golf club site.

The latest lawsuit claims some Miami city officials behaved more like “PR agents and cheerleaders” for the stadium instead of demanding more transparency over who controls Miami Freedom Park LLC. Winker alleges that Beckham and his partners only registered as lobbyists after Winker filed an ethics complaint last year. Winker is also alleging the city violated a ch上海贵族宝贝论坛 上海贵族宝贝arter requirement for competitive bidding of the Melreese site.

The city said it’s working with the ethics department to ensure it complies with codes. An attorney for Miami Freedom Park called the allegations “fri上海千花网 爱上海同城对对碰volous” and meritless, according to the Business Review. [DBR] — Katherine Kallergis

Tags: city of miami, Commercial Real Estate, david beckham, lawsuits, mls stadium Lennar’s Miller family sells Star Island estate at huge price chopWhy listing a home in the first week of April may up your priceHomebuying start-up Perch raises $220M in new funding roundState agency approves bond issue to finance V上海千花网论坛 上海千花网irgin Trains expansion to…
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Anna Delvey

Con artist who tried to scam Fyre Festival founder owes lawyers $250K for botched real estate deals Woman known as Anna Delvey racked up some fees in her attempt to rent 281 Park Ave South

281 Park Avenue South and Anna Sorokin (Credit: Google Maps and Getty Images)

A socialite grifter who 新爱上海同城对对碰论坛 上海同城对对碰交友社区posed as a German heiress was上海同城对对碰交友社区 上海夜网论坛 able to scam banks, other con artists and white-shoe law firms out of hundreds of thousands of dollars.

Anna Sorokin, who goes by Anna Delvey, has more than $250,000 in unpaid legal fees she allegedly owes Gibson Dunn Crutcher LLC, Perkins Coie LLC and Lowenstein Sandler LLC on various real estate deals. According to court documents, she accrued $160,000 in fees at Perkins Coie in her effort to lease space at Aby Rosen s 281 Park Avenue South, where she planned to open an arts club.

The deal fell through after Sorokin allegedly sent her real estate agent a questionable screenshot showing a $20 million bank balance. Assistant Manhattan District Attorney Catherine McCaw said the account was closed for months actually had a negative $2,000 balance. Sorokin also tried twice in 2015 to rent a two-bedroom, full-floor apartment at the Neil Denari-designed HL 23 building but could never pay up.

While she isn’t charged, prosecutors asked a judge to allow the legal bills to be entered into evidence, the New York Post reported. But Judge Diane Kiesel barred the testimony from the trial after Sorokin’s lawyer, Todd Spodek, argued that the legal bills were too prejudicial.

Sorokin also failed to pay 上海夜网论坛 上海夜网Gibson Dunn $65,000 after a partner represented her in a failed $22 million bank loan application. And she racked up another $30,000 at Lowenstein Sandler. She reportedly even tried to scam Fyre Festival organizer Billy McFarland, who conned festival goers himself.

Sorokin is facing charges of grand larceny, attempted grand larceny and theft of services. She has pleaded not guilty. Jury selection began Wednesday afternoon in Manhat上海夜网论坛 上海夜网tan Supreme Court. [NYP] — Meenal Vamburkar

Tags: Aby Rosen, High Line, Residential Real Estate
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Airframe still differs a lot of PS4 ” be as high as hassle task NEXT ” ended operation 19 years in March

Palace of the dream austral 10 thousand generation announces today, the PS4 below the banner is online the movement shoots play ” be as high as hassle task NEXT ” will end operation formally on March 28, 2019, player of vermicelli made from bean starch still does not have those who collect to complain read aloud airframe to fasten kink. · ” be as high as hassle task NEXT ” it may be said is a money land PS4 platform be as high as work, game itself is to belong to athletics of the group on the line of 5vs5 to play a way. All those who be as high as work is newest can come on stage stage by stage with classical airframe attend a war, and battle regulation and field also can let time ceaseless get rid of the stale and bring forth the fresh. Make the operation that had ended PS3 edition formally on June 28 originally, data will adopt a young relative arrives PS4 edition. And newest ” be as high as hassle task NEXT 2 ” also will gone up in July line! · newest incident ” level matchs FINAL ” at the same time on December 20 today open, book ended on January 31, 2019, the player participates in an activity besides can obtain RP of more level check the number, more airframe blueprint also will drop, be the opportunity that makes player last time collect originally it seems that. [……]

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Final illusion adds up to Switch transplanting edition cassette of game of collect use 32GB

Our 3DM has reported before ” final illusion 10 ” , ” final illusion 10-2 ” and ” final illusion 12: Ecliptic times ” 3 game will land XboxOne and Switch platform in April, above the transplanting job of 3 game is Weidashi is in charge of. Recently, media worked technically to undertake interviewing to this company with respect to the transplanting of Switch edition. We also received more detail from which, used the game cassette of 32GB for instance. Above all, SQUARE ENIX is in second half of the year found Weidashi to transplant certainly 2017 ” final illusion 10 ” , ” final illusion 10-2 ” and ” final illusion 12: Ecliptic times ” 3 game. Weidashi the respect is transplanting began formally to work in December 2017. In transplanting ” final illusion 10 ” , ” final illusion 10-2 ” and ” final illusion 12: Ecliptic times ” 3 game arrive when Switch platform, they also encountered a few problems, the problem that nevertheless 64 data change is before transplant in development Switch edition ” astral catenary: Atelasi’s battle ” in had encountered. Main problem still is game capacity. ” final illusion 10 ” , ” final illusion 10-2 ” and ” final illusion 12: Ecliptic times ” the primitive data capacity of 3 game exceeded 50GB, so large size is put far from possibly in cassette of game of a piece of Switch, accordingly development staff of Weidashi undertook analyse and be modificationed to game data, affecting picture effect and game finally to read the case that takes rate to fall, put 3 game in the game cassette of a piece of 32GB. Besides, switch transplanting edition still added the feeling screen operation of PSV, and can support key-press map. ” final illusion 10 ” , ” final illusion 10-2 ” and ” final illusion 12: Ecliptic times ” 3 game will land XboxOne and Switch platform in April, game supports Chinese. [……]

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