Sam Applegrad buys 135-unit Bronx rental complex for $25M The seller, MacQuesten Development, built Palmer Court Homes in 2001
3300 Palmer Avenue
Sam Applegrad’s Skyc Management picked up a 135-unit multifamily complex in the Bronx known as the Palmer Court上海夜网 Homes for nearly $25 million, according to property records filed with the city Monday.
The Bronx-based landlord shelled out $24.6 million to buy the buildings at 3300 and 3310 Palmer Avenue from MacQuesten Development, records show. The complex is located in the northeast Bronx neighborhood of Eastchester.
The purchase price 阿拉爱上海同城 works out to $182,222 per unit. All 135 apartments are rent-stabilized units, property tax records show.
Neither Applegrad nor MacQuesten could be immediately reached for comment. The Westchester-based MacQuesten, which develops both affordable and market-rate projects, built the 180,000-square-foot garden-style apartments in 2001 at a cost of $18 million, 上海千花社区 according to its website.
Applegrad, who owns more than 30 properties, recently bought thre阿拉爱上海同城 e mixed-use buildings in the Bronx for $34.3 million from Dalan Management, which is scaling back its footprint in the borough and Northern Manhattan in order to redeploy capit上海千花网龙凤论坛 al in Chelsea and the West Village.
Meanwhile, MacQuesten filed plans in February to build a 130-unit rental project in East New York.
Tags: Dalan Management, the Bronx
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With Chines上海千花网论坛 e investment in U.S. real estate continuing at an accelerated rate, The Real Deal is heading back to China this November for our second-ever Shanghai forum and showcase.
The event, which will take place at five-star Jing An Shangri-La Hotel from Nov. 17 to 19, is the largest event of its kind to ever be held in China. Our 2016 event will bring prominent industry professionals and investors from the United States to Shanghai, including former New York 爱上海龙凤419桑拿 City Mayor Rudy Giuliani, who will be delivering this year’s keynote address.
U.S. Ambassador Charles Gargano will participate on one of our many panels, which will compliment workshops and more than 100 exhibits of residential and commercial developments. Last year’s event welcomed key industry players from New York, Miami and Los Angeles, including Eliot Spitzer, Steve Witkoff, Miki Naftali and Ifei Chang,爱上海 to name a few.
A report issued this spring said Chinese investment in existing U.S. real estate assets爱上海同城对对碰 could total more than $218 billion from now until the end of 2016. The Real Deal’s U.S. Re上海夜网论坛 al Estate Forum and Showcase will provide an arena for dealmaking and relationship-building, with an event that will be bigger and even better than last year.
For more information about programming, contact Heather Grossmann at [email protected]. For sponsorship opportunities, contact Ross Fox at [email protected].
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Dodd-Frank and drones: How DC’s real estate lobby is preparing for President Trump Real estate’s K Street arm likely to push new regime heavily on tax, CFPB reform
Donald Trump and K Street in Washington, D.C.
When Donald Trump heads to Washington, D.C. next year, he’ll have the power to influence – both 上海千花网交友 at the White House and the agencies he appoints leaders to – a long laundry list o阿爱上海同城 f issues important to the real estate industry. The docket could include tax reform, the Dodd-Frank act and even drones, the unmanned aerial vehicles industry pros use to snap photos, inspect properties and help maintain buildings.
Lobbyists in Washington have held meetings this year regarding drones with the Federal Aviation Authority, the National Telecommunications and Infrastructure Agency and the White House Office of Science and Technology, lobbying disclosures show all of which are offices Trump will appoint or nominate leaders to.
“The reason the White House is important is because the White House appoints these people,” said Kenneth Trepeta, head of the Washington, D.C.-based Real Estate Services Provider Council lobbying group. “The new administration under President-elect Donald Trump , who wanted to repeal the Dodd-Frank law, will have tremendous influence.”
And when he gets there, Trump will find an active lobby ready to press the flesh.
Kash Group buying Morgans Hotel for condo conversion Shlomo Bakhash’s firm and Shel Capital in contract to pay $41M for 237 Madison
From left: Morgans Hotel at 237 Madison, Shlomo Bakhash, FelCor s Steve Goldman and JLL s Jeffrey Davis
Shlomo Bakhash’s Kash Group, in partnership with Shel Capital, is in contract to acquire the Morgans Hotel, which it plans to convert into a micro-unit condominium, the firms confirmed to The Real Deal.
Kash and Shel are expected to close next month on the $41 million purchase of the 17-story, 117-key property at 237 Madison Avenue, located between East 37th and 38th stre爱上海 ets, in Murray Hill.
The real estate investment firms are converting the hotel into about 90 condo units on the upper floors, as well as a ground-floor restaurant and three floors of either hotel rooms or corporate housing. The micro condo units will average 300 to 325 square feet in size and $700,000 to $750,000 in asking price. There will also be a triplex penthouse condo with an undetermined asking price, Bakhash said. Utilizing 1,500 square feet of extra FAR, the firms plan to slightly expand the property to about 77,000 square feet, he added.
After the hotel and the deal close, Kash and Shel, led by Rony Kravel and Jonathan Bakhash, plan to launch the conversion immediately, they said. The price comes out to about $530 per square foot.
The four-star ho上海夜网论坛 tel is one of the assets that Texas-based real estate investment trust FelCor Lodging Trust has been looking to sell.[……]
Greed is good even in suburbia Large investment firms are betting big on single-family homes in the US suburbs
Big companies banking on homeownership rates staying low are scooping up suburban single-family homes across the country.
Firms like American Homes 4 Rent, Colony Starwood Homes, Progress Residential and Streetlane Homes have spent $40 billion buying 200,000 houses to rent out across the United States, the Wall Street Journal reported, Citing Data From Green Street Advisors. However, they still own less than 2 percen爱上海同城手机版 t of American rentals.
In the Tennessee town of Spring Hill, those four investors own nearly 700 houses, tax records show. That’s around three-quarters of the homes that are available to rent in the town, the local Realtors’ Association told the newspaper.
The companies are relying on homeownership keeping down and rental prices continuing to rise. American homeownership is at a 5上海龙凤论坛 0-year low, according to the Journal.
“The rental stigma has really subsided,” Michael Cook, the operations chief Streetlane Homes, which owns about 4,000 houses. “People are realizing that houses are not necessarily the best places to store wealth.”
Big爱上海同城 investment firms previously focused on apartment buildings, office towers, shopping centers and warehouses. But during the financial crisis, when millions of homes were sold in foreclosure auctions, they started picking up homes to rent out. Thomas Barrack Jr. and Barry Sternlicht, who combined their holdings int[……]