Tawan Davis

Tawan Davis jumps to RE investment firm after messy break with Peebles Former CIO is new chief executive of Steinbridge Group

Tawan Davis, the former Peebles Corporation executive accused of misusing company information to land another job, found a new gig, two months after leaving the Miami-based development firm.

Davis is the new CEO of Steinbridge Group, a real estate investment firm that deploys capital for a group of unnamed private family and international investors, he told The Real Deal.

The firm is focused on acquiring income-producing properties in gateway markets such as Washington, D.C., Boston and New York City and is in the midst of finalizing the acquisition of $500 million in assets, he said.

The company is focused on bridging the gap between the mid-market deals scooped up by small private developers and the giant deals eyed by large institutions.

“We’re looking at orphan deals,” he said. “The vast majority of capital for core plus deals is raised by a handful of mega-funds that have to write very large checks and, on the other hand, there are smaller local investors that top out at around $50 million to $100 million. We’re interested in the mid-range, $100 million to around $400 million, where there aren’t as many bidders.”

In New York 新上海贵族宝贝论坛 上海贵族宝贝交流区City, the firm is looking to invest in area新上海贵族宝贝论坛 上海贵族宝贝交流区s such as NoMad, the Penn Plaza district and Long Island City, he said.

Davis, a former executive vice president at the New York City Economic Development Corporation, ju[……]

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Real Estate Reading List

Real estate pros share picks for books on consumer culture, strategies for selling and Bruce Springsteen

Ryan Fitzpatrick
Managing d爱上海同城对对碰 爱上海同城论坛irector, Town Residential’s Flatiron office

What are you reading?
“Small Data” by Martin Lindstrom.  The crux of the book is that by looking at “small data” points, Lindstrom extrapolates important insights about human behavior, much of it economic in the sense that it pertains to how and why people in different countries and cultures do what they do, including why they buy or don’t buy certain products.

What spurred you to read that book?
This book is both a fascinating insight into one of the leading minds of marketing as well as a critical reminder that God is in the details. Paying close attention to the granularity of data is key to anticipating future trends and success.

Has anything else you read in it stuck with you?
As a non-citizen coming to the U.S., Lindstrom, who hails from Denmark, provides a useful lens through which to understand and reassess certain attributes of American culture and behavior.

Derek Bestreich
President, Bestreich Realty Group

What are you reading now?
“How to Master the Art of Selling” by Tom Hopkins.

What spurred you to read that book?
Thi爱上海同城对对碰 爱上海同城论坛s is actually my third time reading this book. I had recommended it to a few of the brokers in our organization, and they saw value in it. As a result, we decided to have our entire company read and discuss a chapter each week. We are using the book as a “training textboo[……]

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The Real Deal Events

Resi rumble: Liebman, Lorber to face off at TRD s showcase and forum Broker爱上海同城 爱上海age rivals join lineup at The Real Deal’s NYC real estate event on May 15

Click here to buy tickets

The Corcoran Group CEO Pamela Liebman and Douglas Elliman chairman Howard Lorber will sit down one-on-one during The Real Deal s NYC Real Estate Showcase and Forum on Monday, May 15 at 12:30 p.m.

The two residential rivals led TRD s most recent rankin爱上海同城对对碰 爱上海同城论坛g of the city s top Manhattan firms, with Elliman edging out Corcoran with the highest number of agents, number of listings and listing dollar volume.

The industry heavy-hitters will duke it out during our 10th annual showcase and forum, which kicks off at noon at the Metropolitan Pavilion in Chelsea. 爱上海同城论坛 爱上海同城To catch the conversation, as well as three information-packed panels and a sneak peek of the hottest projects around town, buy your tickets today.

Here s what else is in the line-up:

— The impact the Trump administrat阿爱上海同城 阿拉爱上海同城ion will have on the real estate industry: How protectionism, bank deregulation and changes to the tax structure will affect the NYC market
— Looking at the post-peak luxury new development market: Selling in an increasingly competitive landscape
— Gauging the commercial slowdown: Amid a shift in activity and broker reshuffling, what’s next for the market?

To find out more information about the event, click here.

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1515 Broadway

Allianz deal values 1515 Broadway at $1.95B SL Green in contract to sell 43% stake in Midtown office tower

From left: 1515 Broadway, Allianz Real Estate s Christoph Donner and SL Green s Marc Holliday

Allianz Real Estate is in co上海千花网 爱上海同城对对碰ntract to buy a 43 percent stake in the office tower 1515 Broadway near Times Square. The seller, SL Green Realty, said it expects to end up with $416 million from the deal.

The sale would value the tower at $1.95 billion, the New York Post reported, making it one of the most valuable buildings in the United States. Allianz will also buy a portion on the debt at the 57-story building, located between West 44th and 45th streets. Cushman Wakefield brokered the deal.

Major tenants at the 1.9 million-square-foot property include Viacom, which has its headquarters there and takes up approximately 85 percent of the buildings total space after renewing and expanding its lease in 2012. Retail tenants include Skechers and Oakley.

China Investment Corporation and several other bidders were reportedly vying for the stake earlier this year.

Allianz Real E上海千花网交友 上海千花网论坛state, a division of the German insurance and financial services company Allianz, last year acquired a 44 percent stake in 10 Huds上海贵族宝贝交流区 上海贵族宝贝论坛on Yards in a $707 million lease-back deal with Coach.

In September, SL Green and RXR Realty agreed to buy a 49 percent stake in One Worldwide Plaza, in a deal valuing that building at $1上海龙凤论坛sh1f 上海龙凤论坛.7 billion. [NYP] — Will Parker

Tags: 1515 broadway, Commercial Real E[……]

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Manhattan Home Prices

From crisis to Cristal: How the Manhattan resi market has performed since 2008 Average sales price up nearly 30% from a decade ago

NYC Townhomes

What a difference 10 years makes. Home prices in M上海龙凤论坛sh1f 上海龙凤论坛anhattan were lethargic in 2017 when compared with the previous year, but downright feisty if you look a little farther back.

Today, the average price of Manhattan condos and co-ops stands at $2 million, which is flat compared to 2016, but up 29 percent from 2008 the peak year before the financial crisis and recession and up 47 percent fr上海夜网论坛 上海夜网om the low point of $1.4 million in 2010, according to a market report from Douglas Elliman.

Looking back over the last decade, the data shows prices dropping sharply after 2008, hitting a low in 2010, a上海千花社区 上海千花网交友nd then rebounding thanks to the new development boom beginning in roughly 2012.

Around 2012 was the beginning of the new development cycle, said Jonathan Miller, CEO at appraisal firm Miller Samuel and author of the report. Then we had five years of rapid growth, related to more expensive housing stock entering the mix.

The number of sales followed a similar trajectory. Sales dropped off a cliff in 2009 with just 7,430 purchases, then peaked in 2014 with 12,695 sales. In 2017, the market posted a respectable 11,927 sales, a 4 percent increase from the previous year.

Manhattan co-op and condo sales from 2008 to 2017. (Chart courtesy of Douglas Elliman)

When breaking down the sales growth by unit type, it becomes clear that apartment[……]

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Millennial Workforce Trends

Where the millennial workforce gathers新上海贵族宝贝论坛 上海贵族宝贝交流区 Some unexpected cities are succeeding in attracting young talent where safe bets like Aus新上海贵族宝贝论坛 上海贵族宝贝交流区tin and Seattle fall上海同城对对碰交友社区 上海夜网论坛 by the wayside
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Gurney’s Resorts owners buy Montauk Yacht Club ahead of $13M upgrade

George Filopoulos of Metro爱上海同城对对碰 爱上海同城论坛ve爱上海同城 爱上海st Equities and Lloyd Goldman of BLDG Manage上海龙凤论坛sh1f 上海龙凤论坛ment, owners of Gurney’s Montauk Resort Seawater Spa bought the Montauk Yacht Club for an undisclosed price. The largest marina in the Hamptons is set to close this winter to undergo a $13 million upgrade. The Gurney’s team will lead the transition. MEI Hospitality will run and pr爱上海同城 爱上海omote the yacht club, as its done for the other Gurney’爱上海同城对对碰 爱上海同城论坛s properties. [27East]

Tags: Hamptons
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Bryan Cohen

Meet Michael Cohen s brother, Bryan. He s an Elliman executive with a $7M connection to Ukraine Douglas Elliman Development Marketing employee received millions in payments at his home from a Ukrainian agriculture business

(Credit: iStock and Valdemar Fishmen via Flickr)

Investigations by special counsel Robert Mueller and federal prosecutors in New York have thrust Michael Cohen into the spotlight. But while President Trump s former fixer gets grilled over his personal business dealings, his brother Bryan, who shares his strong ties to Ukraine, has largely avoided the media s glare.

Bryan Cohen, seven years younger and also an attorney by trade, is the chief administrative officer of Douglas Elliman Development Marketing, the new development subsidiary of one of the country s largest real estate brokerages. But he has also moonlighted as a middleman between a Ukrainian agricultural company and the U.S. market. Between 2011 and 2016, the Ukrainian company, Grain Alliance, paid at least $7 million into an LLC registered to Cohen’s home, according a review of financial records by The Real Deal.

It wasn’t immediately clear whether any of the money went to Bryan Cohen personally. These payments阿爱上海同城 阿拉爱上海同城, which happened after he started working for Douglas Elliman, have not previously been reported and come at a time of increased scrutiny into business ties between the U.S., Ukraine and Russia. Talking Points Memo and Buzzfeed have both covered Bryan Cohen’s Ukraine connections in th[……]

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VER Technologies

Video equipment rental giant signs 25K sf lease in Industry City  Space to be used as “equipment hub”  in addition to offices

Industry City

VER Technologies, a major provider of film and television production equipment worldwide, is the latest media company to move to Industry City.The Los Angeles-based company announced today that it is moving its New York headquarters from Midtown Manhattan to the Brooklyn complex, where it will take up 25,000 square feet on the second floor at 147 41st Street.The space, located in Building 20 in the southeastern corner of the complex, will be used not only for offices but also as an equipment hub for a range of video production client上海贵族宝贝 上海千花网龙凤论坛s, including TV, film, sports, and corporate clients.Joel Schneider of Hilco Real Estate represented VER in the five-year deal, while Industry City s internal leasing team represented the landlords.Industry City is owned by a partnership that includes Jamestown Properties, Belvedere Capital, Angelo, Gordon Co., Cammeby s International and FBE Limite上海千花网论坛 上海千花网d.
VER s relocation comes soon after a reinvention of another kind. The company filed for bankruptcy last April, and then merged with Production Resource Group (PRG), another video production service provider.The newly organized company will continue to operate VER and PRG as distinct brands, with PRG t爱上海同城论坛 爱上海同城ak爱上海龙凤419桑拿 上海龙凤论坛sh1fing over VER s various service divisions while VER refocuses on equipment rental.More than three dozen media and production companies[……]

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Luxury Resales

From Manhattan’s lagging luxury market to a rise in townhouse prices, a look at the biggest trends

Extell Development’s One57 saw 10 resa爱上海同城 爱上海les go for a loss between 2014 and 2018.

Billionaires’ Row sellers are上海贵族宝贝交流区 上海贵族宝贝论坛 taking some steep losses

Luxury residential resales have been some of the biggest loss-makers in recent years, according to StreetEasy. While only 7.7 percent of the 16,000 apartments resold in New York from 2014 to 2018 sold for an outright loss, that percentage jumped to 39 percent for luxury apartment resales in Midtown. Some of those sales were at notable high-end properties such as 15 Central Park West and 432 Park Avenue. Extell Development’s One57, for example, saw 10 resales go for a loss. They included a foreclosure sale on a 79th-floor penthouse and Canadian billionaire Lawrence Stroll’s $1.4 million loss on a unit he bought for $55.6 million in 2014. “One of the things that I struggle to wrap my head around is why people continue to park money in high-end爱上海同城手机版 新爱上海同城对对碰论坛 New York real estate when it’s not a very lucrative asset class,” said StreetEasy senior economist Grant Long. Foreign buyers have been willing to take large losses as long as they’re allowed to move funds out of their home countries. Elevated price tags — and losses — often don’t deter upmarket sellers, said Compass’ Leonard Steinberg. “When you have billions, millions don’t matter as much,” he said. “These are very rich people. This is a tiny fraction of their assets.”

Half the homes li[……]

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