Trump University Settlement

Trump plans to settle Trump University fraud cases: report Settlements expected to total $20-25 million, source tells CNBC

Donald Trump holding a media conference announcing the establishment of Trump University on May 23, 2005 in New York City (credit: Getty Images)

President-elect Donald Trump is close to a settlement agree上海夜网 阿爱上海同城ment for Trump University fraud lawsuits in California and New 上海龙凤论坛sh1f 上海龙凤论坛York, according to a source who spoke with CNBC on Friday. As terms of the reported settlement, Trump will admit no wrongdoing. The total sum of the settlement is expected to be between $20 and $25 million, the news outlet reported.

In a statement, a spokesperson for新爱上海同城对对碰论坛 上海同城对对碰交友社区 New York Attorney General Eric Schneiderman, who brought the case against Trump in New York, said the office “has always been open to a settlement t上海千花网论坛 上海千花网hat fairly compensates the many victims of Trump University who have been waiting years for a resolution.

Lawsuits in both states were filed on behalf of former students of Trump’s “university,” a series of classes designed to t上海千花网 爱上海同城对对碰each would-be real estate investors the ropes of the property biz. The lawsuits claim, among other things, that Trump University misled customers into believing that they would be receiving classes from teachers hand-picked by Donald Trump himself, teachers who allegedly pressured students into buying the most expensive class packages, including a $35,000 “Gold Elite” program. Schneiderman, who called Trump University a “bait-and-switch” scheme, sued Trump for $40 million.

Trump, who brags about his unwillingness to settle litigation, previously refused to settle these suits. He several times moved to dismiss them, but that was before he was elected as the 45th President of the United States on Tuesday, Nov. 8. In a May outburst, Trump suggested that California Gonzalo Judge Curiel’s Mexican heritage made him too biased to properly preside over the case in San Diego. Last week, Trump lawyers filed a motion to postpone the California trial until after his January inauguration. [CNBC] Will Parker 

Tags: Donald Trump, trump university
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NYC Property Tax Assessment

Here s what the city thinks each NYC borough is worth Dept. of Finance estimates show Manhattan property values now total $455.2B

The city s Department of Finance estimates that all New York s real estate put together is now worth $1.16 trillion (go figure). But not all boroughs are created equally.

The agency gave The Real Deal a breakdown of how the boroughs changed in market value over the last year as part of their annual property tax assessment. The total 上海龙凤论坛sh1f 上海龙凤论坛value of real estate in Manha上海龙凤论坛sh1f 上海龙凤论坛ttan might seem impossible to compute,上海贵族宝贝论坛 上海贵族宝贝 but the city pegs it at $455.22 billion for all four combined property classes. That number, for fiscal year 2018, represents an 8.24 percent increase from $420.55 billion the year prior.

Property values blew up most in Brooklyn, rising 14 percent year-over-year to cross the $300 billion mark for the f阿爱上海同城 阿拉爱上海同城irst time, DOF data show. Queens came in third, with its real estate valued at$267.73 billion, up 5.34 percent year-over-year.

The Bronx remains the least valuable borough, but thanks in part to a flurry of large-scale development projects, is now neck-and-neck with Staten Island. Bronx s real estate is valued at $66.12 billion, compared to Staten Island s $67.10 billion.  And the Bronx s appreciation in value, at 7.24 percent, was third overall.

City-assessed market value for tax purposes, however, can be a great deal lower than what the property could actually sell for on the open market. If recent sale comps were used instead, that $1.16 trillion number could suddenly look very small.

Tags: new york city department of finance, property values, taxes
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Esther George

上海夜网 阿爱上海同城Kansas Fed president wan上海龙凤论坛sh1f 上海龙凤论坛ts interest rates to rise further “The economy looks to be on solid footing”: Esther George

Esther George

The head of the Federal Reserve Bank of Kansas said the U.S. Federal Reserve should continue raising interest rates and start selling off its $4.5 trillion stockpile of cash and bonds as the economy improves.

“The economy looks to be on s上海贵族宝贝论坛 上海贵族宝贝olid footing and there is a sense that outcomes could actually be better than expected, rather than worse,” Esther George said Tuesday, according to the Wall Street Journal. She added that “resisting the temptation to react to near-term fluctuations in the data will be necessary.”

George is not at the moment a member of the rotating Federal Open Market Committee,新爱上海同城对对碰论坛 上海同城对对碰交友社区 which votes on the Fed’s interest rate policies. But as one of the country’s top monetary officials, her word still carries weight.

She also urged the central bank to start selling off the bonds and cash reserves it built up after 2008 in a bid to stabilize financial markets and support the economy with cheap cash. “I would support beginning the process of reducing the balance sheet this year,” she said. “The process should be on autopilot and not necessarily vary with moderate movements in the economic data.”

The Fed raised rates in March and indicated more rate hikes may be in store. The prospect of rising interest rates matters to the real estate industry because it could push up the cost of debt.  [WSJ] Konrad Putzier

Tags: interest rates, Politics, Real Estate Finance
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Dumbo Market

An actual full-service supermarket is coming to Dumbo! Dumbo Market will replace parking garage at 66 Front Street

Dumbo Market (Credit: Night Nurse Images, Inc.)

Dumbo is about to get its ver上海贵族宝贝 上海千花网龙凤论坛y own full-service supermarket.

The grocery store, called Dumbo Market, will be located at 66 Front Street, where it will replace a parking garage, according to the Commercial Observer.

Two Trees Management has leased the site to the store, which will span 16,000 square feet and be operated 上海贵族宝贝论坛 上海贵族宝贝by the family that runs Brooklyn Harvest Market in Williamsburg.

Dumbo Market inked a 20-year lease for the spac新上海贵族宝贝论坛 上海贵族宝贝交流区e and should open early next year.

The Jehovah’s Witnesses’ massive selloff of their Brooklyn properties has lately been dominating the real estate market in Dumbo. Developer Jeffrey Gershon just closed on his $60 million purchase of the religious group’s site at 74上海千花网交友 上海千花网论坛 Adams Street, where he plans to construct a 10-story residential building. [CO] – Eddie Small

Tags: Commercial Real Estate, dumbo
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Ranking Manhattan’s biggest residential brokerages by agent count

Ranking Manhattan s biggest residential brokerages by agent count Douglas Elliman remains the biggest firm on the island

Amid 2017’s market turmoil, residential firms ramped up recruiting — while agents jockeying for sweeter commission splits happily complied.

Things came to a head in early December, when Compass — fresh off a $450 million investment from Softbank — vowed to use the funds to turbocharge its growth both nationally and in New York.

By the end of the month, the firm, which is headed by CEO Robert Reffkin, had hired 50 more agents in Manhattan to close out the year with 713 agents in the borough, up from 300 in 2016.

“The word ‘slow’ is not part of the Compass vocabulary,” said Maelle Gavet, the COO of the firm, which is now valued at $2.2 billion.

Among 上海龙凤论坛 新上海贵族宝贝论坛the firm’s big-name hires were Halstead Property’s Brian Lewis, Nest Seekers International’s Silvette Julian and Corcoran’s Fabienne Lecole.

But unlike 2013, when Compass’ aggressive hiring caught its rivals off guard, this time the upstart firm wasn’t the only one in recruitment mode.

Those efforts were evident in the firms’ headcounts, which TRD determined by reviewing broker licensing records filed with the state Department of State.

Taking the No. 1 spot on that portion of the ranking was Elliman with 2,350 Manhattan agents, up 17 percent from 2,010 in May 2016.

It was followed by Corcoran with 1,456 (up 29 percent) and Halstead Property with 828 (up roughly 14 percent).

In the No. 4 spot was Keller Williams NYC — part of the fast-growing national franchise — whose 38 percent gain was second only to Compass, whose headcount jumped 138 percent. KWNYC finished the year with 820 agents, up from 593.

“Agents know it’s a challenging market, so they’re looking to make sure they’re at the right place,” said Steven James, CEO of Elliman’s New York brokerage. “They’re independent contractors, so if they don’t make sales, they don’t get paid.”

For Corcoran — as well as sister firms Citi Habitats and Sotheby’s — the hiring spree was a tactical move started in February 2017 by parent company Realogy, which on Jan. 1 brought in new CEO Ryan Schneider.

And Realogy’s three NYC brands are still in growth mode.

Corcoran CEO Pam Liebman — who hired new development guru Vickey Barron from Elliman in 2017 — said that in the last year the firm “really gave an extra push” on the recruiting front.

And even firms that haven’t historically been aggressive at wooing new agents ramped it up in 2017.

“Our focus has never been about size,” said Hall Willkie, who runs Brown Harris Stevens with Bess Freedman. “It’s about being good.”

Nonetheless, Freedman said the white-shoe firm has made a concerted effort over the last year to target and groom new br上海夜网 阿爱上海同城okers. In 2017, it increased its headcount by 27 percent, adding more than 130 agents for a total of 627.

“At some point, you have to be willing to embrace the fact that the future is getting younger,” she said. “We want the older generation meshed with the new.”

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New York Condo Market

To sell the final condo units, brokers and developers are offering ridiculous incentives Perks have included butlers, parking spots, tax breaks and more

Beekman Residences, Leonard Steinberg and Sterling Mason

Why settle for just a hig上海龙凤论坛sh1f 上海龙凤论坛h-end condo when you could get a high-end condo with a butler?

Brokers are getting creative with incentives to attract buyers to new luxury condo units, as the mountain of supply coming onto the market has made the units themselves not stand out as much anymore, according to the New York Times. These moves can become particularly important when brokers are trying to unload the last few units, as they often determine whether or not a developer makes a profit on the project.

So at the Upper West Side’s One West End, buyers will get $25,000 to spend accessorizing their closets, and at Lower Manhattan’s Beekman Residences, buyers of its remaining condos will get a $10,000 card to use at the adjacent Beekman Hotel, whether for booking rooms for visitors or 上海贵族宝贝 上海千花网龙凤论坛ordering room service from Temple Court. At Taconic Investment Partners Sterling Mason in Tribeca, a $15.5 million penthouse comes with a free parking space, reportedly valued at $1 million.

Silvercup Properties will pay the city and state transfer taxes for units at the Harrison in Long Is上海同城对对碰交友社区 上海夜网论坛land City, and Compass broker Leonard Steinbe上海千花网 爱上海同城对对碰rg offered two years of butler services at阿拉爱上海同城 爱上海龙凤419桑拿 a penthouse in Chelsea.

However, this incentive proved to be unnecessary, according to the Times: the family that bought the unit already had a full-time housekeeper. [NYT] – Eddie Small

Tags: Beekman Tower, compass, Leonard Steinberg, NYC Luxury Market, Residential Real Estate, Sterling Mason
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535 West 43rd Street

USAA refinances Hell s Kit上海龙凤论坛 新上海贵族宝贝论坛chen rental building that it put up for sale The $169M loan comes from Pacific Coast Capital Partners

535 West 43rd Street and Len O’Donnell (Credit: Getty 阿拉爱上海同城 爱上海龙凤419桑拿Images)

USAA Real Estate Co., DHA Capital and Patrinely Group have landed a $168.5 million loan for their multifamily rental building at 535 West 43rd Street.

The loan co上海龙凤论坛 新上海贵族宝贝论坛mes from Pacific Coast Capital Partners, according to Commercial Observer. It replaces and consolidates debt on the property provided in 2014 by Helaba.

The building between 10th and 11th avenues stands 14 stories tall and spans 265,000 square feet, and it was completed two years ago. It contains 280 apartments, roughly 20 percent of which are affordable.

USAA, DHA and Patrinely reportedly started looking to sell the property in October for about $230 million (roughly $821,000 a unit), but no deal has taken place yet. Cushman Wakefield was tapped to m上海夜网 阿爱上海同城arket the property. [CO] – Eddie Small

Tags: Commercial Real Estate, Multifamily Market, Residential爱上海 爱上海同城手机版 Real Estate
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501 West 42nd Street

Playboy Club’s most intimate details laid bare in new lawsuit Property’s minority investor suing for more financial info

Dominion Capital founder Mikhail Gurevich and 510 West 42nd Street (Credit: Google Maps) 

One of the partners at Manhattan’s Playboy Club is angling for a better peek at the venture’s books.

The Bunny-themed restaurant and the hotel it s housed in are embroiled in a lawsuit filed by their minority investor, who wants information about the property’s finances.

Mikhail Gurevich’s Dominion Capital filed the complaint against Merchants Hospitality Inc. Wednesday in New York County Supreme Court, claiming it has been shut out of major financial and management decisions.

Merchants is the majority owner and managing partner, having contributed initially $8.6 million for 63 percent of the venture, according to the complaint.

But Dominion claims that despite being the minority partner, its operating agreement with Dominion gives it consent rights when it comes to big financial and management decisions.

For example, Dominion alleges in the complaint that Merchants invested more capital into the venture than Dominion had been aware of, which changed the partnership s capital structure. Merchants also allegedly did not extend or refinance a $30 million loan for the project from Hacke上海贵族宝贝交流区 上海贵族宝贝论坛nsack, New Jersey-based bridge lender Silver Arch Capital Partners that was set to mature in November.

The complaint also claims that Merchants altered the hotel s management agreement to swap out Cachet Hotel Group as the operator of the Playboy Club and the hotel s restaurant, EDEN Local. Cachet was to be the hotel, food and beverage operator for at least two years, the complaint states. Merchants then allegedly shut down EDEN and instead opened a Merchants restaurant, Treadwell Park, without Dominion s input.

Dominion is seeking a permanent restraining order that would req上海千花网交友 上海千花网论坛uire Dominion to get written consent to move forward with major decisions.

Merchants declined to comment. Eug新上海贵族宝贝论坛 上海贵族宝贝交流区ene Meyers, an attorney at Meister Seelig Fein LLP who is representing Dominion, declined to comment beyond the complaint but noted his client is only trying to get information about the investment.

The Cachet Boutique Hotel opened in November 2017 at 510 West 42nd Street. The property had been the former Out Hotel and contained a club and restaurant.

Merchants, Dominion and Cachet Hotel Group (which is not a party to the lawsuit) linked up to rebrand the nightclub, hotel and restaurant, with the Playboy Club as the main attraction. To do that, they set up two overarching entities: one that acquired the property’s long-term ground lease in 2016 for $40 million. The other owns the licensing for the hotel, club and restaurants.

Dominion’s complaint notes th阿爱上海同城 阿拉爱上海同城at it found out about some of the details related to alleged mismanagement issues at the hotel thanks in part to a wrongful termination lawsuit filed by Cachet’s former CEO, Alexander Mirza, against Cachet.

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Arizona

A 38,000-square-foot medical complex in Westport has been sold to Healthcare Trust of America, a Scottsdale, Arizona-based real estate investment trust, the Fairfield County Business Journal reported. The Westport Cen上海千花社区 上海千花网交友ter for 阿爱上海同城 阿拉爱上海同城Health at 323-329 Riverside Avenue, home to Yale New Haven Health’s Northeast Medical Group, fetched $18.85 million in a sale arranged by Newmark Knig上海同城对对碰交友社区 上海夜网论坛ht Frank’s Boston-based capital markets team. The complex, which had been owned by the上海贵族宝贝 上海千花网龙凤论坛 Davis Companies, also houses the Westport Dermatology Laser Center, Westport Dental Associates and other medical offices. Michael Greeley, senior managing director of NKF’s medical-academic practice group and an adviser to the seller, said in a statement that the property is “one of Fairfield County’s premiere medical office campuses,” noting that it overlooks the Saugatuck River. [FBJ]

Tags: W上海龙凤论坛sh1f 上海龙凤论坛estchester Fairfield
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Cedar Street

Former Uptown synagogue is latest trophy in Cedar Street’s micro apartment rampage The company gutted the historic building and filled it with 40 compact rental units, starting at $1,600 a month

Cedar Street co-founder Alex Samoylovich and 5029 North Kenmore (Credit: LinkedIn, Cedar Street)

Cedar Street Companies has packed its trademark “Flats” micro apartments into former boarding houses, abandoned offices and a historic piano factory. Now it can add a synagogue to the list.

The Chicago-based firm debuted its newest rental complex in Uptown last month, opening 40 compact apartments inside a formerly vacant Jewish house of worship at 5029 North上海贵族宝贝交流区 上海贵族宝贝论坛 Kenmore Avenue, according to Forbes. The company aptly dubbed the redeveloped building “The Synagogue.” The bu上海千花网论坛 上海千花网ilding rents studio and one-bedroom apartments starting at上海同城对对碰交友社区 上海夜网论坛 $1,600 a month, according to its website.

Cedar Street has bought dozens of vacant or deteriorated buildings throughout the last decade, gutted them and filled them with micro apartments as small as 300 square feet. The firm is especially active in Uptown, where it s set to open 710 new apartments at the intersection of Broadway and Argyle Street as pa上海夜网 阿爱上海同城rt of a two-phase development.

Cedar Street now has more than 1,500 new units in its citywide pipeline, including major redevelopments in River North and the Near West Side.

At The Real Deal’s Chicago’s State of the Market event last 上海千花网龙凤论坛 上海千花社区week, Cedar Street co-founder Alex Samoylovich said he envisions connecting all the apartment buildings in his portfolio into a fully integrated “smart village.” [Forbes] — Alex Nitkin

Tags: Cedar Street Companies, Residential Real Estate

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