Billionaire Wealth

2015 was a bad year to be a billionaire Collective worldwide billionaire wealth fell $300B between 2014 and 2015

Illustration by Lexi Pilgrim for The Real Deal

It’s tough out there for the world’s billionaires relatively speaking, at least.

In the first decline since the aftermath of the global financial crisis, the collective wealth of the world s billionaires dropped to $5.1 trillion last year from $5.4 trillion in 2014, according to new research released by UBS and PricewaterhouseCoopers.

The average wealth of the group fell by $300 million to $3.7 billion, and those whose money i上海千花网交友 上海千花网论坛s in the materials, industrial and retail sectors saw the biggest drops, the Wall Street Journal reported.

The report analyzed data from 1,397 billionaires and included more than 20 interviews with advisers and around 30 with billionaires and their heirs.

“The Second Gilded Age has paused,” according to the study cited by the Journal. “Wealth transfer and commodity price deflation are putting billionaires under pressure at a time when technology and finance, the motors of great wealth creation, have stalled.”

But better times may be on the horizon, the report found. It predicts financial asset performance and economic growth will “create a favorable environment for billionaire wealth creation in 2016 and 2017.”

The number of billionaires is also on the rise. While 160 people dropped down to become mere multi-millionaires last year, the billionaire rank上海千花网交友 上海千花网论坛s actually welcomed 210 new people to the group. Most of the new billionaires 113 in total came from Asia, which is “creating one n上海千花网 爱上海同城对对碰ew billionaire every three days,” according to the report. The billionaire population in U.S. is not growing anywhere nea上海夜网论坛 上海夜网r as quickly, with just five new billionaires added last year.

Still, New York City has more billionaires than any other city in the world. Forbes found that, as of March this year, 79 billionaires live in the Big Apple. While most have made their money in media and finance, 11 of them developed or inherited real estate fortunes, as The Real Deal reported in April.

New York City’s billionaires include Ste上海千花社区 上海千花网交友phen Ross of the Related Companies, Leonard Stern of the Hartz Group, and Jerry Speyer of Tishman Speyer. [WSJ] Miriam Hall

Tags: Billionaires, pricewaterhousecoopers
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Phipps Houses

Phipps Houses files plans for 403 apartments in East New York 14-story project on Atlantic Avenue also calls for 21K sf of commercial space

3301 Atlantic Avenue (Credit: Google Maps)

UPDATED, Jan. 31, 10:36 a.m.: Nonprofit housing firm Phipps Houses is planning to build 403 residential units on Atlantic Avenue in East New York, according to property records filed with the city Monday. The bui上海千花网龙凤论坛 上海千花社区lding is the first step in a plan to construct roughly 1,200 apartments on the site, the firm said.

The residential section of the 14-story building would span more than 377,300 square feet. Along with the 403 units all of which would be affordable there are plans for 20,977 square feet of commercial space, including three retail units on the ground floor. Dattner Architects is the architect of record.

Phipps paid $38 million for the property at 3301 Atlantic Avenue in 2015.  The 300,000-square-foot site is bordered on the north and south by Fulton Street and Atlantic Avenue, and on the east and west by Euclid Avenue and Chestnut Street.

The property falls within the city’s rezoning plan for East New York, Cypress Hills and Ocean Hill, which was approved in April last year.  It is the first neighborhood to be rezoned上海同城对对碰交友社区 上海夜网论坛 under the de Blasio administration’s Mandatory Inclusionary Housing Plan, which allows developers to build taller but requires them to set aside a portion of units as affordable in return. T新上海贵族宝贝论坛 上海贵族宝贝交流区he city is also seeking a developer to build up to 200 affordable apartments on a vacant, neighboring property.

Phipps, one of the city’s oldest and largest developers of affordable housing, is leading the $600 million revamp of Lambert Houses in the Bronx, but recently scuttled plans for an affordable development in Sunnyside over concerns from the local council member.

Last month, Phipps sold Kips Bay Court an 894-unit complex in Manhattan that it developed in 1975 to Blackstone Group for $620 million.

The Real Deal last week took a look at how affordable housing developers might be impacted if the Republican Congress slashes taxes, which would make federal low-income housing tax credits worth much less to investors.

This story has been updated to reflect that all of the 403 units would be affordable, and that the building would be the first step in the firm s plan to construct 上海千花社区 上海千花网交友around 1,200 affordable units on the site.

Tags: affordable housing, east new york, phipps houses
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Priciest Apartments Manhattan

The week in luxury: A map of NYC’s priciest apartme爱上海同城手机版 新爱上海同城对对碰论坛nt sales An interactive look爱上海龙凤419桑拿 上海龙凤论坛sh1f at where the biggest deals w上海夜网 阿爱上海同城ere struck, plus total overall sales and average prices for the week (click on numbers to see d爱上海同城手机版 新爱上海同城对对碰论坛ata)

Each week, The Real Deal and CityRealty look back at 上海千花网 爱上海同城对对碰Manhattan’s priciest apartment sales.

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Real Estate Events NYC

Tune in next week for a slew of events!爱上海同城 爱上海

Join the Information Management Network (IMN) on Nov. 8 from 7:30 a.m. to 7 p.m. at the Union League Club, 37 East 38th Street, as it presents its Real Estate Mezzanine Financing and High Yield Debt Forum. Senior executives from the leading firms within the owner-operator and lending communities will be speaking. They will offer financing strategies for new acquisitions, development and refinance.

Also next week, the Global Workspace Association (GWA) and the Commercial Real Estate Development Association will present 上海龙凤论坛sh1f 上海龙凤论坛their Office Evolution 2017 event on Nov. 9 from 7 a.m. to Nov 10 at 2 p.m. at the New York Marriott at the Brooklyn Bridge, 333 Adams Street. Developers, space operators and providers will convene to explore a large range of topics and trends in the office sector. Richard Cavenaugh of Stoneleigh Companies, John Chang of Marcus Millichap, Nick Clark of Common Desk, Julia Davis of WeWork, among others, will provide speeches.

Lastly, the CNYC’s 37th Annual Housing Conference and Expo will be 上海贵族宝贝交流区 上海贵族宝贝论坛held on Nov. 12 from 8 a.m. to 5:30 p.m at Eleanor 上海贵族宝贝 上海千花网龙凤论坛Roosevelt H上海贵族宝贝 上海千花网龙凤论坛igh School, 411 East 76th Street. Various classes, such as New Codes Rules in New York City, will focus on the regulations the city agencies have imposed on building owners. Another course, entitled We Can Control Building Costs, will describe efficient practices to alleviate costs when operating a building. In addition to the 66 classes that will be offered, 45 exhibits will also be available for viewing.

To search for future industry events or browse past ones, click here. And to submit more industry events, please reach out to [email protected].

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Interior Design Preferences

(U.S. 新上海贵族宝贝论坛 上海贵族宝贝交流区Air Force photo Staff Sgt. Tabitha Lee/Pixabay)

Listings website did 爱上海 爱上海同城手机版a targeted survey of NFL fans and found out that fans of the same team had some marked similarities when it came to how their personal home fields looked, according to the Wall Street Journal.

Bears, Seahawks and Patriots fans are most interested in homes with wrap-around porches; Dallas Cowboys and Pittsburgh Steelers fans both want a bac新爱上海同城对对碰论坛 上海同城对对碰交友社区kyard pool; and Broncos fans are into a house wit上海贵族宝贝论坛 上海贵族宝贝h good man cave potential.

Other key findings: Steelers fans are also fans of the environment with more than 80 percent of fans saying energy efficiency is “very important.” Meanwhile, 上海贵族宝贝论坛 上海贵族宝贝Green Bay Packers fans taste for Victorian homes took by surprise.

“We generally would expect them to like more ranch-style or log cabins or whatever it might be,” the site s VP Grant Simmons told the Post.

[WSJ] Erin Hudson

Tags: nfl, Residential Real Estate
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Discount brokerage Purplebricks slapped on wrist for misleading ads Flat-fee firm to pay $16K, change wording of ads in Australia

Purplebricks, the rapidly-growing flat-fee brokerage, has been slapped on the wrist by an Australian consumer agency over misleading advertising that promises low, fixed fees.

The U.K.-based company, which launched in the U.S. six months ago, was fined nearly $16,000 for ads deemed to be misleading to consumers. The Queensland Office of Fair Trading said the ads duped consumers who were charged to post listings even if their property didn t sell. In the U.S., Purplebricks charges sellers a nonrefundable, upfront fee of $3,200.

The ads — with the theme save yourself from commisery — are a play on commissions and misery. Purplebricks was also fined in the U.K. after boasting of fees saved.

In response to the Australian fines, the company has adjusted the wording of its ads in a small segment of the market, the company said.

Purplebricks has avoided similar troubles in th上海龙凤论坛 新上海贵族宝贝论坛e U.S., where its ads say save yourse新爱上海同城对对碰论坛 上海同城对对碰交友社区lf from real misery. (The wording is different because Purplebricks cannot eliminate the buyers agent commission like it can in the U.K. and Australia, where transactions only include a sell-side broker fee.)

“We can’t use that word over here because it sets up the idea in people’s minds that there’s no commission at all,” Jonathan Adler, the company s U.S. chief marketing officer, told Inman. It’s a different business model in the U.S. and we have to be really, really careful.”

Perhaps a bigger issue than the misleading ads, however, i爱上海同城 爱上海s that a study by research firm Jeffries said Purplebricks only sold 50 percent of the homes it listed — not the 78 percent it adve新上海贵族宝贝论坛 上海贵族宝贝交流区rtised. Purplebricks denied the claim.

Purplebricks opened a Los Angeles office last year after raising $60 million from investors. [Inman] E.B. Solomont

Tags: Real Estate Advertising, Residential Real Estate
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WeWork raises $700M in bond sale, but concerns are raised Adam Neumann’s 上海千花网龙凤论坛 上海千花社区company sold 7-year notes at 7.875%

Adam Neumann (Credit: Getty Images and thenails via Flickr)

WeWork sold $700 million in bonds Wednesday to investors wary of another startup with unstable cash flow entering the debt market.

The New York-based firm that offers hip co-working spaces initially sought to raise $500 million, but the comp上海千花网龙凤论坛 上海千花社区any was able to raise an additional $200 million in seven year bonds with an interest rate of 7.875 percent. JPMorgan Chase advised WeWork on the bond sale.

Adam Neumann s company doubled its revenue last year to $886 million, with $244 million in cash and spent $1.5 billion on investments. But the firm also lost $933 million last year and has $18上海夜网 阿爱上海同城 billion in lease obligations.

The bond documents offered the public a rare glimpse at the company s financi上海千花社区 上海千花网交友als.

While some expressed concerns over the company s negative cash flow, few assets and at least $5 billion in lease obligations until 2022,  investors were attracted by the high interest rat上海千花网论坛 上海千花网e and WeWork s B-credit rating, the Journal reported.

Valued at around $20 billion and bolstered by a $4 billion investment from Softbank, WeWork has sought to expand its portfolio of co-working spaces internationally, including the purchase of an $810 million London office complex and the acquisition of Chinese co-working startup Naked Hub this month for $400 million.

The fundraising effort comes as WeWork fends off competition from rivals in a space that has a low barrier to entry. Knotel, another flexible office space startup, this month raised $70 million in second round fundraising, and is valued at $500 million. The company has leased more than 1.1 million square feet in New York, San Francisco and London, and expects to double in size. [WSJ]  David Jeans

Tags: Real Estate Finance, wework
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New York City Department of Buildings

NYC landlords racked up almost $300K in fines amid illegal hotel crackdown Hank Fried’s Branic International Realty was fined $55,000, the biggest fine in July

Mayor Bill de Blasio and Marrakech hotel at 2690 Broadway (Credit: Getty Im上海千花社区 上海千花网交友ages and Google Maps)

New York landlords 上海千花网 爱上海同城对对碰accused of illegally leasing short-term rentals were hit with almost $300,000 in fines in July.

As part of the city s crackdown on illegal short term rentals, where landlords convert reside新上海贵族宝贝论坛 上海贵族宝贝交流区ntial units and rent them out on a nightly basis, the city issued 43 violations against landlords f阿爱上海同城 阿拉爱上海同城or using apartments at 11 buildings, totaling $285,375 in fines, according to Commercial Observer.

The city said the single largest offender was Hank Freid‘s Branic International Realty Co.上海千花社区 上海千花网交友, which was issued with $55,000 in fines after he allegedly transformed 2690 Broadway, a residential building on the Upper West Side, into the Marrakech Hotel.

The crackdown is backed by the Mayor’s Office of Special Enforcement (OSE) which has received an extra $2.9 million and doubled its staffing to 32 employees.

Airbnb recently rebuked the city after it subpoenaed records for info on thousands of the home-sharing website’s users in Hell’s Kitchen, as part of an ongoing $1 million lawsuit. The city is requesting records related to 76 account holders who used the website to list apartments in seven buildings on West 47th Street owned by landlord Big Apple Management. [CO] David Jeans 

Tags: Commercial Real Estate, department of buildings, Hotel Market
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Harry Macklowe

Harry Macklowe keeps $82M in real estate in divorce; $700M in art to be sold Ruling comes 12 months after bitter divorce trial

Harry Macklowe, Linda Macklowe, and 737 Park overlayed Warhol s 9 Marilyn s collage (Credit: Getty Images and Wikipedia)

In the end, the judge overseeing developer Harry Macklowe’s bitter divorce ordered his fortune split down the middle.

Nearly 12 months to the day after the bitter court proceeding ended, Judge Laura Drager ordered Linda and Harry Macklowe to sell their contemporary art collection, worth approximately $700 million, and split the profits evenly because the two sides could not agree on how much it is worth.

“It is an extraordinary collection and the achievement of a lifetime’s work,” she wrote in a 64-page decision, first reported by the New York Post.

Drager’s ruling comes nearly a year after the conclusion of a 14-week trial that chronicled the Macklowes years of marital strife along with the ups-and-downs of one of New York City s most storied developers.

In divvying up the couple’s vast fortune, Drager took a scalpel to the assets (and debt) accumulated over a lifetime:

· Linda can keep $40 million worth of art but will pay Harry a $20 million credit.

· Linda can also keep their $72 million condo at the Plaza Hotel, but must pay Harry a $36 million credit.

· Harry will retain ownership of $82 million worth of commercial property, including 737 Park Avenue, but has to pay Linda $41 million.

· They will split $62 million in cash held in several bank accounts;

· Harry will keep “Unfurled,” a $23 million yacht, but they will share $16 million in debt on the boat

· Linda may keep $3.8 million in jewelry, a $409,000 silver collection and $85,000 worth of books

· Harry will hold title to vehicles valued at $385,000

Linda and Harry Macklowe split in June 2016 after the de上海贵族宝贝 上海千花网龙凤论坛veloper left his wife for his now-fiancée Patricia Landeau. Harry reportedly offered Linda $1 billion to walk away, a claim she rejected. Their bitter and pubic divorce trial kicked off in September 2017.

Throughout the proceedings, lawyers for both sides tried to downplay what’s been described as a $2 billion fortune tied to Linda Macklowe’s art collection and Macklowe Properties’ storied 13 million-square-foot portfolio.

On the witness stand, Harry Macklowe — at turns charming and calculating — cast shade on his own projects, namely 432 Park Avenue and 1 Wall Street. While an accounting expert hired by his legal team testified his companies “lose money every year,” Macklowe pegged his net worth at negative $400 million. That was largely due to deferred capital gains on the $2.8 billion sale of the GM Building in 2008.

During the trial, Linda and Harry bickered over the value of their art (she said $625 million, he said $788 million) and their condo at the Plaza (she said $55 million, he said $107 million). Linda also filed a separate lawsuit, later dropped, alleging that Harry and his partners at 432 Park Avenue were trying to force her to close on a[……]

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Federal Reserve Bank of New York

M上海龙凤论坛sh1f 上海龙凤论坛ortgage originations hit 4-year low: NY Fed More Americans are taking out auto loans than home loans

(Credit: Wikipedia and Pixabay)

Mortgage originations fell last year, while new auto loans hit all-time highs, according to a report by the Federal Reserve Bank of New York released on Tuesday.

New mortgage loans for 2018 were at the lowest level since 2014. Mortgage originations in the fourth quarter fell to $401.5 billion from $445.3 billion in the previous quarter, the lowest volume since the first quarter of 2016 in nominal terms, the Wall Street Journal reported. New auto loans totaled $584 billion, the highest volume on record.

The dip in new mortgages could be due to the recent slowdown in housing markets, after years of acceleration. The market is expected to keep cooling in 2019, as higher rates and s上海同城对对碰交友社区 上海夜网论坛teep prices deter buyers. Meanwhile, auto sales have continued their strong growth since the recession, and auto lending has been driven by borrowers with good credit scores.

The New York Fed’s quarterly report on household debt and credit is based on data from the credit-ratings firm Equifax.

Overal爱上海同城对对碰 爱上海同城论坛l U.S. household debt rose to $13.54 trillion in the fourth quarter, the 18th consecutive increase and $869 billion above its previous 2008 peak. Student and auto loans are seen as the main drivers of the rise in household debt since 2013.

At the same time, Americans appear to be kee爱上海龙凤419桑拿 上海龙凤论坛sh1fping up with their payments despite the higher debt loads. In the fourth quarter 1.06 percent of mortgage balances were overdue by 90 days or more, down from 8.89 percent in the first quarter of 2010. [WSJ] — Kevin Sun

Tags: Mortgages, Real Estate Finance, Residential Real Estate
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