The 234 Apartment

T wo weeks ago, a Manhattan Supreme Court judge handed down a decision designed to strike fear in the hearts of landlords. Justice James d’Auguste ordered that an independent receiver be appointed to manage two Midtown residential buildings where the landlords allegedly allowed illegal Airbnb rentals to occur. The case, which began when the city sued the landlords in February 2015, has become one of the battlegrounds in a larger war between city enforcement agencies and short- term rental sites like Airbnb. Airbnb, which was recently valued at $31 billion, refuses to release the exact addresses of hosts who break the law by renting their entire apartment for less than 30 days without being present. Without the addresses and names of Airbnb violators , the city mostly targets the owners of buildings that rack up the most illegal hotel complaints from 311 calls and the New York City Department of Buildings. “This entire model—and it was intentional [by the city]—is complaint-drive...

Home-sharing services such as Airbnb are great for homeowners looking to make extra money by renting out properties, but for people living in apartment buildings it’s a bit more tricky. Apartment construction has been booming in recent years. Now, a handful of startups are aiming to wring even more money out of that market, both for the building owners and tenants. “Right now, it’s the wild, Wild West when it comes to short-term rentals,” said Sean Conway, the CEO of Pillow Residential, a company which is trying to make it easier to rent apartments on Airbnb. Most big apartment buildings have rules barring Airbnb , so Conway asked property owners what it would take to change that. “And they told us transparency, control, and profit sharing,” Conway said. Pillow, which is now in 12 cities, lets building owners track and control how much tenants use Airbnb. It also gives building owners a cut of the profits — between 5 and 15 percent. Conway said it’s also a way to for tenants to ...

Copyright © 2015 Albuquerque Journal Platinum Apartments construction project employs a 60-foot- high building crane to lift prefabricated framing panels into place. Building cranes on an urban skyline are a common sign that a city is experiencing redevelopment. (Adolphe Pierre-Louis/Albuquerque Journal)" width="265" height="400" /> The Platinum Apartments construction project employs a 60-foot- high building crane to lift prefabricated framing panels into place. Building cranes on an urban skyline are a common sign that a city is experiencing redevelopment. (Adolphe Pierre-Louis/Albuquerque Journal) Optimism was in the air in early 2007 when preliminary plans got underway for a four- story housing project a block south of Central Avenue at the east end of Nob Hill. “Over the next decade, you’re going to see the entire landscape in that area change,” Chicago- based developer Rick Goldman told the Journal in an article from February of that year. Go...

Firm buys apartment complexes in Marina del Rey and Venice for $100 million. financial partner UBS Global Asset Management bought the 475,000-square-foot Riverside Plaza from Westminster Funds for about $85 million." alt="Vestar and financial partner UBS Global Asset Management bought the 475,000-square-foot Riverside Plaza from Westminster Funds for about $85 million." /> Vestar and financial partner UBS Global Asset Management bought the 475,000-square-foot… (Vestar ) Colorado apartment landlord Archstone broadened its Southern California empire this month by spending more than $100 million on seaside properties in Venice and Marina del Rey . Archstone, which operates upscale apartments in coastal markets, bought the Frank, a 70-unit complex on Rose Avenue in Venice, for $56.2 million. It also purchased the Bay Club, which has 205 units -- and 207 boat slips -- on Tahiti Way in Marina del Rey for $43.95 million. The Frank, which was renamed Archstone Venice ...

The $13. 5 million Dillard project is scheduled to break ground in October and be completed in spring 2019, Deb Wendel-Daub, a Kilbourne project manager , said Wednesday, Aug. 23. The construction site is now a parking lot owned by the Dillard family but had once been home to row houses and a lumberyard, according to Kilbourne. Like many parking lots, it's not appealing to pedestrians and the new building is intended to change that. The Renaissance Zone Authority on Wednesday recommended tax exemptions for the project worth $967,000 over five years. After the incentives expire, Kilbourne estimates it would pay $202,000 a year in property taxes. The parking lot now pays $2,400 a year. Because the area is also part of a tax- increment financing district paying for a city- owned parking ramp that the developer finished in June, the taxes would go towards the ramp. Plans call for a 94,000-square-foot, six- story building with 84 apartment units and 13,000 square feet of ground...

A Northfield-based company has broken ground on a project that will bring 315 high-end apartments to a stalled mixed-use development near Oakbrook Terrace. Interforum Holdings will start construction of its Lakeside Village of Oak Brook luxury apartments as soon as the weather permits. The 500,000-square-foot, four-story building will be on roughly 6 acres along Royce Boulevard . "We went into the area to develop a project because we see a serious lack of luxury, Class A rental communities in the area," said Alex Zdanov, CEO of Interforum Holdings. "A current trend right now is for people to rent." Zdanov said Lakeside Village will provide a rental option for executives and other professionals working in Oak Brook, Oakbrook Terrace and other nearby communities. The apartment building will be in the Oak Brook Lakes development , which has 82 undeveloped acres off Butterfield Road, just east of where it splits from 22nd Street. Offic...

A fire that started in a furnace room caused extensive smoke and water damage to an apartment building at the Newport Woods Apartments in Newport before firefighters from five area departments put it out Saturday night. Dean Cousino Monroe News staff reporter CousinoDean A fire that started in a furnace room caused extensive smoke and water damage to an apartment building at the Newport Woods Apartments in Newport before firefighters from five area departments put it out Saturday night. The fire in the three-story building was reported about 7:20 p.m. Saturday and displaced 11 families, said Mike Cousino, assistant chief for Berlin Township Fire Station No. 1. Only one of the dozen units in the complex was vacant. Frenchtown Township Fire Station No. 2 arrived at the scene first before the Berlin No. 1 unit arrived. Eventually, other firefighters arrived from Ash Township, Estral Beach and Berlin Station No. 2 because more manpower was needed. Exeter Township volunt...

As you do more banking by smartphone, that bank branch you used to visit may soon turn into a restaurant, a day care center or even a condo tower. After a branch building boom a decade or so ago, banks are closing offices by the thousands as more of their customers bank online . They're leaving behind space ready to be transformed into something else, whether an urban storefront or a free- standing brick building with a drive-thru in the suburbs. "If the real estate is strong, any number of things can happen to the property," says Kim McGuire, senior vice president in the Chicago office of CBRE. It's a problem or an opportunity, depending on your perspective, that will be here for a while. Banks operate about 89,300 branches in the United States today , down 8 percent over the past decade, according to Chicago- based real estate firm Jones Lang LaSalle . JLL expects an additional 20 percent drop over the next decade. In the Chicago area, the number of branches d...

PHOENIX, Aug. 21 -- Hines issued the following news release: Hines, the international real estate firm , has entered into a joint venture agreement with New York Life Real Estate Investors , on behalf of its institutional client , as its equity partner to develop the Offices at Chandler Viridian .The Offices at Chandler Viridian is a six-story, Class A office building with 250,000 square feet of space located at the intersection of Loop 101 and Loop 202 near the Chandler Fashion Center ."The Offices at Chandler Viridian is a highly desirable office building offering users the connectivity needed in today's business world. The addition of New York Life Real Estate Investors ' institutional client creates a powerhouse partnership for this project," said Chris Anderson, managing director and Arizona leader for Hines. "Without leaving the Chandler Viridian campus , tenants will be able to stay at a beautiful new hotel, live at a luxury multifamily complex , ea...