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...

The population in Cherry Creek North is set to grow exponentially as development hits a crescendo. Can the area seamlessly transition from a retail destination to a mixed-use neighborhood? Cherry Creek has come a long way from its origins as a farming community established as the town of Harman in 1886. During the early 20th century , it was just a few houses, small farms and greenhouses on 320 acres. It was considered an economical place to live.  Fast forward to today, and the town's founder, Edwin Preston Harman , likely wouldn't recognize the area, which has evolved as Denver's premier shopping and dining district and one of the priciest neighborhoods in the region to call home. Cherry Creek is is undergoing yet another transformation with the development of new apartments, condos, office space, retail projects and a new hotel. The tony shopping district is experiencing the biggest construction boom it's seen in decades, fueled by developers wan...

Maintenance problems abounded. Mr. Hunt used a pan to collect the rainwater dripping through the ceiling, graduated to a bucket and, when that proved insufficient, a trash can. Last winter, some of his favorite shirts were soaked by rainwater. “It was imperative for my sanity to move,” he said. Photo LONG ISLAND CIT Y Along the waterfront on Center Boulevard, the many rental buildings were new, but not new enough. Credit Sasha Maslov for The New York Times He envisioned his new place as airy and clean, but also warm and inviting. “Telling a real estate agent your vision is not as clear as making a list,” he said. So he made one, including light, views and a rent of around $2,000 a month for a studio or one-bedroom. Using five apps — StreetEasy, Trulia, PadMapper, Naked Apartments and Zumper — he went to work. “I felt frantic about it,” he said. He contacted every agent who seemed to have a suitable listing. “The idea was zero fidelity.” He planned to remain in Greenpoint. But the fe...

A developer wants to demolish a 50-year-old apartment complex near Terrace and Rural roads to construct a multi-use building that would include 260 new apartment units . (Photo: Parker Leavitt/The Republic) Story Highlights University Village , built in the early 1960s, is set to be demolished near ASU The developer wants to replace the complex with a new student-housing community University Village 2 .0 would include 260 units and a small amount of commercial space An apartment community built in the early 1960s near Arizona State University will likely be demolished next summer to make way for a new five-story complex along Tempe’s light-rail corridor. Legacy Partners Residential , which manages University Village near Terrace and Rural roads, wants to build 260 apartments and a small amount of retail space on the five-acre property, according to city records. The neighborhood just east of ASU’s Tempe campus is home to several aging apartment complex es — built roughly 50 years ag...

Alliance Residential, Dev Motwani nab $47M loan for mixed-use project in Pompano Alliance bought into the 4- acre waterfront site for $16M By Katherine Kallergis | August 11, 2017 01:45PM Broadstone Oceanside (Credit: MSA Architects) and Dev Motwani A joint venture between Alliance Residential and developer Dev Motwani broke ground on a major mixed-use project in Pompano Beach with a $46. 7 million construction loan , property records show . Earlier this week, Alliance Residential bought into the 4- acre waterfront site at 1333 South Ocean Boulevard for $15.83 million. Santander Bank provided the construction financing to the new owner, CRP/AR Oceanside Owner. The developers are building Broadstone Oceanside , an eight-story, Class A building with 211 apartments, nearly 2,800 square feet of ground floor retail space and a 432- space parking garage , according to a notice of commencement. Last year, the city approved the project, which includes seven two-story townhouses, a cl...

Brookstone Capital has revealed that it plans to build a $40 million, 14 story residential and retail building at a key intersection in downtown Grand Rapids . The proposed building would be at 20 Fulton St. E — just a block east of Division Avenue and Monroe Center. The plan The building would feature 108 apartments in a mixture of one and two bedrooms, equally divided between market-rate units and affordable housing. The project also calls for 114 parking spaces and 9,000 square feet of ground- floor retail space . “We’re hoping to attract a national retailer there,” said Karl Chew, principal of the Midland- based Brookstone Capital . View Larger Map Taxes The Downtown Development Authority granted Brookstone Capital a payment in lieu of taxes, or PILOT, for the project’s apartments.  Instead of paying property taxes on the residences, Brookstone Capital will pay the city 4 percent of the total revenue it collects from rent each year for the next 40 years. The PILOT does...

NEW YORK, Aug. 23, 2017 (GLOBE NEWSWIRE) -- Greystone, a real estate lending , investment and advisory company , today announced its closing of a $550,000, 000 permanent Freddie Mac loan made to joint-venture partners The Moinian Group and SL Green Realty Corp . for Sky Residences (“Sky”), one of Manhattan’s premier mixed-use residential buildings . The Greystone Bassuk debt advisory team , led by Richard Bassuk and Drew Fletcher, represented the Borrower and assisted in obtaining the Freddie Mac loan through Greystone’s Affordable Lending team . The transaction marks the largest-ever single-asset tax- exempt financing completed by Freddie Mac and a first-of-its- kind private placement structure that includes permanent financing for hundreds of affordable housing units in New York City. Steve Rosenberg , CEO of Greystone, together with Billy Posey, Joe Mosley, and Jeff Englund, collaborated with Freddie Mac on the structure for Moinian and SL Green, and spearheaded the loan proc...

(Bloomberg)—Manhattan is about to become a testing ground for what could be the next luxury real estate boom . Well, maybe mini-boom, considering the rather narrow target group : frail urban seniors with fat bank accounts . Developers are spending hundreds of millions on high-end assisted- living apartment projects , one on the Upper East Side and one in Midtown, and aiming for more in the area and across the U.S. The bet is that there are sufficient numbers of the affluent and aging in big cities who won’t want to leave their neighborhoods, even as they suffer cognitive decline . It is, of course, a rather small group of any age or mental ability that can handle the monthly rents these kinds of places will command. They’ll start at $12,000 at the complex that Maplewood Senior Living and Omega Healthcare Investors Inc. are putting up on Second Avenue and 93rd Street. Some will top more than $20,000 at the building Welltower Inc. and Hines are about to break ground for o...

616 Lofts at 820 Monroe Ave. NW in Grand Rapids. (Photo: Facebook.com/616Lofts) GRAND RAPIDS, MICH. - Despite a relative lull in multifamily residential housing construction at the beginning of 2017, indications point to another surge. Currently in the city of Grand Rapids, there are 19 projects under construction and more than 2,000 apartment units, most of which fall into the market-rate category. Meanwhile, there are 15 proposed or approved projects in the city with nearly 15,000 units, many of which qualify as affordable housing developments . Several projects seemed to stall earlier this year, and at least one project, the Warner Building, switched from a residential component to hotel prior to its groundbreaking in June. A major signal residential might still have forward momentum is the groundbreaking of 601 Bond by the New York- based development group Time Equities Inc. The 16-story, 140-unit mixed-use building in the North Monroe neighborhood had gone dark for months be...