NAR Zillow Lawsuit

National Association of Realtors bans Zillow from 2016 events The NAR and Zillow are still embroiled in ongoing litigation

Zillow was conspicuously absent at the National Association of Realtors’ (NAR’s) midyear 阿爱上海同城 阿拉爱上海同城conference last week. And that was for a good reason: they weren’t allowed to come.

At the event, MLS CEO Cameron Paine asked the crowd why News Corp.-owned realtor.com operator Move Inc. was pitching its products to NAR members, while Zillow and homes.com were not?

The answer turned out to be that Zillow Group and its companies have been banned from NAR’s 2016 events, according to Inman. That includes its Association Executives Institute, the midyear legislative conference and the annual conference in November.

NAR and Move are co-plaintiffs in a legal battle against Zillow and executives Errol Samuelson and Curt Beardsley. Samuelson and Beardsley are accused of deleting e-mails, smashin上海千花社区 上海千花网交友g a hard drive and wiping computers clean before decamping from Move to Zillow in order to hide evidence o上海千花网 爱上海同城对对碰f swiping trade secrets.

A Washington state judge ruled against Zillow executive Curt Beardsley last week, but declined to sanction Samuelson or Zillow itself.

“In light of the ongoing litigation, we elected not to permit Zillow to exhibit at or sponsor NAR’s meetings this year,” NAR spokeswoman Sara Wiskerchen told Inman.

She added that “no funds were ever阿拉爱上海同城 爱上海龙凤419桑拿 exchanged” between Zillow and NAR for that event, contradicting a rumor that said funds had been returned to Zillow.

“It’s unfortunate that NAR felt it necessary to deny our application to exhibit at their 2016 events. We look forward to seein上海千花网交友 上海千花网论坛g all of our industry partners at one of our many upcoming Zillow Group events,” Zillow Group spokeswoman Amanda Woolley told Inman. [Inman] –Christopher Cameron

Tags: National Association of Realtors
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NYC Market Reports

The week in real estate market reports A weekly feature bringing you the industry’s latest intel

Click to enlarge (credit: Douglas Elliman and Colliers International)

According to the latest batch of market reports, the Hamptons’ luxury residential mar爱上海同城对对碰 爱上海同城论坛ket is picking back up after a slow year, Downtown Manhattan is seeing a steady rise in rents, and construction spending will exceed $12上海同城对对碰交友社区 上海夜网论坛0 billion in the next two years.

Residential

Q2 2016 NYC residential sales: REBNY

New York City had a record-breaking quarter with $13.6 billion in residential sales, and the average sales price for the outer boroughs reached a new high. Read the full report here.

U.S. home prices: S P CoreLogic Case-Shiller Indices

Home prices across 10 major U.S. cities were up on average 5.3 percent year-over-year in August. Read the full report here.

Q3 2016 Hamptons residential sales: Douglas Elliman

The Hamptons’ luxury market picked back up in the third quarter after more than a year of sluggish sales. In the luxury market, sales of homes priced $5 million and above saw a 29 percent increase year-over-year while overall sales volume in the area increase爱上海 爱上海同城手机版d 2 percent during this period. Read the full report here.

Commercial

Q3 Manhattan office investment and leasing: Colliers International

Rental prices continued to r上海千花网 爱上海同城对对碰ise in Downtown Manhattan even as rents in Midtown and Midtown South have largely fluctuated over the c上海龙凤论坛sh1f 上海龙凤论坛ourse of the year. Read the full report here.

Q3 2016 NYC multifamily sales: Ariel Property Advisors

Investors spent less and purchased fewer multifamily building in New York City in the third quarter. The city had $3.1 billion in total sales for the three month, down 18 percent year-over-year. Read the full report here.

NYC construction spending outlook: Building Congress

Construction spending in New York City is expected to reach $127.5 billion between 2016 and 2018. This year alone, developers will spend $43.1 billion on construction of new development projects. Read the full report here.

Tags: Manhattan Office Market, Residential Market Report
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The Real Deal Westchester

The Real Deal s Westchester market report is live! Inside: The county’s rental boom, Chinese investment makes waves and more

After the New York Times dubbed the so-called Westchester river towns hipsturbia in a 2013 profile of the area, the county at large caught millennial fever.

In The Real Deal s inaugural Westchester Market Report, we explore how the county is no longer a land of just white picket fences and single-family homes. Along with yoga studios and gluten-free bakeries, rental towers are popping up in more dense areas, targeting millennials. By the e上海千花网龙凤论坛 上海千花社区nd of the third quarter of 2016, developers had obtained nearly double the number of multifamily building permits as in each of the previous four years. See our story on the rental boom on page 24.

Many attribute the beginnings of the urbanization of Westchester to prolific developer Louis Cappelli, who has seen both significant successes and failures over his decades-long career in the county. We take a look at his many projects a上海贵族宝贝 上海千花网龙凤论坛nd his relationship with President-elect Donald Trump on page 34. For more on Trump’s dealings in the county, see page 16.

With the increased density driven by developers like Cappelli comes more commercial development. On page 50 we look at the proliferati上海贵族宝贝论坛 上海贵族宝贝on of hotels in the southern part of Westchester, and on pages 18 and 48, respectively, we examine how th上海千花网 爱上海同城对对碰e changing population is driving a newfound focus on dining, as well as innovations in retail. The talented workforce the county now draws is also a boon for the office market, as evidenced in a biotech boom hitting parts of Westchester — see page 20. Chinese investment in the area is also making waves — see page 12.

But the more things change the more bids are put in for each Westchester home that hits the market. Read about the increasingl上海千花网交友 上海千花网论坛y heated bidding wars in the River towns on page 32, and the fight for market share between “upstart” residential brokerages and their stalwart brethren on page 38.

We also looked at the market in neighboring Fairfield County, where price cuts at the top of the market are the name of the game amid a lagging luxury sector — see our story and ranking of Greenwich’s steepest listings chops on page 10. The pain isn’t only for the “little people,” though — see page 54 for the boldface business tycoons who have had to reduce sale prices to move their mansions.

Enjoy the issue!

Tags: fairfield county, Greenwich, Westchester Fairfield
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Kushner Trump

Paydirt: EB-5 was Kushner’s kryptonite The industry news you need to know to start your week, and what’s ahead

Clockwise from top left: Jared Kushner, Donald Trump (credit: Getty Images), a condo offering plan and Paul Massey (photo illustration by Lexi Pilgrim)

It took a real estate gaffe for the developer-in-chief to finally sour on his princeling.

Jared Kushner , dubbed The Secretary of Everything for his vast and amorphous White House task list, got himself in trouble with 阿爱上海同城 阿拉爱上海同城President Trump over a stunt Kushner Companies and its associates pulled earlier this month with One Journal Square, according to a new report in the New York Times. The offense? Invoking Trump’s name and Jared’s influence over him to entice Chinese investors into bankrolling the Jersey City project through the EB-5 program.

Trump was livid, according to the newspaper, and made his annoyance clear during meetings in the West Wing. The backlash from the One Journal Square episode, coupled with the heat from the Comey firing (which Jared supported) and the bombshell last week that Jared tried to set up a back-channel with the Russians, has somewhat eroded Jared’s aura of invulnerability at the White House. Every six months, he will review whether to return to “private life in New York,” according to the Times. A life, presumably, that would include a role at Kushner Companies.

But let’s play a thought experiment and assume Jared makes a premature and less-than-triumphant return to New York real estate by Christmas. Does he come back a darling, with peers here seeing him as the closest thing to an Oval Office hotline? Or does he become a pariah, someone who hitched his wagon to Trump’s, offending many in the p爱上海龙凤419桑拿 上海龙凤论坛sh1frocess, but couldn’t achieve much of note in his brief tenure?

“You mess with the skunk, you get the stink,” one New York political insider told TRD’s Kathy Clarke in September. “And the Trump stink is lasting.” That was, of course, before Trump’s election triumph, and since then many of the industry’s top dogs have fallen in line, at least publicly, with POTUS. It’s more likely that if Jared returns, he gets right back into business. And though it’s not quite tackling Middle East peace or “making government more efficient,” he’ll have an empire to keep him busy.

How the posh have fallen: In two years, the average asking price of a new development condo in Manhattan has fallen nearly $2 million, according to TRD’s analysis of new condo plans filed with the AG. In the first quarter, a new unit coming to market was asking $3.1 million on average, continuing a downward trend from a dizzying average price of nearly $5 million in 2015.

“There’s no forgiveness for overpriced apartments in this market,” Corcoran’s Pam Liebman said at TRD’s forum earlier this month.

Developers are building smaller and less glitzy, focusing on moving product rather than trying to hold out for high-end buyers. Consider that the average sales price of a Manhattan condo last year was $2.2 m[……]

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East Hampton looks to purchase Star Room property in Wainscott

The Town of East Hampton and a group of residents have banded together to bid on a vacant property once home to the Star Room nightclub. A proposal to build a car wash there angered residen爱上海 爱上海同城手机版ts concerned about traffic上海千花网交友 上海千花网论坛 and pollution, according to 27East. The town board has proposed purchasing the 1.1-acre property for $2.1 million and letting the land return to its natural state. The property is in foreclosure and there is a $2.5 million mortgage on it, the report said. The Georgica Pond Foundation has offered爱上海同城手机版 新爱上海同城对对碰论坛 $300,000, which would reduce the town’s portion. A public hearing is scheduled for Oct. 5. [27East]

Tags: Hamptons
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The Real Deal Shanghai

Key takeaways from The Real Deal’s Shanghai event American “1.5” cities are ripe, student housing is hot, and there’s a new normal for EB-5

The Real Deal s Shanghai event

“The United States is still the United States,” former New York governor George Pataki said at The Real Deal’s last U.S. real estate showcase and forum in Shanghai. Well, this year, the main lesson from the event could very well be: “China is still China.”

Despite the Chinese government tightening capital outflows and questions brought up by the 19th National Congress of the Communist Party of China, investor demand for U.S. real estate remains robust, top developers, brokers, attorneys and bankers from both countries said during the three-day event at the Jing An Shangri-La last week. Moreover, the demand has spread outside gateway cities to markets all across the country, including Seattle, the Carolinas, and cities in the Bay Area that are not named San Francisco.

T上海夜网 阿爱上海同城he event, which attracted more than 2,200 people from both China and the U.S., kicked off with a welcome party hosted by Adam America Real Estate and Greenland Group, as well as a VIP dinner hosted by Yi Bao, chairman of Cedarlake Capital. At the dinner, attended by the likes of Jack Portman, Douglas Durst and Shahab Karmely as well as some of China’s top business leaders, TRD publisher Amir Korangy said that despite some uncertainty in both coun上海千花网龙凤论坛 上海千花社区tries, deals go on.

Policies and presidents change,” Korangy said at La Villa Rouge restaurant, “but these bonds that we establish between people will supersede everything else and allow for commerce and trade to continue.

Douglas Durst of the Durst Org is the am keynote at #TRDForum #Trdshanghai pic.twitter.com/rk286TZZOD

— The Real Deal (@trdny) November 3, 2017

“Any monetary or policy changes that occur are short-term changes, not long-term changes,” said Christopher Wein of Great Gulf International. Gang Hu, who runs Greenland s U.S. operations, pointed to President Trump’s China visit as a cause for optimism.

Many wealthy Chinese individuals and institutions who want to invest in U.S. real estate have already taken significant capital out of China and are ready to deploy funds, the business leaders said.

“There’s some practical ways to get the money out, to work around the policy restrictions,” said PwC’s Jennifer Wang.

Though the headline-setting trophy deals in gateway markets – such as Anbang Insurance Group’s Waldorf Astor上海龙凤论坛 新上海贵族宝贝论坛ia purchase 上海千花网交友 上海千花网论坛or Sunshine Insurance Group’s record-breaking deal for the Baccarat – have certainly slowed down considerably, money is targeting a whole host of other opportunities.

El-Gamal says investors of inst. size very interested in hotels, smaller ones looking at MF #TRDSHANGHAI

— The R上海龙凤论坛 新上海贵族宝贝论坛eal Deal (@trdny) November 3, 2017

Portman, chairman of Portman Holdings, heralded what he called “1.5 cities,” or those on the way to becoming a 2.0 investment strategy, such as Charlotte, Denver and San Diego that are growing. DMG Inv[……]

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Keller Williams

Keller Williams claims it s now the No. 1 franchise in the US Texas-based firm sold $303.4B worth of U.S. real estate in 2017

Gary Keller and John Davis

UPDATED: Jan. 31, 4:36 p.m.: In 2010, Keller Williams Realty launched an aggressive campaign to boost its ranks. Now, the firm said it is the largest franchise firm in the U.S. based on上海千花网交友 上海千花网论坛 its 2017 sales.

Keller Williams agents sold $303.4 billion worth of real estate in the U.S. in 2017, up 15 percent year over year, the company said in 新上海贵族宝贝论坛 上海贵族宝贝交流区a news release. The company said it s now the top firm in the U.S. based on units sold and sales volume. With 177,000 agents worldwide — up nearly 13 percent from last year — the Texas-based brokerage is the largest franchise globally based on sheer size.

According to CEO John Davis, KW agents outperformed the market during 2017 s fourth quarter — typically a slow time of year — by anticipating the dip and going af阿拉爱上海同城 爱上海龙凤419桑拿ter new business ahead of time. For the full year, KW agents closed 1.04 million deals in the U.S., up 10 percent from 2016.

Despite the strong numbers, the company s sales growth (15 percent) fell short of a 20 percent uptick in 2016. Davis attributed the deceleration to low inventory. When we look at existing home sales in the U.S., they were up 1.1 percent in 2017, he said. That s the inventory impacting that.

Keller Williams — which shares profits with agents — said agents turned $171 million in profits in 2017, up 13 percent from 2016. Franchise owners received a total of $196.7 million, a year-over-year increase of 11 percent. (In 2017, Keller Williams International received $196 million in royalties.)

Although Keller Williams is a dominant player nationally, it s a relatively new player in New York. Keller Williams NYC, owned by Ilan Bracha and Haim Binstock, opened in 2011.
Keller Williams Tribeca, led by CEO Mark Chin, opened last year.

The NYC operation was No. 6 on The Real Deal s most recent ranking of residential firms, based on its agent count. As of that ranking, in May 2016 Keller Williams had nearly 600 agents in Manhattan. It had another 661 in Queens as of June 2017, as well as 131 agents in the Bronx. We re fairly new to the New York area, Davis said. We re really excited to grow and have roots there.

Nationally, Keller Williams competes with the likes of RE/MAX, Century 21, Coldwell Banker and HomeServices of America, a subsidiary of Warren Buffet s Berkshire Hathaway.

Steve Murray, founder of data firm Real Trends, said RE/MAX still does more busine上海千花网 爱上海同城对对碰ss globally than Keller Williams. RE/MAX in Canada alone is many multiples of Keller in Canada, he said. Based on agent count, however, Keller Williams has grown at a much faster rate than any of its compe上海贵族宝贝论坛 上海贵族宝贝titors.

What s really interesting, he added, is that Keller Williams has achieved this growth without spending any money on national, regional or local advertising of the Keller Williams brand.

Tags: keller williams, Residential Real Estate
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152 Elizabeth Street

VC investor shells out for $35M penthouse at 152 Elizabeth Matt Cohler is a partner at Benchmark Capital and a backer of Facebook

Matt Cohler and the聽penthouse at 152 Elizabeth Street in Nolita

Silicon Valley bigwig Matt Cohler is the buyer of a $35 million penthouse at 152 Elizabeth Street in Nolita 鈥?th上海千花网龙凤论坛 上海千花社区e boutique condominium designed by Pritzker Prize winner Tadao Ando.

The duplex 鈥?which was asking $35 million 鈥?went into contract in November without ever hitting the market, the Wall Street Journal reported. Cohler, a partner at Benchmark Capital and an early investor in Facebook, sold a penthouse at 10 Bond Str新上海贵族宝贝论坛 上海贵族宝贝交流区eet for $13.75 million in 2016.

The penthouse at 152 Elizabeth has 5,603 square feet and four bedrooms. It features floor-to-ceiling windows, oak flooring and a glass-and-steel staircase.

The seven-unit development is the first New York City project for A新上海贵族宝贝论坛 上海贵族宝贝交流区ndo. Prices for the full-floor units started at $15 million. Compass Leonard Steinberg, Debra LaChance and Denise LaChance have been marketing 爱上海同城 爱上海the building for developer Sumaida + Khurana. Nest Seekers Internatio阿爱上海同城 阿拉爱上海同城nal s Ryan Serhant and Cameron Culver represented Cohler. [WSJ] E.B. Solomont

Tags: 152 elizabeth street, penthouses, Residential Real Estate, tadao ando
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Adam Tihany

The star restaurant designer on his Eurotrash days, doing interior work for a Saudi arms dealer, and the “vicious circle” of New York’s sameness

Adam Tihany (Photo by: Studio Scrivo)

DOB: January 1, 1948
Lives in: Manhattan, Westchester, Paris
Family: Married with a son and a daughter

Adam Tihany founded his eponymous firm in 1978 and has since become a juggernaut in upscale restaurant and hotel design from New York City to Hong Kong. The Transylvania native has led interior work on more than 150 dining establishments and 35 hotels and has been a key designer for seven international cruise s上海贵族宝贝论坛 上海贵族宝贝hips. The cost of Tihany s interior projects over the past 40 years totals several hundred million dollars. Tihany recently worked on the $100 million renovation of the Space Needle restaurant in Seattle, the 106-room Four Seasons Resort Dubai and Grant Achatz’s Aviary cocktail bar on Columbus Circle. His most notable restaurant gigs in the city include Thomas Keller’s Per Se at the Time Warner Center, Charlie Palmer’s Aureole on West 42nd Street and Daniel Boulud’s flagship on East 65th Street. Tihany and his wife, Marnie, split their time between homes in Manhattan, Westchester and Paris. Despite being a self-described foodie, his go-to meal when he returns to New York from one of his frequen爱上海龙凤419桑拿 上海龙凤论坛sh1ft excursions abroad is a pastrami sandwich.

You were born in Transylvania and grew up in Jerusalem. What was that like? I was not even 3 years old when my pa上海贵族宝贝 上海千花网龙凤论坛rents immigrated to Israel. We got there in 1950, and the country was just starting. We lived the first year in a tent in one of those arrival camps. 

Why did you leave Transylvania? Because the communists were coming after my father. He was a staunch Zionist and both my parents were in concentration camps during the war, so when they came back to their hometown my father was actively trying to get the Jews to leave for Palestine. 

What did your parents do for a living? My father was a very accomplished attorney in Transylvania after the war. But when he came to Israel, he was doing manual labor, building roads, like everybody else. He had to study the language and redo the bar exam. For years he was studying at night and working during the day. He ended up focusing on reparation law. My mother was selling sandwiches, whatever new immigrants had to do to survive.

How would you describe your childhood? They say that the biggest victims of the Holocaust are probably the survivors and their children — which, in my case, was pretty true. I’m an only child, and they were constantly talking about the concentration camps. It was a horror that never really left them, so my childhood was kind of grueling. Much to my relief, I was drafted into the army at 18, which meant I left home. 

What was that like? The Six-Day War happened in the middle of my military service. I spent half of my time in the Suez Canal, in the trenches, and when my military service was over, the only thing that I knew I wanted to do was[……]

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Industrious

Macerich partners with I上海夜网 阿爱上海同城ndustrious to bring co-working into malls First space to open in Arizona

Scottsdale Fashion Square in Arizona (Credit: Wikipedia)

Mall owner Macerich announced a partnership with co-working company Industrious to turn unused retail space into flexible offices.

The first Industrious-managed co-working space inside a Macerich mall is set to open in Scottsdale, Arizona, in January 2019.

We feel very confident that integrating co-working into retail will be a slam dunk in urban areas, Industrious’ CEO上海千花网 爱上海同城对对碰 Jamie Hodari told CNBC, adding that he expects retailers to rent mall-based office space as well.

Macerich is an investor in VC firm Fifth Wall Ventures’ real estate tech fund, which in turn led Industrious $80 million Series C round in February.

Mall owners like General Growth Properties (which is to be acquired by Brookfield Property Partners) and Unibail-Rodamco-Westfield 上海贵族宝贝 上海千花网龙凤论坛have also opened offices in unused retail, according to CNBC, and last year a WeWork affiliate invested in mall operator Hudson’s Bay Company. [CNBC] Konrad Putzier

Tags: co-working space, Commercial Rea爱上海 爱上海同城手机版l Estate, Industrious, macerich
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